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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Canada Energy Regulator Denies Enbridge's Mainline Contracting Application

12/02/2021 | 11:09am EST

A panel of the Canada Energy Regulator (the "Commission") has denied Enbridge Pipeline Inc.'s ("Enbridge") proposal to create a new service and tolling framework for the Canadian Mainline.

In December 2019, Enbridge submitted its Mainline Contracting Application to the Canada Energy Regulator. The Canadian Mainline accounts for over 70% of the oil transportation capacity out of the Western Canadian Sedimentary Basin. For decades, it has operated on a wholly uncommitted basis, with shippers nominating the transportation capacity they require on a monthly basis.

Enbridge's Mainline Contracting Application sought the approval of long-term contracts for committed service on 90% of the Canadian Mainline, reserving the remaining 10% for uncommitted shipments. Enbridge also sought approval for tolling changes differentiating between various shipper groups based on contracted capacity, distance and segment.

The Commission held a nearly eight-week virtual hearing to consider the application. Thirty-nine intervenors participated in the hearing, including producers, refiners and provincial governments.

On November 26, 2021, the Commission denied Enbridge's application, finding that reserving 10% of the Canadian Mainline's capacity for uncommitted shipments would be inconsistent with Enbridge's common carriage obligations and likely would have diminished overall access to the Canadian Mainline. The Commission also found that Mainline Contracting may have resulted in potentially significant disruptions to oil markets. The application did not include sufficient justification for the discriminatory aspects of Mainline Contracting with respect to the tolls and terms and conditions of service. Finally, the proposed tolls could have produced unreasonable returns and unreasonably exceeded cost of service tolls.

As a result of the Commission's decision, Enbridge's proposed open season will not proceed and the existing interim tolls and conditions of service will remain in effect.

MLT Aikins lawyers Rangi Jeerakathil and Jessica Buhler appeared on behalf of two intervenors in the Canada Energy Regulator hearing. Rangi and Jessica advise clients on a variety of regulatory issues in de-regulated and regulated industries. They have extensive experience appearing before various administrative tribunals and courts.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mr Rangi Jeerakathil
MLT Aikins LLP
1500 Saskatoon Square
410 - 22nd Street East
Saskatoon
SK S7K 5T6
CANADA
Tel: 204957 0050
Fax: 204957 0840
E-mail: marketingservices@mltaikins.com
URL: www.mltaikins.com

© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Sales 2021 47 002 M 37 348 M 37 348 M
Net income 2021 5 423 M 4 309 M 4 309 M
Net Debt 2021 75 801 M 60 232 M 60 232 M
P/E ratio 2021 18,9x
Yield 2021 6,50%
Capitalization 104 B 83 044 M 82 670 M
EV / Sales 2021 3,83x
EV / Sales 2022 3,45x
Nbr of Employees 11 200
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Number of Analysts 25
Last Close Price 51,35 CAD
Average target price 55,43 CAD
Spread / Average Target 7,95%
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Albert Monaco President, CEO & Non-Independent Director
Vern D. Yu Chief Financial Officer & Executive Vice President
Gregory Lorne Ebel Non-Executive Chairman
Bhushan Ivaturi Chief Information Officer & Senior Vice President
Tyler W. Robinson Chief Compliance Officer & VP-Enterprise Security
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