Enbridge Inc.200, Fifth Avenue Place
425 - 1st Street S.W.
CA, T2P 3L8
- Tel: 403-231-3900
- Fax: 403-231-3920
- Website: www.enbridge.com
- Follow us:
Algonquin Power & Utilities Corp. announced that its subsidiary Liberty Utilities (Canada) LP has entered into an agreement to purchase Enbridge Gas New Brunswick Limited Partnership , a subsidiary of Enbridge Inc., along with its general partner for C$331 million, subject to certain customary adjustments. New Brunswick Gas is a regulated utility that provides natural gas to approximately 12,000 customers in 12 communities across New Brunswick, and operates approximately 800 km of natural gas distribution pipeline.
On October 31, Enbridge reported that it had completed repairs on its 36-inch natural gas transmission pipeline that had ruptured on October 9 near Prince George and that the company planned to bring the line back into operation as of today. The pipeline will not be at full capacity once it restarts. Rather, it will start at about 55 percent operating pressure and gradually ramp up to 80 percent through November.
Enbridge Inc. on behalf of itself and certain of its wholly owned US subsidiaries and Spectra Energy Partners, LP announced that they have entered into a definitive agreement under which Enbridge will acquire all of the outstanding public common units of SEP on the basis of 1.111 common shares of Enbridge for each common unit of SEP. The Agreed Exchange Ratio represents a 9.8% increase to the exchange ratio offered by Enbridge on May 17, 2018 of 1.0123 Enbridge common shares per SEP common unit. The transaction is valued at US $3.3 billion / CAN $4.3 billion based on the closing price of Enbridge's common shares on the New York Stock Exchange (NYSE) / Toronto Stock Exchange (TSX) on August 23, 2018.
Canada is a place where the environment and the economy go hand in hand. Providing a stable, effective regulatory regime to approve and oversee pipeline operations is integral to safeguarding the environment, while supporting projects in the national interest that create good jobs, strengthen and grow the middle class and help get Canada's resources to world markets will deliver economic benefits for all Canadians.
Growth continues to be the word across the board for Enbridge, according to the company's financial results through the second quarter of 2018. With $7 billion in new projects scheduled to come into service in 2018, and the company's Line 3 project moving forward, company executives are expecting that strength to continue.