Enbridge (TSX: ENB) continues to be one of my favourite Canadian stocks for dependable dividends, so a change at the very top is something I’d certainly pay attention to. The good news is that this transition doesn’t look like Enbridge is suddenly changing its growth strategy. The energy infrastructure giant recently named Michele Harradence as its next president and chief executive officer, succeeding Greg Ebel when he retires at the end of 2026.

Harradence is hardly an outsider. She has led Enbridge’s gas distribution and storage business since 2022 and already understands some of the operations that will be central to the company’s next phase of growth. That continuity could be valuable, especially as Enbridge is sitting on more than $40 billion of secured growth projects while continuing to support a dividend yield of well over 5%.

In this article, I’ll explain what investors should know about Michele Harradence and why Enbridge’s leadership transition could matter for ENB stock’s long-term growth and income outlook.

A familiar leader takes charge at Enbridge

For investors, what matters now is the experience Harradence brings from overseeing some important parts of Enbridge’s expanding natural gas business.

During her time leading Enbridge’s gas utilities, Harradence helped guide the integration of the U.S. utility businesses acquired from Dominion Energy. Those operations have helped Enbridge build one of North America’s largest integrated gas utility platforms, which now serves millions of customers across Canada and the United States.

Her experience also goes beyond the utility side of Enbridge. Before taking on her current role, Harradence served as senior vice-president and chief operations officer in the company’s gas transmission and midstream business in Houston. She came to Enbridge in 2014 following a career in senior leadership roles at Shell Canada.

This leadership transition comes at a time when the stock has been under some pressure, even as its income appeal remains strong.

At the time of writing, ENB stock traded close to $70 per share with a market capitalization of $152 billion. At the current price, it offers a 5.6% annualized dividend yield. Although its shares have fallen 10% over the last three months, they remain up 4% over the last year.

Enbridge’s growth outlook continues to improve

More importantly, Harradence is stepping into the top job as Enbridge continues to grow both its earnings base and infrastructure footprint. The company posted nearly $4.8 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in the second quarter, up about 3% from a year ago, backed mainly by higher revenue tied to rate cases at East Tennessee, Texas Eastern, and Enbridge Gas Utah.

Last quarter, Enbridge’s cash provided by operating activities also jumped 27% YoY to $4.1 billion, giving the company plenty of financial strength to keep investing in its next phase of expansion.

Why investors should care

Harradence will take charge with a secured growth backlog of about $41 billion and annual growth investment capacity of $10 billion to $11 billion. Recently, Enbridge also agreed to acquire Salt Creek Midstream’s crude gathering business for US$600 million, a deal it expects to be immediately accretive to distributable cash flow per share and earnings per share.

A couple of weeks ago, the company also formed a joint venture with KKR and Apollo to help fund the Aspen Point and Sunrise expansions of its Westcoast pipeline system. Enbridge will retain majority ownership and operational control while recycling capital and preserving financial flexibility.

Given these fundamentals, Enbridge stock clearly continues to offer an appealing mix of dependable income and long-term growth potential. With a diversified business, a sizable project backlog, multiple expansion opportunities, and a 5.6% dividend yield, Harradence will have a strong platform to build on.

The post Enbridge Names New CEO Michele Harradence: What Investors Need to Know appeared first on The Motley Fool Canada.

More reading

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• Is Enbridge Stock Still a Buy With CEO Greg Ebel Retiring?
• TFSA Passive Income: 2 Top TSX Stocks Finally Trading at a Discount
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Fool contributor Jitendra Parashar has positions in Enbridge. The Motley Fool recommends Enbridge and KKR. The Motley Fool has a disclosure policy.

Pipeline stocks, such as TC Energy (TSX: TRP) and Enbridge (TSX: ENB), offer investors a combination of income stability and growth potential. The two Canadian energy giants operate critical infrastructure that forms the backbone of North America’s energy system.

These pipeline networks safely deliver natural gas and liquid fuels that power homes, businesses, and the broader economy. What makes pipeline companies attractive investments is their fee-based business model, which generates consistent revenue regardless of fluctuations in commodity prices.

Enbridge stands out as a premier pipeline operator, controlling the world’s longest crude oil transportation system and moving 30% of North America’s oil production. It has demonstrated remarkable consistency with 30 consecutive annual dividend increases as of 2025. Its diversified assets include natural gas pipelines that carry 20% of U.S. consumption and a growing renewable energy portfolio focused on offshore wind.

Similarly, TC Energy’s extensive pipeline network delivers 25% of North America’s natural gas demand. It has raised its dividend for 25 consecutive years, supported by a substantial backlog of expansion projects.

Both companies combine defensive characteristics with growth potential. Their essential infrastructure generates reliable cash flows that support above-average dividend yields. So, let’s see why you should invest in these TSX dividend stocks right now.

Is Enbridge stock a good buy in 2025?

During its recent investor day presentation, Enbridge showcased its strategic positioning across four core businesses. Further, Enbridge emphasized its ability to capitalize on growing energy demand across all forms. CEO Greg Ebel highlighted a $50 billion opportunity that extends growth through the end of the decade.

The Liquids Pipelines segment announced $2 billion in Mainline reinvestments to optimize utilization and reliability. Management noted that Mainline continues to transport record volumes, reinforcing its critical role in North American energy infrastructure. The growing Permian business and expansion of the Ingleside export facility further strengthen Enbridge’s position in crude transport and exports.

Enbridge presented a $23 billion opportunity in Gas Transmission, driven by LNG (liquefied natural gas) exports, power generation, and data center growth. Enbridge highlighted its strategic connectivity to every LNG facility on the US Gulf Coast and its leading position in offshore gas infrastructure.

Gas Distribution stands to benefit from electrification trends with the potential for $3 billion in annual capital deployment through the decade. The business doubled its utility footprint with the acquisition of three U.S. utilities in 2024.

The Renewable Power segment continues to deliver double-digit growth with attractive returns from projects with blue-chip customers, including Toyota, Amazon, and AT&T.

CFO Patrick Murray emphasized the company’s ability to self-fund $9 billion to $10 billion annually while maintaining its investment-grade balance sheet. Management projects 5% average annual growth through 2030, supporting its 30-year track record of dividend increases while targeting double-digit total shareholder returns.

The bull case for the TSX dividend stock

TC Energy continues to solidify its status as a leading natural gas infrastructure provider following its strategic spinoff of the Liquids Pipelines business in October 2024. TC Energy now operates through two core businesses: Natural Gas Pipelines and Power and Energy Solutions.

With an extensive 93,700-kilometre (58,200-mile) network spanning Canada, the U.S., and Mexico, TC Energy safely transports almost a third of North America’s daily natural gas demand, connecting low-cost production basins to premium markets and LNG export facilities. This unrivalled geographical diversification positions it as the only natural gas infrastructure operator with critical assets in all three North American countries.

In 2024, TC Energy placed approximately $6.8 billion of projects into service, including natural gas pipeline capacity expansions and equity contributions to the now-completed Coastal GasLink pipeline, which establishes Canada’s first direct path to global LNG markets. It also invested $2.3 billion in maintenance capital and placed $300 million of modernization capital into service.

Looking ahead, TC Energy has secured a $25 billion capital program focused on commercially supported, long-life infrastructure assets backed by creditworthy counterparties and regulated business models.

The Foolish takeaway

Both Enbridge and TC Energy remain top investments for income seekers in 2025. At the time of writing, Enbridge offers a forward yield of 5.7%, while this figure for TC Energy stands at 5.4%.

The two energy heavyweights should maintain and even increase their payouts in the upcoming decade, enhancing the yield at cost over time. Given these factors, long-term Canadian investors should consider investing a total of $12,000, split equally between the pipeline giants.

The post Enbridge vs. TC Energy Stock: How I’d Split $12,000 Between Pipeline Dividend Giants appeared first on The Motley Fool Canada.

More reading

• These 2 Canadian Dividend Stocks Are Screaming Buys, and I’m Taking The Bait
• Enbridge Names New CEO Michele Harradence: What Investors Need to Know
• 2 TSX Dividend Stocks Perfect for Patient Investors
• Is Enbridge Stock Still a Buy With CEO Greg Ebel Retiring?
• TFSA Passive Income: 2 Top TSX Stocks Finally Trading at a Discount

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Aditya Raghunath has positions in Enbridge. The Motley Fool recommends Amazon and Enbridge. The Motley Fool has a disclosure policy.