Enbridge Inc of Canada announced plans to invest C$3.3 billion ($2.4 billion) in natural gas and liquids infrastructure and renewable power this year, and said there were better investment opportunities in the U.S. due to green energy subsidies.
The Calgary-based company said the Biden administration's Inflation Reduction Act, a $430 billion clean energy subsidy program, has made the United States more competitive in attracting capital.
"Right now in the United States there are some more attractive elements when it comes to covering capital costs, and then operating costs on an ongoing basis," Chief Executive Greg Ebel said at a new conference following Enbridge's investor day.
