INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2011

INVESTMENTS IN UNCONSOLIDATED AFFILIATES

Schedule of equity method investments in unconsolidated affiliates

		Equity Earnings from Unconsolidated Affiliates			Investment in Unconsolidated Affiliates
		Year Ended December 31			December 31
	Ownership Interest at December 31, 2011
(unaudited) (millions of dollars)		2011	2010	2009	2011	2010
Great Lakes	46.45%	59.5	58.7	59.1	685.5	690.0
Northern Border(a)	50%	75.5	67.3	40.3	536.1	504.8
GTN(b)	25%	11.5	–	–	225.1	–
Bison(b)	25%	7.0	–	–	162.8	–
		153.5	126.0	99.4	1,609.5	1,194.8

(a)

Equity income from Northern Border is net of the 12-year amortization of a $10 million transaction fee paid to the operator of Northern Border at the time of the Partnership's additional 20 percent acquisition in April 2006.

(b)

Represents equity earnings from May 3, 2011, date of acquisition, to December 31, 2011.

Great Lakes

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2011	2010
Assets
Current assets	65.3	83.7
Plant, property and equipment, net	826.2	846.9
Other assets	0.6	0.6
	892.1	931.2
Liabilities and Partners' Equity
Current liabilities	30.0	34.9
Deferred credits	0.4	5.6
Long-term debt, including current maturities	373.0	392.0
Partners' capital	488.7	498.7
	892.1	931.2

Year ended December 31 (millions of dollars)	2011		2010		2009
Transmission revenues	250.0		262.4		289.7
Operating expenses	(61.8	)	(59.2	)	(66.5	)
Depreciation	(32.2	)	(40.5	)	(58.5	)
Financial charges and other	(29.9	)	(30.9	)	(31.9	)
Michigan business tax	1.9		(5.3	)	(5.4	)
Net income	128.0		126.5		127.4

Northern Border

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)		2011		2010
Assets
Cash and cash equivalents		32.8		10.2
Other current assets		35.6		37.1
Plant, property and equipment, net		1,266.6		1,294.8
Other assets		31.4		22.9
		1,366.4		1,365.0
Liabilities and Partners' Equity
Current liabilities		48.6		46.7
Deferred credits and other		12.8		9.7
Long-term debt, including current maturities		472.6		540.6
Partners' equity
	Partners' capital	835.1		770.9
	Accumulated other comprehensive loss	(2.7	)	(2.9	)
		1,366.4		1,365.0

Year ended December 31 (millions of dollars)	2011		2010		2009
Transmission revenues	310.1		295.1		249.2
Operating expenses	(73.2	)	(74.0	)	(70.8	)
Depreciation	(61.6	)	(61.5	)	(61.9	)
Financial charges and other	(22.6	)	(23.4	)	(34.4	)
Net income	152.7		136.2		82.1

GTN

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2011
Assets
Current assets	54.6
Plant, property and equipment, net	1,207.2
Other assets	1.1
	1,262.9
Liabilities and Members' Equity
Current liabilities	17.7
Deferred credits and other	19.7
Long-term debt, including current maturities	325.0
Members' capital	900.5
	1,262.9

For the period May 3 to December 31, 2011 (millions of dollars)
Transmission revenues	133.2
Operating expenses	(36.7	)
Depreciation	(36.2	)
Financial charges and other	(15.0	)
Net income	45.3

Bison

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2011
Assets
Current assets	9.9
Plant, property and equipment, net	657.9
Other assets	–
	667.8
Liabilities and Members' Equity
Current liabilities	16.8
Members' capital	651.0
	667.8

For the period May 3 to December 31, 2011 (millions of dollars)
Transmission revenues	51.8
Operating expenses	(11.3	)
Depreciation	(12.4	)
Net income	28.1