Enbridge Earnings: Solid Quarter, but Trans Mountain Expansion and Utilities Impacts Still to Come

Enbridge’s first-quarter results generally met our expectations. Base EBITDA guidance was reaffirmed for 2024, excluding the impact of the utilities transactions that Enbridge is still in the process of completing. We anticipate the two remaining utilities will be acquired by the end of 2024. Base EBITDA was up 8% year over year to CAD 4.8 billion, or 11% to CAD 5 billion including the impact of the Ohio utility deal already completed. The biggest contributors were higher volumes on existing assets and volumes from newly acquired assets. First-quarter results are usually among Enbridge’s strongest for the year, as gas consumption for its Ontario utilities and pipelines typically increases during the winter.