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Project Will Address Regional Energy Constraints and Create Thousands of Jobs
HOUSTON, May 22, 2012 /PRNewswire/ – Spectra Energy Corp (NYSE:SE) yesterday received approval from the Federal Energy Regulatory Commission (FERC) for its New Jersey-New York Expansion Project, which will transport new, critically needed natural gas supplies to high demand markets in northern New Jersey and New York City.
The 20-mile expansion of the Company’s Texas Eastern Transmission and Algonquin Gas Transmission interstate pipeline systems, the New Jersey-New York Expansion will provide 800 million cubic feet per day (Mmcf/d) of additional capacity to the region once completed in the fourth quarter of 2013.
“The Project’s FERC certificate is the culmination of a comprehensive, multi-year review by numerous federal, state and local agencies,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp. “This milestone is a crucial step toward completing this project, which will provide critically needed pipeline infrastructure and numerous environmental and economic benefits to the region.”
During the planning and construction phases of the project, more than 5,200 direct and indirect jobs will be created in and around local host communities. Additionally, increasing the region’s access to diverse and reliable supplies will alleviate seasonal natural gas volatility, resulting in an estimated $700 million total annual energy savings in New Jersey and New York. The project will also bring in millions in tax revenue and improve the region’s air quality by eliminating an estimated 6 million tons per year of carbon dioxide – the equivalent of taking more than 1 million cars off the road.
Spectra Energy Corp (NYSE:SE), a FORTUNE 500 company, 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 more than a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company’s operations in the United States and Canada include more than 19,000 miles of transmission pipeline, approximately 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project’s Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com.
SOURCE Spectra Energy Corp
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