Enbridge Inc (ENB.TO) plans to take over a Canada-U.S. power transmission project by buying its cash-strapped developer for C$20 million ($20.4 million), marking an entry for the pipeline operator into electricity transmission. Enbridge, best known as the main transporter of Canadian oil to the United States, said on Tuesday it had agreed to purchase the shares of Tonbridge Power Inc (TBZ.V) for 54 Canadian cents apiece, giving it control of the Montana Alberta Tie Line project. The project is a two-phase development that will link Great Falls, Montana, with Lethbridge, Alberta, with a 345 km (214 mile) transmission line. In June, Tonbridge had said it would need at least C$25 million in additional funding to complete the power line, raising concerns over the project's future. It subsequently doubled that estimate.
Enbridge Inc. (Enbridge) is engaged in energy transportation and distribution. Shares of ENB fell by 1.68% or $-0.54/share to $31.61. In the past year, the shares have traded as low as $24.28 and as high as $33.73. On average, 706261 shares of ENB exchange hands on a given day and today's volume is recorded at 335115.
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