Enbridge Targets $28 B Growth Capital Backlog While Maintaining Strong Dividend Yield

Enbridge, one of North America’s largest energy‑infrastructure firms, has locked in more than US$28 billion of growth‑capital projects. Its backlog includes expanding natural‑gas and liquids pipelines, developing utility networks, offshore wind farms and carbon‑capture facilities. The company’s dividend, paid in Canadian dollars and subject to a 15 % withholding tax, has risen for 31 consecutive years, with a current forward yield around 5 %.

Analysts note that Enbridge sees roughly US$50 billion of growth opportunities and plans to invest US$10–11 billion annually in its capital program. About 80 % of earnings are inflation‑indexed, and the firm ended the first quarter with a debt‑to‑EBITDA ratio of 5.0 and $12.7 billion of liquidity. Management projects earnings per share and cash flow to grow around 5 % per year through the decade and aims to return $40–45 billion to shareholders over the next five years. Recent stock performance shows a 92 % gain over three years, supporting a valuation that could see the share price reach $150 within three years if past returns continue.