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77-407: AIMCo manages one of Canada's largest public pools of funds with assets under management totalling $ 160.6 billion (2023). AIMCo manages the assets on behalf of 375,000 members of provincial public pension and retirement plans, endowments, government funds, and other public accounts, including the $ 22.07 billion Alberta Heritage Savings Trust Fund . The Alberta Investment Management Corporation (AIMCo)

154-528: A $ 200 million debt-with-warrants financing agreement. Also in 2016, an AIMCo led consortium of Ontario Municipal Employees Retirement System (OMERS), Ontario Teachers' Pension Plan (OTPP), and Wren House Infrastructure Management Limited (Wren House) acquired the London City Airport . In 2017, AIMCo, in partnership with MSD Capital and CCMP Capital acquired Hayward Industries in 2017. AIMCo, in partnership with U.S. based AES Corp. acquired

231-471: A 10.6% return, and 2021 with an impressive 14.7% return. The corporation manages a diverse portfolio, which as of 2015 was composed of 43% equities, 22% fixed income, and 35% illiquid assets. By the end of 2019, AIMCo's total AUM had reached $ 103.7 billion, with $ 88.2 billion in balanced funds and $ 15.5 billion in government and specialty funds. By the end of the 2021 calendar year, AIMCo had $ 168.3 billion in AUM. At

308-601: A 100% stake in FTP Power LLC from FirTree Partners for $ 1.6 billion in cash and debt. This investment gives AIMCo ownership of 150 utility and distributed electrical generation systems across the United States and the United Kingdom , increasing their exposure to green energy globally. Barclays Investment Bank and Citigroup served as co-financial advisors on this transaction. AIMCo, in combination with

385-698: A 50 per cent interest in Chile's Autopista Central 's 61-kilometer, six-lane toll highway in Santiago on behalf AIMCo clients. In 2011 AIMCo divested its stake in Autopista Central to Abertis for about 1.5 billion. In the same year, AIMCo, under a landmark transaction, acquired Morgan Stanley Infrastructure Partners 50% interest in the Chilean company from Inversiones Grupo Saesa Limitada (Grupo SAESA). This electricity transmission and distribution company

462-516: A 71% increase in the employee salary, it failed to acknowledge that these were driven by client demand for more investment in illiquid assets, such as real estate and private equity. Additionally, the pension fund's costs remained 23% below industry averages at the time of the report. The Alberta Investment Management Corporation (AIMCo) has experienced significant growth in its assets under management (AUM) since its inception in 2008. Starting with $ 75.7 billion in AUM in 2008, AIMCo saw fluctuations in

539-575: A barrel." On October 9, 2018, Enbridge's Westcoast Pipeline exploded in Shelley, British Columbia , sparking a massive fireball and leading to shortages of natural gas throughout British Columbia. In May 2012, West Coast First Nations members and supporters protested near Enbridge's Annual Shareholder's meeting, against the proposed Northern Gateway Project and on May 31, 2012, the Vancouver Observer reported about 40 protesters outside

616-485: A fleet of approximately 5,900 railway vehicles. AIMCo is still a major stakeholder in this company. In May 2019, AIMCo announced that it was acquiring an 85 per cent interest in the $ 1.15 billion 90-kilometre Northern Courier pipeline system owned by the Calgary-based TC Energy 's—formerly known as TransCanada Corporation. In a November 4 BNN Bloomberg interview with Amanda Lang , Uebelein said that

693-499: A letter of complaint to the Hamilton (Ontario) police service (HPS) for accepting over $ 44,000 in donations from Enbridge. The letter questions whether police officers would be impartial during any anti-Enbridge protests, given the donation. On June 26, 2013, Hamilton Police arrested at least 10 people who occupied an Enbridge compound for six days to protest the expansion of Enbridge's Line 9 and intent to ship diluted bitumen through

770-636: A long-term investment horizon while integrating environmental, social and corporate governance (ESG) factors into investment analysis. AIMCo was one of the 12 investment management firms who co-authored a paper to aid investors in climate-related corporate disclosure. The report was written as part of the Task Force on Climate-related Financial Disclosures, under the umbrella of the Investor Leadership Network. In December 2010, in an AIMCo-led private equity investment, it acquired

847-642: A major part of the network that serves Alberta's oilsands. All three lines were closed down as a precautionary measure. Operations between Hardisty and Cheecham were restored on June 23 when Enbridge's Athabasca pipeline (Line 19) was restored to service. On July 1, 2013, WWMT News in Michigan reported that the Michigan Department of Environmental Quality had issued a citation against Enbridge for contamination of North Ore Creek by an Enbridge pipeline maintenance activity. On January 30, 2017,

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924-518: A member in 2014 along with Suncor's John Ferguson, and Enbridge's J. Richard Bird. Bird, who retired from Enbridge in 2015, after having served in various executive positions there including as CFO and Executive Vice President, was designated as AIMCo CEO in June 2017—effective on October 21, 2017. Mac Van Wielingen had served as board chair from December 2014 until he stepped down in 2018. Kevin Uebelein

1001-498: A more sustainable global financial system . The 2018 Canadian Responsible Investment Trends Report , recognized the progress of major Canadian investors like the AIMCo, Canada Pension Plan Investment Board , Ontario Teachers' Pension Plan that are involved in responsible investing recognizing the value of long-term sustainability. AIMCo's approach to socially responsible investing is governed by its fiduciary duty to clients and

1078-630: A network of natural gas transmission pipelines across North America, connecting the continent's prolific natural gas supply to major markets in Canada, the United States, Mexico, and further abroad. Enbridge's natural gas network currently covers 38,375 km (23,850 mi) across five Canadian provinces, 30 U.S. states, and offshore in the Gulf of Mexico, transporting roughly 16.2 Bcf (billions of cubic feet per day) of natural gas. DCP Midstream

1155-562: A number of provincial statutes including transferring the administration of the Alberta Teachers' Retirement Fund to AIMCo, and requiring the two other largest public sector pension plans to use only AIMCo as investment managers. In December 2020, the Universities Academics Pension Plan (UAPP) agreed to move its public equities portfolio from AIMCo to a new investment manager. The UAPP board cited

1232-698: A pump failed at Enbridge's Willmar terminal in Saskatchewan. According to Enbridge, roughly half the oil was recovered. On January 1, 2007, an Enbridge pipeline that runs from Superior, Wisconsin to near Whitewater, Wisconsin cracked open and spilled ~50,000 US gallons (190 m ) of crude oil onto farmland and into a drainage ditch. The same pipeline was struck by construction crews on February 2, 2007, in Rusk County, Wisconsin, spilling ~201,000 US gallons (760 m ) of crude, of which about 87,000 U.S. gal (330 m ) were recovered. Some of

1309-736: A reversal of Line 9, is a project to deliver oil to Western Canada and Bakken to refineries in Eastern Canada and the midwest and eastern U.S. Western Gulf Coast Access, including reversal and expansion of the Seaway Pipeline and the Flanagan South Pipeline, is a plan to connect Canadian heavy oil supply to refineries along the Gulf Coast of the United States . Enbridge's oil pipelines cross North America, with 13,833 km (8,672 mi) of active pipe in

1386-1017: A rich wind-powered generation resource and allows electrical energy to flow in both directions. The transmission line is 210 miles (345 km) long and runs between the Lethbridge, Alberta area and the Great Falls, Montana area. Roughly one third of the line is in Canada and two thirds in the U.S. Enbridge Gas Inc. was formed on January 1, 2019, with the combination of Enbridge Gas Distribution and Union Gas. Its network consists of 5,471 km of gas transmission lines, 66,787 km of gas distribution service lines, and 78,214 km of gas distribution main lines. They deliver to over 15 million people in Ontario and Quebec through 3.8 million residential, commercial, industrial, and institutional meter connections and distribute roughly 2.3 bcf/d of natural gas. Additionally, in southwestern Ontario they have

1463-525: A road crew in Texas punctured the Seaway S-1 crude oil pipeline, which is jointly owned by Enterprise Products Partners and Enbridge through the joint venture Seaway Crude Pipeline Company . Two days later, it was unclear how much oil had spilled over the nearby Highway 121 northeast of Dallas . After the incident, supply concerns reportedly helped push "oil prices 2% higher in early trading to nearly $ 54

1540-622: A total enterprise value worth $ 14 billion. The acquisition will result in Enbridge being the largest natural gas utility franchise in North America. On September 6, 2016, Enbridge agreed to buy Spectra Energy in an all-stock deal valued at about $ 28 billion. Spectra, headquartered in Houston, Texas , operated in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra

1617-572: A world-wide leader in successfully adapting the advantages of large funds to the public sector." These are "arm's-length investment management entities with sufficient scale, independent boards and internal investment management, remunerated at rates competitive with the private sector." In 2010, AIMCo became a signatory to the United Nations Principles for Responsible Investment , an international network of investors working together to implement its six aspirational principles for

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1694-533: Is a joint venture between Enbridge and Phillips 66 . Phillips 66 is one of the largest petroleum services companies in the US, owning and operating 39 natural gas plants and 51,000 miles of gathering pipe. Headquartered in Denver, Colorado, DCP operates a portfolio of natural gas gathering, logistics, marketing and processing services across nine states. Enbridge made its first investment into renewable energy in 2002 with

1771-656: Is a multinational pipeline and energy company headquartered in Calgary , Alberta , Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids , and also generates renewable energy . Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres (17,809 miles) of pipelines. Its 38,300 kilometre (23,800 mile) natural gas pipeline system connects multiple Canadian provinces, several US states, and

1848-540: Is jointly owned by AIMCo and Ontario Teachers' Pension Plan (OTPP). In 2012, Stanhope, Mitsui Fudosan UK and AIMCo, on behalf of its clients, completed the purchase of the BBC Television Centre in West London. Construction began in summer of 2015 to develop homes, offices, hotels, retail and leisure facilities within this 13.7-acre area. In 2016, AIMCo's Infrastructure Private Equity group became

1925-432: Is now "the fourth Enbridge platform." (Centre Manche 1) In February, 2020, Enbridge sold its shares of Montana-Alberta Tie-Line (MATL) to Berkshire Hathaway Energy. The MATL project is a 300-megawatt (MW), 230-kilovolt (kV) electrical transmission line allowing movement of power between Alberta and Montana. The MATL project, which was placed in service the fall of 2013, supports ongoing development of

2002-520: Is now "the fourth Enbridge platform." Enbridge's ESG goals also aim to diversify its workforce with 28% representation from racial and ethnic groups and 40% from women by 2025.   In 2021, Enbridge was recognized as one of Canada's top 100 employers for the 18th time, and as one of Canada's best diversity employers for the seventh time. In September 2023, it was announced  Enbridge had agreed to acquire East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina, from Dominion Energy for

2079-410: Is one of several "pooled investment portfolios" in Canada that allow for "client-controlled asset allocation for multiple public-sector pension plans and investment funds. Through pooled asset management, these entities achieve sufficient scale to produce significant cost savings through internal investment management and access to alternative asset classes." Through funds like these "Canada is emerging as

2156-628: Is the Alberta Minister of Finance. The Government funds managed by AIMCo are used for Albertan services such as health care, education, infrastructure and social programs. As a result, AIMCo invests in private equity, public equity, fixed income and private debt. On June 11, 2020, the United Conservative government introduced the Reform of Agencies, Boards and Commissions and Government Enterprises Act, 2019 (Bill 22) amending

2233-858: The Sarnia Photovoltaic Power Plant and expanded it up to 80 MW, which was the world's largest photovoltaic power station at that time. In January 2017, Enbridge acquired Midcoast Energy Partners for $ 170 million in cash, and later in 2018, ArcLight acquired Midcoast Operating, L.P. from Enbridge for $ 1.1 billion. Enbridge released its first annual sustainability report in 2001, and in November 2020, Enbridge expanded its environmental, social and governance (ESG) goals and targets. The company aims to achieve net-zero greenhouse gas emissions by 2050, with an interim target to reduce emissions intensity by 35% by 2030. That same year, President and CEO Al Monaco said that renewable power

2310-604: The Virginia Retirement System successfully recovered $ 204.5 million after co-leading the class action securities litigation against MF Global , a now defunct broker dealer. AIMCo was advised by Goldman Sachs under a consortium of underwriter defendants. AIMCo alongside long-term infrastructure investors Allianz Capital Partners (ACP) and Hastings Fund Management (Hastings) purchased Porterbrook Rail Finance Limited (Porterbook) for an undisclosed amount. This major rolling stock leasing UK company owns and manages

2387-684: The largest inland oil spill in the United States in 1991, when 1,700,000 U.S. gal (6,400 m ) of oil ruptured from a buried pipeline in Grand Rapids, Minnesota , spilling crude into a wetland and a tributary of the Mississippi River . Using data from Enbridge's own reports, the Polaris Institute calculated that 804 spills occurred on Enbridge pipelines between 1999 and 2010. These spills released approximately 161,475 barrels (25,672.5 m ) of crude oil into

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2464-586: The "economic collapse wrought by COVID-19 sent the S&;P 500 and other stock benchmarks on a roller coaster ride". In July 2022, AIMCo and its real estate investment partner in the United Kingdom, Ridgeback Group, bought a portfolio of build-to-rent assets in Cardiff, Birmingham, Sheffield and London for £283m from Angelo Gordon ; the investment doubled the overall AIMco / Ridgeback portfolio. When AIMCo

2541-421: The AIMCo board of directors, CEO Evan Siddall and other executives. According to former Board Chair, Kenneth Kroner, the government's report failed to judge AIMCo's performance against client-directed benchmarks, which determine how much of the pension fund's assets were allocated. Kroner argued the pension fund consistently exceeded these benchmarks. While the government cited a 96% rise in third-party fees and

2618-674: The Alberta Heritage Savings Trust Fund Act, all income, less the amount required for inflation proofing, is used as revenue by the government. The Heritage Fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. Pensions plans whose assets are managed by AIMCo include LAPP (Local Authorities Pension Plan),

2695-740: The Alberta Investment Management Corporation Regulation board members must have demonstrable expertise in areas such as "investment management, finance, accounting or law" or have held senior executive positions. According to AIMCo's 2010/2011 Annual report, the Board of Directors meets six times every year with meetings scheduled one year in advance AIMCo is headquartered in Edmonton , Alberta with additional offices in Calgary , Toronto , London , Luxembourg , New York City , and Singapore . AIMCo

2772-698: The Alberta Teachers' Retirement Fund (ATRF), Public Service Pension Plan, Special Forces Pension Plan, Employment Pension Plans Act (EPPA), Public Service Pension Plan (PSPP), Management Employees Pension Plan (MEPP), Provincial Judges and Masters in Chambers Pension Plan (Registered) and Supplementary Retirement Plan for Provincial Judges and Masters in Chambers (Unregistered), and the Supplementary Retirement Plan for Public Service Managers. The sole shareholder of these plans

2849-739: The Boghill Creek, which eventually connects to the Assiniboine River. In the July 2010 Kalamazoo River oil spill , a leaking pipeline spilled more than 1,000,000 US gallons (3,800 m ) of oil sands crude oil into Talmadge Creek leading to the Kalamazoo River in southwest Michigan on July 26, near Marshall, Michigan . A United States Environmental Protection Agency update of the Kalamazoo River spill concluded

2926-599: The Canadian Oil and Gas Export Summit, protesting the proposed Enbridge Northern Gateway Project. On July 17, 2012, a group calling itself "We are the Kalamazoo" protested against Enbridge's response to the Kalamazoo spill and its plans to construct the line 6B pipeline. This protest was on the second anniversary of the Kalamazoo spill. On November 12, 2012, the Lansing State Journal reported that

3003-555: The East Ohio Gas Company, Questar Gas Company , and the Public Service Company of North Carolina. These companies serve 3 million customers in the states of Ohio, Utah, Wyoming, Idaho, and North Carolina. Upon completion of the acquisition, Enbridge Gas Inc. will become the largest natural gas utility in North America supplying 9 bcf/d to 7 million customers. Enbridge's pipeline was responsible for

3080-491: The Government of Alberta, are generally invested in money market and short-term bonds. The Alberta Heritage Savings Trust Fund was created in 1976 by the Alberta Heritage Savings Trust Fund Act with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans. Initially, the fund received 30 per cent of Alberta's non-renewable resource royalties. During

3157-507: The Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects. Enbridge has been responsible for several oil spills, including a spill on Line 3 , which was the largest inland oil spill in

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3234-481: The Norman Wells pipeline and joined Frontier Pipeline Company. In 1986, through a series of stakes exchanges, IPL gained control of Home Oil and in 1988, it changed its name to Interhome Energy Inc. In 1991, it changed its name to Interprovincial Pipe Line Inc. In 1992, Interprovincial Pipe Line Inc. was acquired by Interprovincial Pipe Line System Inc., which changed its name to IPL Energy Inc. in 1994, after

3311-547: The U.S. The merger was completed on February 27, 2017. The company is the largest transporter of crude oil in Canada with 3 million barrels per day of oil and liquids. The Enbridge Pipeline System is the world's longest crude oil and liquids pipeline system, with 27,564 km (17,127 mi) of active crude pipeline in both Canada and the United States. This pipeline network delivers 3 million barrels of oil per day. Enbridge delivered more than 3.77 billion barrels of crude oil in 2020, and more than 29.5 billion barrels over

3388-604: The US . Opposition to Enbridge projects has resulted in several popular uprisings, most notably the Dakota Access Pipeline protests , and the Stop Line 3 protests . The company was initially incorporated by Imperial Oil as Interprovincial Pipe Line Company (IPL) on April 30, 1949, after Canada's first major oil discovery, in 1947, at Leduc, Alberta . In the same year, the company built its first oil pipeline from Leduc to Regina, Saskatchewan . In 1950, it

3465-546: The United Conservative Party government added the Alberta Teachers' Retirement Fund to AIMCo's management portfolio, making it the investment manager for all public sector pensions in Alberta. By April 2020, AIMCo was managing approximately $ 119 billion in assets for 375,000 members of provincial public retirement programs and other public accounts, including the $ 18 billion Heritage Savings Trust Fund. By

3542-611: The United States and 13,681 km (8500 mi) of active pipe in Canada. The list below outlines eight of those lines. Enbridge's pipelines transport 20% of the natural gas consumed in the United States. It owns and operates Canada's largest natural gas distribution network, providing distribution services in Ontario and Quebec . Union Gas in Ontario now fully operates under Enbridge Gas Inc. In Quebec, Enbridge has interest ownership in Gazifère. Enbridge builds, owns and operates

3619-589: The acquisition of Consumers' Gas (now Enbridge Gas Inc.) and diversification into the gas distribution business. In addition, it acquired stakes in AltaGas Services and the electric utility of Cornwall, Ontario . Through the 1990s, the company expanded its gas pipeline network and acquired a stake in the Chicap oil pipeline. It also built the Athabasca Pipeline from northeastern Alberta to

3696-404: The early 1980s, the fund made loans to other provincial governments in Canada. Later the fund's money was used for capital infrastructure projects. To date, over $ 33 billion has been made available to fund Albertans' priorities, such as health care, education, infrastructure and social programs. The Fund is managed with the goal of maximizing long-term real returns at a prudent level of risk. Under

3773-407: The early years, with a notable drop to $ 69.0 billion in 2009 due to a 10.1% loss. However, the corporation has shown consistent growth since then, reaching $ 100 billion in AUM by February 2018 and continuing to expand. AIMCo's investment performance has varied over the years, with annual returns ranging from 2.3% to 14.7% between 2009 and 2021. Notable years include 2013 with a 12.5% return, 2019 with

3850-483: The end of 2023 AIMCo had $ 160.6 billion in assets under management. In November, 2024, Stephen Harper was named was named the new chair of AIMCo. In 2018 board members included J. Richard Bird as chair, Phyllis Clark, Helen Kearns, Ken Kroner, Jim Prieur, Tom Woods, Sharon Sallows, and Robert Vivian Jr. Talisman Energy's Jackie Sheppard was the newest member, replacing Harold Roozen, who served from 2011 until 2018 when he retired. IBM's Robert "Jay" Vivian Jr. had become

3927-429: The end of the 2021 calendar year, AIMCo had $ 168.3 billion in AUM. In November 2024, the Alberta government claimed that from 2019 to 2023, AIMCo's total fund return averaged 7.62% annually. The government reported that by the end of 2023 AIMCo had $ 160.6 billion in assets under management and posted an overall return of 6.9%, which was below its benchmark return of 8.7%. In November 2024, the Alberta government dismissed

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4004-904: The environment. On July 4, 2002, an Enbridge pipeline ruptured in a marsh near the town of Cohasset, Minnesota , in Itasca County, spilling 6,000 barrels (950 m ) of crude oil. In an attempt to keep the oil from contaminating the Mississippi River , the Minnesota Department of Natural Resources set a controlled burn that lasted for one day and created a smoke plume about 1-mile (1.6 km) high and 5 miles (8.0 km) long. In 2006, there were 67 reportable spills totaling 5,663 barrels (900.3 m ) on Enbridge's energy and transportation and distribution system; in 2007 there were 65 reportable spills totalling 13,777 barrels (2,190.4 m ). On March 18, 2006, approximately 613 barrels (97.5 m ) of crude oil were released when

4081-506: The following contiguous pdfs for each report: Alberta Heritage Savings Trust Fund Too Many Requests If you report this error to the Wikimedia System Administrators, please include the details below. Request from 172.68.168.226 via cp1108 cp1108, Varnish XID 210696774 Upstream caches: cp1108 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:41:53 GMT Enbridge Enbridge Inc.

4158-473: The head of the Line 6B Pipeline project stated that he had never seen as much organized landowner resistance despite 30 years in the pipeline industry. They noted that this was probably because of the 2010 Kalamazoo River spill. In May 2013, Hamilton area residents protested the reversal of flow in Line 9 and temporarily closed Ontario Highway 6 . Later that year, on June 6, 2013, a group called Hamilton 350 sent

4235-641: The largest integrated underground storage facility in Canada, and one of North America's top natural gas trading hubs. Enbridge's natural gas distribution also includes interest ownership in two additional natural gas distributors. This includes Gazfiére, serving people in Outaouais region of Quebec, and Ènergir LP, a company that operates gas transmission, gas distribution, and power distribution throughout Quebec and Vermont. In September 2023, Enbridge agreed to acquire three natural gas utility companies from Dominion Energy for $ 14 billion. The companies include

4312-531: The loss, the fund quickly changed their volatility strategies and CEO Kevin Uebelein announced he would leave AIMCo by June 2021. AIMCo's board of directors completed a review of the VOLTS Investment Strategy in June 2020, AIMCo adopted the ten recommendations of the review intended to prevent a reoccurrence of the severe losses, but did not prohibit the fund from engaging in volatility or other derivative-based investment strategies. Furthermore,

4389-463: The main pipeline system. In 1995, the company expanded its activities outside of North America by taking a stake in the Ocensa pipeline . This stake was sold in 2009. IPL Energy became Enbridge Inc in 1998. The Enbridge name is a portmanteau from "energy" and "bridge". In the 2000s, Enbridge introduced several large projects. Enbridge made their first investment into renewable energy in 2002 with

4466-431: The oil filled a hole more than 20 feet (6.1 m) deep and contaminated the local water table. In April 2007, roughly 6,227 barrels (990.0 m ) of crude oil spilled into a field downstream of an Enbridge pumping station near Glenavon, Saskatchewan. In January 2009, an Enbridge pipeline leaked about 4,000 barrels (640 m ) of oil southeast of Fort McMurray at the company's Cheecham Terminal tank farm. Most of

4543-480: The past decade, from 2011 through 2020 inclusive. Enbridge has several new capacities and expansion projects, including the expansion of the Alberta Clipper , replacing of Line 6B, reversal of Line 9 and others. Its Light Oil Market Access initiative is a project to deliver light crude oil from North Dakota and Western Canada to refineries in Ontario, Quebec, and the U.S. Midwest. Eastern Access, including

4620-675: The pipeline rupture "caused the largest inland oil spill in Midwest history" and reported the cost of the cleanup at $ 36.7 million (US) as of November 14, 2011. PHMSA raised concerns in a Corrective Action Order (CAO) about numerous anomalies that had been detected on this pipeline by internal line inspection tools, yet Enbridge had failed to check a number of those anomalies in the field. The Michigan spill affected more than 31 miles (50 km) of waterways and wetlands and about 320 people reported symptoms from crude oil exposure. The National Transportation Safety Board said at $ 800 million, it

4697-504: The purchase of a wind farm . In 2006, it announced the Enbridge Northern Gateway Pipelines Project from Athabasca to Kitimat, British Columbia . The same year, it announced the Alberta Clipper pipeline project from Hardisty, Alberta to Superior, Wisconsin, to connect oil sands production area with the existing network. This pipeline became operational in 2010. In 2009, Enbridge bought

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4774-505: The purchase of a wind farm. To date Enbridge has invested in 23 wind farms, 7 solar energy projects, 5 waste heat recovery facilities, 1 geothermal project, 1 power transmission project and 1 hydroelectric facility. Enbridge has a growing interest in European offshore wind energy, and its renewable assets are part of the company's plan to achieve net-zero emissions by 2050. In 2020, President and CEO Al Monaco said that renewable power

4851-758: The purchase was a fit for AIMCo. Northern Courier, which was completed in 2017 has an ongoing contract to ship the Fort Hills Reduced Carbon Life Cycle Dilbit Blend (FRB) to the terminal near Fort McMurray that is owned by Suncor Energy . FRB is produced through a Froth treatment method. AIMCo lost much more than other "comparable funds" in February and March 2020, the initial weeks of the COVID-19 recession , by having investments "in contracts that pay off only if stock markets remain stable". AIMCo lost $ 4 billion when

4928-424: The report indicated the risk culture in the organization was "unsatisfactory", and senior leaders were not provided enough information about the risks to investments in a timely manner. "AIMCo Annual Report" . Alberta Investment Management Corporation . Retrieved February 18, 2023 . Main webpage with links to non-contiguous pages in each year's report (including exact date of release), plus secondary links to

5005-509: The response by AIMCo to the recent losses attributed to the volatile investment strategy as the reason for the move. In April 2020, AIMCo reported a $ 2.1-billion loss following the 2020 stock market crash . The loss was attributed to a volatility-based investment strategy (VOLTS); the strategy was described as a "blunder" by the New York City based trade publication Institutional Investor . The loss represented approximately one-third of AIMCo's 2019 net investment income of $ 11.5-billion. Following

5082-551: The river per the EPA's order. On September 9, 2010, a broken water line caused a rupture on Enbridge's Line 6A pipeline near Romeoville, Illinois , releasing an estimated 7,500 barrels (1,190 m ) of oil into the surrounding area. On June 22, 2013, Enbridge subsidiary Athabasca pipelines reported a pipeline leak of approximately 750 barrels of light synthetic crude oil from Line 37 near Enbridge's Cheecham, Alberta, terminal about 70 kilometres (43 mi) southeast of Fort McMurray . The 17-kilometre-long, 12-inch diameter pipe

5159-411: The second largest shareholder of Howard Energy Partners, acquiring a 28% stake from EnLink Midstream Partners, LP. This transaction followed AIMCo's initial investment in August 2016 which allowed for the purchase of up to $ 500 million of Series B preferred units. AIMCo provided loans to companies such as the privately owned Calfrac Well Services , a large hydraulic fracturing company, which entered into

5236-479: The spilled oil was contained within berms but about 1% of the oil, about 40 barrels (6.4 m ), sprayed into the air and coated nearby snow and trees. On January 2, 2010, Enbridge's Line 2 ruptured near Neche, North Dakota , releasing about 3,784 barrels of crude oil, of which 2,237 barrels (355.7 m ) was recovered. In April 2010, an Enbridge pipeline ruptured spilling more than 9.5 barrels (1.51 m ) of oil in Virden, Manitoba . This oil leaked into

5313-462: The time. The provincial government claimed the change would lead to increase in annual return on investments of up to $ 500 million. Under the leadership of its first CEO, Leo de Bever, AIMCo quickly made significant investments both domestically and internationally. These included stakes in Spanish pipelines, English waterworks, and Puget Sound Energy in Washington, as well as Canadian companies like KMC Mining Corp and Precision Drilling. By 2015, AIMCo

5390-441: Was constructed in 2006 and links the Long Lake oilsands upgrader to the Cheetham terminal as part of Enbridge's Athabasca system. Unusually heavy rainfall in the region, also responsible for the 2013 Alberta floods , may have caused "ground movement on the right-of way that may have impacted the pipeline." Enbridge's Athabasca (Line 19) shares a portion of right of way with Line 37 and Enbridge's Wood Buffalo/Waupisoo (Line 75/18),

5467-674: Was created on January 1, 2008, it had a staff of 137. By December 31, 2016, the number of employees has grown to 425, across the organization's Investment Management and Risk teams, Investment Operations, and Corporate Services. AIMCo manages funds for a diverse group of Alberta public sector clients. It creates portfolios that reflect the clients' chosen risk and return profiles. The majority of AIMCo's assets under management come from Alberta public sector pension plans and provincial endowment funds. Collectively known as AIMCo's Balanced Funds, these clients are primarily invested in equities, bonds and inflation sensitive products. Other assets, managed for

5544-522: Was established in 2008 as a crown corporation to consolidate and manage Alberta's public sector investments. The Progressive Conservative government introduced the Alberta Investment Management Corporation Act in 2007, aiming to improve investment returns by up to $ 500 million annually. AIMCo took over $ 70 billion in assets from the provincial finance department, becoming Canada's fifth-largest investment fund at

5621-552: Was expanded through Gretna, Manitoba , to Superior, Wisconsin , in the United States. To operate the United States portion of the pipeline, the Lakehead Pipe Line Company (now Enbridge Energy Partners) was created. In 1953, the pipeline was expanded to Sarnia, Ontario , and in 1956 to Toronto and Buffalo, New York . In 1953, IPL was listed on the Toronto and Montreal stock exchanges. In 1983, IPL built

5698-498: Was first named as AIMCo CEO to replace outgoing chairman Charles Baillie in 2014. The Lieutenant Governor of Alberta appoints all members of AIMCo's board. AIMCo was established as a crown corporation by the Province of Alberta to provide independent, arms length investment management services to designated pension funds and provincial public sector bodies and funds, with strong accountability for its investment decisions. According to

5775-671: Was formed in late 2006 as a spin-off from Duke Energy . Spectra owned the Texas Eastern Pipeline (TETCo), a major natural gas pipeline transporting gas from the Gulf of Mexico coast in Texas to the New York City area; TETCo was one of the largest pipeline systems in the United States. Spectra also operated three oil pipelines , numerous other gas pipelines and was proposing to build still 3 more gas pipelines in

5852-553: Was managing a diverse portfolio of endowment funds, pension plans, government funds, and specialty funds, achieving a 9.1% total fund net return for its clients. AIMCo continued to grow and evolve, purchasing HSBC Place in Edmonton in 2017 to serve as its headquarters. The corporation manages assets for various pension plans, including the Local Authorities Pension Plan (LAPP), its largest client. In 2019,

5929-515: Was the costliest onshore spill cleanup in U.S. history. The NTSB found Enbridge knew of a defect in the pipeline five years before it burst. In June 2013, a Kalamazoo man lodged himself into an Enbridge pipeline in Marshall, MI to protest Enbridge's lack of accountability for the 2010 spill and to encourage landowners along Enbridge's Line 6B expansion to offer increased resistance to construction in 2013. In 2014, Enbridge completed cleanup of

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