Listed in Toronto, Ontario, Canada, Veresen changed named from Fort Chicago Energy Partners L.P. in January 2009.
As energy infrastructure company, Veresen is running three businesses:
The pipelines business is concentrated on the:
– Alberta Ethane Gathering System, a wholly owned company to carry out pure ethane from oil and gas fields to petrochemical companies such as Nova Chemicals and Dow Chemicals in Alberta and Saskatchewan.
– Alliance pipeline joint venture where Veresen holds 50% interests to operate 3,000 kilometers high pressure rich natural gas pipeline connecting the western Canada reserves to the mid-western USA. This rich natural gas is a combination of natural gas, methane, with its natural gas liquids (NGL), ethane, propane, butane, and other condensate, giving an higher energetic content to the transported gas in the network.
The midstream business is generated added value through:
– Aux Sable which owns and operates the North America largest extraction and fractionation facility near Chicago. Since 2011, Aux Sable acquired the Prairie Rose Pipeline and the Stanley Gas plant in the shale oil Bakken Basin, in North Dakota, linking Veresen into the booming business of shale gas transportation.
– The acquisition of two natural gas processing facilities from Encana Hythe/Steeprock Complex.
The Power business is comprising:
– Gas-fired power plant in East Windsor and York Energy Center
– Renewable energies with the Run-of-River technology to generate hydro-power from a river without dam and with windfarms
From its expertise in pipelines to transport natural gas and NGL and its acquisitions in midstream to fractionate and process the natural gas, Veresen had decided to move a step ahead into the liquefied natural gas (LNG) market with the Jordan Cove LNG project in Oregon, USA.
2011 Revenues: $809 million
– 2010 Revenues: $694 million
– 2009 Revenues: $649 million
– 2011 Earnings: $99 million
– 2010 Earnings: $111 million
– 2009 Earnings: $29 million
Veresen Projects and Business Highlights
With 6 million t/y capacity, the Jordan Cove LNG project should be located in the Port of Coos Bay, in Oregon on the west coast of USA
Veresen is targeting the attractive Asian markets with the competitive shale gas prices in the USA.
For the renewable energies, Veresen plans to invest in two wind farms with the Grand Valley project and the St Columban project, both in Ontario.
Then Veresen is exploring new technologies with the waste heat recovery through the NRGreen company.
From these pilot cases, Veresen is building up experience before the expansion to all the other Alliance compression station that could improve the energy efficiency of the whole transportation network and cut its energy bill as well as the CO2 emissions.
As a junior energy company, Veresen is growing fast in focusing on its core businesses pipeline, midstream, power and in investing in opportunities to yield quick wins such as waster heat recovery and in new market such as windfarms and LNG with the Jordan Cove LNG project.