Episode Details

Canada just announced two new pipelines — so where's private capital? The CEO of one of Canada's largest pipeline operators weighs in. 

On this special episode of In the Money with Amber Kanwar, Amber sits down with Greg Ebel, President and CEO of Enbridge (TSX: ENB, NYSE: ENB), live from the Calgary Stampede for his first interview since the pipeline announcements — including the Northern Shield West Coast pipeline and the Alberta-Ontario pipeline proposal. Greg explains why Enbridge isn't a proponent on either project, and why he thinks the industry's focus on pipelines has been "ass-backwards" — the real bottleneck, he argues, is production, not pipes.

Greg also revisits comments from last fall, when he called the last decade a "disaster" for Canadian competitiveness. He explains what's shifted since then, why governments are now racing to make private capital more attractive, and what a "grand bargain" on the North Coast tanker ban could look like if Ottawa wants the private sector to lead.

The conversation turns to Enbridge's own capital priorities. Most of the company's $40 billion project backlog is being deployed in the United States, where taxes are lower and regulatory approval is faster — but Greg discusses whether that balance could tilt back toward Canada in the years ahead, and how AI and data centre demand are reshaping the way investors value pipeline infrastructure and Enbridge stock.

Finally, Greg lays out what he sees as Canada's real opportunity: if producers get the regulatory certainty they need, he believes Western Canada could add two million more barrels a day. He also weighs in on whether Enbridge would ever consider building a greenfield pipeline again.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Timestamps

00:00 Trailer
02:15 Intro  

03:00 Greg Ebel on Canadian competitiveness 

06:30 Pipeline politics & the private sector & production 
09:45 Increasing production and new pipelines
10:55 Does Canada even need a pipeline? 

13:25 There will be opportunities to participate in pipelines down the road
15:20 Everybody in the oil and gas business in Canada will do better
16:30 Could private sector do it cheaper?
18:10 The question about a pipeline east
20:10 How far have these announcements gone towards national unity?
21:25 Enbridge favours investing in the U.S. over Canada, could that tilt? 

27:05 The Canada-U.S. relationship 

32:15 Geopolitics, the war in Iran and what that means for Enbridge
36:20 Are new pipelines a competitive threat for Enbrdige?
39:00 Wheeling & dealing
41:45 Is the multiple too low on Enbridge?
44:45 The value proposition of Enbridge in a portfolio
46:45 Are we at a genuine turning point for the Canadian energy sector? 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

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