News Release
November 29, 2007

Spectra Energy Receives Significant Response to TIME III Open Season for Northeast Expansion

Project Will Increase Region’s Access to Rockies Supply, Storage Options

HOUSTON – Spectra Energy recently completed a successful binding open season receiving nominations in excess of 325,000 dekatherms per day (Dth/d) for transportation services on Texas Eastern’s proposed TIME III expansion project. 

The TIME III project will provide the Northeast United States with greater access to new volumes of natural gas from emerging Rocky Mountain supply and market area storage. 

“We are developing projects that are efficient and sized to meet market demands in a timely manner,” said Bill Yardley, group vice president for Spectra Energy. “The excellent response to this open season clearly indicates that customers in the region are reaching back to get Rockies and other supply into the Northeast.  We’re answering and delivering on that call.”

The TIME III project will offer customers increased access to emerging supplies and premium markets across the Northeast and to numerous receipt and delivery points. This includes interconnections to the company’s Northern Bridge Project as well as several natural gas pipelines and storage facilities serving the region.

The TIME III open season follows on the success of Texas Eastern’s open season for its Northern Bridge Project which received nominations for more than 300,000 Dth/d.  Northern Bridge will move substantial volumes of Rockies supply from Clarington, Ohio, to Oakford, Pennsylvania by November, 2009.  Both projects will build upon Texas Eastern’s strategic footprint in the major Northeast markets of the Mid-Atlantic and New England states.

The proposed TIME III expansion will utilize additional compression and pipeline looping to increase the capacity of the Texas Eastern system. Use of existing facilities, where possible, will minimize impacts to communities and the environment while optimizing the time required to permit and construct the project. 

The project is expected to be placed into service in late 2010.  

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.

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 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.

Media Contact:John Sheridan
(617) 560-1444
(713) 627-4747 (24-hour media line)

Analyst Contact:John Arensdorf
(713) 627-4600