Canada and North America have a significant global advantage and tremendous opportunity with respect to energy, but face a challenge in building the connectivity needed to keep pace with energy development, Enbridge Inc. President and CEO Al Monaco told shareholders at the Company’s annual general meeting held in Toronto today.
Mr. Monaco spoke about what he sees as a critical issue facing the industry – an urgent need to connect resources to key markets.
“Energy is an important driver of economic growth in Canada and North America, and we have a tremendous opportunity to lead in the safe, reliable and responsible delivery of the energy our world needs,” said Mr. Monaco. “But what we’re still lacking is the ability to connect this supply to markets in a timely and effective way, and that puts the opportunity and our global competitive advantage at risk.”
The North American pipeline grid is in transformation, but a challenging permitting and regulatory environment across North America is increasing costs across the industry and delaying access to needed markets, said Mr. Monaco. The root cause is threefold: legitimate concerns over climate change; high-profile incidents that have shaken public confidence in the system; and opposition to fossil fuel development. This has put greater pressure on regulators, and led to demands for more public input in the process, Mr. Monaco added.
“Let me be clear, this is not a bad thing,” he said. “It’s in all of our interests to have a rigorous, expert regulatory review and oversight.”
Mr. Monaco said the industry is changing – and Enbridge is at the forefront. The Company is listening to and engaging communities and landowners earlier to make its projects better, and creating stronger relationships with Aboriginal communities while respecting their strong ties to the land and their natural environment. Enbridge shares concerns about climate change. While not a large emitter, the Company is reducing its own carbon footprint through industry-leading programs and investment in renewable and alternative energy.
Mr. Monaco said more needs to be done to increase the dialogue on energy infrastructure development. He called on industry peers, business, government leaders and communities to be part of a conversation on realizing our global energy advantage.
“The need for connectivity is not just Enbridge’s issue, nor an energy industry issue. Gaps in our infrastructure will have long-term consequences for our economy and for all Canadians,” Mr. Monaco said. “What we stand to gain is huge – energy security, massive economic development and social prosperity.”
Mr. Monaco’s full address to shareholders can be found here.
Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced that the nominees listed in the management information circular dated March 3, 2015 were elected as directors of Enbridge Inc. The detailed results of the vote for the election of directors held at its Annual Meeting of Shareholders earlier today in Toronto are set out below.
On a vote by ballot, each of the following 11 nominees proposed by management was elected as a director of the Company:
|Nominee||Votes For||% For||Votes Withheld||% Withheld|
|David A. Arledge||525,453,212||99.41||3,135,772||0.59|
|James J. Blanchard||525,013,763||99.32||3,575,221||0.68|
|Marcel R. Coutu||525,821,380||99.48||2,767,604||0.52|
|J. Herb England||513,923,864||97.23||14,665,120||2.77|
|Charles W. Fischer||519,540,744||98.29||9,048,240||1.71|
|V. Maureen Kempston Darkes||517,216,347||97.85||11,372,637||2.15|
|George K. Petty||523,596,605||99.06||4,992,379||0.94|
|Rebecca B. Roberts||526,837,261||99.67||1,751,723||0.33|
|Dan C. Tutcher||526,018,126||99.51||2,570,858||0.49|
|Catherine L. Williams||519,740,217||98.33||8,848,767||1.67|
About Enbridge Inc.
Enbridge, a Canadian Company, 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 seven years. As a transporter of energy, Enbridge operates, in Canada and the United States, the World’s longest crude oil and liquids transportation system. The Company also has 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 more than 2,200 MW (1,600 MW net) of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal facilities. Enbridge employs more than 11,000 people, primarily in Canada and the United States and is ranked as one of Canada’s Top 100 Employers for 2015. Enbridge’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com. None of the information contained in, or connected to, Enbridge’s website is incorporated in or otherwise part of this news release.
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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