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(Reuters) – Enbridge on Wednesday forecast higher core profit for 2026, as the Canadian pipeline operator expects to benefit from strong demand and new projects entering service.
The company projected an adjusted core profit of C$20.2 billion ($14.49 billion) to C$20.8 billion, compared with expectations of between C$19.4 billion and C$20 billion for this year.
Surging demand for AI-fueled data centers and accelerating electrification are expected to push U.S. power demand to record levels in 2025 and 2026, according to the U.S. Energy Information Administration.
“We also expect strong growth in 2026 from recent rate settlements and rate cases in both Gas Distribution and Gas Transmission,” CEO Gregory Ebel said in a statement.
The Calgary-based company had bought three Dominion Energy utilities last year — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — in a $14 billion deal, including debt.
Enbridge also raised its quarterly dividend by 3% to 97 Canadian cents a share, effective March 1.
Reporting by Pranav Mathur and Yagnoseni Das in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila
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