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

The Canadian Press

Published

2 years ago

3 minute read

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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Trump signs executive order banning government censorship

Published on January 20, 2025

Todayville

From The Center Square

By Dan McCaleb

President Donald Trump on Monday signed an executive order banning the federal government from taking any action to restrict Americans free speech rights.

The order ensures “that no Federal Government officer, employee, or agent engages in or facilitates any conduct that would unconstitutionally abridge the free speech of any American citizen.”

It also ensures “that no taxpayer resources are used to engage in or facilitate any conduct that would unconstitutionally abridge the free speech of any American citizen” and “identify and take appropriate action to correct past misconduct by the Federal Government related to censorship of protected speech.”

Meta earlier this month ended its practice of censoring posts on Facebook, Instagram and Threads after CEO Mark Zuckerberg admitted that the Biden administration pressured the company to remove posts related to COVID-19, the 2016 and 2020 presidential elections – including suppressing the New York Post’s explosive story on Hunter Biden’s laptop – and other matters.

“We started building social media to give people a voice,” Zuckerberg said in announcing the decision. “What started as a movement to be more inclusive has increasingly been used to shut down opinions and shut out people with different ideas, and it’s gone too far.”

Twitter, now X, also removed posts under pressure from the Biden administration before Tesla and SpaceX CEO Elon Musk bought the social media platform in 2022.

Trump’s executive order also instructs the U.S. Attorney General to investigate past cases of government censorship.

“The Attorney General, in consultation with the heads of executive departments and agencies, shall investigate the activities of the Federal Government over the last 4 years that are inconsistent with the purposes and policies of this order and prepare a report to be submitted to the President, through the Deputy Chief of Staff for Policy, with recommendations for appropriate remedial actions to be taken based on the findings of the report,” the order states.

Dan McCaleb is the executive editor of The Center Square. He welcomes your comments. Contact Dan at [email protected].

Dan McCaleb

Executive Editor

Business

Liberals to increase CBC funding to nearly $2 billion per year

Published on January 20, 2025

Todayville

From LifeSiteNews

By Clare Marie Merkowsky

The Department of Canadian Heritage promised funding to offset the Canadian Broadcasting Corporation’s nearly 10 percent drop in ad revenue last year despite an audience share of 1.7 percent, meaning over 98 percent of the country is not watching the network.

The Liberal government has promised to spend millions of taxpayer dollars to compensate CBC-TV for ads that the network cannot sell.

According to information released January 20 by Blacklock’s Reporter, the Liberal-run Department of Canadian Heritage will give CBC millions more, bringing the network’s total parliamentary grant near $2 billion a year.

“The CBC has been grappling with a range of financial pressures that are challenging its ability to maintain programming and service levels,” Liberals argued, adding that their department will be “providing additional funding to make it less reliant on private advertising with a goal of eliminating advertising during news and other public affairs shows.”

“The CBC is a pillar of Canada’s creative economy, a key provider of programming made by and for Canadians and a significant source of trusted news and information,” Liberals claimed.

“This government is committed to ensuring the sustainability of the CBC so that it can continue to create public value and adapt to the needs and expectations of Canadians,” the department continued.

The increased government subsidies come after an October report found that CBC’s advertising revenue dropped nearly 10 percent last year.

Furthermore, CBC’s own quarterly report found that its network audience share is only 1.7%, meaning more than 98% of Canadians are not watching CBC.

However, Liberals have chosen to ignore the fact that Canadians are not watching CBC, instead spending millions of dollars to prop up the failing outlet.

Beginning in 2019, Parliament changed the Income Tax Act to give yearly rebates of 25 percent for each news employee in cabinet-approved media outlets earning up to $55,000 a year to a maximum of $13,750.

Last November, Prime Minister Justin Trudeau again announced increased payouts for legacy media outlets that coincide with the leadup to the 2025 election. The subsidies are expected to cost taxpayers $129 million over the next five years.

That amount to the CBC is in addition to massive media payouts that already make up roughly 70 percent of its operating budget and total more than $1 billion annually.

However, many have pointed out that the obscene amount of money thrown at CBC by Liberals is a ploy to buy the outlet’s loyalty.

Furthermore, in October, Canadian Heritage Minister Pascale St-Onge’s department admitted that federally funded media outlets buy “social cohesion.”

Additionally, in September, House leader Karina Gould directed mainstream media reporters to “scrutinize” Conservative Party leader Pierre Poilievre, who has repeatedly condemned government-funded media as an arm of the Liberals.

Gould’s comments were in reference to Poilievre’s promise to defund the CBC if elected prime minister. Poilievre is a longtime critic of government-funded media, especially the CBC.