Enbridge, Inc. Q4 FY2024 earnings call

• 2024 Achievements: Record EBITDA and DCF per share, 13% increase in EBITDA over 2023, 30th consecutive dividend increase. - Business Units Update: Liquids Pipelines had strong volumes and egress discussions; Gas Transmission had high utilization and new projects; Gas Distribution grew with new utilities and infrastructure investments; Renewable Power advanced solar and offshore projects. - Capital Allocation: Three-pillar approach with focus on balance sheet, capital recycling, and growth prioritizing brownfield investment.

Liquids Pipelines: 2024 was a milestone year with record annual volumes on Gray Oak, Ingleside, and Flanagan South. The Mainline averaged 3.1 million barrels per day throughput, and they advanced conversations for additional WCSB egress. Gas Transmission and Midstream: Experienced high utilization in 2024, 100% re-contracted gas pipes, sanctioned ~$4 billion in new capital projects, and placed the Venice Extension Project into service. Gas Distribution and Storage: Utility franchise doubled in size with over 7 million customers, delivering over 9 Bcf per day of gas. Projects like St. Laurent Pipeline in Ontario and T15 in North Carolina were underway. Renewable Power: Sanctioned ~1.2 net gigawatts of new quick-cycle solar projects, with the Fox Squirrel facility in Ohio in service, and advanced offshore portfolio with Fécamp and Provence Ground Large in service.

• Reaffirmed 2025 guidance: adjusted EBITDA between $19.4 billion and $20 billion, DCF per share $5.50 to $5.90. - Full-year contributions from U.S. gas utilities to benefit leverage metric, and midterm outlook discussed at Investor Day.

• Macro-economic challenges, trade relations uncertainty, potential tariff impacts, and regulatory uncertainties related to projects like Rio Bravo.

Q: Jeremy Tonet from JPMorgan asked about WCSB production and growth opportunities in Alberta, and how it might unfold over time.

A: Greg Ebel and Colin Gruending discussed production growth, quick hit projects, and the need for coordinated legislative and regulatory action for major infrastructure projects like Northern Gateway.

Q: Robert Catellier from CIBC Capital Markets asked about Enbridge's appetite for long-haul Liquids pipelines in Canada and thoughts on the new Trump administration's impact on Renewables.

A: Greg Ebel detailed the required conditions for major pipeline projects and Matthew Akman spoke about Renewables' low-risk commercial model and strong returns.

Q: Ben Pham from BMO Capital Markets asked about realized ROEs in U.S. gas utilities versus allowed and discussions with data center operators.

A: Michele Harradence discussed ROEs in utilities and Greg Ebel spoke about data center demand and ongoing projects.

Q: Manav Gupta from UBS asked about factors driving the top end of 2025 guidance and discussions with data center operators.

A: Greg Ebel talked about guidance sensitivity to dollar and gas demand from data centers and other projects.

Q: Maurice Choy from RBC Capital Markets asked about capital allocation adjustments in case of tariffs and parts of the energy value chain to bulk up.

A: Greg Ebel and Colin Gruending discussed minimal impact of tariffs on capital allocation and strong position in gas and liquid assets.

Q: Rob Hope from Scotiabank asked about permitting for the Aspen project and integration of U.S. gas distribution assets.

A: Cynthia Hansen updated on Aspen project permitting and Michele Harradence spoke about integration of U.S. utilities and growth in power generation.

Q: Theresa Chen from Barclays asked about tariff cost bearing and Rio Bravo project progress.

A: Colin Gruending and Cynthia Hansen discussed negligible volume impact from tariffs and Rio Bravo project progress through FERC processes