Enbridge Stock Price, News & Analysis

Enbridge Inc. (TSX: ENB) (NYSE: ENB) is collaborating with Microsoft to leverage artificial intelligence (AI) for enhancing safety, reducing emissions, and optimizing assets across its operations. Building on a digital transformation initiated in 2020, Enbridge has migrated over 80% of its workloads to Microsoft Azure cloud platform, strengthening its computing capabilities and cybersecurity measures. The company has implemented AI-powered initiatives including:

1. Energy Optimizer: Provides real-time operational insights for efficient energy transportation, leading to cost savings and GHG reductions.

2. Right of Way Monitoring: Enhances pipeline surveillance efficiency, improving threat detection and response.

3. Integrity Engine: Uses intelligent automation for pipeline integrity, enabling rapid and effective asset maintenance.

Enbridge has also rolled out Microsoft 365 Copilot to nearly one-third of its employees and provided access to Bing Enterprise and ChatENB to its entire workforce.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has announced it will host a conference call and webcast on November 1, 2024, at 7 a.m. MT (9 a.m. ET) to provide a business update and review its 2024 third quarter results. The company will release its financial results before markets open on the same day. The event will include prepared remarks from the executive team, followed by a Q&A session for analysts and investors.

Interested parties can join the webcast or dial in for audio-only access. A replay and transcript will be available on Enbridge's website after the event. Enbridge is a North American energy infrastructure company that safely connects millions to essential energy sources through its natural gas, oil, and renewable power networks, including a growing European offshore wind portfolio.

Enbridge announced plans to build, own, and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for BP's Kaskida development. The Canyon Oil Pipeline System will use 24" and 26" pipes with a capacity of 200,000 barrels per day, transporting crude to Shell’s Green Canyon 19 platform and then to Louisiana. The Canyon Gathering System will be a 12" pipeline with a capacity of 125 million cubic feet per day, connecting to Enbridge’s Magnolia Gas Gathering Pipeline. Both projects, costing approximately $700 million, are backed by long-term contracts and offer options for future BP production connections. Design and procurement will start in early 2025, with operations expected by 2029. Enbridge highlights the diversification and strengthening of its Gulf of Mexico offshore business and significant natural gas pipeline portfolio.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has completed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. PSNC, now operating as Enbridge Gas North Carolina, joins Enbridge's Gas Distribution and Storage Business Unit. This acquisition is part of a strategic move to acquire three U.S. based gas utilities announced in September 2023.

PSNC is a regulated gas utility serving over 600,000 customers in North Carolina, with operations in high-growth areas like Raleigh, Durham, Gastonia, and Asheville. Its assets include over 13,000 miles of gas distribution and transmission pipelines, a liquefied natural gas storage facility under construction, and minority interests in related infrastructure.

The acquisition aligns with Enbridge's low-risk utility business model and highlights the long-term importance of natural gas infrastructure. Enbridge aims to integrate PSNC's assets and build relationships with stakeholders in North Carolina.

Dominion Energy (NYSE: D) has closed the sale of Public Service Company of North Carolina to Enbridge Inc. for approximately $3.2 billion. This marks the final transaction in a series of three gas utility sales to Enbridge, announced in September 2023, with a total enterprise value of about $14 billion. The sale is part of Dominion Energy's comprehensive business review, which has resulted in $18 billion in debt reduction and improved balance sheet.

CEO Robert M. Blue highlighted the successful closure of three separate transactions within 12 months, emphasizing employee protections for nearly 3,500 workers. Dominion Energy is also on track to close a deal selling a 50% noncontrolling interest in the Coastal Virginia Offshore Wind project to Stonepeak, expected to yield an additional $3 billion in debt reduction by year-end.

Enbridge and Doig River First Nation celebrated the naming of a proposed compressor station to Wǫchiigii, meaning Peace River in the Dane-zaa Záágéʔ language. The ceremony, held at the Doig River First Nation community center, marks a significant step in Enbridge's commitment to Indigenous reconciliation. The station, part of the Aspen Point Program, is located near Taylor, BC.

Chief Trevor Makadahay and Enbridge executives led the ribbon-cutting ceremony. The naming reflects Enbridge's efforts to build stronger relationships with Indigenous communities and maximize economic inclusion. The Aspen Point Program aims to expand Enbridge's Westcoast natural gas pipeline system in BC to meet regional demand. If approved, construction is expected to start in Q1 2025, with an in-service target of Q4 2026.

VETLIFE, a Michigan-based non-profit, is launching the Battle Buddy app in September to connect Veterans with support services and benefits. The app, developed with a $27,000 contribution from Enbridge, uses a chatbot interface to help Veterans access resources more comfortably. It also aims to collect data on Native American Veterans, addressing inaccuracies in current statistics.

Founded by Iraq veteran Joshua Parish and his wife in 2018, VETLIFE has been supported by Enbridge since its early days. The Battle Buddy app is designed to automate services and bring resources directly to Veterans, helping them readjust to civilian life. The app's focus on Indigenous Veterans aligns with Enbridge's Indigenous Reconciliation Action Plan.

Empower Me Center, a non-profit in Lebanon, Tennessee, is dedicated to helping people with disabilities live fulfilling lives. Founded in 1999, it has grown from a basketball league to offering 17 year-round events and regular programming. The center is building a new state-of-the-art facility with accessible features for people with disabilities.

Enbridge has contributed a $7,500 Fueling Futures grant to support the center's inclusive programming. The center relies on community donations to keep costs low for participants, as they don't receive state or federal funding. Empower Me Center's mission is to meet the needs of families and help individuals with disabilities find their purpose and contribute meaningfully to society.

Enbridge has introduced a novel approach to vegetation management at its Sarnia Solar Project in Canada. The company has partnered with local sheep farmers to deploy a flock of about 270 Rideau Arcott sheep to graze on an 85-acre section of the solar property. This pilot program aims to provide several benefits, including:

1. Reduced risk of damage to solar panels from conventional mowing debris
2. Decreased fire hazard from motorized equipment
3. Effective grazing close to infrastructure
4. Potential elimination of pesticide use
5. Support for native flowering plant growth

The initiative aligns with Enbridge's ongoing efforts to preserve the ecosystem at the 1,100-acre site, which houses 1.3 million solar panels and generates 80 MW of electricity. Previous conservation efforts include preserving endangered plants, restoring woodlands and wetlands, and introducing honeybee colonies as part of a pollinator program.