News Release
April 08, 2008

Spectra Energy Partners Completes Acquisition of Saltville Gas Storage and P-25 Pipeline

HOUSTON – Spectra Energy Partners, LP (NYSE: SEP) today announced that on April 4, 2008, it completed its previously announced acquisition of the equity interests of Saltville Gas Storage Company L.L.C. and the P-25 pipeline from Spectra Energy Corp (NYSE: SE). The $107 million purchase price paid to Spectra Energy Corp consisted of 4,207,641 newly issued common units and 85,870 newly issued general partner units of Spectra Energy Partners, along with a cash payment of $4.65 million. With this issuance, Spectra Energy Corp now owns 82 percent of Spectra Energy Partners’ outstanding common and subordinated units and a 2 percent  general partner interest.

Spectra Energy Partners expects the transaction to be immediately accretive to earnings and cash available for distribution on a per unit basis.

“This transaction allows for a streamlined operational structure for East Tennessee and Saltville customers and broadens our array of organic growth opportunities between the pipeline and the storage facilities,” said Greg Harper, president and chief executive officer of Spectra Energy Partners. “Our general partner showed its commitment to the partnership’s growth by taking substantially all of its consideration in partnership units in the transaction.”

Sean Blakely
(713) 627-5923
(713) 627-4747 (24-hour media line)