CALGARY, Aug. 2, 2019 /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced it will be holding an open season for transportation services on the Canadian Mainline pipeline system.
The Canadian Mainline is a common carrier pipeline system with 100% of its transportation capacity currently available to shippers on a spot, or uncommitted, basis. The Competitive Tolling Settlement (CTS) that governs transportation tolls on the Mainline will expire on June 30, 2021. In advance of CTS expiration, Enbridge has spent considerable time negotiating with its shippers and is holding an open season in order to provide shippers with the opportunity to enter into long-term contracts for priority transportation service on the Canadian Mainline, with at least 10% of capacity reserved for uncommitted volumes at all times.
Highlights of the open season offering include:
- Priority access in Canada for contracted volume;
- Contract term up to 20 years;
- Toll discounts for longer terms and higher volumes.
Enbridge is seeking to have Canadian Mainline contracting take effect on July 1, 2021, subject to regulatory approval.
Following completion of the Line 3 Replacement project, Mainline capacity will be 3.225 million bpd, of which up to 2.9 million bpd will be contracted with the remaining 325 kbpd remaining in spot service.
The open season will begin at 8:00 a.m. MDT August 2, 2019 and end at 12:00 p.m. MDT on October 2, 2019.
Bona fide potential shippers that desire to receive copies of the open season documents, including open season procedures and transportation service agreements, are required to execute a confidentiality agreement (CA).
All shipper inquiries about the open season or CA submissions should be directed to:
Director Mainline Contracting Execution
Phone: (403) 508-3158
Email: [email protected]
Forward-looking information, or forward-looking statements, have been included 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 open season for transportation services on the Canadian Mainline pipeline system, including the benefits and timing thereof.
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 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.
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SOURCE Enbridge Inc.