Enbridge invests in wind power

Article Excerpt

ENBRIDGE INC. $49 is a buy. The company (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 2.0 billion; Market cap: $98.0 billion; Price-to-sales ratio: 2.4; Dividend yield: 7.5%; TSINetwork Rating: Above Average; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada eastward as well as to the U.S. The company also distributes gas to 3.8 million customers in Ontario and Quebec. The company is also a partner in several offshore wind-power projects in France. The partners recently started up the Fécamp Offshore Wind Farm, which consists of 71 wind turbines. Renewable power projects like this will help Enbridge with its plan to cut its greenhouse gas emissions to “net zero” by 2050. These projects also sell their power under long-term supply contracts, which cuts their risk. Enbridge is a buy. buy. …