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"The Southern Access Expansion is a major milestone in the Partnership's history and another step toward helping assure that the petroleum needs of U.S. consumers can be met with the reliable and secure delivery of North American crude oil to our Midwest, eastern and southern U.S. refineries," said Terrance McGill, president of the Partnership's management company and of its general partner.
The project was completed on time and in-line with budget. The Partnership anticipates that earnings before interest, taxes, depreciation, and amortization ("EBITDA") associated with this second stage of the Southern Access expansion project will be approximately $80 million annually for the first full year of operation. The toll surcharge related to this portion of the project, applicable to the Lakehead Pipeline crude oil mainline system, is effective April 1, 2009.
The 139-mile, 42-inch Stage 2 section of the Southern Access expansion project, which is now ready for line fill, completes the 460-mile Superior, Wisc., to Flanagan, Ill. pipeline expansion. Stage 1 of this project from Superior to Delavan, Wisc., was installed and ready for service April 1, 2008, and is nearing completion of line-fill. With the first and second stages of the Southern Access expansion project in-service, capacity of the Lakehead Pipeline crude oil mainline system will increase by 400,000 barrels per day (bpd). The new pipeline also provides substantial low cost expansion capability with the addition of pumping capacity.
With the completion of the first and second stages of the Southern Access expansion project, the mainline system is now extended to the Flanagan hub where volumes can be directly delivered to the Spearhead System, owned by the Partnership's general partner, or to the Chicago hub. The Enbridge Spearhead Pipeline, recently expanded to 190,000 bpd from 125,000 bpd, interconnects with this new mainline expansion and will transport crude oil delivered into Flanagan to the Cushing, Okla., hub.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 11 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 3 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (NYSE: EEQ) (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its sole asset is an approximate 13 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) (www.enbridge.com), is the general partner and holds an approximate 27 percent interest in the Partnership.
This news release includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: "anticipate," "expect," or "will." Forward-looking statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond Enbridge Partners' ability to control or predict.
Reference should also be made to Enbridge Partners' filings with the U.S. Securities and Exchange Commission; including its Annual Report on Form 10-K for the most recently completed fiscal year, for additional factors that may affect results. These filings are available to the public over the Internet at the SEC's web site (www.sec.gov) and via the Partnership's web site.
Investor Relations Contact: Douglas Montgomery Toll-free: (866) EEP INFO or (866) 337-4636 E-mail: eep@enbridge.com Media Contact: Larry Springer Telephone: (713) 821-2253 E-mail: usmedia@enbridge.com
SOURCE: Enbridge Energy Partners, L.P.
mailto:eep@enbridge.com mailto:usmedia@enbridge.com
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