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CALGARY — Enbridge Inc. says it expects its earnings per share to grow at a compounded annual rate of four to six per cent through 2025.
In an update of its priorities and financial outlook, the pipeline company says it expects its distributable cash flow per share to grow at an annual rate of about three per cent over the same period.
The guidance came as Enbridge announced plans for $3.3 billion in new investments including the addition of $2.4 billion of new gas transmission modernization and utility spending to its secured capital program.
Enbridge also announced plans to build an oil terminal in Houston at a cost of US$240 million and an agreement with Brookfield Infrastructure Partners and Crestwood Equity Partners to buy natural gas storage company Tres Palacios Holdings LLC for US$335 million.
In addition, Enbridge plans acquire a 10 per cent stake in Divert Inc., a food waste management company expanding into renewable natural gas, for US$80 million.
It also says it will build a 14-kilometre natural gas pipeline in Ontario to help ArcelorMittal Dofasco’s plan to change the way it makes steel.
This report by The Canadian Press was first published March 1, 2023.
Companies in this story: (TSX:ENB)
The Canadian Press
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