Form 11-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

 

ANNUAL REPORT

PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2012

of

SPECTRA ENERGY RETIREMENT SAVINGS PLAN

Commission File Number 1-33007

 

 

Issuer of Securities held pursuant to the Plan is

SPECTRA ENERGY CORP

5400 Westheimer Court

Houston, Texas 77056

 

 

 


Table of Contents

SPECTRA ENERGY RETIREMENT SAVINGS PLAN

TABLE OF CONTENTS

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     1   

FINANCIAL STATEMENTS

  

Statements of Net Assets Available for Benefits as of December 31, 2012 and 2011

     2   

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2012

     3   

Notes to Financial Statements

     4   

SUPPLEMENTAL SCHEDULES

  

Form 5500, Schedule H, Part IV, Line 4a – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2012

     11   

Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2012

     12   

SIGNATURES

     13   

EXHIBIT INDEX

     14   

Note: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.


Table of Contents

Report of Independent Registered Public Accounting Firm

To the Trustees and Participants of

Spectra Energy Retirement Savings Plan

Houston, Texas

We have audited the accompanying statements of net assets available for benefits of the Spectra Energy Retirement Savings Plan (the Plan) as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended December 31, 2012. These financial statements are the responsibility of Plan management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Plan management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012 and 2011, and the changes in net assets available for benefits for the year ended December 31, 2012 in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary schedules listed in the table of contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. These supplementary schedules are the responsibility of Plan management. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ McConnell & Jones LLP

Houston, Texas

June 14, 2013


Table of Contents

SPECTRA ENERGY

RETIREMENT SAVINGS PLAN

Statements of Net Assets Available for Benefits

(in thousands)

 

 

 

     December 31,  
     2012      2011  

ASSETS:

     

Investments, at fair value

   $ 554,230       $ 546,607   
  

 

 

    

 

 

 

Receivables:

     

Notes receivable from participants

     9,079         8,620   

Other receivables

     1,283         1,383   
  

 

 

    

 

 

 

Total receivables

     10,362         10,003   
  

 

 

    

 

 

 

Total assets

     564,592         556,610   

LIABILITIES:

     

Other payables

     227         189   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 564,365       $ 556,421   
  

 

 

    

 

 

 

See Notes to Financial Statements.

 

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SPECTRA ENERGY

RETIREMENT SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

(in thousands)

 

 

 

     Year ended
December 31, 2012
 

ADDITIONS:

  

Investment income:

  

Net depreciation in fair value of investments

   $ (5,310

Dividends

     11,167   
  

 

 

 

Total investment income

     5,857   
  

 

 

 

Interest income on notes receivable from participants

     427   
  

 

 

 

Contributions:

  

Participant

     19,667   

Employer

     12,505   

Rollover

     555   
  

 

 

 

Total contributions

     32,727   
  

 

 

 

Total additions

     39,011   
  

 

 

 

DEDUCTIONS:

  

Benefits paid to participants

     30,991   

Administrative expenses

     76   
  

 

 

 

Total deductions

     31,067   
  

 

 

 

NET INCREASE IN NET ASSETS

     7,944   

NET ASSETS AVAILABLE FOR BENEFITS:

  

Beginning of year

     556,421   
  

 

 

 

End of year

   $ 564,365   
  

 

 

 

See Notes to Financial Statements.

 

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SPECTRA ENERGY

RETIREMENT SAVINGS PLAN

Notes to Financial Statements

 

 

 

1. Description of the Plan

The Spectra Energy Retirement Savings Plan (the Plan) is a defined contribution plan. Participants should refer to the Plan document for more complete information.

Participation and Purpose

The Plan is sponsored by Spectra Energy Corp (Spectra Energy or the Company). Spectra Energy and each of its affiliated companies that are at least 80%-owned and that participate in the Plan are collectively referred to as “Participating Companies.”

The purpose of the Plan is to provide an opportunity for eligible employees to enhance their long-term financial security through employee contributions, matching contributions from Participating Companies, and investments among certain investment funds, one of which provides an investment interest in Spectra Energy common stock. The Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

Generally, employees of Participating Companies are eligible to enter and participate in the Plan if they (1) have attained the age of 18, and (2) are paid on a Participating Company’s U.S. payroll system.

Contributions

Participants may authorize payroll deductions from eligible earnings in the form of before-tax deferrals and/or after-tax deferrals. Participants may elect to contribute (subject to certain limitations) up to 75% of eligible earnings per pay period without regard to years of service. Various provisions of the Internal Revenue Code (IRC) may limit the deferrals of some highly compensated employees. The Plan is required to return contributions received during the Plan year in excess of IRC limits. All deferrals are exempt, up to the allowed maximum, from federal and state income tax withholding in the year they are deferred, but are subject to payroll taxes. Participant deferrals are intended to satisfy the requirements of Section 401(k) of the IRC. Participating Companies contribute matching contributions for Plan participants in an amount equal to 100% of a participant’s before-tax/catch-up contributions, up to 6% of a participant’s eligible pay per pay period, subject to certain additional Plan and IRC limitations. Participant after-tax contributions and matching contributions are intended to satisfy the requirements of Section 401(m) of the IRC.

Employees who are eligible to make before-tax deferrals under the Plan and who have attained age 50 before the close of the Plan year shall be eligible to make catch-up contributions, in accordance with and subject to certain limitations.

Rollover Contributions to the Plan

Rollover contributions represent amounts recorded when participants elect to contribute amounts to their Plan accounts from other eligible, tax-qualified retirement plans or qualified individual retirement accounts.

Participant Accounts

Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, employer contributions, and Plan earnings, and charged with benefit payments and allocations of Plan losses.

 

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Allocations are based on participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. The selection from available investment funds is the sole responsibility of each participant. Participants may invest their Plan accounts in any or all of the investment funds offered in the Plan.

Vesting and Payment of Benefits

Participants are immediately 100% vested in their Plan accounts. Participants may elect to receive certain distributions from their Plan accounts during continuation of employment. The Plan provides for several different types of in-service withdrawals, including hardship and age 59 1/2 withdrawals. A hardship distribution must comply with Section 401(k) of the IRC.

Upon termination of employment for any reason, participants (or if deceased, their beneficiaries) may request the distribution of the balance of their Plan accounts. Distributions are made as soon as practicable after the occasion for the distribution, except that participants may elect that a distribution be delayed until no later than April 1 of the calendar year following the calendar year in which they attain age 70 1/2, unless a participant’s account balance is $1 thousand or less (in which case, the participant will automatically receive a complete distribution of the account balance as soon as feasible following such termination). A beneficiary of a deceased participant may elect that a distribution be delayed for up to one year following the date of death.

Notes Receivable from Participants

Participants may borrow, with some limitations, from their accounts a minimum of $1 thousand up to a maximum equal to the lesser of (1) $50 thousand minus the highest outstanding loan balance during the 12-month period prior to the new loan, or (2) 50% of their account balances. The terms of the notes that represent these loans range up to 58 months or up to 15 years for the purchase of a primary residence. The note is secured by the balance in the participant’s Plan account and the interest rate will be a reasonable fixed rate that is determined in accordance with the procedures established by the Spectra Energy Benefits Committee, which considers all relevant factors, including current rates of interest charged by commercial banks for similar notes. Principal and interest is paid ratably through payroll deductions. Note receipts will be reinvested based on the participant’s investment election for employee contributions at the time of repayment.

These loans shall be available to each eligible employee who is actively employed by a Participating Company, and whose account balance totals at least $2 thousand; provided, however, that if the eligible employee had a prior loan under the Plan that has been paid in full, the final payment on such loan was made at least seven days prior to the effective date of the new loan.

 

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires the Plan’s management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

 

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Risks and Uncertainties

The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the financial statements.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded to participant accounts on the dividend payment date.

Management fees and operating expenses charged to the Plan for investments in the common trust funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

Administrative Expenses

Administrative expenses of the Plan are paid by the Plan or the Company as provided in the Plan document.

Former employees who have account balances remaining under the Plan (and alternate payees under any qualified domestic relations order) are charged with a portion of the Plan’s record keeping expenses; the amount that will be charged is $25.75 per quarter. Active employees and participants who terminated due to disability will not be charged with such expenses. Administrative expenses other than these record keeping expenses will continue to be paid by the Company.

Notes Receivable from Participants

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded as of December 31, 2012 or 2011. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

 

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3. Investments

The Plan’s investments that represented 5% or more of the Plan’s net assets available for benefits at either December 31, 2012 or 2011 are as follows:

 

     December 31,  
     2012      2011  
     (in thousands)  
            Shares/units             Shares/units  

Spectra Energy Common Stock*

   $ 252,088         9,207       $ 265,944         8,649   

PIMCO Total Return Fund

     47,463         4,223         38,857         3,575   

Vanguard Prime Money Market Fund

     68,055         68,055         88,556         88,556   

BlackRock Equity Index Fund

     33,443         608         27,785         588   

 

  * Party-in-interest (see Note 5).

The Plan’s investments, including gains and losses on investments bought and sold, as well as held during the year, appreciated (depreciated) in value as follows:

 

     December 31, 2012  
  
     (in thousands)  

Common stock funds:

  

Spectra Energy Common Stock Fund*

   $ (30,232

Common collective trust funds:

  

Equity funds

     16,119   

Registered investment funds

     3,983   

Target date funds

     4,820   
  

 

 

 

Total net depreciation in fair value of investments

   $ (5,310
  

 

 

 

 

  * Party-in-interest (see Note 5).

 

4. Related Party Transactions

Participants typically receive distributions in cash; however, they may elect to receive the amount that is invested in the Spectra Energy Common Stock Fund as of the date of distribution in whole shares of Spectra Energy common stock and cash for any fractional shares. In-kind distributions qualify as related party transactions. For the year ended December 31, 2012, in-kind distributions were $1,758 thousand for the Spectra Energy Common Stock Fund.

 

5. Exempt Party-in-Interest Transactions

Fidelity Management Trust Company (Fidelity) is the trustee as defined by the Plan and, therefore, transactions with Fidelity and the funds they manage qualify as party-in-interest transactions. Investment management fees and operating fees paid by the Plan were included as a reduction of the return earned on each fund. Administrative fees paid by the Plan were $76 thousand for the year ended December 31, 2012.

 

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Included in the Plan’s investments are shares of common stock of Spectra Energy, the Plan’s sponsor. Transactions in shares of Spectra Energy common stock qualify as party-in-interest transactions. At December 31, 2012 and 2011, the Plan held 9,207 thousand and 8,649 thousand shares, respectively, which equates to 17,759 thousand and 16,761 thousand equivalent units, respectively, under the Plan’s unitized recordkeeping approach, of Spectra Energy common stock with a cost basis of $2,145 thousand and $1,895 thousand, respectively. During the year ended December 31, 2012, the Plan recorded related dividend income of $7,487 thousand.

 

6. Plan Termination

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants’ accounts will be distributed as permitted by law.

 

7. Federal Income Tax Status

The Plan has applied for but has not received a determination letter from the Internal Revenue Service (IRS). The Plan’s management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income tax has been included in the Plan’s financial statements.

The Plan administrator determined that during the 2012 Plan year certain employee deferrals aggregating approximately $3 thousand had not been remitted to the trustee in a timely manner, in compliance with Department of Labor (DOL) regulations. Following this discovery, these remittances were made in 2012, but they fell outside the normal processing time that is permitted. The cause of the delinquent contributions was investigated and corrective measures were taken to prevent similar delinquencies in the future. The Company is calculating lost earnings on the late employee deferrals in accordance with the DOL’s Voluntary Fiduciary Correction Program (VFCP) and will deposit the funds for the earnings amounts to the trustee and allocate them to impacted participant accounts. Also, an application for correction under the DOL’s VFCP will be filed by the Company.

US GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2008.

 

8. Fair Value Measurements

Assets are fair valued by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date.

The three levels of the fair value hierarchy are described as follows:

Level 1

Inputs to the valuation methodology are quoted unadjusted prices for identical assets in active markets.

 

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Level 2

Inputs to the valuation methodology include quoted prices for similar assets in active markets, and inputs that are observable for the asset, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3

The Plan had no Level 3 assets at December 31, 2012 or 2011.

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The money market fund is valued at the net asset value (NAV) of the shares and the underlying instruments in the fund are valued at amortized cost, which approximate fair value. Shares of registered investment funds are valued at quoted market prices, which represent the net assets value of shares held by the Plan at year end. Spectra Energy Common Stock is stated at estimated fair value, which has been determined, based on the fair value of the underlying investments within the funds; this common stock fund is a unitized fund specific to the Plan. Investments in common collective investment trust funds and separately managed funds are stated at fair values, which have been determined based on the unit values of the funds. Unit values are determined by the organization sponsoring such funds by dividing the fund’s net assets at fair value by its units outstanding at each valuation date.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Spectra Energy Common Stock fund is classified as Level 2 because unitized stock funds are comprised of common stock and a short-term cash component. The value of a unit reflects the combined market value of the underlying stock and market value of the short-term cash position. The market value of the common stock portion of the fund is based on the closing market price of the common stock on the New York Stock Exchange times the number of shares held in the fund.

The tables below include the major categories for debt and equity securities on the basis of the nature and risk of the investments:

 

     December 31, 2012  
     Level 1      Level 2      Total  
     (in thousands)  

Investment

        

Money market fund

   $ 68,055       $ —         $ 68,055   

Registered investment funds

     69,249         —           69,249   

Common stock fund

     —           256,484         256,484   

Common collective trust funds:

        

Equity funds

     —           106,548         106,548   

Fixed income funds

     —           3,500         3,500   

Target date funds

     —           50,394         50,394   
  

 

 

    

 

 

    

 

 

 

Total

   $ 137,304       $ 416,926       $ 554,230   
  

 

 

    

 

 

    

 

 

 

 

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     December 31, 2011  
     Level 1      Level 2      Total  
     (in thousands)  

Investment

        

Money market fund

   $ 88,556       $ —         $ 88,556   

Registered investment funds

     57,498         —           57,498   

Common stock fund

     —           271,081         271,081   

Common collective trust funds:

        

Equity funds

     —           90,685         90,685   

Fixed income funds

     —           1,984         1,984   

Target date funds

     —           36,803         36,803   
  

 

 

    

 

 

    

 

 

 

Total

   $ 146,054       $ 400,553       $ 546,607   
  

 

 

    

 

 

    

 

 

 

 

9. NAV Per Share

The Plan’s investments for which fair values are estimated using NAV per share are summarized in the following tables:

 

Investment

   Fair Value      Unfunded
Commitment
   Redemption
Frequency
   Other
Redemption
Restrictions
   Redemption
Notice
Period
     (in thousands)                      

December 31, 2012

              

BlackRock Equity Index Fund (a)

   $ 33,443       None    Immediate    None    None

U.S. Small/Mid Cap Equity Fund (b)

     22,860       None    Immediate    None    None

Spectra Energy Common Stock Fund (c)

     256,484       None    Immediate    Immediate    None

December 31, 2011

              

BlackRock Equity Index Fund (a)

     27,785       None    Immediate    None    None

U.S. Small/Mid Cap Equity Fund (b)

     18,992       None    Immediate    None    None

Spectra Energy Common Stock Fund (c)

     271,081       None    Immediate    Immediate    None

 

  (a) The objective of the BlackRock Equity Index Fund is to provide long-term capital growth and income by attempting to provide investment results that track the performance of the Standard & Poor’s 500 Index.
  (b) The objective of the U.S. Small/Mid Cap Equity Fund is to generate consistent, long-term investment performance superior to the Russell 2500 Index.
  (c) The objective of the Spectra Energy Common Stock Fund is to invest in Spectra Energy as an indirect owner of its common stock.

 

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SPECTRA ENERGY

RETIREMENT SAVINGS PLAN

Form 5500, Schedule H, Part IV, Line 4a-Schedule of Delinquent Participant Contributions

For the Year Ended December 31, 2012

EIN: 20-5413139 PN: 002

 

Participant

Contributions

Transferred late to Plan

 

Total that Constitute Nonexempt Prohibited Transactions

 

Total Fully

Corrected Under

VFCP and PTE

2002-51

Check here if late

participant loan

payments are included:

¨

 

Contributions not

corrected

 

Contributions

Corrected Outside

VFCP

 

Contributions

Pending Correction

VFCP

 
(in thousands)

$3

  $—     $—     $3   $—  

 

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SPECTRA ENERGY

RETIREMENT SAVINGS PLAN

Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year)

EIN: 20-5413139 PN: 002

 

    

(b) Identity of Issue, Borrower,

Lessor or Similar Party

  

(c) Description of Investment

including Maturity Date, Rate

of Interest, Collateral, Par or

Maturity Value

   December 31, 2012  

(a)

         (d) Cost      (e) Current
Value
 
               (in thousands)  
   Interest bearing cash    Interest bearing cash    $ *       $ 4,396   
   Vanguard Prime Money Market Fund    Money market fund      *         68,055   
   Registered Investment Funds:         
  

Templeton Foreign Equity Fund

   Registered investment fund      *         18,833   
  

PIMCO Total Return Fund

   Registered investment fund      *         47,463   
  

American Beacon Small Cap Value Equity Fund

   Registered investment fund      *         2,953   
           

 

 

 
  

Total registered investment funds

           69,249   
           

 

 

 
   Common Collective Trust Funds:         
  

BlackRock Equity Index Fund

   Common collective trust fund      *         33,442   
  

Robeco Large Cap Value Fund

   Common collective trust fund      *         24,723   
  

Rainier U.S. Large Cap Growth Equity Fund

   Common collective trust fund      *         22,380   
  

U.S. Small/Mid Cap Equity Fund

   Common collective trust fund      *         22,860   
  

TCW U.S. Small Cap Growth Equity Fund

   Common collective trust fund      *         3,143   
  

BlackRock US Debt Fund

   Common collective trust fund      *         3,500   
  

BlackRock LifePath Retirement Fund

   Common collective trust fund      *         3,351   
  

BlackRock LifePath 2015 Fund

   Common collective trust fund      *         7,974   
  

BlackRock LifePath 2020 Fund

   Common collective trust fund      *         12,378   
  

BlackRock LifePath 2025 Fund

   Common collective trust fund      *         9,982   
  

BlackRock LifePath 2030 Fund

   Common collective trust fund      *         6,513   
  

BlackRock LifePath 2035 Fund

   Common collective trust fund      *         3,226   
  

BlackRock LifePath 2040 Fund

   Common collective trust fund      *         2,313   
  

BlackRock LifePath 2045 Fund

   Common collective trust fund      *         2,757   
  

BlackRock LifePath 2050 Fund

   Common collective trust fund      *         1,900   
           

 

 

 
  

Total common and collective trust funds

           160,442   
           

 

 

 
   Common and Company Stock         

**

  

Spectra Energy Common Stock Fund

   Common stock fund      *         252,088   
           

 

 

 
  

Total Investments

           554,230   
           

 

 

 
  

Spectra Energy Loan Fund – Participant Loans

  

Interest rates ranging

from 4.25% to 10.50%

maturing through 2027

        9,079   
           

 

 

 
            $ 563,309   
           

 

 

 

 

* Cost information is not required for participant-directed investments and therefore is not provided.
** Party-in-interest (see Note 5).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Spectra Energy Corp Benefits Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    Spectra Energy Retirement Saving Plan
Date: June 14, 2013      
    By:  

/s/ Charlotte Wayland

      Charlotte Wayland
      VP Executive and U.S. Benefits

 

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EXHIBIT INDEX

 

Exhibit

No.

  

Exhibit Description

23.1    Consent of Independent Registered Public Accounting Firm.

 

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