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In Liquids Pipelines, Mainline throughput was about 400 thousand barrels per day lower than our first quarter results however, throughput has been improving steadily and in-line with our expectations. Therefore, these measures may not be comparable with similar measures presented by other issuers.During the second quarter, the Company has continued to advance the execution of several secured projects, while assuring that COVID-19 precautionary measures are in place to protect the health of construction crews.
The JPA covers wetlands and waterway permit requirements from both state and federal agencies and allows for concurrent review of the application by both agencies. Construction and commissioning of the tunnel and pipeline is expected to be completed in late 2024.Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly certain contingent liabilities, and non-cash unrealized derivative fair value losses and gains which are subject to market variability. It is an interstate common carrier pipeline system regulated by the Federal Energy Regulatory Commission (FERC), and is the primary transporter of crude oil and liquid petroleum from Western Canada to the United States. Over the last 28 years, Mr. Whelen has played a pivotal role in Enbridge's growth and evolution, holding several senior leadership roles in Finance and Corporate Development. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. We also have now fully enabled cost reductions for 2020.Change in unrealized derivative fair value (gain)/loss - Foreign exchangeEnbridge has a 35% interest in the project (17.9% after completion of the CPP Investment transaction discussed below) with partners EDF Renewables and wpd holding the remaining interest. In addition, subsequent to the second quarter, Enbridge raised an additional US$1.0 billion of 60-year hybrid subordinated notes in the United States debt capital markets. These hybrid notes qualify for 50% equity treatment from most rating agencies which further bolsters the Company's financial strength.Enbridge has filed for all major regulatory and environmental permits, including the joint permit application (JPA) with the Michigan Department of Environment, Great Lakes and Energy (EGLE) and the Army Corps. Texas Eastern is currently performing precautionary integrity assessments in compliance with the CAO and the Company is focused on restoring the pipeline to full service by the winter heating season.Net inventory adjustment - Energy ServicesAt this time, Enbridge cannot determine when all necessary permits to commence construction will be issued and as such has not provided an update to the in-service date for Line 3.In the first quarter update, the Company provided a revised outlook for Mainline volumes due to the rapid decline in refined products demand brought about by COVID-19, and the resulting cuts to crude oil refining demand.