New Energies - Compelling Opportunity Set
Surfacing Shareholder Value
Improving Asset Returns
Balance Sheet Strength
(ROCE¹)
~6.5%
-8%
(Debt/EBITDA)
Target Range: 4.5x-5.0x1
ENBRIDGE®
Simplified Structure
TENBRIDGE
Sponsored Vehicle Buy In
Ⓡ
SEP TEEP TEEQ CENF
2018 2019 2020 2021 2022 2023 2024e
Toll escalators & cost containment
Focus on capital efficient growth
Sale of non-core, low return assets
2017 2018 2019 2020 2021e 2022 2023 2024e
Organic capital execution
Self-funded equity model
Prioritize financial flexibility
• Enabled operating cost synergies
Extended cash tax horizon
⚫ Eliminated structural subordination
Prioritizing operational efficiency & financial flexibility, while growing the business
(1) Return on Capital Employed = Adjusted Earnings Before Interest and Tax (EBIT) divided by Capital Employed (annual average balance of Net Property, Plant & Equipment, Long-Term Investments,
Intangibles, and Goodwill less average Current Work in Progress)
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