Al Monaco has been in charge of Enbridge Inc. for ten years and has helped it grow into a diversified North American energy infrastructure company. He will step down as CEO of the Calgary-based company on January 1, 2023.
Monaco has been the CEO of the big pipeline company since 2012. Greg Ebel, who is currently the board chair, will take over, the company said on Monday.
Enbridge said that Monaco will help with the change by staying with the company as a consultant until March 1, 2023.
Monaco helped Enbridge grow in a way that had never happened before. In 2017, the company paid $37 billion to buy Spectra Energy. The deal sped up the company’s natural gas strategy and made it bigger in the U.S. Enbridge spent more than $60 billion on energy infrastructure projects while Monaco was CEO. One of these projects was Canada’s first export pipeline to the U.S. Gulf Coast, and another was the company’s first offshore wind project outside of North America.
When you look at Al’s work at Enbridge, you can see that he took a Canadian company that worked with liquids and grew it. North America is now a big market for this business. This is what Kevin Birn, who is the chief oil market analyst for Canada at S&P Global, said.
Enbridge’s Al Monaco to retire Jan.
Enbridge went from being a company mostly focused on Canada to be a utility that serves all of North America.”
Enbridge made a deal last week to sell 23 First Nation and Metis communities a minority stake in seven pipelines in the Athabasca region of northern Alberta for $1.12 billion. Premier of Alberta Jason Kenney called this “the single largest Indigenous transaction in North America’s history in the natural resource sector.”
Monaco said that making the deal was one of Enbridge’s proudest moments.
Monaco has also been a big supporter of the North American energy industry during his time as CEO. During the ten years he ran Enbridge, the industry as a whole went through a lot of ups and downs. There was a lot going on between 2012 and 2014 when the economy was doing well, and 2014 and 2015, when oil prices fell.
In 2022, when Russia attacked Ukraine, energy costs went through the roof. Monaco talked a lot about how geopolitical tensions could be eased by using both traditional energy from North America and new, clean technologies.
Birn said, “It’s been a crazy time of ups and downs and changes in the industry, and he pretty much saw Enbridge through it all.”
Monaco said in a news release on Monday that it has been an honor to lead Enbridge and its people for the past ten years.
Monaco said, “I’m very proud of what we’ve done together to build the biggest and most diverse energy delivery company in North America.”
Together, we’ve made sure that Enbridge is ready for the energy transition, fought hard for our industry, and lived up to our mission to make people’s lives better.
In the same press release, Ebel thanked Monaco on behalf of the board for his “valuable and bold leadership” during his ten years as CEO and 27 years with Enbridge.
“Al’s unmatched leadership, discipline, and honesty have put the company in a great place to be a key part of North America’s energy system for decades to come and to grow,” Ebel said.
Since 2017, Ebel has been in charge of Enbridge. Before that, he was the chairman and CEO of Spectra Energy.
Enbridge said that a new independent board chair will be chosen before Ebel takes over as CEO.
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