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Reconciliation to Adjusted Earnings
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Enbridge Subsidiaries
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Business Unit Results
Enbridge has a very low risk business model focusing on owning and operating energy delivery infrastructure. We do not find, generate, sell, or trade commodities, we simply deliver them. In fact, Enbridge gets paid for putting infrastructure capacity in place and earns a return whether that capacity is used or not. While we have three core businesses, they break down into five key reporting segments.
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2008 Adjusted Earnings *
Consolidated Earnings * (Millions CAD)
Liquids Pipelines
Enbridge operates the world's longest and most complex
liquids pipeline system running from Edmonton to Chicago with lines continuing north to Sarnia and Montreal and south to Patoka and Cushing. Its 2.0 million bpd capacity positions it very attractively
between growing oil sands volumes and increasing U.S. security of supply
demand.
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Adjusted Earnings (Millions CAD)
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Gas Pipelines
Investments in Alliance and Vector pipelines provide a strong platform for transmission growth of Western Canadian gas, while Gulf Coast gas assets provide exposure to this developing region. Enbridge is also well positioned to participate in many of the large shale gas discoveries and longer term the frontier gas basins of Alaska & Mackenzie.
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Adjusted Earnings (Millions CAD)
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"Enbridge manages two additional publicly traded companies:
- Enbridge Energy Partners (U.S., 27% ownership; 34% economic interest) and
- Enbridge Income Fund (Canada, 72% economic interest).
Both investments provide Enbridge with capital efficient exposure to organic volume growth and acquisitions of additional mature third party assets.
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Adjusted Earnings (Millions CAD)
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Gas Distribution & Services
Enbridge has interests in gas utilities in Ontario, Quebec, New Brunswick and New York State. Enbridge Gas Distribution serves some 1.9 million customers in Southern Ontario. This segment also includes the results of our Energy Services business and Aux Sable, our natural gas fractionation business.
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Adjusted Earnings (Millions CAD)
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International
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In May 2008, Enbridge sold its 25% interest in the Spanish liquids pipeline network called CLH for $1.38 billion. In March 2009, ENB sold its 25% interest in OCENSA, a Colombian liquids export pipeline. Both assets were sold at very attractive multiples to finance our large North American Opportunities.
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Adjusted Earnings (Millions CAD)
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