Enbridge Inc

ENB: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 78.00	Zkfzqs	Yqddtsyh

Trans Mountain Pipeline’s Costs Spike Again to Over CAD 30 Billion; Enbridge Should Benefit

Stephen Ellis

Mar 13, 2023

The Trans Mountain Pipeline expansion, or TMX, project is now expected to cost CAD 30.9 billion, a more-than 40% increase from its estimate last year of CAD 21.4 billion and almost 3 times its original estimate of CAD 12.6 billion. The cost increases were attributed to inflation and supply chain challenges, floods, terrain issues, and higher water disposal costs, among other items. It is now almost certain that the Canadian government will lose billions of dollars on a sale, as we can’t see a pathway for any sale price to approach this current cost estimate. There are no fair value estimate or moat implications for our Canadian midstream coverage.

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