Enbridge Inc. (Enbridge) reports a GAAP-compliant profit of 5.1 billion Canadian dollars for 2024, supported by stable transportation volumes. Adjusted profit stands at 6.0 billion, while adjusted EBITDA reaches 18.6 billion. This performance marks the 19th consecutive year in which the company has met or exceeded its forecasts. Management also confirms that the growth trajectory remains on track for 2025.
Prospects for tariffs and transported volumes
The Oil Pipelines segment recorded an average daily volume of 3.1 million barrels, reflecting a steady demand from shippers. Tariff adjustments implemented midway through the year also contributed to revenue growth. On the gas side, the conclusion of term sheets for Algonquin Gas Transmission LLC and Maritimes & Northeast Pipeline (M&N U.S.) strengthens the outlook for tariff improvements. These measures remain subject to approval by the Federal Energy Regulatory Commission.
Natural gas distribution shows a notable increase thanks to the acquisition of three American gas utilities, representing a total investment of 19 billion dollars. This transaction now makes Enbridge one of the largest natural gas distributors in North America. Regional distribution segments, particularly in Canada, benefit from a growing customer base and favorable regulated rates. Reliability projects and newly signed commercial agreements further reinforce the company’s position across the entire chain.
Renewables and capital management
In the renewables sector, Enbridge has commissioned several solar and wind projects, supported by long-term power purchase agreements. The company is also planning a targeted asset rotation program, illustrated by the sale of its stake in East-West Tie Limited Partnership. The resulting liquidity helps fund a project backlog estimated at around 26 billion dollars. Company officials view this approach to capital allocation as a key lever for ensuring effective self-financing.
On the financial front, Enbridge maintains a debt/EBITDA ratio close to 5.0, aligning with its internal objectives for leverage management. A 3% increase in the quarterly dividend is scheduled for 2025, bringing the annualized dividend to 3.77 dollars. These financial parameters confirm the stability of the low-risk business model, supported by diversification across oil pipelines, gas networks, and renewable assets. Management highlights the strength of its cash flows and the recurring nature of its earnings to address future energy market needs.
