Canada to eliminate certain climate regulations to support Alberta-to-Pacific oil pipeline expansion.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 29 2025
0mins
Source: SeekingAlpha
Agreement on Climate Rules: Canada's Prime Minister Carney and Alberta's Premier Smith signed an agreement to roll back climate regulations to promote energy investment, facilitating a new oil pipeline from Alberta to the west coast.
Economic Impact and Internal Tensions: Carney highlighted that U.S. tariffs could cost Canada $50 billion, making energy projects essential for growth, while the deal has caused dissent within his government, leading to the resignation of environment minister Steven Guilbeault.
Opposition to Pipeline Project: Indigenous groups in British Columbia and Premier Eby oppose the pipeline, asserting that it will not proceed and that existing legislation, including the Oil Tanker Moratorium Act, should remain intact.
Pipeline Capacity and Market Outlook: The Trans Mountain pipeline has been operating at nearly full capacity, with analysts suggesting that new pipeline projects may not advance due to opposition from the B.C. government and First Nations.
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Analyst Views on ENB
Wall Street analysts forecast ENB stock price to fall
11 Analyst Rating
5 Buy
6 Hold
0 Sell
Moderate Buy
Current: 51.840
Low
44.63
Averages
49.75
High
51.83
Current: 51.840
Low
44.63
Averages
49.75
High
51.83
About ENB
Enbridge Inc. is an energy transportation and distribution company. The Company's segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. Liquids Pipelines consists of pipelines and terminals in Canada and United States that transport and export various grades of crude oil and other liquid hydrocarbons, including the Mainline System, Regional Oil Sands System, Gulf Coast and Mid-Continent, and Other. Gas Transmission consists of its investments in natural gas pipelines and gathering and processing facilities in Canada and United States, including United States Gas Transmission, Canadian Gas Transmission, United States Midstream, and Other. Gas Distribution and Storage consists of its rate-regulated natural gas utility operations in Canada and United States. Renewable Power Generation consists primarily of investments in wind and solar assets, as well as equity interests in geothermal power and power transmission assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Steady Cash Flow Growth: The company generated CA$12.5 billion ($9.2 billion) in distributable cash flow in 2025, a 4% increase from 2024, enabling Enbridge to raise its dividend by 3% for 2026, pushing its yield to 5.2%, thereby attracting long-term investors.
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See More
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- Historical Lessons: Ebel cited the canceled Northern Gateway pipeline, where Enbridge spent approximately C$600 million before the project was terminated, highlighting the risks associated with developing projects in jurisdictions that have historically posed challenges, indicating a more cautious approach moving forward.
- Market Strategy: Enbridge executives asserted that increased Venezuelan crude exports would not undermine their plans to transport more Alberta oil sands to Texas refineries, emphasizing the significance of Canadian crude in the U.S. Gulf Coast market.
- Supplementary Role: Ebel noted that Venezuelan crude serves as a supplement to Canadian heavies rather than a replacement, demonstrating the company's deep understanding of market demand and strategic positioning for future oil and gas supply chains.
See More
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- Consistent Dividend Growth: Enbridge increased its dividend for the 31st consecutive year, reinforcing its status as a dividend aristocrat, which helps attract long-term investors and boosts market confidence.
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See More
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- EBITDA Exceeds Expectations: The company's adjusted EBITDA reached C$5.21 billion, surpassing the market consensus of C$5.14 billion, reflecting robust performance in pipeline operations and bolstering investor confidence.
- Strong Project Backlog: Enbridge currently holds a project backlog worth approximately C$39 billion, with about C$8 billion expected to come online this year, providing substantial support for future revenue growth and solidifying its market position.
- TC Energy Dividend Increase: TC Energy (TRP) reported a Q4 net income of C$980 million, consistent with the previous year, while raising its quarterly dividend by 3.2%, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns, which enhances market confidence in its long-term growth prospects.
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- Quarterly Profit Performance: In the fourth quarter, Enbridge reported a profit of $1.95 billion, or $0.89 per share, a substantial increase from $493 million and $0.23 per share in the same period last year, demonstrating the company's robust competitive position in the market.
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