Page 6 - NorthAmOil Week 49 2021

NorthAmOil PIPELINES & TRANSPORT NorthAmOil

The company
announced CAD1.1bn
($865mn) worth of
newly sanctioned
growth projects.

Enbridge announces 2022 guidance

NORTH AMERICA CANADIAN pipeline operator Enbridge and storage service provider for the project,
unveiled its financial guidance for 2022 this while Capital Power would provide carbon
week. The company reaffirmed its 2021 guid- dioxide (CO2). Whether the project is developed
ance range for adjusted earnings before interest, depends in part on a the government of Alberta’s
income taxes and depreciation (EBITDA) of competitive carbon hub selection process.
CAD13.9-14.3bn ($10.9-11.2bn). For 2022, it Enbridge’s strategic priorities, as set out in its
anticipates EBITDA rising to CAD15.0-15.6bn three-year plan, include pursuit of its ESG goals,
($11.8-12.3bn). maximising asset returns to drive cash flow
“Recent global energy shortages have con- growth and “disciplined investment” of CAD5-
firmed again that our assets will remain essential, 6bn ($3.9-4.7bn), particularly into low-capital
while our early low-carbon energy investments intensity and utility investments.
illustrate how our assets will be a bridge to a The company said its performance driv-
cleaner energy future,” stated Enbridge’s presi- ers in 2022 would include continued volume
dent and CEO, Al Monaco. He went on to note recovery on its Mainline system and a full year
that his company had set a long-term goal of of the full Line 3 Replacement surcharge after
net-zero greenhouse gas (GHG) emissions last that pipeline entered service at the end of this
year, saying that it had succeeded in lowering year. Other drivers include a full-year contribu- Speaking at
emissions this year. Enbridge’s environmental, tion from the acquisition of the Ingleside energy
social and governance (ESG) goals have been centre contributions from gas transmission Enbridge’s
integrated into “enterprise-wide business plans projects brought into service in 2021, customer
and compensation”, which Monaco said was additions in Enbridge’s gas utility business and investor day this
aimed at driving future performance. “continued but moderating” losses in energy
The company announced CAD1.1bn services. week, Monaco
($865mn) worth of newly sanctioned growth Additionally, Enbridge said it would increase said CCS should
projects, which come in addition to CAD1.0bn its quarterly dividend for 2022 from CAD0.835
($786mn) announced earlier in the year. ($0.660) to CAD0.86 ($0.676) per share, starting be one of the
The newly sanctioned projects include an from March 1, 2022.
expansion of the Valley Crossing pipeline in Speaking at Enbridge’s investor day this week, energy sector’s
Texas, an expansion of the Dawn-to-Parkway Monaco said CCS should be one of the energy
system, six new self-powering solar projects that sector’s main priorities. He added, though, that main priorities.
will serve oil and gas pipelines and a floating Canada needed to establish a tax credit for the
wind project offshore France. technology if it wants to attract sufficient invest-
The company also noted that last week it ment into the industry.
had signed a memorandum of understanding The Canadian government is reported to
(MoU) with Capital Power to jointly evaluate have wrapped up consultations on the tax credit
and advance a carbon capture and storage (CCS) on December 2, and intends to make it available
project in Alberta. The project would serve Capi- from next year, with the aim of reducing Can-
tal Power’s Genesee generating station near War- ada’s CO2 emissions by at least 15 megatonnes
burg. Enbridge would act as the transportation per year.™

P6 www. NEWSBASE .com Week 49 09•December•2021