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THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

EVENT DATE/TIME: JUNE 19, 2014 / 12:00PM GMT

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

CORPORATE PARTICIPAN TS Joel Smith Enbridge Energy Partners, L.P. – Manager, Investor Relations Mark Maki Enbridge Energy Partners, L.P. - President Greg Harper Enbridge Energy Partners, L.P. - President - Gas Pipelines and Processing, Enbridge Inc. & Principal Executive Officer of Midcoast Energy Partners

CONFERENCE CALL PART ICIPANTS Ted Durbin Goldman Sachs - Analyst Sunil Sibal Global Hunter Securities - Analyst John Edwards Credit Suisse - Analyst Noah Lerner Hartz Capital - Analyst Louis Shamie Zimmer Lucas Partners - Analyst Wayne Cooperman Cobalt Capital - Analyst

PRESENTATION

Operator

Good day, ladies and gentlemen, and welcome to the Enbridge Energy Partners equity restructuring and MEP drop-down conference call. My name is Parita, and I'll be your operator for today.

(Operator Instructions)

As a reminder, this call is being recorded for replay purposes.

I would like to turn the call over to Mr. Joel Smith, Manager Investor Relations. Please proceed, sir.

Joel Smith - Enbridge Energy Partners, L.P. - IR

Thank you, Parita. Good morning and welcome to the equity restructuring and MEP drop-down conference call for Enbridge Energy Partners. This call is being webcast and a copy of the presentation slides and news release associated with it can be downloaded from the investor section of our website at www.enbridgepartners.com. A replay will be available later today and a transcript will be posted to our website shortly thereafter.

As a reminder, the Partnerships' results are also relevant to Enbridge Energy Management or EEQ. I will be available after the call for any follow-up questions you may have. Our speaker today is Mark Maki, President. Available for Q&A session, we also have Greg Harper, President, Gas Pipelines and Processing, Enbridge Inc. and Principal Executive Officer of Midcoast Energy Partners; Steve Neyland, Vice President Finance; Jonathan Rose, Treasurer; and Nor Casey, Controller.

This presentation will include forward-looking statements. Any statements made or discussed today that do not constitute or are not historical facts, particularly comments regarding the Company's future plans and expected performance, are forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. The risks associated with forward-looking statements have been outlined in the press release and the Partnerships' annual report on Form 10-K and other SEC filings, and we incorporate those by reference for this call.

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

Mark Maki - Enbridge Energy Partners, L.P. - President

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Thank you, Joel. Good morning and welcome and thanks for joining us for a review of our equity restructuring transaction that we announced earlier this morning. Also we will discuss the execution of our first drop-down of additional interest in our jointly owned natural gas and NGL midstream business to Midcoast Energy Partners, or MEP. These are both very important transactions to Enbridge Partners.

The equity restructuring will prospectively enhance the competitiveness of the Partnership by improving our cost to capital while simultaneously increasing the prospective cash flow available to our public unit holders. The equity restructuring once again demonstrates Enbridge Inc.'s support and strategic alignment with the Partnership.

We are also excited that we are closing the first drop-down transaction in line with our accelerated timeline for 2014 and the Partnership will optimize the size and timing of future drop-downs to meet the mutual objectives of Enbridge Partners and Midcoast Partners. The proceeds received from the drop-down significantly defray the equity capital required by the Partnership as we execute our multi-billion dollar liquids pipelines organic growth program.

Let's move ahead to slide 4. Let me start with providing a brief overview of the equity restructuring transaction. Enbridge Energy Company Inc., EECI, the General Partner of Enbridge Energy Partners, will permanently wave its existing incentive distribution rights, or IDRs, in exchange for Class D units and new incentive distribution units, or IDUs. The new Class D units are Limited Partner units that will be entitled to cash distributions equal to those on the Class A common units.

Respectively, the holders of the IDUs will receive 23% portion of any future cash distributions in excess of the current quarterly cash distribution of $0.5435 per unit. The General Partner interest of 2% remains unchanged. As a result, the share of incremental cash available for distribution to the public unit holders will increase correspondingly. This restructuring will be effective July 1, 2014 and will apply to all distribution subsequent to that date.

Let's move ahead to slide 5. There are several overarching strategic rationales and benefits to the Partnership from this transaction. The equity restructuring will prospectively improve EEP's cost of capital as a General Partner share of future Partner cash distribution increases will be lowered. The Partnership is undertaking, as you all know, the largest liquids capital expansion program in our history which will generate significant lower risk cash flow growth over the coming years.

The equity restructuring will enhance the economics of the Partnerships' investment projects and increase cash flow available for distribution to public unit holders from existing capital projects as well as future growth projects. The improved cost of capital will enhance the Partnerships' acquisition competitiveness.

Let's move on to slide 6. This slide compares the IDR structure before and after the transaction. The equity restructuring will reduce the General Partners' share of future cash distributions in excess of the current quarterly distribution of $0.5435 per unit in exchange for the new incentive distribution units, or IDUs.

And the existing IDR cash flow will be exchanged for 66.1 million Class D Limited Partner units, which would provide a cash distribution amount equal to the current level received from the existing incentive distributions. Thus, at the current distribution level, the transaction is essentially cash neutral and either the GP nor the LP interest will be diluted on a per unit basis.

Respectively, the Limited Partners will receive a 75% share of distributions in excess of $0.5435 a unit versus 50% today. Subject to terms in the equity restructuring agreement which were reviewed and recommended to the Board of Directors by a special committee of independent directors, the parties will have other important rights including, but not limited to the following.

At its sole option, EEP, will redeem the Class D units on or after the 30th anniversary of the closing date for cash or additional Class A units. At its sole option, the holder of the Class D units may convert on a one for one basis in the Class A units on or after the 5th anniversary of the closing date and the new IDUs are not redeemable or convertible. Also as part of the equity restructuring certain related amendments were made to the Partnership agreement to increase Partnerships' flexibility and to enhance its ability to execute its long-term growth plans in a capital efficient and accretive manner.

Please turn to slide 7. The equity restructuring once again demonstrates Enbridge's commitment to the financial success of the Partnership. The primary strategic rationale for the equity restructuring is the improvement in the Partnerships' cost of capital as we execute on our slate of organic growth projects. Enbridge's objective continues to be to reestablish the Partnership as a very strong sponsor vehicle and position it as a future drop-down vehicle for liquids pipeline assets.

Please turn to slide 8. The equity restructuring transaction will not only strengthen the Partnerships' currency but also improve our valuation for potential acquisitions and position EEP as a future drop-down vehicle for Enbridge. But also as the new projects generate future cash flows, a greater proportion of cash flows will be available for distribution to the Limited Partner interest. This will provide momentum for EEP to accelerate the growth profile in future years.

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Let's move ahead to slide 9. We're also pleased to announce the first post IPO drop-down of additional ownership interest in our jointly owned natural gas and NGL midstream business to Midcoast Energy Partners. MEP has agreed to purchase an additional 12.6% LP interest in Midcoast for $350 million effective July 1, 2014. EEP's ownership in Midcoast operating subsequent to transaction will drop to 48.4%.

Based on our 2014 guidance range for the Midcoast operating business, the multiple EBITDA paid is approximately 9.5 to 10.5 times. We expect distributable cash flow from MEP and in the base business to grow in future periods. And based on the next 12 month projections, the purchase multiple is someplace in the 8 to 10 times range that we've talked about before in terms of the drop downs.

The benefits to EEP here are clear. Drop-down transactions are an integral part of our funding program as EEP is able to substantially defray the amount of equity capital it needs to raise in the capital markets by dropping down interest in the Midcoast business. And EEP has a vested interest in Midcoast success as we will benefit from the growth in earnings and cash flows at MEP through our General Partner and Limited Partner ownership positions and the related incentive distribution rights.

EEP is highly incentivized to support MEP success. Growth in EBITDA of the base gas business plus a successful drop-down transaction will provide MEP with meaningful accretion and distributable cash flow and very attractive mid-teens distribution growth rate. Greg Harper, the Principal Executive Officer of Midcoast Energy Partners, is available for Q&A and will speak on behalf of Midcoast.

Now please turn to slide 10. To wrap things up in summary, the equity restructuring transaction is yet another example of how Enbridge Inc. is strategically aligned with the Partnership and invest in the Partnership. Improving EEP's cost of capital provides a catalyst to enhance the Partnerships' valuation, enhance our distribution growth for LP unit holders and generate momentum for Enbridge Inc. to use EEP as a drop-down vehicle over the longer term.

We are pleased to execute on our first drop-down transaction of additional interest in our natural gas business to MEP. The MEP drop down strategy is an integral part of EEP's funding plan as EEP will be able to significantly mitigate its equity capital needs through 2017. EEP is very committed to the success of Midcoast and this and future drop-downs will help us position MEP for success.

With that, I'd like to open the lines for Q&A for Greg, Steve, JR, and myself, and we certainly would welcome questions on the Midcoast drop-down transaction first. So Parita, if you could open the line it'd be much appreciated.

QUESTION AND ANSWER

Operator

(Operator Instructions)

Ted Durbin, Goldman Sachs.

Ted Durbin - Goldman Sachs - Analyst

So I guess the first question is as you're thinking now about with this restructuring thoughts on the timing of when you might get back to distribution growth in the near term.

And then I'm curious if you can comment around your long-term target, it looks like it's still sitting there at 2% to 5%. I would have thought there might be upside to that number then given that you've materially lowered your cost of capital.

Mark Maki - Enbridge Energy Partners, L.P. - President

Well, I think on both scores, Ted, we have commented going back to the beginning of the year to the EEP data, we would be very disappointed if we did not -- were not able to resume distribution growth this year. So again, I'm going to stick to that viewpoint.

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Second, with respect to the 2% to 5%, this equity restructuring transaction is very, very helpful to us we think in terms of being able to achieve better performance over the long run for sure, but certainly being able to push us towards the higher end of that range. So all journeys start with small steps, so let's get our distribution increase out for this year, meet our objective that we set earlier in the year and then we can talk about what the growth outlook looks like over the longer run.

Ted Durbin - Goldman Sachs - Analyst

Got it. Then if I can talk about your -- again with the lower cost of capital, how much does this change your -- call it your commercial mindset in terms of more aggressively approaching capital programs? I don't think you've wanted for growth projects, but does this make you a little more aggressive on bidding on potential projects?

Mark Maki - Enbridge Energy Partners, L.P. - President

I think with what we've got in front of us right now, Ted, in terms of organic growth, we've got more than we can handle on our own because we've got a number of projects that are jointly funded with the parent. I think what it does help us though do is as we migrate away from the large organic growth programs, we become much more useable by Enbridge Inc. in terms of being able to drop assets down to EEP. Including as you know we've got the pre-program drop-downs with the number of the projects we've done jointly with them. So I think what this really positions us for is to be able to take those drop-downs, and those first couple are basically a book, and have those be very accretive to EEP. And this should give us good momentum to be more aggressive in the future. But I think near term, it's organic and then probably after that some migration towards the drop-downs from the parent.

Ted Durbin - Goldman Sachs - Analyst

And then any sense on when those -- the drop-downs again do you plan to accelerate the drop-downs themselves from ENB?

Mark Maki - Enbridge Energy Partners, L.P. - President

There's really not a huge incentive to accelerate the pre-program drops ahead of what their basic dates currently are, which is once the assets enter service, we've got a year after the last phase of the particular projects to trigger the -- basically call the option. So once the assets in service and cash flowing that's the ideal time for EEP to call. And the first -- the way we laid these out, it's the 2016, 2017 time frame that we would do that.

Ted Durbin - Goldman Sachs - Analyst

Okay, great. That's it for me, thanks.

Operator

Sunil Sibal, Global Hunter Securities.

Sunil Sibal - Global Hunter Securities - Analyst

Hi guys and congratulations on the restructuring and the first drop-down. A couple of questions for me. In terms of the restructuring at EEP, was curious about the timing of, is this something you guys have been reviewing with ENB for some time and just how you do it at this moment?

And the second question was unrelated to your previous guidance on receipt some of the drop-downs from MEP, I think previously you had guided to closer to $2.6 billion of proceeds from drop-downs to MEP, I was wondering any change in part there? Thanks.

Mark Maki - Enbridge Energy Partners, L.P. - President

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Okay, so with respect to the timing of the announcement, there's no ideal. This is something we've been working on for a little while, very complicated in terms of the restructuring, the existing IDR rights with the new ones. So the special committee was very, very thorough, went through a very exhaustive process to land on this particular structure, negotiating on behalf of the Partnership with Enbridge Inc.

But Enbridge Inc, has been very motivated. You've seen this in numerous actions whether it's the preferred investment that was made last year, helping us create Midcoast Energy Partners with the joint funding of various projects. Enbridge is very motivated to see EEP successful. It's a critical part of the overall Enbridge strategy.

So this is something that has been in the works for a while and we have worked it through the process. There is no like we need to do this right away kind of thing, kind of motivation, but it was something we've been carefully working on for some time.

With respect to the $2.6 billion well that number will be revised down to reflect the $350 million that we're going to do here on July 1, so that -- some of it will had been realized so there'll be some fine tuning of that amount. Obviously, we've always shown that as a plus, minus number and -- but if it's different by 10%, it doesn't really affect what our equity really needs are going to be.

When you look at our profile of our cash flows and these projects begin to cash flow beginning this year, next year or the year after, as they ladder into service, we have a substantial increase in the free cash flow of the Company. So we are much less in need of equity as you go further out in the plans. So whether that's $2.6 billion or $2.3 billion or $2.1 billion it doesn't make a heck of a lot of difference to the equity needs of EEP.

Sunil Sibal - Global Hunter Securities - Analyst

Okay, thanks, very helpful.

Operator

John Edwards, Credit Suisse.

John Edwards - Credit Suisse - Analyst

If I could ask a couple questions to make sure I understand the technicalities here of the IDR restructure. So as I understand it then, the waterfall is being completely replaced with just effectively this one step. So in excess of $0.5435 it splits 75, effectively 75/25, is that correct?

Mark Maki - Enbridge Energy Partners, L.P. - President

That's basically it, John. And the GP interest of 2% gets us 2%, so the incentive if you will above $0.5435 is 23%, yes.

John Edwards - Credit Suisse - Analyst

Right, but yes okay. So then these IDUs, so the amount, the incentive is payable to these IDUs, at the EEP level doesn't really matter but I guess there's these IDUs that'll be out there that'll be payable to those, is that how that works?

Mark Maki - Enbridge Energy Partners, L.P. - President

Yes, you'd have your 25% we just got done talking about, 2% effectively would go to the General Partner and 23% would go to the IDUs, yes.

John Edwards - Credit Suisse - Analyst

Okay and those IDUs have some kind of -- they have conversion features way out in the future?

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Mark Maki - Enbridge Energy Partners, L.P. - President

Those do not. The IDUs have no conversion features. The ones that have the replacement Class D units that are replacing the existing IDR cash flow, those have conversion features, both there's an option that the owner of the Class D units has and there's an option that EEP has associated with that. EEP can call those units 30 years out, the holder has the option to convert any time after year five into Class A if they so choose.

John Edwards - Credit Suisse - Analyst

Okay, so that would be -- the holder in this case being ENB, they can convert those to conventional Class A units?

Mark Maki - Enbridge Energy Partners, L.P. - President

Yes, five years out.

John Edwards - Credit Suisse - Analyst

And then the Class D units then in the meantime though, they will be paid effectively the same as Class A units is that right? Or am I -- is that wrong?

Mark Maki - Enbridge Energy Partners, L.P. - President

No that's right. They'll accrue or basically the same distribution level as a Class A unit would.

John Edwards - Credit Suisse - Analyst

Okay, so they aren't really accruing, they will be paid, correct?

Mark Maki - Enbridge Energy Partners, L.P. - President

They will be paid, yes, yes.

John Edwards - Credit Suisse - Analyst

Okay, great. Okay, that was basically it, thank you so much.

Operator

Noah Lerner, Hartz Capital.

Noah Lerner - Hartz Capital - Analyst

Couple quick questions. Regarding MEP, now that we had the first drop-down in the anticipation from the drop-down was an 8% to 12% distribution growth as part of as we add together the three components for the mid-teens. I'm curious, are you anticipating with the recommendation now a step up in the quarterly distribution or do you see basically doing four quarterly increases over the year to come up with that total amount?

Mark Maki - Enbridge Energy Partners, L.P. - President

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

I'm going to let Greg --

Greg Harper - Enbridge Energy Partners, L.P. - President - Gas Pipelines and Processing, Enbridge Inc. & Principal Executive Officer of Midcoast Energy Partners

Thank you, Mark. My intent to recommend to the Board is a steady as we go type distribution growth process to get to our mid-teens CAGR over the three-year period. So I don't think the markets going to reward any type of giant spikes periodically, I want to do the quarterly. So that's what I'll be recommending.

Noah Lerner - Hartz Capital - Analyst

Okay.

Greg Harper - Enbridge Energy Partners, L.P. - President - Gas Pipelines and Processing, Enbridge Inc. & Principal Executive Officer of Midcoast Energy Partners

And I think this drop helps us get there and we feel pretty good about what we're seeing.

Noah Lerner - Hartz Capital - Analyst

Okay, and then regarding the restructuring, the comment Mark that you made during your soliloquy, I guess you could call it that, regarding that the IDUs are not convertible nor redeemable. Is there any limitation that some time out in the future for whatever reason ENB decided they wanted to do another restructuring maybe get rid of the IDRs and do another type of recap, is there any limitations being put in place to avoid that or does ENB still have the flexibility to do other things with these new IDUs in the future as far as restructuring potential goes?

Mark Maki - Enbridge Energy Partners, L.P. - President

Not redeemable or convertible but certainly, Noah, hard to envision that you would want to do something different with these but if they did, I imagine they could preserve the right to do so. Again hard to envision, but there's maybe reasons you want to do something different structurally down the road. T

Here is -- I don't see anything in the redo here that would prevent some kind of restructuring later if we had to do that. But again hard to envision, hard to imagine that possibility.

Noah Lerner - Hartz Capital - Analyst

All right, great. And then my last question, I really appreciate the time, in the press release towards the end of it there was a comment that there are other related amendments to the Partnership agreement that will allow now for more flexibility to maintain an increased distributions even before the cash flow comes. Seems like language that you'd be putting in there to authorize distribution increases in the case where the distribution coverage will be less than one. Is that the right way to interpret that?

Mark Maki - Enbridge Energy Partners, L.P. - President

That's probably an aspect of it, Noah. There's -- let me walk through what some of those changes might be. As an example, EEP's partnership agreement is an old one, it goes back, it's on of the very first ones that were out there, it has a lot of restrictive and different language that you don't see in the more typical or modern agreements.

So as an example, one of the things that you track of course is your cumulative cash from operations. And one of the things that's a deduct in EEPs is when you've got capital carry associated with new units while you're building something that's basically a deduction from cash from operations.

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

The existing or the new amendments would change that where if you've got a capital carry for a project with highly certain cash flows that you don't -- effectively you don't have to deduct that from cash from operations. So it's a technical element. There are a number of things like that that where the existing EEP agreement is basically out of step with what the current or modern standard is and so we've done some amendments.

Basically to the outside world when you look at it, it'll look very -- you'll see very little difference in how we tell our story. It's more of the characterization that takes place of where the cash flows are coming from.

Noah Lerner - Hartz Capital - Analyst

Okay, great. Thanks a lot guys, really appreciate the information.

Operator

Louis Shamie, Zimmer Partners.

Louis Shamie - Zimmer Lucas Partners - Analyst

First off congratulations on the IDR restructure. Definitely think that that's a good long-term positive for the Partnership.

My question is a little bit technical regarding the Midcoast drop-down. So in the slides, I think it was slide 8, there was given an EBITDA range of 9.5 to 10.5 times 2014 guidance. So doing the math, $350 million for 12.6% of the operating Company implies about $2.8 billion for the whole thing. Your guidance range was $235 million to $265 million for the year, doing the math and giving the credit for the G&A give back, I get a range of 10.35 to 11.66 times EBITDA. So is there something I'm missing here in doing that math?

Mark Maki - Enbridge Energy Partners, L.P. – President

Well you have got to consider the G&A abatement which is about $25 million. The other probably wrinkle that maybe is not entirely evident would be you'd have some cash from Texas Express in excess of what the equity earnings are. And as I recall the $235 million to $265 million I believe it said it included equity earnings. And those are -- equity earnings and cash flow are two entirely different numbers.

Cash flow from Texas Express would be higher. So there's -- there maybe some other things, Louis, that off the top of my head that's really a question I'd say take offline with our IR people and see if you can work through it.

Louis Shamie - Zimmer Lucas Partners - Analyst

Okay, yes, it would be great. I'll follow up with Sanjay. All right, thank you.

Operator

Wayne Cooperman, Cobalt Capital.

Wayne Cooperman - Cobalt Capital - Analyst

I might have missed this but did you give a new dividend guidance at EEP, or are you keeping the dividend the same because obviously there's a lot more shares outstanding now?

Mark Maki - Enbridge Energy Partners, L.P. - President

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

What you've got is more shares outstanding that's right, but what you've done is taking a part of the cash flow that effectively was taken off the top that went to the General Partner has been converted into a payment to the new--

Wayne Cooperman - Cobalt Capital - Analyst

Well I get that. I'm just asking if you're keeping your dividend the same or if you're adjusting it for the more shares outstanding?

Mark Maki - Enbridge Energy Partners, L.P. - President

No, I mean dividends this $0.5435. There's no plan to change the distribution.

If you're asking is it going to go down? No. We have our next distribution announcement comes up here in July. And as I said earlier on the call, we want to be able to be in a position this year where we raise the distribution. That's the objective for the Partnership.

Wayne Cooperman - Cobalt Capital - Analyst

So the cash flow that you're not paying at the GP level is about equal to the cash flow you're paying to the additional LP units, is that how the math works for this year or is that for next year, I'm wondering about that?

Mark Maki - Enbridge Energy Partners, L.P. - President

The intent is that for this year that the cash flow that would be paid to the Class D units would basically be the equivalent to what they would have gotten if we had not done the restructuring at all. So yes we're trying to accomplish with the structure is to have the payments for the IDRs to be equivalent to what the Class D units will see. So in other words neutral.

Wayne Cooperman - Cobalt Capital - Analyst

Okay, because I wasn't quite coming out with that of my math, but I'll relook at it.

Mark Maki - Enbridge Energy Partners, L.P. - President

Okay and if it's something you want to follow up on in terms of detail, certainly come back to us.

Wayne Cooperman - Cobalt Capital - Analyst

Sure, thanks.

Operator

Sunil Sibal, Global Hunter Securities.

Sunil Sibal - Global Hunter Securities - Analyst

A quick follow up for me. The new IDUs, when does that 25% kicks in? Seems like from the press release yesterday, it's designed to kick in at a later date, wanted to clarify that. And how should we think about any for that later date?

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JUNE 19, 2014 / 12:00PM GMT, EEP - Enbridge Energy Partners, L.P. Benefits From Equity Restructuring

Mark Maki - Enbridge Energy Partners, L.P. - President

Your phone was a little scattered there, I didn't quite get the whole question, but I think it had to do with the timing of the $0.5435. Well the intent here is that 75/25 sharing will kick in in any distribution increase above $0.5435. So if we had for instance we said we raised the distribution $0.01 a unit in say with the July announcement, the 75/25 would apply to that incremental $0.01. The Class D units would basically get the cash flow equivalent of what the old IDR rights were. So the 66.1 million units would get $0.5435 plus $0.01 for the quarter.

Sunil Sibal - Global Hunter Securities - Analyst

Okay, thanks, that's helpful.

Operator

Okay thank you for your question. And now I would like to turn the call over to Mr. Joel Smith for closing remarks. Please go ahead.

Joel Smith - Enbridge Energy Partners, L.P. - IR

Thank you, Parita. We have nothing further to add at this time. However, I would like to remind you that I will be available for any follow-up questions you may have. Thank you and have a good day.

Operator

Thank you, ladies and gentlemen, that concludes your conference call for today. Thank you for joining and you may now disconnect. Thank you.

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