The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Enbridge to Invest Up to $600 Million to Support Gas Distribution Growth in Greater Toronto Area

Thursday, September 06, 2012

Enbridge to Invest Up to $600 Million to Support Gas Distribution Growth in Greater Toronto Area09:00 EDT Thursday, September 06, 2012CALGARY, ALBERTA--(Marketwire - Sept. 6, 2012) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced its Board of Directors has committed up to $600 million to expand Enbridge Gas Distribution's (EGD) natural gas distribution system in the Greater Toronto Area (GTA) to meet the demands of growth in the GTA and continue the safe and reliable delivery of natural gas to current and future customers. The estimated capital cost is contingent on finalization of the scope of the project. The target for construction of the upgrade project is in 2014 and 2015. The project is subject to approval by the Ontario Energy Board (OEB). "Over the last 20 years, Enbridge Gas Distribution has almost doubled its total number of customers across Ontario from 1.1 million in 1992 to 2 million in 2012," said Guy Jarvis, President, Enbridge Gas Distribution. "We're well positioned to benefit from continued strong population growth in the GTA making us not only one of the largest, but also one of the fastest growing, natural gas distribution companies in North America. The proposed upgrade project will enable us to serve current and anticipated growth in our customers' needs, enhance our flexibility to avoid customer impacts due to disruption of physical supply, and provide options to access additional supply sources for our customers." The proposed GTA Project will consist of two segments of pipeline and related facilities to upgrade the existing distribution system that delivers natural gas to the municipalities of Toronto, Brampton, Mississauga, Vaughan, Richmond Hill and Markham. The new lines would provide sufficient internal delivery capability within the GTA to allow EGD to meet the needs of its growing base of customers. Enbridge expects to file an application with the OEB in the coming months. OEB approval is required before any construction can take place. Earlier this year, as part of the OEB's "Leave to Construct" process, Enbridge hosted public open houses in communities near the potential pipeline routes to share information about the project with the public and to gather feedback to incorporate into its application. For more information about the proposed expansion, please visit www.enbridgegas.com/gtaproject.About Enbridge Gas DistributionEnbridge Gas Distribution has a more than 160-year history and is Canada's largest natural gas distribution company. Enbridge Gas Distribution is owned by Enbridge Inc. Enbridge Gas Distribution and its affiliates distribute safe, reliable natural gas to more than 1.9 million customers in Ontario, New York State, New Brunswick and southwestern Quebec. 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 close to 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 7,000 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. FOR FURTHER INFORMATION PLEASE CONTACT: Jennifer VareyEnbridge Inc.Media(403) 508-6563 or Toll Free: (888) 992-0997jennifer.varey@enbridge.comORJody BalkoEnbridge Inc.Investment Community(403) 231-5720jody.balko@enbridge.com