Enbridge Receives Regulatory Approval for Woodland Pipeline Extension
CALGARY, ALBERTA -- (Marketwire) -- 09/27/12 -- Enbridge Pipelines (Woodland) Inc., an affiliate of Enbridge Inc. (TSX: ENB) (NYSE: ENB), has received approval from the Alberta Energy Resources Conservation Board to construct the Woodland Pipeline Extension Project. The project will involve construction of a 36 inch diameter line approximately 385 km from Enbridge's (EEP) Cheecham regional oil sands terminal to its mainline hub terminal at Edmonton, effectively twinning Enbridge's existing Waupisoo Pipeline. The project is estimated to require an investment of approximately $1.0 to $1.4 billion for an initial capacity of 400,000 barrels per day (bpd), expandable to 800,000 bpd. The estimated investment remains subject to finalization of scope and a definitive cost estimate.
The new line is committed to accommodate anticipated growth in production from the Kearl oil sands project, and is required for expected needs from other projects already connected to Enbridge's regional oil sands system, or expected to be connected. The commercial terms are likely to parallel those of the base Woodland Pipeline. Enbridge has not yet received final commercial approval to initiate field construction from shippers, but anticipates it will do so in time to achieve a 2015 in-service date. Pre-construction development costs are being backstopped by shippers pending final commercial approval.
About Enbridge Inc.
Enbridge Inc. 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 significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. 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. As a generator of energy, Enbridge has interests in almost 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 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 www.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. visit www.enbridge.com.
Contacts: Enbridge Inc. Graham White Media (403) 508-6563 or Toll Free: (888) 992-0997 email@example.com Enbridge Inc. Jody Balko Investment Community (403) 231-5720 firstname.lastname@example.org www.enbridge.com
Source: Enbridge Inc.