Canada just announced two new pipelines — so where's private
capital? The CEO of one of Canada's largest pipeline operators
weighs in.
On this special episode of In the Money with Amber Kanwar, Amber
sits down with Greg Ebel, President and CEO of Enbridge (TSX:
ENB, NYSE: ENB), live from the Calgary Stampede for his first
interview since the pipeline announcements — including the
Northern Shield West Coast pipeline and the Alberta-Ontario
pipeline proposal. Greg explains why Enbridge isn't a proponent
on either project, and why he thinks the industry's focus on
pipelines has been "ass-backwards" — the real bottleneck, he
argues, is production, not pipes.
Greg also revisits comments from last fall, when he called the
last decade a "disaster" for Canadian competitiveness. He
explains what's shifted since then, why governments are now
racing to make private capital more attractive, and what a "grand
bargain" on the North Coast tanker ban could look like if Ottawa
wants the private sector to lead.
The conversation turns to Enbridge's own capital priorities. Most
of the company's $40 billion project backlog is being deployed in
the United States, where taxes are lower and regulatory approval
is faster — but Greg discusses whether that balance could tilt
back toward Canada in the years ahead, and how AI and data centre
demand are reshaping the way investors value pipeline
infrastructure and Enbridge stock.
Finally, Greg lays out what he sees as Canada's real opportunity:
if producers get the regulatory certainty they need, he believes
Western Canada could add two million more barrels a day. He also
weighs in on whether Enbridge would ever consider building a
greenfield pipeline again.
A special thank you to our partners at ATB Financial. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney
Timestamps
00:00 Trailer
02:15 Intro
03:00 Greg Ebel on Canadian competitiveness
06:30 Pipeline politics & the private sector &
production
09:45 Increasing production and new pipelines
10:55 Does Canada even need a pipeline?
13:25 There will be opportunities to participate in pipelines
down the road
15:20 Everybody in the oil and gas business in Canada will do
better
16:30 Could private sector do it cheaper?
18:10 The question about a pipeline east
20:10 How far have these announcements gone towards national
unity?
21:25 Enbridge favours investing in the U.S. over Canada, could
that tilt?
27:05 The Canada-U.S. relationship
32:15 Geopolitics, the war in Iran and what that means for
Enbridge
36:20 Are new pipelines a competitive threat for Enbrdige?
39:00 Wheeling & dealing
41:45 Is the multiple too low on Enbridge?
44:45 The value proposition of Enbridge in a portfolio
46:45 Are we at a genuine turning point for the Canadian energy
sector?
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
A special thank you to our partners at ATB Financial. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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