CALGARY, June 5, 2019 /PRNewswire/ - Enbridge Inc.
(TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today confirmed it
is proceeding with preparations to advance its 2019 plan in support
of constructing a tunnel to house the Straits of Mackinac crossing of the Company's Line 5
pipeline. These preparations have continued to advance further
since our last update and include detailed engineering,
geotechnical analysis, undertaking pre-application consultation,
and filing of permit applications.
As previously announced, Enbridge believes the tunnel can be
under construction in 2021 and in service as soon as early 2024,
assuming no delays in the permitting process. Enbridge has further
committed that operation of the existing Straits Line 5 crossing
would cease immediately following the placement into service of the
replacement pipeline in the tunnel. This plan would avoid
significant impacts to the State's energy supply, including higher
energy costs, supply shortages for propane and transportation fuels
and constrained supplies for regional refineries which would result
if the line was shut down sooner than the new tunnel being
completed as the State has suggested.
These impacts, and Enbridge's tunnel plan and related
commitments have been discussed with the State in May and earlier
this week. A May 24 letter
summarizing Enbridge's proposed plan and benefits to Michiganders
is available by clicking here.
Enbridge looks forward to continue engaging the State on a path
forward in support of this tunnel plan which achieves:
- Robust, transparent engagement with all stakeholders including
communities, tribes and customers;
- Comprehensive and predictable state permitting;
- Options to further shorten the timeline for the tunnel;
- Additional safeguards that can be implemented in the interim
operation of the Straits crossing; and
- Protection of the environment, security of supply for consumers
and the economy of Michigan.
Enbridge takes its responsibility seriously to protect the
environment while safely delivering critical and undisrupted energy
that is essential and vital to Michiganders. That is why we are
proceeding with these preparations in support of a $500-million investment to build the tunnel that
provides the people of Michigan
with even greater protection of the Strait's crossing and reduces
risk to as near zero as humanly possible.
A backgrounder is available here.
FORWARD-LOOKING INFORMATION
Forward-looking
information, or forward-looking statements, have been included or
incorporated by reference in this news release to provide
information about the Company and its subsidiaries and affiliates,
including management's assessment of Enbridge and its subsidiaries'
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 underground tunnel to house a replacement
of the existing Line 5 pipeline ("Line 5"), including the benefits,
risks, costs and timing thereof, the receipt of applicable permits
and governmental, regulatory and other approvals, and related
matters such as additional protective measures and other program
commitments.
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. The
most relevant assumptions associated with forward-looking
statements with respect to projects such as the replacement of Line
5, including estimated completion dates and expected capital
expenditures, include the following: the impact of customer,
government and regulatory approvals on construction and in-service
schedules and cost recovery regimes; the availability and price of
labour and construction materials; the effects of inflation and
foreign exchange rates on labour and material costs; the effects of
interest rates on borrowing costs; and the impact of
weather.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to those 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
North America's premier energy
infrastructure company with strategic business platforms that
include an extensive network of crude oil, liquids and natural gas
pipelines, regulated natural gas distribution utilities and
renewable power generation. The Company safely delivers an average
of 2.9 million barrels of crude oil each day through its Mainline
and Express Pipeline; accounts for approximately 62% of U.S.-bound
Canadian crude oil exports; and moves approximately 18% of all
natural gas consumed in the U.S., serving key supply basins and
demand markets. The Company's regulated utilities serve
approximately 3.7 million retail customers in Ontario, Quebec, and New
Brunswick. Enbridge also generates approximately 1,600 MW of
net renewable energy power in North
America and Europe. The
Company's common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's
quality of life. For more information, visit
www.enbridge.com.
FOR FURTHER
INFORMATION PLEASE CONTACT:
|
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Media
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Investment
Community
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Ryan Duffy
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Jonathan
Gould
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Toll Free: (888)
992-0997
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Toll Free: (800)
481-2804
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Email:
media@enbridge.com
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Email:
investor.relations@enbridge.com
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SOURCE Enbridge Inc.