PennEast Pipeline Co. LLC announced that Spectra Energy Partners LP has entered into an agreement with PSEG Power LLC to purchase its 10 percent minority equity position in the PennEast interstate natural gas pipeline project.

Spectra is an Enbridge company.This acquisition could close in the second quarter of 2017, subject to certain conditions being met including approval by the PennEast Board.Upon the closing of this acquisition, Spectra will increase its equity investment in PennEast from 10 percent to 20 percent.PennEast Pipeline Co. has received a positive Draft Environmental Impact Statement from the Federal Energy Regulatory Commission. The pipeline is projected to cross through Lower Towamensing, Towamensing, Kidder and Penn Forest Townships.The final environmental impact statement in April. The pipeline is projected to go into service in the second half of 2018.