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Enbridge Inc. (ENB) is a leading North American energy infrastructure company that operates through several key business segments. The company is involved in the transportation and distribution of energy, including crude oil, natural gas, and renewable power. Enbridge's operations span across pipelines, storage facilities, and renewable energy projects, providing essential energy services to residential, commercial, and industrial customers.
- Liquids Pipelines - Operates the largest global crude oil and liquids network, transporting and exporting various grades of crude oil and other liquid hydrocarbons across Canada and the United States.
- Gas Distribution and Storage - Manages rate-regulated natural gas utility businesses in Canada and the U.S., delivering natural gas to residential, commercial, and industrial customers.
- Gas Transmission and Midstream - Includes investments in natural gas pipelines, gathering, and processing facilities, as well as renewable natural gas (RNG) facilities in Canada and the U.S..
- Renewable Power Generation - Focuses on investments in wind, solar, geothermal, and waste heat recovery assets, with projects in North America and Europe.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gregory L. Ebel ExecutiveBoard | President & CEO | Chair of the Board at The Mosaic Company | Gregory L. Ebel has been President & CEO of Enbridge since January 1, 2023. He previously served as Chair of the Board (2017–2022) and was CEO of Spectra Energy before its merger with Enbridge. | View Report → |
Colin K. Gruending Executive | EVP & President, Liquids Pipelines | None | Colin K. Gruending has been EVP & President, Liquids Pipelines since October 1, 2021. He previously served as CFO and led Corporate Development. | |
Cynthia L. Hansen Executive | EVP & President, Gas Transmission | None | Cynthia L. Hansen has been EVP & President, Gas Transmission since March 1, 2022. She previously led Gas Distribution and Storage and Utilities and Power Operations. | |
Laura J. Sayavedra Executive | SVP, Safety, Projects & Chief Admin Officer | None | Laura J. Sayavedra became SVP, Safety, Projects & Chief Admin Officer on January 1, 2024. She previously led Safety & Reliability and Finance Transformation. | |
Matthew A. Akman Executive | EVP, Corporate Strategy & President, Power | None | Matthew A. Akman has been EVP, Corporate Strategy & President, Power since January 2023. He leads strategy, renewable power, and new energy technologies. | |
Maximilian G. Chan Executive | SVP & Corporate Development Officer | None | Maximilian G. Chan has been SVP & Corporate Development Officer since March 1, 2022. He oversees mergers, acquisitions, and corporate growth. | |
Michele E. Harradence Executive | EVP & President, Gas Distribution & Storage | None | Michele E. Harradence has been EVP & President, Gas Distribution & Storage since March 5, 2023. She previously served as COO of Gas Transmission and Midstream. | |
Patrick R. Murray Executive | Executive Vice President & CFO | None | Patrick R. Murray became CFO on July 1, 2023. He has been with Enbridge for over 27 years, holding various senior financial roles, including Chief Accounting Officer. | |
Reginald D. Hedgebeth Executive | EVP, External Affairs & Chief Legal Officer | None | Reginald D. Hedgebeth became EVP, External Affairs & Chief Legal Officer on January 1, 2024. He previously held senior legal roles at Capital Group and Marathon Oil. | |
Pamela L. Carter Board | Chair of the Board | Director at Hewlett Packard Enterprise and Broadridge Financial Solutions | Pamela L. Carter has been a director since 2017 and Chair of the Board since January 1, 2023. She is a former President of Cummins Distribution Business and Indiana Attorney General. | |
Stephen S. Poloz Board | Independent Director | Director at CGI Inc. and Omni Conversion Technologies Inc. | Stephen S. Poloz has been an Independent Director since June 4, 2020. He is a former Governor of the Bank of Canada and an economist with extensive leadership experience. |
- With the Mainline earning in the upper half of the ROE performance collar and approaching the ceiling by 2026, how do you plan to sustain earnings growth from the Mainline once you reach the maximum allowed ROE under the current tolling settlement?
- Given the record volumes and high utilization across your Liquids Pipelines, and with apportionment expected to continue, what specific plans do you have to address potential capacity constraints and accommodate additional volumes, especially considering risks like producer shut-ins due to wildfires?
- Regarding the U.S. Gas Utilities acquisitions, can you elaborate on the challenges faced in the regulatory approval processes in Ohio and North Carolina, and how these might affect your integration timelines and expected rate base growth?
- With increasing demand from data centers impacting your Gas Distribution and Storage segment, how are you balancing the need for infrastructure investment with potential regulatory and public concerns about grid stability and rates, and do you anticipate any pushback that could hinder this growth?
- You mentioned a $24 billion secured capital backlog to be funded entirely through internally generated investment capacity; given your commitment not to return to public equity markets and the cancellation of the ATM program, how do you plan to finance additional strategic projects or M&A opportunities without compromising your debt-to-EBITDA ratio of 4.7x?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Public Service Company of North Carolina | 2024 | Enbridge acquired PSNC on September 30, 2024 for a total purchase price of approximately US$3.2 billion (including US$1.3 billion of assumed debt) to expand its low‐risk gas distribution operations, with PSNC serving about 600,000 customers and operating 13,000 miles of pipelines. |
Questar Gas Company | 2024 | Acquired on May 31, 2024, the US$4.3 billion deal (US$3.0 billion cash and US$1.3 billion assumed debt) secured all membership interests in Fall West Holdco LLC, positioning Questar Gas to serve 1.2 million customers across Utah, southwestern Wyoming, and southeastern Idaho with approved regulatory backing. |
Wexpro Companies | 2024 | Completed on May 31, 2024, this acquisition for approximately $4.1 billion (including US$1.3 billion assumed debt) brought under Enbridge the integrated assets of Wexpro and Questar Gas, enhancing its presence in gas distribution and storage across Utah, Wyoming, and Idaho. |
The East Ohio Gas Company (EOG) | 2024 | Closed on March 6, 2024, the acquisition of EOG for US$6.6 billion (US$4.3 billion in cash and US$2.3 billion in assumed debt) from Dominion Energy expands Enbridge’s operations in Ohio under the new brand Enbridge Gas Ohio, serving approximately 1.2 million customers. |
Hohe See & Albatros Offshore Wind Facilities | 2023 | In November 2023, Enbridge increased its stake by acquiring an additional 24.45% interest for a total consideration of €625 million (comprising €267 million in cash and €358 million in assumed debt), raising its ownership to 49.9% and advancing its renewable power and energy transition objectives. |
Landfill-to-RNG Facilities | 2023 | Announced in November 2023 and expected to close in Q1 2024, this acquisition of seven landfill-to-RNG facilities for a total of $1.7 billion (with staggered payments) adds approximately 4.5 bcf of yearly RNG production under long-term offtake agreements with Shell and BP, aligning with Enbridge’s renewable portfolio strategy. |
Aitken Creek Gas Storage Facilities | 2023 | Completed on November 1, 2023, the deal acquired a 93.8% interest in one storage facility and 100% in another for $400 million in cash (plus adjustments), providing a working gas capacity of about 77 Bcf in British Columbia to support gas production and LNG export strategies. |
Tres Palacios Holdings LLC | 2023 | Finalized on April 3, 2023, this US$335 million cash acquisition added a natural gas storage facility on the US Gulf Coast with 35 Bcf capacity and an integrated 62-mile pipeline system, supporting power generation and LNG export initiatives. |
Tri Global Energy (TGE) | 2022 | Announced on September 27, 2022, the deal for approximately US$270 million (with cash and potential contingent payments) expanded Enbridge’s renewable development platform by adding a 3.9 GW project portfolio and tripling its near-term development capacity, expected to drive future fees and cash flow accretion. |
DCP Midstream, LLC | 2022 | Completed on August 17, 2022, this joint venture with Phillips 66 restructured Enbridge’s indirect assets—increasing its interest in Gray Oak to 58.5% (and assuming operatorship) while reducing its stake in DCP, resulting in cash proceeds of about US$522 million and an accounting gain of US$1.1 billion. |
Recent press releases and 8-K filings for ENB.
Enbridge Q4 2024 Performance and Strategic Initiatives
- Liquids Pipelines & Expansion: The company reported full Mainline system operations with record volumes—including a single-day record of 2.6 million barrels and a monthly record of 1.2 million bpd—and sanctioned a 120,000 bpd expansion of the Gray Oak pipeline to boost its Gulf Coast export strategy.
- Strategic Acquisitions: Enbridge completed the acquisition of three premier U.S. natural gas utilities, reinforcing its position as the largest natural gas utility in North America serving nearly 7 million customers.
- Guidance & Dividend Growth: The company provided strong 2025 guidance with EBITDA expected between $19.4 billion and $20 billion—about a 9% increase—while also announcing a 3% dividend increase, marking its 30th consecutive annual boost.