This excerpt taken from the ENB 6-K filed Nov 4, 2009.
VOLATILITY IN COMMODITY PRICES
As an energy transportation company, Enbridge has limited direct exposure to commodity price changes and the Company employs comprehensive risk management practices to mitigate residual commercial exposures. Most significantly, the Companys assets and operations are largely secured by high quality shipper volume commitments. Similarly, growth projects under construction are commercially secured with limited volume sensitivity and are therefore not expected to be significantly impacted by commodity price changes. Low commodity prices in the early part of 2009 have resulted in delays or cancellation of some crude oil and natural gas development and expansion projects. Should this trend continue long term, opportunities for future growth projects may be adversely affected.