BUSINESS UNIT HEADER IMAGE GOES HERE 2014 Third Quarter Financial & Strategic Update Al Monaco President & CEO John Whelen Executive Vice President & CFO
Legal Notice This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and potential investors with information about Enbridge and managements assessment of its future plans and operations,…
Agenda Third Quarter Highlights Capital Investment Plan (2014 2018) Major Projects Update Q3 Financial Review & Funding Status Outlook 3
A Proven Model for Sustainable Value Creation 2.00 Growing Predictable EPS/DPS Reliable Low Risk Business Model 1.80 - Conservative commercial structures 1.60 1.40 - Major projects execution 1.20 - Prudent financial management…
Q3 and YTD 2014 Adjusted Earnings ( millions) 1,165 1,072 Q3 Q3 345 278 Q2 Q2 306 328 488 Q1 492 Q1 2013 2014 Year-To-Date Adjusted EPS: 1.33 1.41 Full Year 2014 1.84 2.04 EPS Guidance: *Adjusted earnings is a non-GAAP…
Growth Capital Program* 44 billion capital program drives growth outlook - Increased opportunity set by 9 billion since 2012 - 15 billion net increase in secured capital since 2012 Capital program drives 10-12% EPS CAGR through 2018…
Project Execution Line 9 Line 9 Reversal & Expansion Program: Eastern Access Cost: 0.7 billion Scope: Reversal and Expansion to 300kbpd Status: - NEB approval in March 2014 (subject to 30 conditions) - Mechanically complete Oct.…
Executing the Growth Capital Program Project management is a core competency Executed Projects Projects in Execution 2008-Q3 2014 Q4 2014 - 2017 20B 27B 33 of 39 projects under or on schedule 23 of 27 projects under or on…
Operational Reliability Report Moving towards industry leadership 10
Sponsored Vehicles Strategy Update Positioned to provide low cost funding and enhance value (24B Drop Down Inventory) 140% ENF Relative Price Performance Enbridge Income Fund (ENF) 130% Date Yield 1.8B drop down expands historical…
Q3 Segmented Adjusted Earnings* Variance 400 Sponsored Gas Distribution Investments 350 + 40 345 + 20 + 7 300 278 Corporate - 34 Adjusted Earnings* 250 + 34 Gas Pipelines, Liquids Processing & millions 200 Pipelines…
Full Year 2014 Adjusted EPS* Guidance Outlook Headwinds 2.04 Energy Services Equity prefunding 1.84 Tailwinds Liquids Pipelines - Line 9B delay 2014 Guidance Range *Adjusted earnings is a non-GAAP measure. For more information…
Market Price Risk Mitigation Market price exposure continues to be substantially hedged Average Hedged Rate USD 77% 1.06 CAD/USD Floating 1.47% Rate Debt 69% CDOR/LIBOR Term Debt 3.56% Issuance 88% GOC/UST 0% Exposure…
Funding Plan (2014-2018) Financing requirements remain very manageable Billions Maintenance & Integrity Capital 5.0 Secured Growth Capital 22.9 Risked Growth Capital 9.4 37.3 Cash Flow Net of Dividends (15.4) Net Funding…
Cost of Equity Optimization and Flexibility Alternative sources of equity exceed 1.9 billion of current common equity requirements Alternative Sources Preferred Shares 1.5B Asset Monetization/Sponsored Vehicle Drop Downs 3.0B Total…
Continued Earnings Growth 8.3 Billion in-service in 2015 Estimated Cost Projects ( Billion) Liquids Pipelines (Alberta Regional Infrastructure): AOC Hangingstone 0.2 Sunday Creek Terminal Expansion 0.2 Woodland Pipeline Expansion…
Adjusted Earnings* Growth 10-12% average annual EPS growth through 2018 - Highly transparent growth outlook Several sources of post 2018 growth 20 billion of Tilted Return Projects Natural Gas New Growth Platforms Sponsored…
Dividend Payout Considerations High organic growth capital program Rising internal free cash flow Progress on equity prefunding Robustness of equity funding options (sponsored vehicles) 20
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