Voice of the Customer

TMCnet - The World's Largest Communications and Technology Community
New Coverage :  Asterisk  |  Call Center Outsourcing  |  Call Recording  |  SIP Trunking  |  Hosted Exchange  |  PBX
Webinars
Channels by Topic
Share
 
| More
RSS-XML alerts
Print this page
E-mail this page to a friend
Voice of the Customer Featured Article Archive

TMCNet: Enbridge Increases Stake in Enbridge Energy Partners

[November 17, 2008]

Enbridge Increases Stake in Enbridge Energy Partners

(Marketwire Via Acquire Media NewsEdge) CALGARY, ALBERTA AND HOUSTON, TEXAS, November 17 / MARKET WIRE/ --

Enbridge Inc. (TSX: ENB) (NYSE: ENB) and Enbridge Energy Partners L.P. ("Enbridge Partners" or "EEP") announced today that Enbridge has agreed to subscribe for 16.25 million Class A common units of EEP at a price of US$30.76 per unit, or approximately US$500 million in aggregate. The units will be acquired by Enbridge's subsidiary, Enbridge Energy Company, Inc., the general partner of EEP, which will also contribute approximately US$10 million to maintain its 2.0% general partner interest. The transaction has been approved by an independent committee of the Board of Directors of Enbridge Energy Management, L.L.C. on behalf of EEP.

Enbridge's overall ownership in EEP will increase from approximately 15% to approximately 27% as a result of this transaction, which is expected to close on December 4, 2008.

"Enbridge Partners has an attractive slate of growth projects which will contribute to its future earnings and cash flow, and we will now have an increased participation in this growth", said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. "This investment will be immediately accretive to Enbridge's earnings per share and will reinforce our long-term growth. We have allowed for such an investment in our financing plans, which include sufficient flexibility to accommodate the required funding".

Terrance L. McGill, President of EEP's management company and of its general partner said, "This injection of capital increases our available liquidity to approximately $1.5 billion and provides a strong foundation for our 2009 capital program. We are closely managing our discretionary capital program and we plan to fund the balance of our key capital expenditures through some combination of debt issuance, further equity issuance and potential asset sales. As expected, we are seeing significant earnings and cash flow from Stage 1 of our Southern Access expansion program which was commissioned on schedule on April 1 of this year, as well as from our new Clarity natural gas pipeline. The second stage of Southern Access is on schedule to commence service in April of next year, and Alberta Clipper is expected to come into service and begin contributing to earnings and cash flow in mid-2010".

About Enbridge Inc.

Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States, the world's longest crude oil and liquids transportation system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 5,700 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.

About Enbridge Energy Partners, L.P.

Enbridge Energy Partners, L.P. (NYSE: EEP) (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 11 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 3 billion cubic feet of natural gas daily.

Enbridge Energy Management, L.L.C. (NYSE: EEQ) (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its sole asset is an approximate 14 percent interest in the Partnership.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll-free: 1-888-992-0997
Email: jennifer.varey@enbridge.com
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
Email: vern.yu@enbridge.com
Website: www.enbridge.com
Enbridge Energy Partners, L.P.
Larry Springer
Media
(713) 821-2253
Email: usmedia@enbridge.com
Enbridge Energy Partners, L.P.
Douglas Montgomery
Investment Community
Toll-free: 1-866-EEP INFO or 1-866-337-4636
Email: eep@enbridge.com
Website: www.enbridgepartners.com

Copyright ? 2008 Marketwire

[ Back To Voice of the Customer Community's Homepage ]
› Return to Voice of the Customer Home

FOLLOW US

FREE Voice of the Customer eNewsletter

Subscribe Now

Featured White Papers

  • Seven Best Practices for Speech Analytics: Speech analytics is valuable for identifying issues in the contact center. However, limiting its use to the contact center only considers a portion of all customer interactions and subsequently only reveals a small part of the voice of the customer. This paper discusses how organizations can optimize their Speech Analytics implementation strategy to realize the promise of this exciting technology.
  • Understanding the Voice of the Customer: Today's contact centers involve a sea of information that must be captured, processed, and distributed on a daily basis. Effective use of this information enables companies to remain competitive in an increasingly aggressive and customer centric marketplace. An overwhelming percentage of the information that circulates in a contact center's audio recordings, documents, web pages, and emails is unstructured in that it resides outside of a normal structured database and cannot be managed efficiently. These unstructured items contain valuable information, yet this information historically has been difficult to organize, categorize, and access.
View All ›

Case Studies

  • Aflac: Aflac, the leading provider of guaranteed-renewable insurance turned to Autonomy to help them automate the process of monitoring their contact center agent for quality and compliance. The company now has a system that can offer continued improvement in agent quality and productivity while enhancing the customer experience. ...
  • Avaya: Avaya, a global leader in business communications, inherited 880 websites as well as numerous intranets and extranets when it was spun off from Lucent Technologies. The sheer volume and diversity of the sites and the over 500 content creators resulted in inefficient content distribution rife with divergent branding, messaging, and product information. ...
View All ›

Video Showcase

    Interview with Autonomy: Rich Tehrani interviews Simon Hayhurst, SVP of Autonomy

Featured Events

  • Multichannel Analytics with Autonomy Explore: In today's world of constant connectivity there are a variety of direct and indirect channels of communication between an enterprise (or a brand) and its customers. 80% of these valuable interactions are generated in a human-friendly, unstructured format across multiple touchpoints and channels. With this ever growing mountain of information how do you extract the emerging trends and topics of interest to the enterprise? ...
  • SES Chicago 2011: Marketers and SEO professionals attend SES Chicago each year to network and learn about topics such as PPC management, keyword research, SEO, social media, local, mobile, link building, duplicate content, multiple site issues, video optimization, site optimization, usability and more. The conference offers 70+ sessions, intensive training workshops, and an expo floor packed with companies that can help you grow your business. While you're at it, network with peers and leading industry vendors. Programmed by the SES advisory board, you can be assured - SES content really is king! ...
View All ›
 
Share
 
| More
RSS-XML alerts
Print this page
E-mail this page to a friend