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 at www.njliving.com 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 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