Steckman Ridge, LP Open Season Garners Significant Interest

    New Natural Gas Storage Will Respond to Critical Needs of Northeast,
    Mid-Atlantic Markets

    HOUSTON, June 28 /CNW/ -- Steckman Ridge, LP's open season resulted in
interest from customers that far exceed the new natural gas storage facility's
proposed working capacity of up to 12 billion cubic feet.
    "We received bids totaling five times the capacity of our facility,
clearly demonstrating the demand for natural gas storage in the Northeast and
Mid-Atlantic," said Mark Fiedorek, vice president, Steckman Ridge, LP. "As we
move forward, we will work with those who submitted bids to confirm their
interest and determine how we can respond to their needs."
    Steckman Ridge, strategically located in the market area of Bedford
County, Pa., is expected to play an important role in the energy future of the
Northeast and Mid-Atlantic markets, helping customers balance the complexities
of supply and demand and manage price volatility in these regions.  The
facility is equally owned by subsidiaries of Spectra Energy and New Jersey
    Steckman Ridge will submit its application to the Federal Energy
Regulatory Commission (FERC) this November. Currently, Steckman Ridge is
participating in FERC's Pre-Filing Process to encourage and facilitate early
participation by all interested parties. The project will be in service by
April 2009.

    Spectra Energy Corp (NYSE:   SE) 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 for more

    New Jersey Resources (NYSE:   NJR), a Fortune 1000 company and a member of
the Forbes Platinum 400, provides reliable retail and wholesale energy
services to customers in New Jersey and in states from the Gulf Coast to New
England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one
of the fastest-growing local distribution companies in the United States,
serving more than 476,000 customers in central and northern New Jersey. Other
major NJR subsidiaries include NJR Energy Services and NJR Home Services.
    NJR Energy Services is a leader in the unregulated energy services
market, providing customer service and management of natural gas storage and
capacity assets. NJR Home Services offers retail customers heating, air
conditioning and appliance services. NJR's progress is a tribute to the more
than 5,000 dedicated employees who have shared their expertise and focus on
quality through more than 50 years of serving customers and the community to
make NJR a leader in the competitive energy marketplace. For more information,
visit NJR's Web site at

    Forward-Looking Statements
    This 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 Spectra Energy's
and New Jersey Resources' intentions, plans, expectations, assumptions and
beliefs about future events. This release includes forward-looking statements
concerning future capital developments, including the anticipated timing of
planned capital expansions and anticipated storage capacity resulting from
such expansions. Such statements are subject to risks, uncertainties and other
factors, many of which are outside the control of Spectra Energy and New
Jersey Resources 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;
fluctuations in the demand for natural gas in the markets serviced by the
described project; and geological uncertainties and limitations in the
described natural gas field.
    These factors, as well as additional factors that could affect such
forward-looking statements, are described in Spectra Energy's and New Jersey
Resources' filings with the SEC, which are available at the SEC's website at
    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.

For further information:

For further information: Media, John Sheridan, +1-617-560-1444, or 
+1-713-627-4747, or Analysts, John Arensdorf, +1-713-627-4600, both of Spectra
Energy; or Media, Michael Kinney, +1-732-938-1031, or Dennis Puma, 
+1-732-938-1229, both of New Jersey Resources Web Site:,

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