Enbridge raising quarterly dividend, approves $1.1 billion in new capital projects
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 07/12/2021 (1423 days ago), so information in it may no longer be current.
CALGARY – Enbridge Inc. has raised its quarterly dividend as it announced the approval of $1.1 billion in new capital projects.
The Calgary-based pipeline company said in its investor day Tuesday it will now pay a quarterly dividend of 86 cents per share, up from 83.5 cents. It also reaffirmed its 2021 full-year guidance range for adjusted earnings of $13.9 billion to $14.3 billion.
In a news release, chief executive Al Monaco said recent global energy shortages have confirmed the essential role Enbridge’s assets will play in years to come. He said the company’s three-year growth plan will focus on enhancing existing asset returns, modernizing the company’s assets, and low capital intensity opportunities within Enbridge’s conventional businesses.
“We also plan to continue to invest in low-carbon opportunities that leverage our existing assets and provide a platform for future growth,” Monaco said.
Monaco said Enbridge has sanctioned $1.1 billion of new growth projects, along with the $1 billion announced earlier this year. Newly announced capital projects include $500-million expansion of its Valley Crossing Pipeline in Texas. It will also spend $300 million on an expansion of its Dawn to Parkway system in Ontario.
The company will also invest $100 million in a floating offshore wind project off the southern coast of France.
Last week, Enbridge and Capital Power agreed to jointly evaluate and advance a carbon capture and sequestration (CCS) project, with Enbridge as the transportation and storage service provider and Capital Power as the CO2 provider, subject to the Government of Alberta’s competitive carbon hub selection process and a future final investment decision.
The proposed project would serve Capital Power’s Genesee Generating Station near Warburg, Alta., which currently provides over 1,200 megawatts of baseload electricity
Enbridge also said Tuesday it plans to buy back up to $1.5 billion worth of its shares.
This report by The Canadian Press was first published Dec. 7, 2021.
Companies in this story: (TSX:ENB)