The parent company of
Enbridge Energy Partners LP
) - announced its plans to spend up to $400 million to expand its
Canadian mainline system between Hardisty, Alberta, and the U.S.
ENBRIDGE EGY PT (EEP): Free Stock Analysis
ENBRIDGE INC (ENB): Free Stock Analysis
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The pipeline is an extension of Enbridge's pipeline construction
plan at Edmonton and Hardisty, announced last November. The
expansion will augment the capacity by 230,000 barrels per day
(bpd) and involves increased pumping horsepower.
The expansion plan is subject to regulatory approval and is
expected to be operational in 2015. The plan has been approved by
mainline shippers under the conditions of Enbridge Pipelines Inc
- a subsidiary of Enbridge Inc., Competitive Tolling Settlement
In September last year, Enbridge Inc. announced its plan to spend
up to C$600 million to expand its gas distribution system in the
Greater Toronto Area (GTA). The expansion was aimed at meeting
growing demand and ensures safe delivery of natural gas to
Enbridge Energy Partners also plans to expand the Lakehead System
pipeline connecting North Dakota and Wisconsin. This extension
will add 230,000 bpd to the capacity at an estimated cost of
about $200 million.
Calgary-based Enbridge Inc. is a leader in delivering energy. It
operates in Canada and the U.S. and has the world's longest crude
oil and liquids transportation system. Enbridge is involved in
natural gas gathering, transmission and midstream businesses and
is also engaged in power transmission. The company provides
distribution services in Ontario, Quebec, New Brunswick and New
York State. As a generator of energy, the company is expanding
its interests in wind and solar energy, geothermal and hybrid
Shares of Enbridge Inc. currently carry a Zacks #3 Rank, which
translates into a short-term Hold rating.