Enbridge Inc., Calgary, reports a 36% increase in net earnings in 2000 to $392 million (Can.) compared with $288 million in 1999.
Enbridge CEO Patrick Daniel said the pipeline and natural gas utility company achieved double-digit growth in earnings per share despite warmer than normal weather for the third consecutive year.
Earnings included a gain of $88.1 million from income tax cuts in Ontario, where the company operates Consumers Gas, and federal cuts. The company reported a one-time charge of $8.7 million relating to Enbridge�s merchant pipeline capacity on the Alliance and Vector natural gas pipelines.
Fourth quarter earnings were $70.2 million, up from $3.2 million for the same period in 1999.
The company said it created a new division holding its 21.4% interest in the Alliance Pipeline from western Canada to Chicago and a 45% interest in the Vector Pipeline that transports gas through the Midwest and into southern Ontario from Chicago. Both lines started operations in December.
