Spectra energy to buy stake in $1.2B PennEast pipeline

TRENTON — New Jersey's largest utility has found a buyer for its stake in a pipeline project that's designed to carry Marcellus Shale natural gas from northern Pennsylvania to New Jersey.

The PennEast pipeline said Monday that Spectra Energy Partners has agreed to buy PSEG's 10 percent equity stake in the roughly 120-mile, $1.2 billion pipeline project. Spectra's stake will go from 10 percent to 20 percent under the arrangement.

A PSEG spokesman says financial details are not being made public.

The company has said it plans to remain a customer of the pipeline. Spokesman Mike Jennings says PSEG wants to focus on its core business of running and building power plants.

The pipeline is awaiting approval by the Federal Energy Regulatory Commission

Environmental groups oppose the project.

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