恩橋 (ENB) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Enbridge Inc. second quarter 2024 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, EVP 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.

早上好，歡迎參加 Enbridge Inc. 2024 年第二季財務業績電話會議。我叫麗貝卡‧莫利 (Rebecca Morley)，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； 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；Colin Gruending，Liquids Pipelines； 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，《再生能源》。

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for the investment community. (Operator Instructions). Please note that this conference call is being recorded.

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。（操作員說明）。請注意，本次電話會議正在錄音中。

As per usual, this call is being 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 one hour and in order to answer as many questions as possible, we will be limiting the questions to one plus a single follow-up, if necessary. We will be prioritizing questions from the investment community.

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。我們會盡量將通話時間控制在大約一小時內，為了回答盡可能多的問題，如有必要，我們會將問題限制為一加一次後續追蹤。我們將優先考慮投資界提出的問題。

So if you are 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.

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 will 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 will also be referring to non-GAAP measures summarized below. And with that, I will turn it over to Greg Ebel.

在投影片 2 上，我將提醒您，我們將提及今天簡報和問答中的前瞻性資訊。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。

On to Slide 2, where I will remind you that we'll be referring to forward-looking information on today's presentation and Q&A. By its nature t his information contains forecast assumptions and expectations about future outcomes, which are subject to risks and uncertainties outlined here and discuss more fully in our public disclosure filings. We will also be referring to non-GAAP measures summarized below.

在投影片 2 上，我將提醒您，我們將參考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，並在我們的公開披露文件中進行更全面的討論。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。

Well thanks very much Rebecca and good morning everyone.

非常感謝麗貝卡，大家早安。

We appreciate you joining us on the call today. I am pleased to be here to highlight the significant progress we have made on our strategic priorities and to discuss our strong second quarter results. I will start by providing a mid-year update outlining the team’s strong execution of our financial, operational, and growth priorities. We have accomplished exactly what we said we would and then some and look forward to continuing the momentum through the balance of the year. I will give an overview on the utilities acquisitions and highlight what the team has managed to accomplish since we announced the deal less than a year ago.

我們感謝您今天加入我們的電話會議。我很高興能在這裡強調我們在策略重點方面取得的重大進展，並討論我們強勁的第二季業績。首先，我將提供年中最新情況，概述團隊對財務、營運和成長優先事項的強大執行。我們已經完全實現了我們所說的目標，並期待在今年餘下的時間裡繼續保持這一勢頭。我將概述公用事業收購，並重點介紹自我們在不到一年前宣布交易以來團隊所取得的成就。

I will also provide an update on each of the businesses and highlight key developments there. And then before having Pat take us through the details of the financial results, I'll take the opportunity to share how we are seeing our scale and connectivity extending growth and providing opportunities across all our four business franchises.

我還將提供每項業務的最新信息，並重點介紹其中的關鍵發展。然後，在帕特向我們介紹財務業績的詳細資訊之前，我將藉此機會分享我們如何看待我們的規模和連通性擴大增長並為我們所有四個業務特許經營提供機會。

And more specifically, how we're seeing this play out in the market with growing power, natural gas, and oil demand. As some of you have heard me say, you can't run a full-time economy on part-time power and Enbridge is in a position to serve our customers and their growing demand full-time through multiple service offers. Once Pat wraps up, I'll close with a few key messages and then our management team will be pleased to answer questions following our presentation.

更具體地說，隨著電力、天然氣和石油需求的成長，我們如何看待這種情況在市場上的表現。正如你們中的一些人聽我說過的，你無法依靠兼職電力來運行全職經濟，而安橋能夠透過多種服務提供全職服務於我們的客戶及其不斷增長的需求。帕特結束後，我將以一些關鍵訊息作為結束語，然後我們的管理團隊將很樂意回答演示後的問題。

Before I jump into the progress we've made this year, I want to acknowledge everyone impacted by the ongoing wildfires in Northern Alberta and British Columbia. We're committed to supporting our partners, customers, and communities during this challenging time. And while we've seen no impact on the operations to date, safety will be our number one priority as we continue to monitor the situation.

在介紹我們今年取得的進展之前，我想向所有受到阿爾伯塔省北部和不列顛哥倫比亞省持續發生的野火影響的人表示感謝。我們致力於在這個充滿挑戰的時期為我們的合作夥伴、客戶和社區提供支援。雖然迄今為止我們的營運沒有受到任何影響，但隨著我們繼續監控局勢，安全將是我們的首要任務。

Now onto the mid-year update. As you can see, we've achieved or made significant headway on the commitments we laid out at the start of the year. I'm pleased to share that the U.S. Gas Utilities acquisition funding is now fully complete. Moving forward, we don't see returning to the public markets for the equity portion of our capital needs, and consistent with that, we have now cancelled our ATM program.

現在進入年中更新。正如您所看到的，我們已經實現了年初所做的承諾或取得了重大進展。我很高興地告訴大家，美國天然氣公用事業公司的收購資金現在已經全部完成。展望未來，我們預期資本需求的股權部分不會重返公開市場，與此一致的是，我們現在取消了 ATM 計畫。

I'm pleased to report our base business performance is very much on track through the first half of the year. Separately, you will see that we are recasting our full-year financial outlook by adding to that original 2024 guidance the expected contributions from the two U.S. Gas Utilities we have closed, the expected closing of PSNC, and all of the associated acquisition financing. Pat will talk more about this later in the call.

我很高興地向大家報告，今年上半年我們的基本業務表現非常順利。另外，您會看到我們正在重新制定全年財務前景，在最初的 2024 年指導中添加我們已關閉的兩家美國天然氣公用事業公司的預期貢獻、PSNC 的預期關閉以及所有相關的收購融資。帕特稍後將在電話中詳細討論這一點。

Our balance sheet remains strong with debt to EBITDA well within our targeted range at 4.7 times, providing financial flexibility to execute on our capital allocation priorities. I'm really proud of the team's execution and focus on operational safety and excellence. So far this year, we've had strong asset performance with high utilization across our franchises. As an example, just look at what's happening in liquids.

我們的資產負債表依然強勁，EBITDA 負債比率遠低於我們 4.7 倍的目標範圍，為執行我們的資本配置優先事項提供了財務靈活性。我對團隊的執行力以及對營運安全和卓越的關注感到非常自豪。今年到目前為止，我們的特許經營權資產利用率很高，資產表現強勁。舉個例子，看看液體中發生的情況。

During the second quarter, we achieved record volumes on the mainline and at our Ingleside export facility. As mentioned, we've closed two of the three U.S. Gas Utilities that we acquired representing what will ultimately be approximately 80% of the total annualized EBITDA, and have reached a settlement in principle with the public staff for the North Carolina Utility Commission.

第二季度，我們的幹線和 Ingleside 出口設施創下了創紀錄的銷售量。如前所述，我們已經關閉了收購的三家美國天然氣公用事業公司中的兩家，這些公司最終約佔年度化EBITDA 總額的80%，並已與北卡羅來納州公用事業委員會的公共工作人員原則上達成和解。

PSNC remains on track to close in Q3. We're also pleased to have reached a pre-packaged rate settlement on our Texas Eastern pipeline with customers. This reflects our continued focus on optimizing our return assets to ensure we are earning a reasonable return while delivering safe and reliable energy for customers. And I'm pleased to report that the FERC has now approved this customer settlement. On growth, we've made good progress executing opportunities in our development pipeline.

PSNC 仍有望在第三季關閉。我們也很高興與客戶就德州東部管道達成了預先打包的費率和解協議。這反映出我們持續專注於優化回報資產，以確保我們在為客戶提供安全可靠的能源的同時獲得合理的回報。我很高興地報告，聯邦能源監管委員會 (FERC) 現已批准這項客戶和解協議。在成長方面，我們在開發管道中執行機會方面取得了良好進展。

We sanctioned the 130 megawatt Orange Grove Solar project in Texas backed by a long-term PPA with AT&T. Through our Whistler joint venture we have reached final investment decision for the Blackcomb pipeline, which will provide up to 2.5 BCF of much-needed natural gas egress for Permian shippers. And we sanctioned an expansion of our Gray Oak pipeline in our Liquids business.

我們批准了德州 130 兆瓦的 Orange Grove 太陽能項目，該項目得到了與 AT&T 的長期購電協議的支持。透過我們的惠斯勒合資企業，我們已就 Blackcomb 管道達成最終投資決定，該管道將為二疊紀托運人提供高達 2.5 BCF 急需的天然氣出口。我們還批准了在液體業務中擴大灰橡樹管道。

With clear line of sight to the U.S. Gas Utilities acquisition closing, let me take a moment to highlight our strong execution of that transaction. We're ahead on our plan to complete the $19 billion acquisition of these three gas utilities that we announced just last September.

隨著美國天然氣公用事業公司收購交易的完成，讓我花點時間強調我們對該交易的強力執行。我們正在推進去年 9 月剛宣布的以 190 億美元收購這三家天然氣公用事業公司的計畫。

This reinforces our proven track record of effective M&A execution and highlights the strength of our relationships with all our stakeholders, including customers, regulators, and governments right across North America. Federal Approvals were all received due course with the closing of East Ohio Gas occurring well before our expectations in early March. We look forward to continuing to build long-term productive relationships with all stakeholders in Ohio as we integrate that premier utility business.

這強化了我們在有效併購執行方面的良好記錄，並突顯了我們與所有利害關係人（包括整個北美地區的客戶、監管機構和政府）的關係的強度。聯邦批准全部按時收到，東俄亥俄天然氣公司於 3 月初關閉，遠早於我們的預期。我們期待在整合俄亥俄州重要的公用事業業務時繼續與俄亥俄州的所有利益相關者建立長期富有成效的關係。

Next, we announced the closing of Questar and Wexpro in early June. Again, our experience and relationships helped ensure timely regulatory approvals were obtained to welcome a growing multi-state utility into our Enbridge family ahead of expectations.

接下來，我們宣佈在 6 月初關閉 Questar 和 Wexpro。我們的經驗和關係再次幫助確保及時獲得監管批准，以提前歡迎不斷增長的多州公用事業公司加入我們的 Enbridge 大家庭。

Integration is going well so far and we will continue to provide safe, reliable, and affordable energy for our customers throughout the transition. In North Carolina, we are on track to receive regulatory approval and close in Q3. The team's dedication to executing these transactions, completing the financing, and integrating these assets which diversify our business and enhance our stable cash flow and growth profile has been straight.

到目前為止，整合進展順利，我們將在整個過渡過程中繼續為客戶提供安全、可靠且負擔得起的能源。在北卡羅來納州，我們預計將獲得監管部門的批准並在第三季關閉。該團隊致力於執行這些交易、完成融資並整合這些資產，從而使我們的業務多元化並增強我們穩定的現金流和成長狀況。

Now let's jump into the exceptional performance at each of the BUs. We saw high utilization across our Liquid system, once again this quarter. This highlights the demand pull nature of our systems and continued need for crude oil to fuel everyday life in North America and beyond. The main line transported record second quarter volumes of 3.1 million barrels per day and has so far been apportionment for all months in 2024. July volumes are also expected to be strong and we are expecting apportionment again in August. The utilization year-to-date and the great macro backdrop keeps us confident in our 3 million barrels per day estimate on the main line for 2024 and underpins discussions with customers for expansions in 2026 and beyond. I will also note that this marks our first full year under the new main line tolling settlement. The agreement has proven to be a win, win, win for us, our customers and the markets we serve. And as a reminder, we have annual toll inflators for operating expenses and power that were effective July 1st. We are also earning in the upper half of the RO lead performance color.

現在讓我們來看看每個業務單位的卓越表現。本季我們的 Liquid 系統再次實現了高利用率。這凸顯了我們系統的需求拉動性質以及北美及其他地區對原油為日常生活提供燃料的持續需求。第二季主線每天運輸創紀錄的 310 萬桶石油，迄今已分配到 2024 年所有月份。預計 7 月銷售也將強勁，我們預計 8 月將再次分配。今年迄今為止的利用率和良好的宏觀背景使我們對 2024 年主線產量 300 萬桶/日的預測充滿信心，並為與客戶討論 2026 年及以後的擴張奠定了基礎。我還要指出的是，這標誌著我們在新的主線收費結算下的第一個全年。事實證明，該協議對我們、我們的客戶和我們服務的市場來說是雙贏。提醒一下，我們有年度營運費用和電力收費標準，並於 7 月 1 日生效。我們也在 RO 主導性能顏色的上半部獲得收益。

In the Permian, we sanctioned 120,000 barrels per day expansion of the Gray Oak pipeline following a successful open season this quarter and expect this expansion will come fully online in 2026. The incremental volumes will serve growing demand at our Ingleside facility and we expect the expansion to be capital-efficient with an EBITDA multiple below five times.

在二疊紀盆地，繼本季度成功開放後，我們批准了 Grey Oak 管道每天 120,000 桶的擴建，預計這一擴建將於 2026 年全面上線。增量產量將滿足我們 Ingleside 工廠不斷增長的需求，我們預計此次擴張將具有資本效率，EBITDA 倍數低於五倍。

We now have 18 million barrels of storage capacity at Ingleside with an additional 2.5 million barrels under construction. Of note, Ingleside also set a quarterly record for exports and saw a single day loading record of more than 2.3 million barrels. This again underscores our belief that cash flow from that asset will be sustainable and growing for many years to come.

目前，我們在 Ingleside 擁有 1800 萬桶的儲存能力，另有 250 萬桶正在建設中。值得注意的是，Ingleside 還創下了季度出口記錄，單日裝載量超過 230 萬桶。這再次強調了我們的信念，即來自該資產的現金流將在未來許多年內持續成長。

Now let's take a look at gas transmission. We optimized our assets and advanced our U.S. Gulf Coast strategy during the quarter. As mentioned on Texas Eastern, we reached and the FERC approved a negotiated settlement with shippers effective October 1st. Base rates are expected to increase by 6% through 2025 with an additional uplift of approximate 3% in 2026.

現在我們來看看氣體傳輸。本季我們優化了資產並推進了美國墨西哥灣沿岸戰略。正如 Texas Eastern 報告中提到的，我們與托運人達成了一項談判解決方案，並得到了 FERC 的批准，該解決方案於 10 月 1 日生效。到 2025 年，基本費率預計將上漲 6%，2026 年將額外上漲約 3%。

In the Permian, we closed the previously announced acquisition of an interest in the Whistler JV which brought into service the ADCC pipeline on July 1st. That asset will support U.S. LNG exports to global markets. In addition, the JV recently reached FID for the Blackcomb pipeline after securing firm transportation agreements. When completed in 2026, Blackcomb is expected to add up to 2.5 billion cubic feet per day of desperately needed natural gas egress for our Permian customers. The Venice Extension, another project serving LNG exports on the Louisiana Coast through the Plaquemines LNG facility, is on budget and on track to enter service later this year.

在二疊紀盆地，我們完成了先前宣布的 Whistler JV 權益的收購，該 JV 於 7 月 1 日投入使用 ADCC 管道。該資產將支持美國液化天然氣向全球市場的出口。此外，在獲得牢固的運輸協議後，合資公司最近達成了 Blackcomb 管道的最終投資決定。預計 Blackcomb 專案將於 2026 年竣工，每天將為我們的二疊紀客戶提供高達 25 億立方英尺的急需天然氣排放量。威尼斯擴建項目是另一個透過 Plaquemines 液化天然氣設施為路易斯安那海岸液化天然氣出口提供服務的項目，目前已在預算範圍內，預計今年稍後投入使用。

Now, let's move on to our gas distribution segment. As I mentioned earlier, we closed the acquisition of Questar and Wexpro at the end of May, and we are well on our way to creating the largest natural gas utility in North America and expect North Carolina to close in the third quarter.

現在，讓我們繼續討論天然氣分配部分。正如我之前提到的，我們在 5 月底完成了對 Questar 和 Wexpro 的收購，我們正在全力打造北美最大的天然氣公用事業公司，預計北卡羅來納州將在第三季完成收購。

As a reminder, each of these utilities have attributes that position us for long-term growth. Enbridge Utah is a fully regulated gas utility that serves more than 1.2 million customers, and we are excited about the data center opportunities we are seeing there. Utah's projected population growth is 5% annually through at least 2028, which we expect to drive rate-based growth for years to come. Enbridge Gas Utah rates are effective until 2026.

提醒一下，這些公用事業公司都具有使我們能夠實現長期成長的屬性。Enbridge Utah 是一家受到全面監管的天然氣公用事業公司，為超過 120 萬名客戶提供服務，我們對在那裡看到的資料中心機會感到興奮。至少到 2028 年，猶他州預計人口成長率為每年 5%，我們預計這將在未來幾年推動基於利率的成長。安橋天然氣猶他州費率有效期至 2026 年。

In Ontario, we have almost 4 million customers and expect residential and industrial growth as well as system modernization will backstop ongoing rate-based growth in Ontario. In Ohio, we have another 1.2 million customers connected to our utility. We expect to continue growing rate-based through necessary investments, which will modernize existing infrastructure, ensuring reliable and affordable energy for our customers. Enbridge Gas Ohio has a rate case ongoing with new rates expected in 2025. All of our utilities, including PSNC, which we expect to close in the coming months, have attractive returns on equity and are located in natural gas supportive jurisdictions.

在安大略省，我們擁有近 400 萬客戶，預計住宅和工業成長以及系統現代化將支援安大略省持續的基於費率的成長。在俄亥俄州，我們還有另外 120 萬客戶連接到我們的公用事業。我們期望透過必要的投資繼續以費率為基礎的成長，這將使現有基礎設施現代化，確保為我們的客戶提供可靠且負擔得起的能源。Enbridge Gas Ohio 正在審理一項費率案件，預計 2025 年將採用新費率。我們所有的公用事業公司，包括我們預計在未來幾個月關閉的 PSNC，都具有有吸引力的股本回報率，並且位於支持天然氣的司法管轄區。

Now let’s turn to the renewables business and we made great progress on the growth commitments late at our Investor Day for that business. We previously announced the plan to develop the Seven Stars wind project in Saskatchewan with FID expected in 2025. This 200 megawatt wind farm will have greater than 30% indigenous participation and is backed by government loan guarantees. The project is expected to provide emissions-free power to more than 100,000 Saskatchewan homes and is a great example of how the cross pollination of our business units is generating growth.

現在讓我們轉向再生能源業務，我們在投資者日晚些時候對該業務的成長承諾方面取得了巨大進展。我們先前宣布了在薩斯喀徹溫省開發七星風電項目的計劃，預計於 2025 年完成最終投資決策。這個 200 兆瓦的風電場將有超過 30% 的本土參與，並得到政府貸款擔保的支持。該計畫預計將為薩斯喀徹溫省超過 10 萬個家庭提供零排放電力，是我們業務部門的異花授粉如何促進成長的一個很好的例子。

Moving on to solar, we expect to complete our investment in Fox Squirrel Phase 2 in Q3. Similar to Phase 1, Phase 2 is backed by a long-term PPA with Amazon for 100% of the energy production. We also sanctioned the 130 megawatt Orange Grove Solar project in Texas with an in-service expected in 2025. This project is backed by a long-term PPA with AT&T for 100% of the off-take. In our conversations, we're finding more and more that hyper scalers value the reliability, experience, and proven track record that Enbridge brings to the table as a truly diversified energy provider. And finally, Fécamp is now fully operational, supplying nearly 770,000 people with low carbon electricity across the Seine-Maritime region in France.

轉向太陽能，我們預計將在第三季完成對 Fox Squirrel 第二期的投資。與第一階段類似，第二階段由與亞馬遜簽訂的長期購電協議支持，涵蓋 100% 的能源生產。我們也批准了德州 130 兆瓦 Orange Grove Solar 項目，預計將於 2025 年投入使用。該專案得到了與 AT&T 簽訂的長期購電協議的支持，獲得 100% 的承購權。在我們的對話中，我們發現越來越多的超大規模企業重視安橋作為真正多元化能源提供者所帶來的可靠性、經驗和良好的業績記錄。最後，Fécamp 現已全面投入運營，為法國濱海塞納河地區近 77 萬人提供低碳電力。

With four growing franchises and gas utility acquisitions almost complete, let's take a look at Enbridge's collective offering and why we're positioned to benefit from growing global demand. Our asset footprint makes up North America's first choice energy provider. In fact, we don't just have assets, we have franchises in each of the businesses where we're involved.

隨著四個不斷增長的特許經營權和天然氣公用事業收購即將完成，讓我們來看看安橋的集體產品以及為什麼我們能夠從不斷增長的全球需求中受益。我們的資產足跡構成了北美的首選能源提供者。事實上，我們不僅擁有資產，我們還擁有我們所涉及的每項業務的特許經營權。

Each of those franchises contain super-system, which are integrated value chains connecting the best supply basins in North America to key domestic demand markets and export terminals. Strong relationships with governments, regulatory, and tribal bodies makes us the first choice for energy delivery within the jurisdictions we serve. We have a strong track record of operational excellence, utilizing technology and innovation to drive efficiencies. Diversification and asset interconnectivity makes us a one-stop shop, which attracts high quality customers and partners like AT&T, Amazon, Exxon, BT, Suncor, and NextEra to name but a few.

每個特許經營權都包含一個超級系統，該系統是將北美最好的供應盆地與主要國內需求市場和出口終端連接起來的綜合價值鏈。與政府、監管機構和部落機構的牢固關係使我們成為我們服務的管轄範圍內能源輸送的首選。我們在卓越營運、利用技術和創新來提高效率方面擁有良好的記錄。多元化和資產互聯使我們成為一站式商店，吸引了 AT&T、Amazon、Exxon、BT、Suncor 和 NextEra 等優質客戶和合作夥伴。

Lower carbon optionality exists throughout our balanced conventional portfolio, and we plan to focus on investments that match the pace of global energy transition. And importantly, we believe all these growth opportunities can be equity self-funded through our strong balance sheet and disciplined capital allocation. Scale and connectivity are key competitive advantages that are driving new growth opportunities, so let me touch on those briefly.

我們平衡的傳統投資組合中存在低碳選擇，我們計劃專注於與全球能源轉型步伐相匹配的投資。重要的是，我們相信所有這些成長機會都可以透過我們強大的資產負債表和嚴格的資本配置進行股權自籌資金。規模和連結性是推動新成長機會的關鍵競爭優勢，所以讓我簡單談談這些。

Our large income and asset position allows us to provide differentiated service offerings that is driving value for our customers. It's still in the early innings for us, fully realizing the advantage of our vast position, but we're seeing growing opportunities across our footprint due to increasing natural gas and renewable power demand and their interconnectivity. As an example, in our gas utility business, data center growth in Utah is being driven by the need for reliable and affordable energy. In this quarter, we added 50 megawatts under contract and have numerous additional inquiries to provide natural gas brought to an additional 1.5 gigawatts of capacity.

我們龐大的收入和資產狀況使我們能夠提供差異化的服務，為客戶創造價值。對我們來說，充分實現我們的巨大地位優勢仍處於早期階段，但由於天然氣和再生能源需求及其互聯性的增加，我們看到了我們足跡中越來越多的機會。例如，在我們的天然氣公用事業業務中，猶他州資料中心的成長是由對可靠且負擔得起的能源的需求所推動的。本季度，我們根據合約增加了 50 兆瓦，並進行了大量額外詢問，以提供額外 1.5 吉瓦容量的天然氣。

Throughout our utility footprint, we are engaged in additional early stage discussions with data centers that we expect to translate into future growth. In gas transmission, our assets are ideally located and well connected. We are within 50 miles of 45% of all natural gas power generation in North America.

在我們的公用事業足跡中，我們與資料中心進行了更多的早期討論，我們希望將其轉化為未來的成長。在天然氣傳輸領域，我們的資產地理位置優越且連接良好。我們距離北美 45% 的天然氣發電廠不到 50 英里。

In fact, in July, we achieved seven of our highest ever daily deliveries to U.S. power plants from our gas transmission system. We've had a range of customers in the U.S. Southeast that expressed interest in securing approximately 700 million cubic feet a day of transmission capacity to serve up to 5,000 megawatts of new gas power demand. In renewable power, our scale, financial and execution capabilities are differentiators. Data centers need base low power solutions such as natural gas to support the 24x7 energy demands of hyper scalers. But many customers are balancing that reliability requirement with their renewable energy commitments. It's not always possible to co-locate or develop behind-the-meter power solutions to support new data centers, so we are having discussions with large blue chip customers to provide traditional and virtual long-term PPAs.

事實上，在 7 月份，我們透過天然氣傳輸系統向美國發電廠輸送了有史以來最高的七次日輸送量。我們在美國東南部有一系列客戶表示有興趣確保每天約 7 億立方英尺的傳輸能力，以滿足高達 5,000 兆瓦的新天然氣發電需求。在再生能源領域，我們的規模、財務和執行能力是與眾不同的。資料中心需要天然氣等基礎低功耗解決方案來支援超大規模設備的 24x7 能源需求。但許多客戶正在平衡可靠性要求與再生能源承諾。共置或開髮用戶側電源解決方案來支援新資料中心並不總是可能的，因此我們正在與大型藍籌客戶進行討論，以提供傳統和虛擬的長期購電協議。

Virtual long-term PPAs are where customers may look at signing long-term offtake agreements to support development of clean energy products to offset emissions produced elsewhere in the business. We have over 2 gigawatts of regionally diverse wind and solar projects in development that we talked about at Investor Day, which are capable of serving new data center load with in-service expectations in 2026 and beyond. The collective strength of our franchises lends well to the growth opportunities in front of us, and I'm confident Enbridge will play an essential role of delivering energy everywhere people need it. With that, I'll pass it over to Pat to walk through yet another strong quarter of financial results.

虛擬長期購電協議是客戶可能考慮簽署長期承購協議的地方，以支援清潔能源產品的開發，以抵消業務其他地方產生的排放。我們在投資者日上談到了超過 2 吉瓦的區域性風能和太陽能專案正在開發中，這些專案能夠滿足新資料中心負載的需求，並預計在 2026 年及以後投入使用。我們特許經營權的集體力量很好地為我們帶來了成長機會，我相信安橋將在為人們需要的地方提供能源方面發揮重要作用。至此，我將把它交給帕特來介紹另一個強勁的季度財務業績。

Thanks, Greg and good morning, everyone. It's been a very strong quarter for Enbridge and as Greg noted, we had continued high utilization across all of our franchises. Questar closed in May, and we've now brought in roughly 80% of the total annualized U.S. LDC EBITDA in-house.

謝謝格雷格，大家早安。對於安橋來說，這是一個非常強勁的季度，正如格雷格所指出的那樣，我們所有特許經營權的利用率都持續很高。Questar 已於 5 月關閉，目前我們已將美國 LDC EBITDA 年化總額的約 80% 納入內部。

I'll be speaking to adjusted results on this slide inclusive of the utility acquisitions. Year-over-year, second quarter adjusted EBITDA is up 8% and DCF per share of $1.34 includes a higher share count from all the prefunding of the U.S. Gas Utilities. Liquids volumes were high across the board with the mainline transporting 3.1 million barrels per day, a second quarter record. Ingleside also broke its previously quarterly and daily records for export volumes. In GTM, lower operating costs as well as the Aitken Creek and Tomorrow RNG acquisitions more than offset the sale of Alliance and Aux Sable on April 1st.

我將在這張投影片上討論調整後的結果，包括公用事業收購。第二季調整後 EBITDA 年成長 8%，每股 DCF 為 1.34 美元，其中包括來自美國天然氣公用事業公司所有預融資的更多股份。液體運輸量全面高漲，主線每天運輸 310 萬桶，創第二季紀錄。Ingleside 也打破了先前季度和每日出口量的記錄。在 GTM，較低的營運成本以及 Aitken Creek 和 Tomorrow RNG 的收購遠遠抵消了 4 月 1 日出售 Alliance 和 Aux Sable 的影響。

A full quarter of Enbridge Gas Ohio and partial contributions from our Questar acquisition added approximately $175 million of EBITDA as compared to Q2 in 2023. And in Canada, a higher distribution margin and customer additions over the last year helped offset the negative impact of warm weather at our Ontario utility. Below the line, higher financing costs on floating rate debt and new issuances and the higher share count that I mentioned before, impacted per share metrics. As you can see at the bottom of the slide, the base business continues to deliver strong financial results. So let's look ahead to how the rest of the year is shaping up.

與 2023 年第二季相比，Enbridge Gas Ohio 的整個季度以及收購 Questar 的部分貢獻增加了約 1.75 億美元的 EBITDA。在加拿大，去年更高的分銷利潤和客戶增加有助於抵消溫暖天氣對我們安大略公用事業公司的負面影響。在此線之下，浮動利率債務和新發行的融資成本較高，以及我之前提到的股票數量增加，影響了每股指標。正如您在幻燈片底部看到的那樣，基礎業務繼續帶來強勁的財務業績。因此，讓我們展望一下今年剩餘時間的情況。

With two gas utilities in the door, all the financing complete and a good line of sight to closing PSNC, we're pleased to be able to recap Enbridge's 2024 financial guidance. We're raising our 2024 EBITDA range to $17.7 billion to $18.3 billion. This increase reflects partial year contributions from each of the U.S. Gas Utilities and assumes we closed PSNC mid-third quarter. Even with the partial years of EBITDA, all of the funding completed for these transactions, we're still maintaining our DCF guidance range of $5.40 to $5.80 per share. I'm also reaffirming our near-term financial outlook of 7% to 9% EBITDA growth through 2026, 4% to 6% EPS growth, and approximately 3% BCF growth per share. All in all, it's shaping up to be another strong year with base business performing well and great execution on both the closings and the full financing of the U.S. Gas Utilities.

兩家天然氣公用事業公司即將建成，所有融資均已完成，並且關閉 PSNC 的前景良好，我們很高興能夠回顧 Enbridge 的 2024 年財務指引。我們將 2024 年 EBITDA 範圍提高至 177 億美元至 183 億美元。這一增長反映了美國各天然氣公用事業公司的部分年度貢獻，並假設我們在第三季中期關閉 PSNC。即使 EBITDA 已完成部分年份，這些交易的所有資金均已完成，我們仍維持每股 5.40 美元至 5.80 美元的 DCF 指引範圍。我還重申我們的近期財務前景，即到 2026 年 EBITDA 增長 7% 至 9%，每股收益增長 4% 至 6%，每股 BCF 增長約 3%。總而言之，今年將是另一個強勁的一年，基礎業務表現良好，美國天然氣公用事業公司的關閉和全額融資都執行得很好。

Now let's turn to the balance sheet. In reaction to closing Questar and the progress on the acquisition funding plan, DBRS and S&P took positive actions on our credit ratings during the quarter. DBRS upgraded Enbridge to A low and S&P removed the negative outlook, affirming Enbridge's BBB+ stable outlook. Fitch also reaffirmed our BBB+ rating. While not unexpected, we're pleased to see that the agencies share a view that our long-held leverage target of 4.5 to 5 times is a sweet spot for Enbridge. As we previously communicated, we expect leverage to peak after closing the PSNC acquisition and decreased throughout 2025 as we earn annualized EBITDA contributions from all the utilities. With that, let me move on to capital allocation.

現在讓我們轉向資產負債表。為了回應關閉 Questar 和收購融資計劃的進展，DBRS 和標準普爾在本季度對我們的信用評級採取了積極行動。DBRS 將安橋評級上調至 A 低點，標準普爾取消了負面展望，確認了安橋 BBB+ 的穩定展望。惠譽也重申了我們的 BBB+ 評級。雖然並不出人意料，但我們很高興看到這些機構一致認為我們長期持有的 4.5 至 5 倍槓桿目標對安橋來說是最佳選擇。正如我們之前所傳達的，我們預計槓桿率將在完成 PSNC 收購後達到峰值，並在 2025 年全年下降，因為我們從所有公用事業公司獲得了年化 EBITDA 貢獻。接下來，讓我繼續討論資本配置。

Our priorities remain unchanged, and we're laser-focused on the balance sheet. We canceled the remaining ATM this morning as we return to our equity self-funding model. We're well within our target debt-to-EBITDA range despite only partially EBITDA contributions from our newly acquired U.S. LDCs. The dividend remains a staple of our investment offering, and we're committed to extending our 29-year track record of responsible dividend growth by continuing to grow the business in a very sustainable manner. Our $24 billion of secured capital backlog, which is underpinned by low-risk commercial terms, will be funded entirely through internally generated investment capacity. We plan to deploy approximately $6 billion to $7 billion per year in growth capital, leaving us another $2 billion that can be allocated towards the next available opportunities whether that be sanctioning new strategic projects, accretive tuck-in M&A or debt reduction. With that, I'll pass it back to Greg to close off the call.

我們的優先事項保持不變，我們將重點放在資產負債表上。今天早上，我們取消了剩餘的 ATM，恢復了股權自籌資金模式。儘管我們新收購的美國公司僅貢獻了部分 EBITDA，但我們的債務與 EBITDA 比率仍處於目標範圍內。最不發達國家。股利仍然是我們投資產品的主要內容，我們致力於透過繼續以非常永續的方式發展業務，延續我們 29 年負責任股息成長的記錄。我們 240 億美元的擔保資本積壓以低風險商業條款為基礎，將完全透過內部產生的投資能力提供資金。我們計劃每年部署約 60 億至 70 億美元的成長資本，剩下的 20 億美元可以分配給下一個可用的機會，無論是批准新的戰略項目、增值性併購還是債務削減。這樣，我會將其傳回給 Greg 以結束通話。

Great financial overview, Pat. Thanks very much. Now let me conclude with why we think we're a first choice investment opportunity. We have a consistent track record of sustainably returning capital to shareholders, supported by a visible growth pipeline. This has resulted in an annual total share return of greater than 10% over the past 20 years, and we see no change to that proposition going forward. We expect cash flow to grow 5% over the longer term and when coupled with a growing dividend, investors are positioned to realize an annual TFR of 10% to 12% for the foreseeable future, supported by our low-risk business model, which includes 98% of our cash flows generated from either cost of service or take-or-pay contracts, a customer base that is over 95% investment grade and 80% of the EBITDA earned from assets with protection against inflation. And our debt portfolio, which is less than 5% exposed the floating rate volatility.

很棒的財務概覽，帕特。非常感謝。現在讓我總結為什麼我們認為我們是首選投資機會。在可見的成長管道的支持下，我們在可持續地向股東返還資本方面擁有一貫的記錄。這導致過去 20 年來每年的總股票報酬率超過 10%，我們認為這項主張未來不會改變。我們預計現金流將在長期內成長5%，再加上不斷增長的股息，在我們的低風險業務模式的支持下，投資者預計將在可預見的未來實現10% 至12% 的年度TFR，其中包括我們 98% 的現金流來自服務成本或照付不議合同，投資等級超過 95% 的客戶群以及 80% 的 EBITDA 來自具有通膨保護的資產。我們的債務組合低於 5%，暴露了浮動利率波動性。

In short, we have diversified utility-like cash flows, a strong balance sheet, and visible growth opportunities across each business unit franchise that will support and extend our 29 consecutive years of dividend increases. We remain committed to continuing the strong track record of returning capital to shareholders and believe it positions us as a first choice investment. Thank you again. And operator, please open up the line for questions. Operator, please open up the line for questions.

簡而言之，我們擁有類似於公用事業的多元化現金流、強勁的資產負債表以及每個業務部門特許經營權的顯著成長機會，這將支持並延長我們連續 29 年的股息成長。我們仍然致力於繼續保持向股東返還資本的良好記錄，並相信這使我們成為首選投資。再次感謝您。接線員，請開通提問線。接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Rob Hope from Scotiabank.

來自豐業銀行的羅布·霍普。

Good morning everyone, thanks for taking my call or my questions. Maybe to start off with the TEPCO rate case. Can you walk us through kind of what the key drivers of the change there are, whether there were kind of some key roadblocks there and as well as kind of what you think it does mean in terms of an EBITDA or income uplift in 2025 and 2026?

大家早安，感謝您接聽我的電話或提出我的問題。也許可以從東京電力的費率案例開始。您能否向我們介紹一下變革的主要驅動因素是什麼，是否存在一些關鍵障礙，以及您認為這對 2025 年和 2026 年 EBITDA 或收入提升意味著什麼？

Thanks, Rob, it's Cynthia. So the settlement, as you know, basically is a black box prepackaged settlement. So there's a whole bunch of items that came into consideration. So the team, our team at Enbridge looks at what capital we've spent, what our operating costs are, forecasting that out into the future. We also look at what our rates are going to be impacted, have lots of that kind of conversation. So a lot of stuff goes into determining what those components are.

謝謝，羅布，我是辛西亞。所以，如你所知，結算基本上是一個黑盒子預先打包的結算。因此，需要考慮一大堆項目。因此，我們安橋團隊將研究我們花費了哪些資本，我們的營運成本是多少，並預測未來。我們也會研究我們的費率將受到哪些影響，並進行許多此類對話。因此，要確定這些組件是什麼，需要做很多事情。

And we don't specifically identify any one thing. But what it does allow us to do is to continue to earn that fair return into the future. And basically, as was noted, that's a 6% increase as of October of this year and then a further 2.75% in January of 2026. So with that rate all in, basically, we're in a position to continue to get a fair return. The next time we'll go back, we have a moratorium up until October of 2027, but a comeback by Q3 of 2030. So we're just well positioned to continue to earn a strong return on those assets.

我們沒有具體確定任何一件事。但它確實讓我們能夠在未來繼續獲得公平的回報。正如所指出的，基本上，截至今年 10 月增長了 6%，然後在 2026 年 1 月進一步增長 2.75%。因此，基本上，以這個利率，我們能夠繼續獲得公平的回報。下次我們回去時，我們會暫停直到 2027 年 10 月，但會在 2030 年第三季恢復。因此，我們處於有利地位，可以繼續從這些資產中獲得豐厚的回報。

Alright, appreciate that.

好吧，很感激。

And then maybe moving over to the 2024 recast EBITDA guidance range. Can you walk us through the puts and takes there, it does seem like H1 has outperformed expectations, especially on the Liquid side and layering in the Dominion assets gets us towards the upper end of the range. Just want to get a sense of whether or not you have adjusted the other businesses or just layered in Dominion or are there some specific headwinds we should be looking for in H2?

然後可能會轉向 2024 年重新制定的 EBITDA 指導範圍。您能否向我們介紹那裡的看跌期權和看跌期權，H1 的表現確實超出了預期，尤其是在流動性方面，而 Dominion 資產的分層讓我們走向了該範圍的上限。只是想了解您是否調整了其他業務，或者只是在 Dominion 中進行了分層，或者我們應該在下半年尋找一些特定的阻力？

Yes. Thanks, Rob, it's Greg. Yes, this is solely just based on layering in the utilities and the -- assuming that we get PLC here in the next couple of months and the related financing. As has been our practice, we don't change midyear the other business units. But you pointed it out well. Obviously, the base business are all doing really great, utilization, volumes, etcetera. So a super strong quarter. So yes, obviously, if you were just looking at the base business, you'd be at that upper end.

是的。謝謝，羅布，我是格雷格。是的，這完全基於公用事業的分層以及假設我們在未來幾個月內獲得 PLC 和相關融資。按照我們的慣例，我們不會在年中改變其他業務部門。但你指出得很好。顯然，基礎業務都做得非常好，利用率、銷售量等等。這是一個超級強勁的季度。所以，是的，顯然，如果你只專注於基礎業務，你就會處於高端。

Alright, appreciate that color. Thank you.

好吧，欣賞這個顏色。謝謝。

Robert Catellier from CIBC.

來自 CIBC 的羅伯特·卡泰利爾 (Robert Catellier)。

Hey, good morning guys.

嘿，早上好，夥計們。

Just a follow-up on the utilities here. What drove the decision to use the ATM versus asset sales and understanding that you're fully funded for the acquisitions, what do you expect in terms of any asset sales going forward given that you have that ongoing capital recycling program?

只是這裡實用程式的後續。是什麼促使您決定使用 ATM 而不是資產出售，並了解您已為收購提供了充足的資金，考慮到您正在進行持續的資本回收計劃，您對未來的資產出售有何期望？

Yes. Thanks for the question on that. Here's how we looked at it. Obviously, we had a super high level of confidence in terms of getting all the utilities closed, even a little faster than we had expected. So with that in mind and the fact that we saw the better economics than what was even in our deal model, we moved quickly, confidently to get all the financing done.

是的。感謝您提出這個問題。我們是這樣看的。顯然，我們對關閉所有公用設施抱有極高的信心，甚至比我們預期的要快一點。因此，考慮到這一點，並且事實上我們看到了比我們的交易模式更好的經濟效益，我們迅速、自信地完成了所有融資。

So that's done. It may not fit everybody's model, but definitely exceeded the deals economic assumptions that we had. With that behind us, the ATM terminated, it's really about now focusing on the business, get it at a great price, and how do we keep moving this transaction forward and combine it with the rest of the assets. And as you would recognize and definitely didn't know if it would work, even with all that, financing in the way in which we did it, we're going to be well within our guidance range. And as we just talked about, the base business would even look like it's better than that. So a great setup on that front.

這樣就完成了。它可能不適合每個人的模型，但絕對超出了我們的交易經濟假設。在我們身後，ATM 機終止了，現在真正關注的是業務，以優惠的價格獲得它，以及我們如何繼續推進這項交易並將其與其他資產結合起來。正如您所認識到的，並且肯定不知道它是否會起作用，即使如此，以我們所做的方式進行融資，我們也將完全在我們的指導範圍內。正如我們剛才談到的，基礎業務甚至看起來比這更好。所以這方面的設置很棒。

Asset sales still very much part of what we look at. Let's not forget, we did a large asset sale earlier this year with Alliance and Aux Sable, but we're always looking at stuff. I wouldn't say there's anything near term that we have to do. And I think that's the key component here. Balance sheet in good position, financing done, businesses all running well. If we do anything significant on the asset sale side, it will be solely as a result of getting a great price on something.

資產出售仍然是我們關注的重要部分。我們不要忘記，今年早些時候我們與 Alliance 和 Aux Sable 進行了大規模資產出售，但我們一直在尋找新的東西。我不會說我們近期必須做任何事。我認為這是這裡的關鍵組成部分。資產負債表狀況良好，融資完成，業務運作良好。如果我們在資產出售方面做了任何重要的事情，那僅僅是因為以優惠的價格購買了某樣東西。

Okay, thanks for that. And then just on the mainline, clearly, it's been a good quarter despite the on-site of TMX. But I have a couple of questions about the near term and the long-term outlook. First, just in the near term, I'm happy to hear your expectations of apportionment in August.

好的，謝謝。然後就主線而言，顯然，儘管有 TMX 現場，但這個季度還是不錯的。但我對近期和長期前景有幾個問題。首先，就近期而言，我很高興聽到您對八月份分配的期望。

But I'm just wondering what you're seeing in terms of risk of producer shut-ins in light of the forest fires and then if you look longer term, the need for egress in post 2026, what level of political risk do you see there, in other words, do you think the producers are going to need that capacity respective of what government is in place in Canada or do you think they are probably waiting for the Canadian Federal Election to get better clarity on carbon prices moving forward?

但我只是想知道，鑑於森林火災，生產商停工的風險是什麼，如果從長遠來看，2026 年後出口的需要，您認為政治風險的程度如何換句話說，您認為生產商是否需要與加拿大政府相應的能力，或者您認為他們可能正在等待加拿大聯邦選舉，以便更好地了解未來的碳價格？

Hey Robert, yes, it's Colin. Thanks for the question on the mainline. And indeed, it's performing well. Business is good. We are apportioned in August. And I think Greg mentioned that we're very comfortable with the 3.0 million barrels per day full year guide.

嘿羅伯特，是的，我是科林。感謝您在主線上提出的問題。事實上，它表現良好。生意很好。我們在八月分配。我認為格雷格提到我們對全年 300 萬桶/天的指導感到非常滿意。

We're probably likely to exceed that, all things equal. But you did mention the risk of forest fires, I think that remains a present risk, maybe similar to last year. So to date, really negligible impact on mainline volumes and basin production.

在所有條件相同的情況下，我們很可能會超過這個數字。但你確實提到了森林火災的風險，我認為這仍然是當前的風險，可能與去年相似。到目前為止，對乾線流量和流域產量的影響確實可以忽略不計。

There are active fires in the region. As you know, we're in close coordination with all our producers and have, I think, collective everyone's enhanced their investments in mitigation since 2016 but mother nature is there. So we'll watch that carefully through August, September here. But so far, we're looking pretty strong for the year, all things equal. That's the near term.

該地區正在發生火災。如你所知，我們與所有生產商密切協調，我認為自 2016 年以來，每個人都集體增加了緩解投資，但大自然就在那裡。因此，我們將在八月、九月仔細觀察這一情況。但到目前為止，在所有條件相同的情況下，我們今年的表現看起來相當強勁。這是近期的情況。

So on the long term, I think on egress Greg mentioned, we're teeing up some insurance egress at a minimum. It's likely they will get used on the 2026, 2027 period. We're socializing that with industry. There's a significant interest at this time. I think if you look at each producer's book of supply optimization, debottlenecking, and modest kind of modular growth,

因此，從長遠來看，我認為格雷格提到的出口方面，我們至少要準備一些保險出口。它們很可能會在 2026 年、2027 年期間投入使用。我們正在與工業界進行交流。此時有很大的興趣。我認為如果你看一下每個生產商關於供應優化、消除瓶頸和適度的模組化增長的書籍，

I think that's all also as announced by each of them, and we track it, bottom up and top down, it is likely to proceed kind of irrespective of any administration. It's all manageable, and I think will fit within climate policies stated. There's potentially upside to that, I think, if things change, and we'll be on top of that. I mean I'm not really that concerned with egress bottlenecking here again, industry and collectively has a good beat on that. And I'm virtually there to serve as we've done in the last couple of decades.

我認為這也是他們每個人宣布的，我們自下而上和自上而下地跟踪它，無論任何政府如何，它都可能會繼續進行。這一切都是可控的，我認為這將符合規定的氣候政策。我認為，如果情況發生變化，這可能會有好處，我們將能夠做到這一點。我的意思是，我並不是真的那麼擔心這裡再次出現出口瓶頸，產業和集體在這方面表現良好。我實際上是在那裡服務，就像我們過去幾十年所做的那樣。

Okay, thanks for those answers.

好的，謝謝你的回答。

Ben Pham BMO.

Ben Pham BMO。

Hi, thanks, good morning. Just on the data center comments and that slide you had, the map and the blobs there. Could you comment on which is the segment you expect to see the best reward or the highest investment opportunity and are you indifferent somewhat to where you're allocating capital towards that growing opportunity?

嗨，謝謝，早安。就在資料中心的評論和幻燈片上，還有地圖和斑點。您能否評論一下您期望看到最佳回報或最高投資機會的細分市場，以及您是否對將資本分配給不斷增長的機會的地方有些漠不關心？

Yes. Good question. I think they're all going to benefit, maybe not liquids as much, but it's got its own great opportunities. Probably the initial phase you see is GDS. And you saw we announced one today, and Michele and the team there signed up a 50-megawatt lateral into -- or a lateral 450-megawatt plant there. So I think that's probably the easiest move right away.

是的。好問題。我認為他們都會受益，也許液體沒有那麼多，但它有自己的巨大機會。您看到的最初階段可能是 GDS。你看到我們今天宣布了一項計劃，米歇爾和那裡的團隊在那裡簽約了一座 50 兆瓦的橫向發電站，或是一座橫向 450 兆瓦的發電廠。所以我認為這可能是最簡單的舉措。

Alright, that's great context. Thank you. And maybe a second question on the U.S. gas utility acquisitions, now you're closing or soon to be close all of them. Like what's the near-term focus or initiatives those buckets and can you comment on that 8% rate base growth visibility or expectation on how long that could persist?But gas transmission has a lot of opportunities, too. As I mentioned during my opening comments, there's 600, 700 a day of request for capacity in the Southeast. Some of that will be coal to gas changing, but a lot of its data center driven, things like storage. Obviously, that exists both in GTM and GDS. And then let's not forget Matthew's business on the power side. And obviously, data centers, a lot of those folks are trying to meet just like a lot of other folks, to lower emission goals. And so they may like the gas for the reliability side. They'll help fund some of these projects with very long-term contracts, kind of like what you saw today.

好吧，這是一個很好的背景。謝謝。也許是關於美國天然氣公用事業收購的第二個問題，現在您正在關閉或即將關閉所有這些收購。例如這些領域的近期重點或舉措是什麼，您能否評論一下 8% 的基礎成長可見度或對這種情況可以持續多久的預期？天然氣輸送也有很多機會。正如我在開場白中提到的，東南部每天有 600、700 個容量請求。其中一些將是煤改氣，但很多是由資料中心驅動的，例如儲存。顯然，GTM 和 GDS 中都存在這種情況。然後我們不要忘記馬修在電力方面的業務。顯然，在資料中心，許多人像其他人一樣努力實現降低排放目標。因此，他們可能會因為可靠性而喜歡天然氣。他們將透過長期合約幫助資助其中一些項目，就像您今天看到的那樣。

In terms of which ones get the capital, that's a classic risk-adjusted return base. It's obviously very, very safe capital that goes into the distribution business. If you've got long-term power purchase agreements on the renewable side, same thing. And obviously, there's a tax kicker there that we like. And then TTM, same thing. So they all have great returns on the equity portion, and then it's a classic discussion of how fast, how quick cycle the capital can be and the quality of the off taker. So I think the key is, unlike anybody else, we have an opportunity to play in all elements of that. So when you look right across the entire system, liquids demand is up, NATI is up, electrons are up. If you look at the supply side, the same thing, liquids are up, NATI is up, electrons are up. And if you've got linear infrastructure and all those pieces, you win. So I think you'll increasingly see us use that interconnectivity to give exactly what our customers want and something that's a differentiated offering from what anybody else has all of which is a great setup for us to allocate capital to those best opportunities.

就哪些人獲得資本而言，這是一個經典的風險調整回報基礎。進入分銷業務顯然是非常非常安全的資本。如果您在再生能源方面簽訂了長期購電協議，也是一樣。顯然，這裡有一個我們喜歡的避稅者。然後TTM，同樣的事情。所以他們在股權部分上都獲得了很高的回報，然後這是一個經典的討論，關於資本的速度有多快、資本的周期有多快以及承購商的質量。所以我認為關鍵是，與其他人不同，我們有機會參與其中的所有要素。因此，當你仔細觀察整個系統時，會發現液體需求上升，NATI 上升，電子上升。如果你看供給側，同樣的事情，液體上漲，NATI 上漲，電子上漲。如果您擁有線性基礎設施和所有這些部件，那麼您就贏了。因此，我認為您會越來越多地看到我們利用這種互連性來提供客戶真正想要的東西，以及與其他人提供的差異化產品，所有這些都是我們將資本分配給這些最佳機會的絕佳設置。

That's great context.

這是很好的背景。

And I think and maybe my second question on a US gas utility acquisitions and higher closing, it seems to be close all of them, like what's within near term focused or initiatives those buckets. And can you comment on that 8% rate base growth, the visibility or expectation on how long that comparison?

我認為，也許我關於美國天然氣公用事業收購和更高收盤價的第二個問題，似乎所有這些問題都很接近，例如近期重點關注的內容或這些項目的舉措。您能否評論一下 8% 的成長率、這種比較的可見度或預期會持續多久？

Sure. Michele is here. I'll let her respond.

當然。米歇爾在這裡。我會讓她回應。

Sure. So of course, initially, we're really focused on integrating the utilities into gas distribution and storage. We stood up an organization to do that even before we announced the deal, and we've been very focused on it. We brought in Ohio now in March.

當然。當然，最初我們真正專注於將公用事業整合到天然氣分配和儲存中。甚至在宣布這筆交易之前，我們就成立了一個組織來做到這一點，我們一直非常關注它。我們在三月引進了俄亥俄州。

We brought in Utah with that Idaho, Wyoming and of course, the Wexpro assets in June. And that comes with about 2,500 employees, that comes with almost 2.5 million customers, and it's gone very, very smoothly so far. And you'll recall that we have a lot of experience in doing this with the Union Enbridge Gas merger that we did in Ontario. So feeling good about that. We've got about 30 months to work through our TSA with Dominion Energy, so lots of support for them.

我們在 6 月引進了猶他州、愛達荷州、懷俄明州的資產，當然還有 Wexpro 資產。大約有 2,500 名員工，近 250 萬名客戶，到目前為止進展得非常非常順利。您會記得，我們​​在安大略省合併聯合安橋天然氣公司方面擁有豐富的經驗。所以感覺很好。我們還有大約 30 個月的時間與 Dominion Energy 完成 TSA，因此他們得到了許多支持。

Of course, the first thing we've been doing is we've been bringing these utilities in and being able to look under the hood. A bit more is really testing and understanding those growth opportunities. And I've got to tell you guys, still really love these utilities. I love the diversification of the growth that we get from these utilities. So Ontario -- and let's not forget about Ontario.

當然，我們所做的第一件事就是引入這些實用程式並能夠深入了解底層。更多的是真正測試和了解這些成長機會。我必須告訴你們，我仍然非常喜歡這些實用程式。我喜歡我們從這些公用事業中獲得的多元化成長。安大略省—我們不要忘記安大略省。

Ontario is still going strong with its economic growth about 40,000 customers a year that we're signing up there. Utah, like Greg mentioned it in his overview, top-tier population growth, about 5% annually through 2028. So they're attracting over 20,000 customers a year. And then along with that rate base growth, Utah has a regulatory approved rider programs that support things like rural expansion. And of course, we just talked about the data center growth that they're seeing along the Wasatch [ph] front.

安大略省仍然強勁，其經濟成長每年約有 40,000 名客戶，我們在那裡簽約。猶他州，就像格雷格在他的概述中提到的那樣，人口增長率最高，到 2028 年每年大約增長 5%。因此，他們每年吸引超過 20,000 名顧客。然後，隨著費率基礎的增長，猶他州還制定了監管機構批准的附加計劃，以支持農村擴張等項目。當然，我們剛剛討論了他們在 Wasatch [ph] 前沿看到的資料中心成長。

Similarly, Ohio great growth that's driven primarily through the rider eligible modernization program. Lots of work to do there to upgrade those systems. But again, that's going along really smoothly. And I'm quite confident we'll be just as pleased with North Carolina. So the growth projections we've given, we feel very, very good about for the next several years.

同樣，俄亥俄州的巨大增長主要是透過符合騎手資格的現代化計劃推動的。升級這些系統有很多工作要做。但話又說回來，一切都進展得非常順利。我非常有信心我們會對北卡羅來納州同樣滿意。因此，我們對未來幾年的成長預測感到非常非常滿意。

Yes. I think at 8% CAGR on a rate base through 2027 doesn't really take into account the data center [Multiple Speakers] call early days. So anything we get on that front will be additive. So, it's not just the rate base growth is different in each area, which I think underlines the ability. Depending on where you are in the cycle, it might be modernization, it might be growth, it might be data center, new builds, maybe changes from coal to gas, all of those pieces. And then I think the other thing we're really focused on as well is just that interconnectivity, where can we utilize gas transmission and/or power to help the utilities or vice versa?

是的。我認為 2027 年之前 8% 的複合年增長率並沒有真正考慮到資料中心 [多位發言者] 早期的需求。所以我們在這方面得到的任何東西都將是累積的。因此，我認為這不僅僅是每個領域的利率基礎成長不同，這也凸顯了這種能力。根據您所處的周期，它可能是現代化，可能是成長，可能是資料中心、新建，可能是從煤炭到天然氣的變化，所有這些部分。然後我認為我們真正關注的另一件事是互連性，我們可以在哪裡利用天然氣傳輸和/或電力來幫助公用事業，反之亦然？

Okay, got it, thank you.

好的，明白了，謝謝。

Jeremy Tonet from J.P. Morgan

摩根大通的傑里米·託內特

Hi, good morning. We've heard a lot about data centers South of the 49th parallel. I'm wondering if you see anything percolating North of the 49th parallel that you could capitalize on?

嗨，早安。我們聽過很多關於北緯 49 度線以南資料中心的事。我想知道您是否發現北緯 49 度線以北有任何可以利用的東西？

Yes, it's Michele here. So let me talk about Ontario a little bit. And for some of you who may have seen it, I've been told that the grandfather of AI is out of the University of Toronto. And more recently, I heard a statistic that there are over 250,000 jobs in Ontario tied to AI, in fact, more than in Silicon Valley.

是的，這是米歇爾。讓我談談安大略省。對於那些可能已經看過它的人來說，我聽說人工智慧之父來自多倫多大學。最近，我聽到一項統計數據，安大略省有超過 25 萬個工作與人工智慧相關，事​​實上，比矽谷還要多。

So without question, there's a lot of inbounds going on in Ontario right now about data center growth. I think the ISO is taking a good hard look at things. We know there's a certain amount of, let's call it, forum shopping that's going on, seeing where they can get that. But certainly in the GTA in particular, the Southwest GTA, lots of inquiries about data centers. And given that the timelines to build transmission and other support, there are absolutely going to be opportunities for behind-the-meter support that we can give on the gas distribution system.

因此，毫無疑問，安大略省目前正在發生大量關於資料中心成長的投資。我認為 ISO 正在認真審視事情。我們知道有一定數量的論壇購物活動正在發生，看看他們可以從哪裡獲得這些東西。但肯定的是，在大多倫多地區，尤其是大多倫多地區西南部，有很多關於資料中心的詢問。考慮到建立傳輸和其他支援的時間表，我們絕對有機會為天然氣分配系統提供儀表後支援。

Kind of analogous in Ontario to how we are seeing the greenhouse business change over the last 20 years, right. Good land, good location, great access to obviously gas infrastructure, nearness to the border, etcetera. So I wouldn't be surprised to see maybe not the same kind of explosive growth that we've been able to see on the greenhouse side, but definitely a good setup.

這有點類似於安大略省過去 20 年溫室業務的變化，對吧。良好的土地、良好的地理位置、天然氣基礎設施的便利性、靠近邊境等等。因此，如果看到的爆炸性增長可能與我們在溫室方面看到的不同，我不會感到驚訝，但絕對是一個很好的設置。

Got it. That's very helpful there, thanks.

知道了。這非常有幫助，謝謝。

And then just looking at the mainline and looking forward a bit more, just curious for any other color that you could share in particularly looking even later dated. I think in the release you talked about your conversations with regards to incremental egress opportunities. Just wondering if you could expand a bit more on what you see there?

然後只是看看主線並期待更多一點，只是對您可以分享的任何其他顏色感到好奇，特別是看起來甚至更晚過時。我認為您在新聞稿中談到了有關增量出口機會的對話。只是想知道您是否可以進一步擴展您在那裡看到的內容？

Yes, sure. Indeed, I think with the strength in supply growth and appetite to get to U.S. markets continually in the bid, pulling it that way, industry is casting inside to the future. I like your question. And indeed, we are designing and socializing, as I mentioned, an expansion of the mainline in that late 2026, 2027 period. It would be very capital efficient as our historic expansions have been.

是的，當然。事實上，我認為，隨著供應成長的強勁以及不斷進入美國市場的興趣，產業正在向未來邁進。我喜歡你的問題。事實上，正如我所提到的，我們正在設計和社交化主線在 2026 年末、2027 年期間的擴展。正如我們歷史性的擴張一樣，這將非常具有資本效率。

This would be in right away, very brownfield, more optimization than expansion, so to speak. But we would be looking to add circa 150,000 barrels a day. Let me say, I think it's quite executable and very economic for industry. So I think that's the next major tranche of egress expansion we have on deck there, but there's also continuing optimizations like we do every month and have for decades. So like I say, I think if you're looking at things base differentials and things, I'm not that concerned that they're going to blow out again. I think there's going to be solutions that they're ready here in time.

可以說，這將立即投入使用，非常優化，而不是擴展。但我們希望每天增加約 15 萬桶。我想說的是，我認為這對工業界來說是非常可行且非常經濟的。因此，我認為這是我們在那裡進行的出口擴展的下一個主要部分，但也像我們每個月和幾十年來所做的那樣持續優化。所以就像我說的，我認為如果你專注於基本差異和事物，我並不擔心它們會再次爆發。我認為他們會及時準備好解決方案。

Got it, that’s very helpful. Thank you.

明白了，這非常有幫助。謝謝。

Manav Gupta from UBS

瑞銀 (UBS) 的馬納夫古普塔 (Manav Gupta)

Thank you guys and positive update on the data center side. Can you just go back and talk a little bit more about the JV that you announced last quarter with MPLX, Whitewater and the benefits of that going ahead? Also, you guys have a track record of eventually becoming the operators of assets like Gray Oak. So would there be a desire to eventually operate this from the Enbridge side?

謝謝你們以及資料中心方面的正面更新。您能否回過頭來談談您上季度宣布與 MPLX、Whitewater 成立的合資企業以及該合資企業的好處？此外，你們也有最終成為像灰橡樹這樣的資產運營商的記錄。那麼，安橋公司是否願意最終運作該專案呢？

Thanks, Manav, it's Cynthia. Yes, we're very pleased with the investments that we made in Whitewater. As you know, we have 19% of those assets. And of course, that includes the 100% of the Whistler pipeline that provides an incredibly important egress from the Permian, as well as 50% of the Waha gas storage and then 70% of the ADCC pipeline that just went into service on July 1st.

謝謝，馬納夫，我是辛西亞。是的，我們對在白水中的投資感到非常滿意。如您所知，我們擁有其中 19% 的資產。當然，這包括提供二疊紀極其重要出口的惠斯勒管道的 100%，以及瓦哈儲氣庫的 50%，以及 7 月 1 日剛投入使用的 ADCC 管道的 70%。

So we have, with the announcement of the Blackcomb expansion, that's the kind of expansions that we were really excited about, and it's coming to fruition in a very short period of time. They're great assets, they're great operators. We're happy to be a part of that. We see opportunities for growth. Of course, now that we're just a minority interest in that, but we have, as part of that, our Rio Bravo pipeline is now going to be operated and constructed through Whistler.

因此，隨著 Blackcomb 擴充包的宣布，我們真正感到興奮的是這種擴充包，並且它將在很短的時間內實現。他們是偉大的資產，也是偉大的經營者。我們很高興成為其中的一部分。我們看到了成長的機會。當然，現在我們只是其中的少數股東，但作為其中的一部分，我們的 Rio Bravo 管道現在將透過惠斯勒運作和建造。

So these are all great assets. We're happy to work with our partners on that. It allows us to fully participate in that Permian expansion, something that we've looked at for a long period of time. Now the future, I think, is very bright. We'll continue to have opportunities to participate there and looking for future opportunities in that space.

所以這些都是巨大的資產。我們很高興與我們的合作夥伴就此展開合作。它使我們能夠充分參與二疊紀擴張，這是我們長期以來關注的事情。現在，我認為未來是非常光明的。我們將繼續有機會參與其中，並在該領域尋找未來的機會。

Yes, I think well said. We're good JV operators too. We've had a long history of working in JVs with great partners. Those are great partners. So I think the future with the structure that exists there today is going to deliver a ton of value, and it's been a great job the team putting it together.

是的，我認為說得很好。我們也是優秀的合資經營者。我們與優秀合作夥伴在合資企業中有著悠久的合作歷史。他們是很棒的合作夥伴。因此，我認為未來的現有結構將帶來巨大的價值，團隊將其整合在一起是一項出色的工作。

Thank you for the detailed response. I will turn it over. Thank you.

感謝您的詳細回覆。我會把它翻過來。謝謝。

Robert Kwan from RBC Capital Markets.

加拿大皇家銀行資本市場部的羅伯特‧關 (Robert Kwan)。

Thank you, good morning. If I can just start with your strategic priorities and just what do you see as the top two or three over the next 12 to 24 months, but can you also specifically comment on whether there are any large projects that you haven't announced yet or other major asset bases or platforms that you feel are important to execute on your strategy that you need to action on that in that similar timeframe?

謝謝你，早安。我能否先介紹一下您的戰略重點以及您認為未來 12 到 24 個月內最重要的兩三個項目是什麼，您能否具體評論一下是否有任何尚未宣布的大型項目或您認為對於執行您的策略很重要的其他主要資產基礎或平台，您需要在類似的時間範圍內採取行動？

Well, here's the first three, I'd give you, Robert. So the first one is, as always, we're doing it, and you see we've made some adjustments this year, it's getting most out of the base assets that we have. How do you get the return on the capital that you already have employed improved, that's exactly how you get 1% or so of growth out of constantly doing that and we've got a great track record and very focused on that. So that's number one.

好吧，這是前三個，我給你，羅伯特。所以第一個是，一如既往，我們正在這樣做，你看我們今年做了一些調整，它最大限度地利用了我們擁有的基礎資產。如何才能提高已經使用的資本的回報率，這就是如何透過不斷這樣做獲得 1% 左右的成長，我們擁有良好的業績記錄，並且非常關注這一點。所以這是第一。

Number two, integrate the utilities that we've just bought both from an operational perspective, but also what other opportunities could exist there commercially, etcetera. Number three, we got $25 billion of projects, which maybe gets to your second question as well. $25 billion of projects that we're executing, $18 billion or so which are in the power and gas side. That's a huge element because that's all about future growth. And doing that all within our ability to keep the balance sheet between 4.5 and 5 times that's the primacy out there right now. So those are what I'd say the top three things to focus on right now, and that's a handful.

第二，從營運角度整合我們剛剛購買的公用事業，以及商業上可能存在的其他機會等。第三，我們有 250 億美元的項目，這也可能牽涉到你的第二個問題。我們正在執行價值 250 億美元的項目，其中 180 億美元左右屬於電力和天然氣方面。這是一個重要因素，因為這關係到未來的成長。在我們的能力範圍內做到這一點，將資產負債表保持在 4.5 到 5 倍之間，這是目前的首要任務。所以這些就是我現在最需要關注的三件事，而這只是少數。

We're always looking for additional new projects. I think as Colin just laid out, as Cynthia has laid out, and even if you look at both the renewable backlog as well as the utility businesses, those don't have massive projects. They've got real value-added projects at relatively low build. So you're doing things in JVs, whether it's Whitewater, whether you're adding incremental egress that is actually low multiple builds or things like the Gray Oak stuff we're doing on the Gulf Coast, or quick cycle capital that we're seeing at the utilities, $1.5 billion or so going to maybe $3 billion that you can turn quickly. That's better than actually focusing on a $10 billion project that may take 10 years to build.

我們一直在尋找更多的新項目。我認為正如科林剛剛闡述的那樣，正如辛西婭所闡述的那樣，即使你同時考慮可再生能源積壓和公用事業業務，這些企業也沒有大型項目。他們以相對較低的建造量獲得了真正的增值項目。所以你在合資企業中做事，無論是白水，無論你是增加實際上低倍數建設的增量出口，還是我們在墨西哥灣沿岸做的灰橡樹之類的事情，或者我們正在做的快速循環資本看看公用事業公司，15 億美元左右可能會增加到30 億美元，你可以快速週轉。這比實際專注於可能需要 10 年才能建成的 100 億美元項目要好。

And then of course, Matthew's got the same thing. Got out and bought the TGE assets, and that actually accelerates the growth pattern for renewables and not having to wait for six or seven years there. So I think it's a lot of singles and doubles that add up to a big home run for the corporation.

當然，馬修也有同樣的事情。走出去併購買了 TGE 資產，這實際上加速了再生能源的成長模式，而不必在那裡等待六到七年。所以我認為大量的單打和雙打加起來為公司帶來了巨大的本壘打。

Got it, thanks.

明白了，謝謝。

And if I can just finish to better understand or more color on your guidance. First, just on the mainline, you mentioned 3 million barrels a day. You had 3.1 million the first half. So does that imply 2.9 million in the second quarter, and you can also say just what you are moving right now or what you moved in July, but just also as you get to DCF per share can you just talk about any of the adjustments to your original guidance or can we just take the base business reconciliation in the report and effectively annualize the quarter to get to some of the DCF changes?

如果我能更好地理解或更多地了解您的指導的話。首先，就在主線上，您提到每天 300 萬桶。上半年你有 310 萬。那麼這是否意味著第二季將有 290 萬美元，您也可以只說您現在或 7 月份的變動，但同樣當您獲得每股 DCF 時，您是否可以談論對您最初的指導，還是我們可以僅採用報告中的基本業務調節，並有效地將季度年化以獲得一些DCF 變化？

Yes. So Robert, it's Pat. I think on your volume question, I think Colin even mentioned that really confident with the 3 million barrels, probably even a little bit of upside there, given where we're at today.

是的。羅伯特，是帕特。我想關於你的數量問題，我認為科林甚至提到對 300 萬桶非常有信心，考慮到我們今天的處境，甚至可能還有一點上行空間。

Remember, there is a bit of seasonality in the mainline and that heat restrictions sometimes costs come down a little lower in that kind of July, August, September timeframe. So we'll see a little bit of that. That has nothing to do with either the demand pull or supply push. It's just the way the pipeline operates. But feeling really good about that 3 million and even potential upward from there.

請記住，主線有一定的季節性，在七月、八月、九月的時間範圍內，熱量限制有時會降低一點。所以我們會看到一些。這與需求拉動或供應推動無關。這就是管道的運作方式。但我對這 300 萬美元感覺非常好，甚至還有進一步上漲的潛力。

I think the way to think about the new guidance is that -- or the recast guidance is that we really just layered on the utility. So the EBITDA, the partial years of EBITDA from each of them and then all of the financing that we did to kind of derisk the funding plan over the last 12 months. So from a DCF perspective, it really is just taking the extra shares and the hybrids and debt that we issued and layering that on to the base plan. It's kind of as simple as that.

我認為思考新指南的方式是——或者說重新制定的指南是我們實際上只是對實用程式進行了分層。因此，EBITDA、每個年份的 EBITDA 以及我們在過去 12 個月內為降低融資計劃風險而進行的所有融資。因此，從貼現現金流的角度來看，實際上只是將我們發行的額外股票、混合債券和債務疊加到基本計劃上。就是這麼簡單。

And I mean, I think it's a really good data point that we've mentioned, Greg mentioned we should be in that upper part of the EBITDA guidance, but that's what gives us a lot of confidence as well that will be in that kind of midpoint of our new DCF guidance range even with all the prefunding we did because we knew with partial year EBITDA that, that would bring that down a bit. So really pleased with the new guidance levels and the way the business is performing.

我的意思是，我認為這是我們提到的一個非常好的數據點，格雷格提到我們應該處於EBITDA 指導的上部，但這也給了我們很大的信心，這將是在這種情況下即使我們進行了所有預融資，我們的新 DCF 指導範圍的中點也是如此，因為我們知道部分年度 EBITDA 會有所下降。對新的指導水準和業務表現非常滿意。

Okay. But just on your reconciliation, we can take the maintenance CAPEX in the quarter for the most part and annualize it. It looks like there's absolutely no tax incremental involved?

好的。但僅根據您的對賬，我們就可以將本季的大部分維護資本支出進行年度化。看起來完全不涉及稅收增量？

Yes, no meaningful cash tax from the transaction as I think we mentioned originally. And from a maintenance capital, it will be a little bit more in the back half because of course, we didn't add Utah until, what, beginning of June. So we only have one month in the quarter for that. I mean, of course, we're going to add PSNC. It's the smallest of the three utilities. We've already got, tell it, 80% of the of the cash flow in, but there'll be a little bit more uptick in the back half of the year just because we'll have basically all three for almost the full back six months.

是的，正如我們最初提到的那樣，交易中沒有產生有意義的現金稅。從維護資本來看，後半部分會多一點，因為當然，我們直到六月初才添加猶他州。因此，本季我們只有一個月的時間。我的意思是，當然，我們將添加 PSNC。它是三個實用程式中最小的一個。告訴它，我們已經獲得了 80% 的現金流，但今年下半年會有更多的成長，因為我們基本上將擁有幾乎全部後衛的三個人六個月。

That’s great, thank you.

太好了，謝謝。

Thanks Robert.

謝謝羅伯特。

Keith Stanley from Wolfe Research.

沃爾夫研究中心的基斯‧史丹利。

Hi, good morning and congrats on a smooth process getting the gas LDCs done. Wanted to ask on the Ohio rate case that you're in right now. Just any impression of the staff rack that came out and then your level of confidence and visibility on reaching a settlement and constructive outcome there?

大家好，早安，恭喜最不發達國家天然氣計畫進展順利。想詢問您現在遇到的俄亥俄州利率案件。對出來的員工隊伍有什麼印象，以及您對達成和解和建設性成果的信心和可見度嗎？

Sure. It's Michele here, Keith.

當然。我是米歇爾，基斯。

So as you noted, the staff filed a report in July. It's really not unusual for the regulator staff responses to be different than what we would file in our initial rate applications. As you note, I think the PUC in Ohio definitely has a preference to settle, and we certainly think that we should be able to do that with them, and we're looking forward to working with them on that agreement.

正如您所指出的，工作人員在 7 月提交了一份報告。監管機構工作人員的反應與我們在初始利率申請中提交的不同，這確實並不罕見。正如您所指出的，我認為俄亥俄州的 PUC 肯定傾向於和解，我們當然認為我們應該能夠與他們一起做到這一點，我們期待與他們就該協議進行合作。

I would say that we expect a final determination that should will take several months to negotiate it. It should be something that gives us an opportunity in a fair return. And we definitely expect it to land within the model that we set for the transaction itself. So we're quite confident that we're going to get there.

我想說的是，我們預計最終決定將需要幾個月的時間來進行談判。它應該給我們一個公平回報的機會。我們絕對希望它能夠落在我們為交易本身設定的模型內。因此，我們非常有信心能夠實現這一目標。

Great, thanks. And then in a prior question on strategic focus, I don't think you listed M&A as one piece of that strategic focus. Is that still on the back burner with the gas LDCs pretty much done now or do you think there will be opportunities over the near term that could make sense?

太好了，謝謝。然後，在先前關於策略重點的問題中，我認為您沒有將併購列為該策略重點的一部分。天然氣最不發達國家現在已經基本完成了這項任務，這是否仍然處於次要地位，或者您認為短期內會有有意義的機會嗎？

Well look, I mean, we always look at M&A. It's given the size of the entity and how far and how many different businesses we're in, both on the buy and the sell side. But I didn't focus on it because I don't see anywhere as you just stated, something like the utility acquisition.

好吧，我的意思是，我們總是關注併購。它考慮了實體的規模以及我們在買方和賣方方面所從事的不同業務的程度和數量。但我沒有關注它，因為我沒有看到你剛才所說的任何地方，例如公用事業收購之類的東西。

That size of transaction, obviously, kind of a once-in-a-decade type opportunity. So yes, we'll look at that again, both on the buy and the sell. But I see that very much in the phrase that we use. The tuck-in size wouldn't be anywhere material like the utility side of things.

顯然，這種規模的交易是十年一遇的機會。所以，是的，我們將再次審視這一點，無論是買入還是賣出。但我在我們使用的短語中看到了這一點。塞入的尺寸不會像事物的實用面那麼重要。

Thank you.

謝謝。

Theresa Chen from Barclays

巴克萊銀行的Theresa Chen

Good morning. Just to dig a little deeper on the Blackcomb discussion. So with the FID, can you remind us if there are any downstream synergies to tie into your existing Texas transmission or storage assets and I understand you're a minority and a new partner or newer partner in this JV.

早安.只是為了更深入地了解黑梳山的討論。因此，透過最終投資決定，您能否提醒我們是否有任何下游協同效應可以與您現有的德克薩斯州輸電或存儲資產聯繫起來，我了解您是該合資企業中的少數派和新合作夥伴或新合作夥伴。

Just looking at the future of the Permian, going back to some of Cynthia’s comments in the visible gas growth and what seems to be a need for Greenfield pipe maybe every two years. Can you share why you think Blackcomb was the winning project given many projects in competition and with this commercial win, how the partnership is set up to grow in the outer years, given the visibility for additional gas and gross demand out of the basin?

只要看看二疊紀的未來，回到辛西亞對可見天然氣成長的一些評論，以及似乎每兩年對綠地管道的需求。您能否分享為什麼您認為Blackcomb 是獲勝項目（考慮到許多項目都在競爭），並且隨著這一商業勝利，考慮到盆地額外天然氣和總需求的可見性，如何建立合作夥伴關係以在外部幾年中發展？

Yes. Thanks, Theresa. As you mentioned, Blackcomb is one of the winners in that space. I think one of the reasons that the JV with Whistler is set up to be successful is that they have a really strong track record of delivering on time, on-budget projects there.

是的。謝謝，特蕾莎。正如您所提到的，Blackcomb 是該領域的贏家之一。我認為與惠斯勒成立的合資企業取得成功的原因之一是他們在按時、按預算交付專案方面擁有良好的記錄。

So I think that one of the reasons we were attracted to entering into the JV. And I'm sure that, that was a contributing factor for why they were successful or we're successful with Blackcomb. As you look at the timing of it, it's something that because it's an interstate pipeline, they're able to execute quickly. So the completion date for Blackcomb is in the second half at 2026, that's fantastic.

所以我認為這是我們被吸引加入合資企業的原因之一。我確信，這是他們成功或我們 Blackcomb 成功的一個因素。當你看看它的時間安排時，因為它是州際管道，所以他們能夠快速執行。所以 Blackcomb 的完工日期是 2026 年下半年，這太棒了。

For commercial reasons, any specific questions need to be directed to Whitewater as to what their future is. But from our point of view, they're very well positioned to continue to expand in the Permian. For the infrastructure, as it ties into us, of course, we have a very significant presence in that Aguadulce area with their infrastructure there.

出於商業原因，任何關於他們的未來是什麼的具體問題都需要向白水公司提出。但從我們的角度來看，它們處於非常有利的位置，可以繼續在二疊紀擴張。當然，對於與我們息息相關的基礎設施，我們在阿瓜杜爾塞地區擁有非常重要的影響力，那裡有他們的基礎設施。

And it's great just to see more and more investments and more volumes flow in. So I think that, that all bodes well for our overall infrastructure in that area. But it is, again, one of the reasons why we were so excited to execute on this transaction and be part of the joint venture. There is a very strong operating history for Whistler and they are very well positioned in the Permian to continue to expand.

看到越來越多的投資和越來越多的銷量流入真是太好了。所以我認為，這對我們在該領域的整體基礎設施來說是個好兆頭。但這也是我們如此興奮地執行這項交易並成為合資企業一部分的原因之一。惠斯勒有著非常悠久的營運歷史，並且他們在二疊紀地區處於非常有利的位置，可以繼續擴張。

Theresa, I'd only add that this is kind of a copy paste of the super system built on the Liquid side, right. We first entered into Ingleside and then a bunch of JVs and things like Gray Oak can catch us, too. And so all to feedback into what customers want, an integrated system back to the Permian and I think as Cynthia just went, whether it's the JV or additional assets, it's optionality. And that's what we're trying to build down there, that's what customers want. And I think that's a winning combination, which you're seeing play out.

Theresa，我只想補充一點，這是建立在 Liquid 方面的超級系統的複製貼上，對吧。我們首先進入了 Ingleside，然後一堆合資企業和像 Grey Oak 這樣的東西也能吸引我們。因此，所有這些都是為了回饋客戶想要的東西，一個回到二疊紀的整合系統，我認為辛西婭剛剛去了，無論是合資企業還是額外的資產，它都是可選的。這就是我們正在努力建立的目標，這就是客戶想要的。我認為這是一個成功的組合，你正在看到它的結果。

Thank you. And turning to the liquids side, the contribution from other systems seem pretty strong over the last two quarters, real step-up since last year. Is this a new normal range at this point, are you still seeing strong utilization of Express Plus, for example, even with narrowing WCS during the quarter and how should we think about that line?

謝謝。轉向液體方面，過去兩季其他系統的貢獻似乎相當強勁，自去年以來真正有所提升。這是目前的新正常範圍嗎？

Yes, it's Pat here. Yes, I think you're seeing really good performance out of assets like Express-Platte out of the Bakken system. You also have the Southern Lights in there and the new accounting around some of that. But generally, they've all been operating kind of in line with our expectations, but a little bit better than the prior year. So we continue to see that being around the track record.

是的，我是帕特。是的，我認為您會看到 Bakken 系統中的 Express-Platte 等資產具有非常好的效能。那裡還有南極光以及圍繞其中一些的新會計。但總的來說，它們的運作情況都符合我們的預期，但比前一年好一點。因此，我們繼續看到這一點在追蹤記錄中。

You see, I think, in fact, I think the sum of the two quarters is almost exactly the same. So that's a pretty good run rate as we move forward here. Colin, I don't know if you have anything to comment on Express additionally.

你看，我覺得，其實我覺得兩季的總和幾乎是一模一樣的。因此，當我們繼續前進時，這是一個相當不錯的運行率。Colin，不知道你對Express還有什麼要評論的嗎？

Yes. I mean just business is good across all three basins we're in, Canada, the Bakken and the Permian. I think record set kind of on a quarterly basis here again. Oil is on. And I think you can count on this generally repeating. We're not giving guidance today for next year, but it's strong.

是的。我的意思是，我們所在的三個盆地——加拿大、巴肯盆地和二疊紀盆地——生意都很好。我認為這裡再次創下了季度記錄。油開了。我認為你可以指望這種情況會不斷重複。我們今天不會給出明年的指導，但它很強大。

Yes. Volume up, demand up, infrastructure up. We already got it in the ground. So I think you can continue to see that happen.

是的。數量增加，需求增加，基礎建設增加。我們已經把它埋在地下了。所以我認為你可以繼續看到這種情況發生。

Thank you.

謝謝。

Thanks Theresa.

謝謝特蕾莎。

Praneeth Satish from Wells Fargo.

來自富國銀行的普拉尼思·薩蒂什。

Thanks all. So I guess, first on data centers, with the emerging opportunities in the LDC segments -- in the LDC segment. Just two questions here.

謝謝大家。所以我想，首先是資料中心，最不發達國家細分市場中出現的新機會。這裡只有兩個問題。

First, how are you assessing the CAPEX profile of the LDCs, does the increase in demand for data center connections, does that impact the $1.7 billion to $2 billion per year of LDC CAPEX that you previously highlighted?

首先，您如何評估最不發達國家的資本支出情況？

And then second, how do you see support for data centers evolving from both regulatory agencies and also just public perception as it relates to rates and grid stability?

其次，您如何看待監管機構以及公眾對資料中心的支持，因為它與費率和電網穩定性有關？

Checking from a capital profile, it's Pat, I can take that. I think it's a little early to say that it's going to be significantly more than that in the next year or two here, but we see some more opportunities. So there's probably upside to that number.

從資金概況來看，是帕特，我可以接受。我認為現在說它會比未來一兩年顯著增加還為時過早，但我們看到了更多的機會。所以這個數字可能還有上升空間。

I think the important part in my mind is that Greg and Michele both talked about the diversity of capital and the way it grows and the way that we can use riders to get the return on that as quickly as possible. I think this has one more diverse growth factor in many of the regions we're in. So I don't think we're at the point yet where we would adjust up that guidance that we are speaking of, but I think there's an upward bias for sure as a result of what's going on. And maybe Michele can speak about the cost and those discussions.

我認為我心中最重要的部分是格雷格和米歇爾都談到了資本的多樣性及其增長方式以及我們如何利用騎手盡快獲得回報。我認為這在我們所在的許多地區都有更多樣化的成長因素。因此，我認為我們還沒有到調整我們所說的指導的地步，但我認為由於正在發生的事情，肯定會出現向上的偏差。也許米歇爾可以談談成本和那些討論。

Yes, you bet. I mean, it certainly, we would see it as upside. It's not something that we had in our model. And I think it's important to note, Utah and North Carolina, Ohio, they do have expenses to the riders, but Utah and North Carolina going in for rate case every two to three years as well. So it's very prick-cycle capital as that comes. And if things start to shift we'll be able to get that capital in there.

是的，你敢打賭。我的意思是，我們當然會認為它有好處。這不是我們的模型中的東西。我認為值得注意的是，猶他州和北卡羅來納州、俄亥俄州確實向騎手收取費用，但猶他州和北卡羅來納州也會每兩到三年進行一次費率調查。因此，這是一個非常棘手的周期資本。如果情況開始發生變化，我們將能夠獲得資金。

And there is, particularly in Utah and North Carolina, a lot of demand for data centers. Ohio, we're a little on the edge of where the demand center growth is, but we would see that demand backing up into our regions as well. And then with Ontario, of course, we have our ICM, our incentive capital module that we're in the middle of working through the Phase 2 rate case to work out right now. So all of them, we would see as upside.

尤其是在猶他州和北卡羅來納州，對資料中心的需求很大。俄亥俄州，我們有點處於需求中心成長的邊緣，但我們也會看到需求也會回到我們的地區。當然，在安大略省，我們有我們的 ICM，我們的激勵資本模組，我們現在正在研究第二階段的利率案例。所以我們認為所有這些都有好處。

In terms of the -- what the regulators are thinking about it, I do think that the regulators are trying to understand what, if any, policy decisions they need to make with regard to data centers, it is a different type of growth and demand on the system in a world where there's all sorts of demand for that reliable energy and a reliable electricity. So again, though, that's where our natural gas system really steps in to provide that support for that resilience and reliability and affordability that those data centers are looking for. Not to mention, as we've talked about on the renewables side, as well. So we feel extremely well positioned with it.

就監管機構的想法而言，我確實認為監管機構正在試圖了解他們需要就數據中心做出哪些政策決定（如果有的話），這是一種不同類型的增長和需求在這個對可靠能源和可靠在電力有各種需求的世界中，系統的發展是至關重要的。不過，這也是我們的天然氣系統真正介入的地方，為這些資料中心所尋求的彈性、可靠性和可負擔性提供支持。更不用說，正如我們在再生能源方面也討論過的那樣。所以我們感覺自己處於非常有利的位置。

Yes. We often talk about being first choice for customers, but also for regulators and policymakers. I mean, one of the ways to deal with if there are concerns about that from a rate perspective is you do it through GTM. And you build a lateral there and storage which is more on a contractual basis, as you know, doesn't hit others. I think the key here is you want to have lots of tools and we have them.

是的。我們經常談論成為客戶的首選，也是監管機構和政策制定者的首選。我的意思是，如果從費率角度存在擔憂，解決方法之一是透過 GTM 進行處理。你在那裡建造了一個橫向和存儲，這更多是在合約的基礎上，如你所知，不會影響其他人。我認為這裡的關鍵是您想要擁有很多工具，而我們擁有它們。

And you want to be in a lot of jurisdictions. I know a lot of discussion about Virginia being a great place for (inaudible), that's true. It's also a highly dense population area, where Utah, parts of North Carolina, may not be as safe. And also it is hugely known Utah is the silicon slope and obviously, the technology triangle in North Carolina, too. So there are more places to be able to build. And if you're in those locations, you've got the opportunity. So I think it's often called the liquid system, a bit of a tool in a kind of knife.

而且您希望進入許多司法管轄區。我知道很多關於維吉尼亞州是一個好地方的討論（聽不清楚），這是事實。這也是一個人口高度密集的地區，猶他州和北卡羅來納州的部分地區可能不太安全。眾所周知，猶他州是矽坡，顯然，北卡羅來納州也是技術三角區。所以有更多的地方可以建造。如果您在這些地方，您就有機會。所以我認為它通常被稱為液體系統，有點像刀中的工具。

Swiss Army knife.

瑞士軍刀。

Swiss army knife, there we go. So I think that's the same thing right across the entire system. So yes, it came on for us.

瑞士軍刀，我們走吧。所以我認為整個系統都是一樣的。所以是的，它來了。

Yes, that makes a lot of sense. And just quickly on mainline. With it being apportioned every month this year, can you help quantify how much headroom is remaining within the ROE collar, I know you said you're earning in the upper half, but I guess I'm just curious how close you are to the ceiling and whether you're on pace to hit the ceiling if current market conditions persist?

是的，這很有意義。並且很快就在主線上。今年每個月都會分配，你能幫忙量化一下 ROE 範圍內還剩下多少淨空嗎？您是否會達到上限？

Yes, thanks. So I think we are just above the midpoint of that in 2024. I think 2025, we're probably a little higher yet and in 2026, we're probably approaching the top. So it's all working kind of as intended. It's a win for everyone here. We're moving a lot of volumes, keeping attractive economics for all our customers.

是的，謝謝。因此，我認為 2024 年我們的業績將略高於中點。我認為到 2025 年，我們的水平可能會更高一些，而到 2026 年，我們可能會接近頂峰。所以一切都如預期進行。這對這裡的每個人來說都是一場勝利。我們正在運輸大量貨物，為所有客戶保持有吸引力的經濟效益。

Got it, thank you.

明白了，謝謝。

Patrick Kenny from National Bank Financial.

國家銀行金融公司的派崔克肯尼。

Yeah, good morning. Just a follow-up on the discussion around further asset sales outside of receiving an attractive financial. Just wondering if more so from a strategic standpoint, if you're still actively pursuing additional minority sell-down opportunities with indigenous groups and if so, which regions or franchises might you be keen to execute partnerships for similar to your deal that you did on your oil sands pipelines?

是的，早安。這只是關於在獲得有吸引力的財務之外進一步出售資產的討論的後續。只是想知道從戰略角度來看是否更是如此，您是否仍在積極尋求與土著群體的額外少數族裔出售機會，如果是這樣，您可能熱衷於與哪些地區或特許經營商建立合作夥伴關係，類似於你們所做的交易你們的油砂管道？

Yes, for sure. Look, I think we've one of the trailblazers on that front you just saw this quarter, we announced not a sell-down, but a go-forward project in Saskatchewan that's very much a collaboration between the renewables group and the Liquids group.

是的，當然。看，我認為我們是這方面的開拓者之一，您剛剛在本季度看到，我們宣布的不是出售，而是薩斯喀徹溫省的一個前進項目，這在很大程度上是可再生能源集團和液體集團之間的合作。

We've always talk about are there other opportunities on the liquid side. I know Cynthia and her team are looking at that as well on the gas side. So I think right across the board, yes, that's different than saying selling an asset to raise funds. We don't need to do that. This is really when you do those, it's about relationships, about doing the right thing. It's about future opportunities, and there's a lot of stakeholders to deal with.

我們一直在談論流動性方面是否還有其他機會。我知道辛西亞和她的團隊也在關注天然氣方面的問題。所以我認為，是的，這與出售資產籌集資金是不同的。我們不需要這樣做。當你這樣做時，這實際上是關於關係，關於做正確的事情。這關係到未來的機會，並且有很多利害關係人需要處理。

And we believe that if you do these transactions wisely with respect in the heart of reconciliation, that's going to help you in the community overall, that's going to help you deliver on those projects, and all that is value-adding to Enbridge's proposition. I don't know, team, if there's anybody else who wants to, Cynthia?

我們相信，如果您在和解的基礎上明智地進行這些交易，這將有助於您在整個社區中的發展，這將有助於您實現這些項目，而所有這些都將為安橋的主張增值。我不知道，團隊，是否還有其他人願意，辛西亞？

Well, yes, we've said this before with all the work that we're doing in British Columbia, it's obviously an area that we're looking at. We have recently filed with the CER, an opportunity to allow us to do that in British Columbia with our West Coast system. So it's something that we're always actively looking at to make sure that we can support our -- the indigenous economic reconciliation.

嗯，是的，我們之前已經在不列顛哥倫比亞省所做的所有工作中說過這一點，這顯然是我們正在關注的一個領域。我們最近向 CER 提交了申請，這是我們在不列顛哥倫比亞省透過西海岸系統實現這一目標的機會。因此，我們一直在積極關注這個問題，以確保我們能夠支持我們的本土經濟和解。

Hey Pat, just if you're keeping track, we've got, I think, four announced co-investment partnerships now, right? So Thailand, Ontario, Northern Alberta on a liquid system, the carbon hub near Edmonton and the Weyburn. So that's lost track, but there's three or four different asset classes there. And just you're probably looking at it from a financial lens but if you haven't checked it out, we've got a published indigenous reconciliation action plan on our website. Economic participation is a major tenet of that plan.

嘿帕特，如果你留意的話，我想我們現在已經宣布了四個聯合投資合作夥伴關係，對吧？因此，泰國、安大略省、阿爾伯塔省北部有一個液體系統，碳中心位於埃德蒙頓和韋伯恩附近。所以這已經失去了蹤跡，但那裡有三到四種不同的資產類別。您可能會從財務角度看待它，但如果您還沒有檢查過，我們的網站上有一份已發布的土著和解行動計劃。經濟參與是本計劃的主要宗旨。

Okay, that's perfect. Thanks for that. And then maybe on Ingleside and the record exports there in the quarter, just wondering if you could provide any additional color on the contracting profile of the facility and perhaps an update on how your volumes might be protected from competing export terminals potentially coming online along the Gulf Coast, as well as how we should be thinking about further upside and throughput based on some of your near-term initiatives underway?

好吧，那就完美了。謝謝你。然後也許是在Ingleside 以及該季度創紀錄的出口，只是想知道您是否可以在該設施的合同概況上提供任何其他信息，也許還可以提供有關如何保護您的數量免受可能沿該地區上線的競爭出口終端影響的更新資訊。

I'll try to abbreviate the answer. There's a lot in there. Listen, I think we feel really good about our position there. It's the number one market share terminal in the U.S. and it has its advantage, as we've talked about in many respects. So customers want to come there. We've been quite busy there recently. The trends are encouraging. There's another million barrels a day of Permian volume coming.

我會嘗試縮寫答案。裡面有很多東西。聽著，我認為我們對我們在那裡的地位感覺非常好。它是美國市場份額第一的終端，正如我們在許多方面談到的那樣，它有其優勢。所以顧客願意來這裡。最近我們那裡很忙。這些趨勢令人鼓舞。二疊紀的產量每天還會增加一百萬桶。

I think we'll capture our share of that given that advantaged math. Here's a stat for you, the facilities to date has moved 3 billion barrels of oil off the dock. It's a major and central part of the plumbing in the Permian. I think it's going to ensure where we have life left on our contracts here.

我認為，鑑於數學優勢，我們將獲得我們的份額。這裡有一個統計數據，迄今為止，這些設施已將 30 億桶石油從碼頭運出。它是二疊紀管道的主要和核心部分。我認為這將確保我們在這裡的合約仍有餘力。

And as we look at, I guess, competitive situations there and I'm not sure which competitors you're referring to but potentially, you're thinking about offshore buoys that are conceptually out there. I think we're going to compete fine with them. I think if they do come into play, I think the smaller, older, less advantaged terminals will may lose some market share there. So we think we're in pretty good shape here. We're going to grow this. It is the Swiss Army knife, and we're also going to bring other commodities to this facility for the same advantages it has.

當我們看到那裡的競爭情況時，我猜，我不確定你指的是哪些競爭對手，但有可能，你正在考慮概念上存在的離岸浮標。我認為我們會與他們很好地競爭。我認為，如果它們真的發揮作用，我認為較小、較舊、優勢較差的終端可能會失去一些市場份額。所以我們認為我們現在的狀況非常好。我們要種植這個。它是瑞士軍刀，我們也將把其他商品帶到這個設施中，以獲得與它相同的優勢。

And that concludes our question-and-answer session. I will now turn the call back over to Rebecca Morley for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給麗貝卡·莫利（Rebecca Morley）做總結發言。

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 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。