Combined utility to deliver outstanding energy value for consumers
CALGARY, Oct. 15, 2018 /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) announced it will move forward with the amalgamation of its Ontario based utilities, Enbridge Gas Distribution Inc. (Enbridge Gas Distribution) and Union Gas Limited (Union Gas), with an expected effective date of January 1, 2019.
This decision follows a detailed review of the parameters of the regulatory approval received from the Ontario Energy Board on August 30, 2018, and the approvals of the board of directors of each of Enbridge, Enbridge Gas Distribution and Union Gas.
"Energy affordability and the safe, reliable delivery of natural gas are important to Ontario natural gas customers," noted Cynthia Hansen, Executive Vice President, Utilities and Power Operations, adding, "Union Gas and Enbridge Gas Distribution have long been leaders in delivering exceptional energy value for consumers through an unrelenting focus on safety, operational efficiency and reliability of service. Combining these utilities and leveraging their strengths is an opportunity to do what's best for customers and to position the combined company for future growth and success."
Forward Looking Statements
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project" and similar words and expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact may constitute forward-looking statements Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the completion of the amalgamation, and the timing and expected benefits with respect thereto. Although Enbridge believes these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to the completion, timing and benefits of the transaction, including satisfaction of certain conditions precedent to the transaction, the focus of management time and attention on the transaction and other disruptions arising from the transaction, and economic and competitive conditions.. A further discussion of the risks and uncertainties facing Enbridge can be found in its filings with Canadian and United States securities regulators. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
About Enbridge Inc.
Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, andNew Brunswick. Enbridge also has interests in more than 1,400 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com.
About Enbridge Gas Distribution
Enbridge Gas Distribution Inc. has a more than 165-year history and is Canada's largest natural gas distribution company. It is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution, and has ranked as one of the Global 100 Most Sustainable Corporations for the past eight years. Enbridge Gas Distribution distributes natural gas to over two million customers in Ontario.
About Union Gas
Union Gas Limited, is a major Canadian natural gas storage, transmission and distribution company based in Ontariowith over 100 years of experience and service to customers. The distribution business serves about 1.5 million residential, commercial and industrial customers in more than 400 communities across Ontario. Union Gas, an Enbridge Company-one of Canada's Top 100 Employers for 2018-has assets of $8.9 billion and approximately 2,300 employees. For more information, visit uniongas.com or find us on Facebook: facebook.com/uniongas, LinkedIn: linkedIn.com/uniongas, Twitter: twitter.com/uniongas and YouTube: youtube.com/user/uniongas.
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SOURCE Enbridge Inc.