Enbridge Stock Price, News & Analysis

Enbridge and its partners have inaugurated the 497 MW Fécamp Offshore Wind Farm located off the French coast. This project consists of 71 Siemens Gamesa turbines, each with a capacity of 7 MW. The farm can supply power to 770,000 people, covering 60% of the Seine-Maritime region's energy needs. It reflects Enbridge's commitment to renewable energy, aligning with France's goal of 33% renewable energy by 2030 and net-zero emissions by 2050. The project represents a €2 billion investment, created 3,000 jobs, and involves ongoing collaboration with local stakeholders for environmental monitoring and maintenance.

The Homewood Science Center hosted its annual Girls STEAM Celebration on April 13, 2024, at Prairie State College in Chicago Heights, attracting 150 girls from 24 middle and high schools in Illinois and Indiana. The event aims to inspire young women to pursue careers in science, technology, engineering, arts, and math (STEAM). Supported by a $10,000 grant from Enbridge, the celebration offers hands-on learning experiences and mentorship from diverse community members. The event has been free for participants since 2017, thanks to sponsorships. Success stories like Fatima, who earned a scholarship to MIT, highlight the program's impact.

Enbridge (TSX: ENB, NYSE: ENB) announced the completion of its acquisition of Questar Gas Company and its related Wexpro companies from Dominion Energy. Questar Gas, serving 1.2 million customers in Utah, Wyoming, and Idaho, will now operate under the names Enbridge Gas Utah, Enbridge Gas Wyoming, and Enbridge Gas Idaho. Questar's assets include over 21,000 miles of natural gas pipelines and a liquefied natural gas storage facility. Enbridge expects this acquisition to enhance its utility business model, contributing stable cash flows and supporting long-term dividend growth. The acquisition of the Public Service Company of North Carolina is also expected to close in 2024, further adding to the company's EBITDA.

On June 3, 2024, Dominion Energy (NYSE: D) announced the completion of the sale of Questar Gas Company and Wexpro Company to Enbridge Inc. (TSX: ENB, NYSE: ENB) for approximately $4.3 billion, which includes assumed debt and adjustments for customary closing items. The transaction, initially announced on September 5, 2023, involves Questar Gas, a natural gas utility serving 1.2 million customer accounts across Utah, Wyoming, and Idaho, and Wexpro, which supplies natural gas under a cost-of-service agreement.

Dominion Energy also revealed plans to finalize the sale of its gas distribution company in Gastonia, N.C., to Enbridge later this year. Dominion Energy serves over 4.5 million customers in 13 states and aims for Net Zero emissions by 2050.

Enbridge has launched a pilot program designed to facilitate the re-entry of professionals into the workforce after an extended career break. Initiated in 2023, this program is part of Enbridge's diversity, equity, and inclusion (DEI) efforts. It offers part-time, temporary positions for a minimum of nine months, allowing individuals to gradually reintegrate into the work environment.

The program aims to leverage the often-overlooked talent pool of individuals who have taken career pauses, offering them recent work experience and helping rebuild their confidence. Two of the four women who benefited from this initiative, Darcey Kateryniuk and Eva Tam, shared their positive experiences, highlighting the dual benefits for both the company and the participants.

The Platte River Trails Trust (PRTT) is devoted to the year-round maintenance and enhancement of the North Platte River and its associated pathways in Casper, WY. Established by concerned citizens, PRTT aims to foster community connectivity through an 11-mile river pathway.

With support from the City of Casper, the City of Mills, and private donors, PRTT hosts annual events like Spring Cleanup Day and Riverfest, attracting significant community involvement. Spring Cleanup Day in 2023 saw over 100 participants recover nearly half a ton of garbage, while Riverfest welcomes up to 2,500 attendees for community activities and a beer-tasting event.

In 2023, Enbridge's $5,000 Fueling Futures grant sponsored these events and funded new mile markers along the trails. PRTT has over 40 years of success in creating and maintaining trails, ensuring the preservation and accessibility of the North Platte River for future generations.

Enbridge Ingleside Energy Center (EIEC) in South Texas has reached a significant safety milestone, successfully loading its 500th Very Large Crude Carrier (VLCC) without incident. This achievement underscores EIEC's commitment to safety and its role as America's largest crude oil export terminal by volume, managing approximately 25% of U.S. Gulf Coast crude exports annually. This milestone was made possible through collaboration with partners such as SR Trident and Signet Maritime, which contribute to the terminal's operational efficiency and safety. The EIEC can load two VLCCs simultaneously, enhancing its strategic position in global energy security and reducing shipping emissions.

EDF Renewables North America and Enbridge have announced the completion and commercial operation of the 150 MWac Fox Squirrel Solar Phase 1 in Madison County, Ohio. This project is part of a larger 577 MWac solar development planned to be finished by the end of 2024. The project is a significant milestone in Ohio's renewable energy sector and is expected to meet the region's growing power demands, which are projected to double by 2028.

Amazon has entered into power purchase agreements for the full generation capacity of Fox Squirrel Solar, supporting its commitment to operate on 100% renewable energy by 2025. The project has created hundreds of jobs and will continue to provide economic benefits to the local community. EDF Renewables and Enbridge highlight this project as a testament to their ongoing partnership and commitment to the energy transition.

Enbridge has published its 23rd Sustainability Report, showcasing significant advancements in environmental, social, and governance (ESG) goals. The report reveals a 37% reduction in greenhouse gas (GHG) emissions intensity and a 20% cut in absolute GHG emissions from the 2018 baseline. Methane emissions in natural gas operations have dropped by 40%, and work-related injuries have fallen by 16%, surpassing their 10% target. Additionally, Enbridge has reached C$2 billion in Indigenous procurement and labor spending, committing an extra C$1 billion by 2030. The company also boasts a diverse Board of Directors with 50% representation from underrepresented racial and ethnic groups and 50% women.