By OGJ editors
HOUSTON, Oct. 31 -- Duke Energy, which earlier announced plans to separate its natural gas business into an independent, publicly traded company, said the spin-off will be called Spectra Energy Corp.
Once the transaction is complete, expected Jan. 1, 2007, Spectra Energy will consist of the business unit now known as Duke Energy Gas Transmission and Duke Energy's 50% interest in Duke Energy Field Services, which recently was renamed DCP Midstream.
Spectra Energy will operate primarily in transmission and storage, distribution, and gathering and processing.
Fred Fowler, president of Duke Energy Gas, will become chief executive officer of Spectra Energy.
The Spectra Energy name replaces Gas SpinCo Inc. (GasCo), the temporary name given the natural gas business. The stock is expected to be traded on the New York Stock Exchange.
