HOUSTON, June 29, 2012 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) today received approval from the Federal Energy Regulatory Commission (FERC) to proceed with construction on the New Jersey-New York Expansion Project, a 20-mile expansion of the Company's Texas Eastern Transmission and Algonquin Gas Transmission interstate pipeline systems. Once completed, the New Jersey-New York Expansion Project will provide an additional 800 million cubic feet per day of natural gas capacity into the New Jersey/New York region.
"The comprehensive, multi-year review by numerous federal, state and local agencies has culminated with the formal approval by FERC to commence construction of the New Jersey-New York Expansion Project," said Greg Ebel, president and chief executive officer, Spectra Energy Corp. "We will continue to cooperate with the communities and appropriate regulatory agencies as we complete work on a project that will provide critically-needed pipeline infrastructure, as well as significant environmental and economic benefits to the region."
FERC issued the Notice to Proceed after a diligent review of the NJ-NY Expansion Project's Implementation Plan, which is a thorough execution plan that details how the construction work will safely proceed and satisfy all pre-construction conditions. Throughout construction, federal and state agencies, independent inspectors, and Company personnel will maintain a rigorous inspection schedule in order to build one of the safest natural gas pipelines in North America.
The planning and construction phases of the project will create more than 5,200 direct and indirect jobs in and around local host communities. Construction will begin in the coming weeks and be completed during the fourth quarter of 2013.
Increasing the region's access to diverse and reliable supplies will alleviate seasonal natural gas volatility, resulting in an estimated $700 million of total annual energy savings in New Jersey and New York. The project will also bring in millions of dollars in tax revenue and improve the region's air quality by eliminating an estimated 6 million tons per year of carbon dioxide -- the equivalent of taking more than 1 million cars off the road.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, 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 more than 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's operations in the United States and Canada include more than 19,000 miles of transmission pipeline, approximately 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project's Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com.
SOURCE Spectra Energy Corp