Enbridge Inc. (TSX:ENB)(NYSE:ENB) (“Enbridge” or the “Company”) announced today that its Board of Directors has declared a quarterly dividend of $0.583 per common share, payable on March 1, 2017 to shareholders of record on February 15, 2017. The declared dividend represents a 10 percent increase from the prior quarterly rate and the twenty-second consecutive year in which the Company has increased its common share dividend.
“The dividend increase reflects the strength of our base business, together with the impact of $2-billion in growth capital projects that we brought into service during 2016 and our expectations of additional Enbridge growth projects coming into service in 2017,” said Al Monaco, President and Chief Executive Officer. “Delivering consistent and dependable dividend growth is core to our shareholder value proposition and a direct reflection of our low-risk business model, which performs well in all market conditions.”
This 10 percent dividend increase is independent of the planned combination with Spectra Energy Corp (“Spectra Energy”). As previously announced, upon close of the acquisition of Spectra Energy, the Company expects to further increase its quarterly common share dividend by an amount sufficient to bring the aggregate increase in the quarterly dividend to approximately 15 percent above the prevailing quarterly rate in 2016.
“The merger with Spectra Energy brings together the highest quality liquids and natural gas infrastructure franchises in North America with the largest and most diversified growth projects in the industry,” said Mr. Monaco. “The strength of this opportunity set gives us confidence that, following a 15 percent increase in 2017, we will be able to extend our industry leading dividend growth rate of 10-12 percent per annum through 2024.”
On January 5, 2017, the Enbridge Board of Directors declared the following quarterly dividends. All dividends are payable on March 1, 2017 to shareholders of record on February 15, 2017.
|Preference Shares, Series A||$0.34375|
|Preference Shares, Series B||$0.25|
|Preference Shares, Series D||$0.25|
|Preference Shares, Series F||$0.25|
|Preference Shares, Series H||$0.25|
|Preference Shares, Series J||US$0.25|
|Preference Shares, Series L||US$0.25|
|Preference Shares, Series N||$0.25|
|Preference Shares, Series P||$0.25|
|Preference Shares, Series R||$0.25|
|Preference Shares, Series 1||US$0.25|
|Preference Shares, Series 3||$0.25|
|Preference Shares, Series 5||US$0.275|
|Preference Shares, Series 7||$0.275|
|Preference Shares, Series 9||$0.275|
|Preference Shares, Series 11||$0.275|
|Preference Shares, Series 13||$0.275|
|Preference Shares, Series 15||$0.275|
|Preference Shares, Series 17||$0.3457|
About Enbridge Inc.
Enbridge Inc., a Canadian company, exists to fuel people’s quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past seven years. Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the U.S., and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada’s largest natural gas distribution company, serving residential, commercial, and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in more than 2,200 megawatts of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs approximately 10,000 people, primarily in Canada and the U.S., and has been ranked 15 times on the annual Canada’s Top 100 Employers list, including the 2017 index. Enbridge’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.