Enbridge, Inc - ENB STOCK NEWS

Enbridge announced plans to build, own, and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for BP's Kaskida development. The Canyon Oil Pipeline System will use 24" and 26" pipes with a capacity of 200,000 barrels per day, transporting crude to Shell’s Green Canyon 19 platform and then to Louisiana. The Canyon Gathering System will be a 12" pipeline with a capacity of 125 million cubic feet per day, connecting to Enbridge’s Magnolia Gas Gathering Pipeline. Both projects, costing approximately $700 million, are backed by long-term contracts and offer options for future BP production connections. Design and procurement will start in early 2025, with operations expected by 2029. Enbridge highlights the diversification and strengthening of its Gulf of Mexico offshore business and significant natural gas pipeline portfolio.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has completed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. PSNC, now operating as Enbridge Gas North Carolina, joins Enbridge's Gas Distribution and Storage Business Unit. This acquisition is part of a strategic move to acquire three U.S. based gas utilities announced in September 2023.

PSNC is a regulated gas utility serving over 600,000 customers in North Carolina, with operations in high-growth areas like Raleigh, Durham, Gastonia, and Asheville. Its assets include over 13,000 miles of gas distribution and transmission pipelines, a liquefied natural gas storage facility under construction, and minority interests in related infrastructure.

The acquisition aligns with Enbridge's low-risk utility business model and highlights the long-term importance of natural gas infrastructure. Enbridge aims to integrate PSNC's assets and build relationships with stakeholders in North Carolina.

Dominion Energy (NYSE: D) has closed the sale of Public Service Company of North Carolina to Enbridge Inc. for approximately $3.2 billion. This marks the final transaction in a series of three gas utility sales to Enbridge, announced in September 2023, with a total enterprise value of about $14 billion. The sale is part of Dominion Energy's comprehensive business review, which has resulted in $18 billion in debt reduction and improved balance sheet.

CEO Robert M. Blue highlighted the successful closure of three separate transactions within 12 months, emphasizing employee protections for nearly 3,500 workers. Dominion Energy is also on track to close a deal selling a 50% noncontrolling interest in the Coastal Virginia Offshore Wind project to Stonepeak, expected to yield an additional $3 billion in debt reduction by year-end.

Enbridge and Doig River First Nation celebrated the naming of a proposed compressor station to Wǫchiigii, meaning Peace River in the Dane-zaa Záágéʔ language. The ceremony, held at the Doig River First Nation community center, marks a significant step in Enbridge's commitment to Indigenous reconciliation. The station, part of the Aspen Point Program, is located near Taylor, BC.

Chief Trevor Makadahay and Enbridge executives led the ribbon-cutting ceremony. The naming reflects Enbridge's efforts to build stronger relationships with Indigenous communities and maximize economic inclusion. The Aspen Point Program aims to expand Enbridge's Westcoast natural gas pipeline system in BC to meet regional demand. If approved, construction is expected to start in Q1 2025, with an in-service target of Q4 2026.

VETLIFE, a Michigan-based non-profit, is launching the Battle Buddy app in September to connect Veterans with support services and benefits. The app, developed with a $27,000 contribution from Enbridge, uses a chatbot interface to help Veterans access resources more comfortably. It also aims to collect data on Native American Veterans, addressing inaccuracies in current statistics.

Founded by Iraq veteran Joshua Parish and his wife in 2018, VETLIFE has been supported by Enbridge since its early days. The Battle Buddy app is designed to automate services and bring resources directly to Veterans, helping them readjust to civilian life. The app's focus on Indigenous Veterans aligns with Enbridge's Indigenous Reconciliation Action Plan.

Empower Me Center, a non-profit in Lebanon, Tennessee, is dedicated to helping people with disabilities live fulfilling lives. Founded in 1999, it has grown from a basketball league to offering 17 year-round events and regular programming. The center is building a new state-of-the-art facility with accessible features for people with disabilities.

Enbridge has contributed a $7,500 Fueling Futures grant to support the center's inclusive programming. The center relies on community donations to keep costs low for participants, as they don't receive state or federal funding. Empower Me Center's mission is to meet the needs of families and help individuals with disabilities find their purpose and contribute meaningfully to society.

Enbridge has introduced a novel approach to vegetation management at its Sarnia Solar Project in Canada. The company has partnered with local sheep farmers to deploy a flock of about 270 Rideau Arcott sheep to graze on an 85-acre section of the solar property. This pilot program aims to provide several benefits, including:

1. Reduced risk of damage to solar panels from conventional mowing debris
2. Decreased fire hazard from motorized equipment
3. Effective grazing close to infrastructure
4. Potential elimination of pesticide use
5. Support for native flowering plant growth

The initiative aligns with Enbridge's ongoing efforts to preserve the ecosystem at the 1,100-acre site, which houses 1.3 million solar panels and generates 80 MW of electricity. Previous conservation efforts include preserving endangered plants, restoring woodlands and wetlands, and introducing honeybee colonies as part of a pollinator program.

The Great Lakes Boat Building School (GLBBS) in Cedarville, Michigan, is keeping the tradition of wooden boat building alive. Located in a 'wood-boat mecca', the school trains students in the craft of wooden boat construction and marine service technology. With a nearly 100% placement rate over the past seven years, GLBBS graduates find jobs across the U.S. and even internationally.

The school faces challenges in keeping up with expensive equipment needs. Enbridge has supported GLBBS with a $15,000 Fueling Futures grant to help purchase a 150-horsepower engine, contributing to a larger $750,000 campaign for learning equipment. This support helps maintain the school's competitive edge in training students on the latest industry technology.

Enbridge has announced plans to build and operate the Orange Grove Solar project near Corpus Christi, Texas. The project, set to be completed in late 2025, will provide 130 megawatts (MW) of power to the local grid. AT&T has signed a long-term virtual power purchase agreement with Enbridge for the project's output, helping the telecom giant offset its energy expenses and reduce its carbon footprint.

Orange Grove Solar will be Enbridge's first solar project in Texas, featuring about 300,000 solar panels on 920 acres. The construction phase is expected to create between 150 and 250 jobs. This project is part of Enbridge's broader commitment to developing onshore renewable projects across North America, with the company having invested over US$7 billion in renewable energy and power transmission projects to date.