Q4 2023 Earnings Summary
Reported on Feb 9, 2024 (Before Market Open)
Pre-Earnings Price$34.35Last close (Feb 8, 2024)
Post-Earnings Price$34.52Open (Feb 9, 2024)
Price Change
$0.17(+0.49%)
- Regulatory challenges with the Ontario Energy Board (OEB) decision on Enbridge Gas's rebasing application. Enbridge is "not pleased with the outcome" as it "doesn't align with the provincial government's policy", leading to a notice of appeal that may take until summer to resolve, introducing uncertainty and potentially impacting future investments in Ontario. ,
- Increased projected costs for the T-South gas pipeline expansion. The estimated cost has risen from $3.6 billion to $4 billion, due to refined engineering estimates and additional expenses for community consultations and lessons learned from recent projects, which could impact project returns.
- Uncertainty around funding the Dominion gas utility acquisitions and potential dilution. Although Enbridge has prefunded approximately 85% of the purchase price, the remaining funding may involve "all options", including debt markets and asset sales. Previous equity issuances have caused dilution, and further funding actions could affect financial metrics and shareholder value. ,
Research analysts covering ENBRIDGE.