Oil spill cost Enbridge Energy $550 million in 2010
Enbridge Energy says last July's oil spill of at least 800,000 gallons of oil into the Kalamazoo River near Marshall, Michigan cost the company $550 million in 2010, according to the Associated Press. The figure comes from an Enbridge report. The $550 million does not include insurance recoveries, fines and penalties. From the AP:
Public officials say they don't know when the Kalamazoo River will reopen for public use as the cleanup continues. Oil flow through the 286-mile-long pipeline resumed in September.
The Enbridge pipeline runs from Indiana to Ontario.
The Kalamazoo Gazette reports that, in addition to the oil spill in Marshall, the company spent $45 million on a spill in Romeoville, Illionis in September:
The report shows that Enbridge lost $16 million in revenue from the transfer of oil while the pipelines were shut down. Both spill cleanups and pipeline repairs contributed to an overall operating loss of $24.7 million, according to the report. Enbridge had a net loss of $137.9 million at the end of the year, compared with net incomes between $250 and $400 million in previous years. This was the first time the company reported a loss in at least five years.