MPUC rules Line 3 Replacement Project's Environmental Impact statement, Certificate of Need and Route Permit are Valid

Rhea-AI Summary

The Minnesota Public Utilities Commission (MPUC) has denied reconsideration petitions related to the Line 3 Replacement Project (L3RP), affirming its environmental impact statement and route permit. Enbridge views this decision as a significant advancement for L3RP, which promises to meet Minnesota's energy needs and replace an aging pipeline with a safer one. The project represents a US$2.9 billion investment and is set to create 4,200 union jobs in Northern Minnesota, thereby delivering substantial local economic benefits.

Positive

• MPUC's decision supports the Line 3 Replacement Project, enabling progress toward construction.
• The project is a US$2.9 billion investment, emphasizing economic growth and job creation in Northern Minnesota.
• L3RP will create 4,200 union construction jobs, aiding local employment.
• The new pipeline will enhance safety and environmental standards.

Negative

• None.

CALGARY, AB and DULUTH, Minn., June 26, 2020 /PRNewswire/ - Enbridge Inc. (NYSE: ENB) (TSX: ENB) – The Minnesota Public Utilities Commission (MPUC) voted to deny petitions for reconsideration filed on May 21, 2020 in the Line 3 Replacement Project (L3RP) environmental impact statement (EIS), certificate of need (CN) and route permit (RP) dockets.

"The MPUC's decision to deny the petitions for reconsideration is yet another important step forward for the Line 3 Replacement Project. This decision properly reflects the extensive and complete review that the project has undergone," said Vern Yu, Enbridge Executive Vice-President and President, Liquids Pipelines.

L3RP not only meets Minnesota's energy needs, it replaces an aging pipeline with one built to the newest standards and using modern construction techniques. This is the safest and best option for protecting the environment and communities. Enbridge will continue to work with other permitting agencies towards the timely issuance of the remaining permits and construction is expected to take 6 to 9 months once all permits have been received.

This project is immediately poised to provide significant economic benefits for counties, small businesses, and Native American communities. L3RP is a shovel-ready, US$2.9 billion private investment that will bring 4,200 union construction jobs, millions of dollars in local spending and tax revenues at a time when Northern Minnesota needs it most.

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 the L3RPand expected regulatory and permitting actions and decisions, capital expenditures, construction schedules and anticipated economic and other benefits.

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, the COVID-19 pandemic, 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 on announced projects and projects under construction such as the L3RP, including estimated completion dates and expected capital expenditures, include the following: the COVID-19 pandemic and the duration and impact thereof; the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; the availability and price of labor and construction materials; the effects of inflation and foreign exchange rates on labor 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.

About Enbridge Inc.

Enbridge Inc.is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include liquids pipelines, which transports approximately 25 percent of the crude oil produced in North America; gas transmission and midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; gas distribution and storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and renewable power generation, which generates approximately 1,750 mw of net renewable power in North America and Europe. The company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

 

View original content:http://www.prnewswire.com/news-releases/mpuc-rules-line-3-replacement-projects-environmental-impact-statement-certificate-of-need-and-route-permit-are-valid-301084224.html

SOURCE Enbridge Inc.

FAQ

What did the MPUC decide on the Line 3 Replacement Project on June 26, 2020?

The MPUC denied petitions for reconsideration related to the project's environmental impact statement and route permit.

What are the economic benefits of the Line 3 Replacement Project?

The project represents a US$2.9 billion investment, creating 4,200 union jobs and providing significant local spending and tax revenues.

How will the Line 3 Replacement Project affect Minnesota's energy needs?

The project aims to meet Minnesota's energy requirements by replacing an aging pipeline with a safer, modern alternative.

How long will construction of the Line 3 Replacement Project take?

Construction is expected to take 6 to 9 months once all necessary permits are obtained.