Press release from Marketwire
Enbridge Announces Successful Completion of Open Season for Southern Lights Diluent Pipeline
Monday, May 06, 2013
Enbridge Announces Successful Completion of Open Season for Southern Lights Diluent Pipeline16:33 EDT Monday, May 06, 2013
CALGARY, ALBERTA--(Marketwired - May 6, 2013) - Enbridge (TSX:ENB) (NYSE:ENB) today announced the successful completion of an open season ("Open Season") to solicit commitments from shippers for 50,000 barrels per day (bpd) of capacity on the Southern Lights Pipeline.
Through the open season process Enbridge received transportation agreements in excess of the offered amount for capacity on a term that expires on June 30, 2025. The open season began on January 28, 2013 and concluded March 26, 2013.
Based on the success of the open season, and the fact that the current capacity available for contracts has been fully subscribed, Enbridge will now pursue an expansion of the Southern Lights system to reach an estimated annual capacity of 275,000 bpd. Enbridge plans to hold an open season for the expansion capacity later this year.
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. 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 1,600 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal energy. 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 Canada's Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index. 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.
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