恩橋 (ENB) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Enbridge Inc. Fourth Quarter 2024 Financial Results Conference call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations.

早上好，歡迎參加 Enbridge Inc. 2024 年第四季財務業績電話會議。我叫 Rebecca Morley，擔任投資人關係副總裁。

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

今天早上與我一起出席的還有總裁兼執行長 Greg Ebel；帕特‧莫瑞 (Pat Murray)，執行副總裁兼財務長；以及我們各業務部門的負責人。Colin Gruending，液體管道；辛西亞‧漢森 (Cynthia Hansen)，天然氣輸送與中游部門； Michele Harradence 負責天然氣分配和儲存，Matt Akman 負責再生能源。

(Event Instructions) Please note, this conference call is being recorded. As per usual, the 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 answer as many questions as possible. We will be limiting questions to one plus a single follow-up if necessary. We'll prioritize questions from the investment community, so if you are a member of the media, please direct your inquiries to our communications team who would be happy to assist you. As always, our Investor Relations team will be available following the call for any follow-up questions.

（活動說明）請注意，本次電話會議正在錄音。像往常一樣，這次電話會議將透過網路直播，我鼓勵那些透過電話收聽的人跟隨支援幻燈片進行操作。我們會盡量將通話時間控制在一小時左右，並回答盡可能多的問題。如果有必要，我們將限制問題為一個，並且再加上一個後續問題。我們會優先處理投資界的提問，因此如果您是媒體成員，請直接向我們的通訊團隊提出您的詢問，他們會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結束後隨時解答任何後續問題。

On slide 2, where I will remind you that we will be referring to forward-looking information in today's presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We'll also be referring to non-GAAP measures summarized below.

在第 2 張投影片上，我會提醒您，我們將在今天的簡報和問答中參考前瞻性資訊。就其性質而言，該資訊包含對未來結果的預測假設和預期，這些預測假設和預期受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準則指標。

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

現在我將把話題交給 Greg Ebel。

Well, thanks very much, Rebecca, and good morning, everyone. Thanks for joining us as we look back on a record fourth quarter and full year earnings. We're going to start today by recapping the many milestones we achieved in 2024. Then I'd like to speak to Enbridge's performance through all market cycles and the benefits of our low-risk business model. From there, I'll showcase how we are positioned to meet the increasing power generation and industrial needs of our customers in North America. We will then jump into updates for each of our business units. Pat will walk everyone through the quarter's financial highlights and capital allocation priorities. And lastly, I'll close the presentation with a final note on our value proposition before we open the call for your questions.

好吧，非常感謝，麗貝卡，大家早安。感謝您與我們一起回顧創紀錄的第四季和全年收益。今天，我們將先回顧 2024 年所取得的許多里程碑。然後我想談談 Enbridge 在所有市場週期中的表現以及我們的低風險商業模式的好處。從這裡，我將展示我們如何滿足北美客戶日益增長的發電和工業需求。然後，我們將對每個業務部門進行更新。帕特將向大家介紹本季的財務亮點和資本配置重點。最後，在我們開始回答大家的問題之前，我將以關於我們的價值主張的最後說明來結束本次演講。

We delivered record EBITDA and DCF per share in 2024, with new assets and continued customer demand contributing to a 13% increase in EBITDA over 2023. In December, we increased our dividend for the 30th consecutive year, extending our status as one of the only dividend aristocrats in our sector. And while I'm pleased that Enbridge delivered a 37% total shareholder return to investors in 2024, I'm even more pleased that our business model will continue to generate strong returns for our shareholders as we advance our strategic priorities.

2024 年，我們實現了創紀錄的每股 EBITDA 和 DCF，新資產和持續的客戶需求推動 EBITDA 比 2023 年增長 13%。12 月份，我們連續第 30 年增加股息，延續了我們作為業內僅有的股息貴族之一的地位。雖然我很高興 Enbridge 在 2024 年為投資者帶來了 37% 的股東總回報，但我更高興的是，隨著我們推進策略重點，我們的商業模式將繼續為股東帶來強勁回報。

On the growth front, we closed the acquisition of three premier US natural gas utilities, creating the largest gas utility franchise in North America. We also announced three highly strategic tuck-in acquisitions of Permian and Gulf Coast assets, building on our integrated oil footprint and establishing a meaningful natural gas presence in the region. Across the business, we added over $8 billion of organic projects to our backlog, diversified across all four of our franchises. That backlog now includes approximately $3 billion of annual utility investment, earning strong returns under quick cycle capital writers and regulated return frameworks.

在成長方面，我們完成了對美國三家主要天然氣公用事業公司的收購，創建了北美最大的天然氣公用事業特許經營權。我們也宣布了三項高度策略性的附加收購，收購二疊紀和墨西哥灣沿岸的資產，擴大我們的綜合石油足跡，並在該地區建立重要的天然氣業務。在整個業務中，我們增加了超過 80 億美元的有機項目到我們的積壓訂單中，並實現了四大特許經營業務的多元化。目前，這些積壓訂單包括每年約 30 億美元的公用事業投資，在快速週期資本發行人和受監管的回報框架下獲得了豐厚的回報。

Prudent capital recycling remains an important part of our business model, allowing us to opportunistically surface value for shareholders. And in April, we closed the sale of our interest in Alliance and Aux Sable, and subsequently announced the sale of our interest in the East to West Thai line for combined proceeds of approximately $3.2 billion. Our long-held leverage target of 4.5 to 5 times continues to be the sweet spot for Enbridge, and we expect full year contributions from our recently acquired and in-service assets to benefit this metric through 2025.

審慎的資本循環仍然是我們商業模式的重要組成部分，使我們能夠抓住機會為股東創造價值。今年 4 月，我們完成了 Alliance 和 Aux Sable 股權的出售，隨後又宣佈出售泰國東至西線的股權，總收益約 32 億美元。我們長期持有的 4.5 至 5 倍的槓桿率目標仍然是 Enbridge 的最佳選擇，我們預計到 2025 年，我們最近收購和在用的資產的全年貢獻將使這一指標受益。

We'll continue the equity self-fund up to $8 billion to $9 billion of growth projects annually, staying within our debt-to-EBITDA ratio, while supporting future growth for Enbridge and driving returns for shareholders. Now let's spend a minute reviewing our low-risk business model that allows us to perform so consistently.

我們將繼續每年為成長項目自籌高達 80 億至 90 億美元的股權資金，保持我們的債務與 EBITDA 比率，同時支持 Enbridge 的未來成長並為股東帶來回報。現在讓我們花一點時間來回顧一下使我們能夠如此穩定地表現的低風險商業模式。

2024 marks Enbridge's 19th consecutive year of achieving guidance, underscoring the stability of our business despite the myriad of macroeconomic challenges we've seen these past two decades. And looking ahead, with the uncertainty around North American trade relations, I want to remind everyone how each franchise has a commercial framework that will ensure reliable low-risk cash flows.

2024 年是 Enbridge 連續第 19 年實現指引，凸顯了儘管過去二十年面臨無數宏觀經濟挑戰，但我們的業務仍然穩定。展望未來，鑑於北美貿易關係的不確定性，我想提醒大家，每個特許經營權都有一個商業框架，以確保可靠的低風險現金流。

In liquids, the mainline is supported by an ROE performance collar and a progressive toll ratchet on Line 3 surcharge, providing two forms of volume protection. And the rest of our liquid systems are predominantly underpinned by long-term take-or-pay contracts.

在液體運輸中，主線由 ROE 績效圈和 3 號線附加費上的漸進式收費棘輪支持，提供兩種形式的數量保護。我們其餘的流動性系統主要以長期照付不議合約為基礎。

In our Gas Transmission business, our pipelines operate under a mix of cost of service framework and negotiated take or pay rates, delivering over 24 Bcf per day of natural gas to customers.

在我們的天然氣輸送業務中，我們的管道採用服務成本框架和協商的收費率相結合的方式運營，每天向客戶輸送超過 240 億立方英尺的天然氣。

Our utility business is fully regulated with flow-through cost structures, inclusive of the cost of natural gas supply. And in renewables, our projects are backed by long-term power purchase agreements with high-quality customers and governance. Our commitments to discipline gives us confidence that we can extend our track record of meeting financial guidance, steadily growing our dividend and continuing to create value for our investors.

我們的公用事業業務完全受到流通成本結構的監管，其中包括天然氣供應成本。在再生能源領域，我們的專案得到了與優質客戶和治理機構簽訂的長期購電協議的支持。我們對紀律的承諾使我們有信心延續滿足財務指導、穩定增加股利並繼續為投資者創造價值的記錄。

Now let's spend a minute talking about how we're positioned to meet increasing natural gas infrastructure demand and serve our customers. Enbridge is the only major midstream company with a portfolio that offers long-haul gas transmission, the reliability of utility infrastructure and the emissions benefits of renewable power. This unique combination allows us to provide diverse and comprehensive energy solutions for electric power, that not only meet the affordability and reliability needs of customers, but also support their long-term sustainability goals as well.

現在讓我們花一點時間來討論我們如何滿足日益增長的天然氣基礎設施需求並為我們的客戶提供服務。Enbridge 是唯一一家擁有提供長途天然氣輸送、公用事業基礎設施可靠性和再生能源排放優勢的投資組合的大型中游公司。這種獨特的組合使我們能夠提供多樣化、全面的電力能源解決方案，不僅滿足客戶對可負擔性和可靠性的需求，而且還支持他們的長期永續發展目標。

In 2024, we added over $5 billion of gas and renewable projects. Those include pipeline projects for more than 2 gigawatts of new natural gas generation in Tennessee and Carolina. A new Permian gas egress pipeline, which directly supports US Gulf Coast LNG, two sets of offshore pipelines in the Gulf and the sanctioning of approximately 1.2 gigawatts of solar in Ohio and Texas. We're pleased with what we've delivered so far, and we expect we'll be able to continue sanctioning attractive projects across each of our franchises.

2024年，我們增加了超過50億美元的天然氣和再生能源項目。其中包括田納西州和卡羅來納州超過2千兆瓦新天然氣發電的管道項目。一條新的二疊紀天然氣輸出管道，直接支持美國墨西哥灣沿岸液化天然氣項目、墨西哥灣的兩套海上管道以及俄亥俄州和德克薩斯州約 1.2 千兆瓦太陽能項目的批准。我們對目前所取得的成果感到滿意，並期望能夠繼續在每一個特許經營權中批准有吸引力的專案。

Now I'll jump into the business update, starting with Liquids. 2024 was a milestone year for LP with record annual volumes on Gray Oak, Ingleside and Flanagan South. We fully expect that under all Canada-US trade relation outcomes, Canadian oil will continue to flow south, and our main line is the vital conduit, supplying downstream demand centers across the continent and ensuring energy security for millions of North American consumers and workers.

現在我將進入業務更新，從 Liquids 開始。 2024 年對 LP 來說是一個里程碑式的一年，Gray Oak、Ingleside 和 Flanagan South 的年銷量都創下了歷史新高。我們完全預計，在所有加美貿易關係結果下，加拿大石油將繼續向南流動，而我們的主要管道是重要的管道，為整個大陸的下游需求中心提供石油，並確保數百萬北美消費者和工人的能源安全。

As we expected, the mainline experienced strong volumes all year, averaging throughput of 3.1 million barrels per day, even with TMX entering service. In addition, the mainline has been back in apportionment since November, reflecting continued strong demand for our system. And that demand, alongside our operational excellence, has its earning near the upper end of our ROE collar earlier than expected.

正如我們預期的那樣，即使TMX投入運營，主線全年的運輸量也十分強勁，平均每日運輸量仍達到310萬桶。此外，主線自11月起已恢復分配，反映出對我們系統持續強勁的需求。這種需求，加上我們卓越的運營，使其收益比預期更早接近 ROE 區間的上限。

As the basin grows, we continue to advance conversations with customers to develop additional WCSB egress for late 2026, early '27, and later in the decade. Additionally, we also signed a letter of intent with the government of Alberta to accelerate future expansion opportunities across our system and support their growth ambitions. And in order to bring more condensate to Canada, we're proceeding with a very capital-efficient customer-backed expansion of Southern Lights pipeline.

隨著盆地的擴大，我們將繼續與客戶加強對話，以便在 2026 年末、2027 年初以及未來十年內開發更多的 WCSB 出口。此外，我們還與阿爾伯塔省政府簽署了意向書，以加快我們系統未來的擴張機會並支持他們的成長目標。為了向加拿大輸送更多的凝析油，我們正在進行一項由客戶支持的、資本效率極高的南方之光管道擴建工程。

Earlier this year, we announced 120,000 barrel per day expansion of the Gray Oak pipeline to support growing demand from shippers seeking delivery to Corpus Christi, where our Ingleside facility is located. We're expanding our storage offering at Ingleside to support those additional volumes on Gray Oak, and we also acquired plumbed in two nearby docks, which dramatically increased Ingleside's VLCC loading windows. All told, our liquids franchise is positioned to grow and provide industry-leading service to customers across the continent.

今年早些時候，我們宣布將灰橡樹輸油管擴建至每天 12 萬桶，以滿足托運人日益增長的需求，將貨物運送到我們英格爾賽德工廠所在地科珀斯克里斯蒂。我們正在擴大我們在英格爾賽德的儲存服務，以支援 Gray Oak 上的額外容量，而且我們還在附近的兩個碼頭安裝了管道，這大大增加了英格爾賽德的 VLCC 裝載窗口。總而言之，我們的液體特許經營業務預計將成長，並為整個非洲大陸的客戶提供業界領先的服務。

Our gas transmission business experienced another year of high utilization in 2024. And that's continuing into '25. And once again, we are 100% recontracted on our gas pipes this year. In fact, we've already seen a few new throughput records on our systems over the last few weeks. Our total US transmission system recorded its two highest delivery days ever in January, supported by all-time highs on Maritimes and Northeast US as well as a couple of top 10 days on Texas Eastern and Algonquin. Two of our storage facilities, Egan Hub and Moss Bluff, recorded some of their highest-ever daily withdrawals in January as well.

我們的天然氣輸送業務在 2024 年又經歷了高利用率的一年。這種狀況將持續到25年。今年，我們再次 100% 重新簽訂了天然氣管道合約。事實上，過去幾週我們已經在我們的系統上看到了一些新的吞吐量記錄。1 月份，我們的整個美國輸電系統創下了有史以來兩個最高的輸電日，其中沿海省份和美國東北部輸電量創下歷史新高，德克薩斯東部輸電系統和阿岡昆輸電系統也連續幾天進入前十。我們的兩個儲存設施，Egan Hub 和 Moss Bluff，1 月的每日取貨量也創下了歷史新高。

During 2024, we sanctioned approximately $4 billion of new capital projects, predominantly focused around the US Gulf Coast infrastructure, extending our growth backlog through the decade. The US federal government has now announced reversal of the LNG pause on non-FTA facilities, and that's bolstered our confidence in other LNG expansion opportunities.

2024 年，我們批准了約 40 億美元的新資本項目，主要集中在美國墨西哥灣沿岸基礎設施，將我們的成長積壓延續到未來十年。美國聯邦政府現已宣布撤銷對非自由貿易協定設施的液化天然氣暫停令，增強了我們對其他液化天然氣擴張機會的信心。

In the fourth quarter, we placed the Venice extension project into service, and it's now supplying natural gas to the Plaquemines LNG terminal in Louisiana. We also completed a 6.5 Bcf expansion of Tres Palacios gas storage facility in Texas, enhancing our competitive service offering for Gulf Coast customers along our Texas Eastern system.

第四季度，我們啟動了威尼斯擴建項目，目前正在向路易斯安那州普拉克明液化天然氣終端供應天然氣。我們還完成了位於德克薩斯州的 Tres Palacios 天然氣儲存設施 65 億立方英尺的擴建，增強了我們為德克薩斯州東部系統沿線墨西哥灣沿岸客戶提供的有競爭力的服務。

In the Permian, we purchased a 19% interest in the Whistler joint venture partnering with WhiteWater Midstream and MPLX and establishing an integrated and growing natural gas footprint in the area. Alongside these partners, we sanctioned the Blackcomb pipeline, which is expected to enter service in 2026 and provide up to 2.5 Bcf per day of natural gas egress out of the Permian Basin. And in the third quarter, we announced our acquisition of a 15% stake in the DBR system, a key conduit for the Whistler pipeline. These investments will drive growth opportunities through the decade.

在二疊紀盆地，我們購買了惠斯勒合資企業 19% 的股權，與 WhiteWater Midstream 和 MPLX 合作，在該地區建立了綜合且不斷增長的天然氣足跡。我們與這些合作夥伴一起批准了 Blackcomb 管道項目，預計將於 2026 年投入使用，每天可從二疊紀盆地輸送多達 25 億立方英尺的天然氣。第三季度，我們宣布收購惠斯勒輸油管重要管線DBR系統15%的股份。這些投資將推動未來十年的成長機會。

On the regulatory front, we recently received approval from the Canadian energy regulator for our $1.2 billion Aspen Point T North expansion, ensuring capacity to serve growing LNG demand on our BC pipe system. And in the US, we reached and filed a negotiated settlement with customers on Texas Eastern, as well as reaching settlements in principle on both Algonquin gas transmission and Maritimes US. New rates on Texas Eastern have been in effect since October 1, 2024, and we expect FERC approval of the AGT and Maritimes and Northeast settlements later this year.

在監管方面，我們最近獲得了加拿大能源監管機構的批准，批准我們耗資 12 億美元的 Aspen Point T North 擴建項目，確保能夠滿足我們 BC 管道系統日益增長的液化天然氣需求。在美國，我們與德州東部天然氣輸送計畫的客戶達成並提交了談判解決方案，並就阿岡昆天然氣輸送計畫和美國沿海省份計畫達成了原則和解。德州東部輸電線路的新費率已於 2024 年 10 月 1 日起生效，我們預計聯邦能源管理委員會將在今年稍後批准 AGT 以及沿海省份和東北部的和解協議。

Now let's turn to GDS. The utility franchise has approximately doubled in size this year, having brought Enbridge Gas, Ohio, Utah, Idaho, Wyoming and North Carolina in-house. The gas distribution and storage business is now delivering over 9 Bcf per day of gas to over 7 million customers. Our team is working every day to deliver reliable and affordable natural gas to these customers, and we continue to invest in key infrastructure across North America to meet growing customer demand.

現在讓我們來談談GDS。今年，該公用事業特許經營權的規模大約擴大了一倍，將 Enbridge Gas、俄亥俄州、猶他州、愛達荷州、懷俄明州和北卡羅來納州的特許經營權納入了旗下。目前，天然氣分銷和儲存業務每天向 700 多萬客戶輸送超過 90 億立方英尺的天然氣。我們的團隊每天都在努力為這些客戶提供可靠且價格合理的天然氣，並且我們將繼續投資北美各地的關鍵基礎設施，以滿足日益增長的客戶需求。

To that point, both Enbridge Gas in North Carolina and Ohio both hit new daily all-time throughput records last month. Enbridge Gas Utah moved its fourth highest daily gas throughput in history, and Enbridge Gas Ontario delivered a single day record from the most gas storage withdrawals out of the Dawn Hub. Each of our four utilities are critically important to their markets, and we expect to invest about $3 billion annually across our utility franchise, earning strong returns under quick cycle capital frameworks.

截至目前，北卡羅來納州和俄亥俄州的 Enbridge Gas 上個月均創下了每日吞吐量新高。安橋天然氣猶他州工廠的日天然氣吞吐量達到史上第四高，安橋天然氣安大略工廠則創下了黎明樞紐單日天然氣提取量最多的紀錄。我們的四家公用事業公司對其市場都至關重要，我們預計每年在公用事業特許經營權上投資約 30 億美元，在快速週期資本框架下獲得豐厚回報。

For example, here are a few of our larger utility projects underway. At our Ontario utility, we anticipate sanctioning the St. Laurent pipeline project in the coming months. A $200 million multiphase development, enhancing our existing footprint in Ottawa. North Carolina has two exciting projects to highlight this quarter. The T-15 project will serve Duke Energy's new Roxboro natural gas power generation plant, and Moriah establishes an LNG gasification facility in person County to support system reliability. Both are great examples of essential in footprint developments, ensuring reliable and growing service offerings for customers. We are making strong progress integrating all the new assets into the Enbridge family.

例如，以下是我們正在進行的一些大型公用事業專案。在我們的安大略公用事業公司，我們預計將在未來幾個月批准聖洛朗管道專案。耗資 2 億美元的多階段開發項目，增強了我們在渥太華的現有業務。本季度北卡羅來納州有兩個令人興奮的項目值得關注。T-15計畫將為杜克能源公司新的羅克斯伯勒天然氣發電廠提供服務，莫里亞縣則將建立一個液化天然氣氣化設施，以支持系統可靠性。兩者都是足跡發展必不可少的典範，確保為客戶提供可靠且不斷增長的服務。我們在將所有新資產整合到 Enbridge 家族中方面取得了重大進展。

Now let's jump into renewables before I pass it off to Pat. Throughout 2024, we advanced our renewables platform under our utility-like business model. We're pursuing growing projects with high-quality blue-chip customers that are in strong risk-adjusted investment returns. In 2024, we sanctioned approximately 1.2 net gigawatts of new quick-cycle solar projects, and almost 20% of that capacity is already operating. I'm excited to announce that the entire Fox Squirrel facility in Ohio is now in service, generating 577 megawatts of renewable power under long-term contracts with Amazon.

現在，在我把它交給帕特之前，讓我們先來討論一下再生能源。在整個 2024 年，我們在類似公用事業的商業模式下推進了再生能源平台的發展。我們正在與具有強勁風險調整後投資回報的優質藍籌客戶合作進行不斷成長的專案。2024年，我們批准了約1.2淨千兆瓦的新快循環太陽能項目，其中近20%的產能已經投入營運。我很高興地宣布，俄亥俄州的整個 Fox Squirrel 工廠現已投入使用，根據與亞馬遜簽訂的長期合同，將產生 577 兆瓦的可再生能源。

Earlier this year, we sanctioned the Orange Grove solar project, which will generate 130 megawatts of power under long-term agreements with AT&T and support the growing electric generation needs of the ERCOT market. We also sanctioned the Sequoia Solar project in Texas, which is supported by power purchase agreements with customers, including AT&T and Toyota.

今年早些時候，我們批准了 Orange Grove 太陽能項目，該項目將根據與 AT&T 達成的長期協議產生 130 兆瓦的電力，並支持 ERCOT 市場日益增長的發電需求。我們還批准了德克薩斯州的 Sequoia Solar 項目，該項目得到了 AT&T 和豐田等客戶簽訂的電力購買協議的支持。

In Europe, we continue to advance our offshore portfolio, having placed Fecamp and Provence Grand Large into service in 2024. Both those facilities are supported by long-term PPAs with EDF. Manufacturing is largely completed for Calvados, and the drilling campaign is underway. We now expect the project to enter service in 2027, which is later than our original schedule.

在歐洲，我們繼續推進我們的海上投資組合，並已於 2024 年將 Fecamp 和 Provence Grand Large 投入使用。這兩座發電廠均與 EDF 簽訂了長期電力購買協議 (PPA) 並提供電力支援。卡爾瓦多斯的生產已基本完成，鑽探工作正在進行中。我們目前預計該專案將於2027年投入使用，這比我們原定的計劃要晚。

With that, I'll pass it off to Pat to review our financial performance.

說完這些，我將交給帕特來審查我們的財務表現。

Good morning, everyone. Thank you, Greg. This has been a busy year for us, and I'm pleased to report record fourth quarter and full year EBITDA and DCF per share.

大家早安。謝謝你，格雷格。對我們來說，這是忙碌的一年，我很高興地報告第四季度和全年每股 EBITDA 和 DCF 均創下了歷史新高。

For the quarter, EBITDA increased considerably to over $5.1 billion, reflecting an over $1 billion increase from the same period last year. Our DCF per share for the quarter rose to $1.41, an approximately 10% increase over last year, and our adjusted earnings per share rose to $0.75 per share, reflecting a 17% increase over the same time frame. Liquids EBITDA benefited from toll escalators on the mainline, strong throughput on our Gulf Coast and Mid-Continent assets and lower power costs. That was partially offset by lower [ex retina] volumes. Although 2024 was stronger than we anticipated, '23 had realized a record fourth quarter.

本季度，EBITDA 大幅成長至 51 億美元以上，較去年同期增加 10 億美元以上。本季我們的每股 DCF 上漲至 1.41 美元，較去年同期成長約 10%，我們的調整後每股盈餘上漲至 0.75 美元，較同期成長 17%。液體燃料 EBITDA 受益於主線通行費的上調、墨西哥灣沿岸和中部大陸資產的強勁吞吐量以及較低的電力成本。這被較低的（視網膜外）體積部分抵消了。儘管 2024 年的表現比我們預期的要強勁，但 2023 年第四季卻創下了紀錄。

Gas Transmission was up significantly from 2023, owing to contributions from the Whistler JV, Tomorrow RNG, Aken Creek, as well as TETCo rate settlement taking effect on October 1. And as a reminder, we achieved that GTM growth despite the sale of our interest in the Alliance and Aux Sable partnerships in the second quarter of 2024. For the first time, our gas distribution business reflects a full quarter of EBITDA from all three US LDCs acquired in 2024. This drives the $500 million or so of year-over-year increase within the segment.

由於惠斯勒合資公司、Tomorrow RNG、阿肯溪 (Aken Creek) 的貢獻以及 10 月 1 日生效的 TETCo 費率結算，天然氣輸送量較 2023 年大幅增加。提醒一下，儘管我們在 2024 年第二季出售了在 Alliance 和 Aux Sable 合夥企業中的權益，我們仍然實現了 GTM 成長。我們的天然氣分銷業務首次反映了 2024 年收購的所有三家美國 LDC 的整個季度的 EBITDA。這推動了該領域年增5億美元左右。

In renewable power, we recognized another tranche of investment tax credits relating to the Fox Squirrel Phase 2, alongside a full quarter of contributions from our higher interest in Hohe See and Albatros assets acquired in Q4 2023. Below the line, higher average rate and debt balances from the closure of the various US utilities resulted in higher financing costs in the fourth quarter compared to last year.

在再生能源方面，我們確認了與 Fox Squirrel 第二階段相關的另一筆投資稅收抵免，以及我們在 2023 年第四季度收購的 Hohe See 和 Albatros 資產的更高權益所產生的整整一個季​​度的貢獻。低於這一水平的是，由於美國各公用事業公司關閉，平均利率和債務餘額上升，導致第四季度的融資成本較去年同期上升。

Reflecting on full year results, 2024 EBITDA exceeded our recast guidance range supported by strong utilization and demand across all franchises as well as a weakening CAD to US foreign exchange rate. For DCF, we finished the year just below our guidance midpoint despite prefunding the US gas utilities. A great outcome and a testament to the growth within our business.

回顧全年業績，2024 年 EBITDA 超越了我們重新制定的指引範圍，這得益於所有特許經營權的強勁利用率和需求，以及加元兌美元匯率的走弱。對於 DCF 而言，儘管預先為美國天然氣公用事業提供了資金，但我們今年的業績仍略低於指導中點。這是一個偉大的成果，也是我們業務成長的證明。

As Greg mentioned earlier, this marks our 19th consecutive year achieving or exceeding our financial guidance. And while it's early, we're currently on pace to extend that track record in '25. On that note, I'm pleased to reaffirm the '25 guidance we provided in December. We continue to expect adjusted EBITDA between $19.4 billion and $20 billion, and DCF per share of $5.50 to $5.90 per share. Full year LDC contributions, new assets in service and continued cost-saving initiatives are expected to drive the majority of the growth in 2025.

正如格雷格之前提到的，這標誌著我們連續第 19 年達到或超過我們的財務指導目標。雖然還為時過早，但我們目前的進度是在 25 年延續這項紀錄。關於這一點，我很高興重申我們 12 月提供的 25 年指引。我們繼續預期調整後的 EBITDA 在 194 億美元至 200 億美元之間，每股 DCF 在 5.50 美元至 5.90 美元之間。預計全年 LDC 貢獻、新資產投入使用以及持續的成本節約措施將推動 2025 年的大部分成長。

Although early, so far, the Mainline has been apportionment all year, we've experienced colder weather in Ontario, and the current strength of the US dollar could be tailwinds if experienced for the entire year. These can be partially offset by a slower-than-expected decline in US interest rates. I'm also reaffirming our midterm outlook and look forward to discussing this with the investment community in a few weeks at our upcoming Investor Day.

儘管時間尚早，但到目前為止，主線全年都在分攤，安大略省經歷了更寒冷的天氣，如果全年都經歷這種美元走強的勢頭，可能會成為順風。這些可以透過美國利率下降速度低於預期來部分抵銷。我還重申我們的中期展望，並期待在幾週後即將到來的投資者日上與投資界討論此事。

Now I'll close my remarks with a refresher on our long-held commitment to capital discipline before passing it back to Greg. Our three-pillar approach to capital allocation is unchanged in 2025. The balance sheet will remain strictly in focus with our financial guardrails governing all investment decisions. We expect full year contributions from the US gas utilities that closed in 2024 to benefit our leverage metric in '25. A thoughtful capital recycling program has been a cornerstone of our business for decades, and we successfully recycled over $15 billion of assets since 2014, including our recently announced East-West Tie Line sale.

現在，我將以重申我們長期以來對資本紀律的承諾來結束我的發言，然後再將發言權交給格雷格。我們的三大支柱資本配置方法在 2025 年保持不變。我們將嚴格關注資產負債表，並按照財務護欄管理所有投資決策。我們預計，2024 年關閉的美國天然氣公用事業公司的全年貢獻將有利於我們 25 年的槓桿指標。幾十年來，周到的資本回收計劃一直是我們業務的基石，自 2014 年以來，我們成功回收了超過 150 億美元的資產，其中包括我們最近宣布的東西聯絡線出售。

Sustainably returning capital via a low-risk dividend is a hallmark of our investment offering. We're committed to growing the dividend, supported by our diversified and high-quality cash flow profile. Lastly, on growth, you can expect us to prioritize brownfield investment at low multiples when sanctioning new projects to supplement our backlog. Our capital backlog now sits at $26 billion, with $5 billion of assets placed into service in '24 and $8 billion of newly sanctioned projects added through 2029. As always, a special thank you to all the team members for delivering on another exceptional year.

透過低風險股息可持續地回報資本是我們投資產品的標誌。我們致力於透過多元化和高品質的現金流狀況來增加股利。最後，在成長方面，您可以預期，我們在批准新項目以補充我們的積壓訂單時，將優先考慮低倍數的棕地投資。我們目前的資本積壓為 260 億美元，其中 50 億美元的資產已於 2024 年投入使用，到 2029 年將增加 80 億美元的新批准項目。像往常一樣，特別感謝所有團隊成員，感謝他們又一個出色的一年。

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

說完這些，我將把它交還給 Greg 來完成演示。

Well, thanks very much, Pat. And again, 2024 caps off a record year of financial and operational performance here at Enbridge. Our steadily growing dividend supported by a utility-like cash flow profile remains a cornerstone of our investment offering as demonstrated by 30 years of consecutive dividend increases.

好吧，非常感謝，帕特。2024 年再次成為 Enbridge 財務和營運業績創紀錄的一年。我們穩定成長的股息由公用事業式的現金流狀況支持，仍然是我們投資產品的基石，正如連續 30 年的股息成長所證明的那樣。

The complementary nature of our overlapping businesses will continue to drive growth, enable optimization and enhance our opportunity set through the decade. Enbridge is a first choice investment opportunity, offering an attractive yield alongside visible long-term growth that is largely insulated from economic gyrations.

我們重疊業務的互補性將在未來十年繼續推動成長、實現最佳化並增強我們的機會。Enbridge 是首選的投資機會，它不僅能提供誘人的收益，還能實現可見的長期成長，且基本上不受經濟波動的影響。

Before we close, I'll remind everyone to please join us on March 4 for our Annual Investor Day in New York. The team is excited to see you and share the opportunities being realized across the organization and driving our future growth.

在我們結束之前，我想提醒大家歡迎大家於 3 月 4 日參加我們在紐約舉行的年度投資者日活動。團隊很高興見到您並分享整個組織正在實現的機會以及推動我們未來的成長。

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

最後，我要感謝大家的聆聽，接線員，請打開熱線回答問題。

(Operator Instructions) Jeremy Tonet, JPMorgan.

(操作員指示) 摩根大通的 Jeremy Tonet。

Good morning. Also wanted to send the team a Happy Valentine's Day as well. Just curious, I guess, with the WCSB production and growth opportunities there and initiatives, I guess, out of Alberta, if you could talk a bit more on how you see that I guess, unfolding over what type of time frame and how large could this actually scale over time in your view?

早安.也想向團隊祝福情人節快樂。我只是好奇，考慮到那裡的 WCSB 生產和增長機會以及阿爾伯塔省的舉措，您是否可以再談談您如何看待這一情況，我想，在什麼樣的時間範圍內展開，以及在您看來，隨著時間的推移，這一情況實際上可以擴大到多大？

Yes. Well, maybe I'll just start, but I'll turn it over to Colin very quickly here. But you're on it. And we'll send the love back to you to on Valentine's Day.

是的。好吧，也許我剛開始，但我會在這裡很快把它交給科林。但你已經在行動了。我們也會在情人節當天把這份愛回饋給您。

But I will say you're really seeing great opportunities on production growth, and we're looking at a lot of quick hit, permit light, low multiple brownfield type activities on the Liquids front to serve the markets on both sides of the border. So you're going to hear more about that during Investor Day.

但我要說的是，你確實看到了生產增長的巨大機遇，而且我們正在尋找大量快速見效、許可證較少、低多重棕地類型的液體前線活動，以服務於邊境兩側的市場。因此您將在投資者日期間聽到更多有關此內容的資訊。

But Colin, do you want to speak to a little bit what we've been doing the last month and so?

但是科林，你想談談我們上個月所做的事情嗎？

Yes. I mean it's only been -- good morning, Jeremy. It's only been about a month since the announcement. I've been working [feverson] even before then. I would view that announcement as an endorsement of our role and our playbook. We'll look to tell you a whole bunch more in a couple of weeks in Enbridge Day, but even maybe zoom out a bit further, FID-ing a number of projects in the calendar year. Fundamentally, I think production is surprising to the upside. Not huge capital projects by our customers. But as you've been reading lots of debottlenecking and optimization, potentially rerating that kit.

是的。我的意思是這只是——早上好，傑里米。從宣布這一消息到現在才一個月左右。我在此之前就一直在與[feverson]合作。我認為這一聲明是對我們的角色和策略的認可。我們將在幾週後的 Enbridge Day 上告訴您更多詳情，但也許會將範圍再擴大一點，在今年內完成多個專案的 FID。從基本面來看，我認為產量成長令人驚訝。我們的客戶沒有進行大型資本項目。但是，正如您讀到的大量關於瓶頸解決和優化的內容一樣，可能會重新評估該套件。

And then on the demand side, strong as well. So it's shaping up well and there's infrastructure opportunities from tip to start regionally mainline market access and export. We'll play more.

需求方面也同樣強勁。所以它正在形成良好的局面，並且從一開始就有基礎設施機會，可以進入區域幹線市場並進行出口。我們會玩更多。

Yes. And Jeremy, kind of like my opening comments, I mentioned, it's just one aspect that gives us really great confidence about continuing our growth right through the decade. And equally, you would have seen apportionment in the last few months. So not only are the pipes being used, but the requirements for more are definitely there. So look forward to talking about that further in a couple of weeks.

是的。傑里米，就像我在開場白中提到的那樣，這只是讓我們對未來十年繼續成長充滿信心的一個面向。同樣，您可能已經看到了過去幾個月的分配。因此，不僅要使用管道，而且肯定還需要更多的管道。因此期待幾週後進一步討論這個問題。

Got it. We will wait for more details then. And at the risk of a question that might be more fully answered at Analyst Day as well. Just wondering, with the new regime in D.C in different policies towards energy and energy infrastructure development in general. Wondering if you could share any thoughts on what that means for Enbridge, particularly around Line 5 or otherwise?

知道了。我們將等待更多詳細資訊。並且，這些問題在分析師日也可能得到更充分的解答。只是想知道，華盛頓特區的新政權對能源和能源基礎發展採取了不同的政策。想知道您是否可以分享一下這對 Enbridge 意味著什麼，特別是圍繞 5 號線或其他方面？

Yes, sure. Well, I think the first and foremost thing, and you've heard us say this and others as well, but we've got the portfolio that backs it up. It's an all of the above energy solution that's going to be needed. So if you've got Liquids, if you've got natural gas assets and you get power assets, it's on. If you got export assets, it's on. So we've got all those pieces. So I think that's positive.

是的，當然。嗯，我認為首要的事情，你們也聽過我們這麼說，還有其他人這麼說，但我們有支持它的投資組合。我們需要上述所有能源解決方案。因此，如果您擁有液體、天然氣資產和電力資產，那就可以了。如果你有出口資產，那就好了。這樣我們就得到了所有這些部分。所以我認為這是積極的。

I think a more rational approach to sustainability issues, taxation, permitting reform, I would expect all those are going to be pretty critical to us. And we're already seeing it, again, just with requests for -- and you probably seen it in our deck, request for things like gas generation, as Colin just mentioned on the oil side, I think that's going to be extremely positive.

我認為，以更理性的方式處理永續性議題、稅收、許可改革，我希望所有這些對我們來說都至關重要。而且我們已經看到了這一點，再次，只是有要求 - 你可能在我們的平台上看到了，對天然氣發電等方面的要求，正如科林剛才提到的石油方面，我認為這將是非常積極的。

We've -- sure, let's get into it. We've got tariff concerns out there, but there's such a hard wiring of the energy system in North America. We just don't see that as a material impact. And I think given what we're seeing from customers, that's actually bearing out in reality and we're going to see it happen on the investment side as well.

我們已經 — — 當然，讓我們開始吧。我們對關稅有擔憂，但北美的能源系統連接非常緊密。我們只是不認為這會產生實質影響。我認為，根據我們從客戶那裡看到的情況，這實際上是在現實中得到證實的，我們也將看到它發生在投資方面。

Robert Catellier, CIBC Capital Markets.

加拿大帝國商業銀行資本市場 (CIBC Capital Markets) 的 Robert Catellier。

I want to continue on the Liquids side here. I wondered if you could comment on the discourse that has been popping up about the need to diversify our markets for energy.

我想繼續討論液體方面的問題。我想知道您是否可以對有關實現能源市場多樣化的必要性的討論進行評論。

In the event that Canada develops the political well, can you indicate your appetite and under what circumstances you'd invest in a long-haul liquids pipeline in Canada such as Northern Gateway or even a line going East?

如果加拿大的政局良好，您能否表明您的興趣以及在什麼情況下您會投資加拿大的長途液體管道，例如北方門戶或甚至是東部管道？

Sure. Thanks, Rob. Look, that's a really thoughtful question, and we've obviously given a lot of thought to that. I will start by saying that we're really focused intently more on broader themes, macro trends like production, demand growth, earnings, returns on capital than day-to-day political gyrations.

當然。謝謝，羅布。看，這是一個非常值得深思的問題，我們顯然對此進行了大量的思考。首先要說的是，我們真正關注的是更廣泛的主題，例如生產、需求成長、收益、資本回報等宏觀趨勢，而不是日常的政治波動。

But that said, we're not blind to the trade discussions and disputes. But real sustainable trends aren't made in a day or a month, takes a long time. So again, that's why we're focused on some of the stuff we were just talking about in terms of relatively low capital short plays. And that's going to be the reality for a long time to come that gas, oil, energy is going to move north and south more than it does East and West.

但話雖如此，我們並沒有對貿易討論和爭端視而不見。但真正的永續趨勢不是一天或一個月就能形成的，需要很長時間。所以，這就是為什麼我們要專注於我們剛才談論的一些相對低資本的短劇。在未來很長一段時間內，天然氣、石油和能源向南和向北的流動將比向東和向西的流動要多，這將是現實。

But specifically, say, the Northern Gateway, I'm really pleased to see Canadian policymakers focused on that issue and realizing the true benefits of diverse markets. We've pitched that for a long time. And I think our views on LNG and liquids exports are well known. We've said for years that we've been missing the boat and unintended on that for a long time. We worked really hard on Northern Gateway first time around, right. In service, hopefully, for Canadians. We had permits. We had regulatory approvals indigenous participation, strong customer support.

但具體來說，比如說北方門戶，我很高興看到加拿大政策制定者關注這個問題，並意識到多元化市場的真正好處。我們已經宣傳這個很久了。我認為我們對液化天然氣和液體出口的看法是眾所周知的。我們多年來一直說，我們錯過了機會，並且很長時間沒有想到這一點。我們第一次在北方門戶專案上投入了大量精力，對吧。希望能夠為加拿大人服務。我們有許可證。我們獲得了監管部門的批准、本土參與和強大的客戶支援。

Unfortunately, that project was cut short by the federal government, which really cost us hundreds of millions of dollars and our investors that, right. So that's a powerful learning. So for us to be willing to seriously consider reinvesting in a project like that, whether it's East or West, or just West, we need to see real change on numerous fronts. Let me tell you about that.

不幸的是，該項目被聯邦政府叫停了，這確實損失了我們和我們的投資者數億美元。所以這是一次很有意義的學習。因此，如果我們願意認真考慮對這樣的項目進行再投資，無論是東方、西方，還是僅僅是西方，我們都需要看到許多方面的真正變化。讓我來告訴你這件事。

One, things like what Premier Smith in Alberta has been doing in terms of making positive moves to commit volumes on some of these major pipes and seeking internal solutions to energy mobility in Canada and North America, we would need to see real legislative change at the federal and provincial government level that specifically identifies major infrastructure projects like Northern Gateway as being in the national interest, and therefore, legally required. Late fee permitting changes -- and for example, they're eliminating C-69, C-59, all that would be a positive indicator for a change in the trend towards energy infrastructure.

首先，像阿爾伯塔省省長史密斯所採取的積極舉措，承諾在一些主要管道上投入大量資金，並尋求加拿大和北美能源流動的內部解決方案，我們需要看到聯邦和省政府層面的真正立法變革，明確指出北方門戶等重大基礎設施項目符合國家利益，因此是法律要求的。滯納金許可變化——例如，他們正在取消 C-69、C-59，所有這些都是能源基礎設施趨勢變化的積極指標。

Another example, you got to see support for energy production as opposed to reducing it, which you see through emission caps and carbon tax. More indigenous consultation, engagement, and direct participation via loan guarantees that -- frankly, that loan guarantee program that exists now would be way too small for meaningful projects on that front. And we believe you'd likely need CapEx cost and reasonable return trackers to ensure you could actually attract the kind of capital we're talking about to such projects.

另一個例子是，你會看到對能源生產的支持而不是減少能源生產，這可以透過排放上限和碳稅看到。透過貸款擔保進行更多的本土協商、參與和直接參與——坦率地說，現有的貸款擔保計劃對於該方面的有意義的項目來說規模太小。我們相信您可能需要資本支出成本和合理的回報追蹤器來確保您能夠真正吸引我們所談論的此類專案資本。

So Robert, it's a lot of coordinated federal and pan-provincial legislative and regulatory action would be required before. We think investors management teams or customers would be able to greenlight such projects. Lots of talk from governments and policymakers, which is great. They're saying the right things, but it's going to take real actions, laws, regulation to attract the capital in our view.

因此羅伯特，之前需要大量協調的聯邦和全省立法和監管行動。我們認為投資者管理團隊或客戶將能夠批准此類項目。政府和政策制定者進行了很多討論，這很好。他們說的話是對的，但我們認為，需要採取真正的行動、制定法律和法規來吸引資本。

That's a great answer, and I can only hope that the politicians understand the need for a better risk transfer mechanism to undertake these massive projects given the history.

這個答案非常好，我只能希望政治家們能夠從歷史經驗中認識到，需要有更好的風險轉移機制來承擔這些大型計畫。

So just another quick one here on the renewables. I'm just curious if you're seeing anything coming out of the Trump administration that -- maybe you could just update your outlook for what you expect on onshore renewables under the new administration and what it could mean for reducing the gap between your DCF per share and the other per share metrics?

這裡再簡單談一下再生能源。我只是好奇，您是否看到川普政府的任何新動向——也許您可以更新一下您對新政府對陸上再生能源的預期，以及這對縮小每股 DCF 與其他每股指標之間的差距意味著什麼？

Hey, Rob, sorry, we got disconnected there. So hopefully, I was just saying now it's a nice spot to be in from a capital allocator perspective. All of our business units have opportunities, which mean we get to pick the ones with the very best returns, which works for investors.

嘿，羅布，抱歉，我們斷線了。所以我希望，從資本配置者的角度來看，這是一個很好的位置。我們所有的業務部門都有機會，這意味著我們可以選擇回報最好的部門，這對投資者有利。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO 資本市場。

Maybe on the renewable side of things, I know it's a good quarter, new projects coming in, and I know you have some comments on the similar situation in the US. Can you comment on maybe just given how the public equities have performed the last couple of years, meaningful underperformance? Like how does that look relative to developing renewable power assets?

也許就再生能源方面而言，我知道這是一個好的季度，有新的項目進來，我知道您對美國類似情況有一些評論。鑑於過去幾年上市公司股票的表現，您能否評論一下是否有明顯的表現不佳的情況？這與開發再生能源資產有什麼關係？

Well, maybe I'll start, but I'm sure Matthew will have some thoughts. I mean, first of all, I think it goes to the customers, and you can see who we're signing up: the Amazons, AT&Ts, Toyotas, and I think you'll see some other big, techy, data center-type people signing up with us. That they want to work with big players. And they also want to see differentiated opportunities. So whether it's just solar, whether it's -- whether it's wind and also gas. So I think we're in a good spot to be able to provide in different jurisdictions, multiple offerings, and we're a big player. They know we are going to get the stuff done.

好吧，也許我會開始，但我相信馬修會有一些想法。我的意思是，首先，我認為這取決於客戶，你可以看到我們簽約的對象：亞馬遜、AT&T、豐田，而且我想你還會看到其他一些大型、技術型、資料中心類型的公司也與我們簽約。他們想與大公司合作。他們也希望看到差異化的機會。無論是太陽能，還是風能，還是天然氣。因此我認為我們處於有利地位，能夠在不同的司法管轄區提供多種服務，而且我們是一個大參與者。他們知道我們將會完成任務。

And then -- maybe Matthew can speak a little bit to the purchase of our development team in Dallas, too.

然後——也許馬修也可以談談我們在達拉斯的開發團隊的收購。

Yes. So thanks, Ben. So yes, the public equities, obviously, is it really boils down to the model that we pursue on renewables. It's the low-risk commercial model. And you're seeing a lot of different things play into those public companies, whether it be big write-downs that you've seen in offshore. Some of them in trouble on development or supply chain. And this is where our competitive advantage really kicks in, in terms of -- the fact that we have the supply chain capabilities, we don't take big speculative risk on offshore leases.

是的。所以謝謝你，本。所以是的，公開股票顯然實際上歸結為我們在再生能源方面追求的模式。這是低風險的商業模式。而且您會看到很多不同的因素影響這些上市公司，例如您在海外看到的巨額減記。其中一些在開發或供應鏈上遇到了麻煩。這就是我們的競爭優勢真正發揮作用的地方，因為我們擁有供應鏈能力，我們不會在海上租賃上承擔重大的投機風險。

All of our power is fully contracted, as you've seen, the most high-quality blue-chip counterparties. And so what we're seeing on our side is, frankly, opportunity. And I think the few big players that have that capability will continue to see, as we've seen, very strong risk profiles and very strong returns. And as you see in the results, and I think you mentioned this record results in renewable, it just shows that we're getting great returns. And that these projects and investments are accretive right off the hop, both on cash flow and earnings per share. So we look forward to more of that.

我們所有的力量都是充分簽約的，正如你所看到的，最優質的藍籌交易對手。所以坦白說，我們所看到的是機會。我認為，擁有這種能力的少數大公司將繼續看到非常強勁的風險狀況和非常強勁的回報。正如您在結果中看到的那樣，我想您提到過可再生能源創下的紀錄結果，這表明我們獲得了豐厚的回報。這些項目和投資可以立即帶來增值，無論是現金流量還是每股收益。因此我們期待更多這樣的事。

Okay. And just the US gas utilities, [AE van purchased gas too]. Can you comment on where the realized ROEs trended during 2024 versus allowed?

好的。僅就美國天然氣公用事業而言，[AE 貨車也買了汽油]。您能否評論一下 2024 年實現的 ROE 趨勢與允許的趨勢相比如何？

Where the realized ROEs trended during 2024? Is that your question, Ben?

2024 年實現的 ROE 趨勢如何？這是你的問題嗎，本？

Yes.

是的。

Yeah, so certainly, we expect all our utilities to track and to meet their expected ROEs or their allowed ROEs. And they're very steady the US utilities. They don't have any exposure to weather and that sort of thing. So we're very pleased with how Ohio, North Carolina and Utah, as well as Wexpro, for that matter, finished the year. They all finished on budget and exactly where we were expecting them to.

是的，我們當然希望我們所有的公用事業公司都能追蹤並實現其預期的 ROE 或允許的 ROE。他們對美國公用事業非常穩定。他們沒有受到任何天氣和類似事物的影響。因此，我們對俄亥俄州、北卡羅來納州、猶他州以及 Wexpro 今年的成績感到非常滿意。他們都按照預算完成了工作，並且達到了我們的預期。

In Ontario, I think you would have seen through our quarterly reports, it was a very, very mild winter last year. So that impacted our realized ROE for Ontario. We won't file that -- the finished or certain early until the fall, but we would be below that based on the weather results.

在安大略省，我想你們可能已經透過我們的季度報告看到，去年的冬天非常非常溫和。這影響了我們安大略省實現的 ROE。我們不會在秋季之前提交完成或確定的報告，但根據天氣結果，我們的報告會低於這個數字。

I think on a weather-normalized basis, Ben, they're all in the 10% range, right. So just like the gas transmission stuff in Western Canada, which is very solid, steady quick cycle, as you know, getting that 10% return on equity with very little risk.

本，我認為從天氣標準化的角度來看，它們都在 10% 的範圍內，對吧。就像加拿大西部的天然氣輸送一樣，正如你所知，這是非常穩固、穩定的快速週期，以很小的風險獲得 10% 的股本回報率。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congrats on a strong quarter. Your guidance generally tends to be a little conservative as it was in 2024. Help us understand what could drive you towards the top end of that guidance for 2025?

恭喜您本季業績強勁。您的指導通常傾向於像 2024 年那樣有點保守。請協助我們了解哪些因素能夠推動您在 2025 年實現該指導目標的最高目標？

Yes. Thanks for the question. I think historically, if you looked at our performance, we usually fit right within kind of the guidance range that we have. We overperformed a little on EBITDA this year, which is great to see. But I think, if you think about guidance for next year, we've had lots of commentary around the fact that it was set on a $1.35, so if we stay above that, that will be helpful from a tailwind perspective.

是的。謝謝你的提問。我認為，從歷史上看，如果你看一下我們的表現，我們通常都符合我們所製定的指導範圍。我們今年的 EBITDA 表現略有超乎預期，這令人欣喜。但我認為，如果你考慮明年的指導，我們已經收到了很多評論，圍繞其設定為 1.35 美元這一事實，所以如果我們保持在這個水平之上，從順風角度來看這將是有幫助的。

You should remember though, that we do hedge a pretty significant amount of that. When we released guidance back in December, we kind of gave a sensitivity that for every $0.01 that the dollar stays above that $1.35 all a year, that's about $0.01 of DCF and about $50 million of EBITDA. So you can kind of get an assertation of where that might land as a result of that.

不過你應該記住，我們確實對其中相當大一部分進行了對沖。當我們在 12 月發布指引時，我們給出了一種敏感度，即如果美元在一年內始終保持在 1.35 美元以上，則每 0.01 美元就會產生約 0.01 美元的 DCF 和約 5000 萬美元的 EBITDA。因此，你就可以斷言這可能會帶來什麼結果。

Michele just noted that last year, we had colder weather, in fact -- or sorry, warmer weather, significantly warm weather. This year, starting off fairly good. We've got some colder weather in Ontario and even Eastern US, which I think can help that. But maybe just offsetting that potentially is US interest rates is not coming down quite to the same extent that maybe we thought they would, given how inflation has kind of stayed in the US.

米歇爾剛才指出，去年我們的天氣更冷，事實上——或者抱歉，天氣更暖和，明顯更暖和。今年開局還不錯。安大略省乃至美國東部的天氣都有些寒冷，我認為這對此有所幫助。但或許只是抵銷這影響的潛在因素是美國利率並沒有像我們想像的那樣下降，因為美國的通膨一直維持在較低水準。

So I think when you take all those together -- and remember, it's pretty early in the year. I think we're pretty comfortable still with the guidance range that we have, maybe with a few extra tailwinds and headwinds at this time.

所以我認為，當你把所有這些放在一起時 — — 記住，現在還只是一年中的早期。我認為，我們對現有的指導範圍仍然感到相當滿意，儘管此時可能會有一些額外的順風和逆風。

Perfect. My quick follow-up is here is, help us understand the kinds of discussions you're having with data center operators, incremental power, your leverage to the entire positive data center power market demand?

完美的。我的快速跟進是，請幫助我們了解您與資料中心營運商進行的討論類型、增量電力以及您對整個積極資料中心電力市場需求的影響力？

Yes, for sure. Look, it's not just talk, right. I mean we're actually signing up and executing on projects. We've talked a little bit before about the 1.5 gigawatt pipeline we're building for TVA on the gas side, that's all driven by electricity demand in North Carolina. A 1.4 gigawatt project for Duke. That's all driven by demand. In Utah, we've connected several players, call it, a couple of hundred behind the meter megawatt plays. In Ontario, lots of discussion with the data centers, specifically. Ohio, we've just -- we're connecting a 1 gigawatt facility there. So that's 5 gigawatts just in that group between GDS and GTM that we have just signed up and are executing on power generation, and you throw on 2 gigawatts on solar.

是的，當然。瞧，這不只是說說而已，對吧。我的意思是我們實際上正在簽約並執行專案。我們之前已經談論過為田納西河谷管理局 (TVA) 在天然氣方面建設的 1.5 千兆瓦管道，這完全是由北卡羅來納州的電力需求推動的。杜克大學的 1.4 千兆瓦計畫。這一切都是由需求驅動的。在猶他州，我們已經連接了數家參與者，可以稱之為幾百家兆瓦級電錶背後的參與者。在安大略省，具體來說，與資料中心進行了大量討論。俄亥俄州，我們剛剛——我們正在那裡連接一個 1 千兆瓦的發電設施。因此，僅在 GDS 和 GTM 之間的這個組中，我們剛剛簽約並正在執行發電任務，就有 5 千兆瓦，另外還有 2 千兆瓦的太陽能。

And again, you've seen the likes of the AT&Ts and Amazon. So yes, there's a whole boatload of folks that we're having conversations. It's not all the big players. There's a bunch of small players, too. So if you think about each gigawatt, call it, about 200 million cubic feet a day or so. Every -- every Bcf, you add 5 gigawatts, you're going to get a Bcf of demand on the infrastructure side. So we're seeing that. Also we are going to talk about this more at Investor Day, too.

再者，你也已經看到像 AT&T 和亞馬遜這樣的公司了。是的，我們正在與很多人交談。並非所有大公司都是如此。還有一群小球員。因此，如果你考慮每千兆瓦，那麼每天大約有 2 億立方英尺左右。每增加 5 千兆瓦，就會在基礎設施方面產生 10 億立方英尺的需求。所以我們看到了這一點。我們也將在投資者日進一步討論這個問題。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Maurice Choy。

Just wanted to touch on capital allocation for a moment here. Tariffs do occur meaningfully and are prolonged. What adjustments, if anything, at all, do you see in your capital allocation strategy, be that geographically types of infrastructure types? Any adjustments that you see being necessary?

這裡我只想稍微談談資本配置。關稅確實有意義地發生並且會持續很長時間。您在資本配置策略中看到了哪些調整（如果有的話），無論是地理類型還是基礎架構類型？您認為有什麼需要調整嗎？

Yes. I would say, unless it's a very high tariff and on a prolonged basis, we just don't see significant changes on that front. If you think about starting at GES and GTM on the gas side, those flows largely don't go back and forth across the border. There's some of that, that goes on, but not a significant way. As you know, we're continuing to invest in export facilities, both on the liquids and the LNG side. Those are going to continue to happen. So I just don't see a significant change in the near term.

是的。我想說，除非關稅很高且持續很長時間，否則我們不會看到這方面的重大變化。如果你考慮從天然氣方面的 GES 和 GTM 開始，這些流動基本上不會跨越邊界來回。有些情況是這樣的，但是並不重要。如您所知，我們將繼續投資液體和液化天然氣的出口設施。這些事情還會繼續發生。因此我認為短期內不會有重大變化。

We talked a little bit about major East West projects, but I'm not 100% sure -- or just West projects, those are going to happen anytime soon. I'd say we're just very focused on some of these short quick-hit projects. You're going to continue to see the products move back and forth across the border on the liquid side of things. And we're very focused on supply chain issues.

我們討論了一些東西方主要項目，但我不能 100% 確定——或者只是西方項目，這些項目會很快發生。我想說我們只是非常專注於一些短期快速見效的項目。你將會繼續看到液體產品在邊境來回流通。我們非常關注供應鏈問題。

Fortunately, being a big player and usually number 1 or number 2 customer for so much of the equipment we get for steel, et cetera. I think we're in a great position on that front. The projects that we're executing today, we've looked at, and we just don't see any material impacts on those as well. So obviously, it's a longer-term issue, but in the near term, I don't see a dramatic impact.

幸運的是，作為一家大公司，我們通常是鋼鐵等設備的第一或第二大客戶。我認為我們在這方面處於有利地位。我們已經研究過今天正在執行的項目，但沒有看到它們受到任何實質影響。顯然，這是一個長期問題，但在短期內，我不會看到顯著的影響。

That's a good point about timing here between longer-term solution versus, say, a four-year presidential term. And maybe on that point, are there any parts of the energy value chain, whether on liquids or gas, but you see that it's probably worth while bulking up, given all the political uncertainty that we have on both sides of the border?

這是關於長期解決方案與四年總統任期之間的時間安排的一個很好的觀點。也許就這一點而言，是否存在能源價值鏈的任何部分，無論是液體還是氣體，但您認為，考慮到邊境兩邊存在的所有政治不確定性，擴大規模可能是值得的？

Well, sure. Look, I think -- and it -- call us good, call us lucky, bulking up on the gas side in the last couple of years, both on the distribution side and on the gas transmission side. We've got multiple storage facilities. We entered into new gas deals out of the Permian. All that stuff is front run this and puts us really in the pull position on that front.

嗯，當然了。看，我認為——而且可以——稱我們為優秀、稱我們為幸運，因為過去幾年我們在天然氣方面取得了長足進步，包括分銷方面和天然氣輸送方面。我們有多個儲存設施。我們與二疊紀盆地達成了新的天然氣交易。所有這些都是領先的，並使我們在這方面真正處於領先地位。

Sometimes I've often heard of the Big 4 being talked about in gas, but we're the real deal in gas. And so I think we continue to move those projects forward. So happy on that side.

有時我常聽到人們談論天然氣產業的四大巨頭，但我們才是天然氣產業的真正巨頭。因此我認為我們會繼續推進這些項目。那邊真開心。

And then that being said, as Colin laid out, and we'll lay out again in March. I think there's great opportunities on the Liquid side, too. So I think we've got the right portfolio in the right jurisdictions, both in and through North America and out of North America. That's a good spot to be in. And you're even seeing on the gas side, offshore activities. So I think that was kind of looked over last year, but new projects that we're looking at the offshore Gulf of -- on the Gulf. And that's going to be exciting for us as we move through the end of the decade.

正如科林所說，我們將在三月再次闡述這一點。我認為 Liquid 方面也有很大的機會。因此我認為我們在正確的司法管轄區內以及北美和北美以外擁有正確的投資組合。那是個好地方。你甚至還可以看到天然氣的海上活動。所以我認為去年我們已經考慮過這個問題了，但是我們正在墨西哥灣近海研究新專案。當我們進入 20 世紀最後一個十年時，這對我們來說將是令人興奮的。

Rob Hope, Scotiabank.

加拿大豐業銀行的 Rob Hope。

Maybe to stick with permitting, the BC government has accelerated some permits for the Aspen project on T-North there. Can you maybe update us on discussions regarding the larger capital plan there and whether or not you could see some acceleration of permitting and construction there?

也許是為了堅持許可，BC 省政府已經加快了那裡 T-North 上 Aspen 計畫的一些許可。您能否向我們介紹一下那裡更大的資本計劃的討論情況，以及您是否可以看到那裡的許可和建設加速？

Sure, Cynthia is right here.

當然，辛西亞就在這裡。

Yes. Thanks, Rob. So we are very excited to see that the BC government is supporting the Aspen Point project. We had gotten our big CER approval for that project. We're continuing to work through that. There is still some permitting from the BC Hydro point for some power connections. So that's all really positive.

是的。謝謝，羅布。因此，我們很高興看到不列顛哥倫比亞省政府支持 Aspen Point 計畫。我們已經獲得了該專案的 CER 批准。我們正在繼續努力解決這個問題。BC Hydro 仍需為某些電力連接頒發一些許可。這一切都是非常正面的。

We're a big supporter obviously, of the gas infrastructure in BC. We are a pipeline that continues to deliver both to the industrial and residential base there is part and largely supporting the LNG exports as well. So we think this is a great thing. There's lots of opportunities for growth there. It's a great business for us. You know that, that is a true cost of service business. And as Greg said, we get a really -- our return there, our ROE at 10% is something that we really like in our portfolio.

顯然，我們是 BC 省天然氣基礎設施的大力支持者。我們是一條持續向工業和住宅基地輸送天然氣的管道，部分地也在很大程度上支持液化天然氣的出口。因此我們認為這是一件好事。那裡有很多發展機會。這對我們來說是一件大好事。你知道，這是服務業務的真正成本。正如格雷格所說，我們獲得了真正的回報，我們的 ROE 達到 10%，這是我們在投資組合中真正喜歡的。

Appreciate that. And then maybe just sticking with gas, but moving over to the gas distribution side. You now have the US assets under belt for a little while there. How the integration process gone? And are you able to potentially see some early signs of some clunkier projects, kind of like the ones that you're seeing in the Carolinas?

非常感謝。然後也許只是堅持使用天然氣，但轉向天然氣分配側。現在你已經掌握了美國資產一段時間了。整合過程進行得如何？您是否有可能看到一些較笨重的項目的早期跡象，就像您在卡羅來納州看到的那些項目一樣？

Yeah, you've asked it, Rob. It's Michele here. Now that we've closed all the utilities, we have them in, the integration, first of all, is going really well so far. Of course, there's lots of work to do. But we're definitely seeing the benefits of bringing these utilities together, whether it's the conversations, the pursuing of opportunities, the bringing customer solutions that worked in one area, taking it somewhere else.

是的，你問了，羅布。我是米歇爾。現在我們已經關閉了所有公用設施，我們將它們納入其中，首先，到目前為止，整合進展順利。當然，還有很多工作要做。但我們確實看到了將這些實用程式整合在一起的好處，無論是對話、尋求機會，還是將在一個領域有效的客戶解決方案帶到另一個領域。

What I would say is I think the growth we anticipated at the time that we were looking at this, which would have been mid -- going back to mid-'23, it's certainly there. We're absolutely seeing the customer additions. We're seeing the modernization. But what we're really seeing is a nice tailwind on what I'd call the electrification side of things, so the power generation, whether that's for data centers or otherwise. And of course, natural gas plays a very obvious role that there, we're seeing that across our businesses.

我想說的是，我認為，我們在研究這個問題時預期的成長，應該是在 2023 年中期——現在肯定是存在的。我們確實看到了客戶數量的增加。我們正在見證現代化。但我們真正看到的是，我稱之為電氣化方面的良好順風，也就是發電，無論是用於資料中心還是其他用途。當然，天然氣在那裡發揮著非常明顯的作用，我們在我們的整個業務中都看到了這一點。

So Greg mentioned earlier, the data center growth we're hooking up for power generation in every one of the utilities. I mean -- we've probably got 1.5 gigawatts that we're supporting right now in Ontario. Of course, the Ontario government has come out with its largest procurement ever, and we certainly see -- there's strong support from them to meet all of the above. We see a lot of growth happening there. Utah, the Wasatch front, that's Ogden, Salt Lake, Provo. Real area of focus for data centers.

格雷格之前提到過，我們正在將資料中心的成長與每個公用事業的發電連結起來。我的意思是——我們目前在安大略省支持可能有 1.5 千兆瓦。當然，安大略省政府已經完成了有史以來最大規模的採購，我們當然看到——他們為滿足上述所有需求提供了強有力的支持。我們看到那裡正在發生很大的成長。猶他州，瓦薩奇山脈前線，也就是奧格登、鹽湖城、普羅沃。資料中心的真正重點領域。

Natural gas power generators in Ohio. I mean, Ohio, I think we were looking at modernization, some pretty steady customer growth. We're seeing lots come on from -- whether it's data center driven or otherwise. And of course, we've talked about North Carolina. And that's a good example where there's two phases to that T15 project and Phase 2 has come on faster than we thought for a total between the two phases of close to 500 million cubic feet a day. So very, very happy with that.

俄亥俄州的天然氣發電機。我的意思是，俄亥俄州，我認為我們正在關注現代化，一些相當穩定的客戶成長。我們看到了很多——無論是由資料中心驅動還是其他方式。當然，我們也討論了北卡羅來納州。這是一個很好的例子，T15 專案分為兩個階段，第 2 階段的進展比我們想像的要快，兩個階段的總產量接近每天 5 億立方英尺。我對此非常非常高興。

And customer growth is really good. Even -- like I said, that sleeper has kind of been in Ohio. We like to like something called the U-Haul rankings and North Carolina at the end of 2024 that was ranked third, stayed third. That's where people they measure where people move to growth in states. Utah went from 13 up to 9, and good old Ohio, they used to be 23, is up to 13. So folks are moving into the jurisdictions we're at. Continue to be super supportive of gas. We could not be happier with certainly the new utilities. But also, like I said, we're seeing some good growth on the power generation side in Ontario.

客戶成長確實很好。甚至——就像我說的，那個潛伏者似乎已經到了俄亥俄州。我們喜歡看所謂的 U-Haul 排名，北卡羅來納州在 2024 年底排名第三，並一直保持第三。這就是人們衡量各州人口成長的地方。猶他州從第 13 名上升至第 9 名，而老牌俄亥俄州，曾經是第 23 名，現在上升至第 13 名。所以人們正在進入我們所在的管轄範圍。繼續對天然氣給予​​大力支持。我們對於新的設施感到非常滿意。但正如我所說，我們看到安大略省的發電方面取得了一些良好的成長。

What's nice is you get big projects and small projects so you might hook up 200-megawatt behind the meter stuff that might be $50 million. And those start adding up and they're really quick hit and quick cycle. And then as you said, like the North Carolina projects might be 1, 1.5 gigs, that's $500 million or $600 million. So you got a mix of all those projects with amazing counterparties. So yeah, I mean we're thrilled with them. We're going to continue to grow those out. I think we're at like $3 billion in capital a year for the utilities on a combined basis, steady, quick cycle turn into EBITDA the next year.

好的方面是，您可以獲得大項目和小項目，因此您可能會連接 200 兆瓦的電錶後面的項目，這可能會花費 5,000 萬美元。這些開始累積，並且它們真的快速受到打擊并快速循環。正如您所說，北卡羅來納州的項目可能是 1、1.5 千兆，也就是 5 億美元或 6 億美元。因此，您將所有這些項目與出色的交易對手混合在一起。是的，我的意思是我們對他們感到非常興奮。我們將繼續發展這些業務。我認為我們每年用於公用事業的總資本約為 30 億美元，第二年將穩定、快速地轉化為 EBITDA。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

I wanted to revisit the tariff discussion. With the headlines over the past couple of months, there has been a lot of noise on who would bear the cost of tariffs if they were to come to fruition and would endure?

我想重新討論關稅問題。在過去幾個月的新聞頭條中，人們都在討論如果關稅真的實施並持續下去，誰將承擔其成本？

And it doesn't seem like there would be enough of demand elasticity to really impact the volumes on your system, especially when you think about the various contractual measures in place, be it ROE collar or MDCs through the US portion. But based on your analysis, if not the infrastructure provider, who do you think would bear the cost of that economic rent shift?

而且，似乎沒有足夠的需求彈性來真正影響您系統的交易量，尤其是當您考慮現有的各種合約措施時，無論是 ROE 區間還是透過美國部分的 MDC。但是根據您的分析，如果不是基礎設施提供者，您認為誰會承擔經濟租金轉移的成本？

Yes. I'm going to let Colin talk about which one of his customers might see that.

是的。我要讓科林談談他的哪一位顧客可能會看到這一點。

Thanks for that question. I think we agree generally with your synopsys of this, pretty sticky demand. You mentioned a number of the reasons. A number of our customers have integrated business models and infrastructure, right. Production, refining. We built a whole business around that. Supply switching to US refiners, Much has been said and written about that recently, but generally, suboptimal, right. So these are most run systems and society depends on it, right.

謝謝你的提問。我認為我們大體上同意你對此的概述，這是相當棘手的需求。您提到了許多原因。我們的許多客戶已經整合了商業模式和基礎設施。生產、精煉。我們圍繞這一點建立了整個業務。供應轉向美國煉油廠，最近對此有很多討論和文章，但總體來說，並不是最理想的，對吧。所以這些是大多數運作的系統並且社會依賴它，對吧。

So we view the impact on volumes on our systems, I think to be negligible in a tariff situation, again, depending on the size of the tariff. We think the tariff impact would likely be shared to some extent. And it depends on which region you're in, right. Where the refining options exist and don't exist. So it will vary, but I think it will be shared, Theresa. I don't know if you agree with that, but that's our view from our approach.

因此，我們認為對我們系統的交易量的影響在關稅情況下可以忽略不計，這也取決於關稅的規模。我們認為關稅影響可能會在一定程度上被分擔。這取決於你所在地區，對吧。存在和不存在精煉選項的地方。所以它會有所不同，但我認為它會被分享，特蕾莎。我不知道您是否同意這一點，但這是我們的觀點。

The other thing we see, Theresa, let's not get too excited about the conversations, but also put it in context. So I think even this has been recognized by policymakers when you're at 10% on energy versus some other products that I think you're bang on. I mean the elasticity of that is pretty marginal. So we don't expect to see much change in that.

特蕾莎，我們看到的另一件事是，我們不要對談話太過興奮，也要把它放在上下文中。因此，我認為，當你將能源與其他一些產品的關稅降低 10% 時，政策制定者已經認識到了這一點，我認為你是對的。我的意思是，它的彈性相當小。因此我們預計不會看到太大的變化。

If anything, I'm concerned about on tariffs, if they came in, does that have an impact on economic growth and if economic growth declines, then that could see a decline in energy demand. But even offset that with all the things that are going on, on generation and data centers and stuff, I'm not even sure that's material. So I think that's why we're trying to focus on the long-term trends, what's happened. And as Colin said, this is societal needs on all this front give us a lot of confidence that the tariff issue is not particularly material.

如果說有什麼的話，我擔心的是關稅，如果徵收關稅，會不會對經濟成長產生影響，如果經濟成長下降，那麼能源需求就會下降。但即使考慮到正在發生的所有事情，包括發電、資料中心等，我甚至不確定這是否重要。所以我認為這就是我們試圖關注長期趨勢和已經發生的事情的原因。正如柯林所說，這方面的社會需求讓我們非常有信心，關稅問題並不是特別重要。

One more -- just down a point here, maybe bring it to a head. We're seeing fulsome nominations, right, on the system, Jan-Feb. Sold out in the face of this. So that's the trend so far.

再說一次 —— 就此而言，也許可以將其推向高潮。我們在一月至二月的系統中看到了大量的提名。面對這一切，一切都已經被出賣了。這就是目前的趨勢。

Got it. And turning to a different side of the regulatory discussion. Wanted to get Cynthia's take on what is the path forward at this point for Rio Bravo and Rio Grande following the series of executive orders by the sitting administration that repealed some of the regulations that required [EHA] reviews.

知道了。並轉向監管討論的另一面。想聽聽辛西亞對現任政府發布一系列行政命令廢除部分要求 [EHA] 審查的法規之後，裡奧布拉沃和里奧格蘭德目前的發展方向的看法。

And then for council subsequent letter to the DC circuit earlier this month related to how the verification was unwarranted, what do you think is going to happen from here? And can you tell us about the next steps? And any impediments or catalysts along the way?

那麼對於本月早些時候議會向哥倫比亞特區巡迴法院發出的有關核查毫無根據的後續信函，您認為接下來會發生什麼？您能告訴我們下一步的計畫嗎？這過程中還存在著什麼障礙或催化劑嗎？

Yes. Thanks, Theresa. So just as a reminder, that Rio Bravo pipeline is now being managed directly through the Whistler joint venture. But -- and so we still have an interest in that. My thoughts are that we have a new administration, there's lots of opportunity for clarity to come in through the process. We do know that the FERC is going through their supplemental environmental impact statement process of gathering that information, and that information is ready to be filed.

是的。謝謝，特蕾莎。需要提醒的是，Rio Bravo 管道目前由惠斯勒合資企業直接管理。但是——因此我們仍然對此感興趣。我的想法是，我們有了新政府，透過這個過程有很多機會可以澄清事實。我們確實知道聯邦能源管理委員會正在進行補充環境影響聲明流程來收集這些信息，並且這些信息已準備好歸檔。

As you mentioned, there was additional information that next decade in Rio Bravo filed, stating that the executive orders should actually be taken into account for this process. So my expectation is we're going to continue to see Rio Bravo work with the FERC to move through that actual impact statement to update that. And there may be clarity even before that process.

正如您所提到的，Rio Bravo 的下一個十年提交了補充信息，指出行政命令實際上應該被考慮在這一過程中。因此，我的期望是，我們將繼續看到 Rio Bravo 與 FERC 合作，透過實際影響聲明來更新這一點。甚至在這個過程之前可能就會清楚這一點。

So both we and our partners through the joint venture and, of course, next decade, are going to continue to work through that process. And we have a lot of confidence that the project is going to continue to go forward.

因此，我們和我們的合作夥伴將透過合資企業，當然在下一個十年，繼續致力於這項進程。我們非常有信心該專案將繼續向前推進。

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，請她作結束語。

Yes. 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.

是的。偉大的。謝謝您，我們感謝您對 Enbridge 的持續關注。像往常一樣，我們的投資者關係團隊將在通話結束後隨時為您解答任何其他問題。再次感謝您，祝您有個愉快的一天。

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。