Enbridge Income Fund Holdings Inc. Q1-2018 Earnings & Price Trend Update
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Enbridge Income Fund Holding Inc. (ENF-TSX) business is comprised of its ownership interest in the Enbridge Income Fund valued at $4.9B as of Mar-31-2018.($5.2B Dec/31/2017). Enbridge Income Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the 2,306-kilometre Canadian segment of the Mainline System (Line 3), the largest conduit of oil into the United States, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the US segment of the Southern Lights Pipeline, a 50% interest in the Alliance Pipeline(natural gas) and interests in more than 1,400 megawatts of renewable and alternative power generation capacity. On May-9-2018, Enbridge Income Fund sold a 49% interest to the Canadian Pension Plan Investment Board in wind and solar facilities for $1.05B. Enbridge Income Fund will continue to own a 51% interest and will continue to manage, operate and provide administrative services. The fund will utilize the proceeds to redeem Fund Units and pay back debt. There are no plans to use any proceeds to redeem publicly held shares of ENF at this time. Their major capital expenditure in process is the expansion of the Canadian portion of Enbridge's Mainline (Line 3) scheduled for completion in 2H-2019.
The Enbridge Income Fund Group operates in three segments with 84% of income from Liquids Pipelines and the balance split between Natural Gas Pipelines and Processing and Power Generation mainly from wind power.
As at Dec-30-2017, Enbridge Inc.(ENB) owns an approximate 80% economic interest in the Enbridge Income Fund LP and Enbridge Income Fund Holding (ENF) owns 20%.
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