One of the companies I own in my DRiP portfolio, the pipeline operator Enbridge Inc., has announced that it was increasing its dividend by 15%. The quarterly dividend is being bumped from $0.37 to $0.425 per quarter.
The fact that Enbridge announced an increase was no surprise, but it is higher than I expected (I thought it would be about 8 to 10%). This is particularly nice considering that Enbridge gives a 2% discount on the shares purchased by reinvested dividends.
Based on my current small ownership of Enbridge, this will increase my dividens by $3 in 2010. Small? Of course. But I don't have to work for that $3 and it will keep growing.