Enbridge (TSX:ENB) and TC Power (TSX:TRP) are each famend Canadian dividend shares and famend power infrastructure shares. They’re giants throughout North America. Enbridge has a market cap of $142 billion and a dividend yield of 5.9%. TC Power has a market cap of $78 billion and a dividend of 4.5%.
Whereas each function comparable infrastructure companies, there are nuances to every. If you’re questioning which one may be a greater purchase, listed here are some ideas.
Enbridge: The North American power behemoth
Enbridge stays the bigger enterprise, particularly after TC Power spun out its $14.5 billion Keystone Pipeline system into South Bow final 12 months. Enbridge is the extra diversified of the 2 shares. It operates liquids pipelines, a gasoline transmission community, gasoline storage/distribution utilities, and renewable energy belongings.
The truth that it strikes round 30% of the crude oil produced in North America signifies the dimensions of this firm. 98% of its belongings are cost-of-service or contracted. Its portfolio is additional hedged by its numerous asset base and powerful mixture of high-quality counterparties.
For the primary 9 months of 2025, Enbridge noticed adjusted earnings earlier than curiosity, tax, depreciation, and amortization (EBITDA) rise 9% to $14.7 billion. Earnings per share elevated 10.3% to $2.34. Within the third quarter, Enbridge affirmed its steerage for 9% EBITDA development for the total 12 months.
Throughout, 2025 was a powerful 12 months for Enbridge. The corporate simply elevated its dividend per share by 3%. That’s its 31st consecutive annual dividend enhance. The corporate envisions 5% EBITDA, and earnings per share and dividend per share development in 2026 and 2027.
TC Power: A pure gasoline infrastructure main
TC Power is much less diversified and extra targeted on pure gasoline infrastructure and energy. In truth, it operates over 93,000 kilometres of gasoline pipelines throughout Canada, america, and Mexico. Thirty % of the pure gasoline consumed in North America is transported by TC’s infrastructure.
As a steadiness to its intensive gasoline community, it additionally generates 6,400 megawatts of nuclear energy via its Bruce Energy subsidiary. Round 98% of TC Power’s annual EBITDA is regulated or on long-term take-or-pay contracts.
For the primary 9 months of 2025, EBITDA rose 7.5% to $8 billion. Within the third quarter, TC Power affirmed its intention to develop EBITDA by 7–9% in 2025. Likewise, it targets $12.6 billion to $13.1 billion of EBITDA by 2028, which might suggest a 5–7% annual development charge over the approaching three-year interval.
TC Power has elevated its dividend for 25 consecutive years and it’s prone to elevate that dividend by a modest 3–5% yearly going ahead.
So which dividend inventory is a greater purchase?
Enbridge and TC Power are parallel entities. Enbridge is bigger and extra diversified. TC is smaller, however extra targeted. Each have extremely contracted earnings sources, and each are rising by a mid-single digit charge going ahead.
But, I believe Enbridge edges in entrance of TC Power. Whereas it has substantial quantities of debt, its debt ratios are just a bit decrease than TC Power’s. Likewise, Enbridge trades on the slightest valuation low cost to TC Power. Enbridge has the upper dividend, and its inventory has modestly outperformed TC Power over the previous 5 years.
For a gentle dividend from utility-like corporations, each are first rate bets for earnings buyers. Nevertheless, Enbridge wins my decide if I had to decide on one over the opposite.
