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Pipeline firm Enbridge updated its long-term funding plan Thursday, and now expects it capital program between 2012 and 2016 to reach $35-billion, nearly $11-billion of which is expected to come from the company’s cash flow. Most of the remainder will be debt. (Nathan VanderKlippe/The Globe and Mail)
Pipeline firm Enbridge updated its long-term funding plan Thursday, and now expects it capital program between 2012 and 2016 to reach $35-billion, nearly $11-billion of which is expected to come from the company’s cash flow. Most of the remainder will be debt. (Nathan VanderKlippe/The Globe and Mail)

OIL AND GAS

Enbridge ramps up long-term spending plans Add to ...

Pipeline giant Enbridge Inc. has added to its long-term spending plan as it pours money into a slew of growth projects.

The company updated its long-term funding plan Thursday, and now expects it capital program between 2012 and 2016 to reach $35-billion, nearly $11-billion of which is expected to come from the company’s cash flow. Most of the remainder will be debt.

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“Since the long-term funding plan discussed at our investor conference last fall, we have achieved greater-than-expected progress in the development of attractive new growth opportunities, including those already announced and those yet to be” Richard Bird, Enbridge’s chief financial officer, said in a statement.

“An update to our funding plan now indicates an incremental equity requirement over the 2012-2016 period.”

Enbridge issued $500-million in equity via a bought deal Thursday, selling 10.85 million shares at $46.11 each.

The Calgary-based firm has billions of dollars worth of projects under construction right now.

Its Seaway pipeline to the Gulf Coast, for example, came with a $1.5-billion price tag, Graham White, an Enbridge spokesman, said.

The company’s effort to expand the capacity on its

Athabasca line will cost about $400-million, and Enbridge expects to spend another

$1.2-billion twinning the pipeline.

Enbridge expects its Flanagan South project to cost about $2.8-billion.

It is building a number of other multibillion-dollar projects.

Follow on Twitter: @CarrieTait

 
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