TORONTO, July 3, 2026, 10:01 (EDT)
- Pembina Pipeline Corporation (TSE:PPL; NYSE:PBA) gained about 1.6% in Toronto trading, with the U.S. listing closed for the Independence Day holiday.
- Pembina’s C$2.1 billion net investment in the Greenlight power project works out to an annual run-rate adjusted EBITDA margin of roughly 14.8% based on what’s disclosed.
- Pembina’s part in the new, bigger West Coast oil pipeline is still up in the air, with no cost estimate out yet.
- The S&P/TSX Composite started trading up 0.3% at 35,082.35.
Pembina Pipeline Corporation (TSE:PPL; NYSE:PBA) climbed Friday after the company locked in a deal to build a gas-fired power plant driven by data-center demand and announced a conditional commitment to invest in a planned crude pipeline to the West Coast.
The stock was up 1.6% at C$66.89, after closing at C$65.82. Shares stayed under the 52-week high of C$69.42 but held above the 52-week low of C$48.74. That outpaced the S&P/TSX Composite, which opened 0.3% higher.
| Market read-through | Latest data |
|---|---|
| Pembina closed on TSX at | C$66.89 |
| Stock moved intraday | +1.6% |
| Trading between | C$66.00-C$67.30 |
| 52-week low and high | C$48.74-C$69.42 |
| Company value now | C$38.93 billion |
| Pays dividend of | 4.44% |
| S&P/TSX Composite opened at | 35,082.35, +0.3% |
Shareholders looking for the bigger number won’t find it in the latest oil corridor news. It’s Greenlight. Pembina, Morgan Stanley Infrastructure Partners, and Kineticor Asset Management signed off on the 932 MW Greenlight Electricity Centre in Alberta. The site will supply a major data-center player under a long-term tolling deal. Pembina said its net investment will be about C$2.1 billion, factoring in land sales. The company expects around C$310 million in annual run-rate adjusted EBITDA from the project, net to Pembina.
The figure implies an EBITDA-to-net-investment ratio near 14.8% before financing, depreciation, tax and any future project cost changes. That’s around 7.0% of Pembina’s 2026 adjusted EBITDA guidance range midpoint at C$4.35 billion to C$4.55 billion.
| Investor item | Greenlight Electricity Centre | West Coast oil pipeline |
|---|---|---|
| Status | Final investment decision is in | Agreement is only non-binding right now |
| Pembina stake | 47.5% held | 10% through building phase, could reach 20% at startup |
| Disclosed Pembina capital | Net outlay around C$2.1 billion after land sales | No capital numbers out yet |
| Disclosed Pembina EBITDA | Yearly run-rate adjusted EBITDA pegged near C$310 million | No EBITDA numbers shared |
| Timing | Targeting second half of 2030 for in-service | Definitive deals eyed for September 2026; Alberta expects build could begin September 2027 |
| Risk guardrails | Fixed-price deals cover about 85% of project spend | Pembina says it won’t put development capital at risk until after final call |
Greenlight adds about 150 million cubic feet per day of gas demand for Pembina’s system, or close to 54.8 billion cubic feet each year. Pembina said this demand could back its gas and liquids transportation, fractionation, processing and marketing businesses. The company also said an Alliance Heartland Expansion filing with the Canada Energy Regulator is planned for August 2026, aiming for service in Q4 2029 if the project goes ahead.
Scott Burrows, president and CEO of Pembina, called Greenlight a “first mover” for meeting Alberta data centre energy demand. Chris Ortega, who leads the Americas unit at Morgan Stanley Infrastructure Partners, said Greenlight will provide dispatchable power “at scale.” Pembina
Pembina gets a bigger political profile in the West Coast pipeline, but not much short-term impact. Reuters reported the new line would move 1 million barrels a day from Alberta to the Pacific, with federal ownership via Trans Mountain and Alberta through Alberta Petroleum Marketing Corporation as the main holders. Pembina would own 10% while it’s being built, with an option to buy another 10% at startup.
The risk is the toughest work on the pipeline hasn’t started. Reuters said no official cost number has been given, funding is still under talks, and approvals hinge on regulatory sign-off, Indigenous deals and a big carbon-capture setup. Prime Minister Mark Carney said, “the time for action is now.” Reuters
Pembina used careful language, saying it can make the final call on any investment for its stake and won’t commit development capital until then. Burrows said the setup gives the company “financial flexibility.” Pembina
Pembina is still trading like a yield play. The company paid a C$0.735 dividend per share on June 30, which went up about 3.5% after the most recent increase. Based on the latest TSX price, that payout gives roughly a 4.4% yield, in line with the stated figure.
The NYSE listing was closed Friday, with the exchange observing Independence Day on July 3 this year. Trading on the TSX continues as usual, with normal hours from 9:30 a.m. to 4:00 p.m. EDT.
