Home Fossil fuel Enbridge sees room for fossil fuel infrastructure in energy transition and expects Line 3 gains by year end

Enbridge sees room for fossil fuel infrastructure in energy transition and expects Line 3 gains by year end

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Enbridge Inc. assured shareholders it will remain strong in adapting to the energy transition even as the mid-size Canadian giant faces continued opposition from fossil fuel enemies over its plans.

“We believe that in all practical scenarios, our assets will remain essential to support long-term energy demand,” Enbridge President Al Monaco said as the company’s Calgary headquarters released the results. half-yearly financials.

“Existing infrastructure will play a key role in transporting and storing future energy supplies, ensuring affordable and reliable access to conventional, low-carbon energy. “

Enbridge said the largest and most contested element of its project schedule – Minnesota’s $ 2.6 billion leg in its Line 3 oil line replacement project – has remained on the right track. way by foiling legal challenges and surviving protest rallies on the right-of-way.

“With the completion of the Canada, North Dakota and Wisconsin segments and good construction progress in Minnesota, we expect Line 3 to be fully operational during the fourth quarter,” Monaco said. . “Line 3 is first and foremost a critical integrity project that will improve safety and further reduce environmental risks. “

Financial gains from the project are expected by the end of this year as shippers pay tolls to use the new pipe which will add 370,000 barrels per day to Line 3’s capacity by allowing it to restore full pressure to operation after a decade of security restrictions on the old conduit.

Monaco added that Enbridge continues to advance a C $ 17 billion portfolio of pipeline, gas, hydrogen and renewable energy projects across Canada and the United States, and beyond. sea ​​in France.

The portfolio includes early forays into ‘self-powered’ conversions of the Enbridge system that use electrical equipment powered by wind turbines, an adaptation to evolving climate change policy aimed at reducing gas emissions at greenhouse effect.

Enbridge reported profits of C $ 3.294 billion ($ 2.635 billion) or C $ 1.63 / share ($ 1.30 / share) for the first six months of this year. The company’s performance to date in 2021 is a 15-fold increase from earnings of C $ 218 million ($ 174.4 million) or 10 cents Canadian / share (eight cents / share) at the time of the economic crisis of the first half of 2020 inflicted by the Covid-19 pandemic.


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