Press release from PR Newswire
Spectra Energy To Construct $3 Billion Interstate Pipeline into Florida
Friday, July 26, 2013
Spectra Energy To Construct $3 Billion Interstate Pipeline into Florida16:35 EDT Friday, July 26, 2013
Sabal Trail Project will Deliver Safe, Affordable, Clean Burning Natural Gas Supplies, Along with Jobs & Tax Revenue to the Southeast US
HOUSTON, July 26, 2013 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) today announced that Sabal Trail Transmission, LLC (Sabal Trail), a joint venture of Spectra Energy and NextEra Energy, Inc. (NYSE: NEE), has been awarded a 465-mile interstate natural gas pipeline project by Florida Power & Light Company (FPL) to provide transportation services for their power generation needs beginning in May 2017.
"Spectra Energy is extremely pleased to have secured the bid to build and operate this interstate natural gas pipeline as a result of our competitive response to FPL's request for proposal (RFP). We are excited to work with FPL and NextEra Energy to bring this critically needed third interstate natural gas pipeline into Florida, which will provide safe, clean burning, affordable natural gas to power the state's homes, businesses and economy," said Bill Yardley, president, U.S. Transmission and Storage, Spectra Energy Corp. "Successfully securing this project is a testament to our strong history of successful project execution and advances our strategy of maximizing shareholder value by executing more than $25 billion in growth projects through the end of the decade."
Sabal Trail will construct the more than 1 billion cubic feet per day pipeline originating in Tallapoosa County, Alabama, extending through Georgia and ending at the Central Florida Hub near Orlando. Through a capacity lease with Transco, natural gas supply will be accessed at Transco's Station 85 in Choctaw County, Alabama.
"Our Sabal Trail development team is committed to engaging with stakeholders throughout the process to ensure the smooth construction of this pipeline which will provide reliable natural gas supply and significant economic benefits, including increased tax revenue and local jobs, to the Southeast region," added Yardley.
For more information on Sabal Trail, please visit www.sabaltrailtransmission.com.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines, approximately 305 billion cubic feet (Bcf) of natural gas storage, as well as natural gas gathering and processing, and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and one of the largest natural gas gatherers and processors in the United States. Spectra Energy has served North American customers and communities for more than a century. The company's longstanding values are recognized through its inclusion in the Dow Jones Sustainability World and North America Indexes and the Carbon Disclosure Project's Global 500 and S&P 500 Carbon Disclosure Leadership Indexes. For more information, visit www.spectraenergy.com.
SOURCE Spectra Energy Corp
For further information: Media: Andrea Grover, (713) 627-5683, (888) 215-6683 (Project media line), Analysts: Roni Cappadonna, (713) 627-4778