CHARLOTTE, N.C., Nov. 16 /PRNewswire-FirstCall/ -- Spectra Energy Corp today filed an amended Form 10 with the U.S. Securities and Exchange Commission that includes the new company's proposed board of directors.
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Spectra Energy will be the spinoff of Duke Energy's natural gas operations into a separate, publicly traded corporation, wholly-owned by Duke Energy shareholders. The spinoff is targeted for completion Jan. 1, 2007.
The Spectra Energy board is expected to consist of current Duke Energy board Chairman Paul M. Anderson, who will be chairman of the Spectra Energy board, and current Duke Energy board members Roger Agnelli, William T. Esrey, Dennis R. Hendrix and Michael E.J. Phelps. All are expected to resign from the Duke Energy board upon completion of the separation.
Fred J. Fowler, president of Duke Energy Gas, who will be Spectra Energy president and chief executive officer, and Martha B. Wyrsch, president of Duke Energy Gas Transmission who will be Spectra Energy Transmission president, are also board nominees.
"Our long-term objective is to have 10 to 12 directors," Anderson said. "We are currently identifying outside candidates who will complement the skills and backgrounds of the core membership we have just announced. A strong and dynamic board is critical to the future success of Spectra Energy, and we are well on our way to achieving that goal."
Spectra Energy will operate primarily in three sectors of the natural gas industry: transmission and storage, distribution, and gathering and processing. The stock is expected to be traded on the New York Stock Exchange under the listing symbol SE.
Forward-Looking Statements
This document includes statements that do not directly or exclusively relate to historical facts. Such statements may be considered "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. You can typically identify forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "potential," "plan," "forecast" and other similar words. The forward-looking statements reflect management's intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements included in this document. Duke Energy cannot provide any assurances that the separation or any of the proposed transactions related thereto will be completed, nor can it give assurances as to the terms on which such transactions will be consummated. The transaction is subject to certain conditions precedent, including final approval by the Board of Directors of Duke Energy.
These risks and uncertainties include, among other things, risks inherent in the contemplated separation and related transactions and borrowings and costs related to the proposed transactions; distraction of Duke Energy and its management as a result of the proposed transactions; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures, and affect the speed at and degree to which competition enters the electric and natural gas industries; the outcomes of litigation and regulatory investigations, proceedings or inquiries; the weather and other natural phenomena; the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates; general economic conditions, including any potential effects arising from terrorist attacks and any consequential hostilities or other hostilities; changes in environmental and other laws and regulations to which Duke Energy and its subsidiaries are subject or other external factors over which Duke Energy has no control; the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; the amount of collateral required to be posted from time to time in Duke Energy's transactions; competition and regulatory limitations affecting the success of Duke Energy's divestiture plans, including the prices at which Duke Energy is able to sell its assets; the performance of electric generation, pipeline and natural gas processing facilities; the extent of success in connecting natural gas supplies to gathering and processing systems and in connecting and expanding natural gas and electric markets; conditions of the capital markets and equity markets during the periods covered by the forward-looking statements; and opportunities for Duke Energy's business units, including the timing and success of efforts to develop domestic and international power, pipeline, gathering, liquefied natural gas, processing and other infrastructure projects. Additional factors that may affect the future results are set forth in the Duke Energy, Duke Power Company LLC and Cinergy Corp. filings with the Securities and Exchange Commission ("SEC"), which are available at http://www.duke-energy.com/investors/. Duke Energy undertakes 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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