Spectra Energy Holds First Shareholders’ Meeting

HOUSTON, Oct. 31 /PRNewswire-FirstCall/ — Spectra Energy focused on its investment and growth plans today as the company hosted its first shareholders’ meeting since it began trading on the NYSE on Jan. 3, 2007.

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

“In 10 months, we have literally built a new company — creating the infrastructure, corporate values and business plans of a corporation poised to lead the industry and create value for our customers and shareholders,” Chief Executive Officer Fred Fowler told shareholders who gathered at the company’s Houston headquarters.

   Fowler presented a three-point agenda for the next three years:    — Investing to meet increased demand:  Fowler detailed an aggressive      capital expansion program featuring a plan to invest at least $3      billion in expansion over the 2007 – 2009 timeframe.   — Innovating:  “Competing in today’s world requires us to continually      blaze new frontiers and at Spectra Energy, we are constantly rethinking      the way we work, serve customers, operate assets and respond to      change,” Fowler said.  He cited environmental ingenuity, and Spectra      Energy’s ability to take a project from concept to commercial start-up      as competitive advantages.   — Delivering: “We are a new company, yet we are fortunate to have the      opportunities and resources to grow your business in a disciplined      manner,” said Fowler, who noted the company’s strong investment-grade      balance sheet — with $20 billion in assets as of year-end 2006.   

During the meeting, shareholders re-elected Fred J. Fowler, William T. Esrey, Dennis R. Hendrix and Pamela L. Carter as Class I directors to serve for 3-year terms.

Shareholders also ratified the selection of Deloitte & Touche as the company’s independent public accountant for 2007.

Spectra Energy Corp 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 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 http://www.spectraenergy.com/ for more information.

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 our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning the anticipated timing and amount of planned capital expansions. 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. 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 http://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.

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Spectra Energy

CONTACT: Media, Gretchen Krueger, +1-713-627-4072, or 24-hour,+1-713-627-4747, Analysts, John Arensdorf, +1-713-627-4600, both of SpectraEnergy

Web site: http://www.spectraenergy.com/