Enbridge fund earns $16.8 million in the fourth quarter; $37.3M for the year

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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.