10-KPeriod: FY2024

ENBRIDGE INC Annual Report, Year Ended Dec 31, 2024

Filed February 14, 2025For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc. (ENB) demonstrated robust performance in 2024, driven by strong contributions across its Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage segments. The company successfully integrated significant acquisitions, notably in the US gas utility sector, expanding its North American footprint and solidifying its position as a leading energy infrastructure provider. Strategic capital allocation focused on growth projects, system modernization, and a commitment to financial strength, reflected in its ongoing dividend increases and solid credit ratings. Enbridge continues to navigate the evolving energy landscape by selectively investing in lower-carbon opportunities while maintaining the reliability and efficiency of its core businesses, positioning it for sustained value creation.

Key Highlights

  • 1Completed significant acquisitions of US Gas Utilities (Ohio, Utah, Wyoming, Idaho, North Carolina), significantly expanding its natural gas distribution network and customer base.
  • 2Secured approval for its Mainline Tolling Settlement through 2028, providing stability and predictable cash flows for its largest liquids pipeline system.
  • 3Advanced strategic growth projects across all segments, including expansions in Gas Transmission to support LNG exports and data center demand, and new renewable power generation projects (solar and wind).
  • 4Demonstrated strong operational performance, with Liquids Pipelines achieving record export volumes and Gas Transmission benefiting from favorable contracting and lower operating costs.
  • 5Continued to prioritize financial strength and flexibility, managing its debt profile and renewing credit facilities, while also issuing new long-term debt to support growth initiatives.
  • 6Made progress on ESG goals, including reducing operational emissions intensity and strengthening relationships with Indigenous communities.
  • 7Successfully executed asset monetizations, such as the disposition of Alliance Pipeline and Aux Sable interests, to optimize its portfolio and enhance financial flexibility.

Frequently Asked Questions

Enbridge achieved several key strategic goals in 2024, including the successful integration of its major US Gas Utility acquisitions, securing the Mainline Tolling Settlement, advancing a robust portfolio of growth projects across its business segments, and maintaining strong financial discipline. The company also made notable progress in its ESG initiatives and optimized its asset portfolio through strategic dispositions.

All four business segments contributed positively. Liquids Pipelines saw increased contributions from operational efficiencies and strong demand at export facilities. Gas Transmission benefited from new acquisitions and favorable contracting. Gas Distribution and Storage experienced significant growth due to recent acquisitions and higher customer demand. Renewable Power Generation saw increased contributions from investment tax credits and expanded ownership in offshore wind assets.

Enbridge maintains a disciplined approach to capital allocation, prioritizing secured growth projects, system modernization, and investments in regulated utility businesses. The company focuses on maintaining financial strength and flexibility through a strong balance sheet, accessing capital markets effectively, and managing its debt profile. It aims to deliver predictable cash flows, support dividend growth, and maintain investment-grade credit ratings.

Enbridge is participating in the energy transition by selectively investing in lower-carbon energy infrastructure, including renewable power generation, renewable natural gas (RNG), and exploring opportunities in carbon capture and storage (CCS) and hydrogen. The company is committed to reducing the emissions intensity of its operations and actively works with stakeholders, including Indigenous peoples, to advance sustainability goals.