2. 2008 Projects In-Service
Expansion Project Segment Est. CapEx ($MM) In-Service
Southeast Supply Header UST 625 3Q08
M&NE Phase IV (CanaportTM) Expansion UST 290 4Q08 / 1Q09
Ramapo UST 260 4Q08
TIME II (Phase II) UST 90 4Q08
Gulfstream Phase IV UST (1/2 SEP) 95 4Q08
Gulfstream Phase III UST (1/2 SEP) 60 3Q08
Egan Storage (Caverns 4) UST (1/2 SEP) 60 3Q08
Glade Spring Expansion UST (SEP) 20 4Q08
Pine River Phase 3 WC 50 4Q08
West Doe Phase II WC 5 4Q08 / 1Q09
Dawn Storage Deliverability Dist 120 4Q08 / 1Q09
Dawn-Trafalgar Pipeline – Phase III Dist 75 4Q08
Tribute Storage Dist 35 2Q08
6 Others < $20 million Various 50 Various
Total 2008 Projects $ 1.8 B
Total 2008 EBIT $ ~95 million
Total 2009 Incremental EBIT $ ~130 million
2008 projects deliver EBIT of about $225 million – higher than our original
expectations and our targeted 10-12% ROCE range
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
3. Significant Growth Projects 2009
Expansion Project Segment Status Est. CapEx ($MM) In-Service
Steckman Ridge Storage UST Execution 140 1H09
Algonquin J-2 Expansion UST Execution 35 2H09
Northern Bridge UST Execution 45 2H09
Egan Storage (Cavern 3) UST (1/2 SEP) Execution 110 2H09-1H10
Moss Bluff Storage Expansion (Cavern 4) UST (1/2 SEP) Execution 55 2H09-2H11
Sarnia Airport Storage UST Execution 20 2H09
Heritage Storage Dist Execution 15 2H09
West Doe Phase II WC Execution 40 1H09
West Doe Phase III WC Execution 60 2H09
South Peace Pipeline WC Execution 130 2H09
Total 2009 Projects in Execution $ 650 MM
• “Execution” – agreement with shippers completed, currently in permitting process and/or in construction
• Segments:
– UST = U.S. Transmission
– UST (SEP) = Part of U.S. Transmission but is Spectra Energy Partners project
– Dist = Distribution
– WC = Western Canada Transmission and Processing
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
4. Well-Positioned for Growth
Steckman Ridge Storage
• Strategically located storage
capacity along Texas Eastern
system in Bedford County, PA
• Proposed 12 Bcf of storage, 1
compressor station, 7 miles of
16” pipe and 4 miles of lateral
pipe
• 50/50 partnership with New
Jersey Resources
• FERC approval received 6/08
• Est. capital expenditures: $140
million (Spectra Energy’s share)
• In-service 1H09
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
5. Well-Positioned for Growth
AGT J-2 Lateral Expansion
• Location: Medford and
Somerville, Massachusetts
• Scope: Approximately 2 miles of
14-inch diameter loop pipeline
• 140 Mmcf/day capacity
• Interconnects:
•NSTAR Gas Company
• Ownership Interest: 100 percent
Spectra Energy
• Estimated CapEx: $35 million
• In-service: 2H09
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
6. Well-Positioned for Growth
Northern Bridge
• 150 Mmcf/d of new takeaway
capacity from REX at Clarington,
Oh to Oakford/Delmont, PA
• Total project facilities include
installation of new HP at Holbrook,
PA and uprate of existing HP at
Uniontown, PA (10,666 HP total)
• Long term firm contracts underpin
this expansion
• Customers:
•BP Energy Company
•Merrill Lynch Commodities
• Estimated CapEx: $45 million
• In-service: 2H09
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
7. Well-Positioned for Growth
Egan & Moss Bluff Storage Expansions
• Egan and Moss Bluff are
strategically located storage along
the Gulf Coast interconnecting with
7 and 5 major pipelines,
respectively, including Texas
Eastern
• Egan Cavern #3 Project:
– Add 8 Bcf of capacity and 16
miles of 24” pipe
– Est. capital expenditures: $110
million–2H09, $50 million–1H10
– Capacity phased-in service
2H09-1H10
• Moss Bluff Cavern #4 Project:
– Add 6.5 Bcf of capacity
– Est. capital expenditures $55
million–2H09, $60 million–2H11
– Capacity phased-in service
2H09-2H11
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
8. Well-Positioned for Growth
Dawn Storage Projects
Dawn Area Storage:
• Sarnia Airport
• 50/50 partnership – over 5 Bcf of
capacity - 3 new wells, compressor
plant, construct 11 miles of pipeline
• Est. CapEx: $20 million (50% share)
• In-service 2H09
• Heritage (Sombra)
• Acquired about 1 Bcf of capacity
• Est. capital expenditures: $15 million
• In-service 2H09
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
9. Well-Positioned for Growth
West Doe – Phase II & III
West Doe Phase II
• Expansion to existing West Doe gas plant
in Peace River Arch area of northeast BC
• Additional gas processing train, gathering
pipeline and sales gas tie-ins to process
an incremental 30 mmcf/d
• Est. capital expenditures of $40 million
• In-service 1H09
West Doe Phase III
• Further expansion to existing West Doe
gas plant
• Additional gas processing train and sales
gas tie-ins to process incremental 45
mmcf/d
• Est. capital expenditures of $60 million
• In-service 2H09
• Total capacity of West Doe at 2009 year-
end of ~100 mmcf/d
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
10. Well-Positioned for Growth
South Peace Pipeline
• Proposed pipeline and plant
modifications in northeast B.C. to
connect South Peace resource area
to McMahon processing plant
• Over 55 miles of 20” pipeline with
approximately 220 Mmcf/day capacity
• Est. capital expenditures about $130
million
• Purchase of Storm Pipeline completed
in 2007 for $15 million
• In-service 2H09
Spectra Energy 4Q08 & 2008 Review and 2009 Outlook | February 5, 2009
