ADJUSTED OPERATING EARNINGS

(millions of dollars, except per share amounts)	2007	2006	2005
GAAP earnings as reported	700.2	615.4	556.0
Significant after-tax non-operating factors and variances:
Liquids Pipelines
Impact of tax changes	(1.2)	-	-
Gas Pipelines
Offshore property insurance recovery from 2005 hurricanes	(5.3)	-	-
Sponsored Investments
Dilution gains on EEP Class A unit issuance	(11.8)	-	(8.9)
EEP unrealized derivative fair value losses/(gains)	6.3	(6.5)	5.0
EEP gain on sale of assets of Kansas Pipeline Company	(3.0)	-	-
Impact of tax changes	(1.9)	(6.0)	-
Gas Distribution and Services
Warmer/(colder) than normal weather affecting EGD	(14.2)	36.9	-
Energy Services unrealized derivative fair value losses	2.4	-	-
Aux Sable unrealized derivative fair value losses	28.1	-	-
Dilution gain in Noverco (Gaz Metro unit issuance)	-	(4.0)	(7.3)
Impact of tax changes	(27.7)	(28.9)	-
International
Gain on land sale in CLH	(5.2)	-	(7.6)
Corporate
Impact of tax changes	(30.2)	(14.0)	-
Adjusted Operating Earnings	636.5	592.9	537.2
Adjusted Operating Earnings per Common Share	1.79	1.74	1.59

Each of the significant non-operating factors and variances is described in the Results of Operations sections for the respective business segment.

Adjusted Operating Earnings per Common Share

(dollars per share)

Significant operating factors that increased earnings in 2007 included:

Customer growth and higher operating margins at EGD;
Strong operating results and an increased ownership interest in EEP; and
Lower corporate costs due primarily to lower interest expense.
Significant operating factors that decreased earnings in 2007 included:
Lower earnings from Aux Sable due to realized derivative losses; and
The impact of a weaker U.S. dollar on all U.S. based pipelines.
2007 Commercial and Construction Accomplishments:
An Open Season commenced on the Texas Access crude oil pipeline to the Gulf Coast.
Enbridge entered into an agreement to develop pipeline and terminal facilities for Phase 1 and subsequent phases of the Fort Hills oil sands project at a preliminary cost estimate for the initial facilities of $2 billion.
The Neptune offshore pipelines were completed.
The Ontario Wind Project was approved by provincial regulators and construction commenced.
Regulatory applications were filed for the Canadian portion of the Alberta Clipper project and Line 4 Extension.
Construction activities progressed on Southern Access Expansion, Southern Lights Pipeline, Waupisoo Pipeline and Hardisty Terminal.
Shipper commitments and FERC approval were obtained for the Spearhead Pipeline Expansion.