wyoming pipeline authority public meeting january 15, 2008 a spectra energy proposal

Wyoming Pipeline Authority Public MeetingJanuary 15, 2008

A Spectra Energy Proposal

2Wyoming Pipeline Authority Public MeetingJanuary 15,2008

DisclaimerForward Looking StatementsThis release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future developments at our facilities, including the anticipated timing and amount of planned capital expansions and anticipated future natural gas pipeline capacity as well as the demand for such capacity. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Those factors include: the timing and success of efforts to develop infrastructure projects; the timing and receipt of required regulatory approvals; the timing and receipt of sufficient capacity commitments for the described project; and fluctuations in the demand for natural gas in the markets serviced by the described project. These factors, as well as additional factors that could affect our forward-looking statements, are described in our Form 10-K, filed with the Securities and Exchange Commission on April 2, 2007, and other filings that we make with the SEC, which are available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Spectra Energy System Map


Western Markets and SupplyMarkets• Washington and Oregon demand 1.3 Bcf/d*1

• California demand 6.1 Bcf/d*1

• Demand expected to increase due to generation needs

Supply• Western Canada 2007 16.2 Bcf/d declining to

11.3 Bcf/d by 2025*2

• Increased use for oil production from 1.0 Bcf/d to 3 Bcf/d

• Rockies 2007 8.6 Bcf/d increasing to 11.4 Bcf/d by 2025

• Expected bubble in 2011-2012

*1 EIA*2 Wood MacKenzie


California Inlets and Demand - 2006GTN

Bronco 23%

Demand6 BCF/d

Kern 24%

Southern

Trails

1%

Transwestern 10%

El Paso 28%

CA 14%

Source: 2006/2007 California Gas Report


Bronco Pipeline Route

• 680 miles of 42-inch, 1480 psig pipeline• 1.2 MDth/d initial capacity• 3 compressor stations: 64,000 hp total• Expandable to over 1.7 MDth/d with additional compression• Fuel near 1%

Project Cost: - $2.9 BillionMaterial

$1.1Installation

$1.0Services

$0.1ROW & MISC

$0.1Other

$0.6


Bronco Service Offering• Bronco working with upstream transport providers to ensure access to

projectReceipts Deliveries• Opal • Malin• Meeker • Paiute• Wamsutter • Tuscarora• Others • GTN

• NWPL• Others

• Initial terms of 10 years or longer• Open Season rate $0.9880• Fuel 1.2%• Open Season through February 8

– Open Season brochure and precedent agreement on www.broncopipeline.com


Development Schedule

• Marketing Effort; Project Due Diligence June – December 2007• Open Season January - February 2008• Market/Facility Refinement February – April 2008• FERC 7c Pre-filing Process May 2008 - February 2009• File 7c Application March 2009• Receive FERC Order February 2010• FERC Notice to Proceed April 2010• Construction Commences May/June 2010• Full Project In-service November 2011


Governmental Contacts• October:

– Bureau of Land Management (BLM)– U.S. Congress

• Wyoming, Idaho, Oregon, Utah

• November:– BLM Meeting (Filed ROW application October 19)– FERC Meeting– U.S. Forest Service– Various State Agencies

• Oregon, Wyoming, Idaho

• December:– Various State Agencies

• Colorado, California


Bronco ChallengesConstruction• Remote areas in Western Idaho &

Eastern Oregon• Construction camps required• Poor railroad access requiring

extensive trucking

Topography• Large areas of rock• Crossing Snake River• Steep terrain in Oregon’s National

Forests


Solving the Supply Outlet

wyoming pipeline authority public meeting january 15, 2008 a spectra energy proposal

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