|By Marketwired .||
|November 22, 2012 04:15 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/22/12 -- Enbridge Inc. (TSX:ENB)(NYSE:ENB) announced today that its wholly owned subsidiary, Enbridge Pipelines Inc., has reached agreement with shippers on the terms of a $1.8 billion expansion of its mainline system between Edmonton and Hardisty, Alberta. The expansion will include a new 36-inch line, plus additional tankage and terminal facilities at Edmonton and Hardisty. Initial capacity of the new line will be 570,000 barrels per day (bpd) with expansion potential to 800,000 bpd; and a target in service date in mid-2015.
The new line and facilities will be included within Enbridge Pipelines Inc.'s Mainline Competitive Toll Settlement (CTS) agreement with the addition of a $0.25 surcharge on all Edmonton to Hardisty shipments. The agreement also provides for an adjustment to receipt tankage fees if the utilization of the new facilities falls below the planned level. Construction of the facilities will require regulatory approval.
"The Edmonton to Hardisty expansion program will align the capability of our system with our shippers' plans for how their growth in crude oil volumes will be divided between volumes entering our system at the Edmonton and Hardisty crude oil hubs," said Stephen J. Wuori, President, Liquids Pipelines, Enbridge Inc. "The agreement with shippers on terms for the expansion continues our collaborative relationship, ensuring that we provide the facilities and services they need to maximize the value of their crude oil.
"The capital for this program was provided for within the $12 billion of highly probable unsecured investment opportunities included in our current funding plans. It is the first major project in this category to achieve commercially secured status, bringing our enterprise-wide commercially secured total to $20 billion."
Enbridge anticipates filing an application with the National Energy Board by the end of the year. Subject to the receipt of required regulatory approvals, Enbridge expects to begin construction activities as early as the first quarter of 2014. The route of the proposed 179-kilometre pipeline between Edmonton and Hardisty is expected to generally follow the same route as Enbridge's existing Line 4 Pipeline which will minimize impacts on stakeholders and the environment.
"As a company with long-standing operations in Alberta, we're committed to ensuring we build and operate our facilities safely, reliably and with respect for local communities and the environment," said Mr. Wuori. "If approved, the Edmonton to Hardisty expansion project is expected to generate tax benefits and create economic opportunities in local communities where we will strive to use qualified local contractors and businesses as much as possible. Over coming months, Enbridge representatives will be consulting with stakeholders and Aboriginal communities along the right-of-way to seek their input and to provide updates on the project."
Enbridge is the leading pipeline operator in the Fort McMurray to Edmonton/Hardisty corridor and well positioned to tie-in new oil sand developments to mainline pipelines and increase capacity for current customers. Enbridge's Regional Oil Sands Infrastructure includes the Athabasca and Waupisoo pipeline systems, which currently connect six producing oil sands projects, and which, through commercially secured expansions, will connect eight producing oil sands projects by 2014.
More information and a map of the proposed Edmonton to Hardisty expansion project is available at http://www.enbridge.com/EdmontonHardistyPipeline.aspx.
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTSE4Good Index Series. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. visit www.enbridge.com.
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