8°c Overcast
5°c Variable cloudiness
The Canadian Press - ONLINE EDITION
Enbridge fund earns $16.8 million in the fourth quarter; $37.3M for the year
An Enbridge oil pipeline and tank storage facility is shown in Hardisty, Alta., June 20, 2007. THE CANADIAN PRESS/Larry MacDougal
CALGARY - Enbridge Income Fund Holdings Inc. (TSX:ENF) earned $16.8 million in the fourth quarter, including $6.9 million from its investment in Enbridge Income Fund.
The holdings fund, majority-owned by oil and gas pipeline company Enbridge Inc. (TSX:ENB), said the results amounted to 46 cents per diluted share, compared with a year earlier when it had no operating activities as it underwent a restructuring.
For the full year ended Dec. 31, it earned $37.3 million or $1.33 per share, reflecting the performance of its investment in Enbridge Income Fund.
The company announced a 7.3 per cent dividend increase in November.
The fund's cash available for distribution at year-end increased 34 per cent to $134.3 million due to the Saskatchewan System project and the acquisition of wind and solar assets from Enbridge in October.
The National Energy Board approved the Bakken Pipeline project in December. Construction of the $190 million, 124-kilometre pipeline extension will begin in the spring and be in service early in 2013.
Enbridge Holdings president John Whelen said the fund will continue this year to pursue opportunities to acquire or develop new energy projects.
"The announcement by NRGreen of its first Alberta waste heat generating facility, expected to be in service in 2013, further contributes to the Fund's strategic objectives of growth and diversification."
Enbridge Income Fund Holdings owns an investment in Enbridge Income Fund which, in turn, owns pipelines forming the Saskatchewan System as well as 50 per cent interests in the Canadian portion of the Alliance pipeline, the NRGreen Limited Partnership and the Sunbridge wind project.
Enbridge Income Fund also owns 33 per cent interests in the Magrath and Chin Chute wind projects.
Enbridge Inc., operator of the world's longest crude oil pipeline network and Canada's largest natural gas distribution company, owns 72 per cent of the income fund.
More Business
- Back to Top
- Return to Business
Poll
Proudly brought to you by:
Most Popular Business
- Forest fire forces closure of gold mine in Timmins area
- Jets boost TSN Radio, CJOB takes hit
- RIM stock falls as BlackBerry maker's global sales head quits
- Proud to be a tortoise: Great-West takes it slow and steady
- City seen as ideal rail hub for Canada, Mexico trade
- Astral sale OK'd, CEO pay nixed
- 50 highest-paid CEOs in AP survey
- Touch of Paris in crepe eatery on Esplanade
- Compensation due in shaky Facebook IPO, source says
- Canadian dollar moves lower for eighth session, commodity prices advance
- Manitoba gets first female land surveyor
- Big week for Facebook's Zuckerberg: From IPO opening bells to wedding bells
- Tempers flare on CP picket line on McPhillips Street
- Committee pitches 9-6 Sunday shopping
- Investment fraudster gets 10 years
- Forest fire forces closure of gold mine in Timmins area
- Canadian Pacific workers give 72 hour strike notice as negotiations continue
- Jets boost TSN Radio, CJOB takes hit
- New crepe eatery to be unveiled for Esplanade
- Manitoba Movers
- Boston Pizza franchise mushrooming locally
- Hecla resort finally gets offer
- Manitoba gets first female land surveyor
- Major CWB layoffs underway
- Big week for Facebook's Zuckerberg: From IPO opening bells to wedding bells
- WestJet eyes new routes, seat plans
- No such thing as a bad job, Flaherty tells picky unemployed workers
- Canadian credit card system of fees 'perverse,' raises prices: Competition Bureau
- What happens if Greece leaves the euro zone?
- Ford's outbursts tarnishing Toronto's image, experts warn in wake of latest feud
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- CRTC awards licence for new Calgary FM radio station, The PEAK
- Catalyst Paper says it did not get enough approval for restructuring plan
- Royal Caribbean sending 2 cruise liners to China, says they will be Asia's largest
- Proud to be a tortoise: Great-West takes it slow and steady
- Rush of ageism to beat new law
- Cost of federal payouts hits $2B
- New EI rules take aim at frequent users, force workers to accept lower pay
- Dorel foresees juvenile sales growth opportunities from Target arrival in Canada
- Jet engine maker Pratt & Whitney cuts 300 US jobs, citing business conditions
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- Avoid merger mess Include HR professionals in preparing for change
- Manitoba gets first female land surveyor
- Catalyst Paper says it did not get enough approval for restructuring plan
- Women honoured at awards dinner
- Long haul 'family' Every employee is a spoke in the wheel at Bison Transport
- Snowbirds, Americans living in Canada read on...
- Walmart Canada to slash prices further to take on discount competition
- Manitoba Movers
- Toronto investment company buys three blocks for $100M
- Loss is New Flyer's gain
- Empty inside
- Major CWB layoffs underway
- Shoppers Drug Mart signs agreement to buy pharmacies from Paragon
- Snowbirds, Americans living in Canada read on...
- James E. Marker, inventor of Cheezies, dies in Belleville, Ont., at age 90
- Pershing Square gaining ground in Canadian Pacific proxy battle, poll suggests
- Hecla resort finally gets offer
- Avoid merger mess Include HR professionals in preparing for change
- Manitoba gets first female land surveyor
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010; View the changes. New to commenting? Check out our Frequently Asked Questions.