Enbridge Inc. chief executive Greg Ebel declared on Friday that the company is entering a period of significant growth, fueled by surging energy demand from artificial intelligence, rising electricity consumption, and heightened energy-security concerns. Speaking after the release of first-quarter earnings, Ebel emphasized that investors have yet to fully grasp the magnitude of this shift.
“We are in a world with an amazing growth macro for energy infrastructure, the best growth opportunities I have seen in 10 to 15 years,” Ebel stated. He noted that pipeline and infrastructure companies traded at much higher valuation multiples between 2012 and 2016, during the U.S. shale boom, suggesting current valuations do not reflect the potential.
New Projects and Expansions
The energy giant approved $2 billion in new projects during the first quarter, including a $700-million onshore wind project in Texas to supply power to Meta Platforms Inc. data centres. Enbridge is also advancing plans to expand its Mainline pipeline network, which transports Western Canadian crude oil to the United States.
The Mainline averaged 3.2 million barrels per day in the first three months of the year and has been operating at full capacity, with demand exceeding supply. An initial expansion has been approved, and Enbridge plans a further expansion of about 430,000 barrels per day by 2028.
Additionally, the company announced two binding open seasons for its Flanagan South pipeline and Southern Access extension pipeline, which move Canadian crude from the Mainline deeper into the U.S. Midwest and Gulf Coast. This route has proven easier to expand than pipelines aimed at Canada’s West Coast.
Strategic Focus on Speed and Reliability
Ebel highlighted that customers are prioritizing speed and reliability over the source of energy. “There’s no longer the discussion of what colour your molecule or electron is — it’s how quickly can you get me electrons or molecules or barrels,” he said. “That’s really game on for growth from an Enbridge perspective.”
The company’s $2 billion in newly sanctioned projects brings its total secured growth project inventory to roughly $40 billion through the end of the decade, driven by rising power demand, new LNG infrastructure, and increased oil production.
Impact of Geopolitical Tensions
The war in the Middle East is also boosting demand for North American crude exports, including Canadian oil shipped to the U.S. Gulf Coast. Enbridge has seen increased customer interest in capacity at its Ingleside oil export terminal near Corpus Christi, Texas.
“Exports now are pushing six million barrels (a day) just with the conflict,” Ebel noted. “What will be really interesting to see is, even when the conflict is solved, how much more reliance there will be on the U.S. Gulf Coast — and Canada, for that matter.”
Financial Performance
Enbridge reported a lower quarterly profit of $2.1 billion, down from $2.2 billion a year earlier, largely due to one-time gains that boosted first-quarter results in 2025. However, underlying cash flow remained stable, with adjusted EBITDA holding steady at $5.8 billion year over year.
