Enbridge Energy Partners (EEP) reported second quarter net income was $92.6 million compared with $83.7 million during the same period of 2016. For the half year, EEP’s net was $158.1 million compared with $163.7 million last year.
Second quarter results were in-line with the partnership’s expectations and guidance provided on April 28. Transportation volumes on the Lakehead system were up year over year, although tolls were reduced on April 1 to reflect the updated revenue requirement for 2017.
All required permitting is in place to proceed with construction of the U.S. Line 3 program in Wisconsin and for the Canadian L3R program scheduled for 2017. Permitting is also in place for construction in North Dakota. The remaining jurisdiction in which the regulatory process is still under way is in Minnesota where the Department of Commerce is expected to release a Final Environmental Impact Statement in the third quarter of 2017. Based on the expected regulatory process and timeline, management’s anticipated in service date for the project is the second half of 2019.
“We’re pleased that the regulatory process has progressed to a point where Enbridge and the Partnership have the confidence to advance the construction of Line 3 in Wisconsin and in Canada,” said Mark Maki, president for the partnership.”