Michigan Supreme Court Rejects Permit for Enbridge Oil Pipeline Under Great Lakes

Westcoast Energy, an Enbridge affiliate, received federal approval for a $400M natural gas pipeline expansion near Taylor, B.C. Construction will start in Q1 2027, adding 178M cubic feet per day of capacity by Q3 2028. The project will employ 600 workers and contribute $168M to B.C.'s economy, according to the company.

Midstream energy sector sees increased deal activity due to high demand for infrastructure, particularly in natural gas. Recent acquisitions include ONEOK's $4.42B purchase of Brazos Midstream's Permian Basin assets and Williams' $5.5B acquisition of Momentum Midstream. A bipartisan infrastructure bill could further expedite energy projects, benefiting the AI boom.

Goldman Sachs resumed coverage on Enbridge Inc. with a Neutral rating and a C$71.00 price target. The firm views Enbridge as a large energy infrastructure company but notes competition and modest growth risks. Enbridge's stock has declined 3% year-to-date, trading near its 52-week low, but offers a 6% dividend yield. Goldman expects 5% EBITDA growth through 2030, with a constrained balance sheet. Other analysts have given Enbridge positive ratings and higher price targets.

Enbridge completed a $1.2B expansion of its Westcoast natural gas pipeline system in B.C., adding 535M cubic feet per day of capacity. The Aspen Point Program includes electric-powered compressor stations and new pipeline segments, supporting domestic demand and LNG exports. The project, completed on schedule, involved Indigenous partnerships and created over 1,000 jobs.

Enbridge (ENB) was highlighted in the Guinness Global Real Assets Fund 2026 Q3 report for its strategic acquisitions, including Salt Creek Midstream's pipeline network and a joint venture for its natural gas system, aiming to boost its energy infrastructure and future growth. Mark Brennan of the fund praised the company's proactive approach.

The FBI is investigating two fires at Enbridge's Line 5 pipeline sites in Wisconsin. The fires occurred at a drilling site and an office, with no injuries reported. Enbridge condemns the incidents, calling them illegal and unsafe. The fires follow an August gas leak on Line 5, which released 1.3 million gallons of natural gas liquids. Enbridge restored service to Line 5 after constructing a temporary bypass, despite objections from state regulators.