Stock in Enbridge Inc. fell about 2% late last week after President and CEO Al Monaco acknowledged delays in starting up the company’s Line 9 crude oil pipeline between Ontario and Quebec.
In the same announcement, Monaco said the company had invested C$750 million for a 24.9% share in an offshore wind development in the United Kingdom, part of a wider effort to shift out of carbon-intensive energy in the decades ahead. “After investing over C$4 billion in renewable power generation projects over the past decade, Monaco said Enbridge thought it was prudent to work with an established partner for its first investment in offshore wind,” Reuters reports.
“We’d all agree that if you look to the future, we’re going to see a lower carbon intensity in our economy,” Monaco said. But “fundamentally, these investments need to generate good risk-adjusted returns.”
Enbridge received approval in September to begin transporting 300,000 barrels per day of crude oil through Line 9.