CALGARY, June 28, 2018 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB), Enbridge Energy Partners, L.P. (NYSE:EEP) and Enbridge Income Fund Holdings Inc. (TSX: ENF) (collectively referred to as Enbridge) announced today that the Line 3 Replacement Project has been approved by the Minnesota Public Utilities Commission (PUC). The PUC granted Enbridge a Certificate of Need for the project and approved Enbridge's preferred route with minor modifications and certain conditions.
Commenting on the PUC decision, Al Monaco, President & CEO, Enbridge Inc. said: "We are very pleased that the PUC has determined the Line 3 Replacement Project is needed for Minnesota. Replacing Line 3 is first and foremost about the safety and integrity of this critical energy infrastructure. This project will also help ensure Minnesota and area refineries reliably receive the crude oil supply they need for the benefit of all Minnesotans and the surrounding region.
"The PUC's decision to approve our preferred route with modifications is a good outcome for Minnesota and the result of listening carefully to stakeholders and an effective consultation process. We believe our route best protects the environment and has overwhelming support of communities.
"We want to thank the thousands of Minnesotans, including unions, farmers, small business owners, civic leaders and all others for their hard work in support of this critical project. We would also like to thank the PUC for their very thorough and well considered decision as well as all the state agencies and others involved in this process."
Based on the decisions, the cost estimate of the Line 3 Replacement project remains materially unchanged at $5.3 billion in Canada and US$2.9 billion in the United States with approximately $3.6 billion of capital spent to date on the overall project. Enbridge continues to anticipate an in-service date in the second half of 2019. The project supports the Company's low-risk business profile and long term cash flow stability, and is commercially underpinned by a 15-year surcharge to be applied on all barrels shipped on Enbridge's Mainline system.
Given the PUC's decision, there are no material revisions to the financial outlooks for Enbridge Inc., Enbridge Energy Partners, L.P. and Enbridge Income Fund Holdings Inc.
Forward-looking information, or forward-looking statements, has been included in this news release to provide information about Enbridge Inc., Enbridge Energy Partners, L.P. (EEP) and Enbridge Income Fund Holdings Inc. (ENF) and their respective subsidiaries and affiliates, including management's assessment of their future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements with respect to the Line 3 Replacement Project, including future scope, costs and timelines, the expected impact thereof, and expected in service date; and financial outlooks.
Although we believe 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. Material assumptions include assumptions about the following: the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy; exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; anticipated in-service dates; weather; and governmental legislation. 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 our services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which we operate and may impact levels of demand for our 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 on announced projects and projects under construction, including the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes.
Our forward-looking statements are subject to risks and uncertainties pertaining to the impact of the Line 3 Replacement Project, operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, exchange rates, interest rates, commodity prices, political decisions and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in our filings with Canadian and United States securities regulators (including the most recently filed Form 10-K and any subsequently filed Form 10-Q, as applicable). 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 our 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 Inc., EEP and ENF assume 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 us or persons acting on our 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 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% 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 has interests in more than 2,500 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past eight years; its 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.
None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise part of this news release.
ABOUT ENBRIDGE ENERGY PARTNERS, L.P.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system's deliveries to refining centers and connected carriers in the United States account for approximately 25 percent of total U.S. oil imports. Enbridge Energy Partners, L.P. is traded on the New York Stock Exchange under the symbol EEP; information about the Partnership is available on its website at www.enbridgepartners.com.
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc., through its investment in the Fund, indirectly holds high quality, low-risk energy infrastructure assets. The Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the United States segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the United States, and interests in more than 1,400 megawatts of renewable and alternative power generation assets. Enbridge Income Fund Holdings Inc. is a publicly traded corporation on the Toronto stock exchange under the symbol ENF; information about the Company is available on the Company's website at www.enbridgeincomefund.com.
SOURCE Enbridge Inc.