Enbridge Reaffirms Commitment to Michigan Environment & Energy Security
CALGARY, June 5, 2019 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today confirmed it is proceeding with preparations to advance its 2019 plan in support of constructing a tunnel to house the Straits of Mackinac crossing of the Company's Line 5 pipeline. These preparations have continued to advance further since our last update and include detailed engineering, geotechnical analysis, undertaking pre-application consultation, and filing of permit applications.
As previously announced, Enbridge believes the tunnel can be under construction in 2021 and in service as soon as early 2024, assuming no delays in the permitting process. Enbridge has further committed that operation of the existing Straits Line 5 crossing would cease immediately following the placement into service of the replacement pipeline in the tunnel. This plan would avoid significant impacts to the State's energy supply, including higher energy costs, supply shortages for propane and transportation fuels and constrained supplies for regional refineries which would result if the line was shut down sooner than the new tunnel being completed as the State has suggested.
These impacts, and Enbridge's tunnel plan and related commitments have been discussed with the State in May and earlier this week. A May 24 letter summarizing Enbridge's proposed plan and benefits to Michiganders is available by clicking here.
Enbridge looks forward to continue engaging the State on a path forward in support of this tunnel plan which achieves:
Enbridge takes its responsibility seriously to protect the environment while safely delivering critical and undisrupted energy that is essential and vital to Michiganders. That is why we are proceeding with these preparations in support of a $500-million investment to build the tunnel that provides the people of Michigan with even greater protection of the Strait's crossing and reduces risk to as near zero as humanly possible.
A backgrounder is available here.
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, NGL and renewable energy, 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, 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 with respect to projects such as the replacement of Line 5, including estimated completion dates and expected capital expenditures, include the following: the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; 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.
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SOURCE Enbridge Inc.