July 24, 2007
WALTHAM, Mass. – Algonquin Gas Transmission, LLC (Algonquin) broke ground today on the infrastructure necessary to transport significant new volumes of natural gas to two major distribution companies serving the Northeast U.S.
The Ramapo Expansion includes construction of a new compressor station in Oxford, Conn.; the replacement of approximately five miles of pipeline in Ramapo, N.Y.; the addition of new turbine compressor units at three existing stations in New York and New Jersey; and upgrades to other existing facilities. Local officials joined representatives of Algonquin in Oxford to celebrate groundbreaking on the approximately $200 million project.
“Spectra Energy is enhancing its natural gas transmission and storage systems to respond to the growing demand for the cleaner-burning fuel here in the Northeast,” said Bill Yardley, Spectra Energy’s group vice president, northeast transmission. “The Ramapo Expansion will help meet this need by increasing the security of the area’s natural gas supply and the reliability of the transportation network serving these markets.
“This marks an important day for natural gas consumers throughout the region,” Yardley continued. “I would like to thank the Federal Energy Regulatory Commission and other resource agencies for timely issuance of the needed permits and construction authorizations.”
“The addition of the Algonquin energy plant brings Oxford a clean industry with little traffic and substantial tax revenue. Algonquin has been instrumental in helping Oxford develop the Woodruff Hill Industrial Park,” said Oxford’s First Selectman, Augie Palmer.
When placed into service in November of 2008, the Ramapo Expansion will deliver 325,000 dekatherms per day of new supplies of natural gas to KeySpan Energy and Con Edison of New York via the Millennium Pipeline, currently under construction.
Spectra Energy Corp (NYSE: SE) is one of North America’s premier pure play natural gas midstream 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 17,500 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.
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 on April 2, 2007, 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.