News Release
December 13, 2007

Spectra Energy Announces 2008 Earnings-Per-Share Employee Incentive Target and Upcoming Investor Meeting

HOUSTON – Spectra Energy’s board of directors approved the company’s 2008 ongoing diluted earnings per share (EPS) employee incentive target earlier this week. 

The 2008 target for ongoing diluted EPS is $1.56 per share, which is 11 percent above the 2007 ongoing diluted EPS target of $1.40 per share.

Details of Spectra Energy’s 2008 financial plan will be outlined by the company’s management team during an analyst/investor meeting at the St. Regis Hotel in New York on Jan. 17, 2008. The meeting will be webcast and is scheduled to begin at 8:30 a.m. EST. The presentation and webcast links can be accessed via the Investor's Section of Spectra Energy's web site at www.spectraenergy.com. A replay of the webcast will also be available on the company's web site.

You also may call in to the discussion by dialing (888) 252-3715 in the United States or (706) 634-8942 outside the United States. The conference ID is 27654538. Replay numbers are (800) 642-1687 and (706) 645-9291 with a replay Conference ID of 27654538.

The incentive targets for 2007 and 2008 represent non-GAAP financial measures as they exclude any "special items," as defined by the company.  The most directly comparable GAAP measure is basic earnings per share that will be based upon reported earnings available for common stockholders.  Due to the forward-looking nature of these non-GAAP financial measures, information to reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures for 2008 is not available at this time as the company is unable to project any "special items" for 2008.

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 our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future earnings targets. 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. 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.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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 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.

Molly Boyd
(713) 627-5923
(713) 627-4747 (24-hour media line)

John Arensdorf
(713) 627-4600