STEADFAST IN OUR
VALUE PROPOSITION
OF SAFETY, GROWTH
AND INCOME.
Steve Letwin
Managing Director
“We will continue to progress on
our major expansion projects as
they provide stable, long-term
cash flows for our investors and
strengthen the already enviable
competitive position of the
Partnership and Enbridge Inc.
in North America.”
TO OUR UNITHOLDERS AND SHAREHOLDERS
2008was a year of great successes and great
challenges for Enbridge Energy Partners
(the Partnership). We are pleased with
the progress made on our major pipeline
capacity expansion projects, which are the cornerstones that underpin the stability and
sustainability of our cash distribution. This was evidenced by the Partnership’s ability
to increase its cash distribution in July after completion of the first phase of the
Southern Access Expansion.
Unfortunately, our July 2008 earnings and distribution announcement was followed by
a period of capital markets volatility not witnessed since the 1930s. The situation was
further compounded by substantial weakening in the prices of crude oil and natural gas.
The consequences of this turmoil were felt profoundly by investors in nearly all sectors,
including investors in the Partnership and Enbridge Energy Management.
Our basic strategies and objectives are unchanged. These strategies have taken us
through tough periods in the past, and we expect we will successfully navigate this
period of uncertainty as well. We are committed to growing the Partnership in a fashion
that provides stability and certainty in our cash distributions. Further, we will continue
to progress on our major expansion projects as they provide stable, long-term cash
flows for our investors and strengthen the already enviable competitive position of the
Partnership and Enbridge Inc. in North America.