Spectra Energy to Expand Pipeline Systems in New England Atlantic Bridge Project Responds to Need for Additional Natural Gas Supply
HOUSTON, Feb. 5, 2014 /PRNewswire/ -- Spectra Energy (NYSE: SE) and Spectra Energy Partners (NYSE: SEP) today announce the Atlantic Bridge project, a proposed expansion of its Algonquin Gas Transmission and Maritimes & Northeast Pipeline systems, to connect abundant North American natural gas supplies with markets in the New England states and Maritime provinces. Algonquin and Maritimes & Northeast recently executed an agreement with Unitil Corporation to participate as an anchor shipper in the project. Unitil is a natural gas distribution company that serves parts of Massachusetts and New Hampshire and is the largest distributor in Maine. Building on that agreement, today's announcement coincides with the beginning of an open season to invite other customers to join the Atlantic Bridge project for additional natural gas service by 2017. The expansion will increase pipeline capacity by 100,000 to in excess of 600,000 dekatherms of natural gas per day, depending upon additional market commitments across the region.
"Spectra Energy's pipeline systems are strategically positioned to answer New England's need for additional domestic, clean-burning natural gas." said Bill Yardley, Spectra Energy's president of U. S. Transmission and Storage. "We are able to expand our existing facilities, mostly within their current footprint, and be operational by 2017. The additional supply will keep prices lower overall, while also dampening future gas and electricity price volatility, generating savings for homeowners, manufacturers and businesses."
A majority of the Atlantic Bridge project's construction is expected to occur within existing rights-of-way and at company-owned facilities, thus having minimal effect on landowners, communities and the environment.
The Atlantic Bridge project has a target in-service date of November 2017, and has the flexibility to consider further commitments for 2018 depending on shipper requests. With efforts currently underway by the six New England states to bring additional natural gas into the region, Spectra Energy looks forward to developing solutions with those parties for expansions of Algonquin or Maritimes & Northeast systems as part of the Atlantic Bridge project or part of a future expansion.
The present open season closes on March 31, 2014. Interested parties may contact their Algonquin or Maritimes account manager or Greg Crisp at (713) 627-4611 to discuss any questions or to seek additional information.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's leading pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines; approximately 305 billion cubic feet (Bcf) of natural gas storage; 4.8 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy is the general partner of Spectra Energy Partners (NYSE: SEP), one of the largest pipeline master limited partnerships in the United States and owner of the natural gas, liquids, and crude oil assets in Spectra Energy's U.S. portfolio. Spectra Energy also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and the largest natural gas processor in the United States. Spectra Energy has served North American customers and communities for more than a century. The company's longstanding values are recognized through its inclusion in the Dow Jones Sustainability World and North America Indexes and the CDP Global 500 and S&P 500 Climate Disclosure and Performance Leadership Indexes. For more information, visit www.spectraenergy.com and www.spectraenergypartners.com.
SOURCE Spectra Energy Corp; Spectra Energy Partners