Pembina Pipeline and Enbridge remain two of the most dependable income names in Canadian energy infrastructure, but the balance of near-term catalysts has shifted.
Pembina gets the nod today thanks to fresh progress on a large gas fired power project that is being commercially underpinned by a single, power hungry customer widely reported to be a hyperscale data center operator.
On October 6, Pembina and partner Kineticor updated plans for the Greenlight Electricity Centre, a multi-phase, combined-cycle gas plant of up to 1,800MW in Alberta’s Industrial Heartland.
The partners said Phase 1 is targeted at roughly 900MW, with an allocation of 907MW secured through Alberta’s grid operator for a prospective customer and a demand transmission agreement in place that could provide grid access as early as 2027.
They also disclosed a conditional land sale to that customer valued at about $190 million net to Pembina, and guided to a final investment decision in the first half of 2026 with potential start-up as early as 2030.
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Pembina described ongoing negotiations for an energy supply agreement with the customer, positioning Greenlight to move forward once commercial terms and construction contracts are signed.
The Logic reported last week that the customer is Meta and that the contemplated facility northeast of Edmonton would be a massive AI data center that prioritizes reliable baseload power.
Phase 1 alone would lift local natural-gas demand by about 160 million cubic feet per day, with a potential ramp to roughly 320 mmcf/d at full buildout.
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Pembina flagged the proximity of its Alliance Pipeline as an optional expansion lever to feed Greenlight, which would extend the company’s value chain and deepen its Western Canada footprint.
Enbridge is still one of North America’s most diversified midstream players across liquids pipelines, gas transmission and distribution, and renewables.
It has a long record of dividend growth and a large secured capital backlog that supports steady cash flows.
Our primer on Enbridge stock walks through the durability of its fee-based model and the balance sheet considerations that come with scale.
The near term edge for Pembina comes from line of sight growth that can be paired to long dated contracts with investment grade counterparties, if the Greenlight customer contract is finalized.
The combination of a conditional land deal, turbine reservations for the first phase, and a specific grid allocation assigned to the customer suggests a higher probability that construction will proceed once commercial terms are set.
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The multi-year profile also gives Pembina time to line up financing, sequence capital, and potentially capture incremental returns by expanding Alliance if demand warrants it.
The province continues to pitch industry on new energy and infrastructure proposals as it courts heavy electricity users, including data center operators.
This positioning sits alongside other efforts, such as when the premier pitches a new oil pipeline to the B.C. coast, that collectively signal a willingness to back large projects with clear economic benefits. A major data center anchored by firm power would fit that narrative.
Enbridge offers scale, diversification, and a mature dividend profile that suits more defensive mandates.
Pembina offers a simpler Western Canada story with leverage to gas and NGL value chains and, now, a developing power platform that could open a second leg of growth.
If the energy-supply contract tied to Greenlight is executed on the timeline the company is targeting, the project would add visible, contracted cash flows into the next decade while also pulling through volumes on existing midstream assets.
Enbridge’s sheer size invites regulatory and political scrutiny along multiple systems, and its capital plans must thread rate case and construction risks across jurisdictions.
Pembina’s Greenlight path still requires a final investment decision, definitive energy supply agreements, and execution on procurement and construction.
Investors should treat the Meta angle as unconfirmed until disclosed by the companies, but the commercial markers to date argue that the counterparty is large, power-intensive, and motivated to move.
