New Energies - Compelling Opportunity Set
ENBRIDGE®
Low-Risk Commercial Profile
40+ Diversified
Sources of Cash Flow
Highly Predictable
Utility-Like Cash Flows
4%
Power (Power Price Agreements)
98%
Cost-of-service/
Contracted
Industry-Leading
Financial Risk Profile
12%
Gas Distribution (Cost-of-service)
4%
20%
Gas
Canadian Gas Transmission
(Cost-of-service/Take-or-pay)
U.S. Transmission
(COS/TOP) (Cost-of-service/Take-or-pay)
Transmission
Gas Distribution
& Storage
Market Access
25%
& Regional Oil Sands
(Cost-of-service/Take-or-pay)
Liquids
Pipelines
Renewable
Power / Other
Mainline
33%
(Incentive tolling settlement/
cost-of-service)1
95%
of customers
are Investment
Grade²
<2%
cash flow
at risk³
80%
of EBITDA has
inflation
protections4
BBB+
Our diversified pipeline-utility model drives predictable results in all market cycles
(1) Canadian Mainline is currently charging fixed price interim tolls and is supported by a cost-of-service backstop (2) Investment grade or equivalent (3) Cash flow at risk measures the maximum cash flow loss that could result from
adverse Market Price movements over a specified time horizon with a pre-determined level of statistical confidence under normal market conditions. (4) Approximately 65% of EBITDA is derived from assets with revenue inflators and
15% of EBITDA is derived from assets with regulatory mechanisms for recovering rising costs.
credit
rating
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