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Enbridge to Undertake $400 Million Waupisoo Pipeline Expansion
CALGARY, ALBERTA, Jun 28 (MARKET WIRE) --
Enbridge Inc. (TSX: ENB) (NYSE: ENB) announced today that it has entered
into shipper commitments totaling 229,000 barrels per day of capacity on
the Waupisoo Pipeline, part of Enbridge's Regional Oil Sands System.
Enbridge will undertake an approximately $400 million expansion of the
Waupisoo Pipeline to its maximum capacity in order to accommodate these
commitments, which include the additional volumes announced in February
2010.
The Waupisoo Pipeline expansion program will provide approximately 65,000
bpd of additional capacity in the second half of 2012 and a further
approximately 190,000 bpd when fully in service in the second half of
2013. The new commitments allow for a three-year ramp up to the full
commitment amount, with a corresponding ramp up in revenue to Enbridge.
"This expansion is the latest in a series of contracts and projects
Enbridge has secured over the past year, adding approximately $1 billion
to our total secured investment opportunities in this corridor,"
said Patrick D. Daniel, President and Chief Executive Officer. "The
Waupisoo expansion program will begin to contribute to our growth in
earnings per share by 2013, and increasingly thereafter as the volumes
increase to the full commitment levels. Based on development activity
underway within the oil sands on both existing and new projects, together
with our strong competitive position as the largest operator in the
region, we expect to see continued attractive investment opportunities of
this sort for some time to come".
Enbridge Inc., a Canadian company, 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 growing involvement in the natural gas
transmission and midstream businesses, and is expanding its interests in
renewable and green energy technologies including wind and solar energy,
hybrid fuel cells and carbon dioxide sequestration. 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. Enbridge employs approximately
6,000 people, primarily in Canada and the U.S., and is ranked as one of
Canada's Greenest Employers, and one of the Top 100 Companies to Work for
in Canada. Enbridge's common shares trade on the Toronto and New York
stock exchanges under the symbol ENB. For more information, visit
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.
Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: (888) 992-0997
jennifer.varey@enbridge.com
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
vern.yu@enbridge.com
www.enbridge.com
Copyright 2010, Market Wire, All rights reserved.
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