Enbridge says no plans to imitate Kinder Morgan consolidation

CALGARY, Alberta Mon Aug 11, 2014 4:28pm EDT

CALGARY, Alberta Aug 11 (Reuters) - Enbridge Inc, Canada's largest pipeline company, said on Monday it has no plans to imitate rival Kinder Morgan Inc's $44 billion plan to consolidate its publicly traded units into a single company.

Enbridge, whose separately traded affiliates include Enbridge Energy Partners and Enbridge Income Fund Holdings Inc, said it has no interest in returning those companies into the corporate fold and cannot see a competitive advantage coming from such a move.

"Enbridge already has a highly competitive cost of capital, and is well positioned to deliver double-digit dividend per share and earnings per share growth through 2017," Graham White, a spokesman for the company, said in an email.

Kinder Morgan, the top U.S. pipeline company, said on Sunday it would fold all its publicly traded units into a single company after investors became concerned about its growth prospects and complicated financial structure.

Enbridge's lines carry the lion's share of Canada's crude exports to the United States. It is also backing the controversial Northern Gateway line to ship 525,000 barrels per day (bpd) of oil sands crude to an export port on Canada's Pacific coast and is looking to nearly double the size of its Alberta Clipper pipeline from Alberta to Superior, Wisconsin, to ship 800,000 bpd of crude.

Enbridge shares rose 5 Canadian cents to C$53.52 on Monday on the Toronto Stock Exchange. The shares have climbed 21 percent over the past 12 months, matching the rise in the exchange's benchmark index over the period.

($1=$1.09 Canadian) (Reporting by Scott Haggett; Editing by Jonathan Oatis)

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