Enbridge Files Regulatory Application in Support of Contract
CALGARY, Dec. 19, 2019 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) submitted today an application to the Canada Energy Regulator (CER) to implement contracting on the company's Mainline pipeline system.
The application for contracted and uncommitted service includes the associated terms, conditions and tolls of each service which would be offered in an open season following approval by the CER. The tolls and services will replace the current tolling settlement that is in place until June 30, 2021.
"We are moving to a contracted Mainline system in response to what our customers have been asking us for and for the benefit of the entire industry," said Guy Jarvis, Enbridge Executive Vice President, Liquids Pipelines. "Today's application is based on significant input and advice from every corner of our industry and almost two years of extensive negotiation with shippers to recognize the needs of various customers in a balanced way."
"Shippers representing approximately 70 per cent of the Mainline's current throughput support our approach, as evidenced by the letters included within our application", said Jarvis. "The most important part of this offering will be to secure long-term demand for Canadian crude oil while ensuring that all interested shippers can participate in a fair and transparent open season process."
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 Canadian Mainline contract offering, including the benefits and timing thereof and the process and timetable to receive applicable governmental, regulatory and other approvals, including the approval 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 and Quebec, and generates approximately 1,750 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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