CALGARY, ALBERTA--Enbridge Energy Management, L.L.C ("Enbridge Management"), a U.S. affiliate of Enbridge Inc., formed to manage and control the business and affairs of Enbridge Energy Partners, L.P. ("the Partnership"), today announced that it has priced the initial public offering of 9 million of its shares at US $39.00 per share. The shares will trade under the symbol "EEQ" on the New York Stock Exchange commencing on Friday, October 11, 2002.
Accordingly, Enbridge Inc. expects that the transfer of natural gas assets to the Partnership, as previously announced, will close concurrently with the closing of Enbridge Management's initial public offering on October 17, 2002.
Enbridge Inc. is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system.
The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, which provides distribution services in Ontario, Quebec and New York State; and is developing a gas distribution system for the Province of New Brunswick. Enbridge employs approximately 4,000 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol "ENB". Information about Enbridge is available on the Company's web site at www.enbridge.com.
When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forward-looking statements, which include statements relating to pending and proposed projects. Such statements are subject to certain risks, uncertainties and assumptions pertaining to operating performance, regulatory parameters, weather and economic conditions and, in the case of pending and proposed projects, risks relating to design and construction, regulatory processes, obtaining financing and performance of other parties, including partners, contractors and suppliers.
For more information please contact:
Enbridge Inc.
Jim Rennie
Media
(403) 231-3931
Email: jim.rennie@corp.enbridge.com
or
Enbridge Inc.
Colin Gruending
Investment Community
(403) 231-5919
Email: colin.gruending@corp.enbridge.com
Website: www.enbridge.com