CALGARY, June 28, 2018 /CNW/ - Enbridge Inc. (TSX: ENB)
(NYSE: ENB), Enbridge Energy Partners, L.P. (NYSE:EEP) and Enbridge
Income Fund Holdings Inc. (TSX: ENF) (collectively referred to as
Enbridge) announced today that the Line 3 Replacement Project has
been approved by the Minnesota Public Utilities Commission (PUC).
The PUC granted Enbridge a Certificate of Need for the project and
approved Enbridge's preferred route with minor modifications and
certain conditions.
Commenting on the PUC decision, Al Monaco, President &
CEO, Enbridge Inc. said: "We are very pleased that the PUC has
determined the Line 3 Replacement Project is needed for
Minnesota. Replacing Line 3 is
first and foremost about the safety and integrity of this critical
energy infrastructure. This project will also help ensure
Minnesota and area refineries
reliably receive the crude oil supply they need for the benefit of
all Minnesotans and the surrounding region.
"The PUC's decision to approve our preferred route with
modifications is a good outcome for Minnesota and the result of listening
carefully to stakeholders and an effective consultation process. We
believe our route best protects the environment and has
overwhelming support of communities.
"We want to thank the thousands of Minnesotans, including
unions, farmers, small business owners, civic leaders and all
others for their hard work in support of this critical project. We
would also like to thank the PUC for their very thorough and well
considered decision as well as all the state agencies and others
involved in this process."
Financial Implications
Based on the decisions, the cost estimate of the Line 3
Replacement project remains materially unchanged at $5.3 billion in Canada and US$2.9
billion in the United
States with approximately $3.6
billion of capital spent to date on the overall project.
Enbridge continues to anticipate an in-service date in the second
half of 2019. The project supports the Company's low-risk business
profile and long term cash flow stability, and is commercially
underpinned by a 15-year surcharge to be applied on all barrels
shipped on Enbridge's Mainline system.
Given the PUC's decision, there are no material revisions to the
financial outlooks for Enbridge Inc., Enbridge Energy Partners,
L.P. and Enbridge Income Fund Holdings Inc.
FORWARD-LOOKING INFORMATION
Forward-looking information, or forward-looking statements,
has been included in this news release to provide information about
Enbridge Inc., Enbridge Energy Partners, L.P. (EEP) and Enbridge
Income Fund Holdings Inc. (ENF) and their respective subsidiaries
and affiliates, including management's assessment of their future
plans and operations. This information may not be appropriate for
other purposes. Forward-looking statements are typically identified
by words such as ''anticipate", "believe", "estimate", "expect",
"forecast", "intend", "likely", "plan", "project", "target" and
similar words suggesting future outcomes or statements regarding an
outlook. Forward-looking information or statements included or
incorporated by reference in this news release include, but are not
limited to, statements with respect to the Line 3 Replacement
Project, including future scope, costs and timelines, the expected
impact thereof, and expected in service date; and financial
outlooks.
Although we believe 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. Material assumptions
include assumptions about the following: the expected supply of and
demand for crude oil, natural gas, natural gas liquids (NGL) and
renewable energy; prices of crude oil, natural gas, NGL and
renewable energy; exchange rates; inflation; interest rates;
availability and price of labor and construction materials;
operational reliability; customer and regulatory approvals;
maintenance of support and regulatory approvals for our projects;
anticipated in-service dates; weather; and governmental
legislation. 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 our services. Similarly, exchange rates,
inflation and interest rates impact the economies and business
environments in which we operate and may impact levels of demand
for our 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. The most relevant assumptions associated with
forward-looking statements on announced projects and projects under
construction, including the Line 3 Replacement Project, including
estimated completion dates and expected capital expenditures,
include the following: the availability and price of labor and
construction materials; the effects of inflation and foreign
exchange rates on labor and material costs; the effects of interest
rates on borrowing costs; the impact of weather and customer,
government and regulatory approvals on construction and in-service
schedules and cost recovery regimes.
Our forward-looking statements are subject to risks and
uncertainties pertaining to the impact of the Line 3 Replacement
Project, operating performance, regulatory parameters, project
approval and support, weather, economic and competitive conditions,
public opinion, changes in tax laws and tax rates, changes in trade
agreements, exchange rates, interest rates, commodity prices,
political decisions and supply of and demand for
commodities, including but not limited to those risks and
uncertainties discussed in our filings with Canadian and
United States securities
regulators (including the most recently filed Form 10-K and any
subsequently filed Form 10-Q, as applicable). 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 our 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 Inc., EEP and ENF assume 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 us or persons acting on our
behalf, are expressly qualified in their entirety by these
cautionary statements.
ABOUT ENBRIDGE INC.
Enbridge Inc. is North
America's premier energy infrastructure company with
strategic business platforms that include an extensive network of
crude oil, liquids and natural gas pipelines, regulated natural gas
distribution utilities and renewable power generation. The Company
safely delivers an average of 2.8 million barrels of crude oil each
day through its Mainline and Express Pipeline; accounts for
approximately 65% of U.S.-bound Canadian crude oil exports; and
moves approximately 20% of all natural gas consumed in the U.S.,
serving key supply basins and demand markets. The Company's
regulated utilities serve approximately 3.7 million retail
customers in Ontario, Quebec and New
Brunswick. Enbridge also has interests in more than 2,500 MW
of net renewable generating capacity in North America and Europe. The Company has ranked on the Global
100 Most Sustainable Corporations index for the past eight years;
its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's
quality of life. For more information, visit
www.enbridge.com.
None of the information contained in, or connected to,
Enbridge's website is incorporated in or otherwise part of this
news release.
ABOUT ENBRIDGE ENERGY PARTNERS, L.P.
Enbridge Energy Partners, L.P. owns and operates a
diversified portfolio of crude oil transportation systems in
the United States. Its principal
crude oil system is the largest pipeline transporter of growing oil
production from western Canada and
the North Dakota Bakken formation. The system's deliveries to
refining centers and connected carriers in the United States account for approximately
25 percent of total U.S. oil imports. Enbridge Energy
Partners, L.P. is traded on the New York Stock Exchange under the
symbol EEP; information about the Partnership is available on its
website at www.enbridgepartners.com.
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc., through its investment in
the Fund, indirectly holds high quality, low-risk energy
infrastructure assets. The Fund's assets consist of a portfolio of
Canadian liquids transportation and storage businesses, including
the Canadian Mainline, the Regional Oil Sands System, the Canadian
segment of the Southern Lights Pipeline, Class A units entitling
the holder to receive defined cash flows from the United States segment of the Southern
Lights Pipeline, a 50 percent interest in the Alliance Pipeline,
which transports natural gas from Canada to the United
States, and interests in more than 1,400 megawatts of
renewable and alternative power generation assets. Enbridge Income
Fund Holdings Inc. is a publicly traded corporation on the
Toronto stock exchange under the
symbol ENF; information about the Company is available on the
Company's website at
www.enbridgeincomefund.com.
FOR FURTHER
INFORMATION
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SOURCE Enbridge Inc.