Enbridge makes progress on utility purchases and raises earnings forecast

Enbridge Inc. has raised its earnings forecast for the year in light of the successful completion of two previously announced purchases of U.S. gas utilities.infrastructure company said Friday it now expects adjusted earnings for 2024 of between $17.7 billion and $18.3 billion, up from a previous forecast of $16.6 billion to $17.2 billion.

The purchase of the three U.S. utilities gives Enbridge natural gas utility operations in Ohio, North Carolina, Utah, Idaho and Wyoming a significant presence in the U.S. utility sector. In total, Enbridge’s gas utility business will have a combined rate base of more than C$27 billion and about 7,000 employees, delivering over nine billion cubic feet per day of gas to approximately seven million customers.

“But I wouldn’t say there’s anything near-term that we have to do … If we do anything significant on the asset sale side, it will be solely as a result of getting a great price on something.”Enbridge reported Friday that its second-quarter profit was $1.85 billion, where it roughly also sat a year ago.

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