Sabal Trail Transmission, LLC

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Leon Mitchell Moody
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1 FGU 2014 ANNUAL MEETING JUNE 25, 2014 Sabal Trail Transmission, LLC Connecting diverse natural gas supplies to southeast markets Josh Browning

Changing Natural Gas Flows Value of capacity increases with changing supply & demand dynamics WCSB WCSB/ Canadian Shales LNG GAS-on-GAS Competition Rockies Detroit Chicago Marcellus/ Utica Boston New

2 Changing Natural Gas Flows Value of capacity increases with changing supply & demand dynamics WCSB WCSB/ Canadian Shales LNG GAS-on-GAS Competition Rockies Detroit Chicago Marcellus/ Utica Boston New York Philadelphia D.C. Fayetteville Little Rock Barnett Haynesville Nashville Memphis Atlanta Gulf Coast Eagle Ford Houston Gulf Coast Tampa Miami Emerging supply positioned to serve regional markets creating increased gas on gas competition Shifting supply sources is altering traditional pipeline flows & driving new construction Sabal Trail Transmission 2

Florida s Increasing Demand for Natural Gas A summary of the 10-year site plans as submitted to the Florida Public Service Commission by Florida s utilities indicate new facilities in excess of 8,000

3 Florida s Increasing Demand for Natural Gas A summary of the 10-year site plans as submitted to the Florida Public Service Commission by Florida s utilities indicate new facilities in excess of 8,000 MW of incremental generation 90% of this new generation to be fueled by Natural Gas 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Power Generation Fuel Mix in Florida Summer Peak Demand 42,279 MW 25% Summer Peak Demand 47,093 MW 65% Other Oil Nuclear Gas Coal 2012 & 2013 FRCC Regional Load & Resource Plan Sabal Trail Transmission 3

FPL s Request for Proposal Station 85 SESH FGT Sabal Trail Transmission GULFSTREAM Central Florida Hub Florida Southeast Connection FPL issued a Request for Proposal ( RFP ) in

to satisfy transportation needs FPL executed binding precedent agreements with Sabal Trail and FSC for: 400,000 Dth/d beginning May 1, 2017 increasing to 600,000 Dth/d on May

4 FPL s Request for Proposal Station 85 SESH FGT Sabal Trail Transmission GULFSTREAM Central Florida Hub Florida Southeast Connection FPL issued a Request for Proposal ( RFP ) in December 2012 for new gas transportation; bids were submitted April 3, 2013 FPL selected Sabal Trail Transmission, LLC (Sabal Trail) and Florida Southeast Connection, LLC (FSC) to satisfy transportation needs FPL executed binding precedent agreements with Sabal Trail and FSC for: 400,000 Dth/d beginning May 1, 2017 increasing to 600,000 Dth/d on May 1, 2020 FPL requested and received Florida PSC order approving its RFP selections and finding that entering into contracts for new capacity is prudent Sabal Trail Transmission 4

5 Sabal Trail Project Sabal Trail Transmission, LLC, a joint venture between affiliates of Spectra Energy Corp and NextEra Energy, Inc., is a new interstate pipeline originating in Alabama, extending through Georgia and into Florida providing access to reliable onshore natural gas supply Project Scope: 1+ Bcf/d of capacity connecting Transco Station 85 supply to Southeast markets and the Central Florida Hub Customers: Florida Power & Light Duke Energy Project Status: Pre-filed with FERC 4Q13 File FERC application 2H14 Receive FERC certificate 2H15 Commence construction 1H16 In-service 1H17 Preliminary Facilities: 480 miles of 36-inch diameter greenfield pipeline and 22 miles of 24-inch diameter greenfield pipeline 5 new compressor stations totaling up to 210,000 horsepower; to be phased in across 2017 to 2021 New metering and regulating stations; creates new Central Florida Hub with interconnects with Gulfstream, FGT and Florida Southeast Connection Sabal Trail Transmission 5

Sabal Trail provides access to Abundant, Reliable, Diverse and Cost Effective Supply TEXAS EASTERN Northeast 590Tcf Z5 Z4 TETLP Kosciusko 4.0 Bcf/d Midcontinent 170Tcf SESH - Perryville Hub 10.

6 Sabal Trail provides access to Abundant, Reliable, Diverse and Cost Effective Supply TEXAS EASTERN Northeast 590Tcf Z5 Z4 TETLP Kosciusko 4.0 Bcf/d Midcontinent 170Tcf SESH - Perryville Hub 10.3 Bcf/d Gulf Coast 326Tcf Bobcat Storage Z3 SESH Station 65 Z4 MEP GS M1 ELA Destin MEP & Gulf South 3.3 Bcf/d Station 85 Gulf of Mexico 58Tcf Transco Mainline 5.3 Bcf/d Destin 0.8 Bcf/d FGT GULFSTREAM Sabal Trail Transmission, LLC Note: Natural gas resource potential forecast (Tcf) from various sources Sabal Trail Transmission 6

Florida Southeast Connection Central Florida Hub New delivery interconnect with Florida Southeast Connection New Bi-directional meters with

7 Connecting Florida s Pipeline Infrastructure New Delivery Meter: Duke Energy New Combined Cycle Plant New Bi-directional Meter: Florida Gas Transmission New Bi-directional Meter: Gulfstream Compressor Station New Bi-directional Meter: Florida Gas Transmission New Delivery Meter: Florida Southeast Connection Central Florida Hub New delivery interconnect with Florida Southeast Connection New Bi-directional meters with existing pipelines Gulfstream Natural Gas and Florida Gas Transmission Provides wheeling services between existing and new pipelines Sabal Trail Transmission 7

8 Project Status and Schedule Activity Completion Dates Approval to use FERC Pre-File Process Oct 16, 2013 Formal Open Houses Dec 2013 Jan 2014 FERC Issue Notice of Intent Feb 18, 2014 FERC Scoping Meetings Mar 2014 Draft Resource Reports 1 12 to FERC Jun 2, 2014 Activity Target Dates File Application and Federal Permits Oct 2014 FERC Certificate Issuance Nov 2015 Commence Construction June 2016 In-service May 2017 Sabal Trail Transmission 8

9 Josh Browning For project updates, please visit: Sabal Trail Transmission website FERC website Sabal Trail Pre-File Docket No. PF14-1 Recognized by: 9

PLANNED ENHANCEMENTS, NORTHEAST NATURAL GAS PIPELINE SYSTEMS (as of 9-25-14)

PLANNED ENHANCEMENTS, NORTHEAST NATURAL GAS PIPELINE SYSTEMS (as of 9-25-14) PIPELINE SYSTEMS (as of 9-25-14) The Northeast Gas Association (NGA) has prepared this summary based on publicly-available information. NGA will strive to keep the information as updated as possible and