The decision comes as the company plans to shift its focus on natural gas sector and the Gulf Coast for growth as new oil sand projects face delay in Canada.
The company considers the US Gulf Coast to have huge energy potential market and is resilient to fluctuating commodity price.
The revised investment decision from the earlier planned C$44bn ($33.7bn) between 2014 and 2018 follows the commissioning of about C$10bn worth of projects in 2014.
The potential projects considered for investments include crude oil pipeline expansions and extensions on mainline to increase market access, and a business plan for expansion in the US Gulf Coast region.
Additionally, the company plans to expand natural gas footprint, including opportunities in growing supply basins and Canadian midstream while continue to seek new opportunities in power generation and transmission projects.
The funding will also be used for load growth, system renewal and storage in the area of gas distribution, as well as for exploring natural gas for transportation and combined heat and power (CHP).
Enbridge expects the global energy demand to grow by more than 30% by 2040.
The company is also considering focusing on "incremental expansion" with minimal risk to customers.
Enbridge liquids pipeline head Guy Jarvis said: "We are in the early stages of developing a regional business plan that envisions an expanded terminal presence involvement in regional pipeline connectivity, access to import, export dock capability, and ideally provides increasing opportunities for customers committed to capacity on our Mainline and U.S. Gulf Coast access pipelines."
The company recently secured safety tests approval from the Canada’s energy regulator for the Line 9 reversal project, marking a step ahead in resuming operations.
Image: Enbridge estimates the global energy demand to grow by more than 30% by 2040. Photo: courtesy of supakitmod/ FreeDigitalPhotos.net.
