Enbridge Inc. CEO Greg Ebel said Canada must designate major pipeline projects as being “in the national interest” before companies will reinvest in them.
Speaking Friday during a quarterly earnings conference call, Ebel outlined several conditions necessary for Enbridge to consider future major oil pipeline projects similar to the company’s cancelled Northern Gateway pipeline project.
Ebel said such a designation would require legislative changes at both the federal and provincial levels. He cited the need for permitting reforms and the repeal of federal legislation like Bill C-69, which altered the process for federal reviews of major projects.
He also emphasized the importance of increased Indigenous consultation and loan guarantees for Indigenous groups seeking equity stakes in these projects.
Ebel criticized federal environmental policies, including Bill C-59’s greenwashing regulations and the oil and gas emissions cap, arguing that government policies should support energy production rather than curtail it.
His remarks come amid renewed interest in Canada’s export pipeline capacity, particularly following recent tariff threats from the U.S. Ebel stated that Enbridge doesn’t anticipate significant impacts from potential U.S. tariffs due to the stability of pipeline revenues, which are typically based on long-term contracts.
He suggested that North America’s integrated energy system would mitigate disruptions, predicting continued north-south energy flows.
Enbridge reported adjusted fourth-quarter earnings of $1.6 billion, up from $1.4 billion during the same period last year. The increase was attributed to new U.S. gas utility acquisitions and higher tolls on the Mainline pipeline system.
The company’s secured growth backlog is currently $26 billion, including $8 billion in new investments in U.S. gas pipelines, solar projects, and utilities.
Despite the focus on major Canadian infrastructure projects, Ebel indicated Enbridge’s current focus is on “low-capital, short plays.” He expressed optimism about Canadian policymakers recognizing the value of diverse markets, an issue Enbridge has long championed.
