ENP Newswire - 09 May 2014
Release date- 08052014 - CALGARY, ALBERTA - Enbridge Inc. (TSX:ENB) (NYSE:ENB) is well positioned to respond to an evolving energy landscape, President and Chief Executive Officer Al Monaco told shareholders during Enbridge's annual general meeting today in Calgary.
Growing global demand for energy and increased North American supply have stretched existing energy infrastructure and are driving the need for new pipeline capacity to coastal markets, Mr. Monaco said. 'North America needs new infrastructure, which in turn provides us with a great opportunity to grow. Enbridge has great assets, strategically located, that enable us to capture new opportunities created by changing supply and demand, and that's best illustrated by our record $41 billion capital growth program.'
2013 was another solid year for Enbridge with adjusted earnings for 2013 of $1.4 billion, an increase of 16 per cent over the prior year. Earnings per share (EPS) was $1.78 or 11 per cent above 2012; over the past five years, the Company's average annual EPS growth rate has been 14 per cent. Based on strong earnings growth and confidence in the Company's long-term outlook, Enbridge increased its dividend by 11 per cent in March 2014 - the nineteenth consecutive annual increase.
Over the last decade, Enbridge has delivered an average annual total return to shareholders of 17 per cent, 'well above the broader market and peer group,' said Mr. Monaco.
Enbridge secured $6 billion in new growth investment in 2013, increasing the Company's secured growth capital to $36 billion and placing it in a position to deliver industry-leading growth through 2017 and beyond.
'In Liquids Pipelines, with our three market access programs - totaling more than $15 billion-we're opening up 1.7 million barrels per day of new markets in North America,' said Mr. Monaco. 'Wherever possible, we're using existing rights-of-way or pipe that's already in the ground to minimize our environmental footprint.'
Enbridge's other core businesses - natural gas pipelines and processing, gas distribution and power generation - also continue to grow at a measured pace. In Gas Pipelines and Processing, Enbridge successfully completed several projects, including the Texas Express system and the Ajax plant in Texas, and continues to build on its strong position in the offshore Gulf of Mexico.
Enbridge Gas Distribution sanctioned a major investment in its Greater Toronto Area system that will provide benefits to customers, enhancing reliability and access to lower-cost natural gas.
Renewable power generation continues to be a key area of growth, said Mr. Monaco, with recent investments in wind projects in Quebec and Alberta bringing the Company's renewable energy portfolio to nearly $4 billion and generating capacity of 1,800 megawatts - or enough power to supply 600,000 homes. Enbridge also brought its first power transmission project into service in 2013.
Mr. Monaco concluded his remarks by reiterating Enbridge's commitment to building trust, key to meeting changing public expectations of energy companies.
'Listening to a range of perspectives, finding common ground and striking a balance among competing interests is something I believe is a critical part of our job and a key to success,' said Mr. Monaco. 'Ten years from now, we'll look back at this period and acknowledge how the intense focus we're under today pushed our industry to get better.'
Election of Directors
Enbridge also announced that the nominees listed in the management information circular dated March 4, 2014 were elected as directors of Enbridge Inc. The detailed results of the vote for the election of directors held at its Annual Meeting of shareholders earlier today in Calgary are set out below.
About Enbridge Inc.
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission.
As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal.
Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2013. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words 'anticipate', 'expect', 'project', 'estimate', 'forecast' and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices.
You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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