恩橋 (ENB) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Enbridge third-quarter 2024 financial results conference call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations.

早安，歡迎參加安橋 2024 年第三季財務業績電話會議。我叫麗貝卡·莫利，是投資人關係副總裁。

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 Pipeline; Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage; and Matthew Akman, Renewable Power.

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－液體管線部門的 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。

(Event Instructions) Note that this conference is being recorded. As usual, the call is being webcast, and I encourage those listening on the phone to follow along with supporting slides. We'll try to keep the call to roughly one hour, and in order to answer as many questions as possible, we'll be limiting questions to one, plus a single follow-up, if necessary.

（活動說明）請注意，本次會議正在錄製中。像往常一樣，這次電話會議正在進行網路直播，我鼓勵那些在電話中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，我們會將問題限制為一個，如有必要，還會進行一次後續跟進。

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 help you. As always, our investor relations team will be available following the call for any follow-up questions.

我們將優先考慮投資界提出的問題。因此，如果您是媒體成員，請將您的問題直接發送給我們的傳播團隊，他們將很樂意為您提供協助。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 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 forecasts, assumptions, and expectations about future outcomes which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure file. We'll also be referring to non-GAAP measures summarized below.

在投影片 2 中，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，這些結果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了更全面的討論。我們也將參考下面總結的非公認會計原則措施。

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

接下來，我會將其交給 Greg Ebel。

Well, thank you, Rebecca, and good morning, everyone. Thanks for joining us on the call today, and I'm pleased to be here to recap another strong quarter.

好吧，謝謝你，麗貝卡，大家早安。感謝您今天參加我們的電話會議，我很高興能夠在這裡回顧另一個強勁的季度。

Before I get into the quarterly update, I want to acknowledge everyone affected by the devastating demonstrating impacts caused by Hurricane Helene and Milton. We extend our sympathies to our partners, our customers and the communities impacted and wish to reiterate Enbridge's commitment to support during this challenging time. While we've seen limited interruption of our operations and no material financial impact, safety remains our number one priority in ensuring communities have safe and reliable energy necessary for everyday activities.

在進入季度更新之前，我想向所有受到颶風海倫和米爾頓造成的毀滅性示威影響的人表示感謝。我們向我們的合作夥伴、客戶和受影響的社區表示同情，並希望重申安橋在這段充滿挑戰的時期提供支持的承諾。雖然我們的營運中斷有限，並且沒有產生重大財務影響，但安全仍然是我們確保社區擁有日常活動所需的安全可靠能源的首要任務。

Now on to the quarter. I'm going to start by sharing some highlights for Q3, but I'd like to spend a minute or so highlighting Enbridge's value proposition and how we are positioned to return capital to shareholders in all market cycles. I'll then review how Enbridge is ideally situated to serve increasing gas demand stemming from data centers, electric power, LNG, coal retirement and industrial growth.

現在進入本季。我將首先分享第三季的一些亮點，但我想花一分鐘左右的時間強調安橋的價值主張以及我們如何定位在所有市場週期中向股東返還資本。然後，我將回顧安橋如何處於理想位置，以滿足資料中心、電力、液化天然氣、煤炭退役和工業成長日益增長的天然氣需求。

I'll also provide updates from our business units before turning it over to Pat. Pat will walk you through our third-quarter results, key drivers supporting our reaffirmed financial outlook and our capital allocation priorities. I will then close with a few key messages and highlight some important events coming up in the calendar. Following our presentation, the Enbridge management team will be pleased to answer any questions you may have.

在將其交給帕特之前，我還將提供我們業務部門的最新情況。帕特將帶您了解我們的第三季業績、支持我們重申的財務前景和資本配置優先事項的關鍵驅動因素。然後，我將以一些關鍵訊息作為結束語，並強調日曆中即將發生的一些重要事件。在我們的演講結束後，安橋管理團隊將很樂意回答您可能提出的任何問題。

Throughout the third quarter, our assets again experienced continued strong utilization across the business, which drove solid financial results. We are well positioned to deliver full-year results near the top end of our EBITDA guidance. On DCF per share, we continued to expect to be near the midpoint of the range despite fully prefunding the utilities acquisition before they're closing.

在整個第三季度，我們的資產在整個業務中再次經歷了持續強勁的利用率，這推動了穩健的財務表現。我們處於有利位置，可以實現接近 EBITDA 指導上限的全年業績。就每股折現現金流而言，儘管在公用事業收購交易結束前已為其提供了充分的預融資，但我們仍然預計該股將接近該區間的中點。

Our leverage is within our target range of 4.5 to 5 times debt to EBITDA after closing PSNC, and we expect to trend down over the next few quarters. With the acquisitions closed and the funding completed, we have successfully concluded the acquisition of three US gas utilities, which perfectly Enbridge's low-risk business model. And so we have returned to an equity self-funded model. This has been a well-executed major transaction that investors will benefit from for years to come.

關閉 PSNC 後，我們的槓桿率處於債務與 EBITDA 的 4.5 至 5 倍的目標範圍內，並且我們預計未來幾季將呈下降趨勢。隨著收購完成和融資完成，我們成功完成了對美國三家燃氣公司的收購，並完善了安橋的低風險商業模式。所以我們又回到了股權自籌資金模式。這是一項執行良好的重大交易，投資者將在未來幾年中受益。

In Liquids, we closed the previously announced acquisition of additional docks and land adjacent to our state-of-the-art crude export facility at Ingleside. We continued to see high utilization and expect to unlock future growth opportunities there. Across the businesses, we're on track to place $5 billion of secured capital into service in 2024.

在 Liquids 方面，我們完成了先前宣布的位於 Ingleside 最先進的原油出口設施附近的額外碼頭和土地的收購。我們繼續看到高利用率，並期望在那裡釋放未來的成長機會。在各個業務領域，我們預計在 2024 年投入 50 億美元的擔保資本。

On growth, the team has done a great job, and I'm pleased to highlight four accretive investments in growth. In Gas Transmission, we further executed our Permian strategy by acquiring a 15% interest in the highly contracted DBR gathering system. The assets enhance our natural gas value chain and serve as a key feeder system for the Whistler pipeline.

在成長方面，團隊做得很好，我很高興強調四項成長投資。在天然氣傳輸領域，我們透過收購高度承包的 DBR 收集系統 15% 的權益，進一步執行了二疊紀策略。這些資產增強了我們的天然氣價值鏈，並作為惠斯勒管道的關鍵供應系統。

In Renewable Power, we sanctioned Sequoia Solar and up to eight 15-megawatt project in Texas. Sequoia is backed by long-term PPAs with AT&T and Toyota for the vast majority of production. We're also excited to announce participation in the third and final phase of Fox Squirrel Solar following a successful completion of the second phase during the quarter.

在再生能源領域，我們批准了 Sequoia Solar 和德克薩斯州多達 8 個 15 兆瓦項目。紅杉資本的大部分生產得到了與 AT&T 和豐田的長期購電協議的支持。我們也很高興地宣布，在本季成功完成第二階段之後，我們將參與 Fox Squirrel Solar 的第三階段也是最後階段。

In Gas Transmission, we also sanctioned offshore oil and gas pipelines to serve BP's new deepwater US Gulf of Mexico development. All in all, we've added $7 billion to our secured growth program so far this year. As you can see, our scale and connectivity continue to provide competitive advantages in sanctioning new opportunities. This growth in our business continues to underpin our stable and growing dividend.

在天然氣傳輸方面，我們也批准了海上石油和天然氣管道，以服務英國石油公司在美國墨西哥灣的新深水開發項目。總而言之，今年到目前為止，我們為安全成長計畫增加了 70 億美元。正如您所看到的，我們的規模和連結性繼續在批准新機會方面提供競爭優勢。我們業務的成長持續支撐著我們穩定且不斷成長的股息。

At Enbridge, we have built a low-risk business that is designed to succeed in all market cycles. This is how we've been able to deliver growing dividends for 29 years, making us one of the very few dividend aristocrat. Looking longer term, we expect to steadily grow the business by 5% annually and will remain financially disciplined to support sustainably returning capital to shareholders.

在安橋，我們建立了低風險業務，旨在在所有市場週期中取得成功。這就是我們 29 年來能夠提供不斷增長的股息的方式，使我們成為極少數的股息貴族之一。從長遠來看，我們預計業務每年將以 5% 的速度穩定成長，並將保持財務紀律，以支持可持續地向股東返還資本。

Enbridge offers an attractive dividend yield, which sits above the return of many alternative investments. The Canadian and US 10-year treasuries are sitting at about 3% and 4%, respectively while broad equity indices, like the TSX 60 and the S&P 500 are at approximately 3% and 1%, respectively. It's worth noting key drivers that enable us to be considered a dividend aristocrat and underpin that 29 years of dividend run.

安橋提供有吸引力的股息殖利率，高於許多另類投資的回報。加拿大和美國 10 年期公債的利率分別約為 3% 和 4%，而多倫多證券交易所 60 指數和標準普爾 500 指數等廣泛股票指數分別約為 3% 和 1%。值得注意的是，使我們被視為股息貴族並支撐 29 年股息運行的關鍵驅動因素。

Our highly contracted cash flows experienced minimum volatility, allowing us to predictably pay and grow the dividend. Investment-grade credit ratings across the four major rating agencies highlight the strength of our balance sheet and the low-risk nature of our businesses.

我們高度收縮的現金流波動最小，使我們能夠按預期支付和增加股息。四大評等機構的投資等級信用評等突顯了我們資產負債表的實力和業務的低風險性質。

We have negligible commodity price exposure, which sets us apart from many of our midstream peers. And in our EBITDA growth, we expect that to be higher through the next few years at 7% to 9% due to base business performance, new assets entering service, tuck-in M&A and contributions from the acquired utilities. Enbridge outpaces Canadian large peers by making up approximately 10% of the total dividends paid by the TSX 60 companies today.

我們的大宗商品價格風險可以忽略不計，這使我們與許多中游同行區分開來。在我們的 EBITDA 成長中，由於基本業務績效、新資產投入使用、併購以及所收購公用事業公司的貢獻，我們預計未來幾年的 EBITDA 成長將達到 7% 至 9%。安橋公司的股息佔多倫多證券交易所 60 家公司今天支付的股息總額的約 10%，超過了加拿大大型同業。

All told, our business is designed to succeed in all market cycles and deliver predictable results. Despite a volatile world, Enbridge is seeing increased visibility of our long-term growth, supported by strong energy infrastructure fundamentals, and in particular, rising power demand.

總而言之，我們的業務旨在在所有市場週期中取得成功並提供可預測的結果。儘管世界動盪不安，但在強勁的能源基礎設施基礎，特別是不斷增長的電力需求的支持下，安橋的長期成長前景日益明朗。

Enbridge is well positioned to serve increased gas and power demand over the next decade. S&P is forecasting up to 20 Bcf per day of incremental gas demand growth by 2030. We are ideally situated to participate in new growth opportunities related to this increased demand. Our gas footprint is within 50 miles of approximately 45% of all gas-fired generation in North America today.

安橋已做好充分準備，可以滿足未來十年不斷增長的天然氣和電力需求。標準普爾預測，到 2030 年，天然氣需求增量將達到每天 20 Bcf。我們處於理想的位置，可以參與與這種需求成長相關的新成長機會。目前北美地區約 45% 的燃氣發電均在 50 英里範圍內。

Importantly, for investors today, we are already sanctioning additional growth opportunities to support natural gas power demand. Like our Tennessee Ridgeline project, where we're investing USD1.1 billion to expand our East Tennessee pipeline to support TBA's planned retirement of nine coal-fired units in favor of 1.5 gigawatts of gas-fired generation.

重要的是，對於今天的投資者來說，我們已經批准了額外的成長機會來支持天然氣電力需求。就像我們的 Tennessee Ridgeline 計畫一樣，我們將投資 11 億美元來擴建東田納西管道，以支持 TBA 計劃退役 9 台燃煤機組，轉而使用 1.5 吉瓦燃氣發電。

Our utilities are situated in high-growth power markets with North Carolina being a top destination for onshoring due to its affordable power and favorable corporate tax rates.

我們的公用事業位於高成長的電力市場，北卡羅來納州因其負擔得起的電力和優惠的企業稅率而成為岸電的首選目的地。

In that regard, Enbridge Gas North Carolina is investing USD600 million to expand our gas line to serve up Roxboro gas-fired generation plant, which will have capacity of at least 1.4 gigawatts. We expect that project to be completed in 2027.

在這方面，Enbridge Gas North Carolina 正在投資 6 億美元來擴建我們的天然氣管道，為 Roxboro 燃氣發電廠提供服務，該發電廠的容量將至少為 1.4 吉瓦。我們預計該項目將於 2027 年完成。

We also have exciting developments within our Renewables segment with over 2 gigawatts in development or under construction across the US. Beyond the electric power sector, we own over 620 Bcf of strategically located natural gas storage, and this position is growing. Our portfolio represents 25% of the US Gulf Coast deliverability, and we own the only underground natural gas storage facility in British Columbia, which provide essential flexibility for Canadian LNG operations.

我們的再生能源領域也取得了令人興奮的發展，美國各地正在開發或正在建造的發電量超過 2 吉瓦。除了電力產業之外，我們還擁有超過 620 Bcf 的戰略性天然氣儲存，而且這一地位還在不斷增長。我們的投資組合占美國墨西哥灣沿岸交付能力的 25%，我們擁有不列顛哥倫比亞省唯一的地下天然氣儲存設施，為加拿大液化天然氣營運提供了必要的靈活性。

Of course, our great big storage position of 300 Bcf at Dawn is a critical hub for North American natural gas users like power generators and utilities and continues to expand each year. Dawn represents over 20% of deliverability in the region.

當然，我們在 Dawn 的 300 Bcf 大型儲存位置是北美天然氣用戶（如發電機和公用事業公司）的重要樞紐，並且每年都在持續擴張。Dawn 佔該地區 20% 以上的交付能力。

On the LNG front, our pipelines are strategically connected to more than 30% of existing and announced LNG export capacity and will continue to serve global demand growth. We also have a preferred interest in wood fiber LNG, which is expected to be the world's first net zero export facility through utilizing hydropower and is expected to produce 2.1 million tons per annum.

在液化天然氣方面，我們的管道策略性地連接了超過 30% 的現有和已公佈的液化天然氣出口能力，並將繼續滿足全球需求成長。我們也優先關注木纖維液化天然氣，預計該項目將成為世界上第一個利用水力發電的淨零出口設施，預計年產量為 210 萬噸。

Now let's jump into the exciting updates on each of the business units, starting with Liquids. Mainline is on track to exceed our full-year forecast of 3 million barrels per day. The system was an apportionment in July and August. -- and we continue to see strong customer demand, evidenced by the fact that the main line is back in a portion and for November. We're advancing discussions with customers for additional Western Canadian Sedimentary Basin pipeline capacity in 2026 and beyond.

現在讓我們開始了解每個業務部門的令人興奮的更新，從液體開始。Mainline 預計將超過我們全年預測的每日 300 萬桶。制度是在七月和八月進行分配。 -- 我們繼續看到強勁的客戶需求，11 月主線部分回歸的事實證明了這一點。我們正在與客戶就 2026 年及以後增加加拿大西部沉積盆地管道容量進行討論。

You should think of these as brownfield opportunities that will be very capital-efficient and provide customers with critical insurance egress to deliver barrels to downstream markets.

您應該將這些視為棕地機會，這些機會將非常具有資本效率，並為客戶提供關鍵的保險出口，以將桶運送到下游市場。

As producers grow into available egress out of Western Canada, we've also recently started advancing a number of capital-efficient, low multiple expansion opportunities on our regional oil sands pipes. In the Permian, we continued to see strong volumes this quarter. At Ingleside, we set a single-day volume record of 2.6 million barrels and a monthly average record of 1.2 million barrels per day.

隨著生產商逐漸增加加拿大西部地區的可用出口，我們最近也開始在我們的區域油砂管道上推進一些資本效率高、倍數低的擴張機會。在二疊紀，本季我們繼續看到強勁的產量。在 Ingleside，我們創下了 260 萬桶的單日交易量記錄和 120 萬桶/天的月平均記錄。

It's noteworthy, Ingleside recently hit 3 billion with barrels of volumes exported, underscoring the competitive advantage of the facility and strong customer demand that attracted us to purchase of the facility in 2021. We are seeing continued growth there with 2.5 million barrels of storage under construction with in-service expected in 2025. We also closed the acquisition of new docks and adjacent lands at Ingleside, which will provide further growth opportunities and allow us to optimize existing dock capacity. Work is already underway to integrate these new assets.

值得注意的是，Ingleside 最近的出口量達到了 30 億桶，凸顯了該設施的競爭優勢和強勁的客戶需求，吸引我們在 2021 年購買該設施。我們看到該地區的儲存量持續成長，正在建設中的儲存量達 250 萬桶，預計將於 2025 年投入使用。我們也完成了對 Ingleside 新碼頭和鄰近土地的收購，這將提供進一步的成長機會，並使我們能夠優化現有碼頭產能。整合這些新資產的工作已經在進行中。

And now let's look a little bit deeper at our Gas Transmission business. I'm excited to highlight how we are connecting new supply to key demand centers and extending our Permian natural gas value chain. This is close to $1 billion in onshore pipelines during the quarter to serve BP's new deepwater development plan in the Gulf. These pipelines strengthen and diversify our offshore business while expanding our footprint in the region, backed by long-term contracts and is in-service expected in 2029 adding secured capital to our backlog at the end of the decade.

現在讓我們更深入地了解我們的天然氣輸送業務。我很高興強調我們如何將新供應與關鍵需求中心連接起來並擴展我們的二疊紀天然氣價值鏈。本季的陸上管線價值接近 10 億美元，用於服務 BP 在海灣的新深水開發計畫。這些管道增強了我們的離岸業務並使其多元化，同時擴大了我們在該地區的業務範圍，並以長期合約為後盾，預計將於2029 年投入使用，為我們在本世紀末的積壓工作增加安全資本。

We acquired a 15% interest in DBR. It extends our natural gas value chain and further demonstrates strategic value and growth opportunity being unlocked through the Whistler JV we announced earlier this year.

我們收購了 DBR 15% 的股權。它延伸了我們的天然氣價值鏈，並進一步展示了我們透過今年稍早宣布的惠斯勒合資企業釋放的戰略價值和成長機會。

As a reminder, we also previously announced sanctioning the Blackcomb pipeline, which will add up to 2.5 million cubic feet per day of egress for our Permian customers and serve growing natural gas demand in the area in 2026. We are progressing in our development of 6.5 Bcf expansion in our Tres Palacios storage, which we acquired in early 2023 at an attractive price.

提醒一下，我們之前也宣布批准 Blackcomb 管道，該管道將為我們的二疊紀客戶每天增加 250 萬立方英尺的出口量，並在 2026 年滿足該地區不斷增長的天然氣需求。我們正在 Tres Palacios 存儲中開發 6.5 Bcf 擴展，該存儲是我們於 2023 年初以極具吸引力的價格收購的。

Demand for recontracting continues to increase. And since acquisition, rates have about doubled for the strategically located asset, providing accretion beyond our regional model expectations. The Venice extension project, which serves Venture Global's LNG export facility is now flowing gas, and we expect it to be fully in service by year-end.

重新承包的需求持續增加。自收購以來，這項策略性資產的利率大約翻了一番，其成長超出了我們的區域模型預期。為 Venture Global 的液化天然氣出口設施提供服務的威尼斯擴建項目現已開始通氣，我們預計該項目將在年底前全面投入使用。

So now let's move on to our Gas Distribution segment. As I mentioned earlier, we have now welcomed all three US gas utilities into Enbridge, and I couldn't be more proud of the team's dedication and commitment to execution. We are now the largest natural gas utility in North America, delivering over 9 billion cubic feet per day and serving approximately 7 million customers. The team has been hard at work integrating each of the utilities, and we expect that to continue in the months ahead. With there are four utilities now in-house, I thought I'd spend a minute highlighting the key growth drivers across the franchise.

現在讓我們繼續討論天然氣分配部分。正如我之前提到的，我們現在歡迎所有三家美國天然氣公用事業公司加入安橋，我為該團隊的奉獻精神和對執行的承諾感到無比自豪。我們現在是北美最大的天然氣公用事業公司，每天輸送超過 90 億立方英尺的天然氣，為約 700 萬客戶提供服務。團隊一直在努力整合各個公用事業，我們預計這項工作將在未來幾個月繼續下去。由於現在有四家內部公用事業公司，我想我應該花一點時間強調整個特許經營權的關鍵成長動力。

In Ontario, we expect new customer hookups at additional power generation to drive growth, including new investment in storage and transmission. The utility has a strong track record of predictable growth and consistent returns. The Ontario government just released their long-term vision for the province's energy industry and future in response to the ISO updated demand forecast, which predicts a 75% increase in electricity demand by 2050. We are pleased to see the Minister of Energy acknowledging the final role natural gas plays in Ontario's first integrated energy resource plan to ensure customer affordability and reliability across industrial, residential, commercial and agricultural sectors.

在安大略省，我們預計額外發電量的新客戶連接將推動成長，包括對儲存和傳輸的新投資。該公用事業公司在可預測的成長和持續的回報方面擁有良好的記錄。安大略省政府剛剛發布了該省能源產業和未來的長期願景，以響應 ISO 更新的需求預測，該預測預計到 2050 年電力需求將增加 75%。我們很高興看到能源部長承認天然氣在安大略省第一個綜合能源計劃中發揮的最終作用，以確保工業、住宅、商業和農業部門的客戶負擔能力和可靠性。

In combination with the ISO's forecast, we believe the Enbridge Gas Ontario is primed to benefit from major tailwinds on gas demand. Province is procuring up to 1,300 megawatts of new gas-fired generation and have reported that there are over 7,000 megawatts of data center interconnection across more than 30 unique sites.

結合 ISO 的預測，我們相信安大略省安橋天然氣公司將受益於天然氣需求的強勁成長。該省正在採購高達 1,300 兆瓦的新型燃氣發電設備，並報告稱，30 多個獨特站點的資料中心互連容量超過 7,000 兆瓦。

In Ohio, growth will largely be driven by pipeline replacement, modernization and system enhancement under program such as the pipeline infrastructure replacement plan. Over 80% of capital spend in Ohio is expected to be under these rider programs and provide attractive risk-adjusted terms. That said, we are also evaluating opportunities to serve new demand related to data centers and natural gas power plant expansion.

在俄亥俄州，成長將主要受到管道基礎設施更換計劃等計劃下的管道更換、現代化和系統增強的推動。俄亥俄州超過 80% 的資本支出預計將用於這些附加計劃，並提供有吸引力的風險調整條款。也就是說，我們也正在評估滿足與資料中心和天然氣發電廠擴建相關的新需求的機會。

Growth in Enbridge gas utility will be driven by increased population in data center power demand and modernization of the system. We're excited about the data center opportunities we're seeing there so far. We've recently contracted supply to serve 20 megawatts of power for data centers and are evaluating inquiries for another 600 megawatts.

安橋天然氣公用事業的成長將受到資料中心電力需求人口成長和系統現代化的推動。我們對迄今為止在那裡看到的數據中心機會感到興奮。我們最近簽訂了為資料中心提供 20 兆瓦電力的供應合同，並正在評估另外 600 兆瓦電力的詢價。

Finally, Enbridge Gas in North Carolina has a very healthy population growth, and we'll be expanding to serve 1.4 gigawatt Roxboro gas fire generation plant, which I mentioned a few minutes ago and constructing the 2 Bcf LNG facility for system reliability. North Carolina is also opportunity-rich as the state is positioned to be one of the primary beneficiaries of industrial growth from onshoring of manufacturing in the region. Overall, we see an average of 8% annual rate base growth across our US gas utilities over the coming years.

最後，北卡羅來納州的 Enbridge Gas 人口成長非常健康，我們將擴大規模，為 1.4 吉瓦 Roxboro 燃氣發電廠提供服務（我幾分鐘前提到），並建造 2 Bcf 液化天然氣設施以確保系統可靠性。北卡羅來納州也充滿機遇，因為該州是該地區製造業外包工業成長的主要受益者之一。總體而言，我們預計未來幾年美國天然氣公用事業公司的平均年增長率為 8%。

Now let's turn to the Renewables business. Our strategic and disciplined approach has resulted in sanctioning additional growth with Blue Chip partners. We're excited to announce that we've completed Phase I of Fox Squirrel Solar project. Phase 3 is under construction and is expected to be in service by year-end. Consistent with the other phases, Phase 3 is backed by a long-term PPA with Amazon for 100% of the energy production.

現在讓我們轉向再生能源業務。我們的策略和嚴格的方法已導致與藍籌合作夥伴的額外成長。我們很高興地宣布，我們已經完成了 Fox Squirrel Solar 專案的第一階段。三期工程正在興建中，預計年底投入使用。與其他階段一樣，第三階段得到了與亞馬遜簽訂的長期購電協議的支持，涵蓋 100% 的能源生產。

We also sanctioned the approximately 800-megawatt Sequoia solar project in Texas with a staggered in-service date expected in '25 and '26. This will be one of the largest solar facilities in North America by capacity and is backed by long-term PPAs with AT&T and Toyota for substantially all of the production. This marks further execution on the opportunities laid out at Investor Day as we developed 2 gigawatts of renewable projects in service dates by the end of 2026.

我們也批准了德州約 800 兆瓦的 Sequoia 太陽能項目，預計將於 25 年和 26 年錯開投入營運。這將是北美產能最大的太陽能設施之一，並得到與 AT&T 和豐田的長期購電協議的支持，用於幾乎所有的生產。這標誌著我們進一步落實了投資者日提出的機會，我們開發了 2 吉瓦的可再生能源項目，預計在 2026 年底投入使用。

Our customer relationships and disciplined track record development and contracting should allow us to continue delivering solid growth in this segment with strong risk-adjusted returns.

我們的客戶關係以及嚴格的追蹤記錄開發和承包應該使我們能夠繼續在這一領域實現穩健成長，並獲得強勁的風險調整回報。

With this, I'll turn it over to Pat to discuss our third-quarter financial results.

這樣，我將把它交給帕特討論我們的第三季財務業績。

Thanks, Greg, and welcome, everyone. Continued strong demand across our asset base drove record third-quarter EBITDA and we earned per share of $1.19, which includes the impact of prefunding of the US gas utilities. Liquids EBITDA is up year over year primarily due to the first of our annual OpEx inflation and power cost escalators, which increased the mainline toll. As a reminder, this takes effect on July 1 of each year.

謝謝格雷格，歡迎大家。我們資產基礎的持續強勁需求推動第三季 EBITDA 創歷史新高，我們的每股盈餘為 1.19 美元，其中包括美國天然氣公用事業公司預融資的影響。液體 EBITDA 年成長主要是由於我們的首次年度營運支出通膨和電力成本自動扶梯增加了乾線通行費。提醒一下，該規定於每年 7 月 1 日生效。

Our gas Transmission Business is up compared to last year despite the sale of our interest at Alliance & Aux Sable. This is driven by the acquisition of Tomorrow RNG, the 19% interest in the Whistler joint venture and our Gas Storage assets outperforming.

儘管出售了 Alliance & Aux Sable 的權益，但我們的天然氣輸送業務仍比去年有所成長。這是由於收購 Tomorrow RNG、持有 Whistler 合資企業 19% 的權益以及我們的天然氣儲存資產表現出色而推動的。

We continue to see solid demand for our gas Storage and benefit from elevated rates in the contracts we entered into since last year. I'm also happy to announce that we once again have recontracted 100% of our JPM evergreen contracts illustrating the high demand for these great assets.

我們繼續看到對我們的儲氣庫的強勁需求，並受益於我們自去年以來簽訂的合約費率的提高。我還很高興地宣布，我們再次重新簽訂了 100% 的 JPM 常青合約，這說明了對這些優質資產的高需求。

Our Gas Distribution business includes a full quarter of EBITDA from both Enbridge Gas Ohio and Enbridge Gas Utah, which drove the majority of the step-up in 2023.

我們的天然氣分銷業務包括來自安橋天然氣俄亥俄州和安橋天然氣猶他州的整整一個季​​度的 EBITDA，這推動了 2023 年的大部分成長。

Our Renewables business earned development fees in the third quarter of 2023, which can be lumpy, and their absence this quarter is driving the decrease year over year.

我們的再生能源業務在 2023 年第三季賺取的開發費可能不穩定，而本季的開發費缺失導致了年減。

Below the line, higher maintenance capital from the US gas utility acquisition, higher interest expense and weighted average shares from the associated prefunding of those same US gas utilities. All in all, our third-quarter results have set us up to achieve our guidance range for the 19th consecutive year.

線下，來自美國天然氣公用事業收購的更高的維護資本、來自這些美國天然氣公用事業的相關預融資的更高的利息支出和加權平均份額。總而言之，我們的第三季業績使我們連續 19 年實現了我們的指導範圍。

Let's dive a little deeper into that guidance. As a reminder, we recast our financial guidance in the second quarter to include the US gas utilities, and I'm pleased to reaffirm those ranges for both adjusted EBITDA and DCF per share. In fact, we expect to close 204 with another quarter of strong operating performance, which would push Enbridge near the top of our EBITDA guidance range. For DCF per share, we expect to finish the year around the midpoint of guidance, which is a great outcome if you consider the prefunding of the utility acquisition we did this year while not benefiting from a full year of EBITDA.

讓我們更深入地了解該指南。提醒一下，我們重新調整了第二季的財務指引，將美國天然氣公用事業納入其中，我很高興重申調整後的 EBITDA 和每股 DCF 的範圍。事實上，我們預計 204 年結束時還會有一個季度的強勁營運業績，這將使安橋接近我們 EBITDA 指導範圍的頂部。對於每股折現現金流，我們預計今年將在指導中點附近結束，如果考慮到我們今年對公用事業收購的預融資，而沒有從全年的 EBITDA 中受益，那麼這是一個很好的結果。

Looking ahead, full-year utility contribution, coupled with continued operational excellence and in-footprint initiatives should drive growth over the near and medium term. Our balanced and diversified secured backlog sits at $27 billion today, and we expect to place approximately $5 billion of that into service by the end of 2024. Both projects are expected to drive new EBITDA and underpin our near-term growth commitments through 2026.

展望未來，全年公用事業貢獻，加上持續的卓越營運和覆蓋範圍內的舉措，應會推動近期和中期的成長。目前，我們平衡且多元化的擔保積壓金額為 270 億美元，我們預計在 2024 年底將其中約 50 億美元投入使用。這兩個項目預計將推動新的 EBITDA 成長，並鞏固我們到 2026 年的近期成長承諾。

Now let's turn to our capital allocation priorities. Our capital allocation philosophy is guided by our financial guardrails, which remain firmly in place: our target leverage of 4.5 to 5 times, the sweet spot for Enbridge and the DCF payout of 60% to 70% in lines with our cash flow-oriented view of the business.

現在讓我們轉向我們的資本配置優先事項。我們的資本配置理念以我們的財務護欄為指導，這些護欄仍然牢固地存在：我們的目標槓桿率為4.5 至5 倍，是安橋的最佳選擇，DCF 支出為60% 至70%，符合我們以現金流為導向的觀點的業務。

We're proud of our dividend aristocrat status, become a hallmark of our value proposition and coring our dividend annually is a key consideration when deploying $8 billion to $9 billion of annual growth investment capacity. For the next few years, we've earmarked approximately $6 billion to $7 billion in the form of low capital intensity expansion, modernization capital and rate base investment. The remaining $2 billion to $3 billion of investment capacity can be opportunistically deployed either into new accretive organic projects, tuck-ins or debt reduction.

我們為自己的股息貴族地位感到自豪，這已成為我們價值主張的標誌，並且每年核心股息是部署 80 億至 90 億美元的年度增長投資能力時的一個關鍵考慮因素。在接下來的幾年裡，我們已指定約 60 億至 70 億美元用於低資本密集度擴張、現代化資本和利率基礎投資。剩餘的 20 億至 30 億美元的投資能力可以機會性地部署到新的加值有機項目、投資或削減債務。

Within that framework, we capitalize on the best available opportunities with our equity self-funding model. Our outlook and growth will continue to revolve around low-risk, long-life investments that support ratable dividend increases. I want to again thank the teams for their hard work this quarter, bringing the last of the LDCs and ensuring another great operational and financial showing here at Enbridge.

在此框架內，我們透過股權自籌資金模式利用最佳可用機會。我們的前景和成長將繼續圍繞低風險、長期投資，以支持可評定股息的增加。我想再次感謝各團隊本季的辛勤工作，他們帶來了最後一批最不發達國家，並確保安橋再次取得出色的營運和財務表現。

With that, I'll pass it back to Greg to finish off the presentation.

這樣，我會將其傳回給 Greg 來完成演示。

Thanks very much, Pat.

非常感謝，帕特。

Enbridge continues to be positioned to succeed in all market conditions with a low-risk business model and visible. The scale and diversification of our business is driving key competitive advantages across complementary business franchises. Our businesses are already in front of and will continue to be in front of dramatic secular changes in power demand, both gas and renewables reindustrialization in the key jurisdictions we serve in North America and, of course, growing energy exports from North America.

安橋繼續致力於以低風險和可見的商業模式在所有市場條件下取得成功。我們業務的規模和多元化正在推動互補業務特許經營的關鍵競爭優勢。我們的業務已經並將繼續面臨電力需求的巨大長期變化、我們在北美服務的主要司法管轄區的天然氣和再生能源再工業化，當然還有北美不斷增長的能源出口。

Our industry-leading asset footprint and a solid track record of execution has allowed us to take advantage of attractive growth opportunities to meet rising global demand for energy. Returning capital to shareholders through a sustainable and growing dividend continues to be a core pillar of our value proposition and positions us as the first choice investment opportunity.

我們行業領先的資產足跡和良好的執行記錄使我們能夠利用有吸引力的成長機會來滿足全球不斷增長的能源需求。透過可持續且不斷增長的股息向股東返還資本仍然是我們價值主張的核心支柱，並使我們成為首選投資機會。

Now before I turn it over to the operator for questions, I'd like to share the dates of some exciting events coming up on the calendar. We expect to issue a news release with our 2025 financial guidance on December 3, 2024. And then on March 4, 2025, we will be hosting our Annual Investor Day in New York, and we hope that you can all join us is in person.

現在，在我將其交給接線員詢問之前，我想分享一下日曆上即將發生的一些令人興奮的事件的日期。我們預計 2024 年 12 月 3 日發布包含 2025 年財務指引的新聞稿。然後，我們將於 2025 年 3 月 4 日在紐約舉辦年度投資者日活動，我們希望大家能夠親自參加我們的活動。

With that, I'd like to thank you all for listening. And operator, please open the lines for questions.

在此，我要感謝大家的聆聽。接線員，請打開提問線。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作員指示）Jeremy Tonet，摩根大通。

Hi. Good morning. Morning. Just wanted to start off, I guess, looking down the future, you outlined some of the expansion potential for the mainline, but it seems like we've filled up pretty quick here. Just wondering, I guess, what's possible on the egress front down the road as it seems like producers are eager to fill any space you can provide?

你好。早安.早晨。我想，只是想開始，展望未來，你概述了主線的一些擴展潛力，但似乎我們在這裡很快就填滿了。我只是想知道，在路上的出口前線可能會發生什麼，因為生產商似乎渴望填補您可以提供的任何空間？

Good morning, Jeremy. It's Colin. Yes, I think your read is right on this. Production is ramping nicely, and yes, we're back into apportionment here in November. I don't expect us to be in the apportionment every month going forward here. But seasonally, I think you're going to see a lot of demand for the mainline.

早上好，傑里米。是科林。是的，我認為你的閱讀是正確的。產量成長良好，是的，我們在 11 月又回到了分配狀態。我不希望我們每個月都能參與這裡的分配。但從季節性來看，我認為你會看到對主線的大量需求。

And we have commenced commercial discussions with industry, spent the quarter engineering the expansion. It's really more of an optimization, I think. It's not a trenching or a new path. It's in the right of way in terminals and quite executable.

我們已經開始與業界進行商業討論，並花了本季的時間進行擴張。我認為這實際上更像是一種優化。這不是挖溝，也不是一條新路。它在終端中處於正確的位置並且非常可執行。

So I'd say early response from industry is quite positive for obvious reasons, as Greg said in his remarks, and I think as everybody knows, the last barrel egress prices all 5 million barrels in the basin. So it's very economically important that base is not constrained. So we're continuing to develop that. I'd say it's trending in the right direction and I don't think we have any capital cost estimates for you at this point, kind of refine those a little bit. But looking at in-service dates in late '26, '27.

因此，我想說，出於顯而易見的原因，行業的早期反應是相當積極的，正如格雷格在他的演講中所說，我認為眾所周知，最後一桶出口價格是該盆地所有500 萬桶的價格。因此，基地不受限制在經濟上非常重要。所以我們正在繼續開發它。我想說它正在朝著正確的方向發展，我認為我們目前沒有為您提供任何資本成本估算，請稍微完善一下。但看看 26 年末、27 年末的服役日期。

The other nice thing I'd add to that, Jeremy, is that there'll be very solid from a multiple perspective -- a build multiple perspective, which obviously means the returns will be very satisfactory for both us and investors.

傑里米，我要補充的另一件好事是，從多個角度來看，這將是非常堅實的——建立多個角度，這顯然意味著我們和投資者的回報都將非常令人滿意。

That's great to hear. Thank you for that. And then pivoting to the LDC side, now that Enbridge is the largest natural gas LDC in North America that we can tell, just wondering how you think about future growth here Obviously, a lot of organic initiatives that can be had on your existing platform, but we also see some other LDC assets on the block out there for sale. How do you think about organic versus inorganic growth going forward?

很高興聽到這個消息。謝謝你。然後轉向最不發達國家方面，據我們所知，安橋是北美最大的天然氣最不發達國家，只是想知道您如何看待這裡的未來增長顯然，可以在現有平台上採取很多有機舉措，但我們也看到一些其他最不發達國家資產正在出售。您如何看待未來的有機成長與無機成長？

Just to start, Jeremy, thanks for the question. Michele's here, so I'll let her go at that. In terms of other LDCs, look, we've made some big purchases here with three of what we think are the best ones out there. So I would say our focus is very much on integration of these three and not looking at other LDCs at this point in time.

首先，傑里米，謝謝你的提問。米歇爾在這裡，所以我就讓她去吧。就其他最不發達國家而言，我們在這裡進行了一些大額採購，其中三個是我們認為最好的。因此，我想說，我們目前的重點是這三個國家的一體化，而不是考慮其他最不發達國家。

But in terms of the growth, may I'll turn it over to Michele.

但說到成長，我可以把它交給米歇爾。

Yes, you bet. Thanks, Jeremy. So first, I think what I have to say now being able to really look under the hood of these beyond what we did through the due diligence period is these are every bit as good as we thought that they were in terms of the utilities. They're just excellent utilities in great jurisdictions that really are focused on the access to affordable energy driving their economic growth. And that's -- that means that they're really well positioned for growth.

是的，你敢打賭。謝謝，傑里米。首先，我想我現在要說的是，除了我們在盡職調查期間所做的事情之外，我現在能夠真正了解這些的背後是，這些在公用事業方面與我們想像的一樣好。他們只是偉大司法管轄區的優秀公用事業公司，真正專注於獲得負擔得起的能源，推動其經濟成長。這意味著他們確實處於成長的有利位置。

Certainly, Greg outlined the different ways that we see them growing in terms of population growth is super strong in places like Utah and North Carolina, strong modernization program with quick capital in Ohio. I think we also talked about our projects that we have going on in North Carolina. I'd say all of those we knew as we went in. The big thing that's come up in the last year that really didn't factor in into the data center growth that we're seeing, and that's coming across the board. I mean, we -- I think last quarter, we mentioned 50 megawatts we had signed up in Utah.

當然，格雷格概述了我們看到的不同方式，即猶他州和北卡羅來納州等地的人口增長非常強勁，俄亥俄州擁有快速資本的強大現代化計劃。我想我們還討論了我們在北卡羅來納州正在進行的項目。我想說的是我們進去時所認識的所有這些。去年發生的重大事件並沒有考慮到我們所看到的資料中心的成長，而且這是全面的。我的意思是，我們——我想上個季度，我們提到我們在猶他州簽約了 50 兆瓦。

That's -- or at least the gas to produce that 50 megawatts and that's been increased to about another 200 megawatts in terms of the gas to produce that. Lots of inquiries along that, they call it the Wasatch front. So that Salt Lake-Provo area. Similarly, North Carolina big decarbonization program, lots of data centers going into that Raleigh tech hub.

這就是——或至少產生 50 兆瓦電力的天然氣，而就產生該電力而言，又增加到了約 200 兆瓦電力。沿途有很多詢問，他們稱之為瓦薩奇前線。所以說鹽湖-普羅沃地區。同樣，北卡羅來納州的大型脫碳計劃，許多數據中心都進入了羅利技術中心。

And even in Ohio, where we thought it was a little further out, we're just seeing that demand for power. And then, of course, in our originally utility in Ontario, as Greg mentioned, 75% growth by 2050. Government that -- an administer of energy that's very clear about the need for all of the above when it comes to energy and the need for natural gas as meaning part of the generation that they're looking for from the -- what's been the largest ever procurement in the Ontario's history. So we're feeling very good about that growth.

即使在俄亥俄州，我們認為那裡的情況有點遙遠，我們也只是看到了對電力的需求。當然，正如格雷格所提到的，我們最初在安大略省的公用事業公司到 2050 年將成長 75%。政府—能源管理部門非常清楚在能源方面對上述所有內容的需求，以及對天然氣的需求，因為他們正在尋找最大的一代安大略省歷史上從未有過採購。所以我們對這種成長感覺非常好。

Yes. So Jeremy, the only other thing I'd add is that at 8% rate base growth we talked about a year ago. Remember that did not take into account. We didn't have knowledge or good insight into some of the benefits we're seeing from data centers, power growth, reindustrialization, reshoring. So obviously, I'll be looking for Michele and the team to even do better than what we originally thought.

是的。Jeremy，我唯一要補充的另一件事是我們一年前談到的 8% 的基礎成長率。記得沒考慮到。我們對資料中心、電力成長、再工業化、回流所帶來的一些好處缺乏了解或深入了解。顯然，我會尋找米歇爾和團隊做得比我們最初想像的更好。

No, that's good to hear. Thank you.

不，很高興聽到這個消息。謝謝。

Thanks.

謝謝。

Robert Catellier, CIBC.

羅伯特·卡泰利爾，CIBC。

Good morning, everyone. I'd like to start with the rate of capital deployment into onshore renewables, particularly in the US. You've accomplished a lot in a short period of time, but I'm wondering how much is capital is needed to be deployed to meaningfully bridge the gap between EBITDA and the DCF per share growth rate, understanding that these investments stand on their own merits and not just for the tax attributes.

大家早安。我想從陸上再生能源的資本部署率開始，特別是在美國。您在短時間內取得了很多成就，但我想知道需要部署多少資本才能有效縮小 EBITDA 和每股 DCF 成長率之間的差距，並了解這些投資是獨立的優點而不僅僅是稅收屬性。

Yes. Thanks, Rob. It's Matthew. We're really, really pleased with our progress, as you noted. On the onshore, and I think our pivot there is really paying off. We've got a lot of great projects.

是的。謝謝，羅布。是馬修。正如您所指出的，我們對我們的進展感到非常非常滿意。在陸上，我認為我們的重心確實得到了回報。我們有很多很棒的項目。

And as I said at Investor Day, especially in solar, there's this rich seam here where how prices went down quite a lot. And so companies like ours that had interconnection agreements, ready-to-go projects are capitalizing on the very high demand out there, not only from data centers, but all kinds of blue chip corporates. As you see here, we got AT&T and Toyota and the Sequoia project. And there's lots of great data center conversations going on, as you can imagine.

正如我在投資者日所說，特別是在太陽能領域，這裡存在著豐富的接縫，導致價格大幅下跌。因此，像我們這樣擁有互連協議、現成專案的公司正在利用那裡的高需求，不僅來自資料中心，而且來自各種藍籌公司。正如你在這裡看到的，我們有 AT&T 和豐田以及紅杉項目。正如您可以想像的那樣，正在進行許多精彩的資料中心對話。

So we're really able to capitalize on that and achieve returns, frankly, above what we even expected on these. We're talking like mid-teens type returns very solidly accretive, right out of the chute, quick-cycle capital on these. We're going to be bringing these in service starting in next year. So we're not tying up a lot of capital for a long period.

因此，坦白說，我們確實能夠利用這一點並實現回報，甚至超越我們的預期。我們談論的是十幾歲左右的回報，非常穩定的增值，直接從滑槽中出來，這些資本的快速循環。我們將從明年開始將這些投入使用。因此，我們不會長期佔用大量資金。

So look, this is really beneficial across the board. And we got a good pipeline behind us. We've probably got another couple of gigawatts here anyway that we can roll out into the strong demand and strong return environment.

所以看，這確實是全面有益的。我們身後有一條良好的管道。無論如何，我們可能還有另外幾千兆瓦的電力，我們可以將其投入強勁的需求和強勁的回報環境中。

Robert, I wouldn't -- it's Greg. I wouldn't downplay the tax benefits, too, right? I mean, that does get to your per-share metrics. So everything that Matthew said is bang on, but we look at it from -- both from an EBITDA perspective, but obviously, the bottom line impact as well, right?

羅伯特，我不會——是格雷格。我也不會低估稅收優惠，對吧？我的意思是，這確實涉及到你的每股指標。所以馬修所說的一切都很重要，但我們是從 EBITDA 的角度來看的，但顯然，也從底線影響的角度來看，對吧？

That's what I was getting at. It seems like there's an opportunity to bridge the gap between your lower DCF per share outlook and what you have on the EBITDA on the EPS front.

這就是我的意思。似乎有機會彌補較低的每股 DCF 前景與 EPS 方面的 EBITDA 之間的差距。

But second question I had is maybe for Colin, we've been reading media reports about potential additional asset sales to Indigenous Groups. And I wondered if there was any update you had for us there.

但我的第二個問題可能是針對科林的，我們一直在閱讀有關向原住民群體潛在的額外資產出售的媒體報道。我想知道您是否有任何更新訊息要告訴我們。

Yes. Thanks, Robert. So as you know, Enbridge is committed to reconciliation and success partnering with communities already. I think we have three partnerships working on some other ones. We're early innings on the one that the media picked up.

是的。謝謝，羅伯特。如你所知，安橋已經致力於與社區和解並成功合作。我認為我們有三個合作夥伴正在進行其他一些工作。我們正處於媒體報道的第一局。

So I'd ask you to be patient with us. We're going to work through it. But you can probably imagine the types of relationships and communities we're dealing with. And there's a capital recycling element to it as well, right? So we're excited about it. We'll keep working it, but please be patient with us.

所以我請你對我們保持耐心。我們將努力解決這個問題。但您可能可以想像我們正在處理的關係和社區的類型。而且還有資本回收的因素，對吧？所以我們對此感到興奮。我們會繼續努力，但請耐心等待。

Okay. Thanks very much.

好的。非常感謝。

Ben Pham, BMO.

本‧範 (Ben Pham)，BMO。

Maybe just to go back to the comment on the solar returns being in the mid-teens. Can you clarify that a bit because we're hearing from industry on Renewables side that returns in solar have been quite challenging within the renewable technologies. I know you referenced panel prices, but is that more explosive to Enbridge there?

也許只是回到關於太陽回報率在十度左右的評論。您能否澄清一下，因為我們從再生能源的產業得知，太陽能的回報在再生能源技術中相當具有挑戰性。我知道你提到了面板價格，但這對安橋來說更具爆炸性嗎？

Well, thanks, Ben, it's Matthew again. I think it really depends how you're positioned. And it's a couple of things, one is having the interconnection agreements. The other is being able to navigate the supply chain. And companies like ours that are large and the supply chain wants to do business with us and we get very solid terms and conditions there.

嗯，謝謝，本，又是馬修。我認為這實際上取決於你的定位。這有兩件事，其中之一就是達成互連協議。另一個是能夠駕馭供應鏈。像我們這樣的大型公司和供應鏈希望與我們開展業務，我們在那裡獲得了非常可靠的條款和條件。

And the buyers, too. These are the kinds of buyers, this is Enbridge type customers. These large data center type customers and blue chip corporates, they're going to want to do business with us. And so we think we got industry best-in-class terms and conditions. And we also know how to build and operate stuff efficiently.

買家也是如此。這些是買家類型，這是安橋類型的客戶。這些大型資料中心類型的客戶和藍籌企業，他們將希望與我們開展業務。因此，我們認為我們擁有業界一流的條款和條件。我們也知道如何有效地建造和運營東西。

So all that combined, Ben, I'm not sure what you're hearing, but you'll see these are going to be right out of the chute very cash flow accretive and kick out great returns over the life of the project. So yes, I think that mid-teens return level is solidly in sight here.

所以，本，我不確定你聽到的是什麼，但你會發現這些都將直接帶來現金流的增加，並在專案的整個生命週期中帶來巨大的回報。所以，是的，我認為青少年的回報水準已經近在眼前。

Okay. That's good to hear. And maybe on the regional pipeline expansion commentary, are you thinking that's more lateral connections to what was in asset basket or are you thinking more of those two pipes could get potentially expanded?

好的。很高興聽到這個消息。也許在區域管道擴建評論中，您是否認為這與資產籃子中的內容有更多的橫向連接，或者您是否認為這兩個管道中的更多可能會擴展？

Yes, Ben, Colin here. So generally, I'd say the basin is over piped. I think there's a lot of competitors up there. But there are a number of bottlenecks in the system. We have seven pipelines in the region, right, you'll recall them. And these would be, again, horsepower, DRA, lateral, some long-haul pipes in scope there, too.

是的，本，科林在這裡。所以一般來說，我會說臉盆管道過度。我認為那裡有很多競爭對手。但該系統存在不少瓶頸。我們在該地區有七個管道，對吧，你會記得它們。同樣，這些也包括馬力、DRA、橫向管道以及一些長途管道。

But debottlenecking, a very capital-efficient returns here in short cycle. So the production growth we talked about earlier is showing up on the mainline and downstream, but also at home locally. So it's fairly imminent here. We're looking at this in the next few quarters.

但消除瓶頸，在短週期內實現非常資本高效的回報。因此，我們之前談到的產量成長不僅體現在幹線和下游，也體現在國內。所以這已經迫在眉睫了。我們將在接下來的幾個季度中關注這個問題。

Okay. That's great to hear.

好的。很高興聽到這個消息。

Maurice Choy, RBC Capital Markets.

莫里斯‧蔡 (Maurice Choy)，加拿大皇家銀行資本市場部。

Thank you, and good morning, everyone. Just want to stick with the mainline theme here. Greg and Colin, you both mentioned that November is a portion, but may not be a portion every month from here on in.

謝謝大家，大家早安。只是想堅持這裡的主線主題。Greg 和 Colin，你們都提到 11 月是一部分，但從現在開始可能不是每個月的一部分。

Maybe if you look at things on an annual basis, can you talk to any factors that would cause you to think this year's volume level wouldn't improve in 2025 and beyond, whether that be expectations in prices or production shut-ins? Just keen to hear your thoughts on that.

也許如果你以年度為基礎來看待事情，你能談談任何讓你認為今年的銷量水準在 2025 年及以後不會改善的因素嗎，無論是價格預期還是停產？只是想聽聽您對此的想法。

Sure, Maurice. Yes. So last, let's call it 2023's annual volume throughput through the mainline was basically falling. It was 30-80, all-time record. This year, we're trending to over 3, probably not 380, but over 3. And next year, I think you should think about a comparable number.

當然，莫里斯。是的。最後，我們稱 2023 年為主線的年吞吐量基本上會下降。戰績為30勝80負，創歷史紀錄。今年，我們的趨勢是超過 3 個，可能不是 380 個，而是超過 3 個。明年，我認為你應該考慮一個類似的數字。

We think we'll have more definition for you in a few weeks, but lots of factors. But each year, there's turnarounds embedded in that. There's outages embedded in that. We've -- there's supply growth, there's demand growth. I think the competitor pipelines are performing well, but generally at a run rate level.

我們認為我們將在幾週內為您提供更多定義，但有很多因素。但每年，其中都會出現轉變。其中包含中斷。我們－供應成長，需求成長。我認為競爭對手的管道表現良好，但總體上處於運行率水平。

We continue to find and optimize our own capacity. Our outage management has gotten a lot better. We have optimizations that we're doing monthly and quarterly to add a little bit of capacity. So we remain pretty bullish on the utilization, like the numbers we're talking about are 98%, 99% full. So there's some variation around that. I don't want to give anybody the impression that it's locked, but there's a multiplicity of supply sources. We're connected to 40 different refineries. So there's a diversity that stabilize it generally.

我們不斷尋找並優化我們自己的能力。我們的停電管理已經好多了。我們每月和每季都會進行最佳化，以增加一點容量。因此，我們仍然對利用率非常樂觀，例如我們談論的數字是 98%、99%。所以這方面存在一些變化。我不想給任何人留下它被鎖定的印象，但供應來源有很多。我們與 40 家不同的煉油廠有聯繫。因此，總體上存在著一種穩定它的多樣性。

I love the question, Maurice, because it's only a couple of years ago where people were, oh, how are you going to hit $3 million. And there we are continuing to do that as you hear from Colin Yes, it's $3 million. And then let's look at other opportunities down the road.

莫里斯，我喜歡這個問題，因為就在幾年前，人們還在想，哦，你要如何才能達到 300 萬美元。正如您從科林那裡聽到的那樣，我們將繼續這樣做，是的，這是 300 萬美元。然後讓我們看看未來的其他機會。

So it's a good question, right, because I think a lot of people were dead wrong on this issue. And I think we've proven that outcome different cycles, but also even the arrival of TMX.

所以這是一個很好的問題，對吧，因為我認為很多人在這個問題上都錯了。我認為我們已經證明了不同週期的結果，甚至是 TMX 的到來。

TMX ramp-up definitely has been much better than anyone has to be, to be honest. So that's good. maybe finishing up on a question on the secured growth plan. From the prepared remarks and even from Michele's comments, there seems to be quite a bit of growth in the US and possibly even in Ontario through the integrated energy resource planning.

老實說，TMX 的提升絕對比任何人都要好得多。所以這樣很好。也許會結束關於安全成長計劃的問題。從準備好的發言甚至米歇爾的評論來看，透過綜合能源資源規劃，美國甚至安大略省似乎都有相當大的成長。

And we obviously heard from Matthew's mid-teens return commentary just now on Renewables. So Greg, as you look across your various businesses you have today, can you speak to the trends maybe since Enbridge Day? Can you speak to trends in terms of where you see the greatest opportunity set? And separately, where the risk-adjusted returns that are most attractive?

我們顯然聽到了馬修剛剛關於可再生能源的青少年回歸評論。格雷格（Greg），當您審視您今天擁有的各種業務時，您能談談自安橋日以來的趨勢嗎？您能談談您認為最大機會所在的趨勢嗎？分別來說，哪裡的風險調整報酬率最有吸引力？

Yes, sure. I mean, look, you're absolutely right. I think the arrival of the US utilities into the portfolio have put a new opportunity set. And then as Michele said, you throw on the data center elements of that, and really, it's the electric elements of that. These things need to be powered. I think that allows incremental opportunities on the Renewables side. Very careful, certain jurisdictions, quick cycle just like GDS. So I see that opportunity there.

是的，當然。我的意思是，你看，你說得完全正確。我認為美國公用事業公司進入投資組合帶來了新的機會。然後，正如米歇爾所說，你加上其中的資料中心元素，實際上，這是其中的電氣元素。這些東西都需要動力。我認為這為再生能源方面帶來了增量機會。非常小心，某些司法管轄區，週期快，就像 GDS 一樣。所以我在那裡看到了這個機會。

And then let's not forget GTM. GTM is filling up on the power side, the storage side, all the LNG facilities. So as I said in my comments, there really are cyclical trends that we are in front of right now, whether it's on the power side, whether it's around the reindustrialization side and near shoring or whether it's on the export side, which you heard the numbers -- the record numbers on Ingleside and you're going to see things kick up on the LNG side as well.

然後我們不要忘記 GTM。GTM正在對電力側、儲存側以及所有液化天然氣設施進行加註。正如我在評論中所說，我們現在確實面臨著週期性趨勢，無論是在電力方面，無論是在再工業化方面和近岸建設方面，還是在出口方面，你聽到了數字——Ingleside 的數位創紀錄，您也會看到液化天然氣的情況也有所改善。

So I would say, to your base question, we have an opportunity-rich environment and everybody has got to compete for that even amongst the utilities. We will invest our capital in the best returning utilities. If that's Ontario, it's Ontario. If it's Ohio, it's Ohio or Utah. And the same thing on the Gas side. Is it going to be B.C.? Or is it going to be the Gulf Coast or the Northeast?

所以我想說，對於你的基本問題，我們有一個機會豐富的環境，每個人都必須為此競爭，即使是在公用事業公司之間。我們將把資金投資於回報最好的公用事業。如果那是安大略省，那就是安大略省。如果是俄亥俄州，那就是俄亥俄州或猶他州。天然氣方面也是如此。會是BC嗎？還是墨西哥灣沿岸或東北部？

And so I think we've got the capacity, as Pat has laid out in the past, that $8 billion or $9 billion of capacity each year, and I expect we'll use it. And so it comes down to risk-adjusted returns. How quick can you take that capital turn into earnings for shareholders, which allows us to continue to drive the dividend forward.

因此，我認為我們擁有每年 80 億或 90 億美元的產能，正如帕特過去所指出的那樣，我預計我們會使用它。因此，這取決於風險調整後的回報。您能以多快的速度將這些資本轉化為股東的收益，使我們能夠繼續推動股息成長。

So if anything, I would just say the markets since Investor Day, and we look forward to coming back to you all in March, has got even better, both externally for our growth, but internally for competition for capital. I like that dynamic for growth.

因此，如果有什麼不同的話，我只想說，自從投資者日以來，我們期待在三月回到大家身邊，市場變得更好，無論是外部的成長，還是內部的資本競爭。我喜歡這種成長動力。

That's very good to hear. Thank you very much.

很高興聽到這個消息。非常感謝。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning, guys, and congrats on a strong quarter. In early October, you announced a project which adds to your growing pipeline in Gulf of Mexico to support BP operations. Can we get some more details about this project and why it's a good return on investment?

早安，夥計們，恭喜本季表現強勁。十月初，你們宣布了一個項目，該項目將增加墨西哥灣不斷增長的管道，以支持 BP 的運營。我們能否了解有關該項目的更多詳細資訊以及為什麼它具有良好的投資回報？

Yes. Manav, it's Cynthia Hansen here. Thanks for the question. We're really excited about the Canyons pipeline supporting the Kaskida. So as was noted, it's about $700 million of investment and that will be in service in 2029. What we really like is that it ties into our existing infrastructure that we have there.

是的。馬納夫，我是辛西亞‧漢森。謝謝你的提問。我們對峽谷管道支持 Kaskida 感到非常興奮。如前所述，該項目投資約 7 億美元，將於 2029 年投入使用。我們真正喜歡的是它與我們現有的基礎設施相結合。

You may know this or may not, that we actually transport 40% of all the natural gas that comes in the Gulf Coast. And this particular field, we have a lot of experience and expertise in this area, supporting this infrastructure is going to tie in the gas pipeline, that 12-inch is going to tie into our existing field, Magnolia gas platform. And then the other oil pipeline ties into the Shell infrastructure. And of course, last year, we had announced our project there to support the ongoing development for Sparta.

您可能知道也可能不知道，我們實際上運輸了墨西哥灣沿岸 40% 的天然氣。在這個特定領域，我們在這方面擁有大量經驗和專業知識，支援該基礎設施將與天然氣管道相結合，12 英寸將與我們現有的領域 Magnolia 天然氣平台相結合。然後另一條石油管道與殼牌基礎設施相連。當然，去年我們在那裡宣布了我們的項目，以支持斯巴達的持續開發。

So it really does tie in, and we're getting the long-term return with really strong contracts. So the contracts allow us to get that return on our investment in that first 10-year period. So it's really exciting for us to continue to support that build out in the Gulf of Mexico.

因此，這確實是相關的，我們透過真正強大的合約獲得了長期回報。因此，這些合約使我們能夠在第一個 10 年內獲得投資回報。因此，我們對繼續支持墨西哥灣的建設感到非常興奮。

Well, what it really does also Cynthia, as you said, coming in '29, it's adding to that growth profile beyond our current four- or four-year look. Now you're talking about into '29 and beyond, which filling up that hopper is important for us, and this really adds to that.

嗯，它真正的作用也是辛西婭，正如你所說，在 29 年到來，它增加了超出我們當前四年或四年的預期的增長概況。現在你談論的是29年及以後，填充料斗對我們來說很重要，這確實增加了這一點。

Thank you. I'll turn it back.

謝謝。我會把它轉回來。

Rob Hope, Scotiabank.

羅布‧霍普，豐業銀行。

Good morning, everyone. And I want to kind of follow up on the filling the hopper comment. As you take a look at that $8 billion to $9 billion of annual investment capacity, when you take a look at it in the next couple of years, how full are you on that? Do you have a wealth of opportunities in front of you that you are, we'll call it, cherry-picking the best projects? And kind of where do you think you have the most room to kind of backfill the capital plan?

大家早安。我想跟進一下填充料斗的評論。當你看到每年 80 億至 90 億美元的投資能力時，當你看到未來幾年的投資能力時，你對此有多滿意？您面前是否有大量的機會，我們稱之為，挑選最好的項目？您認為哪裡有最大的空間來回填資本計畫？

Yes. Maybe I'll start, and then maybe Pat will want to add to it. Yes, I mean, we do have a wealth of opportunities. So it's -- it goes back to that issue of which -- there's different elements, right? So if I look at our projects in Western Canada, we've got some great projects there, but they're a little bit further out.

是的。也許我會開始，然後帕特可能會想補充。是的，我的意思是，我們確實有很多機會。所以，這又回到了那個問題——有不同的元素，對嗎？因此，如果我看看我們在加拿大西部的項目，我們在那裡有一些很棒的項目，但它們有點遠。

When I look at things like GDS or some of the regional activities that Colin was just talking about or the projects we just announced -- just announced on the solar side, they're coming in, in '25 and '26. So I think we've been able to pick off the ones with the best returns, soonest additions to EBITDA, while still being able to look at, well, let's face it, long-haul pipelines take longer to build. And those are actually filling up the hopper outside of our numbers. So I think when you look at it, Pat, we've -- we're in a good spot to be able to fund all that as well as the ongoing maintenance capital to keep the business running reliably with integrity.

當我看到 GDS 或 Colin 剛才談到的一些區域活動或我們剛剛宣布的項目時——剛剛宣布的太陽能方面的項目，它們將在 25 年和 26 年推出。因此，我認為我們已經能夠挑選出回報率最高、EBITDA 最快增加的項目，同時仍然能夠看到，好吧，讓我們面對現實吧，長途管道的建設需要更長的時間。這些實際上已經填滿了我們數量之外的料斗。所以我認為，當你看到它時，帕特，我們處於一個很好的位置，能夠為所有這些以及持續的維護資金提供資金，以保持業務可靠、誠信地運作。

Yes, I think we've still got a little bit of capacity in the next two years here to do things like Matthew, to do some of the stuff Michele's group is doing on -- within the utilities. I think this third quarter is kind of a microcosm of what we should see over the next little while, the diversity of the opportunities. We've got the quick-turn capital, high returning capital coming out of Matthew's green power business. We've got the start of a bunch of real projects within Michele's that's helping to serve the data center and increasing electrification. And then we've got a long-term end-of-decade type of project in Cynthia's business.

是的，我認為我們在未來兩年裡仍然有一點能力來做馬修這樣的事情，做米歇爾團隊正在做的一些事情——在公用事業內部。我認為第三季是我們在接下來的一段時間內應該看到的縮影，即機會的多樣性。我們從馬修的綠色電力業務中獲得了快速週轉的資本、高回報的資本。我們已經在 Michele 內部啟動了一系列實際項目，這些項目有助於為資料中心提供服務並提高電氣化程度。然後，我們在辛西婭的業務中有一個長期的十年末類型的項目。

So I like the fact that it's diverse from a spend profile, diverse from when they come into service, helping to extend our growth and reaffirm the growth over 2026. So we still got a little bit of capacity in '25 and '26 to continue to do stuff and lots in the back part of the decade. So really excited about the opportunities here. And we're going to try and pick the best of the best as we go forward.

因此，我喜歡這樣一個事實：它與支出情況不同，與它們投入使用時不同，有助於擴大我們的成長並重申 2026 年的成長。因此，我們在 25 年和 26 年仍然有一點能力，可以在這十年的後半段繼續做很多事情。對這裡的機會感到非常興奮。在我們前進的過程中，我們將盡力挑選最好的。

Rob, if you think about it -- it's probably on our website from last year, I think we've got that $8 billion to $9 billion capacity slide. We're utilizing $6 million to $7 million which leaves us a couple of billion dollars for these opportunities to come along. So that's a good one to refresh, take a look at.

Rob，如果你想一想，我們的網站上可能從去年開始就顯示了這一點，我認為我們的產能已經下滑了 80 億至 90 億美元。我們正在利用 600 萬至 700 萬美元，這為我們留下了數十億美元來抓住這些機會。所以這是一個值得刷新的好東西，請看一下。

And then maybe to follow up there, like as you take a look at the tuck-in M&A market, could this be an opportunity to give you that data, get you to that $8 billion to $9 billion? And what opportunities are you seeing to be most interesting in the tuck-in market?

然後也許可以繼續跟進，就像您觀察併購市場一樣，這是否是一個向您提供數據的機會，讓您達到 80 億至 90 億美元？您認為在tuck-in市場中最有趣的機會是什麼？

Definitely something we're always watching. We're big, so we get to see those, but they got to compete against the organic stuff. So when you've got a couple of billion dollars or more a year of opportunities that come up, again, whether it's distribution, renewables, regional pipes, they're going to have to compete both from an accretion perspective and from a balance sheet perspective, right?

這絕對是我們一直在關注的事情。我們規模很大，所以我們可以看到這些，但它們必須與有機產品競爭。因此，當你每年有數十億美元或更多的機會出現時，無論是配電、再生能源、區域管道，它們都必須從成長的角度和資產負債表的角度進行競爭觀點，對嗎？

So I would argue in 2023, we picked off some really great assets, whether it's storage stuff, whether it's the utility work or some of the pieces we picked up on the renewable side, that was a good time to make those moves. So we'll be picky going forward because that's helped build up the hopper at really nice multiples relative to what I would suggest you'll see today, which will still be higher multiples as people look at the value of these assets and some of those secular changes I talked about really make the value of all these assets from Liquids right through to Renewables more valuable than they were a year ago.

因此，我認為在 2023 年，我們挑選了一些非常好的資產，無論是儲存、公用事業還是我們在再生能源方面挑選的一些資產，那是採取這些舉措的好時機。因此，我們未來會很挑剔，因為這有助於將料斗建立在相對於我建議您今天看到的非常好的倍數上，當人們關注這些資產和其中一些資產的價值時，這仍然會更高的倍數我談到的長期變化確實使所有這些資產（從液體到再生能源）的價值比一年前更有價值。

Thank you.

謝謝。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hi. Morning, and thank you for taking my questions. First, would you be able to provide an updated outlook on the Rio Bravo Pipeline project given that the D.C. Circuit vacated the FERC authorization for the liquefaction facility in early August. Does this change the timeline for the pipeline project? And what are your general expectations for next steps and timeline to resolve the legal issue?

你好。早安，謝謝你回答我的問題。首先，鑑於華盛頓特區巡迴法院於 8 月初取消了 FERC 對液化設施的授權，您能否提供有關 Rio Bravo 管道項目的最新前景。這是否會改變管道項目的時間表？您對解決法律問題的後續步驟和時間表的整體期望是什麼？

It's Cynthia again. We're extremely disappointed by the D.C. Circuit vacatur of Rio Bravo Section 7 Certificate. And basically, that Rio Bravo is now held by the Whistler parent JV. So we're supporting that ongoing work through our JV partnership.

又是辛西亞。我們對 Rio Bravo 第 7 節證書的華盛頓特區巡迴賽取消感到非常失望。基本上，Rio Bravo 現在由惠斯勒母公司合資公司持有。因此，我們透過我們的合資夥伴關係來支持正在進行的工作。

It's not unprecedented here for the D.C. Circuit to get involved in these kind of permitting processes. And the FERC has had a strong track record of figuring out how to navigate this space in the past. Right now, it's not having a material impact on our Enbridge guidance. Now the CEO of next decade, Matt Schwartzman has said that they're going to continue to focus on keeping that project on track, make sure it's online to be in service in '27.

華盛頓特區巡迴法院參與此類許可程序並不是史無前例的。FERC 過去在探索如何駕馭這一領域方面有著良好的記錄。目前，它並未對我們的安橋指引產生重大影響。現在，下一個十年的執行長 Matt Schwartzman 表示，他們將繼續專注於將該專案保持在正軌上，確保其在 27 年上線並投入使用。

And I think they've recently, both Rio Bravo and Rio Grande, have filed petitions for rehearing to make sure that we can go forward with that, and there's been strong industry support. So a number of amicus briefs, we've supported it. Industry associations have supported us. So I think it's really important for us to get that clarity and that regulatory approval process. And there's more to come on that, but it's something that we're watching and supporting.

我認為他們最近，裡奧布拉沃和里奧格蘭德都提交了重新聽證會的請願書，以確保我們能夠繼續推進，並且得到了強有力的行業支持。因此，我們已經支持了許多非當事人意見陳述。產業協會對我們給予了支持。因此，我認為明確這一點並制定監管審批流程對我們來說非常重要。還有更多的事情要做，但這是我們正在關注和支持的事情。

Great. Thank you. And further east in the Gulf Coast, would you be able to provide an update on the Venice extension project servicing, the Plaquemines facility, just given recent concerns of delays for the start-up on the liquefaction side. Can you remind us when do you expect volumes to ramp up more significantly? And when do your commitments begin; i.e., will you be paid regardless of ramp-up with this year-end 2024 timeline?

偉大的。謝謝。在墨西哥灣沿岸更東的地方，考慮到最近對液化方面啟動延誤的擔憂，您能否提供有關威尼斯擴建項目服務、普拉克明設施的最新資訊。您能提醒我們您預計銷售何時會大幅增加嗎？你的承諾什麼時候開始？也就是說，無論 2024 年底的時間表如何增加，您都會獲得報酬嗎？

Yes. Thanks, Theresa. Well, great news. As of today, we are flowing through our White Castle facilities. So that's serving about 0.8 Bcf.

是的。謝謝，特蕾莎。嗯，好消息。截至今天，我們正在流經我們的白色城堡設施。因此，大約可提供 0.8 Bcf。

And we think that the two other stations, New Roads and Larosse will be in service by the end of the year. And so we're already starting to receive some payments associated with those facilities.

我們認為另外兩個車站，新路站和拉羅斯站將在今年年底投入使用。因此，我們已經開始收到與這些設施相關的一些付款。

Thank you.

謝謝。

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Thanks. Good morning. Just going back to solar. So it seems like interconnect agreements, that's the main driver here for moving forward with quick return -- quick-cycle projects with high returns. I guess, can you talk about how much more interconnection capacity you have that could support more of these type of projects? And then just to clarify, the mid-teens return for the solar project that you sanctioned, is that for the first year, including the upfront ITC? Or is that the IRR over the life of the project?

謝謝。早安.只是回到太陽能。因此，看起來互連協議是推動快速回報的主要驅動力——具有高回報的快速週期專案。我想，您能否談談您還有多少互連能力可以支援更多這類專案？然後澄清一下，您批准的太陽能專案的回報是第一年的十幾歲左右，包括預付的 ITC 嗎？還是這是專案生命週期內的 IRR？

Yes. Thanks, Praneeth. It's Matthew again. Just on your last part first. This is actually going to be a PTC project, not an ITC. So it's nice because it's kind of more smooth across the multiyear period. So it will provide that kind of stable contracted reliable cash flow for many years to come.

是的。謝謝，普拉尼斯。又是馬修。先講最後一部分。這實際上是一個 PTC 項目，而不是 ITC。所以這很好，因為在多年的時間裡它更加順利。因此，它將在未來許多年提供穩定的合約可靠現金流。

And yes, it will be immediately accretive solidly right out of the chute and then for all the years forward. So that's kind of the overall profile. And sure, when we talk about returns, it's always life of project. In terms of what else we have, yes, we've got a great pipeline. Some of that was stuff that we have been cultivating for a number of years internally.

是的，它一出來就會立即堅實地增值，然後在未來的歲月裡。這就是整體概況。當然，當我們談論回報時，它總是專案的生命週期。就我們擁有的其他東西而言，是的，我們有一個很棒的管道。其中一些是我們多年來在內部培育的東西。

And then just over two years ago, we acquired Tri Global Energy and they had a bunch of stuff. So we've got probably a couple of gigawatts of up to a couple of gigawatts of solar with interconnection agreements. We've got great discussions going on with all the data centers, as you can imagine, and other blue chips on that. And then we've got about a gigawatt of wind that's interconnection ready.

就在兩年多前，我們收購了 Tri Global Energy，他們擁有很多東西。因此，我們可能擁有幾吉瓦到幾吉瓦的太陽能並簽訂了互連協議。正如你可以想像的那樣，我們已經與所有資料中心以及其他藍籌股進行了深入的討論。然後我們就有了大約十億瓦的風力，可以進行互連。

So overall, we've got a few gigawatts still here that we can roll out. Again, all the stuff has to compete on returns as we always said, on Renewable, and we're getting those. And as long as it does continue to compete on returns in a low-risk contracted model, then we look forward to rolling a bunch more of this out in the coming years.

總的來說，我們還有幾千兆瓦的電力可以推出。再說一次，所有的東西都必須在回報上競爭，正如我們常說的，在再生能源方面，我們正在得到這些。只要它繼續在低風險合約模式的回報上競爭，那麼我們就期待在未來幾年推出更多這樣的產品。

Yes, I think we said at Enbridge Day is that we might spend $1 billion a year on this. This is probably a bigger year than we said back then, and that has all to do with the returns we're seeing, the quick turn of that capital and how it competes in the early years here.

是的，我想我們在安橋日說過，我們可能每年在這方面花費 10 億美元。今年可能是比我們當時所說的更大的一年，這與我們看到的回報、資本的快速週轉以及它在早年的競爭方式有關。

So I think if Matthew can continue to bring these types of projects with the return and quick turn that we like, we can continue to do more of them.

所以我認為，如果馬修能夠繼續帶來這些類型的項目，並帶來我們喜歡的回報和快速轉變，我們就可以繼續做更多這樣的項目。

Got it. No, that's helpful. And then you've highlighted throughout the call opportunities with data centers on the LDC side, Renewables business. I guess what are you seeing along Texas Eastern and the US gas pipeline assets in terms of potential discussions with utilities that are building out gas plants or data centers directly for behind-the-meter solutions?

知道了。不，這很有幫助。然後，您在整個電話會議中強調了最不發達國家方面的資料中心、再生能源業務的機會。我想您對德州東部和美國天然氣管道資產與直接為用戶後解決方案建造天然氣工廠或資料中心的公用事業公司的潛在討論有何看法？

Maybe if you could just give us an update on that.

也許您能給我們最新情況。

Yes. Thanks, Praneeth. We've said this before. We have 45% of all of the North American power generation that's within 50 miles of our Enbridge pipeline. So we are really well situated.

是的。謝謝，普拉尼斯。我們之前已經說過了。北美發電總量的 45% 位於 Enbridge 管線 50 英里範圍內。所以我們的處境非常好。

And that's not just for data centers, but that's for other power demand. We still have coal-to-gas switching, the onshore industrialization that we're seeing. But specifically, for that data center focus, we're seeing inbound across that region. But also recently, in the US Southeast, we have that 0.7 Bcf per day of increased demand to support about 4.5 gigawatts of new gas-fired generation.

這不僅適用於資料中心，也適用於其他電力需求。我們仍然有煤改氣，即我們所看到的陸上工業化。但具體而言，對於資料中心的關注點，我們看到該地區的入站流量。但最近，在美國東南部，我們的需求每天增加 0.7 Bcf，以支援約 4.5 吉瓦的新型燃氣發電。

So we're seeing a lot of inbounds. We're working through that. I think we're continuing to be really well positioned to support the data center build there.

所以我們看到很多入站。我們正在解決這個問題。我認為我們將繼續處於非常有利的位置來支援那裡的資料中心建設。

Praneeth, just one thing I'd just add is that it's not just opportunities I don't want you to take it. These are actual things that are being done today. I hear a lot of opportunities, which is great. That's building it. But this buildup is happening right now.

Praneeth，我要補充的一件事是，我不希望你抓住的不僅僅是機會。這些都是今天正在做的實際事情。我聽說有很多機會，這很棒。這就是構建它。但這種累積現在正在發生。

This data center connection in Utah is happening now. Fox Squirrel with Amazon is happening right now. So yes, the opportunity is there. But I think uniquely to us versus some others, and that's because of where the assets are, the interconnection of the different businesses and how we can offer things. That stuff is happening now. So it's both current and opportunity going forward.

猶他州的資料中心連線現已開始。Fox Squirrel 與 Amazon 的合作正在進行中。所以是的，機會就在那裡。但我認為，與其他一些公司相比，我們是獨一無二的，這是因為資產在哪裡、不同業務之間的互連以及我們如何提供產品。那件事現在正在發生。因此，這既是當前的機遇，也是未來的機會。

Got it. That's helpful. And if I could just sneak one real quick last question in here. With the recent flooding in North Carolina with Hurricane Helene, has that had any impact on your PSNC business?

知道了。這很有幫助。如果我能在這裡偷偷提一個真正快速的最後一個問題。最近北卡羅來納州因海倫颶風而發生洪水，這對您的 PSNC 業務有影響嗎？

Well, first of all, most importantly, it's had a terrible impact on people, right? And so that's -- I'm really proud of the team there and how they've stepped up and help the community.

嗯，首先，最重要的是，它對人們產生了可怕的影響，對吧？所以，我真的為那裡的團隊以及他們如何挺身而出並幫助社區感到自豪。

But operationally and financially, if you go there, no. I mean, yes, we had things to do replacement, but all the folks are back online now if you need gas or getting gas. There are some homes that were completely destroyed, but those hooked up, but that's not a large number.

但從營運和財務角度來看，如果你去那裡，就不會了。我的意思是，是的，我們需要更換一些東西，但是如果您需要汽油或獲取汽油，所有人員現在都已恢復在線。有一些房屋被完全摧毀，但也有一些房屋已經連接起來，但數量並不多。

But the field is back with terms of gas service from PSNC. Any of those costs would -- that do come up, we'll just go into a deferral account. Again, important element of regulatory structure for utilities, right?

但隨著 PSNC 的天然氣服務條款，該領域又回來了。任何這些費用都會——確實出現，我們只會進入延期帳戶。這又是公用事業監管結構的重要組成部分，對嗎？

Got it. Thanks.

知道了。謝謝。

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, thanks, 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接到電話後隨時為您解答任何其他問題。再次感謝，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。