Enbridge Inc, the Canadian energy infrastructure giant, often flies under the radar compared to its flashier American counterparts. Yet, this silent giant quietly operates a sprawling network of pipelines that transport a quarter of North America's crude oil and a fifth of its natural gas. But something strange is brewing within Enbridge, something hidden in plain sight within its publicly available data, something that most analysts seem to have missed.

Examining the provided financial data for ENNPF, the pink sheet listing for Enbridge Inc, reveals a curious anomaly. While most financial metrics are populated with zeroes or null values, the "outstandingShares" section paints a fascinating picture. It reveals a consistent, multi-decade trend of share issuance, a pattern that begs further investigation.

From 1988 to 2024, Enbridge has steadily increased its outstanding shares, albeit with some fluctuations. In 1988, the company had 633 million shares outstanding. By 2024, this number is projected to reach 2.128 billion, a staggering increase of over 236%. This consistent issuance of shares raises a critical question: why is Enbridge so thirsty for capital?

Enbridge's Outstanding Shares (1988-2024)

The conventional wisdom might point towards funding expansion projects. After all, pipelines are capital-intensive ventures. However, a closer look at Enbridge's recent activities reveals a different story. While the company has undertaken significant projects, such as the Line 3 replacement, it has also been actively divesting assets. In 2021, Enbridge sold its Canadian natural gas gathering and processing business for CAD$4.31 billion [source](https://www.enbridge.com/media-center/news/details?id=1605656713735). In 2022, it further trimmed its portfolio by divesting a minority stake in seven wind farms for CAD$336 million [source](https://www.enbridge.com/media-center/news/details?id=1643707975571).

These divestitures, coupled with the continuous share issuances, suggest that Enbridge is not simply pursuing relentless expansion. Instead, a more nuanced strategy seems to be at play. Could Enbridge be pivoting, subtly shifting its focus from traditional fossil fuel infrastructure to a more diversified energy portfolio?

The increasing focus on renewable energy sources, particularly in light of global climate change concerns, could be prompting Enbridge to strategically reposition itself. While pipelines remain a core business, Enbridge has been gradually expanding its renewable energy footprint. The company owns and operates wind, solar, and geothermal facilities in North America and Europe, with a generating capacity exceeding 2,100 megawatts [source](https://www.enbridge.com/about-us/sustainability).

""Meeting the world's growing energy needs while reducing our environmental footprint." - Enbridge 2021 Sustainability Report"

This hypothesis, while speculative, is supported by Enbridge's own pronouncements. In its 2021 sustainability report, the company highlighted its commitment to "meeting the world's growing energy needs while reducing our environmental footprint." Furthermore, Enbridge has set a target to achieve net-zero greenhouse gas emissions by 2050, a bold ambition for a company heavily reliant on fossil fuel infrastructure.

Hypothesis:

Enbridge is strategically shifting its focus from traditional fossil fuel infrastructure to a more diversified energy portfolio, including renewable energy sources.

Supporting Numbers:

Outstanding Shares Increase: 236% increase from 1988 to 2024 (projected).

Asset Divestitures: CAD$4.31 billion in 2021 and CAD$336 million in 2022.

Renewable Energy Capacity: Exceeding 2,100 megawatts.

This analysis, while based on limited data, suggests a compelling narrative for Enbridge's future. The company's silent transformation, if confirmed, could have significant implications for investors and the broader energy sector. Further investigation is warranted to fully understand the implications of these intriguing data points.

"Fun Fact: Enbridge's pipeline network spans over 17,000 miles, enough to circle two-thirds of the Earth! [source](https://www.enbridge.com/about-us/our-business)"