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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Enbridge : fails to meet aquifer cleanup deadline in Minnesota

10/17/2021 | 11:09am EST

MINNEAPOLIS (AP) — Enbridge has failed to meet a deadline set by the Minnesota Department of Natural Resources for cleaning up a site where an aquifer ruptured during construction of the Line 3 oil pipeline, DNR officials said.

The agency had given the company until Friday to repair the damage that caused the artesian aquifer near Clearbrook to leak at least 24 million gallons of groundwater. Regulators will require compensation for the additional time it takes to stop the groundwater flow.

The DNR has already ordered Enbridge to pay $3.32 million for failing to follow environmental laws.

Regulators also announced they are investigating two separate sites where the company may have caused additional groundwater damage, the Star Tribune reported.

A company spokeswoman says Enbridge is co-operating with the Minnesota DNR to correct uncontrolled groundwater flows at Clearbrook, and is working with officials while they evaluate two other locations.

Line 3 starts in Alberta, Canada, and clips a corner of North Dakota before crossing Minnesota en route to Enbridge’s terminal in Superior, Wisconsin.

Winona LaDuke, who heads the Honor the Earth Indigenous environmental group, called the company’s failure to meet the deadline alarming. “If Enbridge can’t meet basic safety requirements, they should not be allowed to operate a pipeline,” she said, adding that it "doesn’t bode well for the future.”

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on ENBRIDGE INC.
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Financials
Sales 2021 44 915 M 35 078 M 35 078 M
Net income 2021 5 457 M 4 262 M 4 262 M
Net Debt 2021 75 096 M 58 650 M 58 650 M
P/E ratio 2021 18,2x
Yield 2021 6,70%
Capitalization 101 B 78 881 M 78 782 M
EV / Sales 2021 3,92x
EV / Sales 2022 3,55x
Nbr of Employees 11 200
Free-Float 86,4%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 49,79 CAD
Average target price 55,97 CAD
Spread / Average Target 12,4%
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Managers and Directors
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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