Spectra Energy Inc. recently struck contracts to underpin three major pipeline projects, moving $3 billion worth of investment opportunities into the execution column, a third brand-new pipeline to serve the Florida market among them.

Sabal Trail Transmission LLC, a joint venture of Spectra and NextEra Energy Inc., is underpinned by a 25-year contract with Florida Power & Light Co. (FPL) (see NGI, July 29). When constructed, it would be the third pipeline to serve Florida with an initial capacity of more than 1 Bcf/d, Spectra CEO Greg Ebel said during an earnings conference call last week.

“We’re already in advanced discussions with other parties interested in contracting Sabal Trail capacity, so we expect volumes and returns on this project to build over time,” Ebel told analysts following the company. “And we anticipate an in-service date in mid-2017.”

Asked how much of the pipeline Spectra eventually may own, Ebel said it was too early to say but he suggested that a share of 50% would be about right. Besides FPL’s participation through its NextEra unit, Williams has an opportunity to participate in the project “in a small way,” said Ebel, adding that he expected other utilities to be contracting for capacity on the pipeline over the next two to three months.

In Marcellus and Utica shale country, Spectra is moving ahead with its Ohio Pipeline Energy Network project to carry gas from the two shale plays to markets both north and south, Ebel said. Chesapeake Energy Corp. is one of two anchor shippers on the $500 million, 550 MMcf/d project to expand the Texas Eastern Transmission system. An application withe Federal Energy Regulatory Commission (FERC) is expected to be filed early in 2014, “with a targeted Nov. 1, 2015 in-service date,” Ebel said.

Spectra’s Algonquin Incremental Market (AIM) Project would support local distribution companies serving New England markets with a 300 MMcf/d expansion of the Algonquin Pipeline system, Ebel said (see NGI, July 15). Capacity agreements are in place with utilities including Northeast Utilities and National Grid for the $850 million project. “We’ll file with the FERC in the first quarter of 2014 with an expected completion date in the second half of 2016,” he said.

“Spectra Energy is in the midst of a major capital expansion program with $25 billion in growth opportunities through the end of the decade. That growth is the catalyst to advance our master limited partnership (MLP) strategy, which will efficiently fund growth and enhance Spectra Energy’s dividend growth.”

Spectra recently announced its intention to drop down the remainder of its U.S. storage and transmission assets into MLP Spectra Energy Partners (see NGI, June 24). It also would drop the other half of its Express-Platte oil pipeline assets, and its interest in the Sand Hills and Southern Hills pipelines.

Net income was $199 million (30 cents/share) in 2Q2013, compared with $215 million (33 cents) in the year-ago quarter.