The Federal Energy Regulatory Commission’s (FERC) tax ruling on March 15 removed certain benefits for MLPs. But it is more likely that the decision merely sped up, rather than forced the recent consolidations, of MLPs formed by Enbridge Inc. and The Williams Cos. Inc.

Michael Underhill, chief investment officer of Pewaukee, Wis.-based Capital Innovations LLC, viewed the May announcements by the two midstream majors as part of a continuing trend.

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