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Spectra Energy Files Registration Statement to Form a Master Limited Partnership

Spectra Energy Files Registration Statement to Form a Master Limited Partnership

HOUSTON, March 30 /PRNewswire-FirstCall/ -- Spectra Energy announced today that Spectra Energy Partners, LP, a midstream energy master limited partnership (MLP) formed by Spectra Energy, filed a Registration Statement with the Securities and Exchange Commission relating to the initial public offering of 11,500,000 of its common units, along with up to an additional 1,725,000 common units that may be purchased at the option of the underwriters.

(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )

Application will be made to list the common units, which represent limited partnership interests in Spectra Energy Partners, LP, on the New York Stock Exchange under the symbol "SEP".

A subsidiary of Spectra Energy will be the general partner of Spectra Energy Partners, LP and, through its subsidiaries, Spectra Energy will own an approximate 82 percent interest in the MLP through its general partner and limited partner ownership interest. Martha Wyrsch will serve as chairman of the new venture, Greg Harper will serve as President, Chief Executive Officer & Director, and Lon Mitchell will serve as Vice President and Chief Financial Officer.

Spectra Energy Partners, LP will own and operate natural gas transportation and storage assets consisting of interests in two interstate natural gas pipeline systems located in the southeastern United States, interests in two natural gas storage facilities in Texas and Louisiana, and a LNG storage facility in Tennessee. These facilities include:

-- East Tennessee Pipeline System - 100% interest -- Gulfstream Pipeline System - 24.5% interest -- Market Hub Storage System - 50% interest

Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as lead book-running managers of the offering. Spectra Energy Partners, LP's offering of common units will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, from Citigroup Global Markets Inc., Brooklyn Army Terminal, Attention: Prospectus Department, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Ave., Edgewood, NY, 11717.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Spectra Energy Corp is one of North America's premier pure play natural gas midstream companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage and distribution. For close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 17,500 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Visit http://www.spectraenergy.com/ for more information.

Statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements, including statements regarding the completion of the proposed initial public offering and any of the terms thereof, are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of Spectra Energy or Spectra Energy Partners, LP.

Spectra Energy Corp.

CONTACT: media, Molly Boyd of Spectra Energy, +1-713-627-5923, or 24-
hour media line, +1-713-627-4747, analysts, John Arensdorf of Spectra Energy,
+1-713-627-4600

Web site: http://www.spectraenergy.com/

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