Enbridge Inc. is raising its dividend as it expects its business to continue to grow next year.

The company also reaffirmed its full year guidance for 2023 for earnings before interest, income taxes and depreciation and distributable cash flow.

Enbridge says it will pay a quarterly dividend of 91.5 cents per share, effective with the dividend payable on March 1, 2024, up from 88.75 cents per share.

The increased payment to shareholders will come as the company expects 2024 adjusted EBITDA on its base business to total $16.6 billion to $17.2 billion. Distributable cash flow per share is expected between $5.40 and $5.80.

Enbridge says the ranges for 2024 represents growth of four per cent for its base business EBITDA and three per cent for its distributable cash flow compared with the midpoint of its 2023 guidance.

The guidance does not include the impact of the U.S. gas utility acquisitions announced in September that are expected to close during 2024.

This report by The Canadian Press was first published Nov. 29, 2023.