Going through the $ENB Q4 preso. On-going ENB developments probably have the most immediate implications on the WCSB industry (L3, L5, mainline contracting). A couple random thoughts.... #EFT #OOTT

Line 3 ISD of Q4 2021 mostly de-risked now. ~9 months & construction costs of $2.3B. With the regulatory risks (hopefully) behind them, ENB should be able to run with this.

Completing this safely will be important w/ covid risk and the recent safety issues on TMX and Suncor.

L5 permits are a real risk for ENB, refiners, & producers. I don't think anyone can confidently say what will happen with the existing line. Common sense does not seem to be a factor anymore.

The recent weather should bolster the argument for a reliable energy distr. network

Next hearing date for mainline contracting is set for April 2021. If no decision by June 2021, will maintain status quo on an interim basis.

@SamirKayande has a great thread on the implications of the decision: https://twitter.com/SamirKayande/status/1346925987418624000