People who follow Enbridge know that the company’s bread and butter is moving energy products.
But did you know that Enbridge is also one of Canada’s foremost green energy leaders?
As of March of 2012, we had interests in seven wind projects, three solar farms, a geothermal installation, waste heat recovery stations, and Canada’s largest turbo-expander/fuel cell plant.
Together these projects produce almost 1,000 megawatts of clean electricity, or enough to meet the needs of about 365,000 homes. We’ve already invested about $2 billion in these technologies—three quarters of this amount just in the last several years—and we plan to continue this level of investment in the years to come.
“Although fossil fuels will continue to represent the major source of energy for our economies for some time, there is little doubt that we are transitioning to a lower carbon-intensive footprint,” said Al Monaco, Enbridge President.
“A few years ago,” he continued, “we set forth a strategy to establish a new green energy platform and we’re pleased with our progress so far. The strategy is consistent with our objectives to provide clean sources of energy and to diversify our sources of earnings growth. As well, our renewable investments fit very well with our existing business model that focuses on generating solid returns with stable and growing cash flows. “
For these reasons, Enbridge invests in renewable energy projects that provide attractive returns to investors along with environmental benefits, while exploring other alternative energy prospects.
Enbridge’s investments in renewable energy are also a key component of our commitment to stabilize our environmental footprint at January 2009 levels.
This commitment, which forms the basis of our Neutral Footprint program, states that we will:
Enbridge’s move into renewable energy originated in our Alternative & Emerging Technology department. This department searches the world for new technologies that are strategically aligned with Enbridge’s business interests.
This department thoroughly screens the best of the ideas to ensure that they are technically sound. If it’s determined that a particular idea is, in fact, technically sound, then the next step is to try to find a way to commercially structure the investment in a way that makes sense for Enbridge.
Once Enbridge’s investment in a particular technology reaches a significant size, the group turns it over to one of Enbridge’s business units to grow and operate it as a new business platform.
“Through this process, we’ve had the opportunity to try out a lot of ideas and learn some lessons that we can apply as we progress,” said Chuck Szmurlo, Vice President, Alternative & Emerging Technology.
“We’ve had the good fortune to have seen two of our technologies—wind and solar energy—move from the incubation stage to the point where they have become meaningful and profitable new businesses for Enbridge, and we hope to add more green platforms to our portfolio. Because these technologies benefit both the environment and our shareholders, that’s a great feeling.”
Our commitment to reduce our environmental impact where it is felt most: on the trees we remove, the natural habitat we permanently impact, and the energy we consume to power our operations