El Paso Gets OK for California Expansion

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From Bloomberg News

El Paso Corp. won Federal Energy Regulatory Commission approval to boost the capacity of its line to California by 7.1% to meet rising fuel demand in the state and the Southwest.

The $173-million project is scheduled to be completed in two years. The project would increase shipping capacity by 320,000 million cubic feet per day, enough for about 1.3 million average U.S. homes.

El Paso shares rose 64 cents to $9.64 on the New York Stock Exchange.