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

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.

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

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

Algonquin Gas Transmission Monthly Deliveries

Algonquin Gas Transmission Load Duration Nov - Feb

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

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

Maritimes & Northeast Pipeline Total System Monthly Deliveries

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

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

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%

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

Northeast Supply Opportunities LNG, Rockies and Marcellus Shale

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 Station195 0.864 Bcf/d