Enbridge (TSX: ENB) just gave investors news that could make them nervous. The company announced on September 8 that President and CEO Greg Ebel will retire on December 31, 2026.
Michele Harradence, currently head of Enbridge’s gas distribution business, will step into the top job on January 1, 2027, according to a company statement.
Leadership changes at a $150 billion pipeline giant will raise a few questions. Will the growth plan stay on track, and will the dividend keep climbing?
Here is what the transition means, and let’s see if Enbridge stock still deserves a spot in your portfolio.
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Why Enbridge CEO Ebel is stepping down
Ebel joined Enbridge in 2017 when Spectra Energy, where he was CEO, merged with the pipeline company. He first became chair of the Enbridge board, then took the CEO role in January 2023. During his run, Enbridge built a $41 billion secured growth backlog and bought three American natural gas utilities from Dominion Energy.
Ebel will stay on the board through his retirement date and will act as an advisor to Harradence until May 2027. Board chair Steve Williams called Ebel’s leadership instrumental in strengthening Enbridge’s finances and expanding its natural gas platform.
Michele Harradence joined Enbridge in 2014 after working at Shell Canada and has run the company’s gas distribution and storage business since 2022. The unit now serves 7.2 million homes and businesses across Canada and the United States.
On Enbridge’s second-quarter earnings call in July, Harradence previewed how she thinks about the business, tying growth directly to affordability for everyday customers.
“We’re extremely focused on that,” Harradence said on the call, pointing to storage investments that saved Ontario customers $200 million and Ohio customers $100 million this past winter.
Keeping bills manageable while still growing the rate base is precisely the balancing act Enbridge needs from its next leader, especially with utility rate cases and public pressure over energy costs showing up in multiple states and provinces.
Is ENB stock still a good buy?
In just the past month, Enbridge closed a $2.7 billion joint venture with KKR and Apollo to help fund pipeline expansions in British Columbia.
It also agreed to buy Salt Creek Midstream’s crude gathering assets in the Permian Basin for $600 million. Both deals extend Enbridge’s reach without adding meaningful risk to its balance sheet.
On the July earnings call, Ebel reaffirmed the company’s 2026 guidance and pointed to a $50 billion pipeline of growth opportunities through 2030, on top of the existing $41 billion secured backlog.
Enbridge finished the second quarter with debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) around 5.1 times, which management said sits within its target range once currency effects are stripped out.
Enbridge has raised its dividend payout for 31 consecutive years, making it a Dividend Aristocrat. Over the next five years, it aims to return between $40 billion and $45 billion to shareholders.
The Foolish takeaway
Harradence inherits a company with record growth opportunities, a well-contracted backlog, and a management team that is still signing multi-billion-dollar deals right up to the handoff date.
For potential investors, it is a reminder of why disciplined, income-generating energy infrastructure stocks belong in a long-term portfolio.
