New Infrastructure to Link LNG Supplies to Growing Northeast U.S. and Maritime Provinces WALTHAM, Mass., March 12 /PRNewswire-FirstCall/ -- Maritimes & Northeast Pipeline, L.L.C. (Maritimes) has received approval from the Federal Energy Regulatory Commission to double its capacity to accommodate critical supplies of natural gas sourced from the Canaport(TM) LNG receiving and re-gas terminal in Saint John, New Brunswick. Canaport(TM) LNG is a limited partnership of subsidiaries of Repsol YPF and Irving Oil Limited. FERC's authorization allows Maritimes to construct and operate the pipeline infrastructure necessary to increase its year-round mainline design capacity by approximately 418,000 dekatherms per day to more than 833,000 dekatherms per day. Through an agreement with Repsol YPF, the Phase IV expansion project will transport re-gasified LNG on the existing pipeline system. "With the addition of the Phase IV Project, Maritimes is positioned to help meet the region's energy needs by delivering a new long-term source of natural gas to a region that continues to see demand grow," said Doug Bloom, president, Maritimes & Northeast Pipeline. "The expansion will result in a more efficient, reliable and cost-effective pipeline system, providing our customers with greater availability and security of natural gas supply." Repsol's re-gasified LNG is expected to be transported on the proposed Brunswick Pipeline to an interconnection with the Maritimes system at the U.S.-Canada border. The Brunswick Pipeline is seeking Canadian regulatory approvals. The Phase IV Project facilities include the construction of five new compressor stations in Woodchopping Ridge, Brewer, Searsmont, Westbrook, and Eliot, Maine; approximately 1.7 miles of 30-inch diameter pipeline in Baileyville, Maine; and modifications to existing facilities in Maine and Massachusetts. "We appreciate FERC's thorough and timely review of Maritimes' Phase IV application," continued Bloom. "FERC recognizes that the project will bring critical new supplies to the region with minimal impact to landowners, communities and the environment." In addition, FERC approved Maritimes' request to amend its Presidential Permit to allow increased imported volumes of natural gas from Canada and to construct and operate an additional interconnection at the U.S.-Canada border near Baileyville, Maine. Maritimes is seeking remaining permits for the Phase IV Project from numerous other federal and state agencies. Construction is expected to begin later this year, with an anticipated in-service date of Nov. 1, 2008. The proposed project is expected to cost $321 million. Maritimes & Northeast Pipeline, L.L.C. is owned by affiliates of Spectra Energy (77.53 percent), Emera Inc. (12.92 percent) and Exxon Mobil Corporation (9.55 percent). Maritimes is headquartered in Halifax, Nova Scotia, with an additional office in Waltham, Mass. Operations centers are located in Fredericton, New Brunswick; New Glasgow, Nova Scotia; Greenland, New Hampshire; and Richmond, Brewer and Baileyville, Maine. For more information, please contact Maritimes on the Internet at http://www.mnpp.com/. 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 of planned capital expansions, and anticipated future demand for natural gas pipeline 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 and the timing and receipt of required regulatory approvals; the timing and receipt of sufficient capacity commitments for the described project. These factors, as well as additional factors that could affect our forward-looking statements, are described under the headings "Risk Factors" and "Forward-Looking Statements" in Spectra Energy's Form 10, filed with the Securities and Exchange Commission on December 6, 2006, which is 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. DATASOURCE: Spectra Energy CONTACT: Marylee Hanley, +1-617-560-1573, or , or Stephen Rankin +1-902-425-4293, or , both of Spectra Energy, +1-713-627-4747 (24-hour media line) Web site: http://www.spectraenergy.com/ http://www.mnpp.com/ http://www.sec.gov/

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