OKLAHOMA CITY–(BUSINESS WIRE)–Enable Midstream Partners, LP (NYSE: ENBL) announced today that Enable Mississippi River Transmission, LLC (MRT) received approval from the Federal Energy Regulatory Commission (FERC) of its uncontested rate case settlements with customers. The settlements establish rates for services on the MRT system that provide a return on MRT’s historical investments, recovery of the pipeline’s ongoing operating costs and rate certainty for customers.
Effective Aug. 1, 2019, MRT’s maximum firm transportation rates for service across both of MRT’s pipeline zones have increased by approximately 60% and storage deliverability and capacity rates have increased by approximately 30% compared to the rates in effect before Jan. 1, 2019. Excluding the one-time benefit that Enable expects to recognize in 2020 for 2019 billings, Enable expects 2020 MRT service revenues of approximately $87 million, an increase of approximately $7 million compared to 2018 levels, the last year unaffected by these rate cases and recent capacity turnback. The settlements also include contract extensions for most firm transportation and storage customers through July 31, 2024.
“We are pleased with the approved settlements and believe they represent a fair return on MRT’s historical investments,” said Rod Sailor, president and CEO. “I want to thank everyone involved in the rate case process, including our customers, our employees, FERC staff and the FERC Commissioners. MRT has been in service to customers for over 90 years, and today’s settlement approvals demonstrate the pipeline’s strategic value to its service area and position it to continue providing that service well into the future.”
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,300 miles of intrastate pipelines and eight natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit www.enablemidstream.com.
Some of the information in this press release may contain forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include our expectations of plans, strategies, objectives and anticipated financial and operational performance. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties, including risks resulting from the ongoing spread and economic effects of the novel coronavirus (COVID-19) and the recent actions of Saudi Arabia and Russia which have resulted in a substantial decrease in oil and natural gas prices. Consequently, no forward-looking statements can be guaranteed.
A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this press release and in our Annual Report on Form 10-K for the year ended Dec. 31, 2019 (“Annual Report”). Those risk factors and other factors noted throughout this press release and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statement is made and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information or otherwise, except as required by applicable law.
Leigh Ann Williams