U.S. pipeline project pushes Enbridge Energy Partners to $406.4-million loss

mentalfloss

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,778
454
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Oil, eh? :lol:


U.S. pipeline project pushes Enbridge Energy Partners to $406.4-million loss

Enbridge Energy Partners said it lost $406-million (U.S.) in its third quarter, primarily due to the indefinite deferral of the proposed Sandpiper pipeline in the U.S. Midwest.

The limited partnership managed by Calgary-based Enbridge Inc. announced in September that it would shelve the long-delayed $2.6-billion (Canadian) Sandpiper pipeline because of a drop in expected crude oil production in North Dakota.

The decision followed Enbridge’s formation of a joint venture to buy a stake in the Bakken pipeline system that would transport oil from North Dakota across the Midwest to Texas.

EEP’s $1.5-billion (U.S.) deal to buy a 27.6 per cent stake in the system has yet to close, though it was originally expected to be finalized by the end of September.

The Bakken pipeline system includes the Dakota Access pipeline that continues to be subject to high-profile protests from the Standing Rock Sioux Tribe and other First Nations.

Protesters have pulled in $3-million (U.S.) for legal costs to challenge the pipeline as well as for food and other supplies to continue the protest into the winter.

Enbridge Energy Partners declined to say on an analyst conference call Monday what conditions were holding up the closing of the Bakken deal.

After adjustments that excluded the charge related to Sandpiper and other items, EEP’s net income was $89.3-million (U.S.) or nine cents per share in the quarter ending Sept. 30, down from $137.4-million (U.S.) or 23 cents per share in the third quarter of 2015.

U.S. pipeline project pushes Enbridge Energy Partners to $406.4-million loss - The Globe and Mail
 
petros

petros

The Central Scrutinizer
Nov 21, 2008
109,384
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Low Earth Orbit
Yup. Enbridge or rail tankers, the US import of Canadian oil continues to grow.

That's all that matters puppyfloss.
 
petros

petros

The Central Scrutinizer
Nov 21, 2008
109,384
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Low Earth Orbit
Yup. It's funny you cheer when one of if the largest windpower companies loses money.

Think they'll build more?

Since our initial investment in a wind farm in 2002, we've invested approximately $5 billion in wind, solar, geothermal, power transmission, waste heat recovery, and a host of other emerging technology projects. Together, these projects – either operating, planned or under construction – have the capacity to generate more than 2,700 megawatts (MW) gross of zero-emission energy (nearly 2,000 MW net). Today, Enbridge is one of the largest renewable energy companies in Canada, and our portfolio of renewable energy projects is diversified and growing.
Click to expand...
Keep cheering.
 
mentalfloss

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,778
454
83
 
petros

petros

The Central Scrutinizer
Nov 21, 2008
109,384
11,442
113
Low Earth Orbit
I'm not mad. I'm in stitches laughing at you.

$5B in green investments....all subsidized.

More than subsidized but wicked tax credits too...


Tax Savings for Industry
Class 43.1, Class 43.2 and Canadian Renewable and Conservation Expenses
The Government of Canada makes clean energy projects, such as solar energy, wind energy and energy from waste, more fiscally attractive for industry by providing business income tax incentives.

Under Classes 43.1 and 43.2 in Schedule II of the Income Tax Regulations, certain capital costs of systems that produce energy by using renewable energy sources or fuels from waste, or conserve energy by using fuel more efficiently are eligible for accelerated capital cost allowance. Under Class 43.1, eligible equipment may be written-off at 30 percent per year on a declining balance basis. In general, equipment that is eligible for Class 43.1 but is acquired after February 22, 2005 and before year 2020 may be written-off at 50 percent per year on a declining balance basis under Class 43.2. Without these accelerated write-offs, many of these assets would be depreciated for income tax purposes at annual rates between 4 and 30 percent.

In addition to Class 43.1 or 43.2 capital cost allowance, the Income Tax Regulations allow certain expenses incurred during the development and start-up of renewable energy and energy conservation projects [Canadian renewable and conservation expenses (CRCE)] to be fully deducted in the year they are incurred, carried forward indefinitely and deducted in future years, or transferred to investors through a flow-through share agreement.

To qualify as CRCE, expenses must be incurred for a project for which it is reasonable to expect at least 50 percent of the capital costs incurred for the project would be the capital costs of equipment described in Class 43.1 or 43.2.
 
taxslave

taxslave

Hall of Fame Member
Nov 25, 2008
36,362
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Vancouver Island
petros said:
I'm not mad. I'm in stitches laughing at you.

$5B in green investments....all subsidized.

More than subsidized but wicked tax credits too...


Tax Savings for Industry
Class 43.1, Class 43.2 and Canadian Renewable and Conservation Expenses
The Government of Canada makes clean energy projects, such as solar energy, wind energy and energy from waste, more fiscally attractive for industry by providing business income tax incentives.

Under Classes 43.1 and 43.2 in Schedule II of the Income Tax Regulations, certain capital costs of systems that produce energy by using renewable energy sources or fuels from waste, or conserve energy by using fuel more efficiently are eligible for accelerated capital cost allowance. Under Class 43.1, eligible equipment may be written-off at 30 percent per year on a declining balance basis. In general, equipment that is eligible for Class 43.1 but is acquired after February 22, 2005 and before year 2020 may be written-off at 50 percent per year on a declining balance basis under Class 43.2. Without these accelerated write-offs, many of these assets would be depreciated for income tax purposes at annual rates between 4 and 30 percent.

In addition to Class 43.1 or 43.2 capital cost allowance, the Income Tax Regulations allow certain expenses incurred during the development and start-up of renewable energy and energy conservation projects [Canadian renewable and conservation expenses (CRCE)] to be fully deducted in the year they are incurred, carried forward indefinitely and deducted in future years, or transferred to investors through a flow-through share agreement.

To qualify as CRCE, expenses must be incurred for a project for which it is reasonable to expect at least 50 percent of the capital costs incurred for the project would be the capital costs of equipment described in Class 43.1 or 43.2.
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Way over MF's head. He knows they lost money which he thinks is a good thing because they are an evil pipeline company. Trouble i he has no idea just how good this paper loss is for shareholders.
 
petros

petros

The Central Scrutinizer
Nov 21, 2008
109,384
11,442
113
Low Earth Orbit
Nope just highlighting the subsidies Enbridge and their customers get from ON Govt to go gas over wind electric.

But you didn't look did you?

Search results | Natural Resources Canada


They even have their own section in the ON Subsidy URL


Enbridge Gas Distribution Inc.

Enbridge Gas Distribution Inc.

Boiler Programs

This Program offers rebates to customers who rent or purchase and install non-atmospheric hydronic boilers, which must be used for space heating and/or hot water heating and must have 85 percent to 88 percent thermal efficiencies. Financial incentives ...
Commercial Retrofit Program

This Program offers commercial businesses one-time incentives of $0.10 per m3 of natural gas saved, up to $100,000, on the implementation of any number of energy-saving measures. Eligible measures include higher efficiency boilers, higher efficiency co...
Comprehensive Energy Management Program

Through this Program, participants will gain a better understanding of key energy drivers so they can shape their energy goals and set the right strategy. The focus and financial support are on five main components:
Senior management sponsorship
Cr...
Custom Solutions and Incentives

This Program provides financial incentives to assist customers with costs related to energy assessment, measurement and efficiency implementation initiatives. Customers are eligible for incentives based on consumption savings up to a maximum of the gre...
Greenhouse Program

This Program provides a flexible incentive structure that can be customized to meet a plant's particular needs. Financial incentives are provided for:
Audits, assessments and engineering analysis to identify and quantify thermal energy efficiency oppo...
Home Energy Conservation (HEC) Program

This Program makes it easy and affordable for homeowners to improve the energy efficiency of their home, lower their energy bills and lessen their home's impact on the environment. Qualified homeowners can take advantage of valuable incentives of up to...

And more...

Search results | Natural Resources Canada
 
gopher

gopher

Hall of Fame Member
Jun 26, 2005
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Minnesota: Gopher State
troubles in North Dakota pipeline protest caused by government agent provocateur:


[youtube]XyUKpw3aOyo[/youtube]



armed right wing anti-government militia are nowhere to be found
 
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