恩橋 (ENB) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Enbridge Inc. Third Quarter 2023 Financial Results Conference Call. My name is Rebecca Morley and I'm the Vice President of Investor Relations. Joining me this morning are Greg Ebel, President and CEO and Pat Murray, Executive Vice President and Chief Financial Officer and the heads of each of our business units, Colin Gruending, Liquid Pipelines, Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage and Matthew Akman, Renewable Power.

早上好，歡迎參加 Enbridge Inc. 2023 年第三季財務業績電話會議。我叫麗貝卡·莫利，是投資人關係副總裁。今天早上與我一起出席的有總裁兼首席執行官Greg Ebel、執行副總裁兼首席財務官Pat Murray 以及我們每個業務部門的負責人：Colin Gruending、液體管道部門、Cynthia Hansen、天然氣輸送和中游部門；米歇爾·哈拉登斯（Michele Harradence），天然氣分配和儲存；馬修·阿克曼（Matthew Akman），可再生能源。

At this time, all participants are in a listen-only mode. Following the presentation, we'll conduct a question-and-answer session for the investment community. As per usual, this call is recorded and webcast, and I encourage those listening on the phone to follow along with the supporting slides. We'll try to keep the call to roughly 1 hour (Operator Instructions). We'll be prioritizing questions from the investment community. So if you're a member of the media, please direct your inquiries to our communications team, who would be happy to assist you.

此時，所有參與者都處於只聽模式。演講結束後，我們將為投資界舉辦問答環節。像往常一樣，這次通話會被錄音並進行網路直播，我鼓勵那些在電話中收聽的人按照支援幻燈片進行操作。我們會盡量將通話時間控制在約 1 小時（操作員說明）。我們將優先考慮投資界提出的問題。因此，如果您是媒體成員，請將您的問題直接發送給我們的傳播團隊，他們將很樂意為您提供協助。

As always, our Investor Relations team will be available following the call for any follow-up questions. On to Slide 2, where I'll remind you that we'll be referring to forward-looking information on today's presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We'll also be referring to non-GAAP measures summarized below.

像往常一樣，我們的投資者關係團隊將在電話會議後解答任何後續問題。在投影片 2 上，我將提醒您，我們將提及有關​​今天的簡報和問答的前瞻性資訊。就其性質而言，這些資訊包含對未來結果的預測假設和預期，這些假設和預期受到此處概述的風險和不確定性的影響，並在我們的公開揭露文件中進行了更全面的討論。我們也將參考下面總結的非公認會計原則措施。

And with that, I'll turn it over to Greg Ebel.

接下來，我會將其交給 Greg Ebel。

Thanks very much, Rebecca, and good morning, everyone. Thanks for joining us. I'm pleased to be here today to review another strong quarter. We're also excited to share a number of new announcements that further enhance our long-term value proposition and of course, provide an update on our businesses. Pat will then walk you through the financial performance, our capital allocation priorities and our outlook. And lastly, I'll close with a few takeaways and as always, the Enbridge team is here to address any questions you may have at the end.

非常感謝，麗貝卡，大家早安。感謝您加入我們。我很高興今天能在這裡回顧另一個強勁的季度。我們也很高興分享一些新公告，這些公告進一步增強了我們的長期價值主張，當然也提供了我們業務的最新資訊。然後帕特將向您介紹財務業績、我們的資本配置優先事項和我們的前景。最後，我將以一些要點作為結束語，與往常一樣，安橋團隊將在這裡解決您最後可能提出的任何問題。

Q3 was another solid quarter for Enbridge. Strong operational performance across the business drove strong financial results that were consistent with our expectations. As such, we're pleased to reaffirm our EBITDA and DCF per share guidance. As part of the prefunding for the Gas Utilities acquisition, we successfully raised over $8 billion in September. And when combined with the assumed debt, we have over $14 billion of required funding in place, which significantly derisks our financing plan associated with the utility acquisitions, which we expect to close on a staggered schedule through 2024.

第三季對安橋來說又是穩健的季度。整個業務的強勁營運業績推動了強勁的財務業績，符合我們的預期。因此，我們很高興重申我們的每股 EBITDA 和 DCF 指引。作為收購 Gas Utilities 預籌資金的一部分，我們在 9 月成功籌集了超過 80 億美元。加上承擔的債務，我們擁有超過 140 億美元的所需資金，這大大降低了我們與公用事業收購相關的融資計劃的風險，我們預計該收購將在 2024 年之前按交錯時間表完成。

Adjusted for prefunding of the acquisitions, our debt to EBITDA for the quarter is right at the bottom of our stated 4.5 to 5x range. On an unadjusted basis, you'll note debt-to-EBITDA at 4.1x. System utilization across the business was really strong. In our liquids business, we are relaunching and upsizing an open season on Flanagan South Pipeline, which should further strengthen our mainline path. And we are also set to initiate an open season for the Gray Oak pipeline in the fourth quarter and will offer full path Permian service by exports through Enbridge Ingleside Energy Center.

根據收購的預融資進行調整後，我們本季的 EBITDA 債務正好處於我們規定的 4.5 至 5 倍範圍的底部。在未經調整的基礎上，您會注意到債務與 EBITDA 的比率為 4.1 倍。整個企業的系統利用率非常高。在我們的液體業務中，我們正在重新啟動並擴大弗拉納根南管道的開放季節，這將進一步加強我們的主線路徑。我們還計劃在第四季度啟動 Grey Oak 管道的開放季節，並將透過 Enbridge Ingleside 能源中心出口提供全程二疊紀服務。

In Gas Transmission, we initiated an open season on the Algonquin gas pipeline system to provide additional service to New England, where reliable and affordable gas is desperately needed. And our teams continue to demonstrate their ability to execute. We're on track to successfully place approximately $3 billion of secured capital into service by year-end, and our Fecamp and Provence Grand Large French offshore wind projects remain on budget and are still expected to come into service in Q1 2024.

在天然氣傳輸方面，我們啟動了阿岡昆天然氣管道系統的開放季節，以便為新英格蘭提供額外的服務，那裡迫切需要可靠且負擔得起的天然氣。我們的團隊繼續展現他們的執行能力。我們預計在年底前成功將約 30 億美元的擔保資本投入使用，我們的 Fecamp 和 Provence Grand Large French 離岸風電項目仍符合預算，預計仍將在 2024 年第一季度投入使用。

From a regulatory perspective, we expect to file the mainline tolling agreement with CER before year-end, and our Ontario gas utility rebasing process is well underway, and we expect the OEB will issue a decision on '24 rates by year-end. Together with Dominion, we have filed applications for all key U.S. federal and state required regulatory approvals to complete the pending U.S. gas utility acquisition and all are still expected to close in 2024.

從監管角度來看，我們預計將在年底前與 CER 提交幹線收費協議，並且我們的安大略省天然氣公用事業重新基準流程正在順利進行，我們預計 OEB 將在年底前就 24 小時費率做出決定。我們與 Dominion 一起提交了美國聯邦和州監管機構所需的所有關鍵批准申請，以完成懸而未決的美國天然氣公用事業收購，所有收購預計仍將在 2024 年完成。

Last but not least, on the execution front, we continue to make progress on our emissions, social and diversity and inclusion goals and remain committed to global ESG leadership. As you're aware, in third quarter, we added visibility to our growth outlook through the aforementioned gas utilities acquisitions. The assets have an embedded base CAGR of 8% and cost recovery mechanisms that result in improved capital efficiencies.

最後但並非最不重要的一點是，在執行方面，我們繼續在排放、社會和多樣性以及包容性目標方面取得進展，並繼續致力於全球 ESG 領導地位。如您所知，在第三季度，我們透過上述天然氣公用事業收購增加了成長前景的可見性。這些資產的基礎複合年增長率為 8%，成本回收機制可提高資本效率。

And in our renewable business, we're excited to announce a European offshore wind acquisition which we will discuss in greater detail in a few minutes. We are continuing to execute on our tuck-in M&A strategy and are excited to welcome the moral RNG operations team to Enbridge. These fully contracted landfill gas to RNG facilities further establish Enbridge in the RNG space.

在我們的再生能源業務中，我們很高興宣布一項歐洲離岸風電收購，我們將在幾分鐘內更詳細地討論。我們將繼續執行我們的併購策略，並很高興歡迎道德高尚的 RNG 營運團隊來到 Enbridge。這些完全承包給 RNG 設施的垃圾掩埋氣體進一步奠定了 Enbridge 在 RNG 領域的地位。

All in all, 2023 has been a great year so far, operationally and financially. As mentioned earlier, we remain on track to achieve our guidance and deliver on our growth commitments. Before we dig into the details of the quarter, I'd like to revisit our investor value proposition that we laid out earlier this year. Our business is stable, and we remain committed to delivering predictable cash flows. The balance sheet is strong and remains a key priority.

總而言之，到目前為止，2023 年無論是在營運方面還是在財務方面都是偉大的一年。如前所述，我們仍有望實現我們的指導並兌現我們的成長承諾。在我們深入研究本季的細節之前，我想回顧一下我們今年稍早提出的投資者價值主張。我們的業務穩定，我們仍然致力於提供可預測的現金流。資產負債表強勁，仍是重中之重。

We have a long track record of sustainably returning capital to shareholders and will continue to grow our dividend. We have visibility to our near-term and medium-term growth outlook with conventional and lower carbon opportunities embedded throughout the business. All of our project announcements during and subsequent to the quarter are individually and collectively aligned with that value proposition. Each will generate an attractive risk-adjusted return that is regulated or backed by long-term offtake agreements.

我們在可持續地向股東返還資本方面擁有悠久的記錄，並將繼續增加股利。我們對近期和中期的成長前景有清晰的認識，並在整個業務中融入傳統和低碳機會。我們在本季及之後發布的所有專案公告都單獨且集體地與該價值主張保持一致。每一項都將產生有吸引力的風險調整回報，並受到長期承購協議的監管或支持。

Looking forward, our 5% EBITDA medium-term growth outlook that we set out at Investor Day significantly derisked. And today's announcements enhance Enbridge's lower carbon footprint across multiple business units while increasing DCF per share. Together, these value drivers have underpinned 20 years of dividend growth and average annual shareholder returns of approximately 11%, and we expect this to continue. We're confident that our recent acquisitions enhance each component of our value proposition.

展望未來，我們在投資者日制定的 5% EBITDA 中期成長前景顯著降低了風險。今天的公告增強了安橋多個業務部門的低碳足跡，同時增加了每股 DCF。這些價值驅動因素共同支撐了 20 年的股息成長和約 11% 的平均年股東回報率，我們預計這種情況將持續下去。我們相信，我們最近的收購增強了我們價值主張的各個組成部分。

Let's take a minute to review the quality of our cash flow profile. Post closings of the Gas Utility acquisition, Enbridge's EBITDA mix will be approximately 50% natural gas and renewables and 50% liquids. During the quarter, we've seen continued volatility in interest rates in foreign exchange markets but our long-standing active risk management strategy is designed to allow us to continue to deliver results in all market cycles. 98% of Enbridge's earnings are currently generated from either cost of service, as noted or take-or-pay contracted assets, and that will only improve as we close the gas utilities transactions.

讓我們花點時間回顧一下現金流狀況的品質。天然氣公用事業公司收購完成後，安橋公司的 EBITDA 組合將包括約 50% 的天然氣和再生能源以及 50% 的液體能源。在本季度，我們看到外匯市場利率持續波動，但我們長期的主動風險管理策略旨在使我們能夠在所有市場週期中繼續取得成果。目前，安橋公司 98% 的收入來自服務成本（如前所述）或照付不議的合約資產，只有在我們完成天然氣公用事業交易後，這種情況才會有所改善。

We actively manage our forward interest rate exposure through risk mitigation policies which leave us with just 10% of our debt portfolio exposed to floating rates through the end of 2024. 95% of our customer base is investment grade, and 80% of our EBITDA comes from assets with built-in inflation protection against rising costs.

我們透過風險緩解政策積極管理遠期利率風險敞口，到 2024 年底，我們的債務投資組合中只有 10% 面臨浮動利率風險。我們 95% 的客戶群屬於投資等級，80% 的 EBITDA 來自具有內建通膨保護功能的資產，以抵禦成本上漲。

This enables our business to deliver consistent, high-quality cash flows, which drive predictability in all economic cycles. And we take tremendous pride in our 17-year track record of achieving our guidance and we look forward to continuing that trend this year.

這使我們的業務能夠提供一致、高品質的現金流，從而推動所有經濟週期的可預測性。我們對 17 年實現指導目標的記錄感到非常自豪，並期待今年繼續保持這一趨勢。

Turning to the acquisition of the 3 premier U.S. Gas Utilities that we announced during the quarter. This transaction represents a generational opportunity for the company. Upon closing, Enbridge will be North America's largest natural gas utility platform, delivering approximately 9.3 Bcf of natural gas per day to approximately 7 million customers. Enbridge was able to secure historically attractive acquisition multiples on the assets, creating long-term value for our shareholders.

談到我們在本季宣布的對美國三大天然氣公用事業公司的收購。此次交易為公司帶來了一代人的機會。交易完成後，Enbridge 將成為北美最大的天然氣公用事業平台，每天向約 700 萬客戶提供約 9.3 Bcf 的天然氣。安橋能夠獲得具有歷史吸引力的資產收購倍數，為我們的股東創造長期價值。

And as a reminder, we agreed to pay approximately 1.3x the estimated 2024 rate base and approximately 16.5x price to earnings based on 2023 estimates both of which are significantly below recent precedent and subsequent transactions. Pro forma, these gas utilities further enhance the stability of our already industry-leading risk profile by adding incremental regulated earnings. And those earnings will grow alongside $1.7 billion of annual low-risk quick cycle rate base investment.

謹此提醒，我們同意支付約 1.3 倍的 2024 年估計利率基數和約 16.5 倍的基於 2023 年估計的市盈率，這兩者均遠低於最近的先例和後續交易。預計，這些天然氣公用事業公司透過增加增量監管收益，進一步增強了我們業已領先的風險狀況的穩定性。這些收益將與每年 17 億美元的低風險快速週期基礎投資一起成長。

Each of the utilities is located in gas supportive jurisdictions and has an attractive capital structure allowing us to earn constructive returns with favorable equity thickness. Since the announcement of the deal, we've made significant progress on the financing of these acquisitions. So let's move on to that now.

每家公用事業公司均位於支持天然氣的司法管轄區，並擁有有吸引力的資本結構，使我們能夠以有利的股權厚度獲得建設性回報。自從宣布交易以來，我們在這些收購的融資方面取得了重大進展。現在讓我們繼續討論這個問題。

The all-in purchase price of the transactions is $19 billion, inclusive of $6 billion of assumed debt, which initially left approximately $13 billion left to finance. Immediately following the announcement, we issued $4.6 billion of common shares and issued an additional $3.7 billion of hybrid notes, which received partial equity treatment from rating agencies.

這筆交易的總收購價為 190 億美元，其中包括 60 億美元的承擔債務，最初還剩下約 130 億美元的融資資金。公告發布後，我們立即發行了 46 億美元的普通股，並額外發行了 37 億美元的混合票據，這些票據獲得了評級機構的部分股權處理。

In combination with the assumption of debt, we have approximately 75% of the required financing in place, significantly derisking the funding plan. The remaining financing needs are very manageable and can be satisfied through the various tools available to us, including the issuance of senior unsecured notes, asset recycling, the reinstatement of Enbridge's DRIP program or initiating at the market common share issuances. We'll make use of that flexibility and the staggered closing time lines to optimize the financing plan and factor in changes to the marrow economic environment.

與承擔債務結合，我們大約有 75% 的所需融資到位，大大降低了融資計劃的風險。剩餘的融資需求非常容易管理，可以透過我們可用的各種工具來滿足，包括發行高級無擔保票據、資產回收、恢復安橋的 DRIP 計劃或在市場上啟動普通股發行。我們將利用這種靈活性和交錯的截止時間來優化融資計劃並考慮到根本經濟環境的變化。

Now let's jump into the business unit update, starting with liquids. In Liquids Pipelines, our highly competitive system remains heavily utilized. With record third quarter volumes on the Mainline and significant apportionment levels in the month of November. In May, we reached a settlement for the Mainline tolling framework, and those tolls took effect on July 1. We expect to finalize that settlement with industry and submit a joint application to the Canadian energy regulator before the end of the year.

現在讓我們開始了解業務部門的更新，從液體開始。在液體管道領域，我們極具競爭力的系統仍然被大量利用。主線第三季的交易量創下歷史新高，11 月的分配水準也很高。 5 月份，我們就乾線收費框架達成了和解，這些收費於 7 月 1 日生效。我們預計將在年底前與業界敲定和解，並向加拿大能源監管機構提交聯合申請。

With the expectation that the new tolling settlement will be approved and implemented in the first quarter, of 2024. We relaunched and upsized our previously announced FSP open season in addition to contracting throughput on Flanagan South, the open season volumes also secure long-haul throughput on the Enbridge network from Western Canada to the Gulf Coast.

預計新的通行費結算將在2024 年第一季獲得批准和實施。除了弗拉納根南的合約吞吐量之外，我們重新啟動並擴大了先前宣布的FSP 開放季節，開放季節的吞吐量也確保了長途吞吐量在從加拿大西部到墨西哥灣沿岸的安橋網絡上。

In the Permian region, we saw a new record for export volumes through Ingleside again this quarter. Giving us further verification of and confidence in our Gulf Coast strategy. In order to support further growth in the Permian and meet our customer needs, we expect to initiate an open season on our growth Gray Oak pipeline by the end of this year and will add 2 million barrels of storage at our Ingleside terminal in 2024.

在二疊紀地區，本季我們透過 Ingleside 的出口量再次創下新紀錄。讓我們對墨西哥灣沿岸戰略有了進一步的驗證和信心。為了支持二疊紀盆地的進一步成長並滿足我們的客戶需求，我們預計在今年年底前啟動我們成長的 Grey Oak 管道的開放季節，並將於 2024 年在 Ingleside 碼頭增加 200 萬桶儲存量。

Now let's take a look at our Gas Transmission Business. Starting in Canada, the engineering work on wood fiber LNG is progressing, and we expect to hit our 60% engineering milestones and to set our preferred return in the second half of 2024. We also closed the previously announced acquisition of Aitken Creek Gas Storage on November 1. This asset is well positioned and will enhance our service offering to our customers and support our LNG export strategy in B.C. And in the U.S. Northeast, we've initiated an open season on the Algonquin pipeline, which will provide much needed supply to New England and will help stabilize energy prices in the area.

現在讓我們來看看我們的天然氣輸送業務。從加拿大開始，木纖維液化天然氣的工程工作正在取得進展，我們預計將達到60% 的工程里程碑，並在2024 年下半年設定我們的首選回報。我們也完成了先前宣布的對Aitken Creek Gas Storage的收購。11 月 1 日。該資產定位良好，將增強我們為客戶提供的服務，並支持我們在 BC 省的液化天然氣出口策略。在美國東北部，我們啟動了阿爾岡昆管道的開放季節，這將為新英格蘭提供急需的供應，並有助於穩定該地區的能源價格。

All told, we're continuing to progress on over $11 billion high-quality investments in the gas transmission business and capitalize on strong North American gas supply and demand fundamentals.

總而言之，我們將繼續推動天然氣輸送業務超過 110 億美元的高品質投資，並利用北美強勁的天然氣供需基本面。

Moving to our gas distribution business in Ontario. We continue to see growth in our distribution business, which is supported by population growth and customer additions. We are on track to exceed our customer additions, forecast of 42,000 for this year. Ontario population is expect to grow by approximately 2.5 million people over the next decade. All of those people will need access to cost-effective reliable energy and Enbridge will be there to provide it.

轉向我們在安大略省的天然氣分銷業務。在人口成長和客戶增加的支持下，我們的分銷業務持續成長。今年我們的客戶數量預計將超過 42,000 名。未來十年，安大略省人口預計將增加約 250 萬人。所有這些人都需要獲得具有成本效益的可靠能源，而安橋將提供這項服務。

And as we mentioned on the previous call, the Ontario government has publicly promoted that natural gas will play a critical role in supplying the province's energy mix. The need for natural gas and customer growth at Enbridge Gas will continue to underpin our estimated $1 billion of annual capital investment in Ontario for the foreseeable future.

正如我們在先前的電話會議中提到的，安大略省政府公開宣傳天然氣將在供該省的能源結構中發揮關鍵作用。在可預見的未來，安橋天然氣公司對天然氣和客戶成長的需求將繼續支撐我們在安大略省每年約 10 億美元的資本投資。

On the regulatory front, the Ontario Energy Board approved our partial settlement to support the establishment of our '24 rates, and we expect them to issue a final decision on the remaining items by the end of the year. We look forward to providing a comprehensive update alongside our year-end results.

在監管方面，安大略省能源委員會批准了我們的部分和解，以支持我們 '24 費率的製定，我們預計他們將在年底前就其餘項目做出最終決定。我們期待在年終結果的同時提供全面的更新。

Next, let's take a closer look at some of the developments in our renewable business. I'm pleased to announce that the acquisition of additional ownership in Hohe See and Albatros offshore wind farms, which are located approximately 100 kilometers off the northern coast of Germany. These are assets we know well, and where we have been ahead of strong relationship and partnership with EnBW. The acquisition will almost double our ownership of the assets and is expected to be immediately accretive to DCF. The step-up in ownership of Hohe See and Albatros, will materially grow the size of our renewable power business and continue our track record of investing in assets that generate utility-like cash flows while working towards our net 0 commitments.

接下來，讓我們仔細看看我們再生能源業務的一些發展。我很高興地宣布，收購了 Hohe See 和 Albatros 離岸風電場的額外所有權，這些風電場距離德國北部海岸約 100 公里。這些是我們熟知的資產，也是我們與 EnBW 建立牢固關係和夥伴關係的領先優勢。此次收購將使我們的資產所有權幾乎增加一倍，預計將立即增加 DCF。 Hohe See 和 Albatros 所有權的增加將大幅擴大我們再生能源業務的規模，並繼續我們投資於產生類似公用事業現金流的資產的記錄，同時努力實現我們的淨零承諾。

In France, we're on track to bring a gigawatt of new generation online by 2025. Fecamp will install about half of the turbines and Provence Grand Large all turbines have been installed and all floaters have been secured. All 3 projects are in budget. Fecamp and PGL are expected to be in service during the first quarter of 2024 and Calvados continues to make good progress towards its 2025 in-service date.

在法國，我們預計在 2025 年之前實現 10 億瓦的新一代併網發電。Fecamp 將安裝大約一半的渦輪機，Provence Grand Large 已安裝所有渦輪機，並且所有浮體均已固定。所有3個項目均在預算之內。 Fecamp 和 PGL 預計將於 2024 年第一季投入使用，Calvados 繼續在 2025 年投入使用方面取得良好進展。

Now let's take a deeper look at the equally attractive investment in renewable natural gas we announced today. Enbridge has entered into an agreement with moral Renewables to acquire 7 high-quality operating and fully contracted landfill gas to RNG assets located in Texas and Arkansas. The facilities we are acquiring currently collect, compress, treat and sell approximately 4.5 Bcf of pipeline quality renewable natural gas each year.

現在讓我們更深入地了解我們今天宣布的同樣有吸引力的可再生天然氣投資。 Enbridge 已與道德再生能源公司 (moral Renewables) 達成協議，收購位於德克薩斯州和阿肯色州的 7 個高品質營運且完全承包的垃圾掩埋氣 RNG 資產。我們目前收購的設施每年收集、壓縮、處理和銷售約 4.5 Bcf 的管道優質可再生天然氣。

And as the landfills continue to grow, that production number will continue to grow at approximately 3% annually, with minimal required capital investment. RNG fundamentals are strong in the United States, and indicate continued growth in demand over the long term as gas utilities increasingly continue to set R&D blending targets. This was the perfect opportunity to meaningfully add to our RNG portfolio with an accretive Enbridge like tuck-in, which has long-term full volume offtake agreements with Shell Energy North America and BP.

隨著垃圾掩埋場的不斷擴大，產量將繼續以每年約 3% 的速度成長，而所需的資本投資最少。美國的 RNG 基本面強勁，顯示隨著天然氣公用事業公司越來越多地繼續設定研發混合目標，長期需求將持續成長。這是一個絕佳的機會，可以透過像Tuck-in 這樣的增值安橋公司，有意義地增加我們的RNG 產品組合，該公司與殼牌能源北美公司和英國石油公司簽訂了長期全額承購協議。

Unique to this deal and in keeping with our commitment to protect our balance sheet, we've staggered the purchase price over 24 months. This transaction represents a uniquely derisked portfolio of operating scalable RNG assets that add immediate accretive DCF to Enbridge and accelerate progress towards our energy transition goals.

這項交易的獨特之處在於，為了履行我們保護資產負債表的承諾，我們在 24 個月內錯開了購買價格。這項交易代表了一個獨特的低風險營運可擴展 RNG 資產組合，為 Enbridge 增加了直接增值 DCF，並加速實現我們的能源轉型目標。

Finally, both this transaction and the increased ownership in the Hohe See and Albatros operating wind power facilities were fully contemplated when we announced the acquisition of the 3 gas utilities.

最後，當我們宣布收購 3 家天然氣公用事業公司時，我們充分考慮了這項交易以及增加 Hohe See 和 Albatros 營運風電設施的所有權。

Now let's turn to Pat to walk through the quarterly financials.

現在讓我們請帕特來介紹一下季度財務數據。

Thanks, Greg, and good morning, everyone. I'm happy to announce that continued strong operational performance led to record third quarter EBITDA, which is up 3% year-over-year and DCF per share, which is also up 2% year-over-year. In liquids, our systems remain highly utilized, the mainline transported just under 3 million barrels per day, a record for third quarter volumes. In the Gulf Coast, Ingleside also posted record volumes, and we realized a full quarter of contributions from the increased economic interest in Gray Oak and Cactus II.

謝謝格雷格，大家早安。我很高興地宣布，持續強勁的營運表現帶來了創紀錄的第三季 EBITDA，年成長 3%，每股 DCF 也較去年同期成長 2%。在液體方面，我們的系統仍然高度利用率，主線每天運輸略低於 300 萬桶，創第三季運輸量紀錄。在墨西哥灣沿岸，Ingleside 的銷售量也創歷史新高，我們發現整個季度的貢獻來自於 Grey Oak 和 Cactus II 經濟興趣的增加。

Overall, strong operating performance in liquids was partially offset by the lower toll on the mainline, which took effect on July 1. Gas transmission is down slightly, primarily due to lower ownership interest in DCP Midstream following our transaction with P66 last year. Performance at the utility was down slightly as well due to the reversal of storage and transportation favorability that we noted for investors earlier in the year would occur over Q2 and Q3. Our renewable business performed in line with expectations. We benefited from development fees earned on generation projects from our North American renewable onshore development acquisition in 2022, partially offset by lower wind resources year-over-year.

總體而言，液體業務強勁的營運表現被 7 月 1 日生效的干線通行費降低所部分抵消。天然氣傳輸略有下降，主要是由於去年我們與 P66 進行交易後 DCP Midstream 的所有權權益下降。由於我們在今年稍早向投資者指出的儲存和運輸優惠將在第二季和第三季發生，公用事業公司的業績也略有下降。我們的再生能源業務表現符合預期。我們受惠於 2022 年收購北美再生能源陸上開發案所賺取的開發費，但部分被風能資源年減所抵銷。

Energy Services results improved versus 2022 due to expiry of transportation commitments earlier in this year and lower commodity backwardation. Below the line in DCF higher interest expense, the timing of maintenance capital and higher NCI distributions to our Athabasca indigenous investment partners offset some of the EBITDA benefit this quarter. Our results once again underline the low-risk nature of our businesses and the predictability of our financial and operational results that support our capital structure.

由於今年稍早運輸承諾到期以及商品現貨溢價降低，能源服務業績較 2022 年有所改善。在 DCF 線以下，較高的利息支出、維護資本的時機以及向我們的阿薩巴斯卡本土投資合作夥伴分配的較高 NCI 抵消了本季 EBITDA 的部分收益。我們的業績再次凸顯了我們業務的低風險性質以及支持我們資本結構的財務和營運績效的可預測性。

With that, let's talk about how we're tracking the guidance. As Greg mentioned, we're reaffirming our 2023 financial guidance again this quarter. Our business outlook remains unnamed, and we continue to expect high utilization across our asset base. We've executed a number of tuck-in acquisitions throughout the year which will contribute to our fourth quarter EBITDA, but we expect these tailwinds to be offset by the impact of the lower mainline toll and the equity prefunding of the U.S. gas utilities.

接下來，我們來談談我們如何追蹤指導。正如 Greg 所提到的，我們將在本季再次重申 2023 年財務指引。我們的業務前景仍未透露，我們仍然預計我們的資產基礎將實現高利用率。我們全年執行了多項臨時收購，這將有助於我們第四季度的 EBITDA，但我們預計這些有利因素將被幹線通行費降低和美國天然氣公用事業公司股權預融資的影響所抵消。

All told, we expect to finish the year with another quarter of strong operating performance, which, alongside our risk management initiatives, provides us confidence that we will achieve the full year guidance laid out for you last year, even when taking into account the equity issuance in early September.

總而言之，我們預計今年將以另一個季度的強勁營運業績結束，這與我們的風險管理舉措一起，使我們有信心實現去年為您制定的全年指導，即使考慮到股本9月初發行。

Let's turn to our medium-term outlook, which we're also reaffirming. As we look forward, business optimizations remain a key area of focus for us, and we'll continue to look for opportunities to optimize within our upcoming rebasing framework and mainline agreements. In the second bucket, the LDC acquisition bolstered our secured organic growth projects by adding an incremental $1.7 billion of low-risk annual rate base investments post closing. And finally, we are judiciously deploying our investment capacity.

讓我們轉向我們的中期前景，我們也重申了這一點。展望未來，業務優化仍然是我們關注的關鍵領域，我們將繼續尋找在即將推出的變基框架和主線協議中優化的機會。在第二個方面，對 LDC 的收購在交割後增加了 17 億美元的低風險年利率基礎投資，從而增強了我們安全的有機成長項目。最後，我們正在明智地部署我們的投資能力。

We've added another $2 billion of tuck-ins this quarter with the additional ownership of Hohe See and Albatros wind farms and the R&D assets, bringing us to $3 billion for the year. We continue to execute the strategy we laid out at Investor Day and allocate capital to deliver the quality growth we committed to. Prudent capital allocation is core to our value proposition, and we will continue to evaluate opportunities for organic growth and opportunistic tuck-in M&A that maximizes shareholder returns.

本季我們又增加了 20 億美元的投入，增加了 Hohe See 和 Albatros 風電場以及研發資產的所有權，使我們今年的投資達到 30 億美元。我們繼續執行我們在投資者日制定的策略，並分配資本以實現我們承諾的高品質成長。審慎的資本配置是我們價值主張的核心，我們將繼續評估有機成長和投機性併購的機會，以實現股東回報最大化。

Let's move on to our capital allocation priorities, which continue to follow a deliberate and disciplined approach. While we've been active in the M&A space, each transaction fits very well into our long-term strategy and add additional low capital utility-like growth to our portfolio. The funding plans we have laid out highlight our continued commitment to our stated guardrails. We carefully structured the financing of the U.S. gas utilities to be flexible and as importantly, to maintain our leverage within the 4.5x to 5x range.

讓我們繼續討論我們的資本配置優先事項，這些優先事項將繼續遵循深思熟慮和嚴格的方法。雖然我們一直活躍在併購領域，但每筆交易都非常適合我們的長期策略，並為我們的投資組合增加了額外的低資本效用成長。我們所製定的融資計畫凸顯了我們對既定護欄的持續承諾。我們精心設計了美國天然氣公用事業公司的融資結構，使其靈活，同樣重要的是，將我們的槓桿率維持在 4.5 倍至 5 倍範圍內。

Furthermore, the plan articulated in September during the announcement of the LDC acquisition, had contemplated additional tuck-ins before the end of the year. The associated incremental low-risk cash flows will help to preserve our balance sheet strength and support our growing dividend for years to come, while staying within our DCS payout range of 60% to 70%. And as always, we are constantly evaluating opportunities to recycle capital at attractive valuations.

此外，9月宣布收購LDC時闡明的計畫曾考慮在年底前進行額外的補充。相關的增量低風險現金流將有助於維持我們的資產負債表實力，並支持我們未來幾年不斷增長的股息，同時保持在 60% 至 70% 的 DCS 派息範圍內。一如既往，我們不斷評估以有吸引力的估值回收資本的機會。

Let's turn to our secured capital. Today, our secured growth program sits at $24 billion. New to our backlog this quarter is the addition of $1.7 billion of annual rate base investment and announced U.S. Gas Utility post closing. We concluded a 3-year program, keeping with how we present our Ontario utility growth program but we expect that level of annual investment to continue through the decade.

讓我們轉向我們的擔保資本。如今，我們的安全成長計畫已達 240 億美元。本季我們積壓的新項目是增加 17 億美元的年費率基礎投資，並在交易結束後宣布美國天然氣公用事業公司 (U.S. Gas Utility)。我們完成了一個為期 3 年的計劃，與我們介紹安大略省公用事業成長計劃的方式保持一致，但我們預計年度投資水準將持續十年。

By the end of the year, we expect to place approximately 3 million of organic capital into service, primarily through our Ontario customer additions and GTM modernization program. Our robust secured growth program is diversified geographically across our business units and is expected to be deployed over the next 5 years. This diversity of location, timing and business unit helps mitigate against the impact of delays or inflation on any one single large project.

到今年年底，我們預計將約 300 萬有機資本投入服務，主要透過我們的安大略省客戶增加和 GTM 現代化計劃。我們穩健的安全成長計畫在我們的業務部門中實現地域多元化，預計將在未來 5 年內部署。這種地點、時間和業務部門的多樣性有助於減輕任何一個大型專案的延誤或通貨膨脹的影響。

And with that, I'll turn it back to Greg to close the call.

然後，我會將其轉回給格雷格以結束通話。

Well, thanks very much, Pat. And as we wrap up for your questions I want to leave you with a few key takeaways. Enbridge's resilient low-risk business model is supported by our scale, diversification and high-quality cash flows, which enables us to deliver reliable growth in all market cycles. Balance sheet strength is always a priority for us, and we are committed to our debt-to-EBITDA range of 4.5 to 5x while continuing to return capital to shareholders through sustainable dividend growth.

嗯，非常感謝，帕特。當我們結束你的問題時，我想留給你一些關鍵的收穫。安橋的彈性低風險業務模式得到了我們的規模、多元化和高品質現金流的支持，這使我們能夠在所有市場週期中實現可靠的成長。資產負債表實力始終是我們的首要任務，我們致力於將債務與 EBITDA 的比率保持在 4.5 至 5 倍，同時繼續透過可持續的股息成長向股東返還資本。

As we discussed today, the U.S. Gas Utility acquisition will enhance each of these takeaways by adding regulated earnings that enhance our cash flow quality, increased credit worthiness and underpin our dividend growth for years to come. Our visible growth backlog, incorporating conventional infrastructure investments and lower carbon opportunities supports long-term shareholder return and positions us as a first choice investment opportunity.

正如我們今天所討論的，收購美國天然氣公用事業公司將透過增加受監管的收益來增強我們的每項成果，從而提高我們的現金流質量，提高信用價值並支撐我們未來幾年的股息成長。我們明顯的成長積壓，結合了傳統基礎設施投資和低碳機會，支持長期股東回報，並使我們成為首選投資機會。

Finally, let me let you know that we'll be releasing our guidance at the end of November for next year, and we'll be hosting our Annual Investor Day in New York in March of next year as well. We look forward to seeing you there. But until then, thank you very much, and we look forward to taking your questions. I think we're ready now to open up the lines for those questions.

最後，讓我告訴您，我們將在 11 月底發布明年的指導，我們也將於明年 3 月在紐約舉辦年度投資者日。我們期待在那裡見到您。但在此之前，非常感謝您，我們期待回答您的問題。我想我們現在已經準備好解答這些問題了。

(Operator Instructions) Our first question is from Robert Kwan with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Robert Kwan。

If I can just start with capital allocation and specifically just the thought process around how you're looking at leverage and the tuck-in deals you've announced in light of the acquisition financing that's still outstanding and just given the current market environment. And I guess just one thing specifically. You mentioned the tuck-ins were contemplated as part of the utility disclosures. So if you can just confirm that the chart you had that had leverage kind of around that midpoint at the high end, 4.75 that these deals would not be taking leverage into the high end of the range.

我可以從資本配置開始，特別是圍繞您如何看待槓桿以及您根據仍然懸而未決的收購融資以及考慮到當前市場環境而宣布的交易的思考過程。我想具體只有一件事。您提到，這些折邊被視為公用事業揭露的一部分。因此，如果您可以確認圖表中的槓桿率在高端中點 4.75 附近，那麼這些交易不會將槓桿率帶入該範圍的高端。

And yes, definitively, that's exactly what we contemplated. So these -- both before, during the utility acquisitions and now, that is still where we are. I think equally important to we'd obviously run by those possible transactions with rating agencies, et cetera, as well.

是的，毫無疑問，這正是我們所考慮的。因此，無論是之前、公用事業收購期間還是現在，我們仍然處於這種狀態。我認為對於我們顯然與評級機構等可能進行的交易同樣重要。

So and then from a capital allocation perspective, I think maybe just going back and thinking about we've been very deliberate over the last couple of years to swiftly and methodically move the corporation to a much less risky setup in a very utility like setup, right? So recall that we first sold the Canadian G&P assets. We then went down the root of lowering our position in DCP and swapping those positions for very utility-like pipelines, lowering both any volume exposure and commodity exposure and then went on to achieve this year, what is really a utility-like mainline toll settlement and then next, the utilities as well.

因此，從資本配置的角度來看，我想也許只是回過頭來想想，我們在過去幾年裡一直非常謹慎地迅速、有條不紊地將公司轉移到一個非常實用的設置中，風險要低得多，正確的？回想一下，我們首先出售了加拿大 G&P 資產。然後，我們從根源上降低了DCP 的頭寸，並將這些頭寸換成非常類似於公用事業的管道，降低了任何數量敞口和商品敞口，然後繼續在今年實現了真正類似於公用事業的干線收費結算接下來是公用事業。

And then these transactions that we announced today fit very much in that same vein, long-term contracts, great offtakes, and the same on the RNG with the German power projects and the same on the RNG facility, which is a little bit unique. Not everybody would do that with RNG, but we felt that's really important. And that's because that supports the 4.5 to 5x debt-to-EBITDA structure and continues to allow us to pay out dividends in that 60% to 70% payout range. And yes, so I'll leave it there, Pat, do you want to add anything to that?

然後我們今天宣布的這些交易非常符合同樣的脈絡，長期合同，大量承購，以及 RNG 與德國電力項目的相同以及 RNG 設施的相同，這有點獨特。並不是每個人都會在 RNG 中這樣做，但我們認為這非常重要。這是因為這支持 4.5 至 5 倍的債務與 EBITDA 結構，並繼續允許我們在 60% 至 70% 的支付範圍內支付股息。是的，所以我就留在那裡，帕特，你想補充什麼嗎？

One thing I might add is that, as you mentioned, that 60% to 70% payout range, we brought that down over the last few years or 2, so it's at the midpoint, which should allow us to continue to grow dividends up to the level that we grow cash flows over the next next little while.

我要補充的一件事是，正如您所提到的，60% 至70% 的派息範圍，我們在過去幾年或兩年內將其降低，因此它處於中點，這應該使我們能夠繼續將股息增加到我們在接下來的一段時間內增加現金流的水平。

That's great. If I could just finish with the RNG strategy. Just where do you this business going for you? Did you see this acquisition as being more opportunistic or something that you want to build upon in similar sizes? And I guess, just generally, can you just talk about these facilities? Are they general landfills? And how do you think about just with the increasing separation of organics away from general landfills, what the risk there might be?

那太棒了。如果我能把RNG的策略說完就好了。您這項業務的用途是什麼？您認為這次收購更具機會主義色彩，還是您希望以類似規模進行收購？我想，一般來說，您能談談這些設施嗎？是一般垃圾掩埋場嗎？您如何看待隨著有機物越來越遠離一般垃圾掩埋場，可能存在哪些風險？

For sure. And Cynthia is here. So maybe I'll let Cynthia start with that.

一定。辛西亞在這裡。所以也許我會讓辛西亞從這個開始。

Sure, Robert. Thanks. So we're, as you know, excited about this RNG opportunity and because, as Greg noted, this is an opportunity for us to have a utility-like return. So these are unique assets. And the market is fairly large and growing. So overall, RNG, I think last year, '22, there was 75 Bcf in North America. It's growing to around 95. So there's lots of growth, but again, we'll be very disciplined with how we look at the opportunities. What we like about tomorrow is that it positions us as a leader in the space and that will understand and continue to be able to evaluate future growth opportunities.

當然，羅伯特。謝謝。所以，如你所知，我們對 RNG 的這個機會感到興奮，因為正如 Greg 指出的那樣，這是我們獲得類似效用回報的機會。所以這些都是獨特的資產。而且市場相當大，而且還在持續成長中。總的來說，RNG，我認為去年，22 年，北美有 75 Bcf。它正在增長到 95 左右。所以有很多增長，但同樣，我們將非常嚴格地對待機會。我們喜歡明天的是，它將我們定位為該領域的領導者，並將理解並繼續能夠評估未來的成長機會。

So it is a unique asset. There will be other opportunities like that. But again, the discipline required to make sure it fits the type of utility like structure and our ability to have those offtake agreements will be critically important as we go forward.

所以它是一項獨特的資產。還會有其他類似的機會。但同樣，確保它適合公用事業類型結構所需的紀律以及我們達成這些承購協議的能力在我們前進的過程中將至關重要。

Your thoughts on general landfill versus targeting something that is specifically organic?

您對一般垃圾掩埋場與針對特定有機垃圾的看法有何不同？

Yes. So you would remember that we had invested in Diverge earlier this year, which specifically addresses that food waste component. So when we look at this opportunity, where this landfill or these 7 landfills are located. There's a lot of growth opportunities just there. And as Greg said, there is an embedded kind of 3% growth with very little capital outlay.

是的。所以你可能還記得，我們​​今年早些時候投資了 Diverge，專門解決食物浪費問題。所以當我們看著這個機會時，這個垃圾掩埋場或這7個垃圾掩埋場位於哪裡。那裡有很多成長機會。正如格雷格所說，有一種內在的 3% 的增長，而資本支出卻很少。

So you do have to be looking at where the landfills are located. And fortunately, these assets are in geographic areas in Texas and Arkansas, where we're going to see that growth. So we're not concerned that there's going to be any kind of cannibalization of that kind of other food waste growth.

因此，您必須查看垃圾掩埋場的位置。幸運的是，這些資產位於德克薩斯州和阿肯色州的地理區域，我們將在那裡看到這種增長。因此，我們並不擔心其他食物垃圾的成長會受到任何形式的蠶食。

The next question is from Theresa Chen with Barclays.

下一個問題來自巴克萊銀行的Theresa Chen。

Greg, I wanted to ask about the remaining funding options for that $4.5 billion related to the gas utility acquisitions. Can you talk about your order prioritization for those really 4 tools in the toolkit? And specifically related to the asset sales. Can you just help us think about valuation, execution in this market as you rotate capital and optimize the portfolio, given that there are other assets from some of your competitors are in the market as well?

格雷格，我想問與天然氣公用事業收購相關的 45 億美元的剩餘融資方案。能談談工具包中這 4 種工具的訂單優先順序嗎？具體與資產出售相關。鑑於市場上也有來自您的一些競爭對手的其他資產，您能否在您輪換資本和優化投資組合時幫助我們考慮這個市場的估值和執行？

Yes, for sure. So yes, let's start there. Recycling is always have been an important part of the financial complex and methodology here at Enbridge. So -- and I wouldn't just think about it as a sale of assets. Think about things like some of our partnerships that we've done with indigenous communities, we did that last year. Those continue to create really great opportunities for us to recycle capital and still, frankly, be involved in the projects and maintain operational strategic control. So that's an element.

是肯定的。所以，是的，讓我們從這裡開始。回收一直是安橋財務綜合體和方法的重要組成部分。所以——我不會僅僅將其視為資產出售。想想我們去年與原住民社區建立的一些夥伴關係。這些繼續為我們創造了很好的機會來回收資本，並且坦率地說，仍然參與專案並保持營運策略控制。所以這是一個元素。

Yes, and you look across the size of the company, we've got various pipe assets. You can look at wind assets and renewables. I don't think we are restricted in any way, shape or form in terms of what we'll look at. And you're right, there's a market out there for selling assets, but we think the way that we've structured virtually all of our assets now that they are low risk utility like and will be very attractive, as opposed to, say, selling G&P assets in this type of market, that's one.

是的，縱觀公司規模，我們擁有各種管道資產。您可以查看風能資產和再生能源。我認為我們所看到的內容不會受到任何方式、形狀或形式的限制。你是對的，那裡有一個出售資產的市場，但我們認為我們幾乎所有資產的結構方式現在都是低風險實用的，並且將非常有吸引力，而不是說，在此類市場上出售G&P 資產就是其中之一。

And then two, is we still got some hybrid move ability in there. It's something, obviously, we'll look at in unsecured notes. And then we do have the possibility of using the DRIP in the ATM. So that's probably the route I would go down. But again, you've got to judge this based on what you see in the economic environment from a macro perspective. What I'm really happy about is we are a long ways down the trail of securing that financing, and it will be into '24 and target, say, the end of '24, we have all these assets in the house. So I think we've structured this well by getting 3/4 of it off the table and setting our stuff up well with multiple avenues to achieve the last 25%.

第二，我們仍然擁有一些混合移動能力。顯然，我們將在無擔保票據中研究這一點。然後我們確實有可能在 ATM 中使用 DRIP。所以這可能就是我會走的路線。但同樣，你必須根據宏觀經濟環境來判斷。我真正高興的是，我們在獲得融資方面已經取得了長足的進步，它將進入 24 年，目標是，比如說，24 年底，我們的房子裡擁有所有這些資產。因此，我認為我們已經很好地建立了這一點，將其中 3/4 的部分排除在外，並透過多種途徑很好地設定我們的內容，以實現最後 25% 的目標。

Got it. And turning to the liquids business, Related to the Flanagan South open season, really interesting to see the upsizing, given that I'm sure your shippers like everyone else is evaluating the TMX sometime next year, but not only if there are enough for the previous open season, but it's been upsized now. Can you talk about what's driving that demand to bring barrels all the way to the Gulf Coast in your conversations with the shippers as this open season progresses?

知道了。轉向液體業務，與弗拉納根南開放季節相關，看到規模擴大真的很有趣，因為我確信你們的托運人和其他人一樣正在明年某個時候評估TMX，但不僅僅是如果有足夠的貨物以前的開放季節，但現在已經擴大了。隨著開放季節的進展，您能否在與托運人的對話中談談是什麼推動了將桶子一路運往墨西哥灣沿岸的需求？

Theresa, it's Colin, thanks for the question. We're less surprised. I think the fundamental in play here is a demand pull for Canadian heavy to the PADD II and PADD III marks that you've seen for many, many years. It's been growing and growing, growing. So we see some demand pull. I think you also see some supply push. It basically represents contracted egress in a sense, that you have variability through the mainline to get on to FSP. And as you see, the pricing basis is very wide. Now, and I think it's expected to be wide through the decade as egress will become constrained again.

特蕾莎，我是科林，謝謝你的提問。我們並不那麼驚訝。我認為這裡發揮作用的根本原因是對加拿大重磅級PADD II 和PADD III 標誌的需求拉動，您已經看到很多很多年了。它一直在成長、成長、成長。所以我們看到了一些需求拉動。我認為你也看到了一些供應的推動。從某種意義上說，它基本上代表了收縮的出口，即您可以通過主線到達 FSP。正如您所看到的，定價基礎非常廣泛。現在，我認為隨著出口將再次受到限制，預計這一趨勢將在未來十年內擴大。

So I think it's I think it's less surprising maybe than you're observing. But of course, you're building EHOT the [terminal] of that in Houston. And it's a very competitive path or I think it bottom line underscores the resilience of the Mainline system.

所以我認為這可能沒有你觀察到的那麼令人驚訝。當然，您正在休士頓建造 EHOT 的[航站樓]。這是一條競爭非常激烈的道路，或者我認為它的底線強調了主線系統的彈性。

Makes sense. Thank you.

說得通。謝謝。

The next question is from Robert Catellier with CIBC Capital Markets.

下一個問題來自 CIBC 資本市場部的 Robert Catellier。

I wondered if you could start with giving us a description of how you think the recent Supreme Court depending on the impact of Assessment Act that will impact your appetite for asset development in Canada?

我想知道您是否可以先向我們描述您如何看待最近最高法院根據《評估法案》的影響，這將影響您對加拿大資產開發的興趣？

Yes. Robert, I think it's a little bit early. Obviously, you can read a lot of tea leaves in this. The federal government says they're going to make some adjustments and fix that. I'm not sure exactly what that means. And so we'll have to consider that over the coming months and years. So that's one. I think you also have to think about it from the clean electricity standards. And none of this really immediately solves just the overall getting certificate certificates to move forward with major pipelines from my perspective.

是的。羅伯特，我覺得現在有點早了。顯然，你可以從中讀到很多茶葉。聯邦政府表示他們將做出一些調整並解決這個問題。我不確定這到底是什麼意思。因此，我們必須在未來幾個月和幾年內考慮這一點。這就是其中之一。我想你也要從清潔電力標準來思考。從我的角度來看，這些都不能真正立即解決整體獲取證書以推進主要管道的問題。

So I'm not -- I think it's status quo at this point in time. I don't see it impacting any of the projects that we have in a big way in Canada. As you know, most of those are inter intra provincial. So whether it's things going on in Ontario or major projects in British Columbia, they are within the province. And so I don't see a major issue from that perspective. But I just think it's early days, wherever we'll have to see, it's not easy to build anything anywhere. And that's why we kind of like having that portfolio of businesses where we can pick and choose with the best returns and the most accretive projects across multiple jurisdictions. But yes, I think time is going tell I would say a better answer for you, Rob, and I just don't think it's clear yet where they're going to go.

所以我不是——我認為這就是目前的現狀。我認為這不會對我們在加拿大的任何項目產生重大影響。如您所知，其中大部分是省內的。所以無論是安大略省的事情還是不列顛哥倫比亞省的重大項目，都是在省內進行的。因此，從這個角度來看，我不認為有重大問題。但我只是認為現在還處於早期階段，無論我們必須看到，在任何地方建造任何東西都不容易。這就是為什麼我們喜歡擁有這樣的業務組合，我們可以在多個司法管轄區挑選具有最佳回報和最具增值性的項目。但是，是的，我認為時間會證明我會給你一個更好的答案，羅布，我只是認為目前還不清楚他們要去哪裡。

Right. Okay. And then a similar question in the U.S. As you look at U.S. offshore wind projects having some difficulty with supply chain and everything else. How does this play into your gas transmission assets, including the Algonquin open season? And what do you think is possible with respect to that open season in terms of the scale of what you might accomplish?

正確的。好的。美國也存在類似的問題，美國離岸風電計畫在供應鏈和其他方面都存在一些困難。這對您的天然氣傳輸資產（包括阿岡昆開放季）有何影響？您認為在那個開放賽季中您可能會取得什麼成就？

Yes. I'll let Cynthia answer. But I guess just from a macro perspective, I think we've been extremely careful at Enbridge of considering pace. And I think the pace of the transition, I think it served us very by sticking with gas assets with liquid assets with keeping our renewables business. So I really do think we -- you've heard us pitch it for a long time in all of the above strategy, and it's going to continue.

是的。我會讓辛西亞回答。但我想，僅從宏觀角度來看，我認為我們安橋在考慮速度方面非常謹慎。我認為轉型的步伐，我認為它對我們非常有幫助，堅持使用天然氣資產和流動資產，並維持我們的再生能源業務。所以我真的認為我們——你已經聽到我們在上述所有策略中宣傳它很長時間了，而且它會繼續下去。

But if anything, the last 24 months, whether it's activities in Europe, the war between Russia and the Ukraine or the war in the Middle East, the instability that's out there has really underline the need for North America infrastructure and North America infrastructure that looks at exports at to help in us stable regions. And probably one of the worst served areas is the Northeast. So Cynthia, do you want to speak to that?

但如果有什麼不同的話，那就是過去24 個月，無論是歐洲的活動、俄羅斯和烏克蘭之間的戰爭還是中東的戰爭，那裡的不穩定確實凸顯了對北美基礎設施的需求，而北美基礎設施看起來出口以幫助美國穩定地區。東北地區可能是服務最差的地區之一。辛西婭，你想談談這個嗎？

Yes. Thanks, Greg. We have been participating in many technical conferences with FERC and others to just address those issues. And these are near-term reliability concerns. So yes, there'll be more in the future potentially for those concerns if you see any wind development scale there.

是的。謝謝，格雷格。我們一直在與 FERC 和其他機構一起參加許多技術會議，以解決這些問題。這些都是近期的可靠性問題。所以，是的，如果你看到那裡有任何風力開發規模，未來可能會有更多的擔憂。

But this is really to this open season is to address near-term issues as well as some peaking issues that are starting to create these problems and dynamics in the Northeast. So we have 2 different options that we're speaking to the -- our customers up in the Northeast for this Project Maple Salem receipt and then another from Ramapo receipt.

但這實際上是為了這個開放季節解決近期問題以及一些開始在東北地區造成這些問題和動態的高峰問題。因此，我們有兩種不同的選擇，我們正在與東北部的客戶討論楓樹塞勒姆計畫收據，然後選擇拉馬波收據。

So what we see for that opportunity, one would be up to 500 Dth per day the other receipt is 250 Dth per day. So there's been a lot of interest we're having great conversations. We -- that open season closed on November 17. So more to come as we work with our customers to find what the best Receipt Point, what the best build-out is, but we'll continue to do that. In-service dates for these projects is targeted to be in 2029.

因此，我們對這個機會的看法是，一張收據每天最多 500 Dth，另一張收據每天 250 Dth。所以大家對我們進行了很好的對話很感興趣。我們的開放季節已於 11 月 17 日結束。因此，我們將與客戶合作尋找最佳收貨點、最佳擴建，但我們將繼續這樣做。這些項目的投入使用日期預計為 2029 年。

So lots of work to go, and I'm sure we'll continue to have more and more discussions as we see more of that energy transition in the U.S. Northeast.

還有很多工作要做，我相信，隨著我們看到美國東北部發生更多的能源轉型，我們將繼續進行越來越多的討論。

And the only other thing I'd add is kind of related. I really don't see North American offshore as something that's attractive to us, it would not fit our risk parameters from a return perspective, a risk and getting it very different than what we've seen in Europe with really long-term contracts with things that actually get done on time. I think people often forget there's only one operating offshore wind facility in North America, I think, still today and it took 1.5 decades to get done. Maybe there's 2, but they're small. So that -- just to be clear, that's not something that we find attractive.

我要補充的唯一一件事是相關的。我真的不認為北美離岸對我們有吸引力，從回報的角度來看，它不符合我們的風險參數，這是一種風險，與我們在歐洲看到的長期合約非常不同。真正按時完成的事情。我認為人們經常忘記北美只有一個正在運作的離岸風電設施，直到今天仍然如此，花了 1.5 年才建成。也許有 2 個，但它們很小。因此，需要明確的是，這不是我們認為有吸引力的東西。

No, I understand that last point. I was just saying the dynamics offshore for offshore one are actually playing into your hands with your gas assets. But thanks for those answers.

不，我理解最後一點。我只是說海上的動態實際上正在利用您的天然氣資產發揮作用。但感謝這些答案。

The next question is from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to come back to the conservation of capital allocation if it could, especially in light of rates moving up sharply here. I'm just wondering how that has impacted your thoughts on the different components of capital allocation. Particularly as it relates to acquisitions on renewables, I think there's a concern in the marketplace that the returns there are a bit more -- or a bit lower.

如果可以的話，我只是想回到資本配置的保護上來，特別是考慮到這裡的利率急劇上升。我只是想知道這對您對資本配置不同組成部分的想法有何影響。特別是當它與再生能源的收購有關時，我認為市場上有這樣的擔憂：回報率會更高或更低。

And so just wondering how you see that factoring in times it seems like in midstream, there's a preference for return of capital here. So just wondering how that all kind of blends together in this new environment.

所以只是想知道你如何看待在中游時期考慮的因素，這裡有資本回報的偏好。所以只是想知道這一切是如何在這個新環境中融合在一起的。

Sure. I'll start, and then Pat can chime in. Look, obviously, we're not blind to interest rate move. So from a direct exposure perspective, we have virtually no floating rate debt this year, and we're around 10% next year. So that's obviously an important factor to consider.

當然。我先開始，然後帕特可以插話。看，顯然，我們並不是對利率變動視而不見。因此，從直接風險敞口的角度來看，我們今年幾乎沒有浮動利率債務，明年的浮動利率債務約為 10%。所以這顯然是一個需要考慮的重要因素。

Secondly, most of our virtual or regulated assets have some element of inflation and pass-through on interest rates. Often impacting the return on equity, i.e., increasing it. And then the third point I would make is, obviously, higher interest rates mean that -- as we -- the size of our company gets so many opportunities coming out of the business units have to hit a higher hurdle to make sure that those projects are accretive.

其次，我們大多數的虛擬或受監管資產都具有一定的通貨膨脹和利率傳導因素。通常會影響股本報酬率，也就是增加股本報酬率。然後我要說的第三點是，顯然，較高的利率意味著 - 作為我們 - 我們公司的規模從業務部門獲得如此多的機會必須遇到更高的障礙以確保這些項目是增值的。

On the wind stuff specifically though, I think that's why you see that in both the asset with -- the German offshore asset and even on the RNG stuff, long-term contracts are really important to make sure that you know what you're getting into and the returns before you finance it. So Pat, you want to add further to that?

特別是在風電方面，我認為這就是為什麼你會看到在德國海上資產甚至 RNG 資產中，長期合約對於確保你知道你會得到什麼非常重要在您進行融資之前，先考慮並獲得回報。帕特，你想補充嗎？

Yes. I think that's right. I think when you think about your comment around certain renewable assets may be getting not the returns and yet, I think we do see that in the market and those aren't ones we're interested in. The one we've just announced today is an asset we're very familiar with. We've been operating and running it for a number of years. It's got a long contract left on it. So it's very specific in the Europe offshore opportunity for us.

是的。我認為這是對的。我認為當你想到你對某些可再生資產的評論可能沒有得到回報時，我認為我們確實在市場上看到了這一點，而這些並不是我們感興趣的。我們今天剛剛宣布的是我們非常熟悉的資產。我們已經運營它很多年了。還剩下一份很長的合約。因此，對我們來說，歐洲離岸機會非常具體。

And then in North America, we continue to look for things to do. But again, we're going to be very selective, they're going to have to meet the increased hurdle rate, as Greg talked about. And they're going to have to really fit into that risk, low-risk nature with lots of long-term contracts EPC agreements, things like that. So I think we're very comfortable with the ones that we've announced today, and they'll have the new products, we'll have to compete at an even higher [clip] than they have historically.

然後在北美，我們繼續尋找可以做的事情。但同樣，我們將非常有選擇性，他們將必須滿足增加的門檻率，正如格雷格所談到的。他們必須真正適應這種風險、低風險的性質，簽訂大量長期合約、EPC 協議等。所以我認為我們對今天宣布的產品非常滿意，他們將推出新產品，我們將不得不以比他們歷史上更高的水平進行競爭。

And Jeremy, from a return on capital perspective, obviously, the dividend has always been the key component for us here at Enbridge. And I think we are very set up nicely and comfortable with our 60% to 70% payout. That's allowed us to fund businesses internally, but also make sure that we will reward shareholders and our owners who we're talking about decades of steady, reliable dividend growth and expect that to continue.

傑里米，從資本回報率的角度來看，顯然，股息一直是我們安橋的關鍵組成部分。我認為我們對 60% 到 70% 的支出設定得很好，也很滿意。這使我們能夠在內部為企業提供資金，同時也確保我們能夠獎勵股東和所有者，我們正在談論他們幾十年來穩定、可靠的股息成長，並期望這種情況能夠持續下去。

Got it. And just with offshore wind a little bit more here. Just wondering if you could confirm whether you're going to consolidate the newly acquired wind farm into EBITDA. It seems like I think on the slide, there's a significant increase in EBITDA in 2024. So wondering on that there. And just to confirm, I guess, on the last part there as far as renewables that hold the most interest for you where there could be future acquisitions. It's really European offshore wind in U.S. North American RNG kind of the 2 focal areas if there's going to be future renewable purchases?

知道了。這裡還有更多的海上風。只是想知道您是否可以確認是否要將新收購的風電場合並到 EBITDA 中。我認為在幻燈片上，2024 年 EBITDA 將顯著增加。所以對此感到好奇。我想，只是為了確認最後一部分，就您最感興趣的再生能源而言，未來可能會進行收購。如果未來會購買再生能源，那麼歐洲離岸風電和美國北美 RNG 確實是兩個重點領域嗎？

Well, Matthew here, yes. Remember, this is a German project that we've been involved with. So there's -- yes, it will be consolidated in the power business. I'm not sure we've got offshore renewables in Europe today that we're building out and we're very comfortable with those and love those and the contracts that they have.

嗯，馬修在這裡，是的。請記住，這是我們參與的德國計畫。所以，是的，它將整合到電力業務中。我不確定我們今天在歐洲是否擁有我們正在建造的海上可再生能源，我們對這些感到非常滿意，並且喜歡這些以及他們所擁有的合約。

But obviously, you'll recall that we bought a solar and renewable development business here in the United States last year and we're very focused on building out those development projects that they have, too. So it may not be so much on the acquisition side. I'm sure we'll look at picking up stuff for the reasons you point out. But Pat, do you want to speak to Europe and/or U.S.?

但顯然，您會記得我們去年在美國購買了一家太陽能和再生能源開發業務，我們也非常專注於建造他們擁有的那些開發項目。所以收購方面可能沒那麼重要。我相信我們會考慮根據您指出的原因來挑選一些東西。但是帕特，您想與歐洲和/或美國交談嗎？

Sure. Maybe just briefly to add, not a lot more to add. But I think the key is our strategy here has been really differentiated. As you can see, we -- there's a lot of turbulence in this space. I think our strategy of being disciplined, focusing on contracted assets has really panned out for us here. And this is more of that. These assets that we're picking up today still 17 years left on the PPA. It's basically government backed. We have years of operating history, double-digit returns still on these. So they're very good returns and a great partner that's the kind of stuff we'll do. We're going to be very, very selective, especially in offshore given what you're seeing out there.

當然。也許只是簡單地添加，而不是添加更多內容。但我認為關鍵是我們的策略確實與眾不同。正如你所看到的，我們這個領域存在著許多動盪。我認為我們遵守紀律、專注於合約資產的策略在這裡確實取得了成功。不僅如此。我們今天收購的這些資產距離 PPA 還剩 17 年。基本上都是政府支持的。我們有多年的經營歷史，這些回報仍然是兩位數。所以他們是非常好的回報，也是一個很好的合作夥伴，這就是我們要做的事情。考慮到您所看到的情況，我們將非常非常挑剔，尤其是在海上。

And then with onshore, we're basically organically driven in the U.S. We've got some great projects that are advancing nicely, still on track to realize project FIDs in the coming months on some of those. But again, they always have to hit our return parameters. We have to derisk them and ensure we have the right commercial construct. But we do see more growth, particularly on the organic side in North America as we head into early next year, Jeremy.

然後在陸上，我們基本上是在美國有機驅動的。我們有一些進展順利的偉大項目，其中一些項目仍有望在未來幾個月內實現項目最終投資決定。但同樣，他們總是必須達到我們的回傳參數。我們必須消除它們的風險並確保我們擁有正確的商業結構。但我們確實看到了更多的成長，特別是在明年初，北美的有機方面，傑里米。

And maybe, Jeremy, I would just add, I think your question around consolidate may have been how we're going to reflect in our financials. We'll still own just under 50% to equity account for this going forward. There is, as we noted, a piece of debt that comes with it that will be on our books. But otherwise, we'll just equity account for this asset.

也許，傑里米，我想補充一點，我認為你關於合併的問題可能是我們將如何反映在我們的財務中。未來我們仍將持有略低於 50% 的股權。正如我們所指出的，隨之而來的一筆債務將記在我們的帳上。但除此之外，我們將只對該資產進行權益核算。

The next question is from Linda Ezergailis with TD Cowen.

下一個問題是 Linda Ezergailis 和 TD Cowen 提出的。

Great. Just stepping back a little bit, trying to understand there seems to be a growing amount of opportunities given your incumbency in certain regions. Where are -- do you expect to see the most investing opportunities over the next years? Can you just stratify between utilities, renewables, RNG, carbon hydrogen ammonia when we see that ramping up versus your legacy gas and liquids pipelines because you do have some liquid initiatives going on as well. Can you just help us understand that?

偉大的。退後一步，試著了解一下，鑑於您在某些地區的任職，似乎有越來越多的機會。您預計未來幾年最多的投資機會在哪裡？當我們看到與您的傳統天然氣和液體管道相比，您是否可以在公用事業、可再生能源、RNG、碳氫化合物之間進行分層，因為您確實也有一些液體計劃正在進行中。你能幫我們理解一下嗎？

And then further to that, looking out over the medium term as well, is tuck-in going to be the tilt and the focus, do you think, given that you might get some immediate accretion from that versus the longer lead times for building? Or can you comment on the mix that you expect tuck-in versus greenfield, brownfield?

更進一步，從中期來看，你認為，考慮到你可能會從中獲得一些直接的增值，而不是較長的建設週期，那麼，塞進去是否會成為傾斜和焦點？或者你能評論一下你所期望的混合土地與綠地、棕地的混合嗎？

Sure, a lot in here. Let me try to unpack it a little bit. So from an opportunistic perspective, from a dollar size perspective, I think if you look at our backlog, the biggest piece is in the gas transmission business. The second biggest piece is in the utility business now that we bring on the 3 utilities in the U.S., I think there's about USD 3.5 billion of capital there through '27. So those are the 2 big chunks. But as you point out, there's great opportunities on the liquid side, which are super efficient from a capital perspective and therefore, very highly returning.

當然，這裡有很多。讓我試著把它拆開一點。因此，從機會主義的角度來看，從美元規模的角度來看，我認為如果你看看我們的積壓訂單，最大的部分是天然氣輸送業務。第二大塊是公用事業業務，現在我們在美國引進了 3 家公用事業公司，我認為到 27 年，那裡的資本約為 35 億美元。這些是兩大塊。但正如您所指出的，流動性方面存在巨大的機會，從資本角度來看，這些機會非常高效，因此回報率非常高。

And then Matthew's business has got the development projects. So I think there's a little bit in every area. I would say in terms of tuck-ins, yes, we look at everything. We've got the big utilities to bring on site. But as Pat pointed out a little earlier, the tuck-ins have to meet some high hurdle rates from an accretion perspective. So it's a little bit of everything. I don't see us doing any major M&A here as we bring in the 3 utilities in the United States to make sure that they're really integrated with the system.

然後馬修的公司就得到了開發案。所以我認為每個領域都有一點。我想說的是，就折邊而言，是的，我們會考慮一切。我們已將大型公用設施帶到現場。但正如帕特早些時候指出的那樣，從增值的角度來看，折騰必須滿足一些高門檻率。所以一切都只是一點點。我認為我們不會在這裡進行任何重大併購，因為我們引入了美國的 3 家公用事業公司，以確保它們真正與系統整合。

But we see a lot of stuff. And I think that's a great opportunity for us to really high-grade those opportunities for the business units to sharpen their pencil on that front. And then ultimately, we got to make sure that it stays within our 4.5 to the 5x debt-to-EBITDA and allows us to continue to grow the dividend. So yes, that's where I would feel. Pat, I don't know, would you want to add anything to that?

但我們看到了很多東西。我認為這對我們來說是一個很好的機會，可以真正提高業務部門在這方面磨礪鉛筆的機會。最終，我們必須確保債務與 EBITDA 的比率保持在 4.5 到 5 倍之間，並使我們能夠繼續增加股息。所以是的，這就是我的感覺。帕特，我不知道，你想補充什麼嗎？

Yes. I mean maybe just a comment on kind of the mix of tuck-ins versus longer build. I actually think we kind of like the mix that we have. If you think about the longer lower multiple build projects that we have in the BC where we've got -- it takes a little bit longer, but it's a good returning very low risk part of the cost of service type asset. Then you supplement that a little bit with some of these tuck-ins that have immediate cash flow that comes in right the door.

是的。我的意思是，也許只是對折疊與更長構建的混合進行評論。我實際上認為我們有點喜歡我們現有的組合。如果你考慮我們在不列顛哥倫比亞省擁有的較長、較低的多個構建項目——它需要更長的時間，但它是服務類型資產成本的一個很好的回報非常低風險的部分。然後你用一些可以立即產生現金流的東西來補充這一點。

And then add to that, you've got these new utilities in the U.S. that have really quick capital. It's not kind of the benefit of both of them, which is -- it's got the low multiple and it comes in quick and you get a return on it quick. So I think we like the actual complementary way that these all operate together, and it's why I think we like that we have that optionality. So I think that's all I'd add to that, Greg.

除此之外，美國的這些新公用事業公司擁有非常快速的資本。這不是他們兩者的好處，而是──它的本益比低，而且來得快，你很快就能得到回報。所以我認為我們喜歡這些東西一起運作的實際互補方式，這就是為什麼我認為我們喜歡我們有這種選擇權。所以我想這就是我要補充的全部內容，格雷格。

Just a quick follow-up. Just trying to understand when we might start to see your FIDs on any sort of carbon capture or hydrogen or ammonia related projects might we see something significant on that front over the next 24 months?

只是快速跟進。只是想了解一下，我們什麼時候可能開始看到你們對任何類型的碳捕獲或氫或氨相關項目的最終投資決定，我們是否會在未來 24 個月內看到這方面的重大進展？

Yes. Maybe I think 12 months might be kind of tough base has been an important one, but it depends at least from the CCS here in Canada and the Gulf. Do you want to speak to those and then maybe chat a little bit about hydrogen too.

是的。也許我認為 12 個月可能是一種堅韌的基礎，但它至少取決於加拿大和海灣地區的 CCS。你想和那些人談談，然後也聊聊氫嗎？

Yes. No, it's a great question, and we're working on a number of options. I think as Pat has laid out. So in Canada, Wabamun. I think everybody is kind of ready for, we need some policy conclusions from our federal government here. But I think everyone is in position to take investment decisions if those come through. Later in 2024, for example. And if you want to put points on the board in Canada, that would be a timely plus. At Ingleside our ammonia project and carbon hub there, late '24, early '25 FID there. Anybody want to add anything there?

是的。不，這是一個很好的問題，我們正在研究多種選擇。我認為正如帕特所闡述的。所以在加拿大，Wabamun。我認為每個人都已經做好準備，我們需要聯邦政府才能得出一些政策結論。但我認為，如果這些成功的話，每個人都可以做出投資決定。例如，2024 年晚些時候。如果你想在加拿大的董事會上加分，那將是一個及時的加分。在 Ingleside，我們的氨計畫和碳中心於 24 年末、25 年初進行了 FID。有人想在那裡增加什麼嗎？

We, I think we've got hydrogen opportunities in (inaudible) that's pretty new, but that's kind of a late decade stuff. So going to be real careful on that front. I think things like the renewables, things like the RNG and CCS, I think those are more near-term opportunities. I think the hydrogen, the blue ammonia project is different, given the players that we're working with there, both our sequestration partner there with Oxy and the assets we already have there from a pipeline perspective. And then, of course, the great export facility, we have a fabulous partner in Yara, who -- this is -- they're a business that the largest user of ammonia in the world. So that may be a little bit unique.

我們，我認為我們在（聽不清楚）氫方面有機會，這是相當新的，但那是十年後的事情。所以在這方面要非常小心。我認為再生能源、RNG 和 CCS 等都是近期的機會。我認為氫、藍氨計畫是不同的，考慮到我們在那裡合作的參與者，我們在那裡的封存合作夥伴 Oxy，以及從管道角度來看我們已經在那裡擁有的資產。然後，當然，偉大的出口設施，我們在雅苒有一個出色的合作夥伴，他們是世界上最大的氨用戶的企業。所以這可能有點獨特。

But we're going to be careful on that front. Linda, it goes back to this pace issue. You want to -- you don't want to be on the bleeding edge. We want to be on the leading edge, and we've got $25 billion of organic projects set today. So delivery on those is our first and foremost priority.

但我們會在這方面保持謹慎。琳達，這又回到了速度問題。你想——你不想處於最前線。我們希望處於領先地位，今天我們已經啟動了價值 250 億美元的有機項目。因此，交付這些是我們的首要任務。

The next question is from Rob Hope with Scotiabank.

下一個問題來自豐業銀行的 Rob Hope。

Two quick ones for me. I want to go back to the discussion with tuck-ins. Just given the choppiness that we're seeing in the markets currently with the rising rates as well as, we'll call it, lessening availability of capital for some participants. Have you seen the valuations for potential tuck-ins come down such that you may want to accelerate investment in them?

對我來說兩個快點。我想回到關於折邊的討論。考慮到我們目前在市場上看到的波動，利率上升，以及我們所說的，減少了一些參與者的可用資金。您是否看到潛在投資的估值下降，以至於您可能想加快對它們的投資？

Well, we've definitely seen some valuation come down. I wouldn't say we want to accelerate. We've been very disciplined on that. As we said, historically, and you got $2.5 billion to $3 billion of capacity available to do tuck-ins. So that's going to be a good regulator for us as well. But yes, you've seen some multiples come down, but it depends on the assets, right? It depends on the contracting of those assets. It depends on the seller do they need to sell stuff. So I don't think you can universally look at that and say maybe not tuck-ins, but obviously not tuck-in us buying the 3 utilities.

嗯，我們確實看到了一些估值的下降。我不會說我們想要加速。我們在這方面一直都非常自律。正如我們所說，從歷史上看，您有 25 億至 30 億美元的可用容量來進行用餐。所以這對我們來說也將是一個很好的調節器。但是，是的，你已經看到一些市盈率下降了，但這取決於資產，對嗎？這取決於這些資產的承包情況。這取決於賣家是否需要賣東西。因此，我認為您不能普遍看待這一點，並說也許不可以“塞進去”，但顯然不能“塞進去”我們購買這 3 種公用事業。

But the price we get there was really fabulous, but you then saw follow-on transactions from other folks selling gas utilities, which were more typical 1.92x rate base. So I think it just depends on the seller in the location. But I would say it's definitely, there's lots of opportunity out there, and that lets us be very choosy while still staying within our 4.5 to 5x debt to EBITDA targets.

但我們得到的價格確實非常高，但隨後您會看到其他銷售天然氣公用事業的人的後續交易，這是更典型的 1.92 倍費率基礎。所以我認為這僅取決於該位置的賣家。但我想說，這是肯定的，那裡有很多機會，這讓我們非常挑剔，同時仍然保持在 EBITDA 目標的 4.5 到 5 倍債務範圍內。

And then just moving over to Dominion, while early days, kind of any incremental feedback you can give on your discussions with stakeholders there, looks like HSR is good.

然後就轉向 Dominion，而在早期，您可以在與利益相關者的討論中提供任何增量反饋，看起來 HSR 很好。

Michele has been waiting for your questions.

米歇爾一直在等待您的提問。

Thanks very much. And thanks, Robert. Things are going really well on the -- bringing the utilities in. We certainly -- we filed all the key required applications federally and in the states of the jurisdiction for regulating the utilities. We've got a dedicated integration team that's set up with a senior leader on it that really has a lot of experience in the utility and in the integration side of things brought together the Spectra and the Union Gas and Enbridge Gas side of things.

非常感謝。謝謝，羅伯特。事情進展得非常順利——引入公用事業。我們當然——我們在聯邦和各州提交了監管公用事業的所有關鍵所需申請。我們有一個專門的整合團隊，由一位高級領導者組成，該團隊在公用事業和整合方面擁有豐富的經驗，將 Spectra 、聯合天然氣公司和安橋天然氣公司的業務整合在一起。

And we're really happy with the relationship we've got with Dominion. So I actually have the pleasure of probably 30 or more town halls across the 3 utilities following the announcement, and I've met with the chairs, commissioners and customer advocates of the public utility commissions in each state. And I have to say the reaction has been universally positive. The commitment that Enbridge has to local communities to the important natural gas has to play in the energy evolution.

我們對與 Dominion 的關係感到非常滿意。因此，在宣布這一消息後，我實際上很高興與3 個公用事業公司的大約30 個或更多市政廳進行了會面，並且我會見了每個州公用事業委員會的主席、專員和客戶倡導者。我不得不說，大家的反應普遍正面。安橋對當地社區對重要天然氣的承諾必須在能源發展中發揮作用。

And really importantly, the best-in-class safety and reliability has all been super received by employees by all stakeholders. So we're feeling pretty good that we should be able to meet the time lines we've set out for ourselves. I mean it's early yet to see anything from interveners but we really don't expect to see any significant barriers to our expectation that we close on all of them by the end of 2024.

真正重要的是，一流的安全性和可靠性得到了所有利害關係人員工的高度認可。因此，我們感覺非常好，我們應該能夠滿足為自己設定的時間表。我的意思是，現在要看到干預措施還為時過早，但我們確實預計不會出現任何重大障礙，從而影響我們在 2024 年底之前關閉所有乾預措施的預期。

Just maybe a little more detail. We probably expect Ohio to go first, followed shortly after by Utah and Wyoming and then North Carolina we expect to close last and that's not really due to any concerns. It's just the order is really a function of the regulatory processes in each jurisdiction. So things are going great.

也許只是更詳細一點。我們可能會預計俄亥俄州將首先關閉，緊隨其後的是猶他州和懷俄明州，然後是北卡羅來納州，我們預計最後關閉，這並不是因為任何擔憂。只是該命令實際上是每個司法管轄區監管流程的函數。所以事情進展順利。

Yes. The only thing I'd add is I don't say that Dominion has been awesome from a coordination perspective, and quite obviously, they want to get the transactions close. But some period of time through the heat and negotiations, not everybody is on the same page and they've just been a class act and they want to make sure these are done well, both for the people, both for the business and obviously, the customers we serve and obviously, great alignment on making sure we do the right thing for our investors as well.

是的。我唯一要補充的是，我並不是說 Dominion 從協調的角度來看非常棒，而且很明顯，他們希望完成交易。但經過一段時間的激烈談判，並不是每個人都意見一致，他們只是集體行動，他們希望確保這些工作做得很好，無論是對人民，還是對企業，顯然，我們服務的客戶，顯然，我們在確保我們為投資者做正確的事情上保持了良好的一致性。

The next question is from Ben Pham with BMO.

下一個問題來自 BMO 的 Ben Pham。

Can you comment on what was driving the strong mainline volumes during the quarter and then the flow-through to row exports?

您能否評論一下是什麼推動了本季幹線運輸量的強勁成長以及對行出口的影響？

Yes, thanks for the question. The mainline is super resilient. I think you've proven that over and over and over over decades. Speaking to the quarter, supply has been building. I think maybe that's been quietly lost in the equation here. So we've seen supply quietly grow or significantly apportioned during the last couple of the months to prove that point out.

是的，謝謝你的提問。主線具有超強的彈性。我認為幾十年來你已經一遍又一遍地證明了這一點。就本季而言，供應一直在增加。我想也許這一點已經悄悄消失在方程式中了。因此，我們看到過去幾個月供應量悄悄成長或顯著分配，證明了這一點。

Keep in mind, we're doing everything we can to move every barrel we can. We're incentivized to do so. It's a win-win for Enbridging customers. And therefore, some of that spilled over into rail exports, right, to clear the market. The market is backwardated. So producers want to monetize their product quickly and inventories are kind of average historically speaking.

請記住，我們正在盡一切努力移動我們能移動的每一桶。我們有動力去做。這對於 Enbridging 客戶來說是雙贏的。因此，其中一些溢出到了鐵路出口，以清理市場。市場存在現貨溢價。因此，生產商希望快速將其產品貨幣化，而從歷史角度來看，庫存處於平均水平。

So there's still a lot of demand pull utilizations or high refineries from activity and also demand pull there from a dearth of foreign imports. So I think most of the stars are aligned to support mainline volumes here. And I think -- you'll see this in our late November guidance when we put segment guidance out. I think we're going to see strong EBITDA forecasted for '24 on the back of what we were just talking about. And so don't see a lot of TMX offload. I think that concept is being oversimplified generally. And I think we're going to see pretty robust volumes in '24 as well?

因此，仍然有大量的需求拉動利用率或煉油廠的活動，以及由於外國進口的缺乏而導致的需求拉動。所以我認為大多數明星都是為了支持這裡的主線捲而排列的。我認為，當我們發布細分指導時，您會在 11 月底的指導中看到這一點。我認為，根據我們剛才討論的內容，我們將看到 24 年的強勁 EBITDA 預測。因此，不會看到大量 TMX 卸載。我認為這個概念總體上被過於簡化了。我認為我們在 24 年也會看到相當強勁的銷售量？

Okay. Colin and maybe on the balance sheet, could you update us remaining hybrid capacity room. And given reinvestment program, are you able to share what's the key driver of initiating that? And how early how late could you have to make the decision?

好的。科林，也許在資產負債表上，您能否向我們更新剩餘的混合容量空間。鑑於再投資計劃，您能否分享啟動該計劃的關鍵驅動因素是什麼？您必須提前多久做出決定？

So I think on the hybrid, I think the reason we said we had in the range of $4 billion to $6 billion of hybrid capacity. We saw us do about $3.5 billion, $3.6 billion of that right after the announcement. So we've got some capacity there as we go through it. And sorry, the last comment was on the DRIP. Yes. I mean, I think we'll consider as we talked about all the options that we have whether that be asset sales more hybrids as you just talked about, the fact that ATM or DRIP will assess that. We haven't activated it as we speak yet. It's something we'll consistently move through the year at our capital needs.

因此，我認為在混合動力方面，我認為我們之所以說我們擁有 40 億至 60 億美元的混合產能。我們看到我們做了大約 35 億美元，其中 36 億美元是在宣布後立即完成的。因此，當我們經歷這個過程時，我們有一定的能力。抱歉，最後的評論是關於 DRIP 的。是的。我的意思是，我認為，當我們討論我們擁有的所有選項時，我們會考慮是否是資產銷售，或者是像您剛才談到的混合體，ATM 或 DRIP 將會對此進行評估。我們說話時還沒有激活它。這是我們全年將根據我們的資本需求持續推進的事情。

Can I maybe follow up on that, but let's say you've initiated the DRIP starting '24? And you see a quick population that doesn't meet the 25%. But if you push it into 2025, it can meet it. Is there opportunity for now in your discussions of agencies and your funding plan that could work or you need to fulfill everything by the end of 2024. Does that question make sense, yes?

我可以跟進嗎？假設您已從 24 年開始啟動 DRIP？你會發現人口數很快就達不到 25%。但如果推到2025年，它就能滿足。現在在您討論的機構和您的資助計劃中是否有機會可以發揮作用，或者您需要在 2024 年底之前完成所有工作。這個問題有意義嗎？

Yes. I mean I think we've had really good conversations around the fact that we've committed as we have to the equity markets and to our fixed income investors that we'll finance this appropriately. We'll get the projects in by the end of 2024, and we'll do what we have to do from a balance sheet perspective to make sure that we're in good shape entering '25. I think '25 is really a year that they're most interested in because that's where we'll have all the EBITDA.

是的。我的意思是，我認為我們圍繞著這樣一個事實進行了非常好的對話：我們已經向股票市場和固定收益投資者承諾，我們將為此提供適當的融資。我們將在 2024 年底之前完成這些項目，我們將從資產負債表的角度做我們必須做的事情，以確保我們在進入 25 年後處於良好狀態。我認為 25 年確實是他們最感興趣的一年，因為那是我們擁有所有 EBITDA 的地方。

And so we've got some time to do this, then remember also that -- there's lots of different options we have as we move through this, and we'll see which is most beneficial to our shareholders and our bondholders as we move through that.

因此，我們有一些時間來做這件事，然後還要記住——在我們經歷這個過程的過程中，我們有很多不同的選擇，我們會看到哪一個對我們的股東和債券持有人最有利那。

Yes. I think you could -- let's see how the other pieces go, pretty highly confident in our ability as we've talked about, given historics on recycling. And then as Pat said, you've got the other capabilities and then you look at whether you need to drive the AGM.

是的。我認為你可以——讓我們看看其他部分進展如何，鑑於回收的歷史，我們對我們所討論的能力非常有信心。然後，正如帕特所說，你已經具備了其他能力，然後你看看是否需要推動年度股東大會。

Our final question is from Brian Reynolds with UBS.

我們的最後一個問題來自瑞銀集團的布萊恩雷諾茲。

Maybe to follow up on some of the capital allocation questions, perhaps through the lens of how transformational M&A is going to impact some of the return of capital opportunities over the near term. Can you just update us on the dividend per share outlook of 3% to 5% as we think about 2024, is that maintained? Or could we effectively see Enbridge optimize long-term shareholder value by supporting the balance sheet as it executes some of these funding needs over the near term?

也許是為了跟進一些資本配置問題，也許是透過轉型併購將如何影響近期資本機會回報的視角。您能否向我們介紹一下關於 2024 年每股股息 3% 至 5% 的最新情況，這項預測是否維持不變？或者，我們能否有效地看到安橋透過支持資產負債表來優化長期股東價值，因為它在短期內滿足了其中一些融資需求？

Yes. Absolutely. Look, I think we can do more than one thing at 1 point in time. And I think we've proven that historically by staying in that 4.5 to 5x on the debt-to-EBITDA and the balance sheet structure as well as return capital to shareholders. And the best way to do that is through dividend growth. And as we've said, we expect to grow the dividend consistent with our DCF. You've seen us do that over time, and I think you can expect to continue to see that. But I guess I would hedge a little bit from, yes, we'll lay all that out for you in our guidance for next year.

是的。絕對地。看，我認為我們可以在 1 個時間點做不只一件事。我認為我們已經透過將債務與 EBITDA 之比、資產負債表結構以及股東資本回報率保持在 4.5 到 5 倍的水平來證明了這一點。實現這一目標的最佳方法是透過股息成長。正如我們所說，我們預期股息的成長與折現現金流保持一致。隨著時間的推移，您已經看到我們這樣做了，而且我認為您可以期待繼續看到這一點。但我想我會稍微迴避一下，是的，我們將在明年的指導中為您列出所有這些內容。

But I -- we're very comfortable with where we are on dividend payout and where we are on the balance sheet. And that is all driven by the fact we have deeply reduced any risk of the business by setting up utility type structures in all of our businesses. So we think that's the right structure. It's a bit unique than other folks. But and you see that even this quarter. Some companies have G&P and have moved around and they've seen valuations change from a G&P perspective because you've got volume risk and commodity risk directly or indirectly.

但我——我們對股息支付和資產負債表的狀況感到非常滿意。這一切都是因為我們透過在所有業務中建立公用事業類型結構，大大降低了業務風險。所以我們認為這是正確的結構。與其他人相比，它有點獨特。但即使在本季你也能看到這一點。一些公司擁有 G&P，並且已經進行了調整，他們從 G&P 的角度看到了估值的變化，因為直接或間接地面臨數量風險和商品風險。

We don't have that. Virtually, none of it. We got a little slug of DCP left. But instead, you've got a very risk resilient and reduced entity over the last several years. And again, we think that allows us to both do what we've been able to do on the balance sheet very comfortably and return shareholders' capital through dividend growth.

我們沒有那個。事實上，都沒有。我們還剩下一點 DCP。但相反，在過去的幾年裡，你已經擁有了一個非常具有風險抵禦能力和減少的實體。再說一次，我們認為這使我們能夠非常輕鬆地完成我們在資產負債表上能夠做的事情，並透過股息成長回報股東資本。

Great. Appreciate that. And as a quick follow-up, the realized toll seem to be much higher than the posted toll for the quarter. So can you just help us understand the drivers there? And as we think about the mainline pooling settlement pushed from Q2 to Q4 for October -- from October, anything to read into that? And just to confirm, is there anything that can effectively change between what was announced and what will be final.

偉大的。感謝。作為快速跟進，實際的死亡人數似乎遠高於本季公佈的死亡人數。那麼您能幫助我們了解那裡的驅動程式嗎？當我們考慮 10 月主線池結算從第二季推到第四季時——從 10 月開始，有什麼值得解讀的嗎？只是為了確認一下，在宣布的內容和最終的內容之間是否有任何可以有效改變的內容。

Yes, it's Colin. Maybe the latter point first. Yes. No, we're working with industry to fully paper the settlement agreement from May it's unchanged. I wouldn't read much into it. It takes time, and there's also other things that has been working on other applications and filings from others. But it's trending well (inaudible) of that filed before year-end. I think on the performance during the quarter, I think it's all of the above, volumes, toll costs everything. So we're managing that asset as industry has incentivized us to do so. And I think you should expect more of the same.

是的，這是科林。也許首先是後一點。是的。不，我們正在與業界合作，從 5 月開始全面簽署和解協議，該協議保持不變。我不會讀太多。這需要時間，而且還有其他事情正在處理其他申請和其他人的文件。但年底前提交的申請趨勢良好（聽不清楚）。我認為就本季的表現而言，我認為是上述所有內容、數量、通行費成本。因此，我們正在管理該資產，因為行業激勵我們這樣做。我認為你應該期待更多相同的事情。

I'll leave it there.

我會把它留在那裡。

I'll now turn it over to Rebecca Morley for any closing remarks.

現在我將把它交給麗貝卡·莫利 (Rebecca Morley) 進行總結發言。

Great. Thank you, and we appreciate your ongoing interest in Enbridge. As always, our Investor Relations team is available following the call for any additional questions that you may have. Once again, thank you, and have a good day.

偉大的。謝謝您，我們感謝您對安橋的持續關注。像往常一樣，我們的投資者關係團隊將在電話會議後為您解答任何其他問題。再次感謝您，祝您有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。