April 5, 2000
Canadian Association of Petroleum Producers (CAPP) today announced
the details of an Incentive Tolling Agreement governing tolls on
the Enbridge Canadian mainline pipeline system for the years 2000
to 2004. The specific terms of the settlement are outlined in an
application filed today with the National Energy Board, seeking
the Board's approval.
The settlement follows the May 1999 Memorandum of Agreement
regarding an extension and revision of the 1995 Incentive Tolling
Agreement which expired at the end of 1999. The fundamentals of
the extended agreement are consistent with the original agreement,
and confirm that Enbridge and its customers will continue to share
in cost savings.
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.
Enbridge Inc. is a leader in energy transportation, distribution
and services. The Company's wholly owned subsidiary Enbridge
Pipelines Inc. operates the world's longest crude oil and liquids
pipeline system. The Company also is involved in the natural gas
midstream and transmission businesses, and owns and operates
Canada's largest natural gas distribution company. Enbridge
common shares trade on the Toronto Stock Exchange under the symbol
'ENB' and on the NASDAQ National Market under the symbol 'ENBR'.
Information about Enbridge is available on the Company's web site
at www.enbridge.com. Details of the Incentive Tolling Settlement
will also be available on the web site beginning Thursday, April
6, 2000.
CAPP is the voice of Canada's upstream petroleum industry. CAPP's
170 member companies produce 95 per cent of Canada's oil and
natural gas, inject over $28 billion into the Canadian economy and
generate a trade surplus in excess of $12 billion annually. The
upstream petroleum industry directly and indirectly employs over
200,000 Canadians. CAPP's mission is to enhance the economic
well-being and sustainability of the Canadian upstream petroleum
industry in a socially, environmentally and technically
responsible manner. CAPP has offices in Calgary, Halifax and St.
John's. For more information about CAPP, see CAPP's web site at