Agenda Eastern Time Welcome & Introduction Rebecca Morley 9:00 Strategic Overview & Priorities Greg Ebel 9:10 Liquids Pipelines Colin Gruending 9:30 Gas Transmission Cynthia Hansen 9:55 Gas Distribution & Storage Michele Harradence…
First-choice energy provider UK Germany France Strategically positioned L to serve all forms of energy demand Visible growth through end of the decade Liquids pipeline Natural Gas pipeline Disciplined capital allocation…
Key accomplishments over the past two years Strong execution increased growth visibility and supported strong shareholder returns Execution on commitments Strategic extensions Closed and financed the 19B generational Added 120 Bcf of…
All forms of energy needed globally Diversified business mix is ideally positioned to meet growing demand Natural gas & oil remain essential energy for supporting Global Energy Demand economic expansion and population growth globally Oil…
Significant natural gas demand growth in N.A. Reliable and affordable energy required to support growing demand N.A. natural gas opportunities1 Growing N.A. Natural Gas Demand1 LNG & Mexico exports 100% connected to USGC operating +23…
Four core franchises offer visible growth Business diversification extends growth through the decade Liquids Critical, demand-pull infrastructure 50B Pipelines Capital efficient, low-multiple expansions 10B of growth…
Disciplined capital allocation Strong financial position supports growth and return of capital to shareholders Balance sheet Sustainable Further strength return of capital growth Low-risk, utility-like model Maintain 60-70% DCF1…
First-choice investment opportunity Value proposition supports delivery of attractive long-term shareholder returns Stability Low-risk, utility-like business profile Strong Total Predictable cash flows support Return Strength strong…
Norman Wells Regional Oil Sands Edmonton Hardisty Mainline Express Bakken Line 5 Line 9 DAPL Line 78 Platte Flanagan South Spearhead Cushing ETCOP Colin Gruending Seaway Liquids pipeline Gray Oak EVP &…
First-choice for Liquids delivery Critical, diversified demand-pull infrastructure with embedded long-term growth Execution of key priorities in 2024 Scale of business Strong Mainline volumes (3.0+ MMbpd) Record volumes at EIEC and…
Reliable growth through all cycles Resilient track record of execution and EBITDA growth Liquids segmented EBITDA1 Unparalleled asset footprint 8% (B) generates opportunities 12 Commodity Alberta COVID-19 Price Forest 10-year…
Fundamentals support need for additional egress System connects rising WCSB supply to growing global demand WCSB 1MMbpd heavy demand opportunity via USGC requires 1MMbpd WCSB supply to grow by 1MMbpd by 2035 of additional egress by…
WCSB development pipeline Scale and connectivity provide vast opportunity set underpinned by attractive returns 1 Mainline capital investment 4 Mainline / Market Access Up to 2.0B 2025-2028 NEW 3 optimization multi phase Supports…
Fundamentals support USGC growth Permian supply growth drives need for USGC exports and additional growth opportunities Permian Supply1 (MMbpd) Permian Seaway EIEC best advantaged to capture USGC 7.5 export growth TEXAS 5.9 ETCOP…
USGC development pipeline Integrated value chain enhances competitiveness and returns 1 Gray Oak expansion TEXAS Permian 120 kbpd 50M 2025-2026 Seaway Gray Oak ETCOP EIEC phase VII storage expansion Cactus II 1 2 2.5 MMbbls…
Visible growth through end of the decade Diversified growth underpinned by attractive, executable, capital efficient returns Avg. EV/EBITDA1 Serving new Projects Opportunities build multiple energy demand Southern Lights Regional…
T-North Aitken Creek Storage T-South Woodfibre LNG L Maritimes & Northeast Vector Algonquin Nexus East Tennessee Texas Eastern Cynthia Hansen DBR Sabal Trail Natural Gas pipeline Natural Gas storage…
First-choice for natural gas delivery Strategically positioned network with unparalleled connectivity to growing demand Execution of key priorities in 2024 Scale of business 31 Bcf/d of peak deliveries Extensive 71,000 miles 2.2B of…
Secured projects tied to growing demand Diversified growth of 12B1 driven by size and scope of the business Avg. EV/EBITDA2 Serving new Projects Capital investment build multiple gas demand Appalachia to Market Phase II Attractive…
Base business growth Timely rate proceedings ensure cost recovery of investments in strategic assets 3.8B to be invested through 500M 1 2028 on modernization of EBITDA2 added through successful Investment supports system rate…
Western Canada growth drivers 8B under construction supported by growing LNG exports Investment approach Long-lived resource with competitive break-even cost 1 5 Rate-regulated cost-of-service model; brownfield expansions T-North…
Execution of Permian strategy Strategic natural gas pipeline and storage network with embedded growth opportunities 2024 MAR JUL NOV Future Whistler JV attractive Growth entry point Whistler JV Blackcomb DBR Financial and leverage…
U.S. Gulf Coast competitive footprint Asset footprint connected to rising domestic and LNG demand drives growth LNG Connectivity Offshore Storage Ability to deliver Largest transporter of Enbridge owns 4 Bcf/d, accounting for offshore…
Development pipeline U.S. Gulf Coast Optionality and diverse range of growth opportunities 1 Permian growth Embedded future organic expansion opportunities 9B 1 within asset footprint of growth opportunities Egress from the…
Well-positioned to serve power generation customers Opportunities driven by scale and connectivity of asset footprint 35+ opportunities to serve up to 11 Bcf/d of new demand Coal Plants1 Data Center Under Construction1 Data Center…
Development pipeline power demand related Growth opportunities driven by rising power demand 11Bcf/d of opportunities Late-stage 1 TETCO1 lateral 1 Projects to serve: 14B 2 5 of growth 2 TETCO expansion Regional opportunities…
Visible growth through end of the decade Potential to FID 3-5B1 of opportunities in next 6-18 months Avg. EV/EBITDA2 Serving new Projects Opportunities build multiple gas demand Permian growth Storage expansions U.S. Gulf Coast…
Enbridge Gas Ontario Enbridge Gas Qubec Enbridge Gas Idaho Enbridge Gas Wyoming Enbridge Gas Ohio Enbridge Gas Utah Enbridge Gas North Carolina Michele Harradence EVP & President, Gas Distribution & Storage
First-choice for natural gas distribution in N.A. Stable and visible growth underpinned by attractive risk-adjusted returns Execution of key priorities in 2024 Largest gas utility in N.A. 1 Connected to Completed 19B acquisition of…
Investment thesis for U.S. Gas Utilities playing out Opportunistic acquisition of must have infrastructure supported by rising valuations Generational acquisition at opportune time of gas utilities U.S. gas Deal utilities Acquired…
Industry-leading utility platform Strong growth outlook through the end of the decade Combined Rate Base Track record of reaching Growth CAGR may fair regulatory outcomes be extended and 36B enhanced by: 70% Baseload need Strong…
Diversified growth drivers Strong growth and execution capabilities across jurisdictions Enbridge Gas Enbridge Gas Enbridge Gas Enbridge Gas Ontario Ohio1 Utah2 North Carolina3 3Bcf/d ID WY VA of power demand ONTARIO Cleveland NV…
Long-term growth tailwinds Utilities are well-positioned to serve rising power demand from various sources Late-stage (COD 2025-2027) Up to 40+ opportunities to serve up Opportunities Bcf/d B 4B to 3 Bcf/d of new demand Data centers 0.5…
Visible growth through end of the decade Expect to invest 2-3B in growth annually; capital efficient investment underpinned by strong risk-adjusted returns Serving new Projects Opportunities Rate-regulated ROEs gas demand CAD utility…
Albatros UK Hohe See Rampion LONDON Calvados Fcamp Germany PARIS Saint-Nazaire France Provence Spain Grand Large CALGARY Lac Alfred Blackspring Ridge Alberta Solar One Magrath Chin Chute Massif-du-Sud Greenwich St.…
First-choice for Renewable Power Well-positioned for growth through disciplined investment Execution of key priorities in 2024 Operating capacity 0.9 GW1 brought into service (GW) 6.6GW 2 in operation and Sanctioned 2.6B of new…
Rising power demand supports long-term growth Positive fundamentals underpin large opportunity set U.S. corporate renewable Sanctioned U.S. onshore projects energy demand1 (GW) Corporate demand driven Fox Squirrel Solar by manufacturing…
Strategically located to capture new demand Complementary franchises positioned to capture power demand growth Regional integrated resource plans All forms of energy will be required growth in capacity Gas and renewables capacity…
Growing renewables portfolio Visible development pipeline sustains expected profitable growth Renewable asset portfolio Strong EBITDA2 CAGR of (Gross GW) Potential 14% over the past 5 years growth to 11GW 1 12 European N.A. N.A.…
Strong risk-adjusted returns supported by blue-chip customers Projects generate attractive returns with execution reliability for customers Factors underpinning PPA customers supporting new development attractive returns Economies of…
European update Disciplined utility-like investment over time; retaining long-term optionality Business growth underpinned by strict investment criteria Project 2018 2019 2020 2022 2024 2024 2027e Future development in-service…
Visible growth through end of the decade Executing on growth commitments and poised to continue to deliver Serving new Projects Opportunities Returns power demand Late-stage Clear Fork Solar Development (2026-2027) Cowboy Solar…
Attractive accretion and build multiples Renewable projects compete for capital across the enterprise Illustrative DCF1 accretion at attractive build multiples EBITDA EBITDA EV/EBITDA1 Cash flow Interest Interest Cash tax…
Pat Murray EVP & Chief Financial Officer
Stable business model Low-risk business profile drives predictable results Predictable cash flows 95% Guidance range Actual results of customers are Investment Grade2 Financial Commodity Alberta COVID Rising Crisis Price Forest…
Capital allocation priorities Maintaining ideal balance between growth and returning capital to shareholders Protect Target leverage range of 4.5x to 5.0x D/EBITDA1 balance Industry-leading business risk profile sheet Ongoing capital…
Investment capacity Equity-self funding 9-10 billion of annual investment capacity Creates Opportunistic Allocation Excess 9-10B 1-2B Capacity New organic projects of balance sheet 6-7B Accretive tuck-ins 5B capacity Allocated…
Growth outlook: secured backlog 23 billion of projects entering service through 2027 drives annual EBITDA1 growth Capital entering service by year2 Excess Allocation Foundational Allocation 9B 9B Gray Oak Expansion EIEC VII…
Flexible opportunity set 50 billion of opportunities adds growth visibility to back-end of the decade Permian expansions U.S. Gulf Coast investment Power demand related projects Foundational investment Diversified: Commodity 2025…
Growth outlook: optimization and efficiency Asset optimization and cost efficiency driving recurring EBITDA growth Rate Escalation: Enhancing Acquired Assets Mainline inflators Ingleside: 8x4 Enbridge Gas Ontario IRM1 Aitken Creek:…
Growth outlook Reaffirming growth outlook; EBITDA, EPS and DCFPS growth rates converge to 5% in 2027 2023-26 Post 2026 Drivers EBITDA 1 7-9% CAGR 2 5% 23B of secured growth capital expected to enter service EPS 1 4-6% CAGR 5%…
Long-term value creation 30-year history of annual dividend increases underpinned by steady growth 30 Years 12% of dividend increases 3.77 /share Total shareholder return1 since 2005 12.3% Price Dividends 11.7% 4% CAGR…
Secured capital program Diversified secured capital program with limited inflation risk Project Expected ISD Capital (B) Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2026 0.3 USD…
First-choice energy provider UK Germany France Strategically positioned L to serve all forms of energy demand Visible growth through end of the decade Liquids pipeline Natural Gas pipeline Disciplined capital allocation…
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