Enbridge Raises Dividend 3% And Approves $1.1 Billion Of Capital Spending

Enbridge (TSX: ENB) has raised its quarterly dividend by 3% and approved $1.1 billion in new capital projects.
The Calgary-based pipeline company said during its investor day that it will now pay a quarterly dividend of $0.86 per share, up from $0.835. It also reaffirmed its 2021 full-year guidance range for adjusted earnings of $13.9 billion to $14.3 billion.
In a news release, Enbridge said recent global energy shortages have confirmed the essential role its assets will play in years to come.
The company's three-year growth plan will focus on enhancing existing asset returns, modernizing the company's assets, and low capital intensity opportunities within Enbridge's conventional businesses.
Enbridge has approved $1.1 billion of new capital spending, along with the $1 billion announced earlier this year. Newly announced capital projects include a $500-million expansion of its Valley Crossing Pipeline in Texas. It will also spend $300 million on an expansion of its Dawn to Parkway system in Ontario.
The company will also invest $100 million in a floating offshore wind project off the southern coast of France.
Last week, Enbridge and Capital Power (TSX:CPX) agreed to jointly evaluate and advance a carbon capture and sequestration (CCS) project, with Enbridge as the transportation and storage service provider and Capital Power as the CO2 provider.
The proposed project would serve Capital Power's Genesee Generating Station near Warburg, Alberta, which currently provides over 1,200 megawatts of baseload electricity.
Enbridge also announced that it plans to buy back up to $1.5 billion worth of its own shares.