In September, Enbridge announced an all-stock merger with Spectra, which is expected to close in Q1 2017. ENB is a long-term holding of ours, but we like the latest move. With expected synergies of better than $500-billion by the end of 2018, we believe the combination strengthens the balance sheet, provides better balance (approximately 50 per cent oil pipelines and 50 per cent natural gas pipelines), geographical diversification with a low-risk commercial structure and predictable dividend growth (dividend per share should double within six years and increase meaningfully beyond that through 2024.) Currently, Canada's second-largest wind producer after Transalta Renewables, ENB should double its wind production when its joint venture with EDF Energies Nouvelles sees its projects come on stream.