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Gas Pipelines
Gas Pipelines activities consist of investments in Alliance Pipeline US, Vector Pipeline and Enbridge Offshore Pipelines. Enbridge has joint control over these investments with one or more other owners. Enbridge owns a 50% interest in the U.S. portion of the Alliance System, a 60% interest in Vector Pipeline and interests ranging from 22% to 100% in the pipelines comprising Enbridge Offshore Pipelines (Offshore).
|
Earnings (millions of dollars) |
2007 |
2006 |
2005 |
|---|---|---|---|
Alliance Pipeline US |
27.7 |
29.7 |
32.1 |
Vector Pipeline |
14.9 |
13.4 |
15.9 |
Enbridge Offshore Pipelines |
27.1 |
18.1 |
11.8 |
|
69.7 |
61.2 |
59.8 |
Earnings from Gas Pipelines were $69.7 million for the year ended December 31, 2007 compared with $61.2 million for the year ended December 31, 2006. Earnings improved as construction of the Neptune Pipelines was completed and stand-by fees were earned starting in the fourth quarter. Also, Offshore received insurance proceeds in the second quarter of 2007 related to the 2005 hurricanes.
Earnings from Gas Pipelines were $61.2 million for the year ended December 31, 2006 compared with $59.8 million for the year ended December 31, 2005. The increase was due to improved results at Enbridge Offshore Pipelines in 2006, following two severe hurricanes in 2005. The increase was partially offset by the effects of the weaker U.S. dollar.
Revenues for the year ended December 31, 2007 were $321.3 million compared with $345.9 million for the year ended December 31, 2006. The decrease in revenues was substantially due to the effect of the stronger Canadian dollar. Revenues for the year ended December 31, 2006 were $345.9 million, consistent with $364.3 million for the year ended December 31, 2005.
Gas Pipelines Earnings
(millions of dollars)
Gas Pipelines earnings improved in 2007 as construction of the Neptune Pipelines was completed and stand-by fees were earned starting in the fourth quarter. Also, Offshore received insurance proceeds in the second quarter of 2007 related to the 2005 hurricanes.