Enbridge Joins Suncor Energy and EHN in Magrath Wind Power Project
April 29, 2004
CALGARY, ALBERTA--(CCNMatthews - Apr 29, 2004) - Enbridge Inc.
has joined Suncor Energy Products Inc. (a subsidiary of Suncor
Energy Inc.) and EHN Wind Power Canada Inc. as an equal partner
in the estimated Cdn$48 million Magrath Wind Power Project in
southern Alberta. The project is Enbridge's second wind power
investment, the first being the SunBridge project in southwestern
Saskatchewan that is a 50/50 partnership with Suncor.
The Magrath project, currently under construction, will consist
of 20 1.5-megawatt (MW) wind turbines scheduled to come on line
by late 2004 with a total capacity of 30 megawatts of electrical
power.
Enbridge will pay one-third of the costs for a one-third interest
in the project. Enbridge will also contract to purchase one-third
of the power output of the project for its Enbridge Pipelines
system. This will represent approximately 13% of Enbridge
Pipelines' total power requirement in Alberta.
Participation in the Magrath project is consistent with
Enbridge's strategy of pursuing renewable energy to expand the
company's product line, and further positions the company to
become a significant player as the wind energy industry develops.
It is also consistent with Enbridge's commitment to sound
environmental stewardship.
Enbridge Inc. is a leader in energy transportation and
distribution in North America and internationally. As a
transporter of energy, Enbridge operates, in Canada and the U.S.,
the world's longest crude oil and liquids pipeline system. The
Company also has international operations and a growing
involvement in the natural gas transmission and midstream
businesses. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, which
provides distribution services in the provinces of Ontario and
Quebec and in New York State; and is developing a gas
distribution system for the Province of New Brunswick. The
Company employs approximately 4,000 people, primarily in Canada,
the U.S. and South America. Enbridge common shares trade on the
Toronto Stock Exchange in Canada and on the New York Stock
Exchange in the U.S. under the symbol ENB. Information about
Enbridge is available on the Company's website at
Suncor Energy Inc. is an integrated energy company headquartered
in Calgary, Alberta. Suncor's oil sands business, located near
Fort McMurray, Alberta, extracts and upgrades oil sands and
markets refinery feedstock and diesel fuel while operations
throughout Western Canada produce natural gas. Suncor operates a
refining and marketing business in Ontario with retail
distribution under the Sunoco brand. The company's U.S.A.
downstream assets include pipeline and refining operations in
Colorado and Wyoming and retail sales in the Denver area under
the Phillips 66 brand. As Suncor meets today's energy needs, the
company invests in renewable energy for the future. Suncor's
common shares (symbol: SU) are listed on the Toronto and New York
stock exchanges.
Sunoco in Canada is separate and unrelated to Sunoco in the
United States, which is owned by Sunoco, Inc. of Philadelphia.
Corporacion Energia Hidroelectrica de Navarra, S.A. (EHN) of
Spain is a group dedicated to the development, construction,
operation and ownership of renewable energy projects. The group
has installed (or has under construction) 2,049 MW in renewables,
of which almost 1,000 MW belong to the group. In the field of
wind energy, it has built 59 wind farms, either its own or for
other companies (almost all of them managed by the company), and
has a further six under construction, representing total
installed capacity of 1,963 MW. It has 20 small hydro power
plants, a 25 MW biomass plant based on straw combustion and the
largest photovoltaic solar energy plant in Spain in terms of
capacity (1.2 MW). It is also building a biodiesel plant and has
its own wind turbine production facility. The shareholder
structure of EHN is divided between ACCIONA (50%), SODENA
(39.58%) and Corporacion Caja Navarra (10.42%). EHN Wind Power
Canada Inc. is a wholly owned subsidiary of EHN.
When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar
expressions are intended to identify forward-looking statements,
which include statements relating to pending and proposed
projects. Such statements are subject to risks, uncertainties and
assumptions pertaining to operating performance, regulatory
parameters, weather and economic conditions and, in the case of
pending and proposed projects, risks relating to design and
construction, regulatory processes, obtaining financing and
performance of other parties, including partners, contractors and
suppliers.
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