Tennessee Gas Pipeline Co, L.L.C. Northeast Energy Direct (NED) Project Project Update

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1 Tennessee Gas Pipeline Co, L.L.C. Northeast Energy Direct (NED) Project Project Update Platts 9 th Annual Pipeline Development and Expansion September 22, 2014 Curtis Cole

2 Forward-Looking Statements / Non-GAAP Financial Measures This presentation contains forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. In particular, statements, express or implied, concerning future actions, conditions or events, future operating results or the ability to generate revenues, income or cash flow or to make distributions or pay dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC, El Paso Pipeline Partners, L.P., and Kinder Morgan, Inc. may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond Kinder Morgan's ability to control or predict. These statements are necessarily based upon various assumptions involving judgments with respect to the future, including, among others, the ability to achieve synergies and revenue growth; national, international, regional and local economic, competitive and regulatory conditions and developments; technological developments; capital and credit markets conditions; inflation rates; interest rates; the political and economic stability of oil producing nations; energy markets; weather conditions; environmental conditions; business and regulatory or legal decisions; the pace of deregulation of retail natural gas and electricity and certain agricultural products; the timing and success of business development efforts; terrorism; and other uncertainties. There is no assurance that any of the actions, events or results of the forwardlooking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement. Please read "Risk Factors" and "Information Regarding Forward-Looking Statements" in our most recent Annual Reports on Form 10-K and our subsequently filed Exchange Act reports, which are available through the SEC s EDGAR system at and on our website at We use non-generally accepted accounting principles ( non-gaap ) financial measures in this presentation. Our reconciliation of non-gaap financial measures to comparable GAAP measures can be found in the appendix to this presentation and on our website at These non-gaap measures should not be considered an alternative to GAAP financial measures. 2

3 Kinder Morgan: North American Assets 4th largest energy company in North America with combined enterprise value of approximately $105 billion Largest natural gas network in U.S. Own an interest in / operate approximately 68,000 miles of natural gas pipeline, and 643 Bcf of storage, incl. 18 Bcf of LNG storage Connected to every important U.S. natural gas basin, including: Eagle Ford, Marcellus, Utica, Uinta, Haynesville, Fayetteville, Barnett Largest independent transporter of petroleum products in U.S. Transport ~2.3 MMBbl/d (b) Largest transporter of CO 2 in U.S. Transport ~1.3 Bcf/d of CO2 (b) Largest independent terminal operator in U.S. ~180 liquids / dry bulk terminals ~112 MMBbls dom. liquids capacity ~103 MMtons of dry bulk products Only Oilsands pipe serving West Coast TMPL transports ~300 MBbl/d to Vancouver / Washington State; expansion under way increasing capacity to 890 MBbl/d 3

4 TGP System Overview System Overview 13,900 Miles Pipe Facilities 79 Bcf Storage ~8.0 Bcf/d Capacity 1.4 Million Horsepower > 500 FT Customers Supply & Market Rich Market Area Supply Trends Overall Annual Throughput 4

5 Northeast Production Marcellus and Utica UTICA UTICA MARCELLUS Marcellus Area Production Production continues to grow ~ 22 Bcf/d Dry Gas by 2020 TGP largest Marcellus transporter to date ~ 2.5 Bcf/d Avg 2012 / 2013 ~ 3.6 Bcf/d Winter 13/14 ~ 4.0 Bcf/d Winter 14/15 (est) Utica Area Production Production in initial stages ~ 4.0 Bcf/d by 2020 TGP well positioned ~0.6 Bcf/d current flow ~0.7 Bcf/d EOY 2014 Source: U. S. Capital Advisors 5

6 The Need for the Northeast Energy Direct Project

7 Northeast Energy Crisis Unprecedented gas capacity constraints on existing pipelines (Source: ISO-NE, EIA.gov) Highest and most volatile gas commodity costs in the nation (Source: ISO-NE, EIA.gov)

8 Northeast Energy Crisis The energy situation is likely to worsen if no new capacity is constructed; Currently, four large New England coal, oil and nuclear power plants are planning to retire in the next few years due to increasing operating costs and new emissions standards. This includes the Brayton Point and Salem Harbor Plants in MA, the Norwalk Harbor Plant in CT, and the Vermont Yankee plant in VT. (Source: ISO-NE, 2013) Unless new capacity is provided, New England s power system will be increasingly vulnerable to electric service disruptions and consumer prices will increase greatly. The region will be at a large economic and competitive disadvantage to neighboring states and regions due to high energy costs. (Source: New England States Committee on Electricity, 2014) Solution: NESCOE, ISO-NE, and New England s Governors have all publically identified natural gas pipelines as a solution to the Northeast Energy crisis.

9 Northeast Energy Crisis LETTER FROM THE NEW ENGLAND U.S. SENATE DELEGATION TO DEPARTMENT OF ENERGY SECRETARY MONIZ December 13, 2013 According to the Federal Energy Regulatory Commission (FERC), the New England market is particularly at risk for service disruption due to limited pipeline capacity into the region. This not only threatens reliability but also results in more volatile natural gas and power prices during periods of high demand. Energy infrastructure in the region is simply inadequate to meet demand and has been a key factor in the energy price volatility.

10 Governors Statement on Northeast Energy Infrastructure In Dec. 2013, New England Governors called attention to the shortage of energy infrastructure. An open letter was signed by Governors Malloy (CT), LePage (ME), Patrick (MA), Hassan (NH), Chafee (RI), and Shumlin (VT). To ensure a reliable, affordable and diverse energy system, we need investments in additional energy efficiency, renewable generation, natural gas pipelines, and electric transmission. These investments will provide affordable, clean, and reliable energy to power our homes and businesses; make our region more competitive by reducing energy costs; attract more investment to the region; and protect our quality of life and environment.

11 New England / Northeast Trends New England s Gas Burn: ~ 52%: Gas-fired electricity generated 2013 (Source: ISO-NE) ~ 95%: TGP average Z6 winter load factor Various IT services curtailed most days Supply Sources In 2012, the Northeast region received 60% of its gas supply from Eastern US sources, mainly shale formations. (Source: Navigant North American Natural Gas Market Outlook, Spring 2013) It is estimated that by 2022, based on current trends and source supply that the Northeast will receive 92% of ifs gas supply from Eastern US sources. (Source: Navigant North American Natural Gas Market Outlook, Spring 2013)

12 New England Has Not Developed Gas Infrastructure to Keep Pace With Growth of Gas-fired Generation Source: ISO-NE (Sept 2014) Since 1995, New England has built 25 natural gas-fired power plants to replace an old fleet of huge oil and coal-fired generators, but hasn t expanded its natural gas pipeline capacity to keep pace with its demand for natural gas

13 Current Pipeline Infrastructure is Inadequate to Serve Region s Natural Gas-fired Generation Source: ISO-NE (Sept 2014) New England is overly reliant on inadequately piped natural gas-fired generation

14 Pipeline Expansion - Pricing Impact $ $ $ $ $ $ Winter High Power Load Reduced LNG Imports Mild Winter Winter Expansions to NY/NJ, not NE Winter New England Extreme Peaks Nov-13 Dec-13 Jan-14 Winter New York * - Impact of NE Infrastructure constraints Winter * Winter Average settled cash prices for winters 2010/11 through 2013/14 (Source: ICE) Current forward index prices for winters 2014/15 through 2015/16 (Source: Inside FERC) * * Historical Pricing New England and New York traded at parity November 2013 NY/NJ expansions in-service New York basis significantly reduced TGP s NEUP Project Spectra s NJ-NY project Transco s NE Supply Link New England basis remained high January 2014 price spikes Limited fuel switching capability in NY, demand for gas stayed high LDC s with firm capacity to gate had minimal exposure to high spot prices Forward pricing Winters New York: lower basis continues due to added infrastructure New England: basis remains strong and volatility increases Basis Differential Solution TGP s Northeast Energy Direct Project is expected to reduce the New England basis and price volatility, providing long-term measurable benefits to New England and Atlantic Canada markets 14

15 TGP s Recent Development Project Dth/d Shippers In-Service Status 300L Project 350,000 EQT Energy Nov 1, 2011 In-service NSD 250,000 Cabot, Seneca, Anadarko, Mitsui Nov 1, 2012 In-service Northampton 10,400 Berkshire, Bay State Nov 1, 2012 In-service MPP Project 240,000 Chesapeake, Southwestern Nov 1, 2013 In-service NE Upgrade 636,000 Chesapeake, Statoil Nov 1, 2013 In Service Utica Backhaul 500,000 Various Producers April 1, 2014 In-Service Rose Lake 230,000 South Jersey Res., Statoil Nov 1, 2014 Under Construction Uniondale 34,000 UGI Resources Nov 1, 2014 Under Construction CT Expansion 72,100 Yankee, Southern Ct, Connecticut Natural Nov 1, 2016 P.A.s executed, Filed at FERC Broad Run Projects 790,000 Antero Resources Nov 1, 2017 P.A.s executed, FERC Filing Prep SW Louisiana Supply 900,000 Mitsubishi, MMGS Nov, 2017 P.A.s executed, FERC Filing Prep NED - Market B In Active Development Nov 1, 2018 In Active Development NED Supply B In Active Development Nov 1, 2018 In Active Development Proven Track Record 15

16 Northeast Energy Direct Project Introduction

17 Northeast Energy Direct Project Full Path Transformative NED Project links Large Volume and Prolific Marcellus supplies to New England * Any final route determination is subject to surveying, land acquisition and easements, environmental impact assessments, permitting and stakeholder input. Final route will be finalized in any FERC Certificate that has been issued. 17

18 Northeast Energy Direct Project Supply Path Zone 5 Pooling Point Provides Northeast customers with direct access to prolific Marcellus supplies. Provides access to a diverse set of producers located in the various counties within the core of the Marcellus. Project Details In-Service: November 2018 Scalable Volume: Bcf/d Provides incremental, direct access to Northeast supply ~135 miles of greenfield 30 pipe 1440 psig ~32 miles of 36 looping (TGP 300 Line) Three new C/S including booster C/S to deliver gas into Iroquois at Wright Direct access to: TGP s existing regional network Broad range of suppliers Large geographical area The TGP Advantage Incremental supply liquidity at Wright, NY Serves existing and proposed market needs Access to various producers Benefit of integration with TGP s existing pipeline network. Proven on time project execution Route previously reviewed 18

19 Northeast Energy Direct Project Market Path Project Details In-Service: November 2018 Scalable Volume: Bcf/d ~177 miles new and co-located pipe ~73 miles of market delivery laterals Transformative NED Project is a long-term market solution that provides the level of capacity to significantly reduce basis differentials in New England and provides breadth of access to current and new electric generation facilities Market Benefits Liberates key bottlenecks Supply Wright, NY TGP 200 Line NED Supply Constitution / Iroquois Gas Reduces energy costs region-wide Spurs economic growth regionwide Incrementally enhances TGP operations and benefits entire region 19

20 Northeast Energy Direct Project Market Path NED Project Market Reach TGP System (direct) NY, PA, MA, CT, RI, NH M&NP & PNGTS (indirect) NH, Maine, Atlantic Canada Potential LNG Export Algonquin via HubLine Existing and Future Power Generation TGP System (direct) AGT System (indirect via AGT s HubLine) Pending NESCOE/FERC action to allow cost recovery Expected growth due to EPA Requirements Transformative NED Project benefits existing and future electric gas-fired generation facilities across the Northeast Region CNG/LNG Portable Pipeline 20

21 KM Announces Initial Anchor Shippers On July 30, 2014, Kinder Morgan announced it had reached agreement with key local natural gas distribution companies ( LDCs ) throughout New England to transport approximately 500,000 Dth/d of long-term firm transportation on the Northeast Energy Direct Project route. These LDC s include; The Berkshire Gas Company Columbia Gas of Massachusetts Connecticut Natural Gas Corporation Liberty Utilities (EnergyNorth Natural Gas) Corp. National Grid Southern Connecticut Gas Corporation 21

22 TGP Filed NEPA Pre-Filing Application with FERC On September 15, 2014, TGP filed a letter at the FERC requesting to use FERC s pre-filing procedures for the proposed Northeast Energy Direct Project. During the pre-filing process, TGP will engage with FERC staff and interested stakeholders to refine the proposed route and draft the Environmental Report. Once pre-filing is complete, TGP will file a formal certificate application seeking FERC approval of the project under Section 7(c) of the Natural Gas Act, which TGP expects to file in September

23 TGP Files Proposal with Maine PUC On Sept. 17, Tennessee Gas Pipeline Company filed a proposal with the Maine Public Utilities Commission offering the State of Maine a long-term contract for natural gas pipeline capacity with the goal of lowering overall energy costs for Maine consumers. We believe this is an historic opportunity for Maine, and we at Kinder Morgan admire the combined efforts of the governor, legislature and others to try to lower the overall energy costs to Maine families and businesses As a company that has served markets in New England safely and reliably for many decades, TGP is delighted to have the opportunity to help Maine and its consumers achieve their goals, said Kimberly S. Watson, president, East Region Natural Gas Pipelines for Kinder Morgan 23

24 Northeast Energy Direct Project Overview New England region as a whole stands to benefit from the proposed NED Project as it will enable New England to sustain its electric grid, reduce emissions, and lower energy costs to compete on a more level economic playing field with other regions with access to low-cost gas NED Project interconnects with Iroquois serving upstate and downstate NY, CT, Eastern Canada NED Project expands the existing TGP system within PA, NY, MA, NH and Connecticut. NED Project interconnects with Joint Facilities of M&NP and PNGTS serving NH, ME, Atlantic Canada, and southern New England via HubLine to Algonquin s system NED Project, as currently configured, would result in the construction of approximately 418 miles of new pipeline, additional meter stations, compressor stations and modifications to existing facilities The proposed NED Project could bring an estimated increased capacity of up to 2.2 Bcf/d to the Northeast, which is equivalent to an additional 1.5MM households Estimated Project Schedule Action Outreach Meetings Route Selection and Permit Preparation Ongoing Ongoing Timing Submit FERC pre-filing Letter Sept. 15, 2014 Agency Consultations Ongoing File for FERC pre-filing October 2014 KM Open Houses Nov Dec 2014 FERC Scoping Meetings Jan Feb 2015 FERC filing Sept Anticipated FERC approval November 2016 Proposed Start of Construction Activity January 2017 Proposed In-Service November

25 Contacts Curtis Cole Director, Business Development (office) (cell) 4

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