CALGARY, June 28, 2018 /PRNewswire/ – Enbridge Inc. (TSX: ENB) (NYSE: ENB), Enbridge Energy Partners, L.P. (NYSE:EEP) and Enbridge Income Fund Holdings Inc. (TSX: ENF) (collectively referred to as Enbridge) announced today that the Line 3 Replacement Project has been approved by the Minnesota Public Utilities Commission (PUC). The PUC granted Enbridge a Certificate of Need for the project and approved Enbridge’s preferred route with minor modifications and certain conditions.
Commenting on the PUC decision, Al Monaco, President & CEO, Enbridge Inc. said: “We are very pleased that the PUC has determined the Line 3 Replacement Project is needed for Minnesota. Replacing Line 3 is first and foremost about the safety and integrity of this critical energy infrastructure. This project will also help ensure Minnesota and area refineries reliably receive the crude oil supply they need for the benefit of all Minnesotans and the surrounding region.
“The PUC’s decision to approve our preferred route with modifications is a good outcome for Minnesota and the result of listening carefully to stakeholders and an effective consultation process. We believe our route best protects the environment and has overwhelming support of communities.
“We want to thank the thousands of Minnesotans, including unions, farmers, small business owners, civic leaders and all others for their hard work in support of this critical project. We would also like to thank the PUC for their very thorough and well considered decision as well as all the state agencies and others involved in this process.”
Based on the decisions, the cost estimate of the Line 3 Replacement project remains materially unchanged at $5.3 billion in Canada and US$2.9 billion in the United States with approximately $3.6 billion of capital spent to date on the overall project. Enbridge continues to anticipate an in-service date in the second half of 2019. The project supports the Company’s low-risk business profile and long term cash flow stability, and is commercially underpinned by a 15-year surcharge to be applied on all barrels shipped on Enbridge’s Mainline system.
Given the PUC’s decision, there are no material revisions to the financial outlooks for Enbridge Inc., Enbridge Energy Partners, L.P. and Enbridge Income Fund Holdings Inc.