It is a "in sympathy play". However, you need to look at who would possibly buy this and most of the companies are smaller than SE. It would probably fit in pretty good with the Canadian companies. It fits best with ENB that also has over a million distribution customers in Canada.
Only Canadian companies ENB and TRP are really large enough to takeover SE. Dominion is bigger, but they are Electric and gas and the electric company is big. Doubt that Virginia utilities commission would go for something like this.
One thing we know for sure is that the administration in Washington is clueless with their wind & solar BS and everyone else is moving towards natural gas and drilling for oil in shale out west.
Spectra is a great company all by itself. I was buying this all thru 2009 and 2010.
Yes, Spectra and Williams (WMB) are probably the two most likely buyout candidates in this sector now that SUG and EP have been gobbled up. As the poster above indicated, Enbridge and TransCanada would be the most likely suitors.