* Raises dividend by 15 percent
* Sees 2011 adjusted earnings of C$2.75 to C$2.95/shr
CALGARY, Alberta, Dec 1 (Reuters) - Enbridge Inc (ENB.TO) raised its quarterly dividend by 15 percent on Wednesday and said it expected higher earnings next year as it completes new pipeline and power projects.
The company, whose pipelines carry the bulk of Canada’s oil exports to the United States, said its quarterly dividend will rise to 49 Canadian cents for the March 1 payout, up from 42.5 Canadian cents.
Enbridge also said it expects 2011 adjusted earnings of C$2.75 to C$2.95 a share, compared with this year’s target of C$2.50 to C$2.70.
Despite high profile problems with its U.S. pipeline network this year, including an 19,500 barrel spill into a Michigan river system that shut a key line for nine weeksin the summer, the company said new projects would spur the higher earnings.
Projects brought into service include the Alberta Clipper expansion of its oil pipeline network, a solar-power plant in Southern Ontario and a pipeline carrying ultra-light oil from the U.S. Midwest to the Alberta oil sands, where it is blended with tar-like bitumen.
“The steady growth of our liquids pipelines, natural gas transportation and green energy businesses will continue to drive strong earnings growth and even more significant cash flow growth in coming years,” Pat Daniel, the company’s chief executive, said in a statement.
Enbridge shares rose 68 Canadian cents to C$57.82 on Wednesday on the Toronto Stock Exchange.
$1=$1.02 Canadian Reporting by Scott Haggett; editing by Peter Galloway