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Enbridge greenlights C$3.6 billion gas pipeline expansion in Canada

Stock Markets Nov 04, 2022 11:31
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© Reuters. FILE PHOTO: The Enbridge Centre company office is seen in Edmonton, Alberta, Canada October 6, 2021. Picture taken October 6, 2021. REUTERS/Todd Korol
 
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By Nia Williams and Mrinalika Roy

(Reuters) - Canadian energy infrastructure firm Enbridge Inc (TSX:ENB) on Friday announced a C$3.6 billion ($2.65 billion) expansion of the southern segment of its British Columbia (B.C.) gas pipeline system after strong demand from customers.

The Calgary-based company, which posted higher third-quarter earnings on Friday, also launched an open season to gauge shipper interest in a potential C$1.9 billion expansion of the northern section of the same system.

Gas production in Western Canada this year neared record levels of 18 billion cubic feet a day. Enbridge Chief Executive Officer Al Monaco said that supply growth coupled with future demand from planned liquefied natural gas (LNG) export projects was underpinning the expansions.

"Given the outlook for Western Canada supply, we are seeing strong customer interest for more egress for LNG exports and downstream access," Monaco said in an earnings call.

Enbridge said the expansion of the southern part of its system, known as T-South, will add 300 million cubic feet per day (cfpd) of capacity. It will serve customers in the Pacific Northwest and southern B.C., as well as the Woodfibre LNG project that Enbridge bought a C$1.5 billion stake in earlier this year.

The company expects to file a regulatory application for the T-South expansion in 2024 and is targeting 2028 to start operations.

Enbridge is also looking at adding about 500 million cfpd of capacity to the northern section of the system, T-North, which connects the gas-producing region around Fort Nelson in northeastern B.C. to the southern part of the pipeline network.

The open season for T-North is expected to end on Jan. 10, 2023.

Enbridge shares were trading 1.6% higher at C$54.51 on the Toronto Stock Exchange on Friday after the company reported a higher third-quarter adjusted profit.

($1 = 1.36 Canadian dollars)

Enbridge greenlights C$3.6 billion gas pipeline expansion in Canada
 

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