Dividend stocks are a great way to generate some passive investment income. What often makes dividend payments better than interest income from bonds or bank CDs is that many companies increase their payouts each year. That enables investors to collect a rising income stream that can help offset inflation.

Enbridge (ENB -1.21%) and Kinder Morgan (KMI -0.64%) recently revealed plans to give their investors a raise next year. The energy infrastructure companies already offer above-average payouts that will become even more attractive in 2024. That will make them even better investments for income-seeking investors.

29 down, with plenty more to go

Enbridge recently announced its financial guidance for 2024. The Canadian pipeline and utility behemoth expects to deliver 4% growth in its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Meanwhile, it sees its distributable cash flow (DCF) rising by 3%. The company is benefiting from growth across its legacy assets, new project completions, and recent acquisitions.

That earnings growth is giving Enbridge the confidence to increase its dividend by 3.1% next year. That will push the company's dividend growth streak to 29 years, one of the longest in the energy sector. It will also increase the company's already attractive dividend yield (currently 7.7%).

Enbridge is in an excellent position to continue increasing its dividend in the future. There is lots more growth coming down the pipeline. One big growth driver is its pending acquisition of three U.S. natural gas utilities from Dominion.

While the company expects to close the $14 billion transaction next year, its guidance does not include any impact from the deals. They'll supply the company with partial contributions next year, with an even greater impact in 2025.

That acquisition will also enhance the company's capital project backlog. It stood at 24 billion Canadian dollars ($17.7 billion) at the end of the third quarter, including $3.7 billion of growth projects across the three U.S. gas utilities. It has projects that will come online and grow its cash flow through 2028.

Enbridge is in an excellent position to fund its growth. It generates meaningful excess free cash flow after paying dividends (it expects its dividend payout ratio to be between 60% to 70%). Meanwhile, it has a low leverage ratio (currently within its 4.5 to 5.0 times target).

These features give it the financial flexibility to fund its projects, make acquisitions as opportunities arise, and increase its dividend. Enbridge believes it has the fuel to grow its earnings by 5% annually over the medium term, giving it plenty of power to increase its dividend.

Make that seven in a row

Kinder Morgan also recently revealed its 2024 financial expectations. The natural gas pipeline giant expects its adjusted EBITDA and distributable cash flow (DCF) to increase by 5% next year. It's benefiting from a strong natural gas market, driving demand for capacity across its pipelines. It will also benefit from expansion projects, particularly those focused on producing and handling biofuels.

That earnings growth will enable Kinder Morgan to increase its dividend again next year. It plans to nudge its payout up by about 2%. That raise pushes its dividend growth streak to seven straight years while further increasing its already attractive 6.4%-yielding payout.

Like Enbridge, Kinder Morgan is in an excellent position to continue pushing its payout higher beyond 2024. It also has a needle-moving deal it expects to close next year. The pipeline company recently agreed to buy STX Midstream from NextEra Energy Partners in a $1.8 billion deal. The acquisition will provide an additional boost to its adjusted EBITDA and DCF next year, since it doesn't currently include any contribution in its guidance.

Meanwhile, the company has about $3.8 billion of expansion projects in its backlog that should come online and contribute incremental cash flow through 2025. Kinder Morgan also has significant financial capacity to make additional opportunistic acquisitions. It has a low dividend payout ratio (slightly more than 50%) and a conservative leverage ratio (its leverage ratio will be below 4.0 times next year, well under its 4.5 times target). The growth from expansion projects and acquisitions should give it more fuel to increase its dividend in the future.

Another raise in 2024 with more likely to follow

Enbridge and Kinder Morgan are giving their investors another raise next year, pushing their already high-yielding payouts even higher. Both companies should be able to continue growing their dividends in the future, given their pending acquisitions, growth project backlogs, and financial flexibility. That makes them great stocks for the long haul for investors seeking steadily rising income streams that should be able to keep pace with (if not beat) the inflation rate over the coming years.