Going 'above and beyond' to connect supply, demand

Enbridge taking an inclusive approach, Al Monaco tells AGM audience

North America needs to overcome the challenges of connecting supply with demand if it wants to step up and meet the world’s growing energy needs.

And Enbridge is going “above and beyond” in meeting those challenges head-on, Enbridge Inc. president and CEO Al Monaco told the company’s 2015 annual and special meeting of shareholders on Wednesday.

“North America has a tremendous opportunity to lead in the safe, reliable and responsible delivery of the energy our world needs. North America’s ability to increase energy supply has never been stronger,” Mr. Monaco told his audience at the Four Seasons Hotel in Toronto.

“But to capitalize on that opportunity, we need infrastructure to connect our resources to key markets,” he added. “Enbridge is stepping up – going above and beyond what’s expected of us – in meeting those challenges.”

Massive unconventional energy reserves, the skills and technology to unlock those reserves, capital markets and funding to develop them, and the most robust regulatory process in the world add up to “a powerful global energy competitive advantage, in my view,” said Mr. Monaco.

Still, a challenging permitting and regulatory environment across North America, spurred by public concerns over energy infrastructure, is delaying access to needed markets.

Mr. Monaco said Enbridge is leading the industry by adopting a more open and inclusive approach, led by:

• Engaging communities and landowners earlier and more often, listening to what our neighbors are saying, and using that input to make our projects better;
• Establishing more relationships and partnerships with Aboriginal communities, and supporting training and employment programs to enable Aboriginals to work on our projects;
• Establishing sustainability and climate-change initiatives across our enterprise; and
• Escalating our standards of safety and transparency through actions that are shaped by community input, and exceed regulatory requirements.

“We benefit from an inclusive process. It’s in all of our interests to have rigorous, expert regulatory review and oversight,” said Mr. Monaco. “We are making some progress. In fact, Enbridge is at the heart of the transformation.”

Enbridge delivers 53 per cent of U.S.-bound Canadian crude oil production, a figure that accounts for 15 per cent of total U.S. imports. Meanwhile, global energy demand is expected to continue growing as a result of urbanization and increasing standards of living.

“We’re proud of the work we do at Enbridge,” said Mr. Monaco. “The energy we deliver heats homes, fuels cars and planes. It powers industry, schools and hospitals. It’s the feedstock for products we use every day – clothing, plastics, computers.

“We’re making a difference in the way people live their lives on this continent.”

The full transcript of Mr. Monaco's address is available at enbridge.com