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Spectra Energy To Construct $3 Billion Interstate Pipeline Into Florida

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. 

(Logo:  http://photos.prnewswire.com/prnh/20061030/CLM051LOGO)

"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.

Stock quotes in this article: NEE, SE 

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