PrintNews Release
October 18, 2007
Spectra Energy Receives FERC Approval to Increase Capacity at Egan Facility
HOUSTON – Spectra Energy’s Market Hub Partners - Egan natural gas storage facility received approval today from the Federal Energy Regulatory Commission (FERC) to increase the working capacity of its existing salt cavern storage field by 8 Bcf.
Egan is expected to complete a previously authorized expansion to 24 Bcf in 2008 and reach 32 Bcf by the summer of 2012.
Located in Acadia Parish, La., the high deliverability facility is well positioned between key markets and growing supplies through interconnections to major interstate pipelines and access to liquefied natural gas (LNG) supply.
“As a salt cavern storage facility, Egan is ideally suited to provide the short term balancing and rapid supply turnover services so critical to electric generation plants and LNG suppliers,” said Mark Fiedorek, group vice president for Spectra Energy. “We appreciate FERC’s thorough review and timely approval of this project.”
Spectra Energy has a 50 percent ownership interest in the Egan storage facility, and Spectra Energy Partners owns the remaining 50 percent.
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.
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John Arensdorf
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