Canada’s Enbridge gains in 2021
Canadian midstream and infrastructure company Enbridge said February 11 its 2021 earnings nearly doubled, to C$5.8bn (US$4.6bn) from C$3bn, as each of its divisions benefited from a recovering global economy.
“The last year has once again demonstrated the importance of reliable and affordable energy to the world’s social and economic well-being,” CEO Al Monaco said. “While it’s clear we need to reduce global emissions to achieve our climate objectives, it’s also important that we transition our energy systems prudently by ensuring adequate supply of conventional energy, while increasing lower-carbon forms of energy.”
To support those objectives, Enbridge added C$2bn of new conventional and low-carbon growth capital to its commercially-secured backlog of opportunities. It also executed on its carbon capture and storage (CCS) opportunities, advancing plans for its proposed Open Access Wabamun Carbon Hub in Alberta, expanded its Texas Eastern modernisation programme in the US to upgrade and electrify more compressors, and added new gas pipeline capacity in both Canada and the US.
“In gas transmission, we placed our Cameron extension project into service supplying the Calcasieu Pass LNG facility, and our agreement to serve Texas LNG further extends our US Gulf Coast export opportunity set,” Monaco said. “In western Canada, our BC Pipeline is advancing a $2.5bn expansion to serve west coast LNG and local market demand growth.”