Content
Growth Projects
The thrust of the Company’s current strategy is growth through development and construction of new infrastructure. The Company is advancing the development of a number of organic growth projects, some of which are summarized below, which support annual organic earnings per share growth rates averaging 10% over the next four years. These projects are at various stages of development. While different milestones are relevant to each, for simplicity management has classified projects into two categories — Commercially Secured and Under Development. Commercially Secured projects, including those being undertaken by EEP, are all expected to be completed within the next four years through 2011. Projects Under Development are those which the Company believes it has a reasonable probability of competitively winning and could exceed the value of the projects already commercially secured. This "second wave" would contribute to continued acceleration of earnings growth post-2011. While Enbridge will continue to pursue acquisitions that are accretive to earnings on an opportunistic basis, growth project execution remains the Company’s primary focus.
|
(in billions of Canadian dollars) Commercially Secured Projects1 |
Estimated Capital Cost2 |
Expenditures to Date |
Expected In-Service Date |
Status |
|
|---|---|---|---|---|---|
Liquids Pipelines |
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1. |
Waupisoo Pipeline |
$0.6 billion |
$0.4 billion |
Mid-2008 |
Construction approximately 67% complete |
2. |
Fort Hills Pipeline System |
$2.0 billion |
No significant expenditures to date |
Mid-2011 |
Customer contract secured |
3. |
Southern Access Mainline Expansion – Canadian portion |
$0.3 billion |
$0.1 billion |
2006 – 2009 (in stages) |
Under construction |
4. |
Alberta Clipper – Canadian portion |
$2.0 billion3 |
No significant expenditures to date |
Mid-2010 |
Awaiting regulatory approval |
5. |
Line 4 Extension |
$0.3 billion |
No significant expenditures to date |
Q1 2009 |
Awaiting regulatory approval |
6. |
Southern Lights Pipeline |
$2.2 billion |
$0.4 billion |
Late 2010 |
Under construction (U.S.) |
7. |
Southern Access Extension |
$0.5 billion |
No significant expenditures to date |
Early 2009 |
Awaiting regulatory approval |
8. |
Spearhead Pipeline Expansion |
$0.1 billion |
No significant expenditures to date |
2009 |
Awaiting regulatory approval |
9. |
Hardisty Terminal |
$0.4 billion |
$0.1 billion |
2008 – 2009 |
Under construction |
10. |
Stonefell Terminal |
$0.1 billion |
$0.1 billion |
2009 |
Under construction |
Sponsored Investments (EEP) |
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11. |
Project Clarity – East Texas |
$0.6 billion |
$0.6 billion |
2007 – 2008 (in stages) |
Substantially complete |
12. |
North Dakota System Expansion |
$0.2 billion |
No significant expenditures to date |
Early 2010 |
Awaiting regulatory approval |
13. |
Southern Access Mainline Expansion – U.S. portion |
$2.1 billion |
$1.1 billion |
2008 – 2009 (in stages) |
Under construction |
14. |
Alberta Clipper – U.S. portion |
$1.0 billion3 |
No significant expenditures to date |
Mid-2010 |
Awaiting regulatory approval |
Total |
$12.4 billion |
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Gas Distribution and Services |
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15. |
Ontario Wind Project |
$0.5 billion |
$0.3 billion |
Late 2008 |
Under construction |
Projects Under Development1 |
Potential In-Service Date |
Status |
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|---|---|---|---|---|---|---|
Liquids Pipelines |
|
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16. |
Various Mainline Expansions |
2012 – 2015 |
In planning stage |
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17. |
Texas Access Pipeline |
2011 |
Obtaining shipper commitments |
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18. |
Eastern PADD II/Eastern Canada Initiatives |
2010 – 2015 |
In commercial discussions |
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19. |
Gateway Condensate Import |
2012 – 2014 |
In commercial discussions |
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20. |
Gateway Petroleum Export |
2012 – 2014 |
In commercial discussions |
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21. |
Various Oil Sands Regional Facilities |
2011 – 2015 |
In planning stage |
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Sponsored Investments (EEP) |
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22. |
Various Liquids Pipelines Mainline Expansions |
2010 – 2015 |
In planning stage |
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Gas Distribution and Services |
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23. |
Rabaska LNG Facility |
2011 – 2012 |
In commercial discussions |
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1 Descriptions of each project are included in the strategy section for each business segment.
2 These amounts are estimates only and subject to upward or downward adjustment based on various factors.
3 2007 dollars, excluding allowance for funds used during construction (AFUDC).
Risks related to the development and completion of organic growth projects are described under Risk Management.