The Board would expect that for a letter of credit to be satisfactory, it would meet the following criteria: The Board may provide further guidance or direction as necessary. The insurance providers, and the providers’ respective A.M. Best Ratings (or equivalent).

The Company is responsible for providing evidence of the commodity it transports. The Absolute Liability limits are determined based on various criteria, which place Companies into certain classes. Lines of credit from a financial institution meeting the following minimum requirements may be satisfactory: The Board will only rely on the undrawn portion of a line of credit in consideration of the sum of Financial Resources a Company is maintaining.

The operational capacity at each key point may also reflect contracts for transportation service, and supply and demand across the system. For the non-major oil pipeline companies – all other oil, gas, and commodity pipeline companies – the regulations regarding Absolute Liability limits will come into force on 11 July 2019. The Board stated that after receipt of comments on the Draft Guidelines, it intended to issue final guidelines by 29 March 2019, and post the written comments on the Board’s website. The NEB Act defines company as including: The NEB has interpreted this provision to include entities incorporated (or continued and not discontinued) under provincial corporate legislation.

Paragraph 48.12(5)(a) refers to a “company that is Authorized under this [NEB] Act to construct or operate one or more pipelines”, and paragraph 48.12(5)(b) refers to a “company that is Authorized under this [NEB] Act to construct or operate any other pipeline”. The following section highlights some key features of the NEB Act and Regulations, and provides guidance in terms of how a Company can calculate its respective Absolute Liability Class.

For example, an Oil pipeline Company may apply for and receive approval to abandon a pump station, the effect of which could be to reduce its Capacity from 55,000 barrels per day to 40,000 barrels per day. The companies and interested persons who provided comments are listed below, and their comments are posted on the NEB’s website in the language in which they were submitted. All filings must refer to File OF-Gen-06 FRR and be addressed to: All companies are directed to serve a copy of this letter to all shippers and interested parties.

The Financial Resources Plan should explain whether the Financial Resources are directly held at the NEB-regulated Company or NEB-Authorization holder level (e.g., cash on hand, or undrawn credit lines at the authorization holder level), at an affiliate level (e.g., lines of credit or commercial paper programs of a parent Company), or whether the resources are contingent and provided from a third party (e.g., insurance). Pipeline Throughput and Capacity Data Throughput and capacity data at key points on major … The Board will only consider facility changes that have been approved by the Board when calculating a Company’s Capacity or Risk Value. If a company does not comply with an order of the Board in respect of any action or measure to be taken in relation to such a release, or if the Governor in Council is of the opinion that the company does not have or is not likely to have the financial resources necessary to pay for the costs incurred or to be incurred in relation to a release, and any compensation that might be awarded for compensable damage caused by the release, then the Governor in Council may designate a company pursuant to subsection 48.16(1) of the NEB Act. Where a company operates an oil pipeline system of two or more connected lines, the highest Capacity within the system will be used to determine the Absolute Liability limit. The Absolute Liability limit is defined in the NEB Act for Major Oil Pipelines, and in the Regulations for all other NEB-regulated pipelines. Readily Accessible Portion – The NEB Act and Regulations state that the Board may order a Company to maintain Financial Resources, including in readily accessible form(s).Footnote 3 The Regulations set out minimum amounts of Financial Resources that must be readily accessible to a Company, and set out the specific types of readily accessible Financial Resources a Company could be ordered by the NEB to maintain.

In May 2015 the CER approved the construction of an additional storage tank at Express’ existing crude oil storage facility in Hardisty, Alberta.

The Financial Resources Plan should provide rationale detailing why the Financial Resources are sufficient to pay the amount of liability applicable to a Company, and include a description of the timing of mobilization of funds, including the length of time it would take to access funds equal to the full Absolute Liability limit applicable to the Company. Provides the Company with funds on demand and at its sole discretion; Provides funds within five (5) business days of written demand from the Company; Non-transferrable and non-assignable, except with prior written approval of the Board or any successor administrative body; Does not allow termination, amendment, or modification, except with prior written approval of the Board or any successor administrative body; Contains explicit provision to notify the Board or any successor administrative body in writing of any event of default, within two (2) business days of the guarantor or Company’s knowledge of default; and.

It sought to restore the capacity of the pipeline to 127 200 m³/d (760 Mb/d) by 2019. Data and analysis. Financial Resources – The NEB Act requires a Company Authorized to construct or operate a pipeline to maintain the amount of Financial Resources necessary to pay the applicable Absolute Liability limit that applies to it or, if the Board specifies a greater amount, that amount. (a) any hydrocarbon or mixture of hydrocarbons other than gas, or. Assets increased in 2014 and 2017 due to Emera’s acquisition of preferred shares Capacity will account for all Board-approved facility additions, removals, decommissionings, and deactivations.

A toll is the price charged by a pipeline company for transportation and other services.

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