CALGARY, Sept. 5, 2019 /CNW/ - Enbridge Inc. (TSX: ENB)
(NYSE: ENB) (Enbridge or the Company) provided an update today on
the Canadian Mainline open season regulatory process.
On August 2, 2019, Enbridge
commenced an open season, offering firm capacity on its crude oil
Mainline system, effective upon expiry of the Competitive Toll
Settlement that is in place until July 1,
2021. The open season is the first stage of Enbridge
determining whether there is sufficient commercial interest for its
offering to provide priority access on the Mainline for terms of 8
– 20 years.
The Mainline offering is in direct response to customers' desire
for low cost transportation to important downstream markets and
guaranteed access to the Enbridge Mainline, for the benefit of our
industry and all stakeholders. The offering reflected in the open
season terms is based on significant consultation with the entire
industry over a period of 18 months and reflects numerous
enhancements proposed by potential shippers.
Since embarking on the open season, certain parties, including
shippers and non-shippers, have filed letters and an application to
the Canada Energy Regulator (CER) requesting among other things
that the CER declare that Enbridge may not offer contract carriage
on the Mainline system until the terms, conditions and tolls of the
contract offering are approved by the CER, and if it is not
possible for the CER to issue such a decision by September 18, 2019, that it stay the open season
pending a decision.
The CER established an expedited process and timetable for other
interested parties to submit comments by noon today and for
Enbridge to respond to those submissions by September 11, 2019. The CER process centers
around determining whether the CER has the authority to stay the
open season pending the CER's decision on the submissions and
whether an open season should be held before or after the CER has
decided on any future application that may be filed by Enbridge for
firm service.
Enbridge believes that its open season is entirely appropriate
and consistent with a well-established practice of ensuring
commercial support before seeking regulatory approval, a view that
is shared by a range of customers who have submitted letters to the
CER today. These letters indicate support for contract carriage on
the Mainline, acknowledge Enbridge's willingness to negotiate the
terms and conditions of service in developing the open season
offering, and support the open season proceeding as planned to
ensure that its results can fully inform any application that
Enbridge may file with the CER.
The attached background provides additional information and key
aspects of the offering.
Forward-Looking Information
Forward-looking
information, or forward-looking statements, have been included or
incorporated by reference in this news release to provide
information about Enbridge Inc. ("Enbridge" or the "Company") and
its subsidiaries and affiliates, including management's assessment
of Enbridge and its subsidiaries' and affiliates' future plans and
operations. This information may not be appropriate for other
purposes. Forward-looking statements are typically identified by
words such as ''anticipate'', ''expect'', ''project'',
''estimate'', ''forecast'', ''plan'', ''intend'', ''target'',
''believe'', "likely" and similar words suggesting future outcomes
or statements regarding an outlook. Forward-looking information or
statements included or incorporated by reference in this document
include, but are not limited to, statements with respect to the
open season for transportation services on the Canadian Mainline
pipeline system, including the benefits and timing thereof and the
process and timetable to receive applicable governmental,
regulatory and other approvals, including any approvals of the
Canadian Energy Regulator.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements. Assumptions regarding the
expected supply of and demand for crude oil, natural gas, NGL and
renewable energy, and the prices of these commodities, are material
to and underlie all forward-looking statements, as they may impact
current and future levels of demand for the Company's services.
Similarly, exchange rates, inflation and interest rates impact the
economies and business environments in which the Company operates
and may impact levels of demand for the Company's services and cost
of inputs, and are therefore inherent in all forward-looking
statements. Due to the interdependencies and correlation of these
macroeconomic factors, the impact of any one assumption on a
forward-looking statement cannot be determined with
certainty.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to those risks and
uncertainties discussed in this news release and in the Company's
other filings with Canadian and United
States securities regulators. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Enbridge's future course of action depends on management's
assessment of all information available at the relevant time.
Except to the extent required by applicable law, Enbridge assumes
no obligation to publicly update or revise any forward-looking
statements made in this news release or otherwise, whether as a
result of new information, future events or otherwise. All
subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
About Enbridge Inc.
Enbridge Inc. is a
leading North American energy infrastructure company. We safely and
reliably deliver the energy people need and want to fuel quality of
life. Our core businesses include Liquids Pipelines, which
transports approximately 25 percent of the crude oil produced in
North America; Gas Transmission
and Midstream, which transports approximately 20 percent of the
natural gas consumed in the U.S.; and Utilities and Power
Operations, which serves approximately 3.7 million retail customers
in Ontario, Quebec and New
Brunswick, and generates approximately 1,600 MW of net
renewable power in North America
and Europe. The Company's common
shares trade on the Toronto and
New York stock exchanges under the
symbol ENB. For more information, visit www.enbridge.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Jonathan
Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.