A F SPECTRA ENERGY LOGO SPECTRA ENERGY LOGO
Spectra Energy Corp logo. (PRNewsFoto/Spectra Energy)
HOUSTON, TX UNITED STATES
HOUSTON, June 10 /PRNewswire-FirstCall/ -- Spectra Energy (NYSE: SE)
subsidiary Algonquin Gas Transmission (Algonquin) today announced it has
submitted an application to the Federal Energy Regulatory Commission (FERC)
for its East to West Expansion Project. The project will direct significant
new supplies of re-gasified liquefied natural gas (LNG) from the eastern
end of the Algonquin system into high-growth markets in the Northeast
United States, including New England, New York and New Jersey, by November
(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )
One of five large-scale pipeline expansion projects Spectra Energy and
its subsidiaries have underway in the region, the East to West Project will
increase the Algonquin system's current transportation capacity by more
than 746 million cubic feet per day.
The project also provides the company the flexibility to reverse flow
on its system, transforming traditional gas flow in the Northeast. This
will offer added supply security for the region, more competitive pricing
options, and increased operational flexibility for the overall system and
interstate transmission grid.
Algonquin has executed firm, long-term agreements with shippers,
including suppliers and local distribution companies, for the full capacity
amount. These shippers, and all existing customers, will be able to move
natural gas from new supply sources to key markets, enabling them to market
their gas not only on the Algonquin system, but also on interconnecting,
third-party pipelines. The linking of multiple sources and markets will
offer significant benefit to the entire Northeast market.
The $380 million project will include upgrades to three existing
compressor stations located in R.I., Conn. and N.J., and replacement of
less than 17 miles of existing pipeline in Mass. and Conn. New facilities
will include a compressor station to be located in Bristol County, Mass.,
and approximately 13 miles of pipeline in Norfolk County, Mass. Utilizing
Algonquin's existing infrastructure and rights of way will minimize the
project's affects on landowners, communities and the environment.
Since September 2007, Algonquin has been participating in the FERC Pre-
Filing Process to provide stakeholders with opportunities to review
materials and offer input on the project. During this time, Algonquin
representatives have met with many interested stakeholders and held a
number of public meetings.
"The Northeast region's demand for natural gas is expected to grow by
25 percent or more in the next five to ten years. We are closely focused on
developing projects in the region that are sized and timed to respond to
both supplier needs to move new volumes as well as market needs to gain
access to new supplies," said Bill Yardley, group vice president, Spectra
"Our existing systems offer ready access to all major Northeast markets
and can be expanded quickly, efficiently and cost-effectively to deliver
new supplies from diverse sources into the region," he said.
Spectra Energy will invest $1.5 billion in natural gas projects in the
Northeast between 2007 and 2009, which represents half of the company's $3
billion capital expenditures during that timeframe. Together these projects
will increase transportation capacity in the Northeast by more than 2.5
billion cubic feet per day, enough natural gas to heat 25,000 homes for a
This release includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements represent our
intentions, plans, expectations, assumptions and beliefs about future
events. This release includes forward-looking statements concerning future
developments at our facilities, including the anticipated timing and amount
of planned capital expansions and anticipated future natural gas pipeline
capacity as well as the demand for such capacity. Such statements are
subject to risks, uncertainties and other factors, many of which are
outside our control and could cause actual results to differ materially
from the results expressed or implied by those forward-looking statements.
Those factors include: the timing and success of efforts to develop
infrastructure projects; the timing and receipt of required regulatory
approvals; the timing and receipt of sufficient capacity commitments for
the described project; and fluctuations in the demand for natural gas in
the markets serviced by the described project. These factors, as well as
additional factors that could affect our forward-looking statements, are
described in our Form 10-K, filed with the Securities and Exchange
Commission, and other filings that we make with the SEC, which are
available at the SEC's website at www.sec.gov. In light of these risks,
uncertainties and assumptions, the events described in the forward-looking
statements might not occur or might occur to a different extent or at a
different time than we have described. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
A FORTUNE 500 company, Spectra Energy Corp (NYSE: SE) is one of North
America's premier natural gas infrastructure companies serving three key
links in the natural gas value chain: gathering and processing,
transmission and storage, and distribution. For close to a century, Spectra
Energy and its predecessor companies have developed critically important
pipelines and related energy infrastructure connecting natural gas supply
sources to premium markets. Based in Houston, Texas, the company operates
in the United States and Canada approximately 18,000 miles of transmission
pipeline, 265 billion cubic feet of storage, natural gas gathering and
processing, natural gas liquids operations and local distribution assets.
Spectra Energy Corp also has a 50-percent ownership in DCP Midstream, one
of the largest natural gas gatherers and processors in the United States.
Visit www.spectraenergy.com for more information.
SOURCE Spectra Energy