Enbridge Stock Price, News & Analysis

Enbridge has announced plans to build and operate the Orange Grove Solar project near Corpus Christi, Texas. The project, set to be completed in late 2025, will provide 130 megawatts (MW) of power to the local grid. AT&T has signed a long-term virtual power purchase agreement with Enbridge for the project's output, helping the telecom giant offset its energy expenses and reduce its carbon footprint.

Orange Grove Solar will be Enbridge's first solar project in Texas, featuring about 300,000 solar panels on 920 acres. The construction phase is expected to create between 150 and 250 jobs. This project is part of Enbridge's broader commitment to developing onshore renewable projects across North America, with the company having invested over US$7 billion in renewable energy and power transmission projects to date.

The National Great Rivers Research and Education Center (NGRREC) and Lewis and Clark Community College are hosting their annual Water Festival for fifth graders in Illinois. The event, supported by a $10,000 Fueling Futures grant from Enbridge, aims to educate students about water conservation and protection. The festival includes 40 interactive stations covering various aspects of water education, from science to recreation.

In 2023, the event attracted over 900 students from 36 classes in five counties. The 2024 festival, scheduled for September 27, is expected to be even larger. The program aligns with Illinois' Grade 5 science curriculum and often exceeds curricular requirements. Teachers are offered free professional development workshops to enhance classroom activities related to the festival's content.

The event's goal is to inspire students to develop a connection with water resources and encourage environmental stewardship. The NGRREC's location near the confluence of the Missouri and Mississippi rivers underscores the importance of river conservation for the Riverbend community.

The Outland Youth Employment Program (OYEP), delivered by Dexterra Community Initiatives, offers a six-week paid summer program for Indigenous youth in British Columbia and across Canada. Participants earn while learning, gaining certifications in skills like first aid, chainsaw operation, and forest fire suppression. The program provides high school credits, full-time employment, and approximately $3,000 in earnings over the six-week period.

This year's BC summer program runs from July 16 to August 24 in Quesnel. Enbridge, a program partner, will host a day of training and career talks on August 7. The program boasts a 95% return rate and has shown significant impact on participants' confidence and career prospects. Applications are available through the OYEP website, though current applications are waitlisted pending funding availability.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has announced the conversion results for its Series 3 Preferred Shares. 1,502,775 Series 3 Shares were tendered for conversion into Series 4 Shares on a one-for-one basis, effective September 1, 2024. Following this conversion, Enbridge will have 22,497,225 Series 3 Shares and 1,502,775 Series 4 Shares outstanding. The Series 3 Shares will continue trading on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.Y. The TSX has conditionally approved the listing of the Series 4 Shares, which are expected to begin trading on September 3, 2024, subject to meeting all TSX listing requirements.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has announced that it will not redeem its outstanding Cumulative Redeemable Preference Shares, Series 3 (TSX: ENB.PR.Y) on September 1, 2024. Holders of Series 3 Shares can convert them to Series 4 Shares on a one-for-one basis, subject to certain conditions. The new annual dividend rate for Series 3 Shares will be 5.288% for the five-year period from September 1, 2024, to September 1, 2029. For any Series 4 Shares issued, the dividend rate for the first three-month period will be 1.68822%, based on the three-month Government of Canada treasury bills rate plus 2.38%. The conversion period runs from August 2, 2024, to August 19, 2024, at 5:00 p.m. (EST).

Enbridge reported strong Q2 2024 results, reflecting an 8% increase in adjusted EBITDA to $4.3 billion and a 3% rise in distributable cash flow to $2.9 billion. GAAP earnings remained steady at $1.8 billion. The company recast its 2024 financial outlook, anticipating adjusted EBITDA between $17.7 billion and $18.3 billion, incorporating contributions from U.S. Gas Utilities acquisitions. Enbridge completed the acquisition of Questar Gas for $4.3 billion on May 31, 2024, and sanctioned significant projects including the Blackcomb Pipeline and Orange Grove solar farm.

Despite higher financing costs and taxes, Enbridge maintained growth projections, reflecting its strategic priorities and operational robustness. The company terminated its ATM equity issuance program, reverting to equity self-funding. Positive outcomes from acquisitions and project sanctions are expected to support long-term growth and profitability.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has declared its quarterly dividends for common and preferred shares. The common share dividend remains steady at $0.9150 per share, payable on September 1, 2024 to shareholders of record on August 15, 2024. This amount is consistent with the June 1, 2024 dividend. The company also announced dividends for various series of preferred shares, all payable on the same date.

Enbridge, headquartered in Calgary, Alberta, is a major North American energy infrastructure company. It operates natural gas, oil, and renewable power networks, and is expanding its European offshore wind portfolio. The company is investing in modern energy delivery infrastructure and advancing new technologies including wind, solar, hydrogen, renewable natural gas, and carbon capture and storage.

Enbridge Inc. (TSX:ENB)(NYSE:ENB) and Six Nations Energy Development LP have announced plans to develop the Seven Stars Energy Project, a 200-megawatt wind energy project in Saskatchewan. The project, located southeast of Weyburn, is expected to provide emissions-free power for over 100,000 homes. Six Nations, a consortium of First Nations and Métis partners, has the opportunity to acquire at least 30% equity ownership in the project.

The Saskatchewan Indigenous Investment Finance (SIIFC) will support the partners with loan guarantees of up to $100 million. The project is targeted to be operational in 2027, subject to approvals and agreements. Enbridge is working to secure a long-term power purchase agreement with SaskPower, with final investment decisions anticipated in 2025.

Enbridge and six Indigenous communities in Saskatchewan have announced the Seven Stars Energy Project, a new 200 MW wind energy development southeast of Weyburn. This marks Enbridge's first Indigenous partnership for wind energy generation in Saskatchewan. The Indigenous partners, through Six Nations Energy Development Partnership, will have the opportunity to acquire at least 30% equity ownership in the project, supported by a $100 million loan guarantee from the Saskatchewan Indigenous Investment Finance

The project, covering a 200-square-kilometre area, is targeted to be operational in 2027. It represents a significant step towards Indigenous economic reconciliation and provides a stable revenue source for the participating communities. The announcement was made on June 24, 2024, with final investment decisions anticipated in 2025, pending commercial agreements and regulatory approvals.