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1. Appendix 2: Major Projects
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 Energys 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 million2H09, $50 million1H10 Capacity phased-in service
2H09-1H10 Moss Bluff Cavern #4 Project: Add 6.5 Bcf of capacity
Est. capital expenditures $55 million2H09, $60 million2H11 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
11. Spectra Energy 4Q08 & 2008 Review and 2009 Outlook |
February 5, 2009