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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Enbridge Inc. Provides Update on Expansion Plans

07/30/2021 | 07:00am EDT

Enbridge Inc. announced that the $1.0 billion T-South Reliability and Expansion Program and $0.5 billion Spruce Ridge Project continue to advance on schedule. Combined, these two projects will increase the capacity of the B.C. Pipeline System by approximately 590 MMcf/d to meet growing regional demand in B.C. and the U.S. Pacific Northwest through a combination of compressor station upgrades and the addition of two new pipeline segments. During the second quarter two of the planned five compressor stations replacements on the T-South project were completed and placed into service. Similarly, on the Spruce Ridge project, one of two new sections of pipeline was completed and placed into service. The remaining sections of both projects are expected to be placed into service by the fourth quarter of 2021. The capital cost of these expansion and reliability projects will be included in rate base, earning a rate of return consistent with the system's regulated cost of service commercial framework. The company continues to advance its current USD 2.1 billion modernization program through 2023 with $0.4 billion spent to date. This program is designed primarily to replace aging compressor stations and upgrade other components of the system which will improve both the system's reliability and safety, as well as reduce greenhouse gas emissions associated with the transportation of natural gas. Construction of the three previously announced French offshore wind projects, Saint-Nazaire, Fécamp, and Calvados, is advancing on schedule for the targeted in-service dates ranging between late 2022 and 2024. These projects are underpinned by long-term fixed price power purchase agreements granted by the French government. Once in service, the company will own interests in six operating offshore wind projects located in Europe with a total gross generation capacity of more than 2.4 GW (0.6 GW net), enough to power over 2 million homes with renewable energy. The company is working on a proposed expansion of Enbridge's East Tennessee Natural Gas (ETNG) system. The potential expansion would provide additional natural gas for TVA to support the replacement of an existing coal-fired power plant as it continues to transition its generation mix towards lower-carbon fuels, while providing affordable energy to consumers. The TVA environmental review scoping process has begun for this proposed plant; TVA published a Notice of Intent on the Federal Register on June 15, 2021 to initiate their review process. Several options to replace the retiring coal-fired generation would be assessed in TVA's Environmental Impact Statement. Should the onsite natural gas option of building a combined cycle plant be selected through TVA's review, Enbridge would deliver on the required expansion of the East Tennessee system.


ę S&P Capital IQ 2021
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Analyst Recommendations on ENBRIDGE INC.
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Financials
Sales 2021 44 644 M 35 167 M 35 167 M
Net income 2021 5 595 M 4 408 M 4 408 M
Net Debt 2021 72 077 M 56 776 M 56 776 M
P/E ratio 2021 17,9x
Yield 2021 6,58%
Capitalization 103 B 80 919 M 80 918 M
EV / Sales 2021 3,92x
EV / Sales 2022 3,69x
Nbr of Employees 11 200
Free-Float 86,4%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 50,71 CAD
Average target price 54,92 CAD
Spread / Average Target 8,30%
EPS Revisions
Managers and Directors
Albert Monaco President, CEO & Non-Independent Director
Colin K. Gruending Chief Financial Officer & Executive Vice President
Gregory Lorne Ebel Non-Executive Chairman
Bhushan Ivaturi Chief Information Officer & Senior Vice President
Tyler W. Robinson Chief Compliance Officer & VP-Enterprise Security
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