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What: Shares of OGE Energy (NYSE:OGE), an electric utility and natural gas provider in the south-central United States, shot up as much as 10% after it announced a partnership with Centerpoint Energy (NYSE:CNP) and Arclight Capital Partners to form a $10.7 billion midstream company.

So what: The new partnership is going to combine Centerpoint's interstate pipelines and field service businesses with Enogex, a midstream business that's jointly owned by OGE Energy and Arclight Capital. When formed, Centerpoint will boast a 59% stake in the company, OGE 28%, and Arclight 13%. Assuming it gains all regulatory approvals, the new company will begin operations in either the second or third-quarter this year and will control about 8,400 miles of interstate pipeline in Texas, Oklahoma, Louisiana, and Arkansas.

Now what: Genius! That's all I have to say about this move ... pure genius! Midstream transportation and storage is one of the most under-met needs in this country, and is one area where energy companies will be spending a fortune over the next decade. Pipeline and storage partnerships like this one could make for quite the investment, so keep your eye out for this partnership when it debuts.

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