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Economic Performance Scorecard
| Objective | 2005 result | 2006 result | Target | Risks |
|---|---|---|---|---|
| Realize above industry-average annual adjusted earnings per share1 growth. | $1.59, up 8.2 per cent from 2004 | $1.74, up 9.4 per cent from 2005 | 2007: $1.75 to $1.852 | Enbridge combines a low-risk profile with excellent growth opportunities. However, the Company's business activities are subject to market price, credit and operating risks. For details about Enbridge's risk management practices and principal risks, please see the Risk Management section as well as Enbridge's 2006 Annual Report to shareholders. |
| Deliver superior annual dividend growth (payout ratio of 60-70 per cent3 of adjusted operating earnings). | $1.04 per common share | $1.15 per common share | 2007: $1.23 per common share | |
| Deliver strong total shareholder return.4 | 25.5 per cent | 14.3 per cent | Ongoing: create superior longterm value for shareholders | |
| Invest in renewable and alternative energy sources that complement our core operations and provide environmental benefits. | Construction of 30-MW Chin Chute wind power plant. Announced development of 182-MW Ontario Wind Power project. Worked on development of new natural gas hybrid fuel cell plant. Worked with stakeholders in support of onsite natural gas generation and “merchant generation”. |
Opened Chin Chute wind power plant. Continued planning of the Ontario Wind Power project. Began construction of Phase 1 of fuel cell pilot plant. Worked with stakeholders to have first CHEP (combined heat and emergency power) plant installed in Ontario. |
Begin commercial operation of Ontario Wind Power project in 2008. Complete construction of Phase 1 of fuel cell pilot plant and begin Phase 2 construction in 2007. |
Our Ontario Wind Power Project has been subject to significant 'not in my backyard' related opposition that has delayed the approval process. |
- Based on adjusted operating earnings, which represent earnings applicable to common shareholders adjusted for non-operating factors.
- Guidance provided by the Company on January 31, 2007 and repeated on May 2, 2007.
- This target was approved by Enbridge's Board of Directors in November 2005 and represents an increase from the previous 50-60 per cent.
- Represents total cash dividends declared plus common share price appreciation.
Investors and readers seeking more detailed information should refer to Enbridge's 2006 Annual Report.
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