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Enbridge to Undertake Additional $0.4 Billion Canadian Mainline Expansion
By: Marketwired .
Jan. 4, 2013 08:00 AM
CALGARY, ALBERTA -- (Marketwire) -- 01/04/13 -- Enbridge Inc. (NYSE:ENB) (TSX:ENB) today announced further expansion of the Canadian mainline system between Hardisty, Alberta, and the U.S. border. The expansion will add an additional 230,000 barrels per day of capacity at an estimated cost of approximately $0.4 billion and involves increased pumping horsepower, with no line pipe construction. The expansion will require regulatory approvals.
The Canadian mainline is held by Enbridge Pipelines Inc. (EPI), a wholly owned subsidiary of Enbridge Inc. The expansion has been approved by mainline shippers under the terms of EPI's Competitive Tolling Settlement, and is expected to be in service in 2015.
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTSE4Good Index Series. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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