ENB adds to renewables

Article Excerpt

ENBRIDGE, $52.95, is a buy. The firm (Toronto symbol ENB; Shares o/s: 2.0 billion; Market cap: $106.4 billion; TSINetwork Rating: Above Average; Dividend yield: 6.7%; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to eastern Canada and the U.S. It also distributes gas to 3.9 million consumers in Ontario. Enbridge continues to invest in renewable energy projects. The French government has selected a consortium, including Enbridge and a unit of French utility EDF Group, to develop and operate a new wind-power project off the coast of Normandy. This will be Enbridge’s sixth wind project in France. The company has not yet said how much it will spend on the venture. However, these wind projects typically sell their power under 20-year fixed-price contracts; that cuts their risk. Enbridge is a buy. buy…