Connect with us

Business

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

Published

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)

Storytelling is in our DNA. We provide credible, compelling multimedia storytelling and services in English and French to help captivate your digital, broadcast and print audiences. As Canada’s national news agency for 100 years, we give Canadians an unbiased news source, driven by truth, accuracy and timeliness.

Follow Author

Business

You Are Not Eating Ze Bugs…

Published on

Cricket Farm Axes Jobs

I remember back a few years ago, making my way down to the midway of the Calgary Stampede to check out all of the new flavorful wares.

The Midway hasn’t really offered much by way of new rides since I was a kid, not entirely sure I’d be interested in riding them, even if they did…

The Budweiser beer grounds get old, when a cold beer sets you back over $10.

Mini donuts have lost their luster…

But every year, there are new menu items that had given a reason to at least make the cost of admission worth giving this another shot.

Walking through the grounds, the wife and I noticed that one of the new Stampede Delicacies was pizza with bugs on it…

Scorpion pizza : r/WTF

And I remember commenting to the wife that commercially made pizza has always had bugs in it…just nothing that they’d admit too for fear of being closed down by health regulations.

I mean…what’s next – boasting about mouse droppings in your soup?

But this bug thing has seemingly still managed to take off for reasons I cannot fathom. Are cow farts really impacting the planet that much?

It’d be hard to believe and harder to prove, even if this were true.

But then to read about some massive cricket farm in Eastern Canada, where cricket proteins were to be used in the mass production food items – chips, crackers, protein and energy bars and even flour – were soon to become a thing made me even more leery of processed foods.

Acheta Powder, by listing in ingredients…because this is the soft way to slip something onto the “may contain”, listings…which seems more innocuous than bugs or crickets…

But because my consumption of processed food items is low, were never much of a consideration and hunting for this on items I had no intention on purchasing anyways, seemed an awful waste of time.

The Eastern Canadian Cricket farm was built by Aspire Foods, for the tune of about $90 Million Bucks…$8.5 million provided by yup – you guessed it, Your Taxes, through federal grants.

Which, while is nothing in relation to the $40 Billion that has been extorted by the governments, out of your hard earned paycheque, to subsidize EV Batteries, with a 20 year ROI of ZERO…is still as big of a loss because…apparently, like the failure in trying to force people into expensive and unpractical EVs or turning plants into meat looking substitutes…

Is this really what people think vegans want to eat? : r/shittyfoodporn

Mmmmmmmmmmmm…

Is also a Huge Failure.

Not enough people are eating Ze Bugs…which has turned out to shutter 2/3rds of the staffing in the workforce, in London, Ontario at the Aspire Cricket Farm.

Massive cricket-processing facility comes online in London, Ont. | CBC News

Now…I’m all for innovation.

It’s what has created the device I’ve used to create this post and share it with all of you. I love some of the items that have leant to making my life easier and reduced efforts for tasks that offer little by way of satisfaction or payoff…

But with this being said…the market will always be the decider on what will or will not take off…and even with the bombardment of fear mongering around climate change and sustainability, bugs as a protein substitute are rapidly proving themselves out of market because…like me, you are not eating Ze Bugs!

Continue Reading

Business

Sanctuary State Told To Cut Spending On Hotel Stays For Migrants As Costs Expected To Hit $1 Billion

Published on

From the Daily Caller News Foundation 

By Jason Hopkins

A state commission is encouraging Massachusetts to cut costs on emergency shelter services for migrants and other families by spending less on expensive hotels.

The emergency shelter system in Massachusetts housing migrant families and others experiencing homelessness is expected to spend over $1 billion in fiscal year 2025, according to a state commission report investigating the matter. The report comes as Massachusetts, a sanctuary state that limits cooperation with federal immigration authorities, is continuing to experience financial hardship over the border crisis and an influx of migrants into their communities.

The draft report proposed spending less on the most expensive accommodations for migrants — which would include hotels and motels. Prior reports have found that housing migrants in hotels or motels in the state can be as costly as $300 per night.

“Since the EA shelter system reached capacity at 7,500 families last year, approximately 50% of families have been in hotels and motels across the state,” the report stated. “The Commission recommends limiting reliance on hotels and motels to best serve families and increase the financial and operational efficiency of the system, while recognizing that hotels and motels may be a last-resort option for surge capacity at times of rapid changes in demand.”

“Data suggests that hotels and motels are the most expensive type of shelter in the EA system,” the report concluded. It also noted that the state’s shelter caseload and system costs have skyrocketed to “unsustainable levels” since 2022.

The immigration crisis taking place under the Biden-Harris administration has hit Massachusetts particularly hard. Roughly 355,000 illegal migrants and other inadmissible foreign nationals live in the state, and approximately 50,000 have arrived since 2021, according to the Center for Immigration Studies.

Democrat Gov. Maura Healey, in her efforts to clamp down on the state’s crisis, has publicly called on illegal immigrants to not go to Massachusetts, offered plane tickets for them to leave, and has asked residents to take in migrant families. The state has also experienced a rising number of deportation cases as illegal migrants continue to flock there.

Despite the growing pains with mass illegal immigration, the governor has remained steadfast in her opposition to President-elect Donald Trump’s plans for an immigration crackdown, and she confirmed that her state’s law enforcement would “absolutely not” help with mass deportation efforts. The entire state of Massachusetts is considered a sanctuary for illegal migrants for its laws limiting cooperation with Immigration and Customs Enforcement (ICE) agents.

The state legislature appropriated $639 million to the emergency assistance shelter system for fiscal year 2025, according to the report. However, expense projections are expected to hit $1.094 billion – leaving a shortfall of roughly $455 million for the fiscal year.

Continue Reading

Trending

X