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Enbridge (NYSE: ENB) has an elite growth track record. The Canadian energy-infrastructure behemoth has increased its dividend for 28 straight years. That’s impressive, given all the headwinds hitting the energy sector over the years.
The company has a lot of fuel to continue growing its payout in the future. It’s continually adding to its fuel supply by securing new growth-focused investments. Enbridge recently unveiled its latest deal, which should give it more fuel to sustain and grow its 6.7%-yielding dividend.
Enbridge has agreed to acquire Aitken Creek Storage from a subsidiary of Fortis (NYSE: FTS) for 400 million Canadian dollars ($295 million). Enbridge is acquiring Fortis’ 93.8% interest in the Aitken Creek Natural Gas Storage Facility in British Columbia and a 100% interest in the Aitken Creek North Gas Storage facility. Aitken Creek is the only underground natural gas storage facility in British Columbia. It has 77 billion cubic feet (Bcf) of storage.