On an adjusted basis, Enbridge says it earned 63 cents per share in its latest quarter, down from 68 cents per share a year earlier
CALGARY — Enbridge Inc. says negotiations to settle on a new tolling plan for its Mainline pipeline system are progressing, but the Calgary-based company declined to say when it expects an agreement to be reached.
A year ago, Enbridge's former CEO Al Monaco had said he expected the company would reach an agreement with its shippers about the Mainline pipeline by summer 2022."We've made progress, but we're not there yet," said Ebel, who replaced Monaco as CEO on Jan. 1 of this year. "We don't have comments on timeline — I don't think that's helpful."
The pipeline’s demand has exceeded capacity over the past few years, so Enbridge had applied to enter into long-term contracts for 90 per cent of the Mainline system’s capacity. On Friday, Ebel said the incentive format is still the preference for many pipeline shippers, but if a consensus can't be reached, Enbridge will go ahead and seek regulatory approval for a cost-of-service proposal.
Enbridge reported a loss of $1.1 billion in its latest quarter as it took a $2.5-billion non-cash goodwill impairment charge related to its gas transmission business as a result of what it said was the increased cost of capital.
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