News Release
October 31, 2007

Spectra Energy Declares Quarterly Dividend

HOUSTON – Spectra Energy today declared a quarterly cash dividend on its common stock of $0.22 per share. The dividend is payable on Dec. 17, 2007, to shareholders of record on the close of business Nov. 16, 2007.

This is the 81st consecutive year that Spectra Energy, through its predecessor company Duke Energy, has paid a quarterly cash dividend on its common stock.

Spectra Energy Canada Exchangeco Inc. (“Exchangeco”), a subsidiary of Spectra Energy, today also announced a quarterly cash dividend of CDN$0.21 on its Spectra Energy exchangeable shares (TSX: SPT.B), payable on Dec. 17, 2007 to shareholders of record on the close of business Nov. 16, 2007.

All dividends paid or deemed for Canadian federal, provincial or territorial income tax purposes including the dividend above are designated eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada) or similar provincial or territorial legislation. This designation will apply to all such dividends paid or deemed paid in the future unless otherwise notified by Exchangeco. An eligible dividend received by a Canadian resident individual shareholder is entitled to the enhanced dividend tax credit.

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