Enbridge Spreads Tentacles to Acquire Spectra, Creating 'Pipeline Enemy #1'

October 2, 2020 0 By HearthstoneYarns

Two pipeline corporations have announced plans to merge, raising the hackles of climate activists who say the deal “would be bad news for energy consumers and terrible news for the clean energy revolution on which the future of our planet depends.”

Canadian pipeline behemoth Enbridge said Tuesday that it plans to buy Houston-based Spectra Energy Corp. for stock worth $28 billion, creating what CBC News calls “a North American energy infrastructure giant.”

“The proposed Enbridge-Spectra Energy merger is just the latest example of an evolving corporate energy monopoly—call it the Frackopoly—that is working to bind our society to a long future of dirty, dangerous fossil fuel extraction and consumption.”
—Wenonah Hauter, Food & Water Watch

“We’ll be the FedEx” of the pipeline business, Greg Ebel, Spectra’s chief executive, said in an interview with the Calgary Herald. “We ship, we pick up, we store product,” said Ebel, who will become non-executive chairman at Enbridge.

The Herald suggests that amid growing resistance on the ground, “[f]or pipeline companies, it may be easier to buy than build.”

Indeed, the Wall Street Journal reports that both companies, “like many other pipeline operators, have both struggled to build new lines during the downturn, in part because of low prices and regulatory obstacles.”

The Journal continues: