Enbridge Secures Stake in Woodfibre LNG Facility in BC
At Enbridge, our goal is to deliver the energy people need to heat their homes, run their businesses and fuel their lives.
Our success is rooted in understanding energy fundamentals, adapting to market and consumer trends and continuing to transition our business to align with the changing energy landscape.
We also see liquified natural gas, or LNG, as a centerpiece of the broader global energy transition story.
With this path and responsibility in mind, we’re extremely excited about this morning’s announcement with Pacific Energy Corporation Limited that Enbridge is investing in a 30% stake in Woodfibre LNG, the state-of-the-art natural gas liquefaction facility currently under development near Squamish, BC.
Woodfibre LNG will be one of the cleanest LNG facilities in North America, powered by renewable hydroelectricity from the BC grid. The facility will take natural gas produced in BC, cool it to liquid form and export it across the globe.
Construction on the Woodfibre facility will begin in 2023 with completion set for 2027.
One of the significant benefits of LNG is that it can help reduce the world’s greenhouse gas emissions by displacing coal for electrical power generation in places like China and India.
“As a leader in the energy transition, Enbridge is excited to participate in the Woodfibre LNG facility through this partnership,” said Al Monaco, Enbridge’s President and Chief Executive Officer. “This facility will provide global LNG markets with a safe, secure and sustainable source of BC natural gas through a long-term transportation agreement on our T-South pipeline system. This investment is a natural extension of our export pipeline strategy, with strong commercial underpinnings.”
Added Monaco: “Expanding global access to natural gas through LNG will play a critical role in North America’s energy future, and will help to reduce the world’s greenhouse gas emissions through the displacement of coal-fired power generation, creating strong alignment with our ESG goals.”
Enbridge is a leader in the energy transition. Through our investment in Woodfibre, we’ll continue to work toward meeting our emission reduction commitments, which include achieving net-zero greenhouse gas emissions by 2050.
Once in service, the Woodfibre facility will be run by Woodfibre LNG with Pacific Canbriam supplying natural gas from northeast B.C. and BP buying the LNG produced at the facility for shipment to overseas markets.
Squamish Nation is involved with the project as a project partner and environmental regulator.