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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1. Name and Address of Reporting Person * ESREY WILLIAM T   2. Issuer Name and Ticker or Trading Symbol Spectra Energy Corp. [SE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (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		450		(3)	(4)	Common Stock	450	$ 0	450	D
Phantom Stock DSP (1)	(2)	01/02/2007		A		12,798		(5)	(4)	Common Stock	12,798	$ 0	12,798	I	By Trustee, Director's Savings Plan
LTIP Phantom Stock Grant May 2004 (1)	(2)	01/02/2007		A		270		(6)	(4)	Common Stock	270	$ 0	270	D
LTIP Phantom Stock Grant May 2005 (1)	(2)	01/02/2007		A		216		(7)	(4)	Common Stock	216	$ 0	216	D
LTIP Phantom Stock Grant Feb 2005 (1)	(2)	01/02/2007		A		728		(8)	(4)	Common Stock	728	$ 0	728	D
LTIP Phantom Stock Grant (1)	(2)	01/02/2007		A		1,300		04/03/2007	(4)	Common Stock	1,300	$ 0	1,300	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ESREY WILLIAM T 5400 WESTHEIMER COURT HOUSTON, TX 77056-5310	X

Signatures

Beverly J. Fite as Attorney In Fact for William T. Esrey.		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 service or occurence of other events as specified in the Directors' Savings Plan, subject to any holding periods required by law.
(6)	The phantom shares vest in three annual installments beginning May 2007.
(7)	The phantom shares vest in four annual installments beginning May 2007.
(8)	The phantom shares vest in 4 annual installments beginning February 2007.

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