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Enbridge faces writedown of New Brunswick investment

Reuters
11:45 AM, E.T. | March 12, 2012
Energy & Resources
Tags: Enbridge
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Enbridge Inc. (ENB-T) said it is facing a potential writedown of a significant portion of the value of its $460 million investment in Enbridge Gas New Brunswick, the New Brunswick gas distribution utility.

Enbridge, whose pipelines carry the bulk of Canadian oil exports to the United States, said the potential writedown relates to the impact of draft regulations for setting gas distribution rates within the province.

"We are extremely disappointed with the regulations as currently drafted," said Guy Jarvis, president, gas distribution at Enbridge.

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