Commission Trial Staff's unredacted Exhibits Nos. S-4, S-18, S-20, S-22, S-23, S-24 and S-25 in IS12-226.

Exhibit No. S-24 FEDERAL ENERGY REGULATORY COMMISSION OFFICE OF ADMINISTRATIVE LITIGATION SEAWAY CRUDE PIPELINE COMPANY, LLC ) Docket No. IS12-226-000 CALCULATIONS OF COMMISSION STAFF WITNESS EDWARD ALVAREZ III January 9, 2013 WASHINGTON, D.C. 20426 SEAWAY CRUDE PIPELINE COMPANY, LLC EXHIBIT NO. S-24 DOCKET NO. IS12-226-000 Page 1 of 15 Weighted Average Cost of Capital for Seaway Crude Pipeline Company LLC as of 10-31-12 Enbridge Inc. Capital Type Balance Ratio Cost Weighted Average Cost Long-term Debt 19,526.0 62.12% 4.70% 2.92% Preferred Equity 3,316.0 10.55% 4.06% 0.43% Real Common Equity 8,592.0 27.33% 8.52% 2.33% Total 31,434.0 5.68% Enterprise Products Partners LP Capital Type Balance Ratio Cost Weighted Average Cost Long-term Debt 15,879.3 54.35% 5.66% 3.08% Preferred Equity - 0.00% 0.00% 0.00% Real Common Equity 13,337.9 45.65% 8.52% 3.89% Total 29,217.2 6.96% Seaway Crude Pipeline Company LLC as of 10-31-12 Capital Type Ratio Cost Weighted Average Cost Long-term Debt 58.23% 5.18% 3.02% Preferred Equity 5.27% 2.03% 0.11% Real Common Equity 36.49% 8.52% 3.11% Total 100.00% 6.23% Note: The capital structure, cost of debt, and cost of preferred equity for Enbridge, Enterprise and Seaway are as of September 30, 2012. The real return on common equity is as of October 31, 2012. SEAWAY CRUDE PIPELINE COMPANY, LLC EXHIBIT NO. S-24 DOCKET NO. IS12-226-000 Page 2 of 15 DCF Results of Staff Proxy Group Six-Month Period Ended: 10/31/2012 (1) (2) (3) (4) (5) (6) 6-mos Avg Growth Rate ("g") Adjusted Dividend Yahoo Dividend DCF S&P Bond Company Ticker Yield Finance GDP/2 Composite Yield Result Rating Buckeye Partners, LP BPL 8.26% 5.05% 2.24% 4.11% 8.43% 12.54% BBB Enbridge Energy Partners, LP EEP 7.30% 9.30% 2.24% 6.95% 7.56% 14.50% BBB Enterprise Products Partners, LP EPD 4.87% 7.40% 2.24% 5.68% 5.01% 10.69% BBB Magellan Midstream Partners, LP MMP 4.60% 2.80% 2.24% 2.61% 4.66% 7.27% BBB Plains All American Pipeline, LP PAA 5.01% 7.15% 2.24% 5.51% 5.15% 10.66% BBB Sunoco Logistics Partners, LP SXL 4.37% 4.97% 2.24% 4.06% 4.46% 8.52% BBB- Moody's "Baa" Public Utility Bond Index Yield Nominal Median ROE: 10.68% Oct-2012 4.56% Sep-2012 4.81% Max Nominal ROE: 14.50% Aug-2012 4.88% Min Nominal ROE: 7.27% Jul-2012 4.85% Jun-2012 4.91% May-2012 4.97% October 2012 Inflation (CPI-U) 2.16% 6-month average 4.83% Real Median ROE (Nominal ROE - Inflation) 8.52% Max Real ROE (Max ROE - Inflation) 12.34% Min Real ROE (Min ROE - Inflation) 5.11% Sources: Column (1) is taken from individual company analysis. Column (2) is taken from http://finance.yahoo.com. Column (3) is calculated from three sources: EIA, HI Global Insight, and SSA. Column (4) = Column(2)*2/3 + Column(3)*1/3 Column (5) = Column(1)*(1 + 0.5*Column(4)). Column (6) = Column(4) + Column(5). SEAWAY CRUDE PIPELINE COMPANY, LLC EXHIBIT NO. S-24 DOCKET NO. IS12-226-000 Page 3 of 15 Company Name: Plains All American Pipeline, LP Ticker Symbol: PAA Common Stock Prices - Standard & Poor's Research Insigh