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CALGARY, AB, November 29, 2022 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB ) (NISE: ENB ) announced today that it has completed a previously announced transaction in connection with its partnership agreement with Pacific Energi Corporation Limited (Pacific Energi) for a joint venture in the construction and operation of the Woodfibre LNG Project, which is located nearby Squamish, BC Enbridge now has a 30% ownership interest in the Woodfibre LNG project, with Pacific Energy retaining the remaining 70% interest in the project.
Pacific Energy and Enbridge will each make pro-rata contributions during construction through a combination of expected asset level financing and capital 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 project execution and management of ongoing operations, while Pacific Energi retains responsibility for day-to-day operations.
Preliminary construction activities are underway, including site preparation. The project remains on track for a target in-service date of Q4 2027.
Forward looking information
Forward-looking information, or forward-looking statements, are included in this release to provide information about Enbridge Inc. (“Enbridge” or the “Company”) and its affiliates and subsidiaries, including management’s assessment of Enbridge and its affiliates. future plans and operations. This information may not be suitable for other purposes. Forward-looking statements are commonly identified by words such as “anticipate,” “expect,” “project,” “estimate,” “forecast,” “plan,” “intend,” “target,” “believe”, “likely” and similar words suggesting future outcomes or statements regarding prospects. Forward-looking information or statements in this release include statements regarding the Woodfibre LNG project and Enbridge’s investment in it, including expected service dates and anticipated financing and capital contributions.
Although Enbridge believes that these forward-looking statements are reasonable based on the information available on the date such statements are made and the processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned not to place forward-looking reliance. statements. By their nature, these statements involve various assumptions, known and unknown risks and uncertainties and other factors, which could cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply and demand for crude oil, natural gas, liquefied natural gas, liquefied natural gas, renewable energy and other commodities, as well as the prices of these commodities, are material to, and underlying, all forward-looking statements. . affect current and future levels of demand for the Company’s services and other energy-related services and products. Similarly, the energy transition, including drivers and its pace, exchange rates, inflation and interest rates affect the economies and business environment in which the Company operates and may affect the levels of demand for the Company’s and others’ services and products and the prices of inputs, and therefore are inherent all forward-looking statements. Due to the interdependence and correlation of these macroeconomic factors, the impact of any assumption on the forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements about announced projects and projects under construction, including estimated dates in operation and realization of expected benefits, include the following: the impact of litigation and governmental, regulatory and stakeholder activities and approvals on construction and work schedules; availability and cost of labor and construction materials; supply chain stability; the effects of inflation and exchange rates on labor and material costs; effects of interest rates on borrowing costs; technology issues; influence of weather conditions; 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 press release and in the company’s other filings with Canadian and America securities regulators. The effect of any risk, uncertainty or factor on a particular forward-looking statement cannot be determined with certainty because they 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 undertakes no obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or some other way. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on behalf of the Company 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, boosting quality of life through our North American natural gas, oil or renewable energy networks and our growing European offshore wind portfolio. We invest in modern energy delivery infrastructure to maintain access to safe, affordable energy and build on two decades of renewable energy experience to advance new technologies, including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We are committed to reducing the carbon footprint of the energy we supply and achieving net zero greenhouse gas emissions by 2050.
Based in Calgary, Alta.Enbridge’s common stock trades under the symbol ENB at Toronto (TSKS) and New York (NOT) stock markets. To learn more, visit us at Enbridge.com
For further information please contact:
Enbridge
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Email: investor.relations@enbridge.com
See original content: https://www.prnevsvire.com/nevs-releases/enbridge-completes-partnership-agreement-in-woodfibre-lng-301689525.html
SOURCE Enbridge Inc.
See original content: http://www.nevsvire.ca/en/releases/archive/November2022/29/c0266.html
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