Enbridge has an extensive North American network of liquids pipelines systems, and is well positioned with assets that connect areas of growing supply with areas of growing demand. That is particularly true with respect to Canadian oil sands development, where the rapid growth in oil sands projects is projected to add in the order of 1 million barrels per day of new production by 2010, and another 1 million barrels per day by 2015.

Enbridge continues to work with its customers to ensure the right pipeline capacity is in place at the right time for the right markets. At present we have over $8 billion of liquids pipelines projects in progress. These include the Waupisoo, Southern Access Expansion, Southern Access Extension, Alberta Clipper, Southern Lights and Athabasca Expansion projects as well as investments in contract terminalling. Many other projects are currently in development to further expand markets for Canadian producers. These include the Gateway Project which would provide access to new markets in California and Asia-Pacific, as well as our initiatives to provide additional pipeline capacity to the U.S. Gulf Coast.

Successful completion of these projects will produce a classic win-win result. Oil sands producers will have timely and cost-effective access to markets for their growing production, and expanded markets will help maximize netbacks. North American consumers will benefit from having access to new, secure sources of supply that will continue to produce petroleum for many decades to come.