Enbridge says Line 3 project progressing
CA LGARY Enbridge said Thursday its Line 3 pipeline replacement program is progressing well, even as it faces scrutiny in Minnesota.
CEO Al Monaco said on a thirdquarter earnings call the company is making good progress on the line, with construction already underway in Canada and Wisconsin and the project expected to be finished in mid-2019.
Regulators in Minnesota, however, continue to review the project and have issued several rulings with which the company disagrees.
Last week, the Public Utilities Commission ruled Enbridge must publicly disclose its projections for potential oil spills on the line, including the probability of large spills at seven water crossings.
The company submitted the data as part of an environmental impact statement, but had the information redacted from the public version over what it said were concerns the data could be used by those looking to damage the line.
Protests against the line are also increasing in the state, with the commission cancelling two public hearings last week over what it said were logistical and safety issues after protesters disrupted a hearing on the project a week earlier.
In September, the Minnesota Department of Commerce said the company failed to establish the need for its pipeline to be replaced.
Enbridge disagreed, and on Thursday’s call Monaco emphasized the importance of the line.
“Line 3 is a key piece of infrastructure that supplies the U.S. Midwest and Gulf Coast markets, and ultimately it’s critical in maintaining low gasoline prices for Americans.”
Enbridge said the Minnesota Public Utilities Commission is expected to rule on the adequacy of the project’s environmental impact statement in December, and on the certificate of need and route permits in the second quarter of 2018, which could clear the way for completion of the line a year later.
Enbridge said that on an adjusted basis, it earned $632 million or 39 cents per share for the quarter compared with an adjusted profit of $437 million or 47 cents per share a year ago. Revenue in the quarter amounted to $9.23 billion, up from $8.49 billion.