TORONTO, ONTARIO--(CCNMatthews - Nov. 24, 2004) - At close of business today, the Ontario Energy Board (OEB) issued a decision related to the earnings sharing mechanism that was included in the Enbridge Gas Distribution 2004 Rate Decision. The earlier 2004 Decision included an earnings sharing mechanism with customers receiving 50 per cent of normalized earnings above the OEB approved rate of return. Normalization reflects an adjustment to earnings due to colder or warmer weather than forecast.
The earnings above the approved rate of return of 9.69% were approximately $20 million (approximately $12.7 million after tax) in 2004. As a result of today's Decision, half of this will be shared with customers. For a typical residential customer this will be a one-time credit of approximately $4.30. The credit will be included on the customer's bill in early 2005, along with other year-end and quarterly rate adjustments. There is no impact on Enbridge Gas Distribution's reported earnings.
Further information about the Decision is available at: www.oeb.gov.on.ca or through the OEB Customer Service Centre at 416-314-2455 or toll-free at 1-877-632-2727.
Enbridge Gas Distribution has a more than 155-year history and is Canada's largest natural gas distribution company. It delivers safe, reliable natural gas to about 1.7 million customers in many Ontario communities. Enbridge Gas Distribution is a leader in promoting energy efficiency programs. Enbridge Gas Distribution distributes gas in New York State through St. Lawrence Gas, in New Brunswick through Enbridge Gas New Brunswick and is affiliated with Gazifere in southwestern Quebec. Enbridge Gas Distribution is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution.
For more information please contact:
Enbridge Gas Distribution - Media
Lisa McCarney
(416) 495-5662
Email: lisa.mccarney@enbridge.com
or
Enbridge Gas Distribution - Investor Community
Colin Gruending
(403) 231-5919
Email: colin.gruending@enbridge.com
Website: www.enbridge.com