Enbridge Inc. has sanctioned two separate U.S. natural gas projects for its Texas Eastern Transmission system, aka Tetco, to replace aging equipment and to expand Appalachia capacity to the Northeast.

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The expansions were announced during the fourth quarter conference call led by CEO Al Monaco. The volatile global energy markets, he told investors, can be traced in part to the lack of natural gas infrastructure, and Enbridge wants to be part of the solution.

“Just cutting to the chase on this,” Monaco said, “we’re in the middle of an energy crisis. The economic recovery is driving strong global energy demand. Normally, we see a supply response, but not this time, given the significant underinvestment in both conventional and renewables.”

The underinvestment has...