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Monaco said the company and its partners had spent $500-million on the Alberta-to-British Columbia conduit, noting that it’s up to the industry “to make the case for the projects.”

“We think that the view is worth the climb here on this project, and hopefully with some further discussion the Premier-Elect would agree with that,” Monaco said.

We think that the view is worth the climb here on this project

Shares of Enbridge, Canada’s largest pipeline operator, were down 2.8% as investors were wary of the province’s changing political landscape, and the company’s lower-than-expected adjusted quarterly profit, on hedging losses and a decline in oil and gas prices.

Excluding one-time items, Enbridge’s profit fell to $468 million, or 56 cents per share, in the first quarter ended March 31 from $492 million, or 60 cents per share, a year earlier.

The result fell short of analysts’ average estimate of 60 cents, according to Thomson Reuters.

Net loss attributable to shareholders was $383 million, or 46 cents per share, compared with a profit of $390 million, or 47 cents per share, a year earlier. The company said it shipped an average 2.2 million barrels per day across the Canada-United States border.

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RBC Dominion Securities Inc. thinks the first quarter results will not have a material impact on the company’s share price, although the results on the Alberta elections will likely weigh on the company stock Thursday. The Enbridge stock was trading 2.8% lower on the TSX by noon.

While it continues to work on its Northern Gateway project which was approved by the National Energy Board last year, Enbridge expects to secure final regulatory approval on Line B reversal this quarter. The line will feed eastern refineries and Enbridge says it could raise its capacity by as much as 20%.