ENBRIDGE INCENB财报

ITEM 1. BUSINESS Enbridge is a leading North American energy infrastructure company.

Our core businesses include Liquids Pipelines, which consists of pipelines and terminals in Canada and the US that transport and export various grades of crude oil and other liquid hydrocarbons; Gas Transmission, which consists of investments in natural gas pipelines and gathering and processing facilities in Canada and the US; Gas Distribution and Storage, which consists of natural gas utility operations that serve residential, commercial and industrial customers in Canada and the US; and Renewable Power Generation, which consists primarily of investments in wind and solar assets, as well as geothermal and power transmission assets, in North America and Europe.

Enbridge is a public company, with common shares that trade on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol ENB. We were incorporated on April 13, 1970 under the Companies Ordinance of the Northwest Territories and were continued under the Canada Business Corporations Act on December 15, 1987.

A more detailed description of each of our businesses and underlying assets is provided below under Business Segments . CORPORATE VISION AND STRATEGY VISION Enbridge through its diversified businesses, fuels people’s quality of life in a safe and socially responsible manner in North America and beyond. Our vision is to provide energy in a planet-friendly way, everywhere people need it.

In pursuing this vision, we seek to play a critical role in enabling the economic and social well-being of society by providing access to affordable, reliable, and secure energy through our infrastructure which transports, distributes, and generates energy, including liquids, natural gas, renewable power, and low-carbon fuels.

We recognize that the energy system is changing, and we aim to provide a bridge to a cleaner energy future in a socially-responsible way, including selectively investing in lower-carbon energy technologies.

We aim to be a first-choice investment, supported by our investor value proposition of predictable and stable cash flows, a strong investment grade balance sheet to facilitate growth, a history of dividend increases, and a diversified opportunity set of growth projects in multiple jurisdictions to support continued EBITDA and distributable cash flow per share growth.

Our assets are underpinned by long-term contracts, regulated cost-of-service tolling frameworks, power purchase agreements (PPAs), and other low-risk commercial arrangements. We strive to be the leading first-choice energy delivery company in North America and beyond—for customers, communities, investors, regulators, policymakers, and employees.

We approach this goal with a focus on worker and public safety, stakeholder relations, customer service, community investment, sustainability leadership, and employee engagement and satisfaction. As part of our community engagement, we remain committed to meaningful dialogue with Indigenous peoples to achieve common goals and constructive outcomes from our projects and operations.

We also are committed to advancing investment opportunities with Indigenous groups, as demonstrated by recent partnerships on our oil pipelines and in the development of renewable energy projects. 9 STRATEGY Our strategy is underpinned by a deep understanding of both local and global energy supply and demand fundamentals.

Through disciplined capital allocation, aligned with our outlook on energy markets, we have become an industry leader with a diversified portfolio of infrastructure super systems across the North American continent, creating a platform for incremental growth. Our robust pipeline of project development opportunities, the integration of recent strategic acquisitions, and ongoing efficiency improvements are expected to drive our business forward.

We remain confident in our balanced growth strategy and expect to continue to invest in our diversified footprint of both conventional businesses and complementary lower-carbon platforms.

This includes extension and expansion opportunities to meet LNG exports and offshore gas, as well as leveraging North American electrification trends, including the expansion of data centers, where we can provide integrated customer solutions through our natural gas and renewable power businesses.

Additionally, we are committed to effectively managing our emissions from our operations and building lasting and inclusive relationships with our stakeholders, including Indigenous peoples, our customers and employees. Our assets have reliably generated low-risk, resilient cash flows through many different commodity, economic, and geopolitical environments.

We believe that our asset quality, diversity, and ability to provide comprehensive solutions to customers which leverages expertise across our four business lines are key differentiators that enable us to be flexible in an uncertain business environment.

In order to continue to be an industry leader and to create value over the short and long term, we maintain a robust strategic planning process. We regularly conduct scenario and resiliency analysis on both our assets and business strategy.

We test various value enhancement and maximization options, and we regularly engage with our Board of Directors (the Board) to promote alignment and maintain active oversight. This Board participation includes updates and discussions throughout the year and a dedicated annual strategic planning session. Going forward, we will continue to use this comprehensive approach to guide our investment decisions.

Consistent with our strategy, we have progressed several of our priorities in 2024.

For example: • We completed the acquisition of the US Gas Utilities with operations in Idaho, North Carolina, Ohio, Utah and Wyoming, creating the largest natural gas utility franchise in North America, providing visible, low-risk, long-term, rate base growth. • Our Liquids Pipelines business exported record volumes through our Enbridge Ingleside Energy Center (EIEC), received approval from the Canada Energy Regulator (CER) in 2024 for our Mainline Tolling negotiated settlement through to 2028, sanctioned an expansion of the Gray Oak pipeline and incremental capacity at the EIEC following successful open seasons, and acquired marine docks with land adjacent to EIEC, further advancing our Permian export strategy. • Our Gas Transmission business reached a negotiated settlement with shippers on Texas Eastern, announced and closed the Whistler Parent JV, a joint venture formed by Enbridge, WhiteWater/I Squared Capital and MPLX LP, connecting Permian Basin natural gas supply to growing LNG and other US Gulf Coast demand, and achieved final investment decision on the Tennessee Ridgeline Expansion and Blackcomb Natural Gas Pipeline.

We also expanded our footprint in the Gulf Coast by sanctioning the Canyon System Pipelines and the formation of a joint venture to service the Sparta offshore development to serve BP, Shell and Equinor Gulf Coast developments. We also expanded our exposure to LNG by sanctioning the Venice Extension Project, which supplies the Venture Global Plaquemines LNG facility.

We continue to work with customers on opportunities to supply new gas-fired power generation relating to data centers and growth of electricity demand generally, and capitalize on strong gas fundamentals to deliver safe, reliable, and lower-carbon energy to North Americans while simultaneously growing LNG exports. 10 • Our Gas Distribution and Storage business continued to advance its incentive regulation rate application in Ontario by filing a settlement proposal for the second phase of our 2024 rebasing application with the Ontario Energy Board (OEB), added approximately 36,000 new customers across our Ontario utilities business, commenced the integration of the Acquisitions, including its three million customers, and capitalized on increasing electric power and industrial demand - for example, by contracting gas supply to provide 200 megawatts (MW) of data center power in Utah and building the Moriah Energy Center, a 2 billion cubic feet LNG facility, to enable system growth and maintain reliability in North Carolina.

We remain committed to assessing low-risk, capital investment opportunities, and providing cost-effective, reliable and lower-carbon energy to customers in Ontario, Quebec, Ohio, North Carolina, Utah, Wyoming, and Idaho. • Our Renewable Power Generation business continued to execute on growth opportunities, including through our onshore business with the sanctioning of Orange Grove Solar in Texas (backed by a PPA with AT&T), Sequoia Solar in Texas (backed by a PPA with AT&T and Toyota), completion of Fox Squirrel Solar Phase 2 and 3 in Ohio (backed by a PPA with Amazon), and the announcement of the Seven Stars Energy Project, our first renewable power indigenous partnership focused on wind energy generation in Saskatchewan.

We also continued to progress opportunities in our Offshore Wind business in Europe, including placing the Fécamp project into service, delivering first power to the French grid from the Provence Grand Large floating offshore wind project and more recently, winning an offshore wind farm tender for a project in the Mediterranean Sea off the southern coast of France. • We continued to make meaningful progress towards our ESG goals.

We further strengthened our relationships with Indigenous communities across North America while advancing our reconciliation commitments as a part of our Indigenous Reconciliation Action Plan, meeting 12 of 22 commitments.

We are striving to reduce emissions from our operations through multiple pathways, including system modernization, and continued investment in our lower-carbon businesses. • We continue to recycle capital at attractive valuations; in 2024, this included completing the sale of our interests in the Alliance Pipeline and Aux Sable facility.

We remain focused on disciplined capital allocation, portfolio optimization and diversification, the continued enhancement of our industry leading cash flow profile and financial strength and flexibility. In addition, we continue to prioritize operating cost reductions across our business to increase our competitiveness and profitability. 11 These achievements are discussed in further detail in Part II. Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations. Looking ahead, our near-term strategic priorities remain similar to past years. As always, proactively advancing the safety of our assets, protecting the environment, and maintaining system reliability remain our top priorities.

We are focused on enhancing the value of our existing assets through further optimization, capitalizing on our extensive infrastructure to meet evolving customer needs, prioritizing in-franchise organic growth and export-driven opportunities, and continuing to develop lower-carbon platforms across all our businesses.

As an example, we are continuing to pursue opportunities related to electrification in North America, where we can utilize our existing gas transmission and distribution infrastructure to safely deliver gas to new and existing power plants being developed, given surging power demand.

We are also pursuing opportunities to build new natural gas infrastructure along our network and within our gas distribution territories, combined with providing gas supply and storage to customers, to support this growth.

To complement our natural gas offerings, we are also able to provide renewable energy solutions (electricity and renewable credits/offsets) to customers, which we view as a strategic competitive advantage, enabling us to expand our customer base and further extend our growth.

We expect to continue to invest on an attractive, risk-adjusted basis to advance our strategy and build a sustainable competitive advantage. Our key strategic priorities include: Safety and Operational Reliability Safety and operational reliability are the foundation of our strategy.

We strive to achieve and maintain industry leadership in all facets of safety - process, public, and personal - and ensure the highest standards of reliability and integrity across our system to protect our communities and the environment.

Extend Growth The cornerstone of our growth lies in the successful execution of our slate of secured projects (currently $26 billion through 2029) on schedule and within estimated costs, while maintaining standards for safety, quality, customer satisfaction, and environmental and regulatory compliance. For a discussion of our current portfolio of capital projects refer to Part II. Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations - Growth Projects - Commercially Secured Projects . We continue to seek additional high-quality growth opportunities across all our platforms, and deploy capital towards optimal uses, prioritizing balance sheet strength, investment in low capital intensity growth, and regulated utility or utility-like projects.

Our scale and diversification drive competitive advantages across the enterprise and generate opportunities for collaboration across the business units. The four business segments we operate share commercial advantages and strong stakeholder relationships that enable opportunities to cross-sell to customers across the business units, providing additional value and the potential for future growth.

We will carefully assess our remaining investable capacity, deploying capital to the most value-enhancing opportunities available to us, including further organic growth, and complementary accretive "tuck-in" acquisitions that improve our competitive positioning or further strengthen our balance sheet. 12 Looking ahead, we see strong utilization of our network and opportunities for growth within each of our businesses.

For example, we expect that: • Our liquids pipelines infrastructure will remain a vital connection between key supply basins and demand-pull markets such as the refinery hubs in the US Midwest, eastern Canada, and the US Gulf Coast. We are advancing discussions with customers for additional Western Canadian Sedimentary Basin pipeline capacity in 2026 and beyond.

We will continue to explore capital efficient growth opportunities via system expansions and optimization of operations. Our export infrastructure will also enable the transportation of crude oil, cleaner fuels, and other export opportunities.

Building on our early experience, we expect that carbon capture and storage (CCS) offers the potential to provide additional new growth opportunities within our footprint in jurisdictions with supportive regulatory regimes. • Our natural gas transmission business will seek extension and expansion opportunities driven by new load demand from gas-fired power generation (including for data centers, electrification, and reshoring), industrial growth, and coastal LNG plants.

Transition risks include the following categories: • Policy and legal risks Policy and legal risks may result from evolving government policy, legislation, regulations and regulatory decisions focused on climate change, as well as changing political and public opinion, stakeholder opposition, legal challenges, litigation and regulatory proceedings.

Foreign and domestic governments and regulators continue to evaluate and implement policy, legislation, regulations and decisions aimed at mitigating the impacts of and adapting to climate change, including measures to reduce GHG emissions and shift to lower-carbon sources of energy.

Such policies, laws and regulations vary at the federal, state, provincial and municipal levels in which Enbridge operates and are continually evolving. Rules, standards, and methodologies for setting climate-related goals and for measuring and reporting climate-related information are still developing. At the same time, we have seen the rise of anti-ESG activism, creating competing stakeholder priorities and increasing 48 uncertainty.

As a result, our climate-related goals and disclosures are based on assumptions that are subject to change. Collectively, these measures have resulted and are expected to continue to result in increased costs to us. Enbridge adheres to a number of carbon-pricing mechanisms, including explicit carbon prices (i.e., in BC) and implicit carbon prices (i.e., Canadian federal output-based pricing system).

In Canada, the federal government has proposed new Clean Electricity Regulations and is considering options to cap and cut GHG emissions from the oil and gas sector, which may impact our business.

Such evolving policy, legislation and regulation could impact commodity demand, and the overall energy mix we deliver and may result in significant expenditures and resources, as well as increased costs for our customers.

In recent years, there has also been changing political and public opinion and stakeholder opposition in relation to parts of our business and industry, as well as an increase in climate-related litigation and regulatory action against companies, all of which could impact our reputation, strategy and financial results. • Technology risks Executing our strategic priorities, including participating in the energy transition over time and attaining our GHG emissions reduction goals, depends, in part, on technological improvements and innovation.