恩橋 (ENB) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Enbridge first-quarter 2025 financial results conference call. My name is Rebecca Morley, and I'm the Vice President of Investor relations. Joining me this morning are Greg Ebel, President and CEO; 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 Distribution and Storage; and Matthew Akman, Renewable Power.

早上好，歡迎參加 Enbridge 2025 年第一季財務業績電話會議。我叫麗貝卡‧莫利 (Rebecca Morley)，擔任投資人關係副總裁。今天早上與我一起出席的還有總裁兼首席執行官 Greg Ebel；帕特·默里 (Pat Murray)，執行副總裁兼首席財務官；以及我們各個業務部門的負責人，液體管道部門的 Colin Gruending、天然氣配送和儲存部門的 Cynthia Hansen；以及可再生能源的馬修·阿克曼 (Matthew Akman)。

(Event Instructions) Please note that this conference is being recorded. As per usual, this call is being webcast, and I encourage those listening on the phone to follow along with the supporting slides.

（活動說明）請注意，本次會議正在錄製中。與往常一樣，本次電話會議將透過網路直播，我鼓勵透過電話收聽的聽眾跟隨支持幻燈片一起觀看。

We will try to keep the call to roughly 1 hour and in order to answer as many questions as possible we'll be limiting questions to 1 plus a single follow-up if necessary. We'll be prioritizing questions from the investment community.

我們將盡量將通話時間控制在 1 小時左右，為了回答盡可能多的問題，我們將把問題限制為 1 個，並在必要時進行一次跟進。我們將優先回答投資界提出的問題。

So if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond. As always, our Investor Relations team will be available following the call for any follow-up questions. On to slide 2, where I'll remind you that we'll be referring to forward-looking information on today's presentation and question-and-answer period.

因此，如果您是媒體成員，請直接向我們的通訊團隊提出詢問，他們將很樂意為您解答。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。前往投影片 2，我要提醒您，我們將參考今天的簡報和問答環節的前瞻性資訊。

By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We'll also be referring to non-GAAP measures summarized below. And with that, I'll turn it over to Greg Ebel.

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。接下來，我將把發言權交給 Greg Ebel。

Thanks very much, Rebecca, and good morning, everyone. Thanks for joining us on the call today. As all of you know, markets have seen significant financial and commodity price volatility to start the year. But despite the unique challenges 2025 has already presented, Enbridge is operating from a position of strength.

非常感謝，麗貝卡，大家早安。感謝您今天參加我們的電話會議。眾所周知，今年伊始，市場出現了顯著的金融和商品價格波動。儘管 2025 年已經帶來了獨特的挑戰，但 Enbridge 仍保持著強大的實力。

We are actively working with policymakers and regulators to advocate for new infrastructure on both sides of the border that will serve customers throughout North America and meet increasing global demand through growing exports.

我們正在積極與政策制定者和監管者合作，倡導在邊境兩側建立新的基礎設施，為整個北美的客戶提供服務，並透過增加出口來滿足日益增長的全球需求。

Our large diversified footprint continues to deliver safe, reliable and affordable energy to our customers. Our low-risk utility-like business model is driving predictable financial results, and I'm pleased to say that the first quarter was a record for Enbridge.

我們龐大且多元化的業務範圍持續為客戶提供安全、可靠且價格合理的能源。我們的低風險公用事業式商業模式正在推動可預測的財務業績，我很高興地說，第一季是 Enbridge 創下紀錄的。

We're going to start today with a brief recap of our first quarter highlights. We will then review the team's success on execution and continued growth. And from there, I'll provide an update on each of our four core franchises, and then Pat will review our financial results and discuss our capital allocation priorities.

今天我們將首先簡要回顧第一季的亮點。然後，我們將回顧團隊在執行和持續發展方面的成功。然後，我將提供有關我們四個核心特許經營權的最新情況，然後帕特將審查我們的財務結果並討論我們的資本配置優先事項。

Lastly, I'll close the presentation with a few comments on our First Choice value proposition before we open the call for your questions. During the first quarter, we delivered record EBITDA, DCF per share and earnings per share, driven by contributions from the US utilities we acquired last year and strong volumes across the business overall.

最後，在我們開始回答大家的問題之前，我將對我們的 First Choice 價值主張發表一些評論來結束本次演講。在第一季度，我們實現了創紀錄的 EBITDA、每股 DCF 和每股收益，這得益於我們去年收購的美國公用事業公司的貢獻以及整個業務的強勁增長。

We don't expect tariffs or global trade war to have a material impact on our current operations and are, therefore, very confident reaffirming our 2025 financial guidance. We remain committed to maintaining our debt-to-EBITDA metric between 4.5 times to 5 times and expect that leverage ratio to improve throughout the year as we realize full year contributions from the acquired US utilities.

我們預計關稅或全球貿易戰不會對我們目前的營運產生重大影響，因此，我們非常有信心重申我們的 2025 年財務指引。我們仍致力於將債務與 EBITDA 比率維持在 4.5 倍至 5 倍之間，並預計隨著我們實現收購的美國公用事業公司的全年貢獻，槓桿率將在全年有所改善。

Our assets were highly utilized during the quarter with records on the mainline and at Ingleside. We announced an open season on Flanagan South as part of the first phase of our mainline optimization plans, and we're receiving strong shipper interest so far. We look forward to providing you an update on our progress in the coming months.

本季度，我們的資產利用率很高，主線和英格爾賽德都有記錄。作為我們主線優化計畫第一階段的一部分，我們宣布弗拉納根南線將進入開放期，目前為止，我們已經收到了托運人的強烈關注。我們期待在未來幾個月向您提供我們的進展更新。

In our Renewables business, we brought the Orange Grove solar facility into service on time and on budget, showcasing the quick cycle capital-efficient nature of our solar investments. And another growth fund we've agreed to acquire a 10% interest in the Matterhorn Express Pipeline, a 2.5 bcf per day long-haul pipeline connecting the Permian Basin to growing US Gulf Coast demand.

在我們的再生能源業務中，我們按時、按預算將 Orange Grove 太陽能發電廠投入使用，展示了我們太陽能投資的快速週期資本效率特性。我們也同意透過另一隻成長基金收購馬特洪峰快速管道 10% 的權益，這是一條每天輸送 25 億立方英尺天然氣的長途管道，連接二疊紀盆地和不斷增長的美國墨西哥灣沿岸需求。

We also sanctioned the Traverse Pipeline earlier this quarter. Upon completion in 2027, Traverse will offer bidirectional service between Katy and Agua Dulce along the Gulf Coast. We are making great progress on the opportunity set we laid out for you at Investor Day and anticipate future announcements in 2025 and through 2026 to service growing natural gas demand from data centers, coal-to-gas generation switching and LNG supply, similar to those we've announced these past few months.

本季度早些時候我們也批准了 Traverse 管道項目。Traverse 將於 2027 年完工，為墨西哥灣沿岸的 Katy 和 Agua Dulce 之間提供雙向服務。我們在投資者日為您呈現的機會方面取得了巨大進展，並預計將在 2025 年和 2026 年發佈公告，以滿足數據中心、煤改氣發電轉換和液化天然氣供應日益增長的天然氣需求，類似於我們過去幾個月宣布的公告。

Now let's put all of this together and talk about the great progress we've made executing on disciplined growth across our business. Strong demand for safe, reliable and affordable energy has allowed us to secure $3 billion of accretive low-risk projects year-to-date.

現在讓我們把所有這些放在一起，談談我們在整個業務中實現規範成長所取得的巨大進展。對安全、可靠和廉價能源的強勁需求使我們今年迄今已獲得 30 億美元的增值低風險項目。

In addition to the projects I just mentioned, we also announced that we plan to invest up to $2 billion in the mainline to support operational efficiencies, system reliability and extend the life of the asset. And we sanctioned Birch Grove, which is an approximately 180 million cubic feet per day expansion on our T-North system that will support West Coast LNG. I'm very happy with the progress we've made thus far this year as we've continued to sanction projects and add visibility to the growth outlook shared at our Investor Day in March.

除了我剛才提到的項目之外，我們還宣布計劃在主線上投資高達 20 億美元，以支援營運效率、系統可靠性並延長資產壽命。我們還批准了 Birch Grove 項目，該項目將對我們的 T-North 系統進行每天約 1.8 億立方英尺的擴建，為西海岸液化天然氣提供支援。我對今年迄今為止的進展感到非常高興，因為我們繼續批准專案並增加了 3 月份投資者日上分享的成長前景的透明度。

I think we are really seeing and we'll continue to see our low-risk resilient business model shine. We have industry-leading diversification and cash flow quality, which produces stable, predictable results in all economic and commodity cycles. Our strategically positioned demand pool assets are expected to remain highly utilized, despite the ongoing global trade conflict, and we expect tariffs will have a negligible impact on our financial results.

我認為我們確實看到了並將繼續看到我們的低風險彈性商業模式閃耀光芒。我們擁有業界領先的多樣化和現金流質量，可在所有經濟和商品週期中產生穩定、可預測的結果。儘管全球貿易衝突仍在持續，但我們策略定位的需求池資產預計將保持高度利用率，並且我們預計關稅對我們的財務表現的影響將微乎其微。

We've not seen a material impact on our input costs for projects already sanctioned and will remain disciplined as we continue to monitor the evolving trade situation. The diversification of our business has been key to our success with the addition of three premier US gas utilities and new assets placed into service, we now have over 200 asset streams and businesses, generating steady, high-quality cash flows.

對於已獲批准的項目，我們尚未發現其投入成本受到實質影響，並且我們將繼續嚴格遵守紀律，密切關注不斷變化的貿易形勢。業務多元化是我們成功的關鍵，隨著三家美國頂級天然氣公用事業公司的加入和新資產的投入使用，我們現在擁有超過 200 個資產流和業務，產生穩定、高品質的現金流。

Our commercial structure has never been more low risk with over 98% of EBITDA protected by regulated or take-or-pay frameworks. That industry-leading low-risk model supports our balance sheet, reflected in our investment-grade credit rating and minimal counterparty risk. We have negligible commodity price exposure, and over 80% of our EBITDA has inflation protection with built-in escalators or regulatory means to recover. So with Enbridge, you get a safe and reliable investment with attractive growth opportunities.

我們的商業結構風險從未如此低，超過 98% 的 EBITDA 受到監管或照付不議框架的保護。該行業領先的低風險模型支持我們的資產負債表，這體現在我們的投資等級信用評級和最低交易對手風險。我們受到的商品價格影響微乎其微，超過 80% 的 EBITDA 都受到通膨保護，並有內建的自動扶梯或監管手段來恢復。因此，選擇 Enbridge，您將獲得安全可靠的投資以及誘人的成長機會。

Now let's jump into the business updates for the quarter. It was a strong start to the year in liquids, with mainline delivering record first quarter volumes of almost 3.2 million barrels per day. In order to keep the existing name line as available and reliable as possible, and at the same time extend its useful life, we're planning to invest up to $2 billion to continue delivering First Choice customer service and optimizing capacity.

現在讓我們了解本季的業務更新。今年液體燃料市場開局強勁，第一季主線輸送量創紀錄，達到每天近 320 萬桶。為了盡可能保持現有航線的可用性和可靠性，同時延長其使用壽命，我們計劃投資高達 20 億美元繼續提供 First Choice 客戶服務並優化運力。

That capital will earn a return under the mainline toll settlement framework within our 11% to 14% ROE color, providing strong risk-adjusted returns for Enbridge. We continue to advance mainline optimization initiatives and expect the first phase to reach FID later this year. That phase includes 150,000 barrels a day of incremental capacity and includes a downstream expansion on Flanagan South, of which I spoke about earlier.

該資本將在主幹線收費結算框架下在我們的 11% 至 14% ROE 顏色範圍內獲得回報，為 Enbridge 提供強勁的風險調整回報。我們將繼續推進主線優化計劃，預計第一階段將在今年稍後達成最終決定。這個階段包括每天增加 15 萬桶產能，並包括我之前談到的弗拉納根南部的下游擴建。

As mentioned at Enbridge Day, we are also advancing other opportunities to build incremental egress out of the Western Canadian Sedimentary Basin as the growth outlook remains strong with approximately 1 million barrels per day of supply expected to come on stream by 2035.

正如在 Enbridge Day 上提到的那樣，我們還在推進其他機會，以逐步從西加拿大沉積盆地出口出口，因為增長前景仍然強勁，預計到 2035 年將有大約 100 萬桶/天的供應量投入使用。

South of the border, Ingleside recorded another quarterly volume record, benefiting from the increased operational capacity that came with the docs we acquired last year. We will continue to develop the site and expect to place another 2.5 million barrels of storage into service later this year. On the Gas Transmission front, our growing footprint puts us in an excellent position to serve increasing natural gas demand from new LNG facilities, coal-to-gas transitions and data centers.

在邊境以南，英格爾賽德創下了另一個季度交易量記錄，這得益於我們去年收購的文件帶來的營運能力的提高。我們將繼續開發該設施，預計今年稍後將再投入使用 250 萬桶石油。在天然氣輸送方面，我們不斷增長的業務範圍使我們處於有利地位，可以滿足新液化天然氣設施、煤轉氣和資料中心日益增長的天然氣需求。

We continue to build our Permian franchise with our announcement to acquire a 10% interest in the Matterhorn pipeline for cash consideration of approximately $300 million. This 2.5 bcf per day operating asset is complementary to the Traverse pipeline we previously sanctioned with our partners in April. These announcements enhance our Permian super system and provide shippers with optionality to access the best demand markets across the US Gulf Coast. Both pipelines are contracted under long-term, take-or-pay arrangements with investment-grade counterparties.

我們宣布以約 3 億美元現金收購馬特洪峰輸油管 10% 的權益，繼續拓展二疊紀特許經營權。這項每天25億立方英尺的營運資產是我們先前在4月份與合作夥伴批准的Traverse管道的補充。這些公告增強了我們的二疊紀超級系統，並為托運人提供了進入美國墨西哥灣沿岸最佳需求市場的選擇。兩條管道均與投資等級交易對手簽訂了長期照付不議的合約。

We received FERC approval for Ridgeline Expansion last month, enabling the coal-to-gas transition of the Kingston combined cycle facility in Tennessee with insures expected in 2027. We continue to experience strong demand for our US Gulf Coast gas storage assets and recently completed open seasons at Trace Placias, Eagan, and Moss Bluff and are engaging with customers around potential future growth opportunities.

上個月，我們獲得了聯邦能源管理委員會 (FERC) 對 Ridgeline 擴建項目的批准，這將使田納西州金斯頓聯合循環發電廠實現煤轉氣，預計將在 2027 年投產。我們繼續感受到美國墨西哥灣沿岸天然氣儲存資產的強勁需求，最近在 Trace Placias、Eagan 和 Moss Bluff 完成了開放季節，並正在與客戶就未來的潛在成長機會進行接觸。

Lastly, we previously announced an expansion of our T-North system to serve growing LNG demand off the Canadian West Coast. Now let me illustrate the growing Permian footprint that we've established since our initial investment only a year ago. Today, our Permian natural gas franchise provides up to 5 bcf per day of egress from the basin, with another 2.5 bcf per day expected to come online beginning in 2026 via the Blackcomb pipeline.

最後，我們先前宣布擴建 T-North 系統以滿足加拿大西海岸日益增長的液化天然氣需求。現在讓我來介紹一下我們自一年前首次投資以來在二疊紀盆地不斷擴大的足跡。如今，我們的二疊紀天然氣特許經營權每天可從該盆地輸送高達 50 億立方英尺的天然氣，預計從 2026 年開始，每天還將透過黑梳山管道輸送 25 億立方英尺的天然氣。

The recently sanctioned bidirectional Traverse pipeline will provide transportation between Katy, Texas and Agua Dulce by 2027, ensuring customers have optionality between key market hubs. The DBR system provides 3.5 bcf a day of intra-basin capacity and is a key supply conduit for Whistler and Matterhorn. We also have an interest in 2 Bcf of operating storage capacity at Waha and are connected to Corpus Christi LNG through the ADCC pipeline.

最近批准的雙向 Traverse 管道將在 2027 年前為德克薩斯州凱蒂和阿瓜杜爾塞之間提供運輸服務，確保客戶在主要市場中心之間擁有選擇權。DBR 系統每天提供 35 億立方英尺的盆地內供水能力，是惠斯勒和馬特洪峰的主要供水管。我們也對 Waha 的 20 億立方英尺營運儲存容量感興趣，並透過 ADCC 管道與 Corpus Christi LNG 相連。

After we close Matterhorn, Enbridge will have acquired $2 billion of operating assets and added over $1 billion of growth projects, which are expected to be built at roughly 6 times EBITDA multiples. And in 2026, after Blackcomb enter service, we expect to have an equity interest in 30% of all the Permian egress capacity.

在我們關閉 Matterhorn 之後，Enbridge 將獲得 20 億美元的營運資產，並增加超過 10 億美元的成長項目，預計這些項目的建設成本約為 EBITDA 的 6 倍。2026 年，在 Blackcomb 投入使用後，我們預計將擁有 Permian 全部出口容量的 30% 的股權。

Our investment in this portfolio positions Enbridge to capture growing demand for Permian gas across the US Gulf Coast and provides even more embedded growth opportunities that will leverage our scale and existing footprint. Now let's turn to our gas utility business. This is an exciting first year of us owning our US utilities, and we are in rate cases in the four major jurisdictions and look forward to working with Allstate holders to deliver safe, reliable and affordable energy.

我們對該投資組合的投資使 Enbridge 能夠抓住美國墨西哥灣沿岸對二疊紀天然氣日益增長的需求，並提供更多能夠利用我們的規模和現有足跡的嵌入式成長機會。現在讓我們來談談天然氣公用事業業務。這是我們擁有美國公用事業的令人興奮的第一年，我們涉及四大司法管轄區的費率案件，並期待與 Allstate 持有者合作提供安全、可靠和負擔得起的能源。

As we continue to grow our utilities, constructive regulatory outcomes are very much informing our capital allocation strategy. Given the increasingly rich opportunity set across all our business units, we will allocate capital based on the best risk-adjusted returns, including the economic and regulatory environment.

隨著我們公用事業的不斷發展，建設性的監管結果對我們的資本配置策略有很大幫助。鑑於我們所有業務部門面臨的機會日益豐富，我們將根據最佳風險調整回報（包括經濟和監管環境）來分配資本。

In Ontario, we recently received permission to begin construction on the St. Laurent Pipeline replacement program, which is expected to be completed in stages and will be fully in service by the end of 2026. Moving to the US. We expect to receive a decision on our Ohio rate case in the second half of this year, and we filed rate case applications in North Carolina and Utah in April and May, respectively.

在安大略省，我們最近獲得許可開始建造聖洛朗管道更換項目，該項目預計將分階段完成，並將於 2026 年底全面投入使用。移居美國。我們預計將在今年下半年收到有關俄亥俄州費率案件的裁決，並且我們分別於 4 月和 5 月在北卡羅來納州和猶他州提交了費率案件申請。

We expect rates to be affected by year-end, ensuring fair returns for our shareholders and supporting continued investment in critical energy infrastructure through the back half of the decade. Now let's jump on to renewable power. The 130-megawatt Orange Grove solar recently entered service on time and on budget, and it's now generating electricity for the ERCOT South power zone. Between Orange Grove and the first stage of Sequoia we expect to place over 500 megawatts of solar into service this year, entirely backstopped by investment-grade chip customers.

我們預計利率將在年底前受到影響，確保股東獲得公平回報，並支持在未來五年繼續對關鍵能源基礎設施進行投資。現在讓我們來討論再生能源。130 兆瓦的 Orange Grove 太陽能專案最近按時按預算投入使用，目前正在為 ERCOT 南部電力區發電。在 Orange Grove 和 Sequoia 第一階段之間，我們預計今年將投入使用超過 500 兆瓦的太陽能，完全由投資級晶片客戶提供支援。

Given the unprecedented demand for power generation across North America, we also anticipate further FID announcements over the next year, driven by data center electricity needs. The policy landscape for renewables is dynamic, but we think we are well positioned with our portfolio of late-stage development projects.

鑑於北美地區對發電的需求空前高漲，我們預計明年將有更多 FID 公告發布，以推動資料中心的電力需求。再生能源的政策格局是動態的，但我們認為，憑藉我們的後期開發專案組合，我們處於有利地位。

As always, we'll stick to our capital discipline and only approve projects that meet our risk and return hurdles. In our European portfolio, Calvados win continues to make progress with new pylon installations and technical work ongoing. Now I'll pass it off to Pat to review our financial performance.

像往常一樣，我們將堅持資本紀律，只批准符合我們風險和回報障礙的項目。在我們的歐洲投資組合中，卡爾瓦多斯 (Calvados) 項目繼續取得進展，新塔架的安裝和技術工作正在進行中。現在我將把審查我們財務表現的任務交給帕特。

Thanks, Greg, and good morning, everyone. 2025 is off to a great start. We posted new quarterly records across all metrics. Compared to the first quarter of 2024, adjusted EBITDA is up 18%, DCF per share, up 6%, and earnings per share is up 12%. In liquids, higher mainline volumes and annual toll escalators led to higher results versus 2024.

謝謝，格雷格，大家早安。 2025 年開局良好。我們在所有指標上都創下了新的季度記錄。與 2024 年第一季相比，調整後的 EBITDA 成長 18%，每股 DCF 成長 6%，每股盈餘成長 12%。在液體運輸方面，主線運輸量增加和年度通行費上漲導致業績較 2024 年有所提高。

In Gas Transmission, revised rates at Algonquin, Texas Eastern and Maritimes Northeast drove higher contributions across our large US gas transmission pipes. Venice Extension entered service at the end of 2024 and the Whistler JV and DBR system acquisitions are also providing the expected incremental contributions year-over-year.

在天然氣輸送方面，阿爾岡昆、德州東部和沿海省份東北部的調整費率推動了我們在美國大型天然氣輸送管道的貢獻率上升。威尼斯延伸段將於 2024 年底投入使用，惠斯勒合資公司和 DBR 系統的收購也將逐年提供預期的增量貢獻。

Notably, gas transmission is up 13% from this time last year, despite the absence of contributions from Alliance and Aux Sable, which were sold in 2024. Our Gas Distribution segment realized a full quarter of contributions from all three US gas utilities acquired in 2024, driving the majority of the year-over-year increase within the business.

值得注意的是，儘管沒有來自 2024 年出售的 Alliance 和 Aux Sable 的貢獻，但天然氣輸送量仍比去年同期增加了 13%。我們的天然氣分銷部門從 2024 年收購的所有三家美國天然氣公用事業公司中實現了整整一個季​​度的貢獻，推動了業務同比增長的大部分。

In Ontario, customer growth and rate increases, alongside colder weather, resulted in $170 million of EBITDA increase compared to the first quarter of 2024. In renewables, lower wind resources at the European offshore assets were partially offset by stronger resources in North America, and we experienced similar levels of investment tax credits between those periods.

在安大略省，客戶成長和費率上漲，加上天氣轉冷，導致 EBITDA 與 2024 年第一季相比增加了 1.7 億美元。在再生能源領域，歐洲海上資產的風力資源較少，但北美的資源較強，部分抵消了這一影響，而且我們在這兩個時期都經歷了類似水平的投資稅收抵免。

The strong US dollar resulted in larger hedging losses this quarter, but FX was overall still a net tailwind for EBITDA and DCF as the average exchange rate pre-hedging was $1.44 for the quarter versus $1.35 in 2024. Below the line, higher financing costs, taxes, maintenance capital and a slightly higher share count linked to the US gas utility acquisitions, partly offset the higher EBITDA contributions.

美元走強導致本季對沖損失擴大，但總體而言，外匯仍是 EBITDA 和 DCF 的淨順風，因為本季對沖前的平均匯率為 1.44 美元，而 2024 年為 1.35 美元。低於這一水平的是，更高的融資成本、稅收、維護資本以及與美國天然氣公用事業收購相關的略高的股份數量，部分抵消了更高的 EBITDA 貢獻。

I'm also pleased to reaffirm our 2025 guidance. Our resilient business model continues to demonstrate our ability to deliver predictable results in all cycles. And as Greg mentioned earlier, we're not seeing any noticeable impacts from tariffs on our financial guidance.

我也很高興重申我們的 2025 年指引。我們的彈性商業模式繼續證明我們在所有周期中提供可預測結果的能力。正如格雷格之前提到的，我們沒有看到關稅對我們的財務指導產生任何明顯的影響。

Strong first quarter performance positions us well to hit our financial guidance for the 20th consecutive year. In fact, I think the lack of arrows on this slide, from a tailwind and headwind perspective, speaks to the resilience of our assets.

第一季的強勁表現使我們有望連續第 20 年實現財務預期。事實上，我認為從順風和逆風的角度來看，這張投影片上缺少箭頭，說明了我們資產的彈性。

But as we look forward, the recent acquisition of an interest in Matterhorn and forward expectations for US Canadian exchange rate, which although fairly heavily hedged, could provide some uplift to results. We're also keeping an eye on US interest rates as they are a bit higher than we had projected, but again not anticipated to be material.

但展望未來，近期對馬特洪峰股權的收購以及對美元兌加元匯率的未來預期（儘管對沖力度較大）可能會對業績帶來一些提升。我們也在關注美國利率，因為它比我們預期的要高一點，但預計不會是實質的。

As a reminder, Q1 and Q4 are typically our strongest quarters, and the US utilities further evaporate that. Some of our other businesses also have seasonality built into them. In our liquids business, we generally have heat restrictions on our pipes in the summers, leading to lower volumes.

提醒一下，第一季和第四季通常是我們表現最強勁的季度，而美國公用事業公司的業績進一步削弱了這一點。我們的其他一些業務也具有季節性。在我們的液體業務中，我們通常在夏季對管道進行加熱限制，導致產量下降。

In the winter months, gas transmission experiences far more peak days and similar Enbridge Gas Ontario has the majority of its heating degree days, leading to higher contributions in those same winter months. In our Renewables segment, we typically experience higher wind resources in the winter months, but provide higher contributions from October to March.

在冬季，天然氣輸送的峰值日數要多得多，而 Enbridge Gas Ontario 的大部分供暖度日數也多得多，導致同一冬季月份的貢獻率更高。在我們的再生能源領域，冬季的風力資源通常較豐富，但從 10 月到 3 月的貢獻更大。

Now I'd like to reiterate our long-held capital allocation priorities. We'll continue to maintain our balance sheet strength and target a debt-to-EBITDA range of 4.5 times to 5 times. Sustainably returning capital to shareholders is key to our value proposition, and we expect to grow the dividend at a level within our annual DCF per share growth.

現在我想重申我們長期以來的資本配置優先事項。我們將繼續維持資產負債表的強勁，並將債務與 EBITDA 比率設定為 4.5 倍至 5 倍。持續向股東返還資本是我們價值主張的關鍵，我們預期股利將在年度每股 DCF 成長範圍內成長。

When it comes to new growth, you can expect us to remain disciplined and prioritize low multiple brownfield opportunities and utility-like projects. As we discussed at Enbridge today, we can now self-equity fund $9 billion to $10 billion of organic growth projects annually.

當涉及新的成長時，您可以期待我們保持紀律並優先考慮低倍數棕地機會和類似公用事業的項目。正如我們今天在 Enbridge 討論的那樣，我們現在每年可以自籌資金為有機成長項目提供 90 億至 100 億美元的資金。

Based on our current secured growth backlog of $28 billion, we expect to deploy $8 billion to $9 billion per year towards that secured growth projects. That leaves us with an additional $1 billion to $2 billion that can be opportunistically allocated, whether that be sanctioning new strategic projects, accretive tuck-in M&A, such as the 10% acquisition of Matterhorn, or reducing debt. We'll apply our rigorous investment criteria, letting the $50 billion of opportunities compete for that excess capacity and prioritizing the highest returning in most strategic projects.

根據我們目前 280 億美元的擔保成長積壓，我們預計每年將為該擔保成長項目部署 80 億至 90 億美元。這樣我們就有額外的 10 億到 20 億美元可以用於機會性分配，無論是批准新的策略項目、增值性併購（例如收購馬特洪峰 10% 的股份）還是減少債務。我們將採用嚴格的投資標準，讓 500 億美元的機會競爭過剩產能，並優先考慮大多數戰略項目的最高回報。

Before I wrap up, I want to thank all of our team members for delivering yet another outstanding quarter. And with that, Greg, I can pass it back to you for closing comments.

在結束之前，我想感謝我們團隊的所有成員又一個出色的季度。格雷格，就此而言，我可以將其交還給您，請您發表最後評論。

Thanks very much, Pat. As you just pointed out, the consistency and resiliency of our business really came through this quarter with record financial results and execution on our disciplined growth strategy. Our industry-leading low-risk business model delivers in all economic and commodity cycles. And you saw that happen once again in the first quarter. I want to highlight our First Choice value proposition, which has delivered strong double-digit shareholder returns over the past 20 years through thick and thin, up cycles and down cycles.

非常感謝，帕特。正如您剛才指出的，本季我們業務的一致性和彈性確實得到了體現，創下了創紀錄的財務業績，並執行了嚴謹的成長策略。我們行業領先的低風險商業模式在所有經濟和商品週期中都能發揮作用。你在第一季再次看到了這種情況的發生。我想強調我們的「首選」價值主張，過去 20 年來，無論順境或逆境、無論是上升週期還是下降週期，該主張都為股東帶來了強勁的兩位數回報。

We continue to have a utility-like business model that generates predictable cash flow that supports our investment-grade balance sheet. Our financial flexibility allows us to grow our business and sustainably return capital to shareholders.

我們繼續採用類似公用事業的商業模式，產生可預測的現金流，以支持我們的投資等級資產負債表。我們的財務靈活性使我們能夠發展業務並持續向股東返還資本。

We've increased our dividend for 30 consecutive years, and I'm proud of being one of the only dividend aristocrat in our sector. We expect to support continued dividend growth by growing our business by 5% per year through the end of the decade.

我們已經連續 30 年增加股息，我很自豪能夠成為我們行業中唯一的股息貴族之一。我們預計到本世紀末，我們的業務將以每年 5% 的速度成長，從而支持股息的持續成長。

On a final note, we refreshed our indigenous reconciliation action plan, and we continue to progress our sustainability goals and long-standing commitment to support the communities in which we operate.

最後要說的是，我們更新了我們的原住民和解行動計劃，並繼續推進我們的永續發展目標和長期承諾，以支持我們經營所在社區。

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

最後，我要感謝大家的聆聽。接線員，請接通電話回答您的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Aaron MacNeil, TD Cowen.

亞倫·麥克尼爾（Aaron MacNeil），TD Cowen。

Morning all, thanks for taking my questions. You mentioned your advocacy efforts in your prepared remarks, and we've got a new Canadian government promising to improve the Impact Assessment Act. We've also reached the 100-day mark with the US administration that's also focused on permitting reform. Greg, are you encouraged by what you're seeing and what needs to happen in your view to get your head around larger infrastructure development?

大家早安，謝謝你們回答我的問題。您在準備好的演講中提到了您的倡議工作，加拿大新政府承諾改進《影響評估法》。我們與美國政府的合作也進入百日大關，美國政府也同樣致力於許可改革。格雷格，您所看到的情況是否讓您感到鼓舞？您認為需要做些什麼才能更好地理解更大規模的基礎建設？

Well, morning Aaron, thanks very much for the question. I'm completely enthused about it. Just starting from the campaigns, just the basic conversation here in Canada, but also down south in the United States, and the fact that people are now talking about energy, energy infrastructure, getting stuff done. That's just a market change here in Canada. All of the above approach, which, as you know, we structured the company to succeed in that environment.

早上好，Aaron，非常感謝您的提問。我對此非常熱衷。從活動開始，不僅在加拿大，而且在美國南部，人們現在都在談論能源、能源基礎設施、如何完成任務。這只是加拿大的市場變化。如您所知，我們採用上述所有方法來建立公司，以在這種環境下取得成功。

It's great. Now I think the big question is, is that all campaign rhetoric? Or is that actually going to play out into actually permitting reform? We're starting to see some of that in the United States. Various projects put it on accelerated elements of approvals.

這很棒。現在我認為最大的問題是，這都是競選言論嗎？或者這實際上會起到允許改革的作用嗎？我們開始在美國看到一些這樣的現象。各類項目均將其列入加速審批要素。

Obviously, very supportive of natural gas liquids, LNG exports, et cetera. And I'm going to take the Prime Minister in Canada at his word that he's committed to building energy infrastructure in Canada, becoming a conventional and non-conventional energy superpower.

顯然，非常支援天然氣液體、液化天然氣出口等。我相信加拿大總理的承諾，他致力於建立加拿大的能源基礎設施，使加拿大成為傳統和非傳統能源超級大國。

So when you're in 43 states, 8 provinces and 5 countries, of which the two big ones are the United States and Canada, that is a great spot to be. So I think you see that in our backlog. I think you see that in our execution. So I'm excited. It's just got to turn into reality.

因此，當您身處 43 個州、8 個省和 5 個國家（其中最大的兩個國家是美國和加拿大）時，這是一個絕佳的地點。所以我想你會在我們的積壓工作中看到這一點。我想您在我們的執行中看到了這一點。所以我很興奮。它必須變成現實。

Like I mean we're ready to rock, I think, in Canada, it's just as someone going to put the policies in place so the industry can deliver for both consumers and investors.

就像我的意思是我們已經準備好在加拿大大展拳腳一樣，就像有人要製定政策，以便該行業能夠為消費者和投資者提供服務。

Maybe as a follow on, it's obviously great to see that you're continuing to progress towards an FID on the mainline optimization that you outlined at the Investor Day. What do you think is giving your counterparties the confidence to move ahead with the expansion, given just the broader economic uncertainty and recent OPEC production adds?

也許作為後續，很高興看到您正在繼續朝著投資者日概述的主線優化 FID 邁進。考慮到更廣泛的經濟不確定性和近期歐佩克產量增加，您認為是什麼讓您的交易對手有信心繼續擴張？

Well, I'll give you a couple of thoughts and then Colin is here too. And I think you said -- I think you mean our customers. Our customers, I think, they're looking longer term as well. Look, you're going to see ebbs and flows in pricing. As we said in our opening comments, there's a lot of volatility. But those shorter-term swings, which we watch very closely, can have some impact on production, but they don't change the long-term view of energy demand and need, and that's what we build for, right?

好吧，我會給你一些想法，然後科林也在這裡。我想您說的是—我想您指的是我們的客戶。我認為，我們的客戶也著眼於更長遠的未來。瞧，你會看到價格的起伏。正如我們在開場白中所說的那樣，存在著很大的波動性。但是，我們密切關注的那些短期波動可能會對生產產生一些影響，但它們不會改變能源需求的長期觀點，而這正是我們建造能源的目的，對嗎？

We build pipeline infrastructure and even power infrastructure, the pipelines on the gas and the oil side. So what's happening 12, 18, 36 months out. And so we've got a system that can add on top of what we have now with very permit light, relatively low multiple, and relatively modest increments of volume that really create the opportunity. So -- but specifically on MLO One and maybe the mainline capital, Colin, do you want to speak to that?

我們建設管道基礎設施，甚至電力基礎設施，天然氣和石油管道。那麼 12、18、36 個月後會發生什麼事呢？因此，我們有一個可以在現有基礎上進行擴展的系統，該系統具有非常寬鬆的許可證數量、相對較低的倍數和相對適度的增量，真正創造了機會。那麼 —— 但具體到 MLO One 和可能的主線資本，科林，你想談談這個嗎？

Yes, Aaron, I think we're quite confident on the prospects for Mainline Optimization One , we have an open market -- open season in the market right now, strong response. And underpinning that, to your question, is the supply outlook by customer and in aggregate. And remember that we're basically full today, and they've gone a number of highly economic at very low oil price, debottleneck and smaller projects. They're not requiring a big oil price to underpin a big mass of new mine or anything.

是的，Aaron，我認為我們對 Mainline Optimization One 的前景非常有信心，我們有一個開放的市場 - 目前市場處於開放季節，反應強烈。對於您的問題，支撐這一點的是客戶和整體的供應前景。請記住，我們今天基本上已經滿載運轉，他們已經在非常低的油價下完成了許多高度經濟、去瓶頸和規模較小的項目。他們並不需要高油價來支撐大量新礦或任何東西。

That's not what's underpinning this next wave of egress. And even in the worst case, I guess, you could think about that egress solution as insurance egress, right, protecting the price of the existing 5 million barrels a day.

這並不是下一波撤離浪潮的根本原因。我想，即使在最壞的情況下，你也可以把這個出口解決方案看作是保險出口，對吧，保護現有的每天 500 萬桶石油的價格。

Thanks both. Happy to turn it back.

謝謝你們。很高興把它轉回來。

Jeremy Tonet, JPMorgan..

傑里米·託內特（Jeremy Tonet），摩根大通（JPMorgan）

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Just want to start off with regards to the natural gas pipeline network and opportunities to service growth there. Thank you for the details provided, but just wondering if you could provide maybe some incremental thoughts on the opportunity set to service growing power demand and even data center fuel demand behind that. Is this something time line wise, do you think that can happen near term? Or do you think this takes more time to play out? Just wondering how you see, I guess, the opportunity to service natural gas fired power?

我首先想談談天然氣管道網路及其服務成長機會。感謝您提供的詳細信息，但我只是想了解您是否可以提供一些關於滿足不斷增長的電力需求甚至背後的數據中心燃料需求的機會的想法。這是時間軸方面的事情嗎？您認為這會在短期內發生嗎？或者您認為這需要更多時間才能實現？我只是想知道您如何看待為天然氣發電提供服務的機會？

Yeah, maybe just start with what we've already done, right? So and we did talk during the our analysts day. In March, just a month ago, but how we saw some opportunities in the next 6 to 18 months, which I'll let Cynthia speak to.

是的，也許就從我們已經做過的事情開始，對嗎？因此，我們在分析師日期間確實進行了交談。就在一個月前的三月，但我們看到了未來 6 到 18 個月的一些機會，我會讓辛西亞來談談。

But let's not forget that in the last less than a year, Enbridge has added 5 gigawatts or secured 5 gigawatts of serving natural gas to power plants. So you've got our ridgeline project, in GTM North Carolina, the GDS business is serving. Duke Power plants there, Utah, direct connections to data centers, that's another couple 100 megawatts.

但我們不要忘記，在過去不到一年的時間裡，Enbridge 已增加了 5 千兆瓦或確保了 5 千兆瓦的天然氣發電量。因此，您已經了解了我們在北卡羅來納州 GTM 的山脊線項目，GDS 業務正在為其提供服務。猶他州的杜克發電廠直接連接到資料中心，這又有幾百兆瓦的電力。

Ontario, there's probably a 1 gigawatt of plants there. Ohio, a gigawatt there at the Trumbull plant. So that's 5 gigawatts just on its own. So this is actually ongoing and, occurring real time right now, and I think we've got some great opportunities ahead of us. Do you want to speak to that. Sure, thanks.

安大略省可能有一座發電能力為 1 千兆瓦的發電廠。俄亥俄州特朗布爾電廠發電量達 1 吉瓦。所以其本身就有 5 千兆瓦。所以這實際上是正在進行的，並且正在實時發生，我認為我們面前有一些很好的機會。你想談談這個嗎？當然，謝謝。

Sure, thanks, Greg. And yeah, Jeremy, as we outlined at Enbridge Day, we do have a lot of opportunities in this space for power demand. So whether that's coming from increased industrial demand, the coal to gas conversion or the data centers. We have 35 plus opportunities for about 11 bcf per day of that new electrical demand. So by 2032, that's about $14 billion kind of opportunity set.

當然，謝謝，格雷格。是的，傑里米，正如我們在 Enbridge Day 上所概述的那樣，我們在這個領域確實有很多滿足電力需求的機會。因此，無論這是來自不斷增長的工業需求、煤改氣還是資料中心。我們有超過 35 個機會可以滿足每天約 110 億立方英尺的新增電力需求。因此到 2032 年，這將帶來約 140 億美元的機會。

And as we said, we're focused on that near term in the next 6 to 18 months, we probably see $1 billion to $2 billion worth of opportunities there. And with those projects that we're having these great conversations with those -- of our customers that have that increasing power needs. And they're at really attractive returns in that 6 to 8 times multiple -- build multiples.

正如我們所說，我們專注於未來 6 到 18 個月的短期內，我們可能會看到價值 10 億到 20 億美元的機會。透過這些項目，我們與那些電力需求不斷增加的客戶進行了很好的對話。而且他們的回報率確實很誘人，達到了 6 到 8 倍的倍數——構建倍數。

So we can't talk about all the details, obviously, right now because we're in the midst of having those conversations. So you should look to see some announcements coming in that time frame. So it is exciting, and we have capacity to support that.

因此，顯然，我們現在無法談論所有細節，因為我們正處於這些對話之中。因此，您應該留意一下該時間範圍內發布的一些公告。這令人興奮，而且我們有能力支持這一點。

And Jeremy, just because Matthew Akman in the room throwing a donut at me. We also set it up about 2 gigawatts of power projects on the renewable side that are serving really big clients on the data center side as well. And you know those tech names, we've put them out there before. So we shouldn't forget that either.

還有傑里米，只是因為房間裡的馬修阿克曼向我扔了一個甜甜圈。我們還在再生能源方面建立了約 2 千兆瓦的電力項目，這些項目也為資料中心方面的大客戶提供服務。您知道這些技術名稱，我們之前就已經將它們公佈了。所以我們也不應該忘記這一點。

Got it. That's helpful. Thank you for that. And then maybe just shifting to results for the year and seeing that guide was reaffirmed here and I'm just wondering, I guess, how everything maybe within the year shaping up versus expectations and appreciate the comments on seasonality is highlighted there. That's helpful. But just quarterly allocation in this deck versus prior looks a little bit different.

知道了。這很有幫助。謝謝你。然後也許只是轉向今年的結果並看到該指南在這裡得到重申，我只是想知道，今年的一切可能與預期相比如何，並欣賞那裡強調的關於季節性的評論。這很有幫助。但這次的季度分配與之前的相比略有不同。

So just wondering if there's anything else that was shaping up in the quarter in the year on a quarterly basis that we should be thinking about?

所以我只是想知道今年季度中是否還有其他事情值得我們考慮？

I'll let Pat speak. I don't think there's anything different. I think we're just trying to give you more insight. Obviously, add the new utilities so making sure that people fully understand our first and fourth quarter are the big quarters.

我讓帕特發言。我不認為有什麼不同。我認為我們只是想給你更多的見解。顯然，添加新的實用程式可以確保人們充分理解我們的第一季和第四季是重要的季度。

Yeah, I think that's right. The big change year-over-year would be the addition of all the US utilities. They are not exposed to weather like Ontario is, but they still have a significant profile into the kind of Q1, Q4 category. So I just want to make sure that people are able to model that out appropriately.

是的，我認為是這樣。與去年同期相比，最大的變化是增加了所有美國公用事業。它們不像安大略省那樣受到天氣的影響，但它們仍然在 Q1、Q4 類別中佔有重要地位。所以我只是想確保人們能夠正確地模擬這一點。

I think your question on the strong first quarter, that's how we think about it. It's a really strong first quarter. It gets us really good into the year. As we talked about from a headwinds-tailwinds perspective, making sure that we're of course, always operating reliably. If we do that, we should be well within the guidance range we provided.

我認為您關於第一季表現強勁的問題，我們就是這樣認為的。第一季的表現確實非常強勁。這讓我們在今年過得非常好。正如我們從逆風和順風的角度所討論的那樣，當然要確保我們始終可靠地運作。如果我們這樣做，我們應該能夠達到我們所提供的指導範圍。

There's a potential upside around the new acquisition we just made, if we can close out within the next one month or two. We've got some FX upside as we talked about when we guided. But again, we're fairly hedged there as part of our kind of methodical process that we have there. But there could be some upside both on EBITDA and DCF there. And then always watching interest rates in a fairly volatile window right now.

如果我們能夠在未來一兩個月內完成收購，那麼我們剛完成的收購將具有潛在的上升空間。正如我們在指導時所談到的，我們獲得了一些外匯優勢。但是，作為我們系統化流程的一部分，我們對此進行了相當的防範。但 EBITDA 和 DCF 都可能存在一些上行空間。然後始終關注當前相當不穩定的視窗內的利率。

But all in all, we're feeling very good about how the year is shaping up and a great start.

但總而言之，我們對今年的進展感到非常滿意，這是一個好的開始。

Got it. Thank you. I'll leave it there.

知道了。謝謝。我就把它留在那裡。

Thanks Jeremy.

謝謝傑里米。

Robert Catellier, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Robert Catellier。

Hey, good morning, everyone. I'd like to go back to the permitting questions. Obviously, there was an attempt to improve permitting in the US with alternative arrangements for NEPA compliance. I'm wondering what your take is on this specifically if you have an appetite to elect to have any projects reviewed under that -- those alternative arrangements, or would you need to see something more concrete?

嘿，大家早安。我想回到許可問題。顯然，美國曾試圖透過其他安排來改善許可製度，以符合《國家環境政策法》。我想知道您對此有何看法，具體來說，您是否有意選擇根據這些替代安排來審查任何項目，或者您是否需要看到更具體的東西？

Well, it's a little bit of a mixed bag. Some of it, it's a very, it's a live discussion, I will tell you. Generally speaking, accelerated depreciation, or depreciation at permitting, is awesome. However, it's been so far, you are already along on the project, whether you want to go back and restart, are there core challenges, et cetera? So Robert, I'm not trying to obfuscate the question, but I think it depends.

嗯，情況有點複雜。我會告訴你，其中一些是非常、非常現場的討論。一般來說，加速折舊或允許折舊非常棒。然而，事情已經過去這麼久了，您已經參與了這個項目，是否想回去重新開始，是否存在核心挑戰等等？所以羅伯特，我並不是想混淆這個問題，但我認為這取決於情況。

But there's no doubt accelerated approvals, I would say, in general are a good thing. And you've seen some of our projects put on, say, the Army Corps accelerated element but right across the board. And we've had discussions with the Interior Secretary, at the Energy Secretary. And so I would expect on balance, accelerated Permian is great, but it doesn't mean we'll move every project to restart the clock.

但毫無疑問，我認為加速審批總體上是一件好事。你已經看到我們的一些專案被部署在陸軍工程兵團加速元素上，但這些專案是全面實施的。我們已經與內政部長和能源部長進行了討論。因此，我預期整體而言，二疊紀盆地加速發展是件好事，但這並不代表我們會讓每個專案都重新開始。

I think equally, it may be more important, it's just the policy stance and everything from being able to use gas appliances, if you will, on the GDS side to just the openness and acceptance and reality of the fact that United States can either can't move forward with the gas-fired generation.

我認為同樣重要的是，這只是政策立場和一切，從能夠使用燃氣設備（如果你願意的話），在 GDS 方面，到美國不能推進燃氣發電的開放性和接受度以及現實。

That's a winner right across the board for us. But on that side, it's not just about, say, NEPA, it's about accelerated approvals of transmission, electric transmission as well that's going to drive this. So I don't think there's any one simple answer to that question, unfortunately, Robert.

對我們來說，這是一個全面的勝利。但在這方面，這不僅僅是關於《國家環境政策法》，還涉及加速傳輸、電力傳輸的審批，這將推動這項進程。所以不幸的是，我認為這個問題沒有一個簡單的答案，羅伯特。

No, that's why I asked it. Next question. I just wanted to get your updated views on the Permian. There's been a number of producers that have suggested that weak prices are curbing their capital investment. Notwithstanding the record volumes at Ingleside this quarter, what is your outlook for Permian production in general and the impact on both Ingleside and your Permian gas system?

不，這就是我問這個問題的原因。下一個問題。我只是想了解您對二疊紀的最新看法。許多生產商表示，疲軟的價格正在抑制他們的資本投資。儘管本季英格爾賽德的產量創下了紀錄，但您對二疊紀盆地的整體產量有何展望？這對英格爾賽德和您的二疊紀天然氣系統有何影響？

And I'm curious if there's alignment with the joint venture partners on the pace of which you deploy capital in the particularly on the gas side?

我很好奇，你們在天然氣方面的資本部署速度是否與合資夥伴一致？

Yeah, on the first, on your last question, and then maybe Colin can speak to all the Permian volume issues. I don't think there's any -- we wouldn't have re-upped or picked up another piece of the asset in the WhiteWater JV Matterhorn, if there was misalignment. I think there's absolute alignment on what needs to be done. Obviously, Matterhorn is a project that's already in service.

是的，首先，關於你的最後一個問題，然後也許科林可以談談二疊紀的所有體積問題。我認為沒有——如果存在錯位，我們就不會重新購買或收購 WhiteWater JV Matterhorn 中的另一部分資產。我認為對於需要做的事情大家是完全一致的。顯然，馬特洪峰是一個已經投入使用的計畫。

But look, you're seeing GORs go up in the Permian, the need for gas takeaway is absolute regardless in your view, whether you think there's going to be a slowdown in production or a leveling out of production. And I will say the gas pricing is quite productive. No pun intended in terms of actually building takeaway and serving as a minor, but an important buffer to a weaker price on the oil side as well. So -- but on the Permian, I mean, there's no doubt we're watching those rig counts and what our producing customers are saying on the oil side.

但你看，你看到二疊紀盆地的天然氣產量正在上升，無論你認為產量會放緩還是趨於平穩，對天然氣外運的需求都是絕對的。我想說的是，天然氣定價非常有效。在實際建構外送和充當次要角色方面，這並不是雙關語，但也是石油價格走弱的重要緩衝。所以 — — 但就二疊紀而言，我的意思是，毫無疑問我們正在關注鑽井數量以及我們的生產客戶對石油方面的看法。

Yeah, Robert, I can chime in here. And listen, the Permian is a great basin and always will be. It's a critical basin. And we've got our ear to the ground just as you are, and we're seeing over the last couple of weeks.

是的，羅伯特，我可以插嘴。聽著，二疊紀盆地是一個偉大的盆地，而且永遠都是。這是一個關鍵的盆地。和你們一樣，我們也一直在密切關注，並且已經關注了過去幾週的情況。

You probably a mixed bag from producers, some holding firm, some dropping a rig or two or three. So we're keen to follow that. The good news is that our business is built to be relatively insensitive to that price and to that indirect risk of volume risk. We have a contracted business in the Permian. Ingleside and Gray Oak are contracted and our cash flows are solid.

您可能會看到來自不同生產商的混合體，一些生產商堅持立場，而一些生產商則放棄了一兩台或三台設備。所以我們熱切地希望遵循這一點。好消息是，我們的業務對價格以及數量風險的間接風險相對不敏感。我們在二疊紀有合約業務。Ingleside 和 Gray Oak 已簽訂合同，我們的現金流穩定。

Prices go up and down, we built the business intentionally to be resilient. And I think the question on JV partners may be more Cynthia related, but we're aligned with our team. We have some expansions coming online on Gray Oak and Ingleside here. So the next few years of cash flow look really good yet for our business coming.

價格有漲有跌，我們刻意打造具彈性的企業。我認為有關合資夥伴的問題可能與辛西婭更相關，但我們與我們的團隊是一致的。我們在 Gray Oak 和 Ingleside 上推出了一些擴充功能。因此，對於我們的業務而言，未來幾年的現金流看起來確實非常好。

Yeah, OPEC Plus actions, tariffs, all that again, as Colin said, we watch really carefully. But this is exactly the environment that Enbridge was built for, right? Size, diversity, serving the best demand markets in the most economic production basins. That's really what makes Enbridge a winner. So we're watching that stuff carefully. We can react and build out small increments or large increments depending on what depending on what our customers want on a given point in time.

是的，正如科林所說，OPEC+ 的行動、關稅等等，我們都非常密切地關注。但這正是 Enbridge 所針對的環境，對嗎？規模化、多元化，服務最經濟的生產盆地中的最佳需求市場。這正是 Enbridge 成為贏家的原因。因此我們正在仔細觀察這些事情。我們可以根據客戶在特定時間點的需求做出反應，並建立小增量或大增量。

That's a lot of good, color. Thanks so much.

顏色真好看。非常感謝。

Thanks Robert.

謝謝羅伯特。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Morning. Thank you for taking my questions. Maybe double clicking on the Permian's Coast gas transmission franchise. You've successfully participated in multiple minority interests across different assets here. And looking at your broader footprint, you seem very comfortable and maybe even prefer to wholly own and operate your assets. How should we think about the strategic path forward for your gas transmission footprint from the Permian all the way through the Gulf Coast? How do you envision these assets ultimately fitting within your portfolio?

早晨。感謝您回答我的問題。也許雙擊二疊紀海岸天然氣輸送特許經營權。您已成功參與此處不同資產的多項少數股權。從您更廣泛的業務範圍來看，您似乎非常樂意，甚至可能更願意完全擁有和經營您的資產。我們該如何思考從二疊紀盆地一直到墨西哥灣沿岸的天然氣輸送的戰略路徑？您認為這些資產最終將如何融入您的投資組合？

Yeah, I think it's a fair comment, Theresa, that we generally like to like a lot of big companies, we like to control those strategically and commercially, but we have a lot of joint ventures right across the right across North America and in Europe too, as you know.

是的，特蕾莎，我認為這是一個公平的評論，我們通常喜歡很多大公司，我們喜歡在策略和商業上控制它們，但正如你所知，我們在北美和歐洲也有很多合資企業。

So we're comfortable in that environment. It does allow us to participate in a greater number of locations because you spread out the capital that's required. And it does give us insights with some of those partners. When I think of some of our great partners, some of them are producing partners, some of them have upstream and downstream activities and sometimes they're fellow mid-streamers as well.

所以我們在那種環境中感到很舒服。它確實使我們能夠參與更多的地點，因為你分散了所需的資金。它確實讓我們對一些合作夥伴有了更深入的了解。當我想到我們的一些優秀合作夥伴時，他們中的一些人是生產合作夥伴，有些人擁有上游和下游活動，有時他們也是中游夥伴。

So we get a lot of value from that. Ultimately, would we like to own significant elements of it and being control and strategy. I think that's a fair comment. But we're patient, A, it's not absolutely necessary. And as you know, we are not opportunity short. So this allows us to take the -- allows us to participate in as many opportunities as possible.

因此，我們從中獲得了許多價值。最終，我們希望擁有其中的重要元素並進行控制和策略。我認為這是一個公正的評論。但是我們有耐心，A，這不是絕對必要的。正如你們所知，我們並不缺乏機會。因此，這使我們能夠抓住——使我們能夠參與盡可能多的機會。

Understood. And Greg, going back to the macro and the role of infrastructure across your footprint. The letter of intent you've signed to support WCSB egress, what are the near and medium-term goals of the working group you've established? How do you view the path forward for the industry over time, taking into account the learnings from recent geopolitical volatility and trade tensions?

明白了。格雷格，讓我們回到宏觀層面以及基礎設施在您的足跡中的作用。您簽署了支持 WCSB 出口的意向書，您建立的工作小組的近期和中期目標是什麼？考慮到最近地緣政治動盪和貿易緊張局勢的經驗教訓，您如何看待該行業未來的發展道路？

Well, I think the first thing is just to engage with the new the new government here in Canada. We have not had an opportunity as a group or a subset of that group to sit down with the Prime Minister. He's been a little bit busy on both sides of the border and setting a cabinet when that happens, I think that will be the first thing.

嗯，我認為第一件事就是與加拿大的新政府接觸。我們作為一個團體或該團體的一部分還沒有機會與總理坐下來交談。他在邊境兩邊都有點忙，一旦有事發生，他就會組成內閣，我認為這是第一件事。

And I think it's important that the Prime Minister have an opportunity to hear from the industry. But you think about those 39 CEOs represent a lot of jobs, a lot of GDP, a lot of revenue. So that's one. Secondly, I got to address the carbon tax and emission cap issues. Third thing, you got to get rid of the ban on the West Coast for tankers if there's expected to be egress that way.

我認為讓首相有機會聽取業界的意見非常重要。但你想想，這 39 位執行長代表著大量的工作、大量的 GDP 和大量的收入。這就是其中之一。其次，我要解決碳稅和排放上限問題。第三件事，如果預計西海岸有油輪出口，就必須取消對西海岸油輪的禁令。

And then I think that we've already made some progress on that front, but we have to execute on it. That would be indigenous loan guarantees and participation in infrastructure. So that's four or five things that we got a pitter-patter let's get at it. I think the Prime Minister cities wants to do that, but those things can be done very quickly with either a stroke of the pen or some legislation.

我認為我們在這方面已經取得了一些進展，但我們必須執行。這將是本土貸款擔保和基礎設施參與。這就是我們討論的四、五件事，讓我們開始討論吧。我認為首相城市想要這樣做，但這些事情可以透過動筆或立法很快完成。

And again, I don't of the two, this is quickly turning into a two-party country. And I think both parties had similar ideas, maybe different -- slightly different tactics on being able to build energy. So I would have thought that these things could be done rather quickly in a parliament that's united on the need for that for Canada.

再說一次，我不認為這兩者中的任何一個會改變現狀，因為這個國家正在迅速變成一個兩黨制國家。我認為雙方都有類似的想法，也許在增強能量方面的策略略有不同。因此，我原以為，如果議會一致認同加拿大的需要，這些事情很快就可以完成。

Thank you very much.

非常感謝。

Thanks, Teresa.

謝謝，特蕾莎。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO 資本市場。

Hey, thanks. Good morning. On your earnings report, you mentioned, almost $3 billion of projects, you sanctioned, year-to-date. Can you comment on the work on sanctioning projects, going forward where you're seeing the most business activity and do you anticipate the pace of the sanctions to accelerate?

嘿，謝謝。早安.在您的收益報告中，您提到，今年迄今為止，您批准了近 30 億美元的專案。您能否評論一下制裁項目的工作，您認為未來哪些地區的商業活動最為活躍，您是否預期制裁的步伐會加快？

Yeah, that's a good question. First of all, I would say that you're going to see sanctioning projects in every single one of our businesses, and that's excellent, right? I mean, we as we said, we already executing on $27 million, $28 million worth of projects end up $50 billion of opportunities. I think you'll continue to see that.

是的，這是個好問題。首先，我想說，你會看到我們每一項業務都有批准項目，這很好，對吧？我的意思是，正如我們所說，我們已經執行了價值 2700 萬美元、2800 萬美元的項目，最終帶來了 500 億美元的機會。我想你會繼續看到這一點。

I'm looking around the room here at four business leaders that are pretty keen to keep growing their businesses and create opportunities. So I'm also looking at the CFO here that really likes the being able to choose from those projects that provide the greatest returns as quickly as possible for investors and obviously, serving our customers.

我環顧四周，看到四位商界領袖，他們都非常熱衷於繼續發展自己的業務並創造機會。因此，我還看到財務長真正喜歡能夠從那些能夠盡快為投資者提供最大回報並顯然為我們的客戶提供服務的項目中進行選擇。

So I'm going to say you're probably going to see the biggest sanctioning right out of the block on the liquid side, which is somewhat different. On the gas side, both at GDS and GTM, you have a variety as well. I think the one that's bit of a question, [Mark] and I mentioned in opening comments, just what do we do on renewables, just with the dynamic nature of policy there.

所以我想說，你可能會看到流動性方面受到最嚴厲的製裁，這多少有些不同。在天然氣方面，無論是 GDS 還是 GTM，您都可以享受多種選擇。我認為這是一個有點疑問的問題，[馬克] 和我在開場白中提到過，考慮到那裡政策的動態性質，我們在再生能源方面該做什麼。

But Matthew and his team have a number of late-stage projects that could move forward, that don't look like they will be caught up in either tariff or policy elements there. So it's right across the board, Ben, which really gives us a lot of confidence on our long-term growth prospects, not just the positive year that's shaping up through the first quarter anyways.

但馬修和他的團隊有許多可以推進的後期項目，看起來它們不會受到關稅或政策因素的影響。所以，本，這是全面的，這確實讓我們對長期成長前景充滿信心，而不僅僅是第一季正在形成的積極局面。

Okay, very good. And I know you see your capital programs related questions and been ramping up, steadily. And how do you, I think with human capital -- and human capital in the equation, is there a certain project roster that's too big you relative to your staffing? And do you think that could be a constraint on just moving forward the projects?

好的，非常好。我知道您看到了與資本計劃相關的問題，而這些問題一直在穩步增加。我認為，在人力資本方面——以及在人力資本等式中，是否存在某個項目名冊相對於您的人員配置而言太大了？您認為這會對專案的推進造成限制嗎？

So far, we haven't seen that, Ben. And it kind of goes back to Theresa's question about JVs and stuff like take the WhiteWater stuff. We are not the lead player from the build perspective, but we get to participate I even look at some of our renewable activities say, in Europe, that's being we're not the lead builder. And we obviously have a major project team that looks at all projects, say, over $50 million at an Enbridge size. So we haven't seen it to date.

到目前為止，我們還沒有看到這種情況，本。這有點回到 Theresa 關於合資企業和諸如 WhiteWater 之類的問題。從建設角度來看，我們並不是主要參與者，但我們可以參與，我甚至看看我們的一些再生能源活動，例如在歐洲，那就是我們不是主要建設者。顯然，我們有一個主要專案團隊，負責審查所有項目，例如像 Enbridge 規模那樣價值超過 5000 萬美元的項目。所以我們至今還沒有看到它。

But obviously, I'm always concerned about human capital. Do we have enough people to deliver on it, but so far, so good from that perspective. I guess the other one I'd point to is with [fiber 2]. We're not actually building that one. We're involved in helping them and providing counsel and what we know about marine activities and building pipes, et cetera. So far so good, but I think you're right to point out we've got to make sure we stay on top of the human capital element.

但顯然，我一直關注人力資本。我們是否有足夠的人力來實現這一目標，但從這個角度來看，到目前為止一切都很好。我想我要指出的另一個是[纖維 2]。我們實際上並沒有建造那個。我們致力於幫助他們，提供諮詢以及我們所了解的有關海洋活動和管道建設等方面的資訊。到目前為止一切都很好，但我認為你指出我們必須確保我們始終處於人力資本要素的領先地位，這是正確的。

Maybe one thing I'll just add to that is as Enbridge Day $28 billion, $29 billion is a big number, but we're a big company. If you go back a number of years ago, we had peaks in our capital programs like this in the past and have managed through them quite well. So I think we've got a track record of doing that. We've got the right skill set, a number of those people are still with the organization.

也許我想補充一點，因為 Enbridge Day 的估值為 280 億美元，所以 290 億美元是一個很大的數字，但我們是一家大公司。如果回顧幾年前，我們過去的資本計畫也曾經達到類似的高峰，並且我們管理得相當好。所以我認為我們在這方面有良好的記錄。我們擁有合適的技能，其中許多人仍在組織內工作。

So I think we feel really good about our not only our project group, operational teams and our supply chain management. So I think we'll, as you've now continue to monitor it as we go forward. But at the moment, I don't see any constraints there.

因此我認為我們不僅對我們的專案組、營運團隊和供應鏈管理感到滿意。所以我認為，正如你們現在所言，我們會繼續監控它。但目前，我沒有看到任何限制。

Okay, got it. Thank you.

好的，明白了。謝謝。

Thanks, Ben.

謝謝，本。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning guys, and congrats on a very strong quarter. I'm just trying to understand it appears that the acquisition of the three utilities has gone even better than most expected or even you expected. So first, if you could talk a little bit about that, what have been the positive surprises, and then, circling back a little bit into Jeremy's question, if everything is so good and the tariffs are also not a real headwind, then is the 2025 guide just conservative at this point?

大家早安，恭喜本季業績表現強勁。我只是想知道，對這三家公用事業公司的收購似乎比大多數人預期的甚至比你預期的還要好。因此，首先，您可以稍微談一談這一點，有哪些積極的驚喜，然後，回到傑里米的問題，如果一切都那麼好，而且關稅也不是真正的阻力，那麼 2025 年的指南現在是否只是保守的？

Yeah, well, look, we give annual guidance. And as Pat mentioned, the first quarter, very nice to see a robust start. But the fourth quarter is a really important quarter for us. So I don't want to get ahead of ourselves. I think we are in a great spot. Far better to have a nice launch than being behind the (inaudible) and we've had a nice launch.

是的，你看，我們提供年度指導。正如帕特所提到的，第一季開局強勁，令人欣喜。但第四季對我們來說確實是一個重要的季度。所以我不想超越我們自己。我認為我們處境很好。有一個好的發布會比落後（聽不清楚）好得多，我們已經有一個好的發布會。

And there's a reason why we've hit guidance, it looks like it will be 20 years in a row and it's because we've got relative stability plus and minus. So I feel very good about what we've put out there to the street to date and feel very good about some of the tailwinds. On the GDS side of things and the acquisition of the US utilities, I think it's going extremely well.

我們之所以能夠達到預期，是因為看起來我們將連續 20 年達到預期，這是因為我們擁有相對穩定的正負表現。因此，我對我們迄今為止在市場上推出的產品感到非常滿意，並且對一些有利因素也感到非常滿意。就 GDS 方面以及對美國公用事業的收購而言，我認為進展非常順利。

Remember, we haven't had some of these assets even in the house yet for a year. So obviously, integration is ongoing, disentanglement from Dominion, ongoing all as planned. But so that's still going to get to unperformed willing to say a big success. But from a macro perspective, I don't think in -- let's see, that would have been late -- early '23, mid-'23, that most people would have seen the uptick in demand in gas, the power side of things data centers, et cetera, all of that is an incremental macro benefit to that acquisition.

請記住，有些資產我們甚至還沒有搬進房子一年。因此顯然，整合正在進行中，脫離 Dominion，一切都按計劃進行。但即便如此，這仍然會取得巨大成功。但從宏觀角度來看，我認為，在——讓我們看看，那應該是遲了——23 年初，23 年中，大多數人不會看到天然氣需求、數據中心電力方面等的上升，所有這些都是該收購帶來的增量宏觀效益。

Regulatory environment continue to be along the lines we expected, in the acquisition. And the people are great. So I don't know Michele whether you'd add anything to that?

在收購過程中，監管環境持續符合我們的預期。那裡的人都很棒。所以我不知道 Michele 您是否還有什麼要補充的？

Well, I think you've got it, Greg. I mean the growth I mentioned that Enbridge Day is even stronger than we thought. There's a real tailwind around electrification, whether that's data centers, power generation. We were -- the strength of the regulatory teams helped us close quickly. So we're able to bring the utilities in a bit faster than we expected to and really start seeing to create the -- the integration is going well.

好吧，我想你已經明白了，格雷格。我的意思是，我提到的 Enbridge Day 的成長甚至比我們想像的還要強勁。電氣化確實存在順風，無論是資料中心或發電。我們－監管團隊的實力幫助我們迅速完成交易。因此，我們能夠比預期更快地引入實用程序，並真正開始看到創建 - 整合進展順利。

We actually did our first major system cutover earlier this week, it went smoothly. And exactly as Greg said, the people are excellent. The cultures are meshing well. So -- it's -- we're really pleased with where things are.

事實上，我們本週稍早就進行了第一次重大系統切換，一切都很順利。正如格雷格所說，這裡的人都很優秀。兩種文化很好地融合在一起。所以 — — 我們對目前的情況非常滿意。

And we've got optionality where we want to put those regulated utility dollars to get multiple jurisdictions and those that provide the greatest opportunities for their own customers and also for our investors are the place we're going to put that, call it, roughly $3 billion of capital each year on the utility side.

我們擁有選擇權，我們希望將這些受監管的公用事業資金投入到多個司法管轄區，而那些為自己的客戶和投資者提供最大機會的司法管轄區是我們每年在公用事業方面投入約 30 億美元資金的地方。

Exactly.

確切地。

Perfect. My quick follow up here is, the benefits or the decision to move ahead with transfers pipeline and, additional 10% interest in that on, what drove those decisions. Thank you.

完美的。我在這裡快速跟進的是，推進轉移管道的利益或決定，以及其中額外的 10% 的利益，是什麼促使了這些決定。謝謝。

Yeah, thanks, Manav. Obviously, we continue to really be excited about the joint venture opportunities we have. As we outlined, we've invested the $2 billion to date in those JV opportunities there, and we have about another $1 billion with the growth projects that are out there. And these are in, obviously, the Permian Basin, and it ties into our existing infrastructure.

是的，謝謝，Manav。顯然，我們仍然對我們擁有的合資機會感到非常興奮。正如我們所概述的，迄今為止，我們已經向那裡的合資機會投資了 20 億美元，並且我們還向那裡的增長項目投資了大約 10 億美元。顯然，這些位於二疊紀盆地，與我們現有的基礎設施緊密相連。

We are in that space with TECO and we have the storage assets there too with Trace Placias. So as we look out to what that future is, we see the opportunity to continue to build out there with a really attractive built multiple around 6 times.

我們與 TECO 一起進入了該領域，並且我們與 Trace Placias 也在該領域擁有存儲資產。因此，當我們展望未來時，我們看到了繼續建造的機會，其建設倍數非常具有吸引力，約為 6 倍。

Yes, it's really that super system, like we built the super system on the liquid side calling team there and to the export world. And I think Cynthia and the team is doing a great job of building another gas super system in serving all those LNG facilities and storage, et cetera. So it's frankly a bit of a no-brainer to keep building out that side of the system.

是的，這確實是一個超級系統，就像我們在液體方面建立了超級系統，呼叫那裡的團隊並向出口世界發出呼叫。我認為辛西亞和她的團隊在建造另一個天然氣超級系統以服務所有液化天然氣設施和儲存設施等方面做得非常出色。因此坦白說，繼續建造系統的這一方面是毫不費力的。

Thank you so much, and congrats on a great quote.

非常感謝，恭喜您發表瞭如此精彩的引言。

Thank you, Manav.

謝謝你，馬納夫。

Rob Hope, Scotiabank..

羅伯霍普（Rob Hope），加拿大豐業銀行......

Morning, on, follow up to the last question. So at the recent investor day you highlighted $2 billion to $3 billion of US Gulf Coast expansions on the gas side that you can FID in the next, we'll call it, a couple of quarters here. It looks like you made some progress with Matterhorn. But looking forward, when you think about your kind of Permian and US Gulf Coast super system, where are you seeing the best opportunities now? Is it more on the storage and LNG connectivity side? Or do you need more kind of, we'll call it, capacity out of the Permian?

早安，繼續回答最後一個問題。因此，在最近的投資者日上，您重點介紹了美國墨西哥灣沿岸天然氣擴建項目，該項目耗資 20 億至 30 億美元，您可以在接下來的幾個季度內做出最終決定。看起來你在馬特洪峰方面取得了一些進展。但展望未來，當您考慮二疊紀和美國墨西哥灣沿岸超級系統時，現在您在哪裡看到了最好的機會？它是否更多地涉及存儲和液化天然氣連接方面？或者您需要更多（我們稱之為）二疊紀盆地的產能？

Yeah, I think it's a combination, Rob, we see lots of opportunities coming in from the Permian still. That's why we have these ongoing growth opportunities noted. But we have, obviously, with our tech co-system the header system there along the Gulf Coast, there continues to be lots of announced expansion opportunities with the LNG exports. We're connected to 100% of the current operating LNG export facilities.

是的，我認為這是一個綜合因素，羅布，我們仍然看到二疊紀盆地蘊藏著許多機會。這就是我們注意到這些持續成長機會的原因。但顯然，憑藉我們在墨西哥灣沿岸的技術協同系統和集管系統，我們將繼續宣布大量液化天然氣出口擴張機會。我們與目前營運的 100% 液化天然氣出口設施相連。

So there's lots of upside there. We still have on the storage side, we noted that we have just closed three open seasons, one for Trace Placias, so there's going to be -- we're just reviewing those results that closed -- the last one closed earlier this week. So we're reviewing those results, but we still see a lot of opportunity to continue to build out the existing Heather storage supersystem that. So it's going to be a combination.

因此，這其中存在著很大的優勢。在存儲方面，我們仍然注意到我們剛剛結束了三個開放季節，其中一個是 Trace Placias，所以將會有 - 我們只是在審查那些結束的結果 - 最後一個於本週早些時候結束。因此，我們正在審查這些結果，但我們仍然看到很多機會來繼續建立現有的 Heather 儲存超級系統。所以這將是一個組合。

There's some laterals, there's some storage. There's some specific projects tied to LNG expansion and new facilities. So it's an exciting position to be in, and we'll have to compete for capital with all these other projects we have ongoing.

有一些側向通道，也有一些儲存空間。有一些具體項目與液化天然氣擴建和新設施有關。所以這是一個令人興奮的處境，我們必須與我們正在進行的所有其他項目競爭資金。

Yeah, I love the nature of the, several $100 million at a time. Not that there's anything wrong with several $1 billion at a time. But obviously, it's quicker deployment. We shouldn't forget the power side too. There's power opportunities along the Gulf Coast for the reasons you all know, whether it's industrial or data centers. So I'd watch for us to get our fair share of that, too.

是的，我喜歡這種性質，每次幾億美元。並不是說一次投入幾十億美元有什麼問題。但顯然，它的部署速度更快。我們也不應該忘記權力方面。眾所周知，墨西哥灣沿岸存在著電力機會，無論是工業還是資料中心。因此，我也會關注我們是否能獲得公平的份額。

Thanks for that. And then maybe just following Matterhorn. Can you give an outlook of what the M&A environment is looking right now, just given all the volatility out there? Are you seeing some opportunities to transact at attractive pricing and for attracted assets like Matterhorn?

謝謝。然後也許只是跟著馬特洪峰。考慮到目前存在的各種波動性，您能否對目前的併購環境做出展望？您是否看到了以有吸引力的價格進行交易以及獲得像馬特洪峰這樣的吸引資產的機會？

Well, first of all, I think the important point is that we don't need to do any M&A. It has to really compete strongly against that $50 billion of opportunities that we see organically and obviously, we're delivering on $27 billion of growth that's really going to drive our growth outlook for the next several years. Traditionally, at this time of a cycle, opportunities do come up. People do need to get liquid.

嗯，首先，我認為重要的一點是我們不需要進行任何併購。它必須與我們自然而然看到的 500 億美元機會進行激烈競爭，顯然，我們實現了 270 億美元的成長，這將真正推動我們未來幾年的成長前景。傳統上，在周期的這個時刻，機會確實會出現。人們確實需要補充液體。

People and tend to see valuations therefore come down. So given the size of our company, we're always seeing those opportunities. As we've said, we'll look at tuck-ins. But yes, they're going to have to be good deals. They're going to have to be accretive to our per share metrics. They're going to have to be neutral or better to the balance sheet, and they've got to be better than the organic stuff that we have in front of us. But we'll always keep a wide open eye to that. I haven't seen that kind of stress really to, Rob. So we'll see what happens.

因此人們傾向於看到估值下降。鑑於我們公司的規模，我們總是能看到這些機會。正如我們所說的，我們將關註一下塞入。但確實，這些交易必須是好的。它們必須提高我們的每股盈餘指標。它們必須對資產負債表保持中性或更好，並且必須比我們面前的有機產品更好。但我們會始終對此保持密切關注。羅布，我從未真正見過這種壓力。因此我們將拭目以待。

Thank you.

謝謝。

Thank you.

謝謝。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, great, good morning. Maybe just going to Texas Eastern, can you, help us understand if you could be involved with the Homer City data center project in Pennsylvania, given the proximity of Texas Eastern, it's pretty close to that planned data center.

謝謝，太好了，早安。也許只是去德克薩斯東部鐵路公司，您能否幫助我們了解您是否可以參與賓夕法尼亞州的荷馬城數據中心項目，考慮到德克薩斯東部鐵路公司的距離，它與計劃中的數據中心非常接近。

Have you had discussions with them to supply the planned, build out or future expansions and. If so, how much capacity exists in that region on your pipe, and would you have to make a meaningful investment to expand it?

您是否與他們討論過提供計劃、建設或未來的擴展等事宜？如果是這樣，您的管道在該區域的容量是多少，您是否需要進行有意義的投資來擴大它？

Yeah, thanks, Praneeth. It's Cynthia. As you noted, with that Homer City opportunity, our ecosystem is closed. We're not going to talk to any specific negotiations that we have ongoing. What I will say, just in general, is throughout that area, Texas Eastern as about 10 bcf per day or the equivalent of 60 gigawatts of energy equivalent underutilized receipt points that tie into that Marcellus supply region.

是的，謝謝，Praneeth。我是辛西亞。正如你所說，有了荷馬城的機會，我們的生態系統就封閉了。我們不會談論正在進行的任何具體談判。我要說的是，總體而言，在整個德州東部地區，與馬塞勒斯供應區相連的未充分利用的接收點約為每天 100 億立方英尺，或相當於 60 千兆瓦的能量。

So we do have some very economical pipeline expansion in Pennsylvania and Ohio along our existing right of way. So we are having lots of conversations with those developers, power gen, hyperscalers for data centers. That whole area is very active and so it's an exciting opportunity. And we'll continue to, as I noted earlier, hopefully, we'll continue to keep you updated for multiple announcements over the next period of time because we really do believe that we have that $1 billion to $2 billion with the projects that will be able to announce in the next 6 to 18 months.

因此，我們確實在賓夕法尼亞州和俄亥俄州沿著現有通行權進行了一些非常經濟的管道擴建。因此，我們與資料中心的開發商、發電廠和超大規模企業進行了大量對話。整個地區非常活躍，因此這是一個令人興奮的機會。正如我之前提到的，我們希望在接下來的一段時間內繼續向大家通報多個公告，因為我們確實相信，我們擁有 10 億到 20 億美元的資金，這些項目將在未來 6 到 18 個月內宣布。

Yeah. And all that would be incremental to the 5 gigawatts of gas we're providing to serve 5 gigawatts of power. So, yeah, excited about it. We'll see where we go, but you are correct, we are in a good position.

是的。所有這些都將增加到我們為提供 5 千兆瓦電力而提供的 5 千兆瓦天然氣的增量。是的，我對此感到很興奮。我們會看看會去哪裡，但你是對的，我們處於有利地位。

Got it. Okay. We'll stay tuned for that. And then, I wanted to go back to the slide on seasonality slide 13. I know you mentioned the utilities business among other factors that's kind of driving that quarterly cadence. But, it does look a little bit steeper, I think, than we would have anticipated if I just take, the midpoint of the 2025 EBITDA guidance and assume 20%.

知道了。好的。我們將持續關注。然後，我想回到關於季節性的第 13 張投影片。我知道您提到了公用事業業務以及其他推動季度節奏的因素。但是，我認為，如果我只採用 2025 年 EBITDA 指引的中點並假設為 20%，那麼它看起來確實比我們預期的要高一些。

This is for Q2, you end up with an EBITDA figure that's quite a bit lower than consensus. So I just want to understand how to read this table, should we shift more of the utility EBITDA towards Q4 and out of Q2? Or is this more kind of illustrative in nature rather than formal quarterly guidance? Thank you.

這是第二季的數據，最終得到的 EBITDA 數字比普遍預期的要低得多。所以我只是想了解如何解讀這個表格，我們是否應該將更多的公用事業 EBITDA 轉移到第四季而不是第二季？或者這本質上更具說明性而非正式的季度指導？謝謝。

Yeah, I mean, we're not trying to give formal quarterly guidance here. We give annual guidance. We're trying to help -- the Street a discussion on how this new profile lands given that we do have the utilities. I think we can help you as we go through maybe detailed conversations on how the assets roll.

是的，我的意思是，我們並不是想在這裡提供正式的季度指導。我們每年都會提供指導。我們正在嘗試幫助華爾街討論如何在我們確實擁有實用功能的情況下實現這一新形象。我認為我們可以為您提供幫助，因為我們正在就資產如何流動進行詳細的討論。

But it was really just trying to highlight the fact that not only do we have the new US utilities and the Ontario utility that have both a front and back and weighted profile, but other parts of our business do that too. For example, on the main line, we hit a record 3.2 million barrels this quarter, and our forecast was 3.

但這實際上只是想強調這樣一個事實：我們不僅有新的美國公用事業公司和安大略公用事業公司，它們都具有前端和後端加權的概況，而且我們業務的其他部分也具有這樣的概況。例如，在主線上，本季我們的產量達到了創紀錄的 320 萬桶，而我們的預測為 3。

We assume we'd be over 3 for the quarter, but not quite as high as the 3.2 because there is some seasonality there as well. And then go to Cynthia's business in GTM and depending on weather and how interruptible service gets utilized.

我們預計本季的數字將超過 3，但不會高達 3.2，因為其中也存在一些季節性因素。然後前往 GTM 的 Cynthia 公司，並根據天氣情況以及如何利用可中斷服務。

That usually happens in the winter months. So really, again, just trying to help people understand their models. As we said, we've had a really good start to the year but there's still a bunch of year to go here. So that's why we're maintaining our guidance as we've noted, so.

這通常發生在冬季。所以實際上，我只是想幫助人們理解他們的模型。正如我們所說，今年我們有了一個非常好的開端，但未來還有很長的路要走。這就是我們維持指導方針的原因，正如我們之前提到的。

Understood. Thank you.

明白了。謝謝。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯‧蔡 (Maurice Choy)。

Thank you, and good morning, everyone. I just want to come back to an earlier discussion about US crude oil. I sense a rising value for assets with export solutions, perhaps even acting as a strategic differentiator. So you could zoom into EIC again, if you could share your updated outlook for the facility and just broadly the US crude oil export given the global trade landscapes?

謝謝大家，早安。我只是想回到之前關於美國原油的討論。我感覺到具有出口解決方案的資產價值正在上升，甚至可能成為策略差異化因素。那麼，您可以再次放大 EIC 嗎，您是否可以分享您對該設施的最新展望，以及考慮到全球貿易狀況對美國原油出口的整體展望？

Maurice, it's Colin. Yes. So we remain bulls on exports generally, all commodities, even outside energy, like the continent is long, everything. So -- and having been involved now at Ingleside for three or four years, I think we've furthered our knowledge and conviction in the thesis generally. And specifically, what advantages one marine facility from the next.

莫里斯，我是科林。是的。因此，我們總體上仍然看好出口，所有大宗商品，甚至能源以外的商品，例如大陸，所有東西。所以——我已經在英格爾賽德工作了三、四年，我認為我們總體上已經加深了對這篇論文的了解和信念。具體來說，一個海洋設施與另一個海洋設施相比有哪些優勢。

And obviously, the facility has a number of advantages. I'm not going to repeat them all but it all translates each one of those advantages accumulates into nickels, dimes, quarters, even dollars of advantage. So we're trying to now grow that out, obviously. We're expanding Ingleside. There's another phase under construction that's contracted.

顯然，該設施具有許多優勢。我不會重複所有這些，但所有這些都將每個優勢轉​​化為五分鎳幣、一角硬幣、四分之一美元甚至美元的優勢。因此，顯然我們現在正努力擴大這個範圍。我們正在擴建英格爾賽德。另有第一期工程正在興建中，並已簽訂合約。

And we're also trying to now port that all those advantages to similar commodities. Whether it's NGLs or you talked about LNG at some point or low carbon. So that thesis remains strong. And over time, generally, we're trying to build a longer value chain like we talked about in gas 5 or 6 minutes ago, further up and direct and help customers keep as much of that value chain as they can. That's the strategy.

我們現在也正嘗試將所有這些優勢移植到類似的商品上。無論是 NGL 還是您在某個時候談論的 LNG 或低碳。因此這論點仍然有力。隨著時間的推移，我們通常會嘗試建立更長的價值鏈，就像我們 5 或 6 分鐘前在天然氣領域討論的那樣，進一步向上和直接地幫助客戶盡可能保留該價值鏈。這就是策略。

We're adding our marketing affiliate to that chain now in a modest way. So yeah, we continue to believe in that thesis, but in a contracted model, it's a strong fundamental approach, but it's also then underpinned, [belt] and suspenders, if you like. by a very differentiated contracted model.

我們現在正以適度的方式將我們的行銷分支機構添加到該鏈中。所以，是的，我們仍然相信這個論點，但在收縮模型中，這是一種強大的基本方法，但它也是有支撐的，[皮帶]和吊帶，如果你願意的話。透過高度差異化的合約模式。

Yeah, And you see us adding all elements, right? We're adding some more storage at Ingleside. I talked about the additional docks that we added. And in some respects, if as you see WTI being a little lighter on price, those export markets become even more important. Looking at brands, say in the $63 range. I think I saw this morning kind of thing versus to just $60. So we want to make sure we can provide every opportunity for our customers to maximize. A their growth, but also their net backs and the export side of that on the gas liquid side is absolutely critical.

是的，您看到我們添加了所有元素，對嗎？我們正在英格爾賽德 (Ingleside) 增加一些儲存空間。我談到了我們增加的額外碼頭。從某些方面來看，如果 WTI 價格略有下跌，那麼這些出口市場就會變得更加重要。看看品牌，價格在 63 美元左右。我想我今天早上看到了類似的事情，而不是只 60 美元。因此，我們希望確保能夠為客戶提供最大化的每一個機會。它們的成長、淨回報以及氣液方面的出口都絕對至關重要。

Perfect. That makes sense. And my one follow-up here is about an earlier comment about, you spoke about allocating utility capital based on the best risk of just the returns, including economic and regulatory environment. How do you view the Ontario regulators recent decision about cost of capital and jurisdictions, competitiveness versus other parts of your portfolio?

完美的。這很有道理。我在這裡要跟進的是關於先前的評論，您談到了根據最佳風險回報（包括經濟和監管環境）來分配公用事業資本。您如何看待安大略省監管機構最近關於資本成本和管轄權以及與您投資組合的其他部分相比的競爭力的決定？

Yeah, I'll let the Michele speak to that. But obviously, higher equity thickness and better returns are better than lower equity thickness and even the same return. So I think that's something they've got to be thoughtful about some of their discussion on cost of capital and even change ROE impact -- it doesn't impact us to the end. But you're always making those decisions, Michele.

是的，我會讓 Michele 談論這個問題。但顯然，股權密度越高、收益越好，優於股權密度越低、收益相同的情況。所以我認為他們必須認真考慮有關資本成本的一些討論，甚至改變 ROE 的影響——它不會對我們產生最終的影響。但你總是做出這些決定，米歇爾。

Sure. So, I mean, our current ROE was set in our rate case is at 9.2%. And it's set there through to 2029. So that decision really doesn't impact us and we can look at it then. But at that point in time, it's a great point. So we'll have an opportunity to discuss our equity thickness as well, which was raised a couple of points for the first time in a long time in our last rate case.

當然。所以，我的意思是，我們目前的 ROE 在利率情況下設定為 9.2%。並且設定到 2029 年。所以這個決定其實不會影響到我們，我們可以稍後再考慮。但在那個時刻，這是一個偉大的時刻。因此，我們也將有機會討論我們的股權厚度，這是我們上一次利率案例中很長一段時間以來第一次提出這一點。

So the other thing I would say is in Ontario, we have the opportunity earn -- to over earn rather on our ROE up to about 100 basis points before we get into sharing. And we're certainly targeting to do that. I think though, as Greg said, you have to look at the combination of a few things.

因此我想說的另一件事是，在安大略省，我們有機會賺取——在我們進入共享之前，我們的 ROE 可以超額賺取約 100 個基點。我們確實正在努力實現這一目標。不過，我認為，正如格雷格所說，你必須綜合考慮幾件事。

You have to look at the ROEs, you have to look at the equity thickness. So what's your rate of return on this capital invest? You have to look at how quickly you get that capital back. Ontario does have a good framework.

你必須看看 ROE，你必須看看股權厚度。那麼這項資本投資的報酬率是多少呢？你必須考慮能多快收回資本。安大略省確實有一個很好的框架。

But so do our US utilities, they have great riders, where we have very short quick cycle capital. And then I would say the most important thing beyond that is looking at the regulatory certainty. What's the consistency of what we get out of our regulators and PUCs across the board? And that's something we look at very closely, and there's definitely some differences with them. And we have some that it's very strong, very certain and then there's some where there's some more questions.

但我們的美國公用事業公司也是如此，他們擁有出色的附加條件，而我們的資本週期非常短。然後我想說，除此之外最重要的事情是考慮監管的確定性。我們從監管機構和公共事業委員會獲得的資訊是否一致？我們對此進行了非常仔細的研究，發現它們之間肯定存在一些差異。我們認為有些證據非常有力、非常確定，但還有一些問題。

So we're always going to look to direct that capital where we have those good returns and that certainty for our shareholders.

因此，我們始終致力於將資本投向能夠為股東帶來良好回報和確定性的地方。

Maurice, what I would say is I'm really pleased with both the Premier of Ontario and the Minister of Energy, Mr. Leche, but their commitment to gas, I mean, they -- and the EV, obviously, should be regulating in an independent fashion but consistent with the government's policy, and the government's policy is to provide access to gas to the maximum possibility to Ontario consumers and businesses.

莫里斯，我想說的是，我對安大略省省長和能源部長萊切先生都非常滿意，但他們對天然氣的承諾，我的意思是，他們——以及電動汽車，顯然應該以獨立的方式進行監管，但要與政府的政策保持一致，而政府的政策是盡可能為安大略省的消費者和企業提供天然氣。

And that's a really important signal and look forward to seeing their natural gas policy update here very soon, and I expect it to be very positive.

這是一個非常重要的信號，期待很快看到他們的天然氣政策更新，我預計這將是非常積極的。

Perfect, thank you very much.

非常好，非常感謝。

And we have now reached the end of our question-and-answer session. I will now turn the call back over to Rebecca Morley for closing remarks.

我們的問答環節現已結束。現在我將把電話轉回給麗貝卡·莫利，請她做最後發言。

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

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

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。