- Enbridge (ENB -0.2%) says its Line 3 replacement project remains on track for service in H2 2019 but regulatory delays and route modifications will raise the cost.
- ENB says the project from Alberta, to Superior, Wis., will cost C$8.2B (US$6.52B), 9% more than its previous forecast, but will be offset by lower operating costs and a stronger U.S. dollar.
- CEO Al Monaco said during today's earnings conference call that Line 3 had obtained permits in Canada, North Dakota and Wisconsin but still required regulatory approval from Minnesota, which ENB expects during Q3.
- ENB reported Q2 earnings that more than tripled from the prior year quarter, helped partly by its purchase of Spectra Energy (F:SEP), but still came in below analyst estimates, hurt by outages and production disruptions in its liquids pipeline business.
- ENB says it expects the liquids pipeline business to improve over the rest of the year, as production and throughput ramps back up on its mainline system.
- Now read: Enbridge - Is It Just A Pipe Dream?
Original article