June 19, 2000
June 15 approved the Incentive Tolling Settlement reached between
Enbridge Pipelines Inc. and the Canadian Association of Petroleum
Producers (CAPP). The settlement is a renewal and revision of
Enbridge's 1995 Incentive Tolling Agreement with CAPP that expired
at the end of 1999. The renewed arrangement preserves the
significant benefits that have been achieved for shippers and
shareholders, and includes new features that will provide further
benefits for both.
Enbridge and CAPP pioneered the first incentive tolling agreement
with industry in 1995, and by the end of 1999 had shared in
pre-tax savings of $117 million resulting from cost reductions and
productivity gains.
The Incentive Tolling Settlement governs tolls on the Enbridge
Canadian mainline pipeline system for the years 2000 to 2004. The
specific terms were outlined in an application filed with the
National Energy Board April 5, 2000.
Information about Enbridge and the Incentive Tolling Settlement is
available on the Company's web site at www.enbridge.com. For more
information about CAPP, see CAPP's web site at www.capp.ca.