Enbridge Inc. operates North American energy infrastructure that includes liquids pipelines, natural gas transmission, gas distribution and storage, and renewable power assets. Company updates regularly address financial results, guidance, dividends on common and preferred shares, and capital allocation tied to its secured project backlog.
Recurring developments also cover capacity expansions and regulatory approvals across systems such as the Canadian Mainline, Westcoast natural gas pipeline system, Vector Pipeline and Dawn Hub storage. Enbridge also reports on utility rate cases, shareholder meeting results, annual disclosure documents, and energy-transition technologies including hydrogen, renewable natural gas and carbon capture and storage.
Enbridge Gas has partnered with EQT Corporation to purchase 15 PJ of Responsibility Sourced Gas (RSG) from November 2022 through October 2023, constituting approximately 3% of its annual gas purchases. This initiative enhances the company's commitment to a sustainable future and climate action without increasing costs for end-users. RSG exceeds current industry standards, emphasizing sustainability across the value chain, and is certified under strict ESG criteria. Enbridge aims to continue diversifying its gas supply portfolio while supporting a low-carbon future.
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Enbridge Inc. announced the appointment of Pamela L. Carter as Chair of the Board effective January 1, 2023. This change coincides with the appointment of Greg Ebel as President & CEO, succeeding Al Monaco, who is retiring. Carter has been a board member since 2017 and has extensive leadership experience in various industries, including her previous role as President of Cummins Distribution Business. The company aims to leverage her expertise to enhance governance and shareholder value.
Enbridge and Oxy Low Carbon Ventures announced plans to jointly develop a carbon dioxide (CO2) sequestration hub in the Corpus Christi area, Texas. A letter of intent has been signed to explore this project, aiming to provide a complete CO2 solution for local emitters through a pipeline transportation system and sequestration facility. Enbridge will manage pipeline operations, while OLCV will handle sequestration facilities. The initiative is expected to support other emitters in the area and contribute to decarbonization efforts, aligning with both companies' net-zero strategies.
Enbridge Inc. announced a 3.2% increase in its annual dividend, raising it from $3.44 to $3.55 per share, effective March 1, 2023. The company reaffirmed its 2022 financial guidance, projecting 2023 EBITDA between $15.9 billion and $16.5 billion, alongside DCF per share of $5.25 to $5.65. Enbridge also intends to renew its normal course issuer bid for up to $1.5 billion in share buybacks. The CEO emphasized the company's strategic role in energy supply amid a global crisis and outlined plans for continued business growth despite economic challenges.
Enbridge Inc. (TSX: ENB) has declared a quarterly dividend of $0.8875 per common share, marking a 3.2% increase from the previous rate. This dividend is payable on March 1, 2023, to shareholders on record by February 15, 2023. This announcement signifies the twenty-eighth consecutive year of dividend increases, reflecting the company's commitment to returning value to shareholders. Preference shares also have designated dividends, ensuring a broad base of shareholder income.
Enbridge Inc. has finalized its partnership with Pacific Energy Corporation to invest in the Woodfibre LNG project in Squamish, B.C. Enbridge will hold a 30% stake while Pacific Energy retains 70%. The companies will contribute capital through asset financing and equity investments, with Enbridge receiving preferred equity for predictable cash flows. Preliminary construction has begun, and the project targets a Q4 2027 in-service date. The partnership underscores Enbridge's commitment to energy infrastructure and investment in liquefied natural gas.
EDF Renewables and Enbridge, alongside CPP Investments, have successfully launched France's first commercial-scale offshore wind project, the Saint-Nazaire Offshore Wind Farm, now fully operational with a capacity of 480 megawatts. This project is vital for France's energy transition, aiming for 32% of renewable energy by 2030. The wind farm will power 700,000 people and produce 20% of Loire-Atlantique's electricity annually. Construction involved 2,300 jobs and significant local industrial engagement, reinforcing France's offshore wind capabilities.
Enbridge reported strong Q3 2022 results, achieving GAAP earnings of $1.3 billion ($0.63 per share), up from $0.7 billion in Q3 2021, and adjusted earnings of $1.4 billion ($0.67 per share). Distributable cash flow (DCF) reached $2.5 billion ($1.24 per share), exceeding last year's figures. Notably, the company secured $3.8 billion in new growth projects, including a significant expansion of the B.C. Pipeline. Enbridge reaffirmed its 2022 guidance for adjusted EBITDA between $15.0 billion and $15.6 billion. The CEO highlighted confidence in future growth amidst volatile energy markets.
On November 4, 2022, Enbridge announced an open season for natural gas transportation service on its T-North segment of the B.C. Pipeline, targeting potential expansion of 500 million cubic feet per day. This expansion aims to meet rising regional demand and facilitate West Coast LNG exports, with an estimated capital cost up to CAD $1.9 billion. The open season will run from November 4, 2022, to January 10, 2023, contingent upon sufficient customer interest.