For Financial Resources, the bond should reference the NEB Act, specifically subsection 48.13(1), 48.13(3), (and 48.13(2) if applicable); and. Be accompanied by a description of the structure (and balance) of the line of credit including notice of cancellation, secured/unsecured, total amount, undrawn portion. Require that in the event of default of either the guarantor or the NEB-regulated Company, the Board or any successor administrative body be served notice of default within two (2) business days. Increasing of Financial Requirements by the NEB, (g) Surety Bond or Pledge Agreement, or Indemnity Bond or Suretyship Agreement, 8.2 Material Changes to Financial Resources Plan. (a) any hydrocarbon or mixture of hydrocarbons other than gas, or. Provincial and Territorial Energy Profiles. Financial Resources Plan – A set of filings provided by a Company to satisfy the Board that the Company meets the requirement to maintain the amount of Financial Resources necessary to pay its Absolute Liability limit. Many of these pipeline projects will provide additional takeaway capacity out of the Permian Basin in western Texas or enable additional Permian natural gas production to reach the interstate pipeline system. Accordingly, these abandonment funds do not form part of a Companyâs balance in maintaining Financial Resources pursuant to subsection 48.13(1) of the NEB Act. All companies and interested persons were to submit the comments by 8 March 2019. The companies and interested persons who provided comments are listed below, and their comments are posted on the NEBâs website in the language in which they were submitted. The Regulations set out the specific types of financial instruments that the Board may order companies to maintain, and set out the portion of financial resources that must be held in a form that is readily accessible to each company. For expediency and efficiency in assessing the Financial Resources Plans, and to enable the Board to assess as many Financial Resources Plans as practicable prior to the coming-into-force date of the Regulations on 11 July 2019, the Board requires companies to submit their Financial Resources Plans according to the following schedule: The Risk Value for a gas pipeline company is calculated by multiplying the square of the pipelineâs maximum outside diameter, measured in millimetres, by the maximum operating pressure, measured in megapascals, and, if the Company operates two or more pipelines, the Risk Value is that of the pipeline with the highest Risk Value. Sound emergency management practices improve public safety and environmental protection outcomes, and provide for more effective emergency response. Credit ratings provide an assessment of the financial strength of a company, including its ability to attract capital to build new infrastructure and meet financial obligations. Market Snapshots. 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. Notification: The beneficiary must be notified by the Issuer by way of courier or registered mail at least sixty (60) days before the letter of credit may be cancelled, not renewed or expires. Following Board approval of the lowering of the Companyâs Absolute Liability Class, the change to Absolute Liability Class would become effective once the applied-for changes to a Companyâs system had been physically completed in accordance with any requirements and conditions. No incremental nameplate capacity has been added since then.
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