Enbridge Re-affirms Plan to Proceed with Contracting of the Mainline System and File Regulatory Application by Year End
September 29, 2019
CALGARY, Sept. 29, 2019 /CNW/ - On September 27, the Canada Energy Regulator (CER) ordered that Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) may not offer firm service to prospective shippers on the Mainline until such firm service, including all associated tolls and terms and conditions of service, has been approved by the CER.
Although this decision changes the timing of the open season, Enbridge today re-affirmed its plan to proceed with contracting of its Mainline system in response to its customers' needs through an expected filing of a regulatory application seeking approval of firm service, on terms and conditions approved by the CER.
"Our Mainline contract offering is the result of 18 months of extensive negotiations with our diverse customer base and enjoys strong support from a cross section of shippers on our system," said Guy Jarvis, Executive Vice President, Liquids Pipelines, Enbridge. "The offering includes a number of features and enhancements to accommodate shippers' needs and priorities. Customers representing a significant percentage of capacity on the Mainline support the approach."
"Friday's decision by the CER is a departure from the decades of precedent and commercial practice in our industry. Although the CER decision results in a change to the process of securing commercial support through an open season in advance of the regulatory application, it does not change our plans to respond to the desires of our customers for priority access to Mainline capacity, toll certainty and access to the best markets that contract carriage offers."
Enbridge will file an application with the CER seeking approval of a firm service offering as soon as practical.
Forward-looking information, or forward-looking statements, have been included or incorporated by reference in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' and affiliates' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the proposed contract offering of the Canadian Mainline pipeline system, including the benefits and timing thereof and the process and timetable to file and receive applicable governmental, regulatory and other approvals, including any approvals of the Canada Energy Regulator.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to customer and regulatory approvals and other risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario, Quebec and New Brunswick, and generates approximately 1,600 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com
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SOURCE Enbridge Inc.