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 www.spectraenergy.com 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
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 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.
SOURCE Spectra Energy