1. Northeast Supply Dynamics
New England Electricity
Restructuring Roundtable
April 30, 2010

2. Safe Harbor Statement
Some of the statements in this document concerning future company performance will be forward-looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements, and you should refer to the additional information contained in Spectra Energy’s Form 10-K and other filings made with the SEC concerning factors that could cause those results to be different than contemplated in today's discussion.
Reg G Disclosure
In addition, today’s discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our website.

3. Spectra Energy Strategically Located Assets
2009 Natural Gas Pipeline Throughput 3.9 Tcf
Miles of Transmission Pipe 19,100
Miles of Gathering Pipe 62,800
Miles of Distribution Pipe 37,000
Storage Capacity 285 Bcf
Retail Customers 1.3 million

4. Northeast Supply Opportunities LNG, Rockies and Marcellus Shale
Supply Opportunities are Now a Reality
Three New LNG Terminals
30 cargos received to date
Over 86 Bcf of gas delivered
Rockies Has Arrived
Over 70 Bcf of gas delivered
Marcellus Quickly Ramping Up

5. Algonquin Gas Transmission
Monthly Deliveries

6. Algonquin Gas Transmission
Load Duration Nov - Feb

7. Algonquin Gas Transmission Power Plant Load
2007/2008
2008/2009
2009/2010

8. Algonquin Gas Transmission Top 25 Days
12-21
1-10
12-29
12-17
12-23
1-6
1-9
12-22
12-18
12-30
2-6
1-8
1-31
12-20
2-8
12-19
1-4
2-7
2-4
2-1
1-13
1-29
1-12
1-30
1-28

9. Maritimes & Northeast Pipeline
Total System Monthly Deliveries

10. Maritimes & Northeast Pipeline Top 25 Days
1-5
12-22
12-17
12-29
12-21
1-10
1-3
1-4
12-18
1-6
12-19
1-11
12-7
11-3
1-8
1-9
12-11
12-16
12-8
2-1
2-8
1-29
1-30
1-31
1-12

11. Aggregate Northeast Pipelines Top 25 Days
12-21
1-29
1-31
1-4
1-12
1-28
12-17
1-30
1-10
1-3
1-5
1-9
1-2
12-23
2-6
12-11
12-29
12-22
1-8
1-6
12-30
12-18

12. Algonquin Gas Transmission Winter Season Supply Diversity
Operator 07/08 08/09 09/10
Texas Eastern 60.5% 55.2% 44.2%
Tennessee 9.8% 7.5% 5.0%
Transco 5.4% 5.9% 4.4%
Columbia Hanover 8.1% 9.0% 9.1%
Maritimes NE (Salem) 3.4% 1.3% 5.8%
Suez 9.7% 11.4% 7.8%
Iroquois 3.2% 0.0% 0.0%
Millennium 0.0% 9.3% 13.3%
Excelerate 0.0% 0.4% 10.4%

13. Maritimes and Northeast Pipeline Winter Season Supply Diversity
Operator 08/09 09/10
ExxonMobil – Goldboro 73.1% 43.3%
Corridor Resources 4.6% 2.9%
PNGTS – Westbrook 22.3% 9.9%
Canaport LNG – Brunswick 0.0% 43.9%
Like AGT, supply diversity is a material change to the M&N system with a major new LNG player
The Canaport facility came online in July and the Emera owned/Spectra operated Brunswick pipeline was commissioned at that time
This table takes the 3 highest flow days from each of these sources during July and Aug to come up with these supply availability %’s, for illustration

14. Northeast Supply Opportunities LNG, Rockies and Marcellus Shale

15. Accessing New Supply Marietta Extension Ramapo 2.5 Bcf/d
Marietta 5.2 Bcf/d
Clarington 4.8 Bcf/d
Lambertville 3.8 Bcf/d
Marietta
Extension
Station Bcf/d