Here are 1-3 brief analogies to describe Enbridge:

• Like the Union Pacific (a major freight railroad) for North American energy, operating a vast pipeline network instead of railway lines.
• Imagine a utility company such as Consolidated Edison, but whose main business is transporting crude oil and natural gas through continent-spanning pipelines.

• Crude Oil and Liquids Transportation: Transporting crude oil and natural gas liquids through extensive pipeline networks across North America.
• Natural Gas Transportation: Transporting natural gas through high-pressure pipelines from supply basins to market centers.
• Natural Gas Distribution: Delivering natural gas directly to residential, commercial, and industrial customers for heating and other uses.
• Renewable Power Generation: Generating electricity from wind and solar farms to provide clean energy.
• Energy Marketing and Storage: Providing marketing and storage solutions for natural gas and crude oil, facilitating trade and supply management.

Enbridge (ENB) primarily sells its services to other companies (business-to-business or B2B), operating as a leading North American energy infrastructure company. Its core business revolves around transporting, storing, and generating energy across an extensive network of pipelines, terminals, and power facilities.

Its major customers are typically large oil and natural gas producers, refiners, and natural gas distribution companies (utilities) that rely on Enbridge's vast network to move their products from production basins to processing centers and end-markets.

While specific customer contract details are proprietary, based on Enbridge's operational footprint and the major players in the energy sector it serves, key customer companies or types of customers include:

• Major Oil and Gas Producers (Shippers on Liquid and Gas Pipelines): These companies produce crude oil, natural gas, and natural gas liquids and rely on Enbridge's extensive pipeline network to transport these commodities to market. Examples include:
  • Canadian Natural Resources Limited (NYSE: CNQ, TSX: CNQ)
  • Suncor Energy Inc. (NYSE: SU, TSX: SU)
  • Cenovus Energy Inc. (NYSE: CVE, TSX: CVE)
• Major Oil Refiners (Recipients of Crude Oil): These companies process crude oil delivered via Enbridge's pipelines into refined products such as gasoline, diesel, and jet fuel. Examples include:
  • Marathon Petroleum Corporation (NYSE: MPC)
  • Valero Energy Corporation (NYSE: VLO)
  • Various other refiners with operations in the U.S. Midwest and Gulf Coast.
• Large Natural Gas Distribution Companies (Local Distribution Companies or LDCs): These utilities purchase natural gas from Enbridge's transmission pipelines for distribution to their own residential, commercial, and industrial end-use customers. Examples include:
  • DTE Energy Company (NYSE: DTE)
  • Consumers Energy (NYSE: CMS) (a subsidiary of CMS Energy Corporation)
  • NiSource Inc. (NYSE: NI)
  • Various other utility subsidiaries across the U.S. Midwest and Eastern Canada.

Although a portion of Enbridge's business (specifically its Gas Distribution segment, such as Enbridge Gas Inc. in Ontario) directly serves residential, commercial, and industrial end-users, the vast majority of its consolidated revenue and enterprise value comes from its B2B pipeline and energy infrastructure services.

• MasTec, Inc. (MTZ)
• Aecon Group Inc. (ARE.TO)

Gregory L. Ebel, President and Chief Executive Officer

Mr. Ebel assumed the role of President and Chief Executive Officer of Enbridge on January 1, 2023. He previously served as Chairman, President, and CEO of Spectra Energy from 2009 until February 2017. Prior to that, he was Spectra Energy's Group Executive and Chief Financial Officer starting in 2007. He also held the position of President of Union Gas Limited from 2005 to 2007 and Vice President, Investor & Shareholder Relations of Duke Energy Corporation from 2002 to 2005. Mr. Ebel joined Duke Energy in 2002 as Managing Director of Mergers and Acquisitions in connection with Duke Energy's acquisition of Westcoast Energy Inc. Spectra Energy, which he led, was a spinoff of Duke Energy and was subsequently acquired by Enbridge in 2017. Mr. Ebel holds a BA (Honours) from York University and is a graduate of the Advanced Management Program at the Harvard Business School.

Patrick Murray, Executive Vice President and Chief Financial Officer

Mr. Murray assumed the role of Executive Vice President and Chief Financial Officer on July 1, 2023. He brings over 25 years of experience within Enbridge, having held progressively more responsible roles. Prior to his current role, he served as Senior Vice President & Chief Accounting Officer, a position he was appointed to in 2020. His background at Enbridge includes various positions within Internal Audit, Corporate Accounting, Investor Relations, and Corporate Development. He also served as Vice President, Financial Planning, Analysis & Controller from 2018-2020, Vice President, Financial Planning & Analysis from 2017-2018, and Vice President, Treasury from 2014-2017. Mr. Murray is a Chartered Professional Accountant and holds a Bachelor of Commerce Degree from the University of Alberta.

Matthew A. Akman, Executive Vice President, Corporate Strategy and President, Power

Mr. Akman is the Executive Vice President of Corporate Strategy and President, Power, overseeing corporate strategic planning, new energy technologies, and global renewable power operations and development. He joined Enbridge in early 2016 as Head of Corporate Strategy and previously had responsibilities for Corporate Development and Investor Relations. Effective January 1, 2026, he will transition to Executive Vice President and President of Gas Transmission. Before joining Enbridge, Mr. Akman worked in banking, specializing in institutional equity research, and held Managing Director positions at CIBC World Markets and Scotiabank. He also served as a manager of strategic and financial planning for Consumers Gas. He holds a BA in Economics from Northwestern University, a Masters in Economics from Queen's University, and an MBA from the University of Toronto.

Reggie Hedgebeth, Executive Vice President, External Affairs and Chief Legal Officer

Mr. Hedgebeth serves as the Executive Vice President, External Affairs and Chief Legal Officer for Enbridge.

Pete Sheffield, Chief Sustainability Officer and Vice President of U.S. External Affairs

Mr. Sheffield is Enbridge's Chief Sustainability Officer and Vice President of U.S. External Affairs. In this role, he is responsible for leading sustainability strategies and overseeing ESG performance, climate policies, corporate citizenship, and governmental relations. Prior to joining Enbridge, he was Vice President of U.S. External Affairs at Spectra Energy Corp from January 2007 to February 2017. He also served as Vice President of Energy Policy and Governmental Affairs at Duke Energy from August 2002 to December 2006. Earlier in his career, he was the director of external relations for the Committee on Energy and Commerce in the U.S. House of Representatives and worked as a press secretary. Mr. Sheffield holds an MBA in General Management from Duke University's Fuqua School of Business and a BA in History from Hampden-Sydney College.

1. Decarbonization and Electrification of Heating

For Enbridge's Gas Distribution and Storage segment, a clear emerging threat is the accelerating push towards decarbonization and electrification of heating in residential and commercial sectors. This movement, driven by climate policies and technological advancements in electric heating solutions (such as heat pumps), directly aims to reduce reliance on natural gas. Evidence includes the implementation or proposal of policies by various North American jurisdictions (e.g., New York City, some California municipalities) to ban natural gas hookups in new construction, alongside increasing government and utility incentives for consumers to switch to electric heating. This trend directly undermines the growth and long-term customer base of Enbridge's significant natural gas utility operations.

2. Accelerated Energy Transition and Long-Term Decline in Fossil Fuel Demand Growth

Across its Liquid Pipelines and Gas Transmission segments, Enbridge faces an emerging threat from the accelerating global energy transition. Driven by stringent climate policies, corporate environmental, social, and governance (ESG) commitments, and the rapid advancement of renewable energy technologies, projections indicate a flattening or eventual decline in long-term demand for crude oil and, subsequently, natural gas. This trend fundamentally challenges the long-term utilization rates, opportunities for new project development, and social license for maintaining and expanding fossil fuel transportation infrastructure. Evidence includes International Energy Agency (IEA) scenarios predicting peak oil demand within decades, increasing regulatory hurdles and prolonged legal challenges for new pipeline projects (e.g., historical Keystone XL cancellation, ongoing challenges to existing projects), and persistent public and governmental opposition to new fossil fuel infrastructure development.

Enbridge (symbol: ENB) operates across several main product and service segments, primarily within North America. The addressable market sizes for these segments are as follows:

• Liquids Pipelines: Enbridge operates the longest and most complex crude oil and liquids transportation system in North America. The North American oil and gas pipeline market, which includes liquids pipelines, was valued at approximately USD 6.52 billion in 2022 and is projected to reach USD 9.88 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.01%. Another estimate places the global oil and gas pipeline market at over USD 57.19 billion in 2025, with North America expected to account for a 45.90% share by 2035.
• Natural Gas Transmission and Midstream: Enbridge's natural gas pipelines transport about 20% of all natural gas consumed daily in the United States. The North America gas pipeline infrastructure market was valued at approximately USD 1,478.1 billion in 2024, representing 48.3% of the global market, and is projected to grow to USD 4,890.8 billion by 2034 with a CAGR of 4.8%. Another source indicates the North America gas pipeline infrastructure market was valued at US$ 21,084.52 billion in 2022 and is projected to reach US$ 27,641.34 billion by 2030 with a CAGR of 3.4%.
• Natural Gas Utilities (Gas Distribution and Storage): Enbridge operates North America's largest natural gas utility franchise by volume. The natural gas distribution market in the U.S. was valued at USD 174.7 billion in 2024 and is projected to reach USD 222.5 billion in 2025, experiencing a 27.4% increase in 2025. This market segment has grown at a 6.9% CAGR between 2020 and 2025.
• Renewable Energy and Power Generation: Enbridge has committed over US$8 billion in capital to renewable energy projects, which include wind, solar, and geothermal, across North America and with a growing offshore wind portfolio in Europe. As of late 2024, Enbridge's renewable energy projects (operating or under construction) have the capacity to generate 7,212 megawatts (MW) gross of zero-emission energy (4,082 MW net). While a specific total addressable market size in USD for the overall North American renewable energy sector was not found as a singular figure, the North America Renewable Energy Market is projected to grow at a significant CAGR of 6.8% from 2025-2031. Enbridge anticipates a 400% increase in its renewable portfolio by 2028.

1. Strategic Capital Investments in Infrastructure Expansion: Enbridge has a substantial secured growth backlog, totaling approximately $35 billion, with projects expected to enter service through 2030, including about $23 billion through 2027. These investments span across its liquids pipelines, with projects like Mainline optimizations and U.S. Gulf Coast expansions. In natural gas transmission, growth is anticipated from Permian and U.S. Gulf Coast expansions, as well as projects like the Southern Illinois Connector, Canyon System Pipelines, Egan and Moss Bluff storage expansions, Birch Grove, and the T15 expansion. The company is also extending its foundational utility rate base investment in gas distribution.
2. Growth from U.S. Gas Utility Acquisitions and Rate Settlements: Recent major acquisitions have expanded Enbridge's U.S. gas utility footprint, making it North America's largest gas utility. These acquisitions, coupled with operational efficiencies and favorable rate settlements in regions such as North Carolina and Utah, are projected to contribute to revenue growth.
3. Increasing Demand for Natural Gas from New Energy Consumers: A significant driver is the anticipated rise in natural gas demand, particularly from emerging sectors like data centers, growing liquefied natural gas (LNG) export facilities, and the ongoing transition from coal to gas for power generation. Enbridge's extensive gas transmission network is strategically positioned to meet these increasing demands.
4. Expansion of Renewable Energy Portfolio: Enbridge is actively investing in and developing its renewable energy assets. The company is pursuing over 3 GW of late and mid-stage renewable power projects and has a pipeline of $4-5 billion in near-term power generation projects, including solar facilities like Sequoia Solar, Fox Squirrel Solar, Clear Fork Solar, and Orange Grove Solar. These initiatives contribute to lower-carbon energy solutions and align with the increasing demand for renewables.

Share Repurchases

• In January 2022, Enbridge authorized a Normal Course Issuer Bid (NCIB) to repurchase up to 31,062,331 common shares, amounting to $1.5 billion, which was valid until January 2023.
• Under the 2022 NCIB, Enbridge purchased 2,737,965 common shares at a weighted average price of CAD$54.90 per share.
• The company renewed its NCIB in January 2023, allowing for the repurchase of up to 27,938,163 common shares, totaling up to $1.5 billion, until January 2024.

Share Issuance

• In September 2023, Enbridge executed a bought deal for 89,490,000 common shares, generating gross proceeds of $4 billion to help finance its acquisitions from Dominion Energy.
• An at-the-market (ATM) equity issuance program was initiated in May 2024, enabling the company to potentially raise up to $2.75 billion to provide funding flexibility for ongoing acquisitions.

Outbound Investments

• In September 2023, Enbridge agreed to acquire three U.S. natural gas utilities from Dominion Energy for a total enterprise value of US$14 billion, comprising US$9.4 billion in cash and US$4.6 billion in assumed debt, with the acquisitions closing in phases through 2024.
• Enbridge acquired MODA Midstream for $3 billion in September 2021.
• The company acquired Tri Global Energy for $270 million in September 2022, thereby expanding its renewable energy portfolio.

Capital Expenditures

• Enbridge's secured growth backlog reached $35 billion by November 2025, with approximately $23 billion of those projects expected to enter service through 2027.
• Actual capital expenditures were C$4,690 million in 2022, C$4,708 million in 2023, and C$6,834 million in 2024.
• The company anticipates an annual investment capacity of $9-$10 billion, primarily focused on optimizing the Mainline pipeline network, expanding natural gas transmission systems, and investing in renewable power, hydrogen, renewable natural gas, and carbon capture.