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Page 15 - Strategic Priorities

SPECTRA ENERGY PARTNERS, LP filed this Form SC 13D/A on 11/30/2017




·To enhance Spectra Energy Partners’ cost of capital, Enbridge has provided SEP a formal proposal to exchange its incentive distribution rights and General Partner economic interests for newly issued limited partner units of SEP


Strategic Priorities


Enbridge is now the largest energy infrastructure company in North America with consolidated assets totaling over C$160 billion as at September 30, 2017, covering the most important and growing energy demand markets and supply basins. Enbridge’s key strategic priorities are as follows:


·Focus on the safety and operational reliability of our systems and ensure cost effective and efficient transportation for our customers;


·Ensure strong execution of our secured capital program that will drive ACFFO growth through 2020;


·Concentrate on growth of core businesses through extensions and expansions of our premium liquids pipeline, natural gas transmission and gas utility franchises;


·Further strengthen our financial position and optimize our cost of capital through diversified access to capital markets;


·Position Enbridge for long term growth beyond 2020 through disciplined capital allocation.


Commenting on the strategic plan and outlook, Al Monaco, President and CEO of Enbridge noted; “2017 has been an important transition year for Enbridge. The acquisition of Spectra Energy has significantly diversified our asset base and opportunity set, and repositioned Enbridge for the future, particularly with respect to natural gas which we see as having excellent fundamentals and opportunities going forward. Integration is going well and synergy capture is on target. We have continued to successfully execute on our secured capital program, with roughly $12 billion of new projects expected to be put into service in 2017.”


Mr. Monaco continued, “With the Spectra Energy assets now in the fold, we will focus our attention on what we do best and the value proposition that has served shareholders well over the years. We will rationalize our asset mix to a pure regulated pipeline and utility business model, which emphasizes low risk businesses and strong growth in our three crown jewel businesses: liquids pipelines and terminals, natural gas transmission and storage and natural gas utilities. These franchises represent critical energy infrastructure with un-paralleled competitive positions, highly predictable cash flows and embedded growth. Through this review, we’ve identified a total of $10 billion of assets that are non-core to Enbridge. In 2018, at least $3 billion of certain unregulated gas midstream and onshore renewables businesses will be sold or monetized.”