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Mountain Valley Pipeline Non-Binding Open Season

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Mountain Valley Pipeline Non-Binding Open Season Mountain Valley Pipeline Non-binding Open Season June 12, 2014 Equitrans, L.P. (Equitrans), a subsidiary of EQT Midstream Partners, LP, is pleased to announce the commencement of an Open Season for a new interstate natural gas pipeline project to be jointly owned by affiliates of EQT Corporation and NextEra Energy, Inc. (Joint Parties). In response to growing market demand in the Mid and South Atlantic regions, the new Mountain Valley Pipeline (MVP) will connect existing Equitrans transmission systems to interstate pipeline markets in West Virginia and Virginia with deliveries into Transcontinental Gas Pipeline Company LLC’s (Transco) Zone 5. The project will provide timely, cost-effective access to expanding local distribution company, industrial user and natural gas fired power generation demand in the South Atlantic markets. This new MVP pipeline infrastructure will benefit these regions by bringing new natural gas supplies from the prolific Marcellus and Utica plays to support the growing demand for clean-burning natural gas, provide increased supply diversity and improve supply reliability to these markets. The non-binding Open Season begins June 12, 2014 and ends July 10, 2014. Project Overview The proposed MVP project (Project) will include the addition of approximately 330 miles of high- pressure transmission pipeline and compression facilities, with up to 2,000,000 dekatherms (Dth) per day of planned, firm natural gas transportation capacity. The Project will be designed to receive local production and interstate natural gas supplies from various interconnections, including the existing Equitrans transmission systems located in south central West Virginia and southwestern Pennsylvania, the planned Ohio Valley Connector expected for southeast Ohio, and the Mark West Liberty Midstream Resources, LLC (MarkWest) Mobley and Sherwood Processing Plants in Wetzel County, West Virginia. The primary point of delivery will be Transco Zone 5 Station 165 in Pittsylvania County, Virginia. Transco Zone 5 is a highly liquid trading area that begins at the South Carolina/Georgia border, and ends at the Maryland/Virginia border just northeast of Station 185 with deliveries into the North Carolina lateral that merges with the mainline at Station 165 as well as deliveries to Cove Point LNG. Additionally, there are other potential interconnections with both existing and future processing facilities and pipelines. The Project is specifically designed to address infrastructure constraints associated with the rapid development of natural gas from the prolific Marcellus and Utica Shale formations in the Appalachian Basin and to offer supply diversity to meet growing demand for clean, efficient natural gas in the Southeast market. There are two foundation shippers for this project, with each agreeing to contract for a total of 500,000 Dth per day of transportation capacity for 20-year terms. The purpose of this Open Season is to provide all market participants, whether producers, marketers, industrials, or local distribution companies, the opportunity to subscribe for additional capacity on the MVP. The final level of additional firm transmission capacity and specific system design will be based on the results of this Open Season and executed precedent agreements. The anticipated MVP in-service date for deliveries to Transco compressor station 165 is in the fourth quarter of 2018. Market commitments and regulatory approvals will be pursued based on this timeline. Parties contracting for capacity on this project who qualify as “foundation shippers” or "anchor shippers" as set forth below will be provided with additional benefits consistent with regulatory requirements. MVP Project Highlights New firm transportation capacity available in fourth quarter of 2018 Access to expanding electric generation and LDC markets in the southeast Diverse receipt point locations to access prolific Marcellus and Utica production Foundation and Anchor Shipper Status All interested entities are being provided with an opportunity to attain “foundation shipper” or "anchor shipper" status for the MVP project. To qualify as a foundation shipper, a party must sign a precedent agreement and credit agreement, and commit to at least 500,000 Dth per day of firm capacity for a minimum contract term of 20 years. To qualify as an anchor shipper, a party must sign a precedent agreement and credit agreement, and commit to at least 300,000 Dth per day of firm capacity for a minimum contract term of 20 years. Foundation and anchor shippers will be eligible to receive certain incentives, consistent with regulatory requirements that will be contained in the precedent agreements. Any entity interested in becoming a shipper can submit a Service Request Form in accordance with these Open Season terms. Copies of the service request form, as well as a map of the relevant existing pipeline assets are available online: http://equitrans.eqtmidstreampartners.com/infopostings/ipws Applicable Rates ecourse rates will e set ased on costs as the project ad ances but the Joint Parties are willing to negotiate rates in the range of $0.65 – $0.75 per Dth for deliveries to Transco Station 165, based upon receipt point sourcing and commitment levels. Final rates for the project will be determined at the conclusion of the Open Season, based on the facilities required to satisfy the firm service requests from shippers who have executed a precedent agreement. The Joint Parties will consider all proposals on a non-discriminatory basis. Shippers will also pay any required fuel charges. Receipt Points Eligible firm receipt points may include new and existing pipeline interconnects on the existing Equitrans Mainline and Sunrise Transmission Systems, and any proposed pipeline receipt laterals. The Joint Parties will consider interconnections with third party interstate pipelines and additional receipt points based on shipper interest; however, the Joint Parties reserve the right to reject any such request in their sole discretion, which is not to be exercised in an unduly, discriminatory manner. Delivery Points Currently, the expected delivery point is a new interconnect with Transco in Pittsylvania County, Virginia at compressor station 165. The Joint Parties will consider interconnections with third party interstate pipelines and additional delivery points, including an expansion of the Project into North Carolina if there is shipper interest expressed during this open season; however, they reserve the right to reject any such request in their sole discretion, which is not to be exercised in an unduly, discriminatory manner Term Conforming requests for capacity in this Open Season must be for a minimum initial contract term of 20 years. Open Season Timing and Procedures The Joint Parties are conducting this Open Season for proposed firm capacity on the MVP project commencing June 12, 2014, and extending to 5:00 p.m. (EDST) July 10, 2014. Prospective customers must submit a completed Service Request Form, which must be received by 5:00 p.m. (EDST) on July 10, 2014. The completed Service Request Form can be mailed, faxed or e-mailed to: Commercial Operations Equitrans, LP 625 Liberty Avenue Suite 1700 Pittsburgh, PA 15222-3111 Fax: 412 395-7047 Email: [email protected] or [email protected] Contracting for Service Upon the close of the Open Season, the Joint Parties will evaluate the valid requests for service as set forth in the Service Request Form to determine if the MVP Project is economically viable and whether necessary facilities can be constructed by the proposed in-service date. The Joint Parties will then contact prospective customers to finalize the rates and terms on which service will be provided so that Precedent Agreements can be executed and timely regulatory filings can be made. Joint Parties’ Commercial Contacts Interested parties may contact either Clint Soderstrom at 412-553-7897, [email protected]; John Quinn at 412-395-2515, [email protected]; or Alan Taylor at 713-951-5374, [email protected]; to discuss the project, ask questions, or seek additional information. Additional information relevant to considering a bid in the Open Season, including notification of updated or new information that may be provided to a prospective shipper via direct inquiry, will be available via www.eqtmidstreampartners.com Limitations and Reservations The Joint Parties will consider non-conforming bids, but reserve all rights to reject, in their sole discretion, any individual non-conforming bid, provided; however, such discretion is not be exercised in an unduly discriminatory manner. At their sole discretion, the Joint Parties may provide periodic updates to this Open Season announcement via www.eqtmidstreampartners.com The Joint Parties reserve the right to continue to market the Project to other shippers beyond the close of the Open Season to the extent capacity remains available or can be developed on commercial and economic terms acceptable to the Joint Parties. In the event that valid service requests exceed available capacity and cannot be accommodated by changes in project scope or design, the Joint Parties reserve the right to pro-rate capacity among prospective customers on the project, provided; however, that shippers meeting the criteria of foundation or anchor shipper will have priority for available firm capacity. The Joint Parties reserve the right, at their sole discretion, to discontinue or modify the terms of the Open Season and/or the MVP project. The Joint Parties also reserve
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