Enbridge to invest up to C$600 million to upgrade Toronto pipeline
(Reuters) - Enbridge Inc (ENB.TO: Quote) said it will invest up to C$600 million to expand its gas distribution system in the Greater Toronto Area to meet growing demand.
Enbridge, Canada's No. 2 pipeline company and its largest gas distributor, expects to construct the project in 2014 and 2015.
Enbridge said the proposed project will consist of two segments of pipeline and related facilities to upgrade the existing distribution system that delivers natural gas to the municipalities of Toronto, Brampton, Mississauga, Vaughan, Richmond Hill and Markham.
The company expects to file an application in the coming months with the Ontario Energy Board, whose approval is required for the construction.
Shares of the company, which has a market value of about C$31 billion, were up 2 Canadian cents at C$38.67 on Thursday morning on the Toronto Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sreejiraj Eluvangal)
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