Inergy Completes Acquisition of Seneca Lake Gas Storage Facility

  Inergy Completes Acquisition of Seneca Lake Gas Storage Facility

Business Wire

KANSAS CITY, Mo. -- July 14, 2011

Inergy, L.P. (NYSE:NRGY) (“Inergy”) announced today that it has closed on its
previously announced acquisition of the Seneca Lake natural gas storage
facility located in Schuyler County, New York, (“Seneca Lake”) and two related
pipelines for approximately $65 million from New York State Electric & Gas
Corporation.

Seneca Lake is an approximate 2.0 billion cubic feet (Bcf) underground salt
cavern storage facility located on Inergy’s US Salt property outside Watkins
Glen, NY, and has a maximum withdrawal capability of 145 MMcf/day and maximum
injection capability of 72.5 MMcf/day. Seneca Lake is connected to the
Dominion Transmission System via the 16-inch, 20 mile Seneca West Pipeline and
indirectly to the city gate of Binghamton, NY, via the 12-inch, 37.5 mile
Seneca East Pipeline, which runs within approximately 4 miles of Inergy’s
Stagecoach North Lateral interconnect with the Millennium Pipeline.

“Inergy is pleased to complete the acquisition of the Seneca Lake gas storage
facility,” said John Sherman, President and CEO of Inergy, L.P. “This
acquisition expands our storage and transportation capabilities and provides
us with important pipeline infrastructure that enhances the connectivity and
flexibility we can offer customers on our system. The acquisition immediately
provides Inergy with additional fee-based cash flow and is an important step
in the continued execution of Inergy’s natural gas storage and transportation
strategy in the northeast market.”

About Inergy, L.P.

Inergy, L.P., with headquarters in Kansas City, Missouri, is a publicly traded
master limited partnership. Inergy’s operations include the retail marketing,
sale, and distribution of propane to residential, commercial, industrial, and
agricultural customers from customer service centers throughout the United
States. Inergy also operates a natural gas storage business and a supply
logistics, transportation, and wholesale marketing business that serves
independent dealers and multi-state marketers in the United States and Canada.

This press release includes statements that may constitute forward-looking
statements, which are statements that are not historical in nature. Such
forward-looking statements are subject to a variety of known and unknown
risks, uncertainties, and other factors that are difficult to predict and many
of which are beyond management’s control. Factors that can affect future
results are discussed in Inergy’s annual report on Form 10-K and other reports
filed by Inergy from time to time with the U.S. Securities and Exchange
Commission. Inergy undertakes no obligation to update or revise any
forward-looking statement to reflect new information or events.

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Contact:

Inergy, L.P.
Mike Campbell, 816-842-8181
investorrelations@inergyservices.com
 
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