C$1.1B in new capital projects sanctioned, recent achievements discussed during annual Enbridge Day investor community conference
Northampton, MA --News Direct-- Enbridge
At Enbridge, we see ourselves as a bridge to a cleaner energy future.
In 2021, we made that bridge stronger than ever.
Today, during our annual Enbridge Day investor community conference, President and CEO Al Monaco noted that 2021 has been a catalyst year for the company. We’ve brought C$10 billion of growth projects into service—including the final leg of the Line 3 Replacement, the largest project in company history.
Enbridge’s conventional energy delivery network—a 17,000-mile crude oil and liquids network, and a 76,000-mile natural gas transmission and midstream network—has shown strength and resilience throughout the COVID-19 pandemic, and will provide a firm and capable foundation for society’s energy transition.
“Our assets have been highly utilized, reflecting strong end-user demand and the critical role they play in delivering reliable and affordable energy,” says Monaco. “Recent global energy shortages have confirmed again that our assets are essential, and will remain so. Meanwhile, our early low-carbon energy investments illustrate how our assets will be a bridge to a cleaner energy future.”
Other major projects that entered service in 2021 included:
The Middlesex Extension and Appalachia to Market projects, expanding the U.S. Northeast’s access to a reliable, affordable supply of natural gas.
The Southern Access (Line 61) expansion through Wisconsin, serving growing refinery appetite for oil.
In 2022, our secured capital program will total C$9-billion, and will include:
a 1.5-Gigawatt (GW) offshore wind construction program in France, with work already underway on the Saint-Nazaire, Fecamp and Calvados projects.
more than C$2.5 billion on modernization work on our gas transmission network.
more than C$1 billion annually in capital at our gas utility, Enbridge Gas Inc.
C$300 million in solar self-power infrastructure.
C$200 million on the East-West Tie Transmission Project in Ontario.
In the coming years, Enbridge expects to invest up to C$6 billion annually in organic growth opportunities to meet North America’s visible growing demand for conventional energy, while also seeking lower-carbon opportunities.
Today, Enbridge announced it has advanced C$1.1 billion in new capital projects, including:
A $0.5-billion expansion to our Valley Crossing Pipeline to serve 0.72 Bcf/d in natural gas supply to a proposed LNG export facility in Brownsville, TX, subject to a final investment decision on the export facility.
The $0.3 billion Dawn-to-Corunna expansion of Enbridge Gas’s Dawn to Parkway pipeline system in Ontario, ensuring reliable regional natural gas supply.
A $0.2 billion investment in six new solar self-powering facilities across our liquids and natural gas pipelines, which will generate strong equity returns and lower emissions.
A $0.1 billion floating offshore wind project off the southern coast of France, reflecting our commitment to renewable leadership and innovation.
“Our organic growth will be focused on enhancing existing asset returns, modernizing our pipelines, and low-capital-intensity opportunities within our conventional businesses to serve growing domestic and export market demand,” says Monaco.
“We’ll also continue to invest in low-carbon opportunities that leverage our existing assets and provide a platform for future growth.”
As evidenced by Enbridge’s September acquisition of the Enbridge Ingleside Energy Center (EIEC) oil export terminal in Corpus Christi, TX, we’re advancing our U.S. Gulf Coast export strategy on both the crude and LNG fronts, as developing countries seek to eliminate energy poverty and achieve the quality of life enjoyed by developed nations.
We’re also committed to advancing low-carbon strategies for that cleaner energy future. Examples include:
A renewed focus on front-of-the-meter renewable energy generation, with Enbridge as an anchor tenant.
Our recent memorandum of understanding (MoU) with Shell to develop low-carbon energy solutions across North America.
Collaborating on carbon capture and storage (CCS) solutions, including our recent MoU with Capital Power to develop an open-access carbon hub in Alberta.
Our recently announced partnership with Vanguard Renewables to build renewable natural gas (RNG) sites across the U.S. and upgrade RNG into pipeline-quality natural gas.
“We’re confident that our assets will be an integral source of energy supply for decades to come and are excited by the future low-carbon investment opportunities we see,” says Monaco.
View source version on newsdirect.com: https://newsdirect.com/news/a-sturdy-reliable-bridge-to-a-cleaner-energy-future-693928253