Spectra proposes new Marcellus-area pipeline

Spectra Energy Corp. (NYSE: SE) released plans for a new natural gas pipeline, the Renaissance Gas Transmission project, to link natural gas supply in the Marcellus Shale play to markets in the southern U.S.

Houston-based Spectra, an oil and gas pipeline company, also said it signed a non-binding letter of intent with Atlanta-based AGL Resources (NYSE: GAS), a natural gas distribution company, to explore a joint business arrangement for local distribution.

The Renaissance project is expected to begin at an interconnect of Spectra’s Texas Eastern Transmission LP, which gets supply from the Marcellus, Utica and Appalachian shale plays, and run 230 miles to distribution facilities…

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