PrintNews Release
January 10, 2008
Spectra Energy Holds Open Season for New Bronco Pipeline to Deliver Rocky Mountain Natural Gas Supplies to Western Markets
HOUSTON – Spectra Energy is holding an open season to solicit participation in holding capacity on its proposed Bronco Pipeline that will move natural gas from growing supply basins in the Rocky Mountains to Western markets in the Pacific Northwest and California where demand is increasing.
The proposed Bronco Pipeline transmission system is expected to transport more than 1 billion cubic feet (Bcf) per day of natural gas, intersecting with several existing pipelines to bring much needed incremental supply, diversity and reliability to the market.
The more than 650-mile proposed route will be strategically positioned to access basins in Colorado, Utah and Wyoming, and then traverse westward to Malin, Ore., a key trading point for Western markets. Spectra Energy has been actively working with other transportation providers to ensure that key receipt points will have access to the project.
Preliminary construction costs are estimated to be close to $3 billion and the pipeline would be placed into service in 2011. The exact scope of the facilities and timing of the project will be determined based upon the results of the open season.
“The Bronco Pipeline will provide a vital outlet to transport increasing Rockies supply west to markets where natural gas is truly needed,” said Guy Buckley, Spectra Energy’s vice president of corporate development. “As a new transportation option, Bronco Pipeline offers Western markets greater opportunities for diverse, cost-competitive and flexible supplies while providing producers certainty that their gas will have access to adequate pipeline capacity for years to come.”
Spectra Energy will accept non-binding nominations for transportation services on the Bronco Pipeline from Thursday, January 10 through Friday, February 8 at 5 p.m. CST. For more information on the open season, contact Dave Weathers at 713-627-4773 or via email at daweathers@spectraenergy.com.
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.
Gretchen Krueger(713) 627-4072
(713) 627-4747 (24-hour media line)
John Arensdorf
(713) 627-4600