HOUSTON, April 1, 2008 /PRNewswire-FirstCall/ -- Texas Eastern Transmission, LP, a subsidiary of Houston-based Spectra Energy, today filed an application with the Federal Energy Regulatory Commission to transport up to 150 million cubic feet per day (Mmcf/d) of Rocky Mountain natural gas through its proposed Northern Bridge project.
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The Texas Eastern expansion will move new Rockies supplies from the growing Clarington, Ohio, supply point to the Oakford / Delmont, Pa. region, providing Northeast markets in the Mid-Atlantic and New England states with access to this emerging source of natural gas. Texas Eastern has executed precedent agreements for the full amount of the capacity with BP Energy Company and Merrill Lynch Commodities.
Northern Bridge will be constructed entirely within Texas Eastern's existing facilities footprint through the addition of new and enhanced compression in Pennsylvania. The estimated cost of the project is about $45 million.
To meet its customers' needs, Texas Eastern is asking FERC for a final certificate by December 19 with an anticipated in-service date of Nov. 1, 2009.
"Northern Bridge is an integral part of Spectra Energy's strategy to efficiently and cost-effectively connect new supplies to growing Northeast markets," said Bill Yardley, group vice president, Spectra Energy Transmission. "The project will increase supply reliability and diversity in the region by providing the additional capacity necessary to deliver substantial volumes of Rocky Mountain natural gas from Clarington."
Spectra Energy is continuing to build upon its Northeast strategy to direct new volumes into the area through incremental, economical expansions with the development of its TIME II Project. Currently under construction, TIME II will provide 150 Mmcf/d of new transportation service to the New Jersey market.
In addition, Spectra Energy is negotiating with customers who expressed interest in its TIME III binding open season for transportation services. TIME III will provide key Northeast markets with access to new Rockies supply through several receipt points including Clarington and Oakford as well as the proposed Steckman Ridge storage project in Bedford County, Pa.
During the last six years, Texas Eastern Transmission has expanded its system in the Northeast corridor by 15 percent and the system is now able to move more than 4 billion cubic feet per day from Ohio to the Northeast.
Spectra Energy Corp 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 18,000 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 http://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, and other filings that we make with the SEC, which are available at the SEC's website at http://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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