By Rob Curran


Canadian natural-gas pipeline operator Enbridge Inc. on Friday reported a slight rise in profit in the first quarter, and reiterated its growth projections for the year.

The Calgary, Alberta-based company's earnings per share were 95 Canadian cents (74 U.S. cents), up slightly from C$0.94 in the comparable quarter a year ago, it said.


On Energy Markets:

"It's clear we are at an inflection point in global energy markets. Energy demand continues to grow, which combined with underinvestment in new supply, is driving energy shortages and higher prices. Now, more than ever, it's evident that all forms of energy, conventional and low carbon, are needed to meet the growing demand while ensuring society has access to affordable, reliable, secure and cleaner energy," President and CEO Al Monaco said.

"This global energy crisis further heightens the essential role that conventional energy will play for decades to come. But, we also need to meet our global emissions goals across the value chain and leverage existing infrastructure to accelerate investment in low-carbon energy."


On Liquefied Natural Gas:

"In Gas Transmission, we're seeing a strong pick up in commercial interest from Asia and Europe to secure export capacity. We currently serve four operating LNG facilities in the Gulf Coast. Three more LNG developments, Plaquemines LNG, Rio Grande and Texas LNG, are moving towards investment decisions and we've secured projects to serve those facilities if they reach a final investment decision.

"In Western Canada, the fundamentals for LNG export are strengthening, with abundant low-cost reserves and shorter transport times to Asian markets. Today, we announced an open season for a C$1 billion expansion of the T-North section of the B.C. Pipeline to support production and demand growth, including west coast LNG demand. We continue to advance the proposed C$2.5+ billion T-South expansion to support growing demand in the Pacific Northwest, including from Woodfibre which recently announced that it is advancing preliminary construction activities. Growing demand in the region could support further growth on our Westcoast system including a second expansion of T-North."


Write to Rob Curran at rob.curran@wsj.com


(END) Dow Jones Newswires

05-06-22 0828ET