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Enbridge expects annual EPS growth of 4% to 6% through 2025, plans new investments

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Enbridge workers weld pipe just west of Morden, Man. THE CANADIAN PRESS/John Woods

By Amanda Stephenson in Calgary

A U.S. Gulf Coast gas storage facility and a stake in a company developing fuel from waste food are among a string of new investments announced by Canadian energy giant Enbridge Inc. on Wednesday.

At its annual investor day event, the Calgary-based company announced $3.3 billion in new investments it says will help Enbridge grow to meet increasing global demand for energy.

The new investments include a deal to acquire Tres Palacios Holdings LLC from Brookfield Infrastructure Partners and Crestwood Equity Partners LP for US$335 million. Tres Palacios is a natural gas storage facility in the U.S. Gulf Coast region.

Enbridge will also acquire a 10 per cent stake in Divert Inc., a food waste management company expanding into renewable natural gas, for US$80 million.

And the company said it will go ahead with plans to build the Enbridge Houston Oil Terminal for an initial capital cost of $240 million. The facility will focus on heavy crude and will have access to the Houston region’s refining complex and export opportunities through the Seaway docks at Freeport and Texas City.

On Wednesday, Enbridge reaffirmed its 2023 earnings guidance of $15.9-$16.5 billion, and also said it expects its earnings per share to grow at a compounded annual rate of four to six per cent through 2025.

In his remarks to investors, CEO Greg Ebel said 2022 was an “inflection” point for Canada’s energy industry as years of under-investment coupled with Russia’s invasion of Ukraine to drive unprecedented commodity price spikes.

He said Enbridge is well positioned to help “rebalance” the global energy system.

“The bottom line is we see plenty of executable growth across our business units and the existing asset base,” Ebel said.

“We are excited about our growth opportunities in the short and medium term.”

Ebel said as the energy transition takes hold, renewable energy will continue to grow and Enbridge continues to explore opportunities in new, low-carbon forms of energy such as renewable natural gas.

But he said natural gas and oil will remain critical parts of the energy mix for the foreseeable future. Natural gas, in particular, will be needed as a reliable backup given the intermittent nature of wind and solar power, he said.

Enbride also announced on Wednesday $2.4 billion of new gas transmission modernization and utility spending to its secured capital program.

The company also said it will build a 14-kilometre natural gas pipeline in Ontario to help ArcelorMittal Dofasco’s plan to change the way it makes steel.

This report by The Canadian Press was first published March 1, 2023.

Companies in this story: (TSX:ENB)

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Taxpayer watchdog calls Trudeau ‘out of touch’ for prioritizing ‘climate change’ while families struggle

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From LifeSiteNews

By Anthony Murdoch

The prime minister told a G20 panel this week that fighting so-called ‘climate change’ should be more important to families than putting food on the table or paying rent.

Canada’s leading taxpayer watchdog blasted Prime Minister Justin Trudeau for being completely “out of touch” with everyday Canadians after the PM earlier this week suggested his climate “change” policies, including a punitive carbon tax, are more important for families than trying to stay financially afloat.

In speaking to LifeSiteNews, Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano said Trudeau’s recent comments show his government “continues to prove it’s out of touch with its carbon tax.”

“Canadians don’t support the carbon tax because we know it makes life more expensive and it doesn’t help the environment,” Terrazzano told LifeSiteNews.

Terrazzano’s comments come after Trudeau told a G20 panel earlier this week that fighting so-called “climate change” should be more important to families than putting food on the table or paying rent.

Speaking to the panel, Trudeau commented that it is “really, really easy” to “put climate change as a slightly lower priority” when one has “to be able to pay the rent this month” or “buy groceries” for their “kids,” but insisted that “we can’t do that around climate change.”

Terrazzano said that the Trudeau government’s carbon tax in reality “impacts nearly all aspects of life in Canada by making it more expensive to fuel up our cars, heat our homes and buy food.”

“The carbon tax also puts a huge hole in our economy that we can’t afford,” he said to LifeSiteNews, adding that if Trudeau really wanted to help Canadians and “prove it understands the struggles facing Canadians,” then it should “scrap the carbon tax to make life more affordable.”

On Thursday, Trudeau, who is facing abysmal polling numbers, announced he would introduce a temporary pause on the federal Goods and Services Tax (GST) for some goods.

Conservative Party of Canada leader Pierre Poilievre this afternoon said about Trudeau’s temporary tax holiday that if he is serious about helping Canadians, he would cut the carbon tax completely.

“What a ridiculous gimmick. Bribing Canadians temporarily with borrowed money,” Bernier wrote.

“When the real solution is to stop growing the bureaucracy, cut wasteful spending, stop sending billions to Ukraine, eliminate subsidies to businesses and activist groups, stop creating new unsustainable and unconstitutional social programs, eliminate the deficit, and THEN, cut taxes for real. None of which he will do of course.”

As reported by LifeSiteNews, a survey found that nearly half of Canadians are just $200 away from financial ruin as the costs of housing, food and other necessities has gone up massively since Trudeau took power in 2015.

In addition to the increasing domestic carbon tax, LifeSiteNews reported last week that Minister of Environment Steven Guilbeault wants to create a new “global’ carbon tax applied to all goods shipped internationally that could further drive-up prices for families already struggling with inflated costs.

Not only is the carbon tax costing Canadian families hundreds of dollars annually, but Liberals also have admitted that the tax has only reduced greenhouse gas emissions by 1 percent.

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UN climate conference—it’s all about money

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From the Fraser Institute

By Kenneth P. Green

This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.

Every year, the United Nations convenes a Conferences of Parties to set the world’s agenda to reduce greenhouse gas (GHG) emissions. It’s the biggest event of the year for the climate industry. This year’s conference (COP29), which ends on Sunday, drew an army of government officials, NGOs, celebrities and journalists (many flying on GHG-emitting jet aircraft) to Baku, Azerbaijan.

The COP follows a similar narrative every year. It opens with a set of ambitious goals for climate policies, followed by days of negotiating as countries jockey to carve out agreements that most favour their goals. In the last two days, they invariably reach a sticking point when it appears the countries might fail to reach agreement. But they burn some midnight oil, some charismatic actors intervene (in the past, this included people such as Al Gore), and with great drama, an agreement is struck in time for the most important event of the year, flying off to their protracted winter holidays.

This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.

Some of these agenda items are actually improvements over previous COPs. For example, they’re actually talking about “climate adaptation”—the unwanted stepchild of climate policies—more this year. But as usual, money remains a number one priority. As reported in the Associated Press, “negotiators are working on a new amount of cash for developing nations to transition to clean energy, adapt to climate change and deal with weather disasters. It’ll replace the current goal of $100 billion (USD) annually—a goal set in 2009.” Moreover, “experts” claim the world needs between $1 trillion and $1.3 trillion (yes, trillion) in “climate finance” annually. Not to be outdone, according to an article in the Euro News, other experts want $9 trillion per year by 2030. Clearly, the global edifice that is climate change activism is all about the money.

Reportedly, COP29 is in its final section of the meta-narrative, with much shouting over getting to a final agreement. One headline in Voice of America reads “Slow progress on climate finance fuels anger as COP29 winds down.” And Argus News says “climate finance talks to halt, parties fail to cut options.” We only await the flying in of this year’s crop of climate megafauna to seal the deal.

This year’s conference in Baku shows more clearly than ever before that the real goal of the global climate cognoscenti is a giant wealth transfer from developed to developing countries. Previous climate conferences, whatever their faults, focused more on setting emission reduction targets and timelines and less about how the UN can extract more money from developed countries. The final conflict of COP29 isn’t about advancing clean energy targets or helping vulnerable countries adapt to climate change technologically, it’s all about show me the money.

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