I really don't have any good answer to why the EEQ discount is so small, and the KMR one is large.
Markets can be silly (thats an understatement !), but the EEQ and KMR discount story has been very persistent. It is hard to imagine the market is being so consistently silly.
My suspicion is that it somehow has to do with the expectations of future growth of the distributions of KMP and EEP. I say that only because I see that as the primary distinguishing feature that is so different between KMR and EEQ. But I haven't been able to think through how this difference would play out into a different discount.
The Wachovia article from May '09 on the KMR discount I referenced in an earlier post mentions the typically tiny discount for EEQ. This is the only article I have ever seen discussing the KMP/R discount at all, and Wachovia basically wrote "the EEQ discount is tiny, its weird KMR's is so large, and we don't know why".
I'm open to ideas on this arcane sub-topic in the world of MLPs and their brethren.