PROJECT DESCRIPTION

Recognizing the increased demand for new sources of natural gas in New England and New York, Iroquois Gas Transmission System, LP (“Iroquois”), with its MarketAccess Project, is working in conjunction with Consolidated Edison Company of New York, Inc (“Con Ed”), the Algonquin Gas Transmission System, LLC (“Algonquin”) and the Millennium Gas Transmission System (“Millennium”) to transport an additional 100 million cubic feet per day of natural gas to New York City. Together with a related application filed by Empire Pipeline, the overall project has been dubbed the Northeast – 07 (“NE-07”) Project.

This new service will originate at an interconnection between the new Millennium Pipeline and the Empire Pipeline near Corning, New York. Millennium will be able to source gas from existing gas storage facilities in the area and other major interstate pipelines along the route. Millennium will then carry the gas to an interconnection with Algonquin at Ramapo, New York. From this point, Algonquin will transport the gas to its interconnection with Iroquois in Brookfield, Connecticut. Iroquois will then transport the gas from Brookfield to its existing interconnection facilities with Con Ed in the Bronx, New York.

In December of 2006, the Federal Energy Regulatory Commission (“FERC”), which is the lead and certificating agency for this project, approved all aspects of the NE-07 Project with conditions. FERC Chairman Joseph T. Kelliher observed, “The Millennium pipeline [NE-07 Project] is an important project. It will help deliver badly needed natural gas supplies to the New York City metropolitan area. Demand for natural gas has been rising in the region and these kinds of infrastructure projects are necessary to assure adequate energy supplies at reasonable prices. If we fail to strengthen our energy infrastructure, the inevitable result will be high prices.”

Besides the FERC permit, Iroquois has also received all other State and Federal permits and approvals necessary to construct a 7,700 horsepower compressor station with cooling facilities at our Brookfield, CT site and cooling equipment at our existing compressor station in Dover, New York. Iroquois expects to begin construction by the Spring of 2008 and to be in service and flowing natural gas before the end of that year.

Iroquois is committed to serving the energy needs of New England and New York in a safe and environmentally sound manner. All of the new facilities will be designed, installed, and operated pursuant to all applicable federal, state, and local safety and environmental requirements. Iroquois operates under authority granted to it by the Federal Energy Regulatory Commission.

Every day, Iroquois delivers nearly one billion cubic feet of clean-burning natural gas to local gas distribution companies, power generators, and other natural gas consumers throughout the northeastern United States. This gas is used to provide clean, energy efficient heat and electricity to the places where we live and work. The MarketAccess Project will allow us to continue to meet the energy needs of New England and New York as they continue to grow and prosper.

Reviewed 5/14/07