Table of Contents
Highlights........................................................................................................................................3
NGL Extraction: Low Frac Spreads Expected to Hurt Results.........................................................3
Power ...............................................................................................................................................3
Financial Estimates........................................................................................................................5
Canadian Utilities .............................................................................................................................5
ATCO ..............................................................................................................................................6
Boralex Inc.......................................................................................................................................7
Brookfield Infrastructure Partners ....................................................................................................8
Canadian Hydro Developers .............................................................................................................9
Emera.............................................................................................................................................10
Enbridge.........................................................................................................................................11
Fortis..............................................................................................................................................12
TransAlta .......................................................................................................................................13
TransCanada ..................................................................................................................................14
AltaGas Income Trust.....................................................................................................................15
Atlantic Power Corporation ............................................................................................................16
Boralex Power Income Fund ..........................................................................................................17
Enbridge Income Fund....................................................................................................................18
EPCOR Power, L.P.........................................................................................................................19
Fort Chicago Energy Partners, L.P. ................................................................................................20
Gaz Métro ......................................................................................................................................21
Great Lakes Hydro Income Fund....................................................................................................22
Innergex Power Income Fund.........................................................................................................23
Inter Pipeline Fund..........................................................................................................................24
Keyera Facilities Income Fund .......................................................................................................25
Macquarie Power and Infrastructure Income Fund.........................................................................26
Northland Power Income Fund.......................................................................................................27
Pembina Pipeline Income Fund ......................................................................................................28
Primary Energy Recycling Corp. ....................................................................................................29
Recommendations........................................................................................................................30
Target Price Justifications ...........................................................................................................31
Required Disclosures ....................................................................................................................37
Additional Disclosures....................................................................................................................40