CALGARY, ALBERTA--(Marketwire -08/27/12)- Enbridge Inc. (ENB.TO) (ENB) today announced the repayment of the approximately U.S.$151 million principal outstanding under the U.S.$161 million Transmission Infrastructure Program (TIP) loan granted in 2009 by the Western Area Power Administration (WAPA), an agency of the U.S. Department of Energy, to help kick start construction of MATL.
MATL is a 345-kilometre (215-mile), 230 kv transmission line from Great Falls, Montana to Lethbridge, Alberta, designed to support the electric transmission needs of new wind power facilities in north-central Montana and buoyant power demand in Alberta. Subject to certain remaining regulatory approvals, MATL is expected to be in service in the fourth quarter of 2012.
"Funding from WAPA was essential to getting the MATL power transmission project off the ground," said Richard Bird, Executive Vice President, Chief Financial Officer and Corporate Development for Enbridge Inc. "Their continued support has been of great assistance during the development phase of the project. Now, as the MATL project approaches completion, it is beneficial for us to replace WAPA's initial funding with conventional financing sources available to us. We look forward to working with WAPA on future transmission projects."
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 almost 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 about 7,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that 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 operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. 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.