Spectra Energy Declares Increased Quarterly Dividend

    HOUSTON, July 3 /CNW/ -- Spectra Energy Corp (NYSE:   SE) today declared an
8.7 percent increase in its quarterly cash dividend on its common stock, from
$0.23 to $0.25 per share. The dividend is payable September 15, 2008, to
shareholders of record at the close of business August 15, 2008.

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

    Spectra Energy Canada Exchangeco Inc. ("Exchangeco"), a subsidiary of
Spectra Energy, also announced today a quarterly cash dividend of CDN $0.26
per share on its Spectra Energy exchangeable shares (TSX: SPT.B), payable
September 15, 2008, to shareholders of record at the close of business August
15, 2008.
    All dividends paid or deemed for Canadian federal, provincial or
territorial income tax purposes including the dividend above are designated
eligible dividends pursuant to Subsection 89(14) of the Income Tax Act
(Canada) or similar provincial or territorial legislation. This designation
will apply to all such dividends paid or deemed paid in the future unless
otherwise notified by Exchangeco. An eligible dividend received by a Canadian
resident individual shareholder is entitled to the enhanced dividend tax

    A FORTUNE 500 company, Spectra Energy Corp (NYSE:   SE) 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 nearly 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 operates in the United States
and Canada approximately 18,000 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, the largest natural gas gatherer and
processor in the United States. For more information, visit

For further information:

For further information: Media, Molly Boyd, (713) 627-5923, (713)
627-4747, 24-hour media line; or Analysts, John Arensdorf, (713) 627-4600,
both of Spectra Energy Corp, Web Site: http://www.spectraenergy.com

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