Bridge to the Energy Future Al Monaco Colin Gruending President & CEO Chief Financial Officer Q4 Financial Results & Business Update
Agenda Energy Landscape 2020 in Review Business Update Financial Results Capital Allocation Priorities Enbridge The Bridge to the Energy Future 3
Energy Landscape Key Macro Recent Enbridge Drivers Developments Position Global Primary Energy Demand3 Accelerating low carbon policies Diversified (Gtoe) Pace of Energy asset mix; Transition Affordable & reliable energy critical…
Natural Gas Fundamentals Continued Growth in Increasing U.S. Global Demand1 (bcf/d) LNG Exports2 (bcf/d) 2020 global gas demand fell by 4% vs. 2019 400 10 Steady recovery underway; essential to economic growth 300 8 U.S. LNG…
Crude Energy Fundamentals Global Refined Product Global Crude Oil Demand Annual U.S. Crude Demand1 (mmbpd) Outlook1 (mmbpd) Exports2 (annual average, mmbpd) 25.0 -4% 120 4.0 Pre-COVID-19 20.0 -30% -9% -3% 90 3.0 15.0 +2% -0.3% Base…
Longevity of Cash Flows Gas Transmission Gas Distribution Liquids Pipelines Serves 170MM people in regional markets Serves 14MM people in utility franchise Serves 12MMBPD of refining capacity 15 bcfd Current demand Gas-fired plant…
2020 in Review Predictable Cash Flows Strong operational performance; Full-year Guidance range Actual results DCF/share above guidance mid-point 1.6B of capital projects placed into service; Line 3 Minnesota segment under…
Liquids Business Update WCSB Supply Recovery2 (mmbpd) 4.8 Oilsands supply close to 4.6 3.9 4.0 4.2 pre-COVID levels Eastern Canada 80% 88% USGC heavy demand-pull; Mainline Oct Jan 21 declining waterborne imports 1Q 2Q 3Q 4Q…
Line 3 Replacement Minnesota Extensive 6-year review Pipeline Construction Pump Station Construction complete; robust record Final permits and regulatory approvals received Commenced construction December 2020 World class…
Line 3 Replacement Capital Update AB SK Initial Project Estimate1 8.2B Edmonton (Canadian & U.S. segments, source currency) Hardisty Winter construction 0.4B BC 13% Kerrobert Additional environmental measures 0.4B increase U.S.…
Other Liquids Updates Mainline Contracting Line 5 Carbon Capture Refiner / Benefit Producer Integrated 540kbpd of essential energy supply Emissions Reduction Potential2 Mtap Secures Supply/Demand for ON 200 WCSB Production…
Gas Transmission Business Update 2020 Performance Spruce Ridge 2021 Highly predictable results, despite Covid-19 160MM+ of additional ongoing EBITDA through T-South Expansion 2021 Atlantic Bridge Phase 3 In Operation successful…
Gas Utility Business Update 2020 Performance Outaouais1 Hydrogen St. Laurent Replacement 2022 3B ONTARIO Blending 2023 Strong earnings growth driven by customer additions and amalgamation synergy capture in execution Dufferin…
Renewables Offshore Wind 2020 Performance Solid operating & financial results 2B Hohe See & Albatros In Operation of offshore wind Ireland in execution UK Commenced construction of 480MW from 2021-23 Rampion In Operation Saint…
Renewables Self-Power Heidlersburg 2.5 MW Several hundred MWs of self-power generation opportunities through 2023 0.5B of opportunity from 2021-23 Potential for 15-20 projects Heidlersburg 1st facility in operation on Texas…
ESG Leadership Targeting Net-Zero by 2050 Pathways Performance ENB Top Sector ESG Ratings (million tonnes CO2e) Modernization Self-Power S&P Global Ratings Top among N.A. New & Innovation With Renewables midstream peers MSCI ESG A…
Strong 3-Year Plan Free Cash Flow Growth DCF/share1 5-6B of Annual Financial Capacity 4-5% 5-7% DCF/s1 CAGR Debt 4.67 1-2% through 2023 Capacity2 Enhance Returns Execute 16B Secured Capital Program Toll escalators Liquids 6B…
Delivering on Financial Priorities Strength & Flexibility Cash Flow Resilience Predictable Growth Credit Metrics BBB+ Investment Grade Customers1 95% 2021 DCF/share2 Growth Outlook 4% Ratings Reaffirmed up from 93% Reliable…
2020 Adjusted EBITDA Full Year 4th Quarter ( Millions) 2020 2019 2020 2019 4Q20 vs. 4Q19 Higher IJT toll & L3R Canada Surcharge, lower costs Liquids Pipelines 7,182 7,041 1,787 1,720 Light deliveries on Mainline and other systems…
2020 DCF Per Share Full Year 4th Quarter ( Millions, except per share amounts) 2020 2019 2020 2019 4Q20 vs. 4Q19 Adjusted EBITDA1 13,273 13,271 3,201 3,186 New assets placed into service (Hohe See, Gray Oak) Cash distributions in…
Secured Capital Execution Project Expected ISD Spent to Date1 (B) Capital (B) Capital Program Advancing Line 3R U.S. Portion 2021 2.0 USD 4.0 USD Liquids Pipelines Southern Access Expansion Other Liquids 2021 2021 0.5 USD…
Funding Plan Update Growing EBITDA from Strong Financial 2021 Funding Plan Secured Projects 6.0x Position (Debt/EBITDA) (B) 5.5x 3 Target Range: 4.5x 5.0x2 Debt Maturities 5 5.0x Debt Funding 2B+ Incremental 4.5x 4.6x 7 2…
2021 Financial Outlook EBITDA Guidance1 DCF/share Guidance1 Macro Environment (B) Considerations 13.9 - 14.3 4.70 - 5.00 Earnings/Cash flows 13.3 4.67 Strengthening largely hedged Canadian Dollar U.S. dollar debt translation…
Approach to Capital Allocation (2022+) Priorities Deployment of 5-6B of Annual Financial Capacity 1 Preserve High Priority Investments Deployment of Incremental Financial Strength Drive Sustainable Capacity Drives Additional Long-Term…
Enbridge The Energy Bridge to the Future UK Belgium Best in class infrastructure franchises France Germany Resiliency and longevity of cash flows Gas Distribution & Storage Leading energy transition position Transparent…
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