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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Enbridge Inc.    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Delayed Quote. Delayed Toronto Stock Exchange - 01/20 04:00:00 pm
44.97 CAD   +0.49%
12:16aNEWS HIGHLIGHTS : Top Energy News of the Day
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01/19ENBRIDGE : Correction to Great Lake Pipeline Article
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01/19ENBRIDGE : CEO Al Monaco to Present at CIBC Western Conference
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Enbridge : files in Federal Court to block Michigan's illegal actions against Line 5

11/25/2020 | 11:46am EST

Today Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) filed a federal complaint in the United States District Court for the Western District of Michigan seeking an injunction to stop the State of Michigan from taking any steps to prevent the operation of Line 5.

The attempt to shut down Line 5 interferes with the comprehensive federal regulation of pipeline safety and burdens interstate and foreign commerce in clear violation of federal law and the US Constitution. Enbridge is also today moving the complaint filed by the State against Line 5 on November 13 in Michigan state court to the Federal Court.

A federal agency, the Pipeline and Hazardous Materials Safety Administration (PHMSA), is Enbridge's safety regulator, not the State of Michigan. In fact, only three months ago the safety of the Dual Pipelines was reviewed by our regulator and the Pipelines were found to be fit for service. The State's attempt to assume the role of safety regulator through its notice purporting to 'terminate and revoke' the easement is improper and unlawful.

This is the latest attempt by the State of Michigan to interfere with the operation of this critical infrastructure by assuming authority it does not possess. By contrast, Enbridge continues to live up to all its obligations under its agreements with the State of Michigan. Notably, Enbridge has undertaken a variety of Line 5 projects requested by the State at substantial expense, including installing a new Line 5 crossing under the St. Clair River earlier this year and diligently pursuing permitting for the Great Lakes tunnel project at no cost to taxpayers.

'In the face of continued roadblocks by this Administration it's time for the State to stop playing politics with the energy needs and anxieties of US and Canadian consumers and businesses that depend on Line 5,' said Vern Yu, Executive Vice President and President, Liquids Pipelines. 'It is concerning to see the current Administration is willing to compromise these needs. We remain highly committed to protecting the Great Lakes, the environment, and all the people who use these waters while delivering energy that people rely on daily. Enbridge's Line 5 has served Michiganders safely without spilling a drop of oil at the Straits crossing for more than 65 years, over nine different State Administrations.'

A disruption of Line 5 would create a propane shortage, higher energy prices and hardship for Michigan families, especially those on fixed incomes or of modest means. It would also result in a daily shortage of over 14 million gallons of gasoline and other transportation fuels, impacting the entire region, including Wisconsin, Indiana, Ohio, Pennsylvania, Ontario, and Quebec. Ten regional refineries would be significantly and adversely impacted. Some of these refineries served by Line 5 also supply a large percentage of the aviation fuel at Detroit'sMetropolitan Airport.

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 Line 5 dual pipelines, including the safe operations thereof, litigation and anticipated impact of any disruption to Line 5 operations.

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 in this news release with regards to the Line 5 dual pipelines include the impact of government and regulatory actions, approvals and litigation on ongoing and future operations.

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. and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and 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.

Contact:

Tel: (888) 992-0997

Email: media@enbridge.com

(C) 2020 Electronic News Publishing, source ENP Newswire

All news about ENBRIDGE INC.
12:16aNEWS HIGHLIGHTS : Top Energy News of the Day
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01/12ENBRIDGE : rejects Michigan's order to shut down Line 5 pipeline through Great L..
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More news
Financials
Sales 2020 39 296 M 31 110 M 31 110 M
Net income 2020 2 525 M 1 999 M 1 999 M
Net Debt 2020 72 051 M 57 043 M 57 043 M
P/E ratio 2020 37,4x
Yield 2020 7,21%
Capitalization 91 074 M 72 036 M 72 103 M
EV / Sales 2020 4,15x
EV / Sales 2021 4,25x
Nbr of Employees 13 000
Free-Float 99,8%
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Enbridge Inc. Technical Analysis Chart | ENB | CA29250N1050 | MarketScreener
Technical analysis trends ENBRIDGE INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 26
Average target price 51,29 CAD
Last Close Price 44,97 CAD
Spread / Highest target 29,0%
Spread / Average Target 14,1%
Spread / Lowest Target -22,2%
EPS Revisions
Managers and Directors
NameTitle
Albert Monaco President, CEO & Non-Independent Director
Gregory Lorne Ebel Non-Executive Chairman
Colin K. Gruending Chief Financial Officer & Executive Vice President
Bhushan Ivaturi Chief Information Officer & Senior Vice President
Vera Maureen Kempston-Darkes Independent Director
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