Enbridge Energy Partners, L.P. to Undertake Additional $0.2 Billion
U.S. Mainline Expansion
HOUSTON, TEXAS -- (Marketwire) -- 01/04/13 -- Enbridge Energy
Partners, L.P. (NYSE:EEP) ("the Partnership") today announced a
further expansion of the Lakehead System between Neche, North Dakota,
and Superior, Wisconsin. The expansion will add an additional 230,000
barrels per day of capacity at an estimated cost of approximately
$0.2 billion, and involves increased pumping horsepower, with no line
pipe construction. The expansion will require regulatory approvals.
The Lakehead System is held by Enbridge Energy, Limited Partnership
("EELP"), and this expansion will be included in the Mainline
Expansion Joint Funding Arrangement under which 60 percent of the
capital will be funded by Enbridge Inc. (NYSE, TSX: ENB) and 40
percent by the Partnership, with options granted to the Partnership
to decrease its economic interest in the expansion project by up to
15 percent and to increase its economic interest by up to 15 percent.
Mainline shippers have approved the undertaking of the expansion by
EELP on a full cost-of-service basis. The additional expansion is
expected to be available for service in 2015.
About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and
operates a diversified portfolio of crude oil and natural gas
transportation systems in the United States. Its principal crude oil
system is the largest transporter of growing oil production from
western Canada. The system's deliveries to refining centers and
connected carriers in the United States account for approximately 15
percent of total U.S. oil imports; while deliveries to Ontario,
Canada satisfy approximately 70 percent of refinery demand in that
region. The Partnership's natural gas gathering, treating, processing
and transmission assets, which are principally located onshore in the
active U.S. Mid-Continent and Gulf Coast area, deliver approximately
2.5 billion cubic feet of natural gas daily. Enbridge Energy Partners
is ranked as one of the 100 Most Trustworthy Companies in America.
Enbridge Energy Management, L.L.C. (www.enbridgemanagement.com)
manages the business and affairs of the Partnership and its sole
asset is an approximate 13 percent interest in the Partnership.
Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of
Enbridge Inc. of Calgary, Alberta, (NYSE:ENB) (TSX:ENB)
(www.enbridge.com) is the general partner and holds an approximate 22
percent interest in the Partnership.
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and one
of the Global 100 Most Sustainable Corporations. As a transporter of
energy, Enbridge operates, in Canada and the U.S., the world's
longest crude oil and liquids transportation system. The Company also
has a significant and growing involvement in natural gas gathering,
transmission and midstream businesses, and an increasing involvement
in power transmission. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, and
provides distribution services in Ontario, Quebec, New Brunswick and
New York State. As a generator of energy, Enbridge has interests in
close to 1,000 megawatts of renewable and alternative energy
generating capacity and is expanding its interests in wind and solar
energy, geothermal and hybrid fuel cells. Enbridge employs more than
10,000 people, primarily in Canada and the U.S. and is ranked as one
of Canada's Greenest Employers and one of Canada's Top 100 Employers
for 2013. Enbridge is included on the 2012/2013 Dow Jones
Sustainability World Index and the Dow Jones Sustainability North
America Index and is also a constituent of the 2012/2013 FTSE4Good
Index Series. Enbridge's common shares trade on the Toronto and New
York stock exchanges under the symbol ENB. For more information,
This news release includes forward-looking statements and
projections, which are statements that do not relate strictly to
historical or current facts. These statements frequently use the
following words, variations thereon or comparable terminology:
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"forecast," "intend," "may," "plan," "position," "projection,"
"should," "strategy," "will" and similar words. Although we believe
that such forward looking statements are reasonable based on
currently available information, such statements involve risks,
uncertainties and assumptions and are not guarantees of performance.
Future actions, conditions or events and future results of operations
may differ materially from those expressed in these forward-looking
statements. Many of the factors that will determine these results are
beyond Enbridge Partners' ability to control or predict. Specific
factors that could cause actual results to differ from those in the
forward-looking statements include: (1) changes in the demand for or
the supply of, forecast data for, and price trends related to crude
oil, liquid petroleum, natural gas and NGLs, including the rate of
development of the Alberta Oil Sands; (2) Enbridge Partners' ability
to successfully complete and finance expansion projects; (3) the
effects of competition, in particular, by other pipeline systems; (4)
shut-downs or cutbacks at facilities of Enbridge Partners or
refineries, petrochemical plants, utilities or other businesses for
which Enbridge Partners transports products or to whom Enbridge
Partners sells products; (5) hazards and operating risks that may not
be covered fully by insurance; (6) changes in or challenges to
Enbridge Partners' tariff rates; and (7) changes in laws or
regulations to which Enbridge Partners is subject, including
compliance with environmental and operational safety regulations that
may increase costs of system integrity testing and maintenance.
Reference should also be made to Enbridge Partners' filings with the
U.S. Securities and Exchange Commission, including its Annual Report
on Form 10-K for the most recently completed fiscal year and its
subsequently filed Quarterly Reports on Form 10-Q, for additional
factors that may affect results. These filings are available to the
public over the Internet at the SEC's web site (www.sec.gov) and at
the Partnership's web site.
Enbridge Energy Partners, L.P.
Investor Relations Contact:
Toll-free: (866) EEP INFO or (866) 337-4636
Enbridge Energy Partners, L.P.
Toll-free : (877) 496-8142
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