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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.
2009 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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| Enbridge manages two additional publicly traded companies:
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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Natural Gas Delivery and Services
The core of Enbridge’s natural gas utility operations is Enbridge Gas Distribution Inc. (EGD) which serves residential, commercial, industrial and transportation customers.
Investments in natural gas pipelines include the Company’s interests in the United States portion of Alliance Pipeline (Alliance Pipeline US), Vector Pipeline, transmission and gathering pipelines in the Gulf of Mexico and Enbridge’s investment in Aux Sable (a natural gas fractionation and extraction business).
The commodity marketing businesses manage Enbridge’s volume commitments on Alliance and Vector Pipelines, as well as perform commodity storage, transport and supply management services, as principal and agent.
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Adjusted Earnings (Millions CAD)
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