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Market Chatter: Michigan Oil Spill Cleanup May Exceed Insurance, Says Enbridge's U.S. Unit

By: MT Newswires
Posted: 3/21/2013 9:16:00 AM
Referenced Stocks: EEP

"Enbridge Energy Partners LP ( EEP ) said on Wednesday that the costs of additional cleanup from a huge Michigan oil spill three years ago may push the total bill past the limit of its insurance coverage, hampering its financial results," Reuters reported

It reported: "Enbridge Energy Partners, the U.S. unit of Calgary-based Enbridge Inc (ENB.TO), received an order from the U.S. Environmental Protection Agency earlier this month requiring more containment and recovery of oil from its Line 6B, which ruptured in the summer of 2010."

The report said: "It now estimates the total cleanup cost will rise by $175 million to $820 million. But it warned that "actual costs incurred may differ from the foregoing estimate as we discuss our work plan with the EPA and work with other regulatory agencies to assure that our work plan complies with their requirements."