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CALGARY, AB, Nov. 4, 2022 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today the successful completion of an open season for increased transportation capacity on the T-South segment of its B.C. Pipeline (T-South), a natural gas pipeline system, which originates near Chetwynd, British Columbia (B.C.) and extends south to the Canada-U.S. border at Huntingdon-Sumas.
The open season was over-subscribed, and Enbridge has sanctioned and is proceeding with a 300 million cubic feet per day (MMcf/d) expansion at a capital cost of up to CAD $3.6 billion. "This expansion illustrates the immense strategic importance of our B.C. natural gas system in supplying regional and global energy demand with low-emission natural gas," said Cynthia Hansen, Executive Vice President and President of Gas Transmission and Midstream at Enbridge. "And it also demonstrates how we're able to leverage our conventional energy transportation assets to extend our growth and generate value for our shareholders."
The T-South expansion will involve adding pipeline loops and additional compression under a cost-of-service framework, backed by long-term contracts with a weighted average term of 65 years. The location of the loops and accompanying compression will be determined in the coming months after detailed consultation with Indigenous communities and stakeholders and after environmental and routing assessment have been completed. Once complete, the capital cost estimate will be updated prior to filing the regulatory application, anticipated in 2024.
"Enbridge's assets in the ground continue to be in high-demand and will continue to be critical in supporting growing energy demand while providing the world with a safe and secure source of energy," added Hansen.
Pending regulatory approvals, the target in-service date for the T-South expansion is sometime in 2028.
Forward-Looking Information
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or 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 in this news release include statements with respect to the T-South expansion project, including the characteristics, components and benefits thereof, expected regulatory application and in service dates, and anticipated capital cost; and Enbridge's B.C. natural gas system and other assets, including the benefits and expected utilization 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, natural gas liquids, renewable energy and other commodities, 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, energy transition, including the drivers and pace thereof, 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 on announced projects and projects under construction, including estimated in-service dates, capital costs and the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals on construction and in-service schedules; 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
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.
Headquartered in Calgary, Alta., Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com
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SOURCE Enbridge Inc.