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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Delayed Toronto Stock Exchange  -  05/24 04:00:00 pm EDT
57.56 CAD   +0.68%
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Enbridge to build natgas pipe to Glenfarne's Texas LNG export plant

01/18/2022 | 01:17pm EDT

(Reuters) - U.S. energy company Glenfarne Group LLC on Tuesday said Enbridge Inc has agreed to expand the Canadian energy firms Valley Crossing natural gas pipeline to deliver fuel to the Texas LNG export plant Glenfarne is developing in Brownsville.

Under the agreement, Enbridge will add a 10-mile (16.1 kilometer) lateral to the Valley Crossing pipe in Texas to deliver about 0.72 billion cubic feet per day (bcfd) of gas to Texas LNG for at least 20 years.

Glenfarne said it plans to make a final investment decision (FID) to build Texas LNG in 2022 that should enable the project to produce first LNG in 2026.

Texas LNG is designed to produce about 4 million tonnes per annum (MTPA) of LNG or about 0.53 bcfd of gas. One billion cubic feet is enough gas for about 5 million U.S. homes for a day.

Glenfarne is different from other U.S. LNG developers because it is also a buyer of LNG for an existing power plant in Colombia and is developing other energy projects in Latin America and Asia expected to consume more LNG in the future.

In addition to producing LNG for its own plants, Glenfarne, has said it also wants to sell LNG to other companies to help finance its projects.

Glenfarne is also developing the 8.8-MTPA Magnolia LNG export plant in Louisiana.

(Reporting By Scott DiSavino; Editing by Mark Porter)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ENBRIDGE INC. 0.68% 57.56 Delayed Quote.16.49%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-19.76%
S&P GSCI NATURAL GAS INDEX 0.80% 417.0335 Real-time Quote.136.65%
THE NASDAQ COLOMBIA INDEXED MARKET -0.73% 387.043028 Real-time Quote.6.60%
All news about ENBRIDGE INC.
05/24Natural Gas Edges Down After Monday's Surge Amid Expectations for Hot Weather
MT
05/23BW Ideol, EDF Unit Team Up for 500-MW Floating Offshore Wind Tender in France
MT
05/20Natural Gas Drops as Southern Heat Abates, Rise In Storage Meets Expectations
MT
05/19Enbridge Announces Conversion Results for Series B and Series C Preferred Shares
AQ
05/19Natural Gas Falls Ahead of Fresh Storage Data as Southern Heat Continues
MT
05/18Natural Gas Climbs as Record Southern Heat Boosts Cooling Demand
MT
05/17Alberta premier says Canada could boost oil export to U.S., calls for major new pipelin..
RE
05/17Natural Gas Rises Back Above US$8.00 on Weaker Production, Southern Heat
MT
05/16Natural Gas Rises as Southern Heat Boosts Cooling Demand
MT
05/13Natural Gas Rises As Storage Injections Rise Less Than Expected
MT
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Financials
Sales 2022 51 443 M 40 007 M 40 007 M
Net income 2022 6 187 M 4 812 M 4 812 M
Net Debt 2022 76 139 M 59 212 M 59 212 M
P/E ratio 2022 18,7x
Yield 2022 5,98%
Capitalization 117 B 90 708 M 90 708 M
EV / Sales 2022 3,75x
EV / Sales 2023 4,08x
Nbr of Employees 10 900
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 57,56 CAD
Average target price 59,98 CAD
Spread / Average Target 4,20%
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Managers and Directors
Albert Monaco President, CEO & Non-Independent Director
Vern D. Yu Chief Financial Officer & Executive Vice President
Gregory Lorne Ebel Non-Executive Chairman
Bhushan N. Ivaturi Chief Information Officer & Senior Vice President
Lisa D Wilson Chief Compliance Officer & Vice President
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