Oil spill cost Enbridge Energy $550 million in 2010

Apr 6, 2011

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.