恩橋 (ENB) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Enbridge Fourth Quarter and Year-End 2023 Financial Results Conference Call. My name is Rebecca Morley, and I'm the Vice President of the Investor Relations team. Joining me this morning are Greg Ebel, President and CEO; Pat Murray, Executive Vice President and Chief Financial Officer; and the heads of each of our business units, Colin Gruending, Liquids Pipelines; Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage; and Matthew Akman, Renewable Power. (Operator Instructions) Please note that this conference call is being recorded.

早上好，歡迎參加安橋 2023 年第四季和年底財務業績電話會議。我叫麗貝卡·莫利，是投資人關係團隊的副總裁。今天早上和我一起來的是總裁兼執行長 Greg Ebel；帕特‧莫瑞（Pat Murray），執行副總裁兼財務長；以及我們每個業務部門的負責人，液體管道部門 Colin Gruending； Cynthia Hansen，天然氣輸送和中游；米歇爾‧哈拉登斯 (Michele Harradence)，天然氣輸送與儲存；和馬修阿克曼，可再生能源。 （操作員說明）請注意，本次電話會議正在錄音。

As per usual, this call is being webcast, and I encourage those listening on the phone to follow along with the supporting slides.

像往常一樣，這次電話會議正在網路直播，我鼓勵那些在電話裡收聽的人跟隨支持幻燈片進行觀看。

We'll try to keep the call to roughly 1 hour. And in order to answer as many questions as possible, we will be limiting the questions to 1 plus a single follow-up, if necessary. 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 will be happy to respond. As always, our Investor Relations team will be available following the call for any follow-up questions.

我們會盡量將通話時間控制在 1 小時左右。為了回答盡可能多的問題，如有必要，我們會將問題限制為 1 個，再加上一個後續問題。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，他們將很樂意回覆。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。

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

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。接下來，我會將其交給 Greg Ebel。

Well, thanks very much, Rebecca, and good morning, everyone. Thanks for joining us again. I'm pleased to be here today to recap a record fourth quarter and 2023 results. Throughout the year, the Enbridge team worked hard to execute on our strategic priorities and ensure Enbridge remains the first choice for energy delivery in North America and beyond. These efforts further enhanced our long-term value proposition, which we'll talk about today, along with providing you an update on our businesses.

嗯，非常感謝，麗貝卡，大家早安。感謝您再次加入我們。我很高興今天能夠在這裡回顧創紀錄的第四季和 2023 年業績。全年，安橋團隊努力執行我們的策略重點，確保安橋仍然是北美及其他地區能源傳輸的首選。這些努力進一步增強了我們的長期價值主張，我們今天將討論這一點，並向您提供有關我們業務的最新資訊。

Pat will then walk you through our financial performance, our capital allocation priorities and our outlook. And as always, the Enbridge team will be available to answer any questions you may have at the end of the presentation. Folks, I'm really proud of the Enbridge team for all its achievements in 2023. We met our financial guidance for the 18th straight year and once again exceeded the midpoint for both EBITDA and DCF per share, demonstrating the low-risk predictable nature of our business.

然後帕特將向您介紹我們的財務業績、我們的資本配置優先事項和我們的前景。像往常一樣，安橋團隊將在演示結束時回答您可能提出的任何問題。各位，我為安橋團隊在2023 年取得的所有成就感到自豪。我們連續18 年達到了我們的財務指引，並再次超過了每股EBITDA 和DCF 的中點，這證明了我們的低風險可預測性我們的業務。

Sustainably returning capital to shareholders remains a key priority, and our investors are benefiting from that as we increased our dividend by 3.1% this year, marking our 29th consecutive annual increase. Our debt to EBITDA, including the prefunding, was 4.1x, leaving ample balance sheet room in preparation for the closing of the U.S. gas utility acquisitions in 2024. In addition to the outstanding financial performance, we had an equally impressive year operationally. Enbridge employees matched our best-ever company safety performance. We had high utilization rates across our systems and set record throughputs on the mainline, Gray Oak and at our Ingleside export facility.

可持續地向股東返還資本仍然是一個關鍵優先事項，我們的投資者也從中受益，因為我們今年將股息增加了 3.1%，這是我們連續第 29 次年度增加。我們的EBITDA 債務（包括預融資）為4.1 倍，為2024 年完成美國天然氣公用事業收購做好準備，留下了充足的資產負債表空間。除了出色的財務表現外，我們的營運也同樣令人印象深刻。安橋員工的安全表現與我們公司有史以來最好的安全表現不相上下。我們的系統利用率很高，並且在主線、Grey Oak 和我們的 Ingleside 出口設施上創造了創紀錄的吞吐量。

We also concluded open seasons on Flanagan South, southern Lights and Algonquin gas pipeline and are about to initiate an open season for the expanded capacity on Gray Oak Pipeline, which we expect to be very positively received. On the execution front, we filed with the unanimous customer approval, the mainline tolling agreement with the Canadian Energy Regulator and expect approval in the coming months. The settlement we filed is consistent with the terms we outlined for you in May and is a win-win-win for the customers, for industry and for Enbridge, and I'll touch on that more later in the presentation.

我們也結束了弗拉納根南、南極光和阿爾岡昆天然氣管道的開放季節，並即將啟動灰橡樹管道擴大產能的開放季節，我們預計會得到非常積極的反應。在執行方面，我們向加拿大能源監管機構提交了乾線收費協議，並獲得了客戶的一致批准，預計將在未來幾個月內獲得批准。我們提交的和解協議與我們在 5 月為您概述的條款一致，對於客戶、行業和 Enbridge 來說是三贏的，我將在稍後的演示中詳細討論這一點。

The sale of our interest in Alliance and Aux Sable continues our track record of recycling capital at the attractive multiples and put us in a position where we have largely completed the funding for utility acquisitions. I'm extremely proud of the organic growth projects we announced in 2023, securing an additional $10 billion to our growth backlog, which will help to drive low-risk returns to shareholders for years to come. We announced the acquisition of 3 gas utilities, which will create the largest integrated gas utility in North America as well as several accretive tuck-in acquisitions in other business units. These transactions will enhance our service offering to customers and blend and extend our growth for years to come.

出售 Alliance 和 Aux Sable 的權益延續了我們以有吸引力的倍數回收資本的記錄，並使我們基本上完成了公用事業收購的融資。我對我們在 2023 年宣布的有機成長項目感到非常自豪，這些項目為我們的成長儲備增加了 100 億美元，這將有助於在未來幾年為股東帶來低風險回報。我們宣布收購 3 家天然氣公用事業公司，這將創建北美最大的綜合天然氣公用事業公司，並對其他業務部門進行多項增值收購。這些交易將增強我們為客戶提供的服務，並整合並擴大我們未來幾年的成長。

Lastly, we placed over $2 billion of growth capital into service, primarily through our GTM modernization and utility growth capital programs. Of course, sustainability continues to be a key component of our license to operate. Last May, we published our 22nd annual sustainability report, which highlights our industry-leading performance on environmental, social and governance issues as well as progress on our Indigenous Reconciliation Action Plan. Today, I'm pleased to report that we've already met 10 of those commitments with continued efforts on the remaining elements.

最後，我們主要透過 GTM 現代化和公用事業成長資本計劃，將超過 20 億美元的成長資本投入服務。當然，永續性仍然是我們經營許可的關鍵組成部分。去年 5 月，我們發布了第 22 份年度永續發展報告，重點介紹了我們在環境、社會和治理議題上的產業領先表現，以及我們在原住民和解行動計畫方面取得的進展。今天，我很高興地向大家報告，我們已經履行了其中 10 項承諾，並繼續努力履行其餘承諾。

When it comes to emission reductions, our approach continues to be leading edge, not bleeding edge. And our recent R&D investments as well as the Ingleside blue ammonia project we're partnering with Yara, are strategically aligned with this philosophy. Before I move on to the business, I want to take a moment to highlight our record financial performance. 2023 EBITDA is up 6% from last year, primarily due to the strong performance from our Liquids business unit. DCF per share is up 1% even after absorbing the dilution impact from the upfront $4.6 billion equity issuance in September to finance the utility acquisitions.

在減排方面，我們的方法仍然處於領先地位，而不是前沿。我們最近的研發投資以及我們與雅苒合作的 Ingleside 藍氨計畫在策略上都符合這一理念。在繼續開展業務之前，我想花點時間強調我們創紀錄的財務表現。 2023 年 EBITDA 比去年成長 6%，這主要歸功於我們液體業務部門的強勁表現。即使在吸收了 9 月為公用事業收購融資而預先發行 46 億美元股票所帶來的稀釋影響後，每股 DCF 仍上漲了 1%。

And our balance sheet is well positioned ahead of the closings of the gas utilities at 4.1x debt to EBITDA. Altogether, another excellent year of financial performance ahead of the midpoint of our guidance and in line with our multiyear outlook. Pat will walk you through the main drivers of the strong fourth quarter shortly.

在天然氣公用事業公司關閉之前，我們的資產負債表處於有利位置，債務為 EBITDA 的 4.1 倍。總而言之，這是另一個出色的一年，其財務表現超越了我們指導的中點，並符合我們的多年前景。帕特很快就會帶您了解強勁的第四季度的主要驅動因素。

As we reflect on 2023, I want to remind everyone why our business is a first-choice investment opportunity. Our assets generate strong, reliable and growing cash flows that are underpinned by low-risk, commercial frameworks and a stable balance sheet. We consistently and sustainably return capital to shareholders and late last year announced our 29th consecutive annual dividend increase. 2023 was a hallmark year for growth at Enbridge with approximately $23 billion of announced acquisitions and $10 billion of new projects adding both greater visibility and duration to our growth outlook. And consistent with our vision, we continue to develop Enbridge's lower carbon strategy, benefiting the enterprise and supporting an appropriately paced global energy transition.

當我們回顧 2023 年時，我想提醒大家為什麼我們的業務是首選的投資機會。我們的資產產生強勁、可靠且不斷成長的現金流，並以低風險的商業框架和穩定的資產負債表為基礎。我們持續、可持續地向股東返還資本，並於去年底宣布連續 29 次增加年度股利。 2023 年是 Enbridge 成長的標誌性一年，宣布了約 230 億美元的收購和 100 億美元的新項目，提高了我們成長前景的可見度和持續時間。與我們的願景一致，我們將繼續制定安橋的低碳策略，使企業受益並支持適當節奏的全球能源轉型。

Enbridge is operating from a position of strength and its predictable cash flow growth, low business risk and strong total return profile makes it a first-choice investment opportunity. So let's take a minute and revisit the low-risk nature of Enbridge's businesses. As I mentioned earlier, 2023 marked the 18th consecutive year of meeting our financial guidance. And as indicated upfront, we achieved this without needing to adjust the bought deal equity issuance from our financial results.

安橋的經營實力雄厚，其可預測的現金流成長、低商業風險和強勁的總回報使其成為首選投資機會。因此，讓我們花一點時間重新審視安橋業務的低風險性質。正如我之前提到的，2023 年是我們連續 18 年達到我們的財務指導目標。正如前面所指出的，我們實現了這一目標，而無需根據我們的財務表現調整購買的交易股權發行。

2023 showcased the predictability of our business amid continued geopolitical instability, persistent inflation and rising interest rates. This is as a result of the 98% of Enbridge's earnings being generated from either cost-of-service or take-or-pay contract assets. Our debt portfolio is less than 10% exposed to floating rate volatility. Our customer base is over 95% investment grade, and 80% of our EBITDA is earned from assets with protection against inflation.

2023 年展示了我們業務在持續的地緣政治不穩定、持續的通貨膨脹和利率上升的情況下的可預測性。這是因為安橋 98% 的收入來自服務成本或照付不議的合約資產。我們的債務投資組合受浮動利率波動影響的比例不到 10%。我們的客戶群超過 95% 為投資等級，我們 80% 的 EBITDA 是從具有抗通膨能力的資產中賺取的。

We're rated BBB+ by all rating agencies and remain committed to our long-held leverage target of 4.5x to 5x. Our business risk is sector-leading amongst our midstream peers and the Gas Utilities acquisition will only enhance that. Now let's spend a few minutes on the key accomplishments of each of the business units, and we'll start with liquids. Liquids Pipeline really delivered record utilization once again in 2023. The mainline transported over 3.2 million barrels per day during the fourth quarter and averaged 3.1 million barrels per day for the full year.

我們被所有評級機構評為 BBB+，並繼續致力於實現我們長期持有的 4.5 倍至 5 倍槓桿目標。我們的業務風險在中游同業中處於領先地位，收購天然氣公用事業公司只會增強此風險。現在，讓我們花幾分鐘時間來了解每個業務部門的主要成就，我們將從液體開始。 2023 年，液體管道確實再次實現了創紀錄的利用率。第四季度，該幹線每天運輸超過 320 萬桶，全年平均每天運輸 310 萬桶。

These numbers are a new all-time high and result from our team's continuous efforts to optimize our pipeline network. Growing production out of the Permian Basin and increased export demand continues to draw record crude oil volumes through our integrated Gray Oak pipeline and, of course, Ingleside export terminal. We also concluded an oversubscribed binding open season on Southern Lights, which will lock up 165,000 barrels per day of existing capacity that was coming up for renewal in 2025.

這些數字創下歷史新高，是我們團隊不斷努力優化管網的結果。二疊紀盆地不斷增長的產量和不斷增加的出口需求繼續透過我們的綜合灰橡樹管道以及英格爾塞德出口碼頭吸引創紀錄的原油量。我們也結束了 Southern Lights 的超額認購約束開放季，這將鎖定每天 165,000 桶的現有產能，這些產能將於 2025 年更新。

We filed our mainline tolling settlement with the Canadian energy regulator in December and expect an expedited review process. Our customers will receive the competitive and responsive service they are accustomed to, Enbridge will earn attractive risk-adjusted returns and the mainline will continue to feed North American and global markets with a long-term source of safe, secure and affordable energy. When approved, the mainline will continue to earn an attractive risk-adjusted return on equity between 11% and 14.5%.

我們在 12 月向加拿大能源監管機構提交了乾線收費和解協議，預計審核流程將會加快。我們的客戶將獲得他們所習慣的有競爭力和響應迅速的服務，安橋將獲得有吸引力的風險調整回報，主線將繼續為北美和全球市場提供長期的安全、可靠和負擔得起的能源。獲得批准後，主線將繼續獲得 11% 至 14.5% 之間有吸引力的風險調整股本回報率。

The agreement also includes customer support for Line 5 capital expenditures, ensuring that this critical piece of infrastructure remains operational and Enbridge can continue to deliver reliable and affordable energy to Michigan, Ohio and Eastern Canada. The settlement was unanimously approved by the Representative Shipper Group, and we're grateful for the support from our customers. Downstream of the mainline, we successfully concluded the 110,000 barrel per day open season on Flanagan South Pipeline. This secures full path transportation from Western Canada to the U.S. Gulf Coast, ensuring the mainline remains well utilized.

該協議還包括對 5 號線資本支出的客戶支持，確保這項關鍵基礎設施保持運行，並且安橋能夠繼續向密西根州、俄亥俄州和加拿大東部提供可靠且負擔得起的能源。和解得到了代表托運人集團的一致批准，我們感謝客戶的支持。在幹線下游，我們成功結束了弗拉納根南管道每天 11 萬桶的開放季節。這確保了從加拿大西部到美國墨西哥灣沿岸的全程運輸，確保幹線保持良好的利用。

Earlier in 2023, we sanctioned the initial phase of the Enbridge Houston Oil Terminal. This greenfield project located at the terminus of the Seaway Pipeline, will provide shippers with 2.7 million barrels of premier storage that is accessible by the Houston refineries. In the Permian region, we're still planning to initiate an open season for the Gray Oak pipeline in the coming months that will offer full path export service from the Permian Basin all the way to our Ingleside docs. And on the low carbon front, we're progressing the feed engineering for a blue ammonia production facility at Ingleside. This potential investment highlights the value of existing and diversified infrastructure to the energy transition.

2023 年初，我們批准了安橋休士頓石油碼頭的初始階段。這個綠地計畫位於 Seaway Pipeline 的終點站，將為托運人提供 270 萬桶優質儲存，可供休士頓煉油廠使用。在二疊紀地區，我們仍計劃在未來幾個月啟動 Grey Oak 管道的開放季節，提供從二疊紀盆地一直到我們的 Ingleside 文件的全程出口服務。在低碳方面，我們正在推動英格爾賽德藍氨生產設施的進料工程。這項潛在投資凸顯了現有多元化基礎設施對能源轉型的價值。

The proposed facility will source feed gas from our Texas Eastern gas pipeline and the associated emissions will be sequestered in a nearby carbon storage facility through our partnership with Oxy, all of which further underlines the value enhancement opportunities, our integrated liquids, natural gas and lower carbon platform offers customers and investors.

擬議的設施將從我們的德克薩斯州東部天然氣管道獲取原料氣，相關排放物將通過我們與Oxy 的合作被封存在附近的碳儲存設施中，所有這些都進一步強調了價值提升機會，我們的綜合液體、天然氣和較低的成本。碳平台為客戶和投資者提供。

Finally, we continue to advance the technical evaluation work for the planned carbon capture utilization and storage hub in the Wabamun area. So let's move on to gas transmission. Starting in Canada, we closed the acquisition of Aitken Creek gas storage, a 77 Bcf working capacity facility in British Columbia, which is uniquely positioned to support local demand and upcoming Canadian LNG exports. And in December, we sold our interest in Alliance and Aux Sable for proceeds of $3.1 billion, continuing our track record of servicing value for shareholders through ongoing capital recycling.

最後，我們持續推進Wabamun地區規劃的碳捕集利用和封存中心的技術評估工作。那麼讓我們繼續討論天然氣傳輸。從加拿大開始，我們完成了對 Aitken Creek 儲氣庫的收購，這是一個位於不列顛哥倫比亞省的 77 Bcf 工作容量設施，該設施具有獨特的優勢，可以支持當地需求和即將到來的加拿大液化天然氣出口。 12 月，我們出售了 Alliance 和 Aux Sable 的股權，收益達 31 億美元，透過持續的資本回收繼續為股東提供服務價值。

This transaction reduces our commodity price exposure and proceeds helped to finance the upcoming utility acquisitions. We've also refined our engineering estimates for the 300 million cubic feet per day expansion of the T-South gas pipeline in British Columbia. The total project is estimated to cost $4 billion, up from $3.6 billion originally. The increased costs are based on recent Class 4 estimates, which includes extensive engineering analysis, community consultation and also includes lessons learned from recently completed projects in the region.

這項交易減少了我們的商品價格風險，收益有助於為即將進行的公用事業收購提供資金。我們也完善了不列顛哥倫比亞省 T-South 天然氣管道每天 3 億立方英尺擴建工程的工程估算。整個計畫預計耗資 40 億美元，高於最初的 36 億美元。增加的成本是基於最近的 4 級估算，其中包括廣泛的工程分析、社區諮詢，還包括從該地區最近完成的項目中學到的經驗教訓。

Of course, before proceeding, we will ensure that the full investment and return is recoverable through our cost-of-service framework on the West Coast pipeline. In the U.S., we continue to extend our LNG service offering as we progress the Rio Bravo Pipeline and the Venus extension pipeline, which we expect to place into service later this year. We've concluded an open season on the Algonquin pipeline system for additional gas delivery to New England. And we're pleased with the results and are currently evaluating potential options to satisfy our customers' needs.

當然，在繼續之前，我們將確保透過西海岸管道的服務成本框架可以收回全部投資和回報。在美國，隨著 Rio Bravo 管道和 Venus 延伸管道的進展，我們將繼續擴大我們的液化天然氣服務範圍，預計今年稍後投入使用。我們已經結束了阿岡昆管道系統的開放季節，以向新英格蘭提供額外的天然氣。我們對結果感到滿意，目前正在評估滿足客戶需求的潛在選擇。

In March, we acquired Tres Palacios, which adds 35 Bcf of working gas storage and enhances our customer service offering in the area. This facility is a key piece of infrastructure that serves local gas-fired power generation, LNG exports and pipeline capacity to Mexico. Finally, we announced the acquisition of several high-quality operating landfill waste RNG assets in Texas, in Arkansas from Morrow Renewables. These investments align with Enbridge's utility-like cash flow framework and are underpinned by long-term offtake contracts.

3 月份，我們收購了 Tres Palacios，增加了 35 Bcf 的工作氣體儲存量，並增強了我們在該地區的客戶服務。該設施是為當地燃氣發電、液化天然氣出口和墨西哥管道輸送能力提供服務的關鍵基礎設施。最後，我們宣布從 Morrow Renewables 收購位於德克薩斯州和阿肯色州的幾個高品質營運垃圾掩埋場廢棄物 RNG 資產。這些投資符合安橋類似公用事業的現金流框架，並以長期承購合約為基礎。

The landfills we acquired are expected to double in size by 2040 with minimal capital investment, which will supplement our growth for years to come. The Morrow Renewables investment aligns well with our corporate strategy and supports our energy transition and growth expectations. Turning to gas distribution and storage. Enbridge Gas had a strong year. We added 46,000 new customers, which was ahead of expectations. We invested $1.2 billion, modernizing and expanding the distribution network during '23 to support the growing needs for reliable and affordable energy in the province.

預計到 2040 年，我們收購的垃圾掩埋場規模將以最少的資本投資擴大一倍，這將補充我們未來幾年的成長。莫羅再生能源公司的投資與我們的企業策略非常契合，並支持我們的能源轉型和成長預期。轉向天然氣分配和儲存。安橋天然氣公司今年表現強勁。我們新增 46,000 名新客戶，超出預期。我們在 2023 年投資了 12 億加元，對配電網路進行現代化改造和擴建，以滿足該省對可靠且負擔得起的能源日益增長的需求。

In December, the Ontario Energy Board issued its decision on our rebasing application for 2024. And overall, we're not pleased with the outcome. As it doesn't align with the provincial government's policy on the future of natural gas within Ontario nor the affordability and reliability of gas for our residential and industrial customers. While the decision itself isn't material to Enbridge's '24 guidance, we filed a notice of appeal with the divisional court and a notice of motion with the OEB regarding several aspects of this decision that we believe are inconsistent and amount to an error in law. In the meantime, we will continue to focus on delivering safe and reliable energy for our customers in Ontario.

12 月，安大略省能源委員會發布了關於我們 2024 年基準調整申請的決定。總的來說，我們對結果並不滿意。因為它不符合省政府關於安大略省天然氣未來的政策，也不符合我們的住宅和工業客戶的天然氣負擔能力和可靠性。雖然該決定本身對 Enbridge 的 '24 指南並不重要，但我們就該決定的幾個方面向分院提交了上訴通知，並向 OEB 提交了動議通知，我們認為這些方面不一致並構成法律錯誤。同時，我們將繼續專注於為安大略省的客戶提供安全可靠的能源。

Now moving to the gas utility acquisitions in the U.S. We continue to be very excited about the transaction, including the fact that it was executed at a historically attractive valuation of 1.3x the forward rate base. The assets all operate in supportive and transparent jurisdictions and will add low-risk regulated earnings in quick cycle, rate base investment opportunities to our backlog.

現在轉向美國天然氣公用事業收購。我們仍然對這筆交易感到非常興奮，包括它是以遠期利率基礎的 1.3 倍的歷史上有吸引力的估值執行的。這些資產均在支持性且透明的司法管轄區運營，並將在快速週期中為我們的積壓訂單增加低風險的監管收益和利率基礎投資機會。

As you can see on the slide, we've prefunded approximately 85% of the aggregate purchase price since we announced the transaction in September last year, and all 3 are on track to close in 2024. So with that, let's jump into the renewables. Our scale and diversification and investing approach to renewables allows us to continue to find attractive opportunities even as returns compress for many across the sector. In Germany, we acquired additional interest in the Hohe See and Alberta's offshore wind farms. These are high-quality operating assets that we know well and the transaction is immediately accretive to our DCF.

正如您在幻燈片中所看到的，自去年9 月宣布交易以來，我們已經預付了總購買價格的約85%，所有3 個項目都有望在2024 年完成。因此，讓我們進入可再生能源領域。我們的規模、多元化以及對再生能源的投資方式使我們能夠繼續尋找有吸引力的機會，即使該行業許多人的回報壓縮。在德國，我們獲得了 Hohe See 和阿爾伯塔省離岸風電場的額外權益。這些是我們熟知的高品質營運資產，交易會立即增加我們的折現現金流。

In France, we continue to approach the commercial operation dates for both Fécamp and Provence Grand Large in early 2024. And Calvados is scheduled to come into service in 2025. Enbridge was also awarded the right to develop a 1 gigawatt offshore wind farm in Normandy, which we expect could enter service around 2030.

在法國，我們繼續接近 Fécamp 和 Provence Grand Large 的商業運營日期為 2024 年初。Calvados 計劃於 2025 年投入使用。Enbridge 還獲得了在法國開發 1 吉瓦海上風電場的權利。諾曼第號，我們預計將於2030 年左右投入使用。

We'll be developing that wind farm with EDF, continuing a partnership of successful developments in the renewable space. And then last November, we extended the partnership onshore in North America where we jointly are constructing and operating the 577-megawatt Fox Squirrel Solar facility in Ohio. The initial phase of this project generates about 150 megawatts and was placed into service in December 2023. Our portfolio of late-stage onshore development projects continues to approach the construction-ready phase with expected 2025 in-service dates.

我們將與 EDF 一起開發此風電場，繼續在再生能源領域的成功開發方面建立合作夥伴關係。去年 11 月，我們將合作夥伴關係擴展到北美陸上，共同建造和營運位於俄亥俄州的 577 兆瓦 Fox Squirrel Solar 設施。該專案的初始階段發電量約為 150 兆瓦，並於 2023 年 12 月投入使用。我們的後期陸上開發專案組合繼續接近施工準備階段，預計將於 2025 年投入使用。

And finally, we also placed 3 solar self-power projects into service during the year, adding some 30 megawatts of capacity and reducing our mainline emissions footprint. So now I'll pass it off to Pat to walk through our financial results.

最後，我們還在年內投入了 3 個太陽能自發電項目，增加了約 30 兆瓦的容量，並減少了我們的幹線排放足跡。現在我將把它交給帕特來介紹我們的財務表現。

Thanks, Greg, and good morning, everyone. I'm very pleased to present a record quarter and full year financial results here at Enbridge. And as Greg mentioned earlier, we exceeded the midpoint of our 2023 EBITDA and DCF per share guidance, representing our 18th straight year of achieving or beating our outlook. Year-over-year, fourth quarter EBITDA was up over 5%, and DCF is up 3%. Our DCF per share is down 2%, including the dilution related to the derisking of the financing plan for the gas utility acquisition. These quarterly results cap off a fantastic year for Enbridge and are underpinned by a high utilization across all our systems.

謝謝格雷格，大家早安。我很高興在安橋公佈創紀錄的季度和全年財務業績。正如格雷格之前提到的，我們超過了 2023 年 EBITDA 和 DCF 每股指引的中點，這代表我們連續 18 年實現或超越了我們的預期。與去年同期相比，第四季 EBITDA 成長超過 5%，DCF 成長 3%。我們的每股 DCF 下降了 2%，其中包括與天然氣公用事業收購融資計劃去風險相關的稀釋。這些季度業績為安橋美好的一年畫上了圓滿的句號，並以我們所有系統的高利用率為基礎。

In liquids, our mainline transported a record 3.2 million barrels per day during the fourth quarter. Our Mid-Continent and Gulf Coast assets also delivered strong operational results with Ingleside and Gray Oak setting new quarterly volume records. These record volumes were partially offset by the lower mainline toll, which took place on July 1. Gas Transmission is down marginally over the quarter due to the timing of revenue recognition related to the Texas Eastern case in the fourth quarter of last year.

在液體方面，我們的幹線第四季每天運輸創紀錄的 320 萬桶。我們的中大陸和墨西哥灣沿岸資產也取得了強勁的營運業績，Ingleside 和 Grey Oak 創下了新的季度銷售記錄。這些創紀錄的交易量被 7 月 1 日發生的干線通行費降低所部分抵消。由於去年第四季度與德克薩斯東部案件相關的收入確認時間，天然氣傳輸在本季度略有下降。

EGI continues to benefit from higher distribution rates from EGI's incentive rate mechanism despite a mild winter negatively impacting fourth quarter results by about $30 million compared to normal conditions. Our renewable business improved during the quarter, primarily from the increased interest in our German offshore wind assets, which closed in early November. Energy Services results improved compared to the same quarter last year due to the expiry of transportation commitments, as we have noted in prior quarters and less pronounced backwardation in commodity markets. Realized foreign exchange had losses were lower in the fourth quarter as our hedge rate was right around the spot rate of $1.35.

儘管暖冬對第四季業績造成較正常情況約 3000 萬美元的負面影響，但 EGI 仍繼續受益於 EGI 激勵機制的較高分配率。我們的再生能源業務在本季度有所改善，主要是由於人們對我們於 11 月初關閉的德國離岸風電資產的興趣增加。正如我們在前幾個季度所指出的，由於運輸承諾到期以及大宗商品市場不那麼明顯的現貨溢價，能源服務業績較去年同期有所改善。由於我們的對沖匯率正好在 1.35 美元的即期匯率附近，第四季已實現的外匯損失較低。

Below the line in DCF per share and as expected, higher interest expense, the effect of the bought deal I mentioned earlier and lower distributions in excess of earnings from our equity investments, partially offset by higher EBITDA and operations this quarter. With that, let's quickly review the year ahead. I'm pleased to reaffirm Enbridge's 2024 EBITDA guidance range of $16.6 billion to $17.2 billion and DCF per share guidance of $5.40 to $5.80 per share. This represents 4% EBITDA growth versus the 2023 guidance midpoint.

低於每股DCF 的線和預期的那樣，較高的利息支出、我之前提到的收購交易的影響以及超出我們股權投資收益的較低分配，部分被本季度較高的EBITDA 和營運所抵消。說到這裡，讓我們快速回顧一下未來的一年。我很高興重申 Enbridge 2024 年 EBITDA 指引範圍為 166 億美元至 172 億美元，每股 DCF 指引範圍為每股 5.40 美元至 5.80 美元。這意味著 EBITDA 較 2023 年指引中位數成長 4%。

As a reminder, our 2024 guidance is set on the base business, excluding the EBITDA, CapEx and associated financing impact of the U.S. gas utilities expected to close throughout this year. The reason we chose to issue guidance excluding the acquisition, is that we want to showcase the strength of our base business and how it is performing relative to the growth outlook we shared at our Investor Day last March. There's some uncertainty around the timing of the close for the LDCs, but we do expect some level of contribution from all 3 utilities this year, and I'll discuss that on the next slide.

需要提醒的是，我們的 2024 年指引是針對基本業務制定的，不包括預計在今年關閉的美國天然氣公用事業公司的 EBITDA、資本支出和相關融資影響。我們選擇發布不包括收購的指引的原因是，我們希望展示我們基礎業務的實力，以及它相對於我們在去年三月投資者日分享的成長前景的表現。最不發達國家的關閉時間存在一些不確定性，但我們確實預計今年所有 3 個公用事業公司都會做出一定程度的貢獻，我將在下一張幻燈片中討論這一點。

There are a few key assumptions underpinning our 2024 guidance. Our 2024 mainline volume forecast is approximately 3 million barrels per day. This estimate was struck using TMX's public and service date estimate when we release guidance. For reference, apportionment on the mainline rose throughout the fourth quarter, and our December throughput averaged 3.26 million barrels per day. Today, we have more conviction than ever that the mainline will continue to be very well utilized for years to come. We also included the sale of our interest in Alliance and Aux Sable and the guidance we provided in November.

我們的 2024 年指導方針有一些關鍵假設。我們對 2024 年主線產量的預測約為每天 300 萬桶。這項估計是根據我們發布指南時 TMX 的公開和服務日期估計得出的。作為參考，第四季幹線分配量增加，12 月平均吞吐量為 326 萬桶/日。今天，我們比以往任何時候都更有信心，主線將在未來幾年繼續得到很好的利用。我們還包括出售我們在 Alliance 和 Aux Sable 中的權益以及我們在 11 月提供的指導。

As is practiced at Enbridge, we've minimized our foreign exchange and interest rate exposure for the upcoming year, the U.S. dollar-denominated DCF is almost entirely hedged at 135 and less than 10% of our total debt portfolio exposed to interest rates volatility in 2024.

正如安橋的做法，我們已經最大限度地減少了來年的外匯和利率風險，以美元計價的DCF 幾乎完全以135 進行對沖，我們總債務投資組合中受到利率波動影響的債務投資組合不到10% . 2024 年。

Now let's look briefly at the EBIT implications from the expected closing of the gas utilities. We continue to expect staggered closes of the utilities throughout the year. Each will provide incremental contributions above our base business guidance. Given that the time line for regulatory approvals are fluid, we limited the associated incremental contributions from our guidance. That being said, if the utilities close on schedule, our overall EBITDA could exceed the upper band of the guidance range while per share metrics in 2024 will be impacted by the full year of share dilution.

現在讓我們簡要地看一下預計關閉天然氣公用事業公司對息稅前利潤的影響。我們仍然預計公用事業公司全年將錯開關閉。每個人都將提供高於我們基本業務指導的增量貢獻。鑑於監管審批的時間線不穩定，我們限制了指南中相關的增量貢獻。話雖這麼說，如果公用事業公司按計劃關閉，我們的整體 EBITDA 可能會超過指導範圍的上限，而 2024 年的每股指標將受到全年股票稀釋的影響。

Let's turn over to our secured growth outlook. Our secured growth program sits at $24 billion. New to the table this quarter is the addition of the Fox Squirrel Solar Phase 2 and the incremental capital for T cell Sunrise expansion as well as another year of utility growth and GTM modernization capital.

讓我們轉向我們的安全成長前景。我們的安全成長計畫規模達 240 億美元。本季新增的項目包括 Fox Squirrel Solar 第二期的增加和 T cell Sunrise 擴建的增量資本，以及另一年的公用事業成長和 GTM 現代化資本。

In 2023, we added an additional $10 billion of new secured capital to our backlog, adding visibility and duration to our multiyear growth outlook, which I look forward to discussing more at Enbridge Day in March. We placed over $2 billion of organic capital into service, primarily from our utility growth program in Ontario and our GTM modernization program. With that, let's revisit Enbridge's capital allocation priorities before I turn the presentation back to Greg to wrap things up.

2023 年，我們在積壓訂單中額外增加了 100 億美元的新擔保資本，增加了我們多年增長前景的可見性和持續時間，我期待在 3 月份的安橋日上對此進行更多討論。我們將超過 20 億美元的有機資本投入到服務中，主要來自安大略省的公用事業成長計劃和 GTM 現代化計劃。至此，在我將演示轉回給格雷格總結之前，讓我們重新審視安橋的資本配置優先事項。

Our approach to capital allocation is focused on maximizing shareholders' return. We're excited by all the opportunities ahead of us, but we're going to grow in a disciplined manner while sticking to our leverage and payout targets. Enbridge is fully committed to our leverage guardrails of 4.5 to 5x debt to EBITDA, and we'll continue to operate within this range post the utility acquisitions. With the announced sale of Alliance and Aux Sable in 2023, we continue our track record of successfully high-grading our capital and we'll continue to look for opportunities to recycle assets at attractive multiples.

我們的資本配置方法著重於股東回報最大化。我們對眼前的所有機會感到興奮，但我們將以有紀律的方式發展，同時堅持我們的槓桿和支付目標。安橋完全致力於將債務與 EBITDA 比率控制在 4.5 至 5 倍，並且在公用事業收購後我們將繼續在此範圍內運作。隨著 2023 年宣佈出售 Alliance 和 Aux Sable，我們將繼續保持成功對資本進行高評級的記錄，並將繼續尋找機會以有吸引力的倍數回收資產。

In November, we announced a 3.1% increase to the; Enbridge dividend, our 29th consecutive annual increase. Our long-held dividend payout policy is 60% to 70% of DCF and we'll continue to grow the dividend up to our medium-term DCF per share growth. And with that, I'll turn it back to you, Greg.

11 月，我們宣布將利率提高 3.1%；安橋股利連續 29 年增加。我們長期持有的股息支付政策是 DCF 的 60% 至 70%，我們將繼續增加股息，直到中期 DCF 每股成長。有了這個，我會把它轉回給你，格雷格。

Well, thanks very much, Pat. As I reflect on my first year leading the team here at Enbridge, who are tasked with delivering on behalf of our investors. I'm pretty pleased with how 2023 came in and extremely excited about 2024 and beyond. The financial results from the businesses reached record levels, and the same was true of the operational results right across our business units. Whether it was continuing to execute on our organic growth projects, picking up tuck-in assets across our liquids, gas pipeline and renewable systems or reaching value-enhancing regulatory outcomes like the mainline toll settlement that serve our customers and investors.

嗯，非常感謝，帕特。當我回顧我在安橋領導團隊的第一年時，他們的任務是代表我們的投資者交付成果。我對 2023 年的到來感到非常滿意，並對 2024 年及以後感到非常興奮。這些業務的財務表現達到了創紀錄的水平，我們各個業務部門的營運表現也是如此。無論是繼續執行我們的有機成長項目，在我們的液體、天然氣管道和可再生系統中獲取資產，還是實現增值監管成果，例如為我們的客戶和投資者服務的干線通行費結算。

The team really delivered in 2023 and set up the company for continued long-term growth. We also continue to deliver record operational and safety results, which further underlines Enbridge's reputation as the first-choice provider of energy logistics for all of our stakeholders. And equally important, we further diversified and extended our geographic reach and opportunity set in the natural gas utility business with a significant acquisition of 3 great gas utilities in growth regions of the U.S., which will extend our growth aspirations through the decade. So a great job by the team on behalf of our investors and customers.

該團隊於 2023 年真正交付成果，並為公司的持續長期成長奠定了基礎。我們也持續取得創紀錄的營運和安全成果，這進一步鞏固了安橋作為所有利害關係人首選能源物流提供者的聲譽。同樣重要的是，我們透過對美國成長地區的3 家大型天然氣公用事業公司進行重大收購，進一步實現多元化並擴大了我們在天然氣公用事業業務中的地理覆蓋範圍和機會，這將延長我們在未來十年的成長願望。因此，我們的團隊代表我們的投資者和客戶做得非常出色。

I'm less pleased, of course, with the stock performance in 2023, yet very excited about its future. With growing earnings and dividends underpinned by not 1, not 2, but 3 of the top position businesses of their kind in North America, liquids pipelines, gas transmission and gas distribution and a fourth business renewables, very prudently becoming a top player, we expect to deliver excellent returns for our investors.

當然，我對 2023 年的股票表現不太滿意，但對其未來感到非常興奮。隨著利潤和股息不斷增長，由北美同類頂級企業（液體管道、天然氣傳輸和天然氣分配）以及第四個可再生能源業務（液體管道、天然氣輸送和天然氣分配）以及第四個可再生能源業務的支撐，我們預計將非常謹慎地成為頂級參與者為我們的投資者帶來豐厚的回報。

As a balanced view of energy transition and the key elements of that become increasingly clear to investors and policymakers alike, Enbridge's diversified and balanced portfolio looks increasingly like the first choice for investors. And while I'm not predicting interest rates, the inevitable easing of monetary policy will bring dividend yields on utility-like stocks such as Enbridge back into a more typical range relative to government bonds.

隨著投資者和政策制定者對能源轉型及其關鍵要素的平衡看法越來越清晰，安橋多元化和平衡的投資組合看起來越來越成為投資者的首選。雖然我沒有預測利率，但不可避免的貨幣政策寬鬆將使安橋等公用事業類股票的股息殖利率回到相對於政府公債更典型的範圍。

With our prudent capital allocation actions, strong commitment to the balance sheet, low risk and growing earnings and dividends, we will deliver long-term value for investors and serve our various stakeholders along the way with excellence.

憑藉我們審慎的資本配置行動、對資產負債表的堅定承諾、低風險以及不斷增長的收益和股息，我們將為投資者提供長期價值，並一路卓越地服務於我們的各個利益相關者。

Pat and I, along with our 4 business unit leaders, look forward to discussing our continued growth opportunities and this investment thesis at our upcoming Investor Day in New York on March 6. Hope to see you there. And now let's open the lines for your questions.

Pat 和我以及我們的 4 個業務部門領導者期待在 3 月 6 日即將於紐約舉行的投資者日上討論我們的持續增長機會和這篇投資論文。希望在那裡見到您。現在讓我們開始回答您的問題。

(Operator Instructions) Your first question comes from the line of Robert Catellier from CIBC Capital Markets.

（操作員說明）您的第一個問題來自 CIBC 資本市場部的 Robert Catellier。

Congratulations on the results. This question is probably better suited for Michele. I was wondering if you could characterize the progress you're making towards regulatory approval for the U.S. utilities. And specifically, can you comment on where you're trying to demonstrate a net benefit? Can you provide your view on rate case stay-out periods compared to other benefits that you might have as options to offer rate pairs?

祝賀結果。這個問題可能更適合米歇爾。我想知道您是否可以描述一下您在獲得美國公用事業監管部門批准方面所取得的進展。具體來說，您能評論一下您試圖在哪些方面展示淨收益嗎？與您可能提供的費率對選項中的其他福利相比，您能否提供您對費率案例停留期的看法？

Sure. So let me start just with the regulatory approval. We have 2 out of the 3 federal regulatory approvals in the hands of CFIUS and HSR. We're waiting on FCC for a couple of the utilities we received North Carolina, I think earlier this week, and we expect rest of those by mid-month. And then things are progressing really well with the 3 utilities from a state-level perspective. We expect -- we still expect Ohio to go first then Utah, then North Carolina and all of that through the course of this year. As you pointed out, with a couple of the utilities, we do want to be able to demonstrate a net benefit. We think overall for all of the utilities, we can demonstrate a net benefit. And a lot of that is going to be off of leveraging the fact that this creates the largest natural gas platform, 7 million customers, that ability to bring together the strengths of the different utilities rather.

當然。讓我從監管部門的批准開始。我們已獲得 CFIUS 和 HSR 手中 3 個聯邦監管批准中的 2 個。我們正在等待聯邦通信委員會 (FCC) 批准我們在本週早些時候收到的北卡羅來納州的一些公用設施，我們預計其餘的將在月中之前完成。從州級的角度來看，這 3 家公用事業公司的進展非常順利。我們預計——我們仍然預計俄亥俄州將首先領先，然後是猶他州，然後是北卡羅來納州，以及今年所有這些地區。正如您所指出的，我們確實希望能夠透過一些實用程式來展示淨收益。我們認為，總體而言，對於所有公用事業公司，我們都可以展示淨效益。其中很大一部分將依賴這樣一個事實：這將創建最大的天然氣平台，擁有 700 萬客戶，並且能夠匯集不同公用事業公司的優勢。

So if you think, as an example, Ohio is very technically strong. Utah, a very good cost to serve, very commercially strong in North Carolina. And of course, the benefit of 175 years of multiple areas of growth in Ontario and just already having 4 million customers really allows us to scale up. So we're looking at all of those things and demonstrating all those things to the utilities. In terms of the stay-outs, we will consider those if it's appropriate. It's part of any discussion. I mean we expect to have some requests for stay out. I think we had one of the intervenors in Utah last week, request to stay out earlier this week. And that will be something that we'll see -- we're quite confident we can come to beneficial terms with everybody. And like I said, by bringing these 4 utilities together in the strengths they each have, there's no question that we'll be able to demonstrate net benefits.

因此，如果你認為，舉個例子，俄亥俄州的技術非常強大。猶他州的服務成本非常高，北卡羅來納州的商業實力非常強大。當然，安大略省 175 年多領域成長的優勢以及剛剛擁有的 400 萬客戶確實使我們能夠擴大規模。因此，我們正在研究所有這些內容並向公用事業公司展示所有這些內容。就留出事宜而言，如果適當的話我們會考慮。這是任何討論的一部分。我的意思是我們預計會收到一些留在外面的請求。我想上週猶他州的一位幹預者要求本週早些時候留在外面。這將是我們將會看到的事情——我們非常有信心與每個人達成有利的協議。正如我所說，透過將這 4 家公用事業公司結合各自的優勢，毫無疑問我們將能夠展示淨收益。

Okay. And just a second question here with respect to the regulatory process around rerouting Line 5 around the Bad River lands, Understanding that you've appealed the 2023 decisions. I wondered if you can give an update on the time line that was contemplated in the previous judgment specifically, where the regulatory process to vis-a-vis that time line? And do you expect any protection from the 1977 pipeline Tree?

好的。這裡還有第二個問題，涉及圍繞 Bad River 土地重新規劃 5 號線的監管程序，了解您已對 2023 年的決定提出上訴。我想知道你是否可以具體介紹一下先前判決中考慮的時間表的最新情況，相對於該時間表的監管程序在哪裡？您是否期望 1977 年的管道樹能提供任何保護？

Yes, for sure, Robert. Thanks for the questions. And Colin is on the line, so he's probably the best one to update on that.

是的，當然，羅伯特。感謝您的提問。科林在線上，所以他可能是更新這一情況的最佳人選。

Robert, yes, sure. So the appeals hearing has started, both Enbridge and the Bad River Band appealed that decision. And that hearing has begun. We expect a decision on that later this year. In the meantime, we continue to try to work cooperatively with the band to come to an amicable settlement.

羅伯特，是的，當然。因此，上訴聽證會已經開始，安橋樂隊和巴特河樂隊都對這一決定提出了上訴。聽證會已經開始。我們預計將在今年稍後做出決定。同時，我們將繼續努力與樂團合作，以達成和解。

The original decision, if that survives would have us reroute -- the 41-mile reroute around the community by June 2026. That is doable. We are ready to go the critical path, permit is a Wisconsin DNR permit, which we expect here in the next month or two, which would allow us over a year or two to build that, which is doable. So that's the plan.

最初的決定，如果得以維持，我們將重新規劃路線——到 2026 年 6 月，重新規劃社區周圍 41 英里的路線。這是可行的。我們已經準備好走關鍵道路，許可證是威斯康辛州 DNR 許可證，我們預計在未來一兩個月內獲得許可證，這將使我們能夠在一兩年內建造它，這是可行的。這就是計劃。

And your second question was with regard to the treaty, yes. And we think that that holds obviously, that's the reason the treaties were created and we expect that to endure.

你的第二個問題是關於條約的，是的。我們認為這顯然是成立的，這就是製定這些條約的原因，我們希望這種情況能持續下去。

Robert, I'd just add on the treaty. I think that the, one thing I'd say is I give a lot of credit to the Canadian government, provincial governments, been very strong supporters on this. So just understanding the -- just really criticality of Line 5 to so many different areas, labor unions, et cetera. So we feel good about that. We'll have to see and I know there's been a request for the U.S. government to have a viewpoint on this. We'll see whether or not that happens. But just really strong support on both sides of the border and making sure we get through this in the right way so that all those consumers can be served. So you never know with core things, but we feel very good about the level of support that we've got.

羅伯特，我只想補充條約。我認為，我要說的一件事是，我非常感謝加拿大政府、省政府，他們是這方面的堅定支持者。因此，只要了解 5 號線對許多不同領域、工會等的真正重要性。所以我們對此感覺良好。我們必須拭目以待，我知道有人要求美國政府對此發表看法。我們將看看這種情況是否會發生。但只要邊境兩側都提供真正強大的支持，並確保我們以正確的方式度過難關，以便為所有這些消費者提供服務。所以你永遠不知道核心的事情，但我們對我們所獲得的支持程度感到非常滿意。

Your next question comes from the line of Theresa Chen from Barclays.

你的下一個問題來自巴克萊銀行的Theresa Chen。

I'd like to touch on the liquid side as well. In terms of your mainline outlook for 2024, given the apportionment many consecutive months, the delays in TMX and likely tracking above where we all originally thought we would be at this point and heading into summer 2024. What is your outlook for the system for the remainder of the year? And what kind of upside can it bring relative to the 3 million barrel per day throughput assumption embedded in guidance? And how does that translate to the upper end of the guidance or above?

我也想談談液體方面。就您對 2024 年主線的展望而言，考慮到連續幾個月的分配、TMX 的延遲以及可能高於我們最初認為的到 2024 年夏季的水平。您對該系統的展望是今年什麼剩下的時間？相對於指導中每日 300 萬桶的吞吐量假設，它能帶來什麼樣的上行空間？這如何轉化為指導的上限或以上？

Yes. Theresa, I can take that. It's Colin. Yes. So Listen, we're very confident in the mainline full path to the U.S. Gulf Coast. We think it will be substantially full the foreseeable future. I think we've used numbers like 95% to 100% even in '24 through the piece. And I guess to your point, I mean, the main line has been basically full for 75 years. So it's a trend that continues, and there's a bunch of fundamental reasons for that.

是的。特蕾莎，我可以接受。是科林。是的。聽著，我們對通往美國墨西哥灣沿岸的主線全程路線非常有信心。我們認為在可預見的未來它將基本滿員。我認為我們甚至在 24 年整篇文章中都使用了 95% 到 100% 之類的數字。我想就你的觀點而言，我的意思是，75 年來，主線基本上都是滿的。所以這是一個持續的趨勢，並且有很多根本原因。

So as Pat said, we're confident in our '24 guidance of 3 million barrels per day on average. That assumes the April 1 TMX and service date. But to the extent it is delayed, that's a slight tailwind. Again, we believe we're going to be substantially full anyway. So a slight delay doesn't provide a massive increase for us, but there is some upside to that. I'm sure we'll get into this more at Enbridge Day. But there's, like, to your point, there's a lot of demand pull on the mainline path, 39 refineries directly and directly connected traditional markets, they pull that way. We've got a very competitive toll. We've contracted as much as we can on Flanagan South. That was very successful, that should be a strong market endorsement for that pull as well.

正如帕特所說，我們對 24 年平均每天 300 萬桶的指導充滿信心。假定 TMX 和服務日期為 4 月 1 日。但就延遲而言，這是一個輕微的順風。再次強調，我們相信無論如何我們都會吃飽。因此，輕微的延遲不會為我們帶來巨大的成長，但這也有一些好處。我相信我們會在安橋日進一步討論這個問題。但就你的觀點而言，主線路徑上有很大的需求拉動，39 家煉油廠直接連接傳統市場，他們就是這樣拉動的。我們的收費非常有競爭力。我們已經在弗拉納根南區盡可能多地簽訂了合約。這是非常成功的，這也應該是對這種拉動的強有力的市場認可。

I won't make any comments on TMX's time line or capabilities, but very confident in the mainline path. And of course, we're building EHOT, I forgot about that, in Houston to further strengthen that. So yes, confident in 3.0 that's relative to 3.1 delivered just this year. And we've seen, to your point, massively overscribed nominations in the last number of months including January and February. So the trend continues.

我不會對 TMX 的時間軸或能力做出任何評論，但對主線路徑非常有信心。當然，我們正在休士頓建造 EHOT，我忘了這一點，以進一步加強這一點。所以，是的，相對於今年剛發布的 3.1，我對 3.0 充滿信心。就您而言，我們已經看到過去幾個月（包括一月和二月）的提名數量被大量超支。所以這種趨勢仍在持續。

Got it. And then in terms of the Dominion asset acquisitions, as we consider the remaining funding, just to clarify, the list of funding options that you put out there, is that consistent with your preference as far as prioritization i.e., aside from additional asset sales, you would rather do DRIP ATM over additional hybrids and bonds?

知道了。然後就 Dominion 資產收購而言，當我們考慮剩餘資金時，只是為了澄清一下，您在那裡列出的融資選項清單是否符合您的優先順序偏好，即除了額外的資產銷售之外，您更願意使用DRIP ATM 而不是額外的混合和債券？

No, I wouldn't look at it like that, Theresa, it's Greg. I think we just -- I wouldn't read anything into the listing there. I think we just wanted to make the point that look, we've got all options available to us. And we may not use all those options. So yes, we've got the debt markets unsecured notes and hybrids. And I guess if I had to go down any list, I would say DRIP is probably the least interest from that perspective. But frankly, everything is on the table from that perspective. And as you know, we've done a good job on recycling, too. So no, it's going to be situational. As you know, we brought in much of the financing. So if somebody came along tomorrow and said you can close this utility or that one, we're ready to go. So I think that creates a ton of flexibility, which is why we went out early. Pat, I don't know if you want to add to that.

不，我不會那樣看，特蕾莎，是格雷格。我想我們只是——我不會讀到那裡的清單中的任何內容。我想我們只是想表達這樣的觀點：我們擁有所有可用的選擇。我們可能不會使用所有這些選項。所以，是的，我們有債務市場的無擔保票據和混合票據。我想，如果我必須列出任何清單，我會說，從這個角度來看，DRIP 可能是最不感興趣的。但坦白說，從這個角度來看，一切都擺在桌面上。如您所知，我們在回收方面也做得很好。所以不，這要視情況而定。如您所知，我們引進了大部分融資。因此，如果明天有人過來告訴你可以關閉這個或那個公用設施，我們就準備好了。所以我認為這創造了很大的靈活性，這就是我們早點出去的原因。帕特，我不知道你是否想補充這一點。

I think you add it with us -- I think you hit it with us securing well over 85% of that funding. We're in really good shape to be selective of what we do and make sure we're making the best decision for our shareholders as we move forward.

我認為您與我們一起添加了這一點 - 我認為您與我們一起獲得了超過 85% 的資金。我們的狀態非常好，可以對我們所做的事情進行選擇，並確保我們在前進的過程中為股東做出最好的決定。

Next question comes from the line of Robert Kwan from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的羅伯特關 (Robert Kwan)。

If I can just continue on the funding side for the Dominion utilities acquisitions. So you've got that roughly $3 billion left to go. You've been out in front of the hybrids and the Alliance, Aux Sable transaction. I guess I'm just wondering, how are you thinking about the timing of addressing the rest of the need vis-a-vis the closing? And as you mentioned around asset monetizations. Can you just give a sense as to -- obviously, you don't want to get necessarily into assets, but how much is in flight in terms of processes right now relative to that $3 billion?

如果我能繼續為 Dominion 公用事業收購提供資金。所以你還剩下大約 30 億美元。您已經領先於混合動力車和 Alliance、Aux Sable 交易。我想我只是想知道，您如何考慮解決其餘需求相對於結束的時間？正如您所提到的資產貨幣化。您能否簡單說明一下——顯然，您不一定想進入資產領域，但相對於這 30 億美元，目前在流程方面有多少資金正在流失？

Well, I'd say we're always looking at asset recycling. So I wouldn't even necessarily tie it to the transaction. I mean, I'm trying to think about if there's been a year in the last 4 or 5, where we haven't recycled. So we're always looking at assets. So I wouldn't necessarily, the dollars are back-and-forth fungible. From a timing perspective, I would again go down in many respects, depending on which ones happen. The first 2 are basically financed. So we're going to have to look at what is the timing of those actual approvals, and that's going to determine which instrument we actually use.

嗯，我想說我們一直在關注資產回收。所以我甚至不一定將其與交易聯繫起來。我的意思是，我正在嘗試思考過去四到五年中是否有一年我們沒有回收。所以我們一直在關注資產。所以我不一定，美元是可以互換的。從時間角度來看，我會在很多方面再次下降，這取決於哪些方面發生。前2個基本上都是融資的。因此，我們必須考慮這些實際批准的時間，這將決定我們實際使用哪種工具。

Obviously, some are quicker to exercise than others. So not meaning to be evasive rather, but I wouldn't necessarily tie recycling to just this transaction. I think we look at it. Look, if somebody else has got greater value on an asset than we put on it then you pull that trigger, right? And if it doesn't seem to have the growth or they can do something different with it. And I think Alliance and Aux Sable is exactly that. It had commodity exposure, but relatively low growth and it fit the buyer's desire to kind of be more in that business and probably they could take more risk and that they're more willing to do given our utility-like structure. So I wouldn't tie any one of these instruments just to the transaction, I tie it more to -- we'll know more as each one of these close, which ones we'll pull at that point in time.

顯然，有些人比其他人運動得更快。所以並不是要迴避，但我不一定會將回收與這筆交易連結起來。我想我們看看它。你看，如果其他人對一項資產的價值比我們所賦予的價值更大，那麼你就會扣下板機，對嗎？如果它似乎沒有成長，或者他們可以用它做一些不同的事情。我認為 Alliance 和 Aux Sable 正是這樣的。它有大宗商品敞口，但增長相對較低，這符合買方更多地參與該業務的願望，並且可能他們可以承擔更多風險，而且考慮到我們類似於公用事業的結構，他們更願意這樣做。因此，我不會將這些工具中的任何一種僅僅與交易聯繫起來，我將其更多地與——隨著每種工具的關閉，我們會了解更多，我們將在那個時間點提取哪些工具。

Understood. I guess that answered as a segue into the second question and on the other side, just if we're thinking about capital allocation in 2024, following the announcement of the Utah acquisition, you also acquired some other businesses, the German wind incremental sale or a state, Morrow, Fox Squirrel. Yes. Generically, are other acquisitions budgeted into guidance here, and I get that I'm trying to color code this to a degree, but anything else you do does kind of leave the dominion thing outstanding. So how are you thinking about acquisitions in 2024, given you're still short?

明白了。我想這可以作為第二個問題的答案，另一方面，如果我們考慮 2024 年的資本配置，在宣布收購猶他州之後，您還收購了其他一些業務，例如德國風電增量銷售或一個州，莫羅，狐狸松鼠。是的。一般來說，其他收購預算是否已納入此處的指導，我知道我正在嘗試在一定程度上對此進行顏色編碼，但您所做的其他任何事情確實會讓統治問題變得突出。那麼，鑑於您仍然短缺，您如何考慮 2024 年的收購？

Right. So first of all, there are no other acquisitions in our budget, right, or in our forecast that we've put out or in our budget for that matters the same. So that's one. Two, if anything came along, as you can imagine, as a big player in the sector and throughout North America, we get to see things all the time. It would have to be tuck-in like first of all, so nowhere near like what we did last year.

正確的。因此，首先，我們的預算中沒有其他收購，對吧，我們的預測中沒有其他收購，我們已經提出了同樣重要的預算。這就是其中之一。第二，如果有什麼事情發生的話，正如你可以想像的那樣，作為該行業和整個北美的重要參與者，我們一直都能看到事情。首先，它必須像我們去年所做的那樣塞進去。

Secondly, we have to be immediately accretive to our share -- per share metrics. And thirdly, it would have to be neutral or accretive to our debt metrics as well. And when I think about different parts of the business, and I'm sure Colin will speak to this on Investor Day, we've got some great builds that can be done at low medium single digit. So there's -- the competition for capital will be challenging given the position our base businesses are in today and the growth opportunities that they see, but we'll have to look at it.

其次，我們必須立即增加我們的份額——每股指標。第三，它也必須對我們的債務指標保持中性或增值。當我考慮業務的不同部分時，我確信科林會在投資者日談到這一點，我們已經有了一些可以以中低個位數完成的偉大構建。因此，鑑於我們的基礎業務目前所處的地位以及他們所看到的成長機會，資本競爭將具有挑戰性，但我們必須考慮這一點。

So again, no M&A is in our forecast other than the ones that we're closing today. It's a high hurdle rate on the M&A front, and we're very focused on integrating these new assets with excellent right across the board, whether it's the renewable stuff that Matthew manages or whether it's the Morrow assets. And remember, we bought a couple of storage assets, making sure that's all running exactly as we wanted to do is going to be a key focus.

再說一次，除了我們今天要完成的併購之外，我們的預測中沒有其他併購。併購方面的障礙率很高，我們非常專注於將這些新資產全面整合，無論是馬修管理的再生能源還是莫羅的資產。請記住，我們購買了一些儲存資產，確保所有這些資產完全按照我們想要的方式運作將成為重點。

Your next question comes from the line of Linda Ezergailis from TD Cowen.

您的下一個問題來自 TD Cowen 的 Linda Ezergailis。

This is a bit of a foundational question on just the regulatory compact in North America, or specifically the U.S. and it relates to the Chevron doctrine, it's been about 40 years since the Supreme Court decided that the court should defer to an agency's -- a federal agency's reasonable interpretation of an ambiguous statute. If that gets discarded or removed this summer, what impact might that have on your business? And how might that inform your approach to, for example, a likely higher frequency of settlements in your gas transmission business, how you might see federal agencies maybe shifting their approach, and I think there could be a few moving parts there. If you could just comment on how you're thinking of that evolving situation.

這是一個關於北美監管契約的基本問題，特別是美國的監管契約，它與雪佛龍原則有關，自從最高法院決定法院應該尊重一個機構的——聯邦機構對模棱兩可的法規的合理解釋。如果今年夏天它被丟棄或刪除，可能會對您的業務產生什麼影響？這將如何影響你的處理方式，例如，你的天然氣傳輸業務中可能出現更高頻率的和解，你可能會如何看待聯邦機構可能會改變他們的方法，我認為那裡可能有一些變化的部分。如果您能評論一下您如何看待不斷變化的情況。

Yes, it's a good question. It's -- we'll probably have to give that some more consideration at Investor Day and walk through that a little bit. I mean, obviously, there are several pieces of this. It depends on which part of the business, as you point out, it's probably a much more relevant issue to our utility businesses that are coming in, particularly in the United States because many of our other businesses, as you know, we're often seeking to settle, whether it's Texas Eastern, whether it's the mainline tolling settlement. We like to work with customers and get more of a deal in that regard.

是的，這是一個好問題。我們可能需要在投資者日更多地考慮這一點，並稍微討論一下。我的意思是，顯然，這有幾個部分。正如您所指出的，這取決於業務的哪一部分，這對於我們即將進入的公用事業業務來說可能是一個更相關的問題，特別是在美國，因為我們的許多其他業務，如您所知，我們經常尋求解決，無論是德州東部，還是乾線收費解決方案。我們喜歡與客戶合作並在這方面獲得更多優惠。

But as it is with the utilities, I'll even go as far as things like incentive -- long-term incentive deals like we've been able to do historically in Ontario. I think that limits some of our exposure to some of the -- if there's a change in the Chevron doctrine, but -- and I think it's a good point, Linda, and we should probably give it a more fulsome discussion and answer as we kind of move into Investor Day. I don't know, Michele, do you want to add anything to that or?

但與公用事業公司一樣，我甚至會採取激勵措施——長期激勵協議，就像我們在安大略省歷史上所做的那樣。我認為這限制了我們對某些問題的接觸——如果雪佛龍原則發生了變化，但是——我認為這是一個很好的觀點，琳達，我們可能應該對其進行更充分的討論和答，因為我們有點進入投資者日了。我不知道，米歇爾，你想補充什麼嗎？

Well, I think at the end of the day, a lot of what we deal with at the utilities is determined and is inside the jurisdiction at the state level. So in that sense, we'll be looking to them, but I think we'd better take that one back.

好吧，我認為歸根結底，我們在公用事業部門處理的許多事情都是確定的，並且屬於州一級的管轄範圍。所以從這個意義上說，我們會向他們尋求幫助，但我認為我們最好收回這一點。

Yes, I look forward to that because, yes, even renewable policy and stuff like that could be a focus. But just maybe as a follow-on, just with respect to your appeal in motion in Ontario. Can you give us an update on how you're partnering with the provincial government because they were -- I think they had an intention to introduce legislation to overturn a certain aspect of the OEB decision as it related to eliminating amortization of new gas connections for homes and affordability. And then maybe you can just comment on the time line of these processes and when you expect them to be resolved. And if you're fully successful, kind of what the upside is versus kind of the current decision as it stands?

是的，我對此很期待，因為，是的，即使是可再生能源政策和類似的東西也可能成為焦點。但也許只是作為後續行動，就您在安大略省提出的上訴而言。您能否向我們介紹一下您如何與省政府合作的最新情況，因為他們 - 我認為他們有意引入立法來推翻 OEB 決定的某些方面，因為它與取消新天然氣連接的攤銷有關房屋和負擔能力。然後也許您可以評論這些流程的時間軸以及您期望它們何時得到解決。如果你完全成功了，與目前的決定相比，有什麼好處？

Sure. I can cover a few of those things. So I wouldn't say we're partnering with the government of Ontario, but we certainly made our concerns clear to them, although as you saw by the pretty swift and decisive statements they made within hours of the release, they were well ahead of us on the concerns. I mean, at the end of the day, obviously, we're disappointed, but this is a case where the regulators made a decision that's just simply not in keeping with the policies of the government. That's exactly what Minister Smith said right away. We don't expect it to be material to Enbridge's overall 2024 financial guidance, but it's frustrating and disappointing on a lot of fronts.

當然。我可以介紹其中一些內容。因此，我不會說我們正在與安大略省政府合作，但我們確實向他們明確了我們的擔憂，儘管正如您在發布後幾小時內做出的非常迅速和完美的聲明所看到的那樣，他們遠遠領先我們的擔憂。我的意思是，歸根結底，顯然我們很失望，但在這種情況下，監管機構所做的決定根本不符合政府的政策。這正是史密斯部長立即所說的。我們預計這不會對 Enbridge 的 2024 年整體財務指引產生重大影響，但它在許多方面都令人沮喪和失望。

I mean there's a strong bias against natural gas in there. There's a presuppose that we'll rapidly electrify all the heating load and abandon the gas network. And fundamentally, it limits access to affordable energy. I mean the fact of the matter is I think there's short-term issues and there may be some short-term struggles here. But long term, the fact of the matter is Ontario is not going to meet its economic growth aspirations without the flexibility and affordability of the natural gas and natural gas infrastructure provides it. The government knows that.

我的意思是，人們對天然氣有強烈的偏見。有一個前提是我們將迅速為所有熱負載通電並放棄天然氣網路。從根本上說，它限制了人們獲得負擔得起的能源的機會。我的意思是，事實是我認為存在短期問題，並且可能會出現一些短期掙扎。但從長遠來看，事實是，如果沒有天然氣和天然氣基礎設施提供的靈活性和可負擔性，安大略省將無法滿足其經濟成長願望。政府知道這一點。

I mean they've said very clearly they need to build 1.5 million new homes in the next 10 years. There's almost 3 million people expected to move to Ontario in the next decade. And I don't know that folks fully recognize this, but our -- for example, our industrial and contract market growth has been really strong in the last few years, and that's coming from things like the electrical -- the electric vehicle battery, the manufacturing sector. I was just down looking at the Nexstar plant. They need our cost-effective natural gas to support their manufacturing processes. The greenhouse developers that we have in Southwestern Ontario absolutely rely on natural gas to provide their product affordably. And things like steelmaking, whether that's Athabasca and Hamilton or others need natural gas to reduce the carbon intensity of what they have.

我的意思是，他們已經非常明確地表示，他們需要在未來 10 年內建造 150 萬套新房屋。預計未來十年將有近 300 萬人移居安大略省。我不知道人們是否充分認識到這一點，但我們的——例如，我們的工業和合約市場成長在過去幾年中非常強勁，這來自於電氣——電動汽車電池、製造業。我正在低頭參觀 Nexstar 工廠。他們需要我們經濟高效的天然氣來支持他們的製造流程。安大略省西南部的溫室開發商完全依賴天然氣來提供經濟實惠的產品。像煉鋼這樣的事情，無論是阿薩巴斯卡和漢密爾頓還是其他地方都需要天然氣來降低他們所擁有的碳強度。

So -- we're certainly working with the government of Ontario, making sure they understand the full implications of this decision that it goes well beyond the revenue horizon piece. I mean, to state the obvious, that impacts our ability to deliver those homes, but that's further reaching than that, over the long term, should it stay in place. I mean, in the near term, it's about $300 million in capital that it pulls back this year for us. But again, it remains to be seen what actions are taken.

因此，我們當然正在與安大略省政府合作，確保他們了解這項決定的全部影響，因為它遠遠超出了收入範圍。我的意思是，顯而易見的是，這會影響我們交付這些房屋的能力，但從長遠來看，如果它保持不變，影響力會更大。我的意思是，從短期來看，今年它為我們撤回了約 3 億美元的資本。但同樣，採取什麼行動還有待觀察。

We, of course, have preserved our interest by filing a notice to appeal and a motion with the Ontario divisional courts and motion to review. The motion review would likely go first. That's what the Ontario Energy Board itself or we would set out a number of things, including the fact that there are new facts on the table, the new facts pointing to the press release from the government that clarifies its policy, the energy and electrification transition panel that sort of thing will be out there.

當然，我們透過向安大略省分區法院提交上訴通知和動議以及複審動議來維護我們的利益。動議審查可能會先進行。這就是安大略省能源委員會本身或我們將列出的許多事情，包括桌面上有新的事實，新的事實指向政府澄清其政策的新聞稿，能源和電氣化轉型小組這樣的東西就會在那裡。

Typically, the time line for something like a review motion of this. Can it be anywhere from 135 to 165 days. And we'll go through those steps certainly? But as you said, the government has said that they will take action and take that action much more immediately. The legislature is coming back, I think it's February 20. And they certainly do understand that the immediacy of the issue that this impacts us right here and right now should we reduce those levels of capital and that it's important to them to maintain Ontario is an attractive place to invest. So I'm pretty confident we're going to get this one resolved. It's always good to be on the side of where government wants to go and on the side of their policy.

通常，諸如審查動議之類的事情的時間線。可以是 135 到 165 天之間的任何時間嗎？我們一定會執行這些步驟嗎？但正如你所說，政府已經表示他們將採取行動，並且會更加立即採取行動。立法機關即將回來，我認為是2 月20 日。他們當然也明白，這對我們產生影響的問題是迫在眉睫的，我們是否應該減少這些資本水平，而且維持安大略省對他們來說很重要，這是一個非常重要的問題。有吸引力的投資地點。所以我非常有信心我們能夠解決這個問題。站在政府的方向和政策一邊總是好的。

And in the meantime, like we talked about earlier, we've got lots of focus on to with finalizing the acquisitions of the 3 utilities in the U.S. and integrating them.

同時，正如我們之前談到的，我們非常關注完成對美國 3 家公用事業公司的收購並整合它們。

Yes, Linda, I think that real milestone, as Michele said is, let's see what happens at the end of February. That's a triggering event for us as to where things look like they're going. As you said, it doesn't really have an impact on '24. The issue is from a long-term perspective, if they get this right and they want to see continued economic growth and reach their sustainability goals, that means there's going to be a greater rate base in the natural gas business, and that's what it's all about. And it's kind of up that obviously, we saw this coming, but it's kind of (inaudible) for us that that there are 3 other jurisdictions that would love to have our investment opportunities and actually are very positively disposed and have legislation even giving the choice that we want Ontario consumers to have.

是的，琳達，我認為真正的里程碑，正如米歇爾所說，讓我們看看二月底會發生什麼。這對我們來說是一個觸發事件，讓我們知道事情的發展方向。正如你所說，它對'24並沒有真正的影響。問題是從長遠角度來看，如果他們做對了，他們希望看到經濟持續成長並實現永續發展目標，這意味著天然氣業務將有更大的費率基礎，僅此而已。顯然，我們看到了這種情況的發生，但對我們來說（聽不清楚）還有另外 3 個司法管轄區希望擁有我們的投資機會，而且實際上非常積極地對待，甚至有立法給予選擇我們希望安大略省的消費者擁有。

So I think from an Enbridge perspective, the net opportunity is still more rate base, more earnings opportunity and more growth. Hopefully, in 4 jurisdictions in North America and that's kind of what we're focused on achieving.

因此，我認為從安橋的角度來看，淨機會仍然是更多的利率基礎、更多的獲利機會和更多的成長。希望在北美的 4 個司法管轄區實現這一目標，這就是我們致力於實現的目標。

Your next question comes from the line of Jeremy Tonet from JPMorgan.

您的下一個問題來自摩根大通的 Jeremy Tonet。

Just want to follow up, I guess, on the last point as it relates to Enbridge Gas there. And wondering if you might be able to talk a little bit more about the time line, how things could unfold here in as you think about OEB Phase II, Phase III, just thoughts at this point given what's transpired so far? And at the same time, what you're touching on there as far as, I guess, when the Dominion acquisition concludes successfully, could you see kind of capital being pulled away towards those jurisdictions, given kind of what you've seen for regulatory outcomes so far.

我想只是想跟進最後一點，因為它與那裡的安橋天然氣有關。想知道您是否可以多談談時間線，當您考慮 OEB 第二階段、第三階段時，事情會如何展開，考慮到到目前為止發生的事情，現在只是考慮一下？同時，我想，當 Dominion 收購成功完成時，您是否會看到某種資本被轉移到這些司法管轄區，考慮到您所看到的監管情況到目前為止的結果。

Thank you. Yes. Like I said earlier, I mean, the real -- and as Greg said, that really indicative point will be later this month when we see what the government of Ontario comes out with in terms of how they propose to rectify this issue and follow through on Minister Smith's statements. That being said, there is the motion to review process that I mentioned that will take a few months. I mean that would likely take till by summer for us to resolve things. But -- that being said, there's plenty of work for us to do in Ontario, and we're continuing to certainly always focus on investing and ensuring the safety and the reliability of the assets we have and that they continue to flow and provide the gas that people need and want were big fans a set of customer choice. And that's really where, as Greg alluded to, that goes to the U.S. jurisdictions and the 3 utilities that we've acquired there. I mean they all have very strong equity thickness. They all have good ROEs and we'll be looking to make sure that we understand exactly what the growth opportunities are.

謝謝。是的。就像我之前所說的，我的意思是，真正的——正如格雷格所說，真正具有指示性的一點將在本月晚些時候，屆時我們將看到安大略省政府提出的建議，以如何糾正這個問題並跟進關於史密斯部長的聲明。話雖如此，我提到的審查流程的動議將需要幾個月的時間。我的意思是，我們可能要等到夏天才能解決問題。但是，話雖這麼說，我們在安大略省還有很多工作要做，我們肯定會繼續專注於投資並確保我們擁有的資產的安全性和可靠性，並確保它們繼續流動並提供人們需要和想要的氣體是大粉絲的一組客戶選擇。正如格雷格所提到的，這確實是美國司法管轄區和我們在那裡收購的 3 家公用事業公司的所在地。我的意思是他們都有很強的股權厚度。他們都有良好的股本回報率，我們將確保我們準確地了解成長機會是什麼。

I mean, we've looked at it through our due diligence, of course, and we feel very good about the growth opportunities. I mean, Ohio has strong modernization program with very quick return on its capital. We see in Utah very strong customer growth. They're also using a natural gas for some decarbonization activities. There's a lot of commercial growth there. And then similarly, in North Carolina, very strong commercial and residential growth. And again, the determinization where they're looking to move -- or reduce their intensity of their power production moving off of coal and into natural gas.

我的意思是，當然，我們已經透過盡職調查來看待它，並且我們對成長機會感到非常滿意。我的意思是，俄亥俄州擁有強大的現代化計劃，其資本回報非常快。我們在猶他州看到了非常強勁的客戶成長。他們也使用天然氣進行一些脫碳活動。那裡有很多商業增長。同樣，在北卡羅來納州，商業和住宅成長非常強勁。再一次，確定他們希望轉移到哪裡——或減少他們的電力生產強度，從煤炭轉向天然氣。

We've seen really good growth in our regulated business in Ontario. I think I've mentioned why I really believe we'll continue to see really good growth in Ontario. Strong people are moving to Ontario, lots of homes wanting to be built. It's got all the pieces. I mean, we're towards the end of our modernization program in Ontario, but we still have lots of work to do to help industrials to reduce their intensity. But the fact is we currently have an equity thickness for the gas utility there that although it went up marginally a couple of percentage points with the decision of the OEB, it's still one of the lowest in North America. And as LDCs, we need to compete for capital. That's -- whether that's here within Enbridge or on a North American scale.

我們在安大略省的受監管業務中看到了非常好的成長。我想我已經提到了為什麼我真的相信我們將繼續看到安大略省的良好成長。有實力的人正在搬到安大略省，有很多房屋想要建造。它有所有的碎片。我的意思是，我們安大略省的現代化計劃即將結束，但我們仍有大量工作要做，以幫助工業降低其強度。但事實是，我們目前在那裡的天然氣公用事業公司的股權厚度雖然隨著 OEB 的決定略有上升幾個百分點，但仍然是北美最低的之一。作為最不發達國家，我們需要爭取資本。無論是在安橋內部還是在北美範圍內。

So these jurisdictions that are new to us, these new to us utilities, they operate in strong jurisdictions that recognize that part of ensuring the sustainability of their energy systems and their economies includes ensuring they have a transparent, predictable and competitive regulatory regime. So we're really, really excited about bringing them in as quickly as possible, integrating them smoothly and looking towards where else there's growth.

因此，這些對我們來說是新的司法管轄區，這些對我們來說是新的公用事業公司，它們在強大的司法管轄區運營，這些司法管轄區認識到確保其能源系統和經濟的可持續性的一部分包括確保它們擁有透明、可預測和有競爭力的監管制度。因此，我們真的非常非常興奮能夠盡快引入它們，順利地整合它們，並尋找其他成長點。

Got it. Makes sense. And just second question real quick here. I suppose you're not going to give us everything that's going to be happening at the Analyst Day, but just wondering if there's any foreshadowing or overall objectives that you see for the upcoming Analyst Day that you want the investment community to come away with.

知道了。說得通。這裡只是第二個問題。我想您不會向我們提供分析師日將要發生的所有事情，只是想知道您是否希望投資界為即將到來的分析師日看到任何預示或總體目標。

Yes. Well, you're right. We're not going to give you an insight here that would not make March 6 that much fun actually. But look, the fundamental fact is, and I don't believe that currently the stock reflects that it in any way should perform is that we've got a growth plan that extends beyond the 3-year forecast that we put out and our expectations. I don't think that's being realized in the market, both from an efficiency perspective, in terms of the blending and extending of growth with the new assets that we picked up and that we're building. And we're really going to walk through that for all of you and how all of these pieces fit together.

是的。嗯，你是對的。我們不會在這裡向您提供一些實際上不會讓 3 月 6 日變得那麼有趣的見解。但看，基本事實是，我不認為目前該股票反映出它應該以任何方式表現，因為我們有一個超出我們提出的 3 年預測和預期的成長計劃。我認為，無論是從效率的角度來看，還是從我們獲得和正在建立的新資產的混合和擴展成長的角度來看，這一點都沒有在市場上實現。我們真的將向大家介紹這一點以及所有這些部分如何組合在一起。

And I'll just -- I'll give a brief example. Rebecca is looking at me, say, don't give too much. But just a brief example would be think about Ohio itself, you're just talking about the utilities. We have all of our businesses located in Ohio. It's a good example where we see opportunities to provide customers, shareholders and stakeholders with real value added. So we have liquids lines that serve refineries there. We have gas transmission that goes through Ohio. We'll have a great utility there that wants to see growth and Matthews get renewable assets there. So we think that is a real opportunity to create value on all fronts, and I don't think that's being realized. So that's the thesis, and that's what I want you to walk away from March 6 with.

我將舉一個簡短的例子。麗貝卡看著我，說，別給太多。但舉一個簡單的例子，想想俄亥俄州本身，你只是在談論公用事業。我們所有的業務都位於俄亥俄州。這是一個很好的例子，我們看到了為客戶、股東和利害關係人提供真正增值的機會。因此，我們有為那裡的煉油廠提供服務的液體管線。我們有穿過俄亥俄州的天然氣輸送。我們在那裡將有一個偉大的公用事業公司希望看到成長，馬修斯在那裡獲得可再生資產。因此，我們認為這是在各個方面創造價值的真正機會，但我認為這一點尚未實現。這就是本文的主題，也是我希望您在 3 月 6 日結束時帶著這個想法離開的原因。

Your next question comes from the line of Rob Hope from Scotiabank.

您的下一個問題來自豐業銀行的 Rob Hope。

A bit of a broader question from me, in your conversations, you've talked about some good regulatory jurisdictions versus a more challenging decision from Ontario. Historically, Ontario has been seen as a relatively pro-gas and relatively good regulatory regime. So when you look forward, especially given the fact that you will be introducing some incremental jurisdictions here. How do you ensure that the good regulatory jurisdictions stay that way? And then as you move forward, how do you expect to continue to interact with the government and regulators such that they see the value and need of the natural gas systems?

我提出了一個更廣泛的問題，在你們的談話中，你們談到了一些好的監管管轄區，而不是安大略省更具挑戰性的決定。從歷史上看，安大略省一直被視為相對支持天然氣和相對良好的監管制度。因此，當您展望未來時，特別是考慮到您將在這裡引入一些增量司法管轄區。您如何確保良好的監管管轄區維持這種狀態？然後，當您繼續前進時，您希望如何繼續與政府和監管機構互動，以便他們可以看到天然氣系統的價值和需求？

Sure, I can take that. Well, first of all, let's be clear, Ontario still is pro-gas. I mean that's -- I think if you take nothing from the statement from the Minister of Energy, take that, I'd also refer you to things like the powering Ontario's growth plan that they have. So -- but at the end of the day, I think with all of these jurisdictions, one of the things we really believe is that strong local presence is important. So we will -- we have maintained very strong local leaders of each of these utilities. So the Vice Presidents and GMs for Ohio, Utah and North Carolina, they're there. They're very well known by the regulators, well known by the folks in government in each of those jurisdictions. Just like our folks in Ontario are very well known and well respected.

當然，我可以接受。首先，我們要明確的是，安大略省仍然支持天然氣。我的意思是——我想如果你從能源部長的聲明中沒有得到任何信息，我也會向你推荐一些諸如他們所製定的為安大略省的增長計劃提供動力的事情。所以，但歸根結底，我認為對於所有這些司法管轄區，我們真正相信的一件事是強大的本地存在很重要。因此，我們將會——我們在這些公用事業公司中都保留了非常強大的當地領導者。俄亥俄州、猶他州和北卡羅來納州的副總統和總經理都在那裡。它們為監管機構所熟知，為每個司法管轄區的政府人員所熟知。就像我們安大略省的人們非常有名並受到尊重一樣。

I mean it's really important to us to be seen as trusted advisers to be transparent in our dealings to do what's best for the communities we operate in. I mean we think of ourselves as being in service. And in fact, that service name is in some of the utilities name. So those are all critical. But in order to ensure that we make the transition smoothly, it's been very important for us to go out and meet with the regulators. I personally met with the head of every public utility that we are -- that has jurisdiction of the assets we're acquiring, whether that's Wyoming, Utah, North Carolina, Ohio, I've met with their staff. I met with various members of government.

我的意思是，被視為值得信賴的顧問，在我們的交易中保持透明，為我們所在的社區做最好的事情，這對我們來說非常重要。我的意思是，我們認為自己在服務。事實上，該服務名稱存在於某些實用程式名稱中。所以這些都很關鍵。但為了確保我們順利過渡，走出去與監管機構會面對我們來說非常重要。我親自會見了我們每一個公用事業公司的負責人，這些公用事業公司對我們正在收購的資產擁有管轄權，無論是懷俄明州、猶他州、北卡羅來納州、俄亥俄州，我都會見過他們的員工。我會見了多位政府成員。

Greg, I think you've met with at least 2 of the governors. You met with Ohio and you and I met together with Utah. I think I'm meeting with North Carolina here in a couple of weeks, the government of North Carolina. I met with the returning Governor of North Carolina a couple of weeks ago. I mean, that's an important part of it that they understand who we are, that we're credible that we'll do the right thing by these jurisdictions. And I can tell you, all 4 of them, what they talked to me about is wanting to ensure that gas continues to be delivered reliably and affordably. And that's something that is a real advantage that all of these utilities have. I mean if you look at the storage, we haven't talked about our carbon storage facility because maybe we haven't had the extreme cold that we've had in the past. But Dawn has continued to just set records out of Ontario.

格雷格，我想你已經見過至少兩位州長了。你會見了俄亥俄州，你和我也一起會見了猶他州。我想幾週後我將在這裡與北卡羅來納州政府會面。幾週前，我會見了重新上任的北卡羅來納州州長。我的意思是，這是一個重要的部分，他們了解我們是誰，我們相信我們會在這些司法管轄區做正確的事情。我可以告訴你，他們四個人與我談論的是希望確保繼續可靠且經濟地輸送天然氣。這是所有這些公用事業公司都擁有的真正優勢。我的意思是，如果你看看儲存情況，我們還沒有談論我們的碳儲存設施，因為也許我們沒有經歷過過去那樣的極度寒冷。但黎明號繼續創造安大略省以外的記錄。

Ohio has what is the sixth major pipelines that are serving it. Utah with the Wexpro asset, again, that really -- all of those things really help keep the price stable, keep it affordable, keep it reliable. Same thing in North Carolina. We've got an LNG facility there and we will have an LNG facility there. I can't get ahead of myself and we, of course, the folks in North Carolina are proposing a second one. So that's really what they care about. It's important to keep those relationships open. It's important that they know that they can reach out to us at any time, and it's important for us to be listening closely to what they want for their people.

俄亥俄州擁有為其服務的第六條主要管道。猶他州擁有 Wexpro 資產，所有這些確實有助於保持價格穩定、價格實惠、可靠。北卡羅來納州也有同樣的情況。我們在那裡有一個液化天然氣設施，我們也將在那裡有一個液化天然氣設施。我不能超前，當然，我們北卡羅來納州的人們正在提議第二個。所以這才是他們真正關心的。保持這些關係的開放很重要。重要的是，他們知道他們可以隨時與我們聯繫，而我們密切傾聽他們對員工的需求也很重要。

Robert, I think you've taken it up to the overall Enbridge level, I think whether it's Cynthia's business, Colin's business, you've heard both Michele or Matthews, I think we work real hard at our regulatory relationships we have to, much harder than we did historically because of some of the, what I'll say, confusion about energy transition. And I think the whole portfolio, when you look at it from top to bottom, really fits the current state and actually probably the state that it will be in some period of time, long, long tail and future for oil, natural gas, it's not a destination fuel. It's an ultimate field that's going to be -- there isn't really a future without natural gas in most parts of the planet. And that doesn't take away from renewables.

羅伯特，我認為你已經把它提升到了安橋的整體水平，我認為無論是辛西婭的業務，科林的業務，你都聽說過米歇爾或馬修斯，我認為我們在監管關係方面非常努力，我們必須非常努力我想說的是，由於對能源轉型的一些困惑，這比我們歷史上所做的更加困難。我認為，當你從上到下看時，整個投資組合確實符合當前狀態，實際上很可能是石油、天然氣在一段時間內、長尾和未來的狀態，它是不是目的地燃料。這是一個最終的領域——地球上的大部分地區如果沒有天然氣，就沒有真正的未來。這並不會影響再生能源。

And we get into those communities. We're in 40-plus states and 8 provinces. And we've got to make sure that they value our investment. I think if you look at our indigenous reconciliation action plan is another good example. And you look at projects we've done to include groups that haven't historically been involved. That's how you build strong alliances and those strong alliances actually make the regulator's job easier. And when you get something off balance that seems to be counter to a regulatory outcome that's counter to policy or the communities, then you see those changes. And that's what you had in Ontario, right? So the regulators required to independently regulate consistent with government policy. That's not what happened in Ontario, right?

我們進入這些社區。我們的業務遍及 40 多個州和 8 個省。我們必須確保他們重視我們的投資。我認為，如果你看看我們的原住民和解行動計劃，這是另一個很好的例子。你看看我們所做的項目，其中包括歷史上從未參與過的團體。這就是建立強大聯盟的方式，而這些強大聯盟實際上使監管機構的工作變得更加容易。當你發現某些東西失去平衡，似乎與監管結果相悖，與政策或社區相悖時，你就會看到這些變化。這就是安大略省的情況，對嗎？因此，監管機構需要根據政府政策進行獨立監管。這不是安大略省發生的事情，對嗎？

But it's our job to keep working with these communities. And when you have issues, make sure that the homebuilders understand the implications. Make sure that the manufacturers understand the implications that our union brothers and sisters understand the implications. So I think it's much bigger than regulatory. And as an industry and definitely as a company, I think we've continued to improve with that. And we've got to keep getting better and better at that and selling our message.

但我們的工作就是繼續與這些社區合作。當您遇到問題時，請確保房屋建築商了解其影響。確保製造商了解其含義，我們的工會兄弟姐妹也了解其含義。所以我認為這比監管更重要。作為一個行業，當然也作為一家公司，我認為我們一直在不斷改進。我們必須在這方面做得越來越好，並傳播我們的訊息。

Your next question comes from the line of Ben Pham from BMO.

您的下一個問題來自 BMO 的 Ben Pham。

Maybe I can go back to the mainline. I know you've been talking about the positive trends in terms of volumes this year. And -- and I'm wondering if you can maybe add a bit of color on -- do you think some of this is producers building ahead of TMX? Or you think it's more mostly demand-driven that's driving it?

也許我可以回到主線。我知道您一直在談論今年銷量方面的積極趨勢。而且——我想知道你是否可以添加一些色彩——你認為其中一些是製作人在 TMX 之前建造的嗎？或者您認為主要是需求驅動推動的？

Ben, it's Colin. Yes, thanks for your question. And I've kind of looked through most of the analyst estimates, and I think most analysts have updated their forecast on this. And I think this notion that the main line is going to lose a bunch of volume and TMX comes in. It's a bit of a stale concept. It might have been valid a few years ago, but it's been delayed materially. And in that multiyear period of delay, supply has structurally and permanently grown. It's ratable production. And that demand is there. It's basically insatiable. So I mean just to run through this, in 2022, supply grew by 100,000 barrels a day. Last year, in '23, supply grew by 150,000 and barrels per day in Canada. In 2024, it's looking to grow between 250,000 and 300,000 a day, and in '25, another couple of hundred thousand barrels per day.

本，是科林。是的，謝謝你的提問。我已經瀏覽了大多數分析師的估計，我認為大多數分析師已經更新了他們對此的預測。我認為主線將會失去大量的成交量，而 TMX 就會出現。這是一個有點陳舊的概念。幾年前它可能是有效的，但現在已經被嚴重推遲了。在這段多年的延遲期間，供應出現了結構性、永久性的成長。這是可評級的生產。這種需求是存在的。基本上是無法滿足的。所以我的意思是，到 2022 年，供應量每天增加 10 萬桶。去年，23 年，加拿大的供應量增加了 15 萬桶/日。到 2024 年，產量預計每天增加 25 萬至 30 萬桶，到 25 年，每天產量將增加數十萬桶。

If you add that up, it's probably 2x what TMX is likely to practically move. So that's kind of the math that we're looking at and gives us a lot of confidence in the 3 million barrels per day forecast for 2024, there has been a bit of storage growth to your -- maybe to your point, anticipation of that, and we see that in our nominations and oversubscribed. So apportionment has been high. It may -- we may still have apportionment once TMX comes in, depending on the month or day or a crude slate. So we're going to be pretty full. I don't know if that answers your question.

如果加起來，可能是 TMX 實際移動量的 2 倍。這就是我們正在研究的數學，它讓我們對 2024 年 300 萬桶/日的預測充滿信心，存儲量有所增長——也許就你的觀點而言，對此的預期，我們在提名和超額認購中看到了這一點。所以分配一直都很高。一旦 TMX 進來，我們可能仍然會進行分配，具體取決於月份、日期或粗略的名單。所以我們會吃得很飽。我不知道這是否回答了你的問題。

Yes. That's great. It's interesting term events. And maybe the second question, maybe for Greg. When you talk about balanced business mix with Dominion, are you putting renewables and gas when you think about that percentage and how you frame the business mix, are you -- do you think about that as a separate part in your business mix?

是的。那太棒了。這是有趣的術語事件。也許是第二個問題，也許是針對格雷格的。當您與 Dominion 談論平衡的業務組合時，當您考慮該百分比以及如何建立業務組合時，您是否將再生能源和天然氣視為業務組合中的一個單獨部分？

It's interesting because we definitely -- we put the 4 businesses, if you drew a pie chart, if you will. We put them separately. But I guess what I was saying is that they're just increasingly more integrated in terms of what our customers and I think what investors want as well even on a proportion basis. So here's the way I would look at it. Just about 50% or once the utilities are closed, maybe a little bit less than 50% of the business will be liquids and 50% or more will be gas and renewables. So that's probably the way to think about it from a split perspective. There's no doubt, as you know, a lot of support for renewables is needed by the gas sector, right? So it's back up. So they're definitely connected. And often, that's done by utilities, but sometimes it's done by independent other power plants or just the gas pipelines as well, making sure that flows.

這很有趣，因為如果你願意的話，如果你畫一個餅圖，我們肯定會列出 4 項業務。我們將它們分開放置。但我想我想說的是，就我們的客戶和我認為投資者的需求而言，它們越來越一體化，甚至在比例上也是如此。這就是我的看法。只有大約 50%，或一旦公用事業關閉，可能略低於 50% 的業務將是液體業務，50% 或更多將是天然氣和再生能源。所以這可能是從分裂的角度來思考它的方式。毫無疑問，如您所知，天然氣產業需要對再生能源的大量支持，對嗎？所以它又回來了。所以他們肯定是有聯繫的。通常，這是由公用事業公司完成的，但有時是由獨立的其他發電廠或僅由天然氣管道完成的，以確保流動。

So I think we kind of -- you're right, we sort of split the liquids business and then the gas business and renewable business together. But they really are working all together on multiple fronts. And again, I think we're going to talk about that at our Investor Day.

所以我認為我們——你是對的，我們將液體業務分開，然後將天然氣業務和再生能源業務分開。但他們確實在多個方面共同努力。再說一次，我想我們會在投資者日討論這個問題。

Our final question comes from the line of Praneeth Satish from Wells Fargo.

我們的最後一個問題來自富國銀行的 Praneeth Satish。

Maybe on that last point of being split, 50% gas, renewables, LDC and 50% liquids. I'm just thinking maybe strategically, how you think about the company pro forma for the LDC transactions? Is it more of a utility or a midstream company? And then I guess in the context of that, do you think there should be more focus by investors on PE multiples and earnings rather than EBITDA and free cash flow and then maybe even more leveraged credit from the rating agencies? Just kind of curious for your thoughts on that.

也許在最後的分裂點上，50% 是天然氣、再生能源、LDC 和 50% 液體。我只是在策略上思考，您如何看待公司對最不發達國家交易的預估？它更像是公用事業公司還是中游公司？然後我想在這種背景下，您是否認為投資者應該更多地關注市盈率和收益，而不是 EBITDA 和自由現金流，然後可能會更多地關注評級機構的槓桿信貸？只是有點好奇你對此的想法。

Yes, it's a bit of a -- I mean, I guess I would say the entire company, we've moved to be more utility-like, right, even if you think about the MTS, Colin's again that filled off that and both to get approved or even as you think about the renewable business, we've structured our renewable business very different from some of the folks that you see out there, i.e. long-term power purchase or contracts for projects even before they're built or immediately upon construction. So I think that's very utility-like. I think DCF is still the right look because you look at businesses like the liquids business that are generating a lot of cash flow, and they don't look as utility-like. So I think that's the right way to consider it.

是的，這有點——我的意思是，我想我會說整個公司，我們已經變得更加實用，對吧，即使你想到MTS，科林又填補了這一點，而且兩者兼而有之。為了獲得批准，甚至當您考慮可再生能源業務時，我們的可再生能源業務結構與您看到的一些人非常不同，即長期電力購買或項目合同，甚至在項目建成或之前施工後立即。所以我認為這非常實用。我認為 DCF 仍然是正確的選擇，因為你看看像液體業務這樣產生大量現金流的業務，它們看起來不像公用事業。所以我認為這是考慮它的正確方法。

And then obviously, I think dividend yield. Dividend yield relative to long bonds and 10-year bonds of government. I think that's the other way people should. So I think it's a bit of a mix. And you're right, we have a little bit higher leverage for all the right reasons, no more risk than what you'd see at pure midstream, but considerably less than what you'd see major utilities in the United States.

顯然，我認為股息殖利率。相對於長期債券和10年期政府公債的股息殖利率。我認為這也是人們應該採取的另一種方式。所以我認為這有點混合。你是對的，出於所有正確的原因，我們的槓桿率稍高一些，風險並不比你在純中游看到的風險更大，但比你在美國主要公用事業公司看到的風險要低得多。

Got it. And then maybe just switching gears on to Gray Oak. It looks like you're close to launching an open season for the expansion in the coming months. Can you talk about if that goes well and your successful when that capacity could come into service? And then whether you'd be offering a joint tariff for transport and exports out of Ingleside and if so, do you think that concept of bundling the transport and export will give you a competitive advantage? Because as we look at the basin itself, it is kind of overbuilt from a takeaway or egress perspective.

知道了。然後也許只是切換到灰橡木。看來你們即將在未來幾個月內推出資料片的開放季。您能談談進展順利嗎？當該能力投入使用時您會取得成功嗎？然後，您是否會為 Ingleside 的運輸和出口提供聯合關稅？如果是，您認為將運輸和出口捆綁在一起的概念會給您帶來競爭優勢嗎？因為當我們觀察盆地本身時，從外帶或出口的角度來看，它有點過度建造。

Yes, good question. I think Colin can take that. We've just had the Board down at Ingleside in the last few days for our Board meeting. There's a lot of excitement there. So Colin, do you want to take that?

是的，好問題。我認為科林可以接受。過去幾天，我們剛剛在 Ingleside 召開了董事會。那裡有很多令人興奮的事情。那麼科林，你想接受嗎？

Yes, sure. I wish I was still there, it's snowy up in Calgary here. So the answer is yes and yes. So you should -- the market should imminently expect basically at Gray Oak and Ingleside open season here in the next few weeks. I hope we talk more about that at Enbridge Day. It's, as Greg alluded to, very efficient capital deployment here, low, low, low multiples. Yes, on integrated tariffs. We already have the cheapest path to the water there. It's already a competitive advantage, but we can do more of that. And pipeline capacity to Corpus is effectively full already, probably some space to Houston, but a very attractive path to Corpus. So we want to bring some of that capacity on, call it, 100,000 to 200,000 barrels a day as soon as we can. There's appetite for that. It is relatively efficient, simple, plumbing increase here. So we can bring some of that on some in '24, and some in '25. And as a reminder, we've got a couple of million barrels of new tankage coming into service here in April, independent of that that we sanctioned last year.

是的，當然。我希望我還在那兒，卡加利這裡下雪了。所以答案是肯定的。所以你應該——市場應該立即期待未來幾週內灰橡樹和英格爾塞德的開放季節。我希望我們在安橋日更多地討論這一點。正如格雷格所提到的，這裡的資本配置非常高效，倍數低、低、低。是的，關於綜合關稅。我們已經有了最便宜的通往那裡的水路。這已經是一種競爭優勢，但我們可以做得更多。通往 Corpus 的管道容量實際上已經滿了，可能還有一些通往休士頓的空間，但通往 Corpus 的一條非常有吸引力的道路。因此，我們希望盡快提高部分產能，即每天 10 萬至 20 萬桶。對此有興趣。相對有效率、簡單，這裡的管道增加了。因此，我們可以在 24 年和 25 年將其中的一些內容引入其中。提醒一下，我們有幾百萬桶新油罐將於四月在這裡投入使用，與我們去年批准的油罐無關。

So -- the crawl, walk, run approach continues towards our large ambition in the permian to create a light super system to rival the heavy super system we have. Thanks for the question.

因此，爬行、行走、奔跑的方法繼續實現我們在二疊紀的宏偉目標，即創建一個輕型超級系統來與我們擁有的重型超級系統相媲美。謝謝你的提問。

We have reached the end of our question-and-answer period. Rebecca, I turn the call back over to you for some closing remarks.

我們的問答期已經結束。麗貝卡，我將電話轉回給您，請您發表一些結束語。

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 great 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。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

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。