4. Long-Term Investments 38 ENBRIDGE 2000 ANNU AL REPORT (millions of dollars) Ownership December 31, Interest 2000 1999 Equity Investments Energy Transportation Alliance Pipeline 21.4% 489.3 306.5 Vector Pipeline 45.0% 414.1 59.4 AltaGas Services 39.5% 175.5 165.6 Lakehead Pipe Line Partners 15.3% 78.8 82.9 Chicap Pipeline 23.0% 31.4 32.5 Other 10.3 10.3 1,199.4 657.2 Energy Distribution Noverco 32.1% 33.0 26.8 Other 27.4 26.0 Cost Investments Energy Distribution Noverco 181.4 181.4 International OCENSA Pipeline 223.3 160.2 Global Thermoelectric 25.0 — 1,689.5 1,051.6 Consolidated retained earnings at December 31, 2000 include undistributed earnings from equity investments of  $114.7 million (1999 — $62.6 million). Income from equity investments was $99.4 million in 2000 (1999 — $72.8 million, 1998 — $47.5 million) of which $85.4 million in 2000 (1999 — $72.6 million, 1998 — $47.5 million) was from the Energy Transportation segment and the remainder from Energy Distribution. Equity investments include $206.4 million (1999 — $192.1 million) representing the unamortized excess of the purchase price over the underlying net book value of the investee’s assets at the date of purchase. The excess has been allocated  to property, plant and equipment, on the basis of estimated fair values, and is being amortized over the economic life of  the assets. In 1999, Lakehead Pipe Line Partners (Partnership) completed a public issue of additional Partnership Units. As the Company elected not to participate in these offerings, its effective interest in the Partnership was reduced to 15.3% from 16.6%. This resulted in recognition of a dilution gain of $18.2 million, before tax. Noverco holds an approximate 10% reciprocal shareholding in the Company. As a result, the Company has a pro-rata interest of 3.2% in its own shares (1999 — 3.2%). Both the equity investment in Noverco Inc. and shareholders’ equity have been reduced by the reciprocal shareholding of $128.2 million (1999 — $121.9 million).