Enable Midstream Announces FERC Approval of MRT Rate Case Settlements
March 26 2020 - 8:32PM
Business Wire
Enable Midstream Partners, LP (NYSE: ENBL) announced today that
Enable Mississippi River Transmission, LLC (MRT) received approval
from the Federal Energy Regulatory Commission (FERC) of its
uncontested rate case settlements with customers. The settlements
establish rates for services on the MRT system that provide a
return on MRT’s historical investments, recovery of the pipeline’s
ongoing operating costs and rate certainty for customers.
Effective Aug. 1, 2019, MRT’s maximum firm transportation rates
for service across both of MRT’s pipeline zones have increased by
approximately 60% and storage deliverability and capacity rates
have increased by approximately 30% compared to the rates in effect
before Jan. 1, 2019. Excluding the one-time benefit that Enable
expects to recognize in 2020 for 2019 billings, Enable expects 2020
MRT service revenues of approximately $87 million, an increase of
approximately $7 million compared to 2018 levels, the last year
unaffected by these rate cases and recent capacity turnback. The
settlements also include contract extensions for most firm
transportation and storage customers through July 31, 2024.
“We are pleased with the approved settlements and believe they
represent a fair return on MRT’s historical investments,” said Rod
Sailor, president and CEO. “I want to thank everyone involved in
the rate case process, including our customers, our employees, FERC
staff and the FERC Commissioners. MRT has been in service to
customers for over 90 years, and today’s settlement approvals
demonstrate the pipeline’s strategic value to its service area and
position it to continue providing that service well into the
future.”
ABOUT ENABLE MIDSTREAM
PARTNERS
Enable owns, operates and develops strategically located natural
gas and crude oil infrastructure assets. Enable’s assets include
approximately 14,000 miles of natural gas, crude oil, condensate
and produced water gathering pipelines, approximately 2.6 Bcf/d of
natural gas processing capacity, approximately 7,800 miles of
interstate pipelines (including Southeast Supply Header, LLC of
which Enable owns 50%), approximately 2,300 miles of intrastate
pipelines and eight natural gas storage facilities comprising 84.5
billion cubic feet of storage capacity. For more information, visit
www.enablemidstream.com.
FORWARD-LOOKING
STATEMENTS
Some of the information in this press release may contain
forward-looking statements. Forward-looking statements give our
current expectations, contain projections of results of operations
or of financial condition, or forecasts of future events. Words
such as “could,” “will,” “should,” “may,” “assume,” “forecast,”
“position,” “predict,” “strategy,” “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe,” “project,” “budget,”
“potential,” or “continue,” and similar expressions are used to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release include our expectations of plans,
strategies, objectives and anticipated financial and operational
performance. Forward-looking statements can be affected by
assumptions used or by known or unknown risks or uncertainties,
including risks resulting from the ongoing spread and economic
effects of the novel coronavirus (COVID-19) and the recent actions
of Saudi Arabia and Russia which have resulted in a substantial
decrease in oil and natural gas prices. Consequently, no
forward-looking statements can be guaranteed.
A forward-looking statement may include a statement of the
assumptions or bases underlying the forward-looking statement. We
believe that we have chosen these assumptions or bases in good
faith and that they are reasonable. However, when considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in this press release and
in our Annual Report on Form 10-K for the year ended Dec. 31, 2019
(“Annual Report”). Those risk factors and other factors noted
throughout this press release and in our Annual Report could cause
our actual results to differ materially from those disclosed in any
forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on
which such statement is made and we undertake no obligation to
correct or update any forward-looking statement, whether as a
result of new information or otherwise, except as required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200326005804/en/
Media Leigh Ann Williams (405) 553-6947
Investor Matt Beasley (405) 558-4600
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