Enbridge Hikes Spill Cost Estimate To $550M

By Houston Business Journal

Enbridge Energy Partners LP said in a regulatory filing Friday that the cost of cleaning up the 2010 Michigan pipeline spill would reach $550 million.

Houston-based Enbridge Energy (NYSE EEP), a subsidiary of Canadian pipeline company Enbridge Inc., said it raised the estimate by more than 25 percent after a further review of remediation and restoration of the spill site. The filing stated that the company expects mosts costs to be covered under a $650 million insurance policy â¿¿ but the estimate does not include any potential fines related to the incident.

Some 20,000 barrels of oil leaked into a Michigan river system when the companyâ¿¿s Line 6B ruptured on July 26. The line was shut down for nine weeks.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/14/enbridge-hikes-spill-cost-estimate-to.html?ana=thestreet

Copyright bizjournals.com 2010

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