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Enbridge Inc ENB

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Enbridge Restarts East Leg of Line 5 Pipeline

Joe Gemino, CPA Senior Equity Analyst

Analyst Note

| Joe Gemino, CPA |

On Sept. 10, Enbridge restarted the east leg of its Line 5 pipeline after receiving approval from a Michigan court a day prior. Line 5’s east leg has been closed since June 25 when a Michigan judge ordered a temporary shutdown of both legs after Enbridge discovered damage to an anchor support a few days earlier. The west leg of the pipeline has been operating since July 1 when the Ingham County Circuit Court of Michigan lifted its temporary restraining order. Despite the temporary shutdown, we still don’t expect a material impact on the company’s financial results given that the Mainline system is running at reduced rates as a result of lower crude oil demand across North America.

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Company Profile

Business Description

Enbridge is an energy generation, distribution, and transportation company in the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada’s largest natural gas distribution company. Additionally, Enbridge generates renewable and alternative energy with 2,000 megawatts of capacity.

Contact
425-1st Street SW, Suite 200, Fifth Avenue Place
Calgary, AB, T2P 3L8, Canada
T +1 403 231-3900
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 11,300

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