Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
EBEL GREGORY L
  2. Issuer Name and Ticker or Trading Symbol
Spectra Energy Corp. [SE]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Group VP & CFO
(Last)
(First)
(Middle)
5400 WESTHEIMER COURT
3. Date of Earliest Transaction (Month/Day/Year)
01/02/2007
(Street)

HOUSTON, TX 77056-5310
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
LTIP Phantom Stock Grant Feb 2004 (1) (2) 01/02/2007   A   1,053     (3)   (4) Common Stock 1,053 $ 0 1,053 D  
Phantom Stock ESP (1) (2) 01/02/2007   A   1     (5)   (4) Common Stock 1 $ 0 1 I By Trustee, Executive's Savings Plan
LTIP Phantom Stock Grant Feb 2005 (1) (2) 01/02/2007   A   1,280     (6)   (4) Common Stock 1,280 $ 0 1,280 D  
LTIP Phantom Stock Grant Apr 2006 (1) (2) 01/02/2007   A   1,775     (7)   (4) Common Stock 1,775 $ 0 1,775 D  
Performance Shares (1) (2) 01/02/2007   A   2,195   02/24/2007(8)   (4) Common Stock 2,195 $ 0 2,195 D  
Performance Shares (1) (2) 01/02/2007   A   2,000   02/28/2008(8)   (4) Common Stock 2,000 $ 0 2,000 D  
Performance Shares (1) (2) 01/02/2007   A   2,665   04/14/2009(8)   (4) Common Stock 2,665 $ 0 2,665 D  
Performance Shares/Chariman's Award (1) (2) 01/02/2007   A   5,000     (9)   (4) Common Stock 5,000 $ 0 5,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
EBEL GREGORY L
5400 WESTHEIMER COURT
HOUSTON, TX 77056-5310
      Group VP & CFO  

Signatures

 Beverly J. Fite as Attorney in Fact for Gregory L. Ebel.   01/04/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On January 2, 2007, Duke Energy Corporation distributed all of the shares of common stock of Spectra Energy Corp to Duke Energy's shareholders. In connection with the distribution, the reporting person was granted long-term incentive awards in partial substitution of long-term incentive awards previously issued by Duke Energy.
(2) Converts to Common Stock on a 1-for-1 basis.
(3) The phantom shares vest in 3 annual installments beginning February 2007.
(4) Expiration date not applicable.
(5) Payable upon termination of employment or occurence of other events as specified in the Spectra Energy Corp Executive Savings Plan, subject to holding periods required by law.
(6) The phantom shares vest in 4 annual installments beginning February 2007.
(7) The phantom shares vest in 5 annual installments beginning April 2007.
(8) May vest earlier upon achievement of specified total shareholder return.
(9) 1/3 vested on 01/01/2007 and the remainder vest on 01/01/2011.

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