Canada’s Pipeline Transportation System 2016

Appendix: Company Financial Summaries

Deemed Common Equity Ratios
2008 2009 2010 2011 2012 2013 2014 2015
Gas Pipelines  
Alliance 30 30 30 30 30 30 30 30Note a
Foothills 36 36 40 40 40 40 40 40
NGTLNote b 40 40 40 40 40 40
TransCanada Mainline 40 40 40 40 40 40 40 40
Westcoast Transmission 36 36 36 40 40 40 40 40
Oil Pipelines  
Enbridge Pipelines (NW) 55 55 50 50 50 50 50 50
Enbridge Southern LightsNote c 30 30 30  30 30 30
Trans Mountain Pipelines 45 45 45 45 45 45 45 45

 

Achieved ROEs and the RH-2-94 Formula ROE
2008 2009 2010 2011 2012 2013 2014 2015
Pipelines that were subject to RH-2-94  
Foothills 8.71 8.57 9.7 9.7 9.7 10.1 10.1 10.1
TransCanada Mainline 9.91 10.42 10.2 10 11.5Note a 11.88 13.06 10.86
Westcoast TransmissionNote b 8.76 9.08 8.78 10.01 9.36 9.54 9.89 9.01
Other Pipelines  
Alliance 11.26 11.26 11.26 11.26 11.26 11.26 11.26 n/a
M&NP 11.35 n/a n/a n/a n/a n/a n/a n/a
NGTLNote c 10.28 10.04 10.03 9.57 10.23 9.65 10.06
Westcoast Field ServicesNote d 7.61 12.25 13.65 16.98 19.25 8.93 7.16 2.62
 
RH-2-94 Formula (no longer in effect)Note e 8.71 8.57 8.52 8.08 7.58 7.23 7.93 7.64

Source: NEB Surveillance Quarterly and Annual Reports.

 

Fixed-Charges Coverage Ratios
Fixed-Charges Coverage Ratios 2010 2011 2012 2013 2014 2015Note a
Alliance L.P. 2.25 2.21 2.29 2.41 2.58 2.75
Enbridge Pipelines Inc. 2.11 2.52 2.39 1.95 2.08 1.55
Express 3.11 4.23 6.29 8.66 11.38 16.7
M&NP L.P. 3.41 2.78 2.8 3.03 3.49 3.79
NGTL 2.18 2.16 2.1 2.34 2.19 2.11
TQM 3.20 4.54 4.31 3.75 3.98 4.24
TCPL 2.01 2.39 2.18 2.39 2.59 2.7
TNPI 3.47 4.83 6.41 5.52 7.8  n/aNote b
Westcoast 2.31 2.52 1.96 2.21 2.17 3.46

Source: DBRS

 

Cash Flow-to-Total Debt and Equivalent Ratios
Cash Flow/Total Debt 2010 2011 2012 2013 2014 2015Note a
Enbridge Pipelines Inc. 15.2% 11.2% 11.4% 8.8% 8.8% 8.4%
Enbridge MainlineNote b 18.0% 19.6% 20.4% 16.7% 16.7%  n/aNote c
Express 24.9% 34.9% 51.2% 70.3% 95.1% 139%
TNPI 14.1% 23.9% 29.7% 24.1% 37.8% n/aNote d
Alliance L.P. 16.9% 18.0% 18.5% 21.2% 22.3% 24.5%
M&NP L.P. 22.2% 23.9% 25.9% 30.2% 38.8% 42.6%
NGTL 14.3% 13.5% 12.6% 13.6% 12.6% 12.3%
TQM 16.4% 19.8% 18.8% 16.7% 17.7% 17.7%
TCPL 15.6% 16.4% 15.1% 15.5% 15.4% 14.7%
Westcoast 17.2% 15.4% 13.7% 15.1% 16.0% 20.3%
Photos: left: A pump jack silhouetted against the setting sun; centre: The grey valves and wheels of a pump station on clear day; right: Folded hands hold a pen on a board room table in a large meeting room.

 

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