Enbridge Inc. (Enbridge) announced on 5 January that its Board of Directors has declared a quarterly dividend of US$0.583 per common share, payable on 1 March 2017 to shareholders of record on 15 February 2017.
The declared dividend represents a 10% increase from the prior quarterly rate and the 20 sec. 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 US$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% 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, Enbridge 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% 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 Monaco. "The strength of this opportunity set gives us confidence that, following a 15% increase in 2017, we will be able to extend our industry leading dividend growth rate of 10 - 12% per annum through 2024."
Read the article online at: https://www.worldpipelines.com/business-news/13012017/increase-in-quarterly-dividend-for-enbridge/