INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2012

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, 2012
(unaudited) (millions of dollars)		2012	2011	2010	2012	2011
Great Lakes	46.45%	27	60	59	677	686
Northern Border(a)	50%	72	75	67	512	536
GTN(b)	25%	19	12	–	216	225
Bison(b)	25%	11	7	–	158	163
		129	154	126	1,563	1,610

(a)

Equity earnings 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)

25 percent interests in each of GTN and Bison were acquired in May 2011.

Great Lakes

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2012	2011
Assets
Current assets	56	65
Plant, property and equipment, net	799	826
Other assets	–	1
	855	892
Liabilities and Partners' Equity
Current liabilities	30	30
Long-term debt, including current maturities	354	373
Partners' equity	471	489
	855	892

Year ended December 31 (millions of dollars)	2012	2011		2010
Transmission revenues	182	250		262
Operating expenses	(66)	(62	)	(59)
Depreciation	(31)	(32	)	(40)
Financial charges and other	(28)	(30	)	(31)
Michigan business tax	–	2		(5)
Net income	57	128		127

Northern Border

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)		2012	2011
Assets
Cash and cash equivalents		28	33
Other current assets		35	35
Plant, property and equipment, net		1,234	1,267
Other assets		31	31
		1,328	1,366
Liabilities and Partners' Equity
Current liabilities		53	48
Deferred credits and other		16	13
Long-term debt, including current maturities		473	473
Partners' equity
	Partners' capital	789	835
	Accumulated other comprehensive loss	(3)	(3)
		1,328	1,366

Year ended December 31 (millions of dollars)	2012	2011		2010
Transmission revenues	311	310		295
Operating expenses	(79)	(73	)	(74)
Depreciation	(63)	(62	)	(62)
Financial charges and other	(24)	(22	)	(23)
Net income	145	153		136

GTN

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2012	2011
Assets
Current assets	50	55
Plant, property and equipment, net	1,174	1,207
Other assets	1	1
	1,225	1,263
Liabilities and Members' Equity
Current liabilities	16	18
Deferred credits and other	20	20
Long-term debt, including current maturities	325	325
Members' capital	864	900
	1,225	1,263

Year ended December 31 (millions of dollars)	2012	2011(a)
Transmission revenues	198	133
Operating expenses	(48)	(37)
Depreciation	(54)	(36)
Financial charges and other	(18)	(15)
Net income	78	45

^(a)

25 percent interest in GTN was acquired in May 2011.

Bison

Investments in unconsolidated affiliates

Summarized financial information for equity method investment

December 31 (millions of dollars)	2012	2011
Assets
Current assets	7	10
Plant, property and equipment, net	649	658
	656	668
Liabilities and Members' Equity
Current liabilities	25	17
Members' capital	631	651
	656	668

Year ended December 31 (millions of dollars)	2012	2011(a)
Transmission revenues	80	52
Operating expenses	(16)	(11)
Depreciation	(19)	(13)
Net income	45	28

^(a)

25 percent interest in Bison was acquired in May 2011.