CALGARY — 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.
The Calgary-based energy 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.
Enbridge's US$14-billion purchase of the three utilities was first announced last September, and was viewed by market-watchers as a major vote of confidence by the Canadian company in the long-term outlook for natural gas. Once the final transaction closes, Enbridge will effectively have doubled the scale of its gas utility business, and balanced its asset mix evenly between natural gas and renewables, and liquids.
"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."
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