-- Earnings for the fourth quarter and year ended December 31, 2012 totaled $16.6 million ($0.39 per common share) and $59.8 million ($1.48 per common share), respectively.-- The Company announced an 8.0% dividend increase in December 2012.-- The Fund's cash available for distribution (CAFD) increased 46% in 2012 primarily as a result of a full year contribution from a portfolio of renewable power generation assets acquired in October 2011.-- In December 2012, the Company and the Fund completed a further acquisition of crude oil storage facilities and renewable power generation facilities (the 2012 Acquisition) from Enbridge Inc. (Enbridge) for an aggregate price of $1.168 billion.-- A monthly dividend of $0.11125 per common share was declared by the Company's Board of Directors to be paid on March 15, 2013.
Enbridge Income Fund Holdings Inc. (TSX: ENF) (ENF or the Company) announced today earnings of $59.8 million, or $1.48 per common share, for the year ended December 31, 2012, reflecting the performance of its investment in Enbridge Income Fund (the Fund).
The Company's financial performance is a direct reflection of the Fund's ability to generate cash for distribution to its unitholders. The Fund's cash available for distribution (CAFD) totaled $195.6 million for the year ended December 31, 2012 compared with $134.3 million in the prior year. The improvement in CAFD is primarily due to increased cash flow generated by the Fund's Green Power business following the acquisition of a 369 megawatt (MW) portfolio of wind and solar power generation assets owned by subsidiaries of Enbridge in October 2011 (the 2011 Acquisition).
"Enbridge Income Fund Holdings delivered very solid results for 2012, growing distributable cash flow by 46% over the previous year," said John Whelen, President, Enbridge Income Fund Holdings Inc. "We are very pleased with the overall performance of the renewable power generation assets that we acquired from Enbridge in the fall of 2011. They have proved to be a very strong contributor to earnings and cash flows in 2012.
"The successful completion of another significant acquisition of crude oil storage and additional renewable energy assets from Enbridge in the fourth quarter of 2012 has further strengthened and diversified the Fund's portfolio of low-risk energy infrastructure assets and helped support an 8% increase in the Company's monthly dividend in December," Mr. Whelen continued.
The Fund also made progress on organic growth opportunities. The Bakken Expansion Program, a joint initiative between the Fund and Enbridge Energy Partners, L.P., is expected to be completed in the first quarter of 2013. The project, which involves the reversal of existing pipelines and the construction of new pipeline and related facilities, will provide capacity to bring up to an additional 145,000 barrels per day of light crude oil to Enbridge's mainline terminal in Cromer, Manitoba. The total cost for the Fund's portion of this project is expected to be $190 million.
Construction of NRGreen's Whitecourt Recovered Energy Project near Whitecourt, Alberta, remains on schedule with an expected in-service date in the second quarter of this year. Once completed, the waste heat facility will generate 14 MW of clean energy and will bring the Fund's interests in renewable and alternative power generation to 530 MW of capacity.