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Released November 10, 2025 | SUGAR LAND
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Written by Danny Levin, Deputy Editor for Industrial Info Resources (Sugar Land, Texas)
"Throughout North America, we have an abundant supply of natural resources," Greg Ebel, the chief executive officer of Enbridge, said in the company's third-quarter earnings release. "Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids and renewable power to customers across the continent and to new markets."
On the earnings-related conference call, he added the company sanctioned C$3 billion (US$2.2 billion) in new capital projects in the third quarter, "serving all pillars of natural gas demand growth, including reshoring, LNG, coal-to-gas switching, and data centers. With over 23 BCF [billion cubic feet] a day of new gas demand coming online by 2030, critical investment will be needed to ensure reliable service for customers."
The new investment is part of the company's broader growth strategy. "Year-to-date, Enbridge has added approximately C$7 billion (US$4.98 billion) to its secured project backlog," he said in the earnings release. "We now have C$35 billion (US$24.9 billion) of sanctioned growth capital entering service through 2030, as we continue to add visibility to our post-2026 5% annual growth outlook for EBITDA, EPS [earnings per share] and DCF [distributable cash flow] per share."
On the call, he added a "significant portion" of the C$35 billion in capital comes into service in 2027.
High utilization across the company's systems resulted in record third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA)--C$4.267 billion (US$3 billion), an increase from C$4.201 billion (US$29.8 billion) year-over-year.
By the numbers
Enbridge reached an FID for a new joint-venture pipeline that would transport gas from the Permian Basin to the Katy, Texas, area, outside of Houston, to serve the Gulf Coast LNG market: the 450-mile Eiger Express Pipeline would support 2.5 billion cubic feet per day (Bcf/d). ONEOK Incorporated (Tulsa, Oklahoma) holds a minority interest in the Matterhorn joint venture, while WhiteWater Midstream (Austin, Texas) leads the joint venture alongside ONEOK, MPLX LP (Findlay, Ohio), part of Marathon Petroleum Corporation (Findlay), and Enbridge. Eiger, which will be among the longer networks in the region, is supported by 10-year transportation agreements. It could be completed by 2028. Subscribers can view the project report.
In gas distribution, Ebel said accelerating data center investments will provide more avenues for growth in its utility business. The segment is "advancing more than C$4 billion (US$2.8 billion) of data center and power generation opportunities across 60 different projects to serve our customers' growing energy needs through the end of the decade."
Last year, Enbridge acquired three U.S. gas utilities: East Ohio Gas, Questar Gas and Public Service Company of North Carolina.
He did not mention any specific projects, but Industrial Info is tracking several renewable generation projects from the company. Two that are set to enter service in 2027 include one of the largest solar projects in North America: construction of the 815-megawatt (MW) Sequoia solar project in Callahan County, Texas.
Meanwhile, construction of the planned Easter Windfarm in Dimmitt, Texas, is expected to kick off in 2026. It is designed to utilize 40 3.8-MW turbines from GE Vernova (Boston, Massachusetts) to provide about 150 MW of power.
Subscribers can click here for the related project reports.
Ebel added he does not expect any of Enbridge's sanctioned or late-stage development projects will be impacted by legislative changes to renewable tax credits.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Enbridge.
Key Takeaways
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Summary
Enbridge continues to invest in its diverse North American asset portfolio, which includes the delivery of oil and gas and renewable power generation.Enbridge's Investment in North America
Enbridge Incorporated (Calgary, Alberta) last week provided an update on its plans to build out its diverse North American portfolio, which include new capital investments to meet growing energy demand."Throughout North America, we have an abundant supply of natural resources," Greg Ebel, the chief executive officer of Enbridge, said in the company's third-quarter earnings release. "Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids and renewable power to customers across the continent and to new markets."
On the earnings-related conference call, he added the company sanctioned C$3 billion (US$2.2 billion) in new capital projects in the third quarter, "serving all pillars of natural gas demand growth, including reshoring, LNG, coal-to-gas switching, and data centers. With over 23 BCF [billion cubic feet] a day of new gas demand coming online by 2030, critical investment will be needed to ensure reliable service for customers."
The new investment is part of the company's broader growth strategy. "Year-to-date, Enbridge has added approximately C$7 billion (US$4.98 billion) to its secured project backlog," he said in the earnings release. "We now have C$35 billion (US$24.9 billion) of sanctioned growth capital entering service through 2030, as we continue to add visibility to our post-2026 5% annual growth outlook for EBITDA, EPS [earnings per share] and DCF [distributable cash flow] per share."
On the call, he added a "significant portion" of the C$35 billion in capital comes into service in 2027.
High utilization across the company's systems resulted in record third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA)--C$4.267 billion (US$3 billion), an increase from C$4.201 billion (US$29.8 billion) year-over-year.
By the numbers
- C$3 billion (US$2.2 billion): value of projects sanctioned in the third quarter
- C$35 billion (US$24.8 billion): total growth capital backlog through 2030
- C$4.267 billion (US$3 billion): record third-quarter EBITDA
Liquids Pipelines
Enbridge reached a final investment decision (FID) on the Southern Illinois Connector project, which is part of a 50:50 joint venture with pipeline operator Energy Transfer (Dallas, Texas). The project entails constructing a 56-mile crude oil pipeline to increase capacity in the state by adding up to 200,000 barrels per day of new capacity. It ultimately will support efforts to move Canadian crude to U.S. markets and improve flow from Enbridge's Mainline (from where the pipeline is expected receive fuel) to the Energy Transfer Crude Oil Pipeline (ETCOP). The ETCOP delivers crude to a terminal in Nederland, Texas, serving refineries in the Port Arthur area, along the Gulf Coast. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can view the project report.Gas Transmission and Infrastructure
In this segment, "we sanctioned $2 billion of investment across our footprint to support growing natural gas, power, and LNG [liquefied natural gas] demand," Ebel said in the earnings release.Enbridge reached an FID for a new joint-venture pipeline that would transport gas from the Permian Basin to the Katy, Texas, area, outside of Houston, to serve the Gulf Coast LNG market: the 450-mile Eiger Express Pipeline would support 2.5 billion cubic feet per day (Bcf/d). ONEOK Incorporated (Tulsa, Oklahoma) holds a minority interest in the Matterhorn joint venture, while WhiteWater Midstream (Austin, Texas) leads the joint venture alongside ONEOK, MPLX LP (Findlay, Ohio), part of Marathon Petroleum Corporation (Findlay), and Enbridge. Eiger, which will be among the longer networks in the region, is supported by 10-year transportation agreements. It could be completed by 2028. Subscribers can view the project report.
In gas distribution, Ebel said accelerating data center investments will provide more avenues for growth in its utility business. The segment is "advancing more than C$4 billion (US$2.8 billion) of data center and power generation opportunities across 60 different projects to serve our customers' growing energy needs through the end of the decade."
Last year, Enbridge acquired three U.S. gas utilities: East Ohio Gas, Questar Gas and Public Service Company of North Carolina.
Renewable Power Generation
Ebel said the company has more than 1.4 gigawatts of solar projects expected to enter service through 2027. "Enbridge will continue to invest opportunistically, providing power to a growing list of technology and data center players," which include Meta Platforms Incorporated (Menlo Park, California) and Amazon (Seattle, Washington).He did not mention any specific projects, but Industrial Info is tracking several renewable generation projects from the company. Two that are set to enter service in 2027 include one of the largest solar projects in North America: construction of the 815-megawatt (MW) Sequoia solar project in Callahan County, Texas.
Meanwhile, construction of the planned Easter Windfarm in Dimmitt, Texas, is expected to kick off in 2026. It is designed to utilize 40 3.8-MW turbines from GE Vernova (Boston, Massachusetts) to provide about 150 MW of power.
Subscribers can click here for the related project reports.
Ebel added he does not expect any of Enbridge's sanctioned or late-stage development projects will be impacted by legislative changes to renewable tax credits.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Enbridge.
Key Takeaways
- Enbridge will further invest in its liquids, gas and renewable power segments
- Capital project backlog amounts to C$35 billion
- After 2026, adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5% annually
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
