**Title: Enbridge CEO Discusses Risks of New Oil Pipeline Proposal**

Enbridge Inc. CEO Greg Ebel emphasized the need for solid assurances before the company would consider investing in a new oil pipeline project. Speaking at a news conference in Calgary, Ebel reflected on the company's past experiences, particularly the Northern Gateway project, which cost the company approximately $500 million before being halted by a federal tanker ban in 2016.

Currently, Enbridge is one of three midstream companies providing technical support to an Alberta government advisory group. The province is proposing a new pipeline that could transport up to one million barrels of oil per day to the northern British Columbia coast. The Alberta government plans to submit a proposal to the federal Major Projects Office by spring, contributing $14 million to the initial planning and Indigenous engagement efforts. However, the government does not intend to finance or construct the pipeline itself.

Ebel stated that for Enbridge to become a project proponent, several factors must align. "I can’t really answer that question today because there are a bunch of elements in there that are far more challenging than just the proposal," he said. He highlighted the importance of understanding global market needs and the Canadian government's policies, questioning whether they would involve legislative changes or merely verbal commitments.

"All of those have to be pretty concrete for us to dare take the risk again," Ebel added, likening the situation to the character Charlie Brown being tricked by Lucy.

The Alberta government’s announcement comes amid a backdrop of opposition to new pipeline projects. British Columbia Premier David Eby expressed concerns, calling the proposal "incredibly alarming to British Columbians, including First Nations along the coast."

Ebel noted that no private sector company has yet committed funding to the Alberta proposal. Enbridge, along with South Bow and the federally owned Trans Mountain Corporation, is providing technical advice but is not currently positioned to invest.

For Enbridge to consider participating in the new pipeline, Ebel outlined several necessary changes: the removal of the federal tanker ban, adjustments to the emissions cap on the oil and gas sector, modifications to the industrial carbon levy, and a clear path to regulatory approval.

Earlier this year, the Carney government passed Bill C-5, which aims to expedite approvals for five major projects within two years. Ebel stressed the urgency of improving the pace of project approvals, stating, "We are losing this race." He acknowledged the prime minister's commitment to complete major federal project reviews in two years but believes more can be done.

Former Trans Mountain CEO Ian Anderson highlighted the importance of proving the commercial viability of any new pipeline and gaining acceptance from local Indigenous and non-Indigenous communities. If all conditions are favorable, the earliest a new pipeline could be operational is estimated to be in the early 2030s.

Seamus O’Regan, a former federal natural resources minister, noted that Alberta's government is signaling its intent to push forward with the proposal. Polls indicate that a majority of Canadians support building pipelines, suggesting a potential window of opportunity for such projects.

Ebel concluded by reiterating that a West Coast project had previously been deemed commercially viable. With the right policies and customer backing, he believes it could be viable again, stating, "Now, it’s not going to be built until the customers are prepared to underwrite it, and they’re not going to do that until they’re comfortable that they’ve got the ability to produce the product that’s going to go into it."