Thank FERC It's Friday? Not for MLPs [Bloomberg Business News]
ENBRIDGE ENERGY PARTNERS (EEP)
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Source: Bloomberg Business News
"What? The FERC?!" is probably a cry that went up in unison across MLP-land on Thursday. A somewhat nuanced proposed ruling from the Federal Energy Regulatory Commission touched off a rout in master limited partnerships; at one point, the Alerian MLP Index was off by almost 10 percent (it closed down 4.6 percent). This wiped out the last vestiges of the mini-rally that got going in December, taking the index back into the sub-250 territory last visited in the panic of early 2016: Remembrance Of Dings Past Thursday's sell-off has taken the MLP sector back to levels last seen in the great panic of early 2016 Source: Bloomberg Some MLPs operating interstate pipelines, usually older ones, charge customers a regulated price under a cost-of-service model. As part of that, they collect a portion to cover corporate tax charges; but, as MLPs, they don't pay these. This has been the subject of various legal wrangles over the years. Now, in response to a court judg
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