May 31, 2007
Maritimes & Northeast Pipeline Launches Open Season Assessment to Determine Interest in Expanding System
- Expandable pipeline is ideally situated to capture new East Coast supply
- Potential sources include offshore, onshore, and LNG suppliers
- Seeking customer interest for natural gas transportation in 2010-2012
HALIFAX, Nova Scotia and WALTHAM, Mass. – Maritimes & Northeast Pipeline is launching an open season to gather support for the system’s second major expansion, named the Phase V Expansion.
The open season runs from June 8 to August 31. Maritimes is seeking customer interest in Canada and the United States for new transportation capacity on the 1,420-kilometre (882-mile) pipeline in the 2010-2012 timeframe.
“Maritimes is ideally situated to capture emerging offshore, onshore and LNG supply sources,” said Doug Bloom, president, Maritimes & Northeast Pipeline. “Our system delivers to some of the most dynamic natural gas markets in eastern Canada and the northeastern United States.”
The open season provides an opportunity for both suppliers and consumers of natural gas to declare their interest in transporting new gas supplies from developing projects situated along the Maritimes system. Potential customers will be asked to outline their energy needs, desired length of contract, receipt and delivery points, as well as the status of upstream gas supply commitments and regulatory permits required for facilities they plan to construct.
“Expansion of our mainline, the backbone of the Maritimes system, allows us to add capacity in phases or through multiple discrete projects,” continued Bloom. “This provides customers with the best opportunity to ensure their desired transportation will be available when they need it.”
As a result of the open season, Maritimes will be able to verify the timing and magnitude of demand for new capacity. This will determine the potential design of future expansions for which Maritimes may proceed with project development activities, possibly leading to regulatory filings in 2008.
Maritimes & Northeast Pipeline, L.L.C. is owned by affiliates of Spectra Energy (77.53 percent), Emera Inc. (12.92 percent) and ExxonMobil 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 www.mnpp.com .
This document 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. Although Spectra Energy believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are discussed in Spectra Energy’s annual report on Form 10-K and other filings with the Securities and Exchange Commission.
Contacts:
Media:
Marylee Hanley
617-560-1573
713-627-4747 (24-hour media line)
Stephen Rankin
902-425-4293
713-627-4747 (24-hour media line)
Analysts:
John Arensdorf
Spectra Energy
(713) 627-4600