CALGARY,
AB, Nov. 29, 2022 /PRNewswire/ - Enbridge Inc.
(Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today
that it has completed the previously announced transaction relating
to its partnership agreement with Pacific Energy Corporation
Limited (Pacific Energy) to jointly invest in the construction and
operation of the Woodfibre LNG project, located near Squamish, B.C. Enbridge now has a 30%
ownership stake in the Woodfibre LNG project, with Pacific Energy
retaining the remaining 70% stake in the project.
Pacific Energy and Enbridge will each make pro-rata
contributions during construction through a combination of expected
asset level financing and equity investments. In exchange for its
capital contribution, Enbridge will receive a preferred equity
interest that provides predictable future cash flows. The partners
will jointly participate in the project's execution and governance
of ongoing operations, while Pacific Energy retains responsibility
for daily operations.
Preliminary construction activities, including site preparation
are underway. The project remains on track for its targeted
in-service date of Q4 2027.
Forward-Looking Information
Forward-looking information, or forward-looking statements,
have been included in this news release to provide information
about Enbridge Inc. ("Enbridge" or the "Company") and its
subsidiaries and affiliates, including management's assessment of
Enbridge and its subsidiaries' future plans and operations. This
information may not be appropriate for other purposes.
Forward-looking statements are typically identified by words such
as ''anticipate'', ''expect'', ''project'', ''estimate'',
''forecast'', ''plan'', ''intend'', ''target'', ''believe'',
"likely" and similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information or statements in
this news release include statements with respect to Woodfibre LNG
project and Enbridge's investment therein, including expected in
service dates, and anticipated financing and capital
contributions.
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, natural
gas liquids, liquified natural gas, renewable energy and other
commodities, 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 and
other energy-related services and products. Similarly, energy
transition, including the drivers and pace thereof, 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 and others' services and products 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 on announced projects and projects under construction,
including estimated in-service dates and the realization of
anticipated benefits, include the following: the impact of
litigation and government, regulatory and stakeholder actions and
approvals on construction and in-service schedules; the
availability and price of labour and construction materials; the
stability of the supply chain; the effects of inflation and foreign
exchange rates on labour and material costs; the effects of
interest rates on borrowing costs; technology-related matters; the
impact of weather; and expectations about our partners' ability to
complete and finance proposed projects.
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.
About Enbridge
At Enbridge, we safely connect millions of people to the
energy they rely on every day, fueling quality of life through our
North American natural gas, oil or renewable power networks and our
growing European offshore wind portfolio. We're investing in modern
energy delivery infrastructure to sustain access to secure,
affordable energy and building on two decades of experience in
renewable energy to advance new technologies including wind and
solar power, hydrogen, renewable natural gas and carbon capture and
storage. We're committed to reducing the carbon footprint of the
energy we deliver, and to achieving net zero greenhouse gas
emissions by 2050.
Headquartered in Calgary,
Alta., Enbridge's common shares trade under the symbol ENB
on the Toronto (TSX) and
New York (NYSE) stock exchanges.
To learn more, visit us at Enbridge.com
For Further Information Please Contact:
Enbridge
Media
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.