Enbridge Income Fund
TSX : ENF.UN

Enbridge Income Fund

October 30, 2006 19:40 ET

Enbridge Income Fund Announces Quarterly Results and 4.5% Distribution Increase

CALGARY, ALBERTA--(CCNMatthews - Oct. 30, 2006) - Enbridge Income Fund (TSX:ENF.UN) (the Fund) today announced earnings of $32.1 million, or $0.93 per unit, for the nine months ended September 30, 2006 compared with $12.7 million, or $0.37 per unit, during the same period in the prior year. The increase in earnings of $19.4 million is due primarily to future tax recoveries in Alliance Canada and the Saskatchewan System resulting from a reduction in future tax rates substantively enacted during the period.

Earnings for the three months ended September 30, 2006 of $5.8 million are higher than the prior year comparative period by $0.8 million. The increase is mainly attributable to a higher income tax allowance in Alliance Canada due to loss carry forwards used in the prior year quarter. The effect of the higher income tax allowance is partially offset by the reduction in the equity return as a result of a depreciating investment base.

Jim Schultz, President of Enbridge Management Services Inc., the Administrator of the Fund, commented, "During the third quarter, the Fund's operating assets, Alliance Canada and the Saskatchewan System, continued to generate stable and sustainable distributions to unitholders. In addition, the Fund took its first step in initiating the acquisition-based component of its growth strategy by acquiring wind power assets from Enbridge Inc., in a transaction that closed October 1, 2006. I'm pleased to announce that our Board of Trustees has approved a 4.5% increase in the unit distribution. This increase can be readily supported given the steady performance of our existing pipeline businesses and the additional contribution from our wind power investments."

The increase in the monthly distribution to unitholders from $0.0765916 per unit to $0.08 per unit will be effective with the distribution payable December 15, 2006 to unitholders of record as at November 30, 2006. A cash distribution of $0.08 per unit is also declared on the subordinated trust units of the Fund and the preferred units of Enbridge Commercial Trust.

Based on current operations, the Fund estimates that approximately 80% of cash to be distributed during 2006 will be included in the income of unitholders for tax purposes. The remaining 20% of cash distributed to unitholders represents non-taxable return of capital.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although the Fund believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings. While the Fund makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except to the extent required by applicable securities law and regulations, the Fund assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.



SELECTED OPERATING AND FINANCIAL HIGHLIGHTS

Three months ended Nine months ended
September 30, September 30,
(millions of dollars except -------------------------------------------
where otherwise noted) 2006 2005 2006 2005
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Average Daily Throughput Volume
Alliance Canada (millions of
cubic feet per day) 1,513.0 1,556.0 1,595.0 1,600.0
Saskatchewan System(1)
(thousands of barrels per day)
Westspur System 155.5 154.6 154.4 147.2
Saskatchewan Gathering System 103.1 102.7 103.1 102.7
Weyburn System 39.1 35.9 38.1 34.1
Virden System 18.4 20.1 20.8 20.5

Transportation Revenues 60.8 63.3 186.2 185.3

Earnings 5.8 5.0 32.1 12.7
Per Trust Unit (dollars per unit) 0.17 0.15 0.93 0.37

Cash Available for Distribution 17.9 19.9 58.0 59.5
Cash Distributions Declared 16.7 16.6 50.1 49.6

Cash Distributions Declared Per
Unit (dollars per unit)
Ordinary Units 0.2298 0.2275 0.6893 0.6825
Subordinated Units 0.2298 0.2275 0.6893 0.6825
ECT Preferred Units 0.2298 0.2275 0.6893 0.6825

Total Long-Term Liabilities 1,450.4 1,495.3

Total Assets 1,820.6 1,872.3

ECT Preferred Units (number
of units) 38,023,750 38,023,750

Ordinary Units (number
of units) 20,125,000 20,125,000
Subordinated Units (number
of units) 14,500,000 14,500,000
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Total Number of Trust Units 34,625,000 34,625,000
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(1) Totals are not presented as the same volumes can be transported through
a combination of the pipelines comprising the Saskatchewan System.


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CONSOLIDATED EARNINGS
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Three months ended Nine months ended
September 30, September 30,
-------------------------------------------
(millions of dollars) 2006 2005 2006 2005
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Alliance Canada 15.2 13.8 45.8 40.9
Saskatchewan System 3.2 3.4 23.2 8.9
Corporate (12.6) (12.2) (36.9) (37.1)
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Earnings 5.8 5.0 32.1 12.7
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- The primary reason for the increase in earnings for the nine months ended September 30, 2006 is a reduction in future tax rates substantively enacted during the second quarter. Future tax rates were reduced by approximately 7% for the Saskatchewan System, resulting in future tax recoveries of $14.0 million. The reduction in future tax rates for Alliance Canada was approximately 5%, resulting in future tax recoveries of $2.7 million. Third quarter earnings are higher due to higher income tax allowance in Alliance Canada which is offset partially by the reduction in the equity return resulting from a depreciating investment base.



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ALLIANCE CANADA
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Three months ended Nine months ended
September 30, September 30,
-------------------------------------------
(millions of dollars) 2006 2005 2006 2005
---------------------------------------------------------------------------

Transportation revenue 48.3 51.2 149.8 152.0
Operating and maintenance (5.7) (8.5) (23.9) (24.0)
Capital taxes (0.2) (0.3) (0.7) (1.0)
Depreciation and amortization (15.3) (15.6) (46.0) (46.4)
Other income and expense 0.2 0.1 0.7 0.5
Interest expense (12.0) (12.5) (36.7) (38.2)
Current and future taxes (0.1) (0.6) 2.6 (2.0)
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Earnings 15.2 13.8 45.8 40.9
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- Earnings for the nine months ended September 30, 2006 increased over the same period during the prior year primarily due to the reduction in future tax rates resulting in future tax recoveries of $2.7 million. The remaining increase in earnings is due to the recovery of notional taxes in tolls for the full nine months of 2006 and the elimination of large corporation tax to the extent not recovered through tolls. These changes are partially offset by the reduction in the equity return as a result of a depreciating investment base and a reduction in the recovery of notional taxes due to tax rate changes substantively enacted during the second quarter. Third quarter earnings reflect similar factors as the nine-month results, with the exception of the $2.7 million future tax adjustment recorded in the second quarter.




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SASKATCHEWAN SYSTEM
---------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
-------------------------------------------
(millions of dollars) 2006 2005 2006 2005
---------------------------------------------------------------------------

Transportation revenue 12.5 12.1 36.4 33.3
Operating and maintenance (6.0) (5.5) (17.2) (14.9)
Capital taxes - (0.2) (0.3) (0.5)
Depreciation and amortization (3.9) (3.8) (11.9) (11.4)
Accretion on asset retirement
obligations (0.2) (0.1) (0.4) (0.3)
Other income and expense (0.1) - (0.1) -
Current and future taxes 0.9 0.9 16.7 2.7
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Earnings 3.2 3.4 23.2 8.9
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- Earnings for the nine months ended September 30, 2006 are higher primarily due to the reduction in future tax rates substantively enacted during the second quarter resulting in an increase to earnings of $14.0 million.



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CORPORATE
---------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
-------------------------------------------
(millions of dollars) 2006 2005 2006 2005
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Management and administrative (1.4) (0.7) (3.5) (2.6)
Interest expense (2.7) (2.7) (8.0) (8.3)
ECT preferred unit distributions (8.7) (8.7) (26.2) (26.0)
Other 0.2 (0.1) 0.8 (0.2)
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Total costs (12.6) (12.2) (36.9) (37.1)
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- There is no significant change in corporate costs from the prior period due to offsetting factors. 'Other' includes tax recoveries in the period due to tax losses from interest deductions on inter-corporate debt. These losses will be carried back to offset taxes paid in 2005. Management and administrative costs increased primarily due to a $0.5 million expense for GST recorded in the third quarter as a result of the determination that the Fund is not entitled to claim certain input tax credits. In addition, corporate costs have increased from the prior year due to a 1% increase in unitholder distributions beginning in January 2006 resulting in higher incentive fees as well as higher ECT preferred unit distributions.



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CASH AVAILABLE FOR DISTRIBUTION(1)
---------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
(millions of dollars) 2006 2005 2006 2005
---------------------------------------------------------------------------

Cash Provided by Operating
Activities 35.4 37.4 73.0 79.0
Add/(Deduct):
ECT preferred unit distributions 8.7 8.7 26.2 26.0
Alliance Canada cash retained (13.5) (11.2) (31.4) (31.2)
NRGreen cash retained - - (4.0) -
Saskatchewan System maintenance
capital expenditures (0.4) (0.2) (0.8) (0.6)
Change in operating assets and
liabilities in the period (12.3) (14.8) (5.0) (13.7)
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Cash Available for Distribution 17.9 19.9 58.0 59.5
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Cash Available for Distribution
is comprised of the following:
Alliance Canada distributions 16.1 17.9 51.1 55.6
Alliance Canada capital tax (0.2) (0.3) (0.7) (1.0)
Alliance Canada large
corporations tax - (0.6) - (1.9)
Saskatchewan System operating
income before depreciation,
amortization and accretion 6.4 6.4 18.8 17.9
Saskatchewan System maintenance
capital expenditures (0.4) (0.2) (0.8) (0.6)
Saskatchewan System large
corporations tax - (0.1) - (0.2)
Corporate management and
administrative expense (1.4) (0.7) (3.5) (2.6)
Corporate other income - 0.1 - 0.1
Corporate interest expense (2.5) (2.4) (7.2) (7.3)
Corporate current taxes (0.1) (0.2) 0.3 (0.5)
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Cash Available for Distribution 17.9 19.9 58.0 59.5
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Cash Distributions Declared 16.7 16.6 50.1 49.6
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(1) Cash available for distribution is not a standardized measure under
Canadian Generally Accepted Accounting Principles; therefore, it may
not be comparable to similarly titled measures used by other issuers.


The above calculations of cash available for distribution represent cash available to fund distributions on ordinary units, subordinated units and ECT preferred units, as well as for debt repayments and reserves. This measure is important to unitholders as the Fund's objective is to provide a stable and sustainable flow of distributable cash to unitholders.

The cash retained by Alliance Canada reflects the cash from operations of Alliance Canada that has not been distributed to the Fund. While the cash from operations is proportionately consolidated and is included in the results of the Fund, it is not available for distribution by the Fund until it has been received from Alliance Canada. The cash available for distribution from Alliance Canada is reduced to reflect debt service reserves, capital expenditures and other cash that is needed to fund working capital or other requirements at Alliance Canada. Cash retained by Alliance Canada is included above under 'Alliance Canada cash retained' except for cash needed to fund working capital, which is included in 'Change in operating assets and liabilities in the period'. Distributions from Alliance Canada, which are subject to the approval of the Board of Directors of the General Partner of Alliance Canada, are made on a quarterly basis and paid in the month subsequent to a quarter end.

In the first quarter of 2006, $4.0 million, representing the Fund's 50% investment in the Kerrobert waste heat project, was returned by Alliance Canada to the Fund. Alliance Canada returned these funds as a result of the sale of the project at carrying value to NRGreen Power Limited Partnership. 'NRGreen cash retained' reflects this return from Alliance Canada and its retention for expenditures related to the Kerrobert waste heat project.

The Saskatchewan System maintenance capital expenditures are determined based on the capital requirements necessary to maintain the service capability of the existing assets and include the replacement of system components and equipment that are worn, obsolete or completing their useful life.

For the three months ended September 30, 2006, cash distributions declared of $16.7 million (2005 - $16.6 million) represent 93.3% (2005 - 83.4%) of cash available for distribution, whereas for the nine months ended September 30, 2006, cash distributions declared of $50.1 million (2005 - $49.6 million) represent 86.4% (2005 - 83.4%) of cash available for distribution. The Fund's policy is to distribute, on average, approximately 95% of cash available for distribution over a five-year period.

The Fund pays cash distributions on a monthly basis to unitholders of record on the last business day of each month. Distributions are payable on or about the 15th day of the month following the declaration. During the nine months ended September 30, 2006, the Fund declared monthly cash distributions of $0.0765916 per ordinary unit (2005 - $0.0758333). Cash distributions of the same amount per unit were also declared on the subordinated units and the ECT preferred units.

The Board of Trustees approves changes in distributions periodically based on cash flow to meet the Fund's distribution policy. The timing of the regular annual review of the distribution rate is during the fourth quarter, in order to align with the Fund's budgeting and reporting cycles.

Enbridge Income Fund is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund is a premier income fund in Canada with a low-risk profile focused on energy infrastructure assets. Its assets include a 50% interest in the Canadian segment of the Alliance Pipeline; a 100% interest in the various pipelines comprising the Saskatchewan System; a 50% interest in NRGreen which is developing electrical generation opportunities with waste heat; and interests in three wind power projects in Western Canada. Information about Enbridge Income Fund, including the interim consolidated financial statements and MD&A, is available on the Fund's web site at www.enbridgeincomefund.com.



ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF EARNINGS

---------------------------------------------------------------------------
Three months ended Nine months ended
(unaudited; millions of dollars September 30, September 30,
except per unit amounts) 2006 2005 2006 2005
---------------------------------------------------------------------------
Transportation Revenue 60.8 63.3 186.2 185.3

Expenses
Operating and maintenance 11.7 14.0 41.1 38.9
Management and administrative 1.4 0.7 3.5 2.6
Capital taxes 0.2 0.5 1.0 1.5
Depreciation and amortization 19.2 19.4 57.9 57.8
Accretion on asset retirement
obligations 0.2 0.1 0.4 0.3
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32.7 34.7 103.9 101.1
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Operating Income 28.1 28.6 82.3 84.2
Other Income and Expense 0.1 0.2 0.6 0.6
Interest Expense and Amortization
of Deferred Financing Charges (14.7) (15.2) (44.7) (46.5)
ECT Preferred Unit Distributions (8.7) (8.7) (26.2) (26.0)
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4.8 4.9 12.0 12.3
Tax Recovery/(Expense)
Current (0.1) (0.9) 0.3 (2.6)
Future 1.1 1.0 19.8 3.0
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1.0 0.1 20.1 0.4
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Earnings 5.8 5.0 32.1 12.7
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Earnings per Trust Unit
Basic and Diluted 0.17 0.15 0.93 0.37
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See accompanying notes to the unaudited consolidated financial statements.


ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY
Nine months ended
September 30,
------------------
(unaudited; millions of dollars) 2006 2005
---------------------------------------------------------------------------
Opening Unitholders' Equity 294.1 310.4
Earnings 32.1 12.7
Distributions to Unitholders (23.9) (23.6)
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Ending Unitholders' Equity 302.3 299.5
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See accompanying notes to the unaudited consolidated financial statements.


ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended Nine months ended
September 30, September 30,
------------------ -----------------------
(unaudited; millions of dollars) 2006 2005 2006 2005
---------------------------------------------------------------------------

Cash Provided by Operating
Activities
Earnings 5.8 5.0 32.1 12.7
Charges/(credits) not affecting
cash
Depreciation and amortization 19.2 19.4 57.9 57.8
Amortization of deferred
financing charges 0.3 0.5 1.3 1.6
Accretion on asset retirement
obligations 0.2 0.1 0.4 0.3
Amortization of fair value
increment on debt (1.3) (1.4) (3.9) (4.1)
Future income taxes (1.1) (1.0) (19.8) (3.0)
Changes in operating assets
and liabilities
Change in accounts receivable
and other (1.2) (0.1) 5.7 (3.0)
Change in accounts payable
and accrued liabilities 15.9 16.5 8.8 14.4
Change in deferred amounts
and other assets (2.4) (1.6) (9.5) 2.3
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35.4 37.4 73.0 79.0
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Investing Activities
Additions to property,
plant and equipment (9.4) (6.0) (12.7) (8.8)
Change in construction payable 1.3 1.0 0.5 0.7
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(8.1) (5.0) (12.2) (8.1)
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Financing Activities
Net change in long-term credit
facility (4.0) (7.0) (2.0) (12.0)
Net change in non-recourse
credit facility 0.4 3.8 - 4.2
Repayment of non-recourse
long-term debt - - (14.5) (20.6)
Ordinary and subordinated trust
unit distributions (8.0) (7.8) (23.9) (23.6)
Financing fees - - - (0.2)
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(11.6) (11.0) (40.4) (52.2)
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Increase in Cash and Cash
Equivalents 15.7 21.4 20.4 18.7
Cash and Cash Equivalents
at Beginning of Period 15.8 12.1 11.1 14.8
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Cash at End of Period 31.5 33.5 31.5 33.5
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Cash and Cash Equivalents 9.1 1.6
Cash and Cash Equivalents
in Trust 22.4 31.9
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31.5 33.5
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See accompanying notes to the unaudited consolidated financial statements.


ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
September 30, December 31,
(unaudited; millions of dollars) 2006 2005
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Assets
Current Assets
Cash and cash equivalents 31.5 11.1
Accounts receivable and other 27.6 33.3
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59.1 44.4
Property, Plant and Equipment 1,305.9 1,347.2
Intangible Assets 99.2 103.1
Goodwill 308.1 308.1
Deferred Amounts and Other Assets 48.3 40.1
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1,820.6 1,842.9
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Liabilities and Equity
Current Liabilities
Accounts payable and accrued liabilities 38.7 29.5
Distributions payable 2.7 2.6
Current portion of non-recourse long-term debt 26.5 27.9
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67.9 60.0
Long-Term Debt 199.0 201.0
Non-Recourse Long-Term Debt 794.3 811.3
ECT Preferred Units 380.2 380.2
Asset Retirement Obligations 7.5 7.1
Future Income Taxes 69.4 89.2
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1,518.3 1,548.8
Unitholders' Equity
Trust units 333.4 333.4
Cumulative earnings 68.4 36.3
Cumulative distributions (99.5) (75.6)
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302.3 294.1
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1,820.6 1,842.9
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ENBRIDGE INCOME FUND
SEGMENTED INFORMATION

Three months ended September 30, 2006
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Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
---------------------------------------------------------------------------
Transportation revenue 48.3 12.5 - 60.8
Operating and maintenance (5.7) (6.0) - (11.7)
Management and
administrative - - (1.4) (1.4)
Capital taxes (0.2) - - (0.2)
Depreciation and
amortization (15.3) (3.9) - (19.2)
Accretion on asset
retirement obligations - (0.2) - (0.2)
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Operating income/(loss) 27.1 2.4 (1.4) 28.1
Other income and expense 0.2 (0.1) - 0.1
Interest expense and
amortization of deferred
financing charges (12.0) - (2.7) (14.7)
ECT preferred unit
distributions - - (8.7) (8.7)
Current taxes - - (0.1) (0.1)
Future taxes (0.1) 0.9 0.3 1.1
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Earnings 15.2 3.2 (12.6) 5.8
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Three months ended September 30, 2005
---------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
---------------------------------------------------------------------------
Transportation revenue 51.2 12.1 - 63.3
Operating and maintenance (8.5) (5.5) - (14.0)
Management and
administrative - - (0.7) (0.7)
Capital taxes (0.3) (0.2) - (0.5)
Depreciation and
amortization (15.6) (3.8) - (19.4)
Accretion on asset
retirement obligation - (0.1) - (0.1)
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Operating income/(loss) 26.8 2.5 (0.7) 28.6
Other income and expense 0.1 - 0.1 0.2
Interest expense and
amortization of deferred
financing charges (12.5) - (2.7) (15.2)
ECT preferred unit
distributions - - (8.7) (8.7)
Current taxes (0.6) (0.1) (0.2) (0.9)
Future taxes - 1.0 - 1.0
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Earnings 13.8 3.4 (12.2) 5.0
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Nine months ended September 30, 2006
---------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
---------------------------------------------------------------------------
Transportation revenue 149.8 36.4 - 186.2
Operating and maintenance (23.9) (17.2) - (41.1)
Management and administrative - - (3.5) (3.5)
Capital taxes (0.7) (0.3) - (1.0)
Depreciation and
amortization (46.0) (11.9) - (57.9)
Accretion on asset retirement
obligations - (0.4) - (0.4)
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Operating income/(loss) 79.2 6.6 (3.5) 82.3
Other income and expense 0.7 (0.1) - 0.6
Interest expense and
amortization of deferred
financing charges (36.7) - (8.0) (44.7)
ECT preferred unit
distributions - - (26.2) (26.2)
Current taxes - - 0.3 0.3
Future taxes 2.6 16.7 0.5 19.8
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Earnings 45.8 23.2 (36.9) 32.1
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Nine months ended September 30, 2005
---------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
---------------------------------------------------------------------------
Transportation revenue 152.0 33.3 - 185.3
Operating and maintenance (24.0) (14.9) - (38.9)
Management and administrative - - (2.6) (2.6)
Capital taxes (1.0) (0.5) - (1.5)
Depreciation and
amortization (46.4) (11.4) - (57.8)
Accretion on asset retirement
obligation - (0.3) - (0.3)
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Operating income/(loss) 80.6 6.2 (2.6) 84.2
Other income and expense 0.5 - 0.1 0.6
Interest expense and
amortization of deferred
financing charges (38.2) - (8.3) (46.5)
ECT preferred unit
distributions - - (26.0) (26.0)
Current taxes (1.9) (0.2) (0.5) (2.6)
Future taxes (0.1) 2.9 0.2 3.0
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Earnings 40.9 8.9 (37.1) 12.7
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