Spectra Energy Secures Anchor Shippers For Team 2014 Project

March 2012, Vol. 239 No. 3

Spectra Energy Corp.’s Texas Eastern Transmission has reached binding agreements with two anchor shippers for its TEAM 2014 project, an expansion of its existing Texas Eastern system to deliver additional emerging Appalachian shale natural gas supplies to diverse markets in the Northeast, Midwest and South.

These commitments provide sufficient market support to proceed with development of the TEAM 2014 project. Texas Eastern solicited interest from additional shippers through a binding open season which ended Feb. 17.

TEAM 2014, with an estimated fourth-quarter 2014 in-service date, reflects a fully scalable capacity expansion of up to 1.4 Bcf/d, including the volume of the two anchor shippers. Because Texas Eastern is expanding its existing pipeline system, the expansion project can be sized to meet the needs of the two anchor shippers as well as additional shippers that may be identified during the binding open season. The company estimates the expansion will result in a capital investment of $500 million which could potentially increase based on the results of the open season.