Enbridge Energy Partners 8-K Enbridge Energy Partners declares 3.6 percent distribution increase and reports earnings for second quarter 2011

Exhibit 99.2

ENBRIDGE ENERGY PARTNERS, L.P.

CONSOLIDATED STATEMENTS OF INCOME

	For the three month period ended June 30,						For the six month period ended June 30,
	2011			2010			2011			2010
	(unaudited; in millions, except per unit amounts)
Operating revenue	$	2,372.0		$	1,747.4		$	4,660.9		$	3,678.6
Operating expenses
Cost of natural gas		1,861.3			1,270.4			3,690.8			2,794.6
Environmental costs, net of recoveries		23.3			(0.1	)		(11.3	)		4.5
Oil measurement adjustments		(54.1	)		1.1			(58.7	)		—
Operating and administrative		167.6			135.3			334.7			267.8
Power		33.9			36.5			69.5			68.8
Depreciation and amortization		89.6			77.6			178.0			145.5
		2,121.6			1,520.8			4,203.0			3,281.2
Operating income		250.4			226.6			457.9			397.4
Interest expense		78.5			69.6			157.9			128.9
Other income (expense)		—			(0.1	)		6.0			16.7
Income before income tax expense		171.9			156.9			306.0			285.2
Income tax expense		0.9			2.4			3.2			4.6
Net income		171.0			154.5			302.8			280.6
Less: Net income attributable to noncontrolling interest		14.1			14.5			28.8			25.2
Net income attributable to general and limited partner ownership interest in Enbridge Energy Partners, L.P.	$	156.9		$	140.0		$	274.0		$	255.4
Net income allocable to limited partner interests	$	130.3		$	120.3		$	227.0		$	219.5
Net income per limited partner unit (basic and diluted)	$	0.51		$	0.51		$	0.90		$	0.93
Weighted average limited partner units outstanding		255.2			236.5			254.0			236.2

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ENBRIDGE ENERGY PARTNERS, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the six month period ended June 30,
	2011			2010
	(unaudited; in millions)
Cash provided by operating activities
Net income	$	302.8		$	280.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		178.0			145.5
Derivative fair value net gains		(3.3	)		(25.9	)
Inventory market price adjustments		0.2			2.6
Environmental costs, net of recoveries		24.0			4.3
Oil measurement adjustments		(52.2	)		—
Other		7.2			(5.7	)
Changes in operating assets and liabilities, net of acquisitions:
Receivables, trade and other		(32.0	)		37.7
Due from General Partner and affiliates		4.7			(17.4	)
Accrued receivables		102.4			15.0
Inventory		(3.5	)		(58.2	)
Current and long-term other assets		1.5			(0.9	)
Due to General Partner and affiliates		27.8			18.7
Accounts payable and other		23.0			1.1
Environmental liabilities		(105.3	)		(4.9	)
Accrued purchases		(12.9	)		(20.1	)
Interest payable		(0.1	)		8.7
Property and other taxes payable		(1.3	)		(2.5	)
Settlement of interest rate derivatives		—			(13.2	)
Net cash provided by operating activities		461.0			365.4
Cash used in investing activities
Additions to property, plant and equipment		(363.1	)		(356.2	)
Changes in construction payables		(8.3	)		(9.9	)
Asset acquisitions		(27.2	)		(17.0	)
Other		(7.8	)		—
Net cash used in investing activities		(406.4	)		(383.1	)
Cash (used in) provided by financing activities
Net proceeds from unit issuances		74.4			15.1
Distributions to partners		(265.2	)		(233.0	)
Repayments to General Partner		(6.4	)		(324.6	)
Net proceeds from issuances of long-term debt		—			496.1
Net borrowings (repayments) under Credit Facility		75.0			(765.0	)
Net commercial paper borrowings		115.1			409.9
Borrowings from General Partner		7.0			395.8
Contribution from noncontrolling interest		3.3			87.0
Distributions to noncontrolling interest		(43.4	)		—
Net cash (used in) provided by financing activities		(40.2	)		81.3
Net increase in cash and cash equivalents		14.4			63.6
Cash and cash equivalents at beginning of year		144.9			143.6
Cash and cash equivalents at end of period	$	159.3		$	207.2

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ENBRIDGE ENERGY PARTNERS, L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	June 30, 2011			December 31, 2010
	(unaudited; dollars in millions)
ASSETS
Current assets
Cash and cash equivalents	$	159.3		$	144.9
Receivables, trade and other, net of allowance for doubtful accounts of $1.9 in 2011 and $1.8 in 2010		247.0			171.2
Due from General Partner and affiliates		22.4			27.1
Accrued receivables		580.1			683.7
Inventory		138.0			134.7
Other current assets		42.8			58.3
		1,189.6			1,219.9
Property, plant and equipment, net		8,859.8			8,641.6
Goodwill		246.7			246.7
Intangibles, net		270.8			276.4
Other assets, net		63.6			56.4
	$	10,630.5		$	10,441.0
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Due to General Partner and affiliates	$	78.7		$	53.3
Accounts payable and other		318.2			289.2
Environmental liabilities		122.5			227.0
Accrued purchases		592.8			596.4
Interest payable		60.2			60.3
Property and other taxes payable		47.8			49.1
Note payable to General Partner		12.0			11.6
Current maturities of long-term debt		31.0			31.0
		1,263.2			1,317.9
Long-term debt		4,969.3			4,778.9
Note payable to General Partner		336.0			335.8
Other long-term liabilities		164.1			122.9
		6,732.6			6,555.5
Commitments and contingencies
Partners’ capital
Class A common units (211,467,198 and 209,084,106 at June 30, 2011 and December 31, 2010, respectively)		2,683.4			2,641.0
Class B common units (7,825,500 at June 30, 2011 and December 31, 2010)		65.9			64.9
i-units (36,410,356 and 35,285,422 at June 30, 2011 and December 31, 2010, respectively)		617.2			579.1
General Partner		260.1			256.8
Accumulated other comprehensive income (loss)		(182.8	)		(121.7	)
Total Enbridge Energy Partners, L.P. partners’ capital		3,443.8			3,420.1
Noncontrolling interest		454.1			465.4
Total partners’ capital		3,897.9			3,885.5
	$	10,630.5		$	10,441.0

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NET INCOME PER LIMITED PARTNER AND GENERAL PARTNER INTEREST

In February 2011, the board of directors of Enbridge Energy Management, L.L.C., or Enbridge Management, as delegate of our General Partner, approved a split of our units to be effected by a distribution on April 21, 2011 of one common unit for each common unit outstanding and one i-unit for each i-unit outstanding to unit holders of record on April 7, 2011. As a result of this unit split, we have retrospectively restated the computation of our “Net income per limited partner unit (basic and diluted)” in the table below to present the prior year amounts on a split-adjusted basis. Additionally, the formula for distributing available cash among our General Partner and limited partners was revised to take effect of this unit split, as set forth in our partnership agreement, as amended, and is presented below.

Distribution Targets	Portion of Quarterly Distribution Per Unit	Percentage Distributed to General Partner			Percentage Distributed to Limited partners
Minimum Quarterly Distribution	Up to $0.295		2	%		98	%
First Target Distribution	> $0.295 to $0.35		15	%		85	%
Second Target Distribution	> $0.35 to $0.495		25	%		75	%
Over Second Target Distribution	In excess of $0.495		50	%		50	%

We allocate our net income among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income, including any incentive distribution rights, or IDRs, embedded in the general partner interest, to our general partner, Enbridge Energy Company, Inc., and our limited partners according to the distribution formula for available cash as set forth in our partnership agreement. We also allocate any earnings in excess of distributions to our general partner and limited partners utilizing the distribution formula for available cash specified in our partnership agreement. We allocate any distributions in excess of earnings for the period to our general partner and limited partners based on their sharing of losses of 2% and 98%, respectively, as set forth in our partnership agreement.

We determined net income per limited partner unit as follows:

	For the three month period ended June 30,						For the six month period ended June 30,
	2011			2010			2011			2010
	(unaudited; in millions, except per unit amounts)
Net income	$	171.0		$	154.5		$	302.8		$	280.6
Less: Net income attributable to noncontrolling interest		14.1			14.5			28.8			25.2
Net income attributable to general and limited partner interests in Enbridge Energy Partners, L.P.		156.9			140.0			274.0			255.4
Less distributions paid:
Incentive distributions to our General Partner		(24.0	)		(17.2	)		(42.4	)		(31.4	)
Distributed earnings allocated to our General Partner		(2.8	)		(2.5	)		(5.5	)		(4.9	)
Total distributed earnings to our General Partner		(26.8	)		(19.7	)		(47.9	)		(36.3	)
Total distributed earnings to our limited partners		(140.4	)		(122.0	)		(271.3	)		(240.3	)
Total distributed earnings		(167.2	)		(141.7	)		(319.2	)		(276.6	)
Overdistributed earnings	$	(10.3	)	$	(1.7	)	$	(45.2	)	$	(21.2	)
Weighted average limited partner units outstanding		255.2			236.5			254.0			236.2
Basic and diluted earnings per unit:
Distributed earnings per limited partner unit(1)	$	0.55		$	0.52		$	1.07		$	1.02
Overdistributed earnings per limited partner unit(2)		(0.04	)		(0.01	)		(0.17	)		(0.09	)
Net income per limited partner unit (basic and diluted)	$	0.51		$	0.51		$	0.90		$	0.93

⁽¹⁾  Represents the total distributed earnings to limited partners divided by the weighted average number of limited partner interests outstanding for the period.

⁽²⁾  Represents the limited partners’ share (98%) of distributions in excess of earnings divided by the weighted average number of limited partner interests outstanding for the period and underdistributed earnings allocated to the limited partners based on the distribution waterfall that is outlined in our partnership agreement.

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SEGMENT INFORMATION

Our business is divided into operating segments, defined as components of the enterprise, about which financial information is available and evaluated regularly by our Chief Operating Decision Maker in deciding how resources are allocated and performance is assessed.

Each of our reportable segments is a business unit that offers different services and products that is managed separately, since each business segment requires different operating strategies. We have segregated our business activities into three distinct operating segments: Liquids, Natural Gas, and Marketing.

The following tables present financial information about our business segments and corporate activities:

	For the three month period ended June 30, 2011
	Liquids			Natural Gas		Marketing		Corporate(1)			Total
	(unaudited; in millions)
Total revenue	$	310.2		$	1,893.9	$	569.2	$	—		$	2,773.3
Less: Intersegment revenue		0.3			395.8		5.2		—			401.3
Operating revenue		309.9			1,498.1		564.0		—			2,372.0
Cost of natural gas		—			1,299.7		561.6		—			1,861.3
Environmental costs, net of recoveries		23.3			—		—		—			23.3
Oil measurement adjustments		(54.1	)		—		—		—			(54.1	)
Operating and administrative		73.3			91.7		1.7		0.9			167.6
Power		33.9			—		—		—			33.9
Depreciation and amortization		48.8			40.8		—		—			89.6
Operating income		184.7			65.9		0.7		(0.9	)		250.4
Interest expense		—			—		—		78.5			78.5
Income from continuing operations before income tax expense		184.7			65.9		0.7		(79.4	)		171.9
Income tax expense		—			—		—		0.9			0.9
Net income		184.7			65.9		0.7		(80.3	)		171.0
Less: Net income attributable to the noncontrolling interest		—			—		—		14.1			14.1
Net income attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.	$	184.7		$	65.9	$	0.7	$	(94.4	)	$	156.9

⁽¹⁾ Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments.

	For the three month period ended June 30, 2010
	Liquids			Natural Gas		Marketing			Corporate(1)			Total
	(unaudited; in millions)
Total revenue	$	320.1		$	1,246.6	$	549.0		$	—		$	2,115.7
Less: Intersegment revenue		0.3			358.0		10.0			—			368.3
Operating revenue		319.8			888.6		539.0			—			1,747.4
Cost of natural gas		—			730.8		539.6			—			1,270.4
Environmental costs, net of recoveries		(0.1	)		—		—			—			(0.1	)
Oil measurement adjustments		1.1			—		—			—			1.1
Operating and administrative		64.2			67.9		2.0			1.2			135.3
Power		36.5			—		—			—			36.5
Depreciation and amortization		46.6			31.0		—			—			77.6
Operating income		171.5			58.9		(2.6	)		(1.2	)		226.6
Interest expense		—			—		—			69.6			69.6
Other expense		—			—		—			0.1			0.1
Income from continuing operations before income tax expense		171.5			58.9		(2.6	)		(70.9	)		156.9
Income tax expense		—			—		—			2.4			2.4
Net income		171.5			58.9		(2.6	)		(73.3	)		154.5
Less: Net income attributable to the noncontrolling interest		—			—		—			14.5			14.5
Net income attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.	$	171.5		$	58.9	$	(2.6	)	$	(87.8	)	$	140.0

⁽¹⁾  Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments.

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	As of and for the six month period ended June 30, 2011
	Liquids			Natural Gas			Marketing		Corporate(1)			Total
	(unaudited; in millions)
Total revenue	$	612.4		$	3,695.9		$	1,120.3	$	—		$	5,428.6
Less: Intersegment revenue		0.7			748.1			18.9		—			767.7
Operating revenue		611.7			2,947.8			1,101.4		—			4,660.9
Cost of natural gas		—			2,593.5			1,097.3		—			3,690.8
Environmental costs, net of recoveries		(10.9	)		(0.4	)		—		—			(11.3	)
Oil measurement adjustments		(58.7	)		—			—		—			(58.7	)
Operating and administrative		144.1			185.3			3.3		2.0			334.7
Power		69.5			—			—		—			69.5
Depreciation and amortization		97.3			80.7			—		—			178.0
Operating income		370.4			88.7			0.8		(2.0	)		457.9
Interest expense		—			—			—		157.9			157.9
Other income		—			—			—		6.0			6.0
Income from continuing operations before income tax expense		370.4			88.7			0.8		(153.9	)		306.0
Income tax expense		—			—			—		3.2			3.2
Net income		370.4			88.7			0.8		(157.1	)		302.8
Less: Net income attributable to the noncontrolling interest		—			—			—		28.8			28.8
Net income attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.	$	370.4		$	88.7		$	0.8	$	(185.9	)	$	274.0
Total assets	$	5,722.0		$	4,508.9		$	231.1	$	168.5		$	10,630.5
Capital expenditures (excluding acquisitions)	$	201.7		$	156.4		$	—	$	5.0		$	363.1

⁽¹⁾  Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments.

	As of and for the six month period ended June 30, 2010
	Liquids		Natural Gas		Marketing		Corporate(1)			Total
	(unaudited; in millions)
Total revenue	$	582.2	$	2,637.2	$	1,242.8	$	—		$	4,462.2
Less: Intersegment revenue		0.6		763.9		19.1		—			783.6
Operating revenue		581.6		1,873.3		1,223.7		—			3,678.6
Cost of natural gas		—		1,578.6		1,216.0		—			2,794.6
Environmental costs, net of recoveries		4.5		—		—		—			4.5
Operating and administrative		124.4		137.5		4.7		1.2			267.8
Power		68.8		—		—		—			68.8
Depreciation and amortization		83.7		61.7		0.1		—			145.5
Operating income		300.2		95.5		2.9		(1.2	)		397.4
Interest expense		—		—		—		128.9			128.9
Other income		—		—		—		16.7			16.7
Income from continuing operations before income tax expense		300.2		95.5		2.9		(113.4	)		285.2
Income tax expense		—		—		—		4.6			4.6
Net income		300.2		95.5		2.9		(118.0	)		280.6
Less: Net income attributable to the noncontrolling interest		—		—		—		25.2			25.2
Net income attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.	$	300.2	$	95.5	$	2.9	$	(143.2	)	$	255.4
Total assets	$	5,388.5	$	3,425.0	$	232.9	$	268.6		$	9,315.0
Capital expenditures (excluding acquisitions)	$	250.1	$	102.0	$	—	$	4.1		$	356.2

⁽¹⁾  Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments.

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