Steckman Ridge Receives FERC Approval for New Natural Gas Storage in Northeast United States

Project Will Help Balance and Enhance Supply in the Region

Jun 09, 2008, 01:00 ET from Spectra Energy

    HOUSTON, June 9 /PRNewswire-FirstCall/ -- Steckman Ridge, LP, a joint
 venture equally owned by subsidiaries of Spectra Energy (NYSE:   SE) and New
 Jersey Resources (NYSE:   NJR), today announced it received approval from the
 Federal Energy Regulatory Commission (FERC) to develop 12 billion cubic
 feet of working natural gas storage capacity that will provide storage
 services critical to the Northeast United States.
     The new storage capacity planned for Steckman Ridge will help markets
 in New England and the Mid-Atlantic states balance the complexities of
 supply and demand, especially during peak winter and summer months.
     "Steckman Ridge will be an integral part of the Northeast energy
 picture, bringing more supply security and reliability to the region," said
 Mark Fiedorek, vice president, Steckman Ridge, LP. "We are responding to a
 need that was clearly demonstrated during our open season when we received
 bids that far exceeded the working capacity of the facility. We appreciate
 FERC's thorough review of the project and will move forward to begin
 operations during the second quarter next year."
     Steckman Ridge, strategically located in Bedford County, Pa., will
 provide customers direct access to two major interstate pipeline systems --
 Spectra Energy's Texas Eastern Transmission and Dominion Transmission --
 and significant natural gas supplies from the East Coast and Rocky
 Mountains. The new multi-cycle facility will offer a range of flexible
 storage options to meet customer requirements.
     The project is expected to be placed into service by April 2009. It
 will include the construction and operation of several new natural gas
 storage wells, a compressor station and a storage field pipeline network.
     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 for more information.
     New Jersey Resources (NYSE:   NJR), a Fortune 1000 company, provides
 reliable retail and wholesale energy services to customers in New Jersey
 and in states from the Gulf Coast to New England, and Canada. Its principal
 subsidiary, New Jersey Natural Gas (NJNG), is a Fortune 1000 company. NJNG
 serves more than 482,000 customers in New Jersey's Monmouth, Ocean,
 Middlesex and Morris counties. Other major NJR subsidiaries include NJR
 Energy Services and NJR Home Services. NJR Energy Services is a leader in
 the unregulated energy services market, providing customer service and
 management of natural gas storage and capacity assets. NJR Home Services
 offers retail customers heating, air conditioning and appliance services.
 NJR's progress is a tribute to the more than 5,000 dedicated employees who
 have shared their expertise and focus on quality through more than 50 years
 of serving customers and the community to make NJR a leader in the
 competitive energy marketplace. For more information, visit NJR's Web site
     Forward-Looking Statements
     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
 Spectra Energy's and New Jersey Resources' intentions, plans, expectations,
 assumptions and beliefs about future events. This release includes
 forward-looking statements concerning future capital developments,
 including the anticipated timing of planned capital expansions and
 anticipated storage capacity resulting from such expansions. Such
 statements are subject to risks, uncertainties and other factors, many of
 which are outside the control of Spectra Energy and New Jersey Resources
 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; fluctuations in the demand for natural gas in the markets serviced
 by the described project; and geological uncertainties and limitations in
 the described natural gas field. These factors, as well as additional
 factors that could affect such forward-looking statements, are described in
 Spectra Energy's and New Jersey Resources' filings with the SEC, which are
 available at the SEC's website at 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.

SOURCE Spectra Energy