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Enbridge Energy Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: EEP

This presentation will include forward-looking statements. The risks associated with forward-looking statements have been outlined in the earnings release and the Partnership's SEC filings, and we incorporate those by reference for this call. This presentation also contains certain non-GAAP financial measures. The reconciliation schedules for these non-GAAP measures to comparable GAAP measures can be found in the Investor Section of our website.

Please turn to Slide 3. I will now turn the conference over to Mark Maki, President.

Mark Maki

Thank you, Sanjay. Good morning, and welcome to our second quarter 2012 earnings call. As it relates to our agenda this morning, I will discuss our recent pipeline release on Line 14 in Wisconsin, our long-term growth outlook, and then pass it along to Steve Neyland, to present the financial results.

Let me first provide a brief update on the recent pipeline release on our Line 14 in Grand Marsh, Wisconsin. Enbridge continues to make significant clean-up and restoration progress at the site and the cleanup is substantially complete. Enbridge remains committed to the thorough restoration of the site as quickly as possible.

Repairs to the pipeline are well underway. Replacement of the affected section of pipe is expected later on today. And the pipe will be sent to experts, metallurgical examination.

Enbridge's plan to restart will be reviewed and approved by the Pipeline and Hazardous Materials Safety Administration. The pipeline is expected to be operated at a reduced pressure, following start up, while investigation and cause of the instant is complete. We estimate the cause for release of approximate $8 million.

Site restoration and repair will continue to be conducted in compliance with all governmental regulations and the company's stringent safety and environmental standards. The safety of people and the protection of the environment are our highest priorities. We greatly appreciate the support we received from local first responders, community leaders and the cooperation and patience of the affected landowners and the community.

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