恩橋 (ENB) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Enbridge Inc. Second Quarter 2025 Financial Results Conference Call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations and Insurance.

早上好，歡迎參加 Enbridge Inc. 2025 年第二季財務業績電話會議。我叫麗貝卡‧莫利 (Rebecca Morley)，是投資人關係與保險副總裁。

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; Michele Harradence, Gas Distribution and Storage; and Matthew Akman, Renewable Power. (Operator Instructions) Please note, this conference is being recorded.

今天早上與我一起出席的還有總裁兼首席執行官 Greg Ebel、執行副總裁兼首席財務官 Pat Murray，以及我們各個業務部門的負責人：液體管道部門的 Colin Gruending、天然氣輸送部門的 Cynthia Hansen、天然氣配送和儲存部門的 Michele Harradence 和可再生能源部門的 Matthew Akman。（操作員指示）請注意，本次會議正在錄音。

As per usual, this call is being webcast, and I encourage those listening on the phone to follow along with the supporting slides. We will try to keep the call to roughly 1 hour and in order to answer as many questions as possible, we will be limiting questions to 1 plus a single follow-up if necessary. We'll be prioritizing questions from the investment community.

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。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，我們將限制問題數為 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.

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。

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

前往投影片 2，我要提醒您，我們將參考今天的簡報和問答中的前瞻性資訊。就其性質而言，這些資訊包含對未來結果的預測假設和預期，這些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.

接下來，我將把發言權交給 Greg Ebel。

Well, thanks very much, Rebecca, and good morning, and thank you all for joining us on the call today. I'm excited to share another strong quarter and highlight the progress we've made across all segments of our business. Last quarter, I spoke about the importance of continued dialogue with policymakers and regulators to ensure North American energy independence and security.

好吧，非常感謝，麗貝卡，早安，感謝大家今天參加我們的電話會議。我很高興與大家分享又一個強勁的季度，並強調我們在業務各個領域的進展。上個季度，我談到了與政策制定者和監管者持續對話以確保北美能源獨立和安全的重要性。

I'm optimistic about our ongoing conversations and the alignment we're seeing today on both sides of the border to advance projects and legislation that serve growing energy demand. And Enbridge continues to be in a great position to serve this growing demand with its large incumbent footprint across all 4 business units.

我對我們正在進行的對話以及我們今天看到的邊境兩邊為推進滿足日益增長的能源需求的項目和立法而達成的共識感到樂觀。憑藉其在全部 4 個業務部門的廣泛影響力，Enbridge 繼續處於有利地位，可以滿足這一日益增長的需求。

We're going to start today with a midyear check-in on financial performance, execution and an update on our growth projects. I'll walk through how Enbridge is effectively navigating trade conflict, legislative change and geopolitical volatility.

今天我們將開始對財務業績、執行情況和成長項目的最新情況進行年中檢查。我將介紹 Enbridge 如何有效應對貿易衝突、立法變化和地緣政治波動。

I'll then touch on how Enbridge is capitalizing on rising power demand in North America before providing an update on each of our 4 core franchises. Pat will then review our financial results and reiterate our capital allocation priorities. And lastly, I'll close the presentation with a few comments on our First Choice value proposition before we open the call for your questions.

然後，我將介紹 Enbridge 如何利用北美不斷增長的電力需求，然後再介紹我們 4 個核心特許經營權的最新情況。帕特隨後將審查我們的財務結果並重申我們的資本配置重點。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。

We've made significant progress on the commitments we laid out for you at the start of the year, and I'm proud of the work the team has done to execute our financial, operational and growth priorities. We set another record for second quarter EBITDA, driven primarily by contributions from the acquired US gas utilities and successful rate settlements in our Gas Transmission business.

我們在年初向您所做的承諾方面取得了重大進展，我為團隊為執行我們的財務、營運和成長重點所做的工作感到自豪。我們第二季的 EBITDA 再創紀錄，這主要得益於收購的美國天然氣公用事業公司的貢獻以及天然氣輸送業務的成功費率結算。

Our strong first half of 2025 gives us confidence that we'll finish the year in the upper end of our EBITDA guidance range, and we are well on track to meet our DCF per share midpoint. The balance sheet is also in great shape.

2025 年上半年的強勁表現讓我們有信心，今年的業績將達到 EBITDA 預期範圍的上限，並且我們有望實現每股 DCF 中點。資產負債表也狀況良好。

As of June 30, we're at 4.7 times debt to EBITDA, primarily due to realizing another full quarter of earnings from the US gas utility acquisitions that closed throughout 2024. Our assets remained highly utilized during the quarter, and the Mainline transported 3 million barrels per day.

截至 6 月 30 日，我們的債務與 EBITDA 比率為 4.7 倍，這主要是因為從 2024 年全年完成的美國天然氣公用事業收購中實現了另一個整整一個季度的收益。本季我們的資產利用率仍然很高，主線每天運輸 300 萬桶。

That system has now been an apportionment for six of the first eight months of the year, including July and August. We closed an investment on our West Coast system by a consortium of 38 indigenous groups backed by a loan guarantee provided by the Canadian government.

該系統目前已對今年前八個月中的六個月（包括七月和八月）進行了分配。我們與 38 個原住民團體組成的財團完成了對我們西海岸系統的投資，並獲得了加拿大政府提供的貸款擔保。

This partnership provides sustained economic benefits to First Nations and is aligned with Enbridge's continuous goal of recycling capital at attractive valuations for shareholders.

此次合作將為原住民帶來持續的經濟利益，也符合 Enbridge 以對股東有吸引力的估值回收資本的持續目標。

We also closed the previously announced acquisition of a 10% interest in the Matterhorn Express pipeline in the Permian and upsized the Traverse pipeline project from 1.75 Bcf per day to 2.5 Bcf per day, driven by strong customer demand.

我們也完成了先前宣布的對二疊紀馬特洪峰快線管道 10% 權益的收購，並在強勁的客戶需求推動下，將 Traverse 管道項目的日輸送量從 17.5 億立方英尺擴大至 25 億立方英尺。

As a reminder, the Traverse Pipeline is part of the Whistler JV and is designed to transport natural gas between Agua Dulce and the Katy area in Texas. Work on our planned liquids Mainline optimizations is only, and we're pleased to announce that our recent 100,000 barrel per day open season on Flanagan South Pipeline was oversubscribed. We expect to reach FID on the first phase of the Mainline optimization later this year.

提醒一下，Traverse 管道是惠斯勒合資企業的一部分，旨在在阿瓜杜爾塞和德克薩斯州凱蒂地區之間輸送天然氣。我們僅對計劃中的液體主線進行優化，我們很高興地宣布，我們最近在弗拉納根南管道上每天 100,000 桶的開放季節已經超額認購。我們預計將在今年稍後就主線優化的第一階段達成最終決定 (FID)。

On the growth front, we sanctioned the $900 million Clear Fork project in Texas, located just outside San Antonio. The project is fully contracted under a long-term offtake agreement with Meta and will support its data center operations. Meta represents a new addition to our growing list of AI and data center-related customers.

在成長方面，我們批准了位於德克薩斯州聖安東尼奧郊外的價值 9 億美元的 Clear Fork 項目。該專案完全根據與 Meta 簽訂的長期承購協議簽訂，並將支援其資料中心營運。Meta 是我們不斷成長的人工智慧和資料中心相關客戶名單中的新成員。

In Gas Transmission, we sanctioned expansions of Texas Eastern and Aitken Creek gas storage to serve growing industrial power and LNG demand across North America. Together, these renewable and gas projects highlight the competitive advantage of our all-of-the-above approach and our ability to serve increasing natural gas and power demand through multiple business units, services and geographies.

在天然氣輸送方面，我們批准擴大德州東部和艾特肯溪天然氣儲存設施，以滿足北美日益增長的工業電力和液化天然氣需求。這些再生能源和天然氣項目共同凸顯了我們上述所有方法的競爭優勢，以及我們透過多個業務部門、服務和地區滿足日益增長的天然氣和電力需求的能力。

Now let's touch on the stability Enbridge continues to offer investors despite the ongoing volatility we are seeing today. The markets have been turbulent thus far in 2025, but the volatility has really showcased Enbridge's stable business model and the value of our low-risk commercial frameworks.

現在讓我們來談談，儘管我們今天看到持續的波動，Enbridge 仍繼續為投資者提供穩定性。2025 年迄今，市場一直動盪不安，但這種波動確實展示了 Enbridge 穩定的商業模式和低風險商業框架的價值。

Our size, diversity and disciplined capital allocation puts us in a great position to deliver predictable returns to shareholders in these conditions. Our exposure to tariffs is negligible across our operations. And importantly, Canadian oil and gas delivered to the US by systems has not attracted tariffs. Roughly 80% of our EBITDA is generated by assets with revenue inflators or regulatory mechanisms for recovery, rising costs, which helps to backstop our ratable and growing dividend and earnings.

我們的規模、多樣性和嚴格的資本配置使我們處於有利地位，可以在這些條件下為股東提供可預測的回報。在我們的整個營運過程中，關稅的影響微乎其微。重要的是，透過系統輸送到美國的加拿大石油和天然氣沒有徵收關稅。我們的 EBITDA 約有 80% 來自具有收入膨脹因素或恢復監管機制、成本上升的資產，這有助於支持我們按比例增長的股息和收益。

On the tax policy front, the extension of bonus depreciation provides benefits to Enbridge's near-term growth and our sanctioned or late-stage renewable projects are not expected to be impacted negatively by the One Big Beautiful Bill Act.

在稅收政策方面，延長獎金折舊將為 Enbridge 的短期增長帶來好處，而且我們批准的或後期的可再生能源項目預計不會受到《一項大美麗法案》的負面影響。

The second quarter saw continued price volatility across commodity markets, driven by geopolitical instability, but Enbridge's low-risk business model protected us from those dynamics with virtually no exposure to commodity prices and over 98% of EBITDA generated by assets with regulated returns or long-term take-or-pay contracts.

受地緣政治不穩定的影響，第二季度大宗商品市場價格持續波動，但 Enbridge 的低風險業務模式使我們免受這些動態的影響，幾乎不受大宗商品價格的影響，並且超過 98% 的 EBITDA 來自具有受監管回報或長期照付不議合約的資產。

Lastly, our footprint puts us in an ideal position to capitalize on growing energy demand in North America and beyond. We are connected to 100% of Gulf Coast operating LNG export capacity and our natural gas systems are located within 50 miles of 29 new data centers, 78 coal plants and 45% of all North American natural gas power generation.

最後，我們的足跡使我們處於理想的位置，可以利用北美及其他地區不斷增長的能源需求。我們與墨西哥灣沿岸 100% 的液化天然氣出口能力相連，我們的天然氣系統位於 29 個新資料中心、78 個燃煤電廠和 45% 的北美天然氣發電廠 50 英里範圍內。

Our gas distribution franchise is the largest natural gas utility business in North America, and we deliver reliable natural gas to over 7 million customers every day in geographies with growing gas demand.

我們的天然氣經銷特許經營權是北美最大的天然氣公用事業企業，我們每天向天然氣需求不斷增長的地區的 700 多萬客戶提供可靠的天然氣。

In the crude market, our incumbency positions us as the leading operator to provide new and expanded egress options from customers, something both producers and policymakers are in fact seeking and our renewable power business is opportunistically providing power to some of the largest AI and data center players in the world as the demand for energy across North America continues to grow.

在原油市場，我們的現有地位使我們成為領先的營運商，為客戶提供新的和擴展的出口選擇，這是生產商和政策制定者實際上都在尋求的，並且隨著北美對能源的需求持續增長，我們的可再生能源業務正在機會性地為世界上一些最大的人工智慧和數據中心參與者提供電力。

Now let's take a couple of minutes to spotlight some of the investments we're making related to growing power demand. As you can see from this slide, Enbridge has already won and will continue to win power demand-related opportunities by deploying our all-of-the-above approach to energy in order to serve blue chip customers across various sectors.

現在讓我們花幾分鐘來介紹一下我們為應對不斷增長的電力需求而進行的一些投資。從這張投影片中您可以看到，Enbridge 已經贏得並將繼續贏得與電力需求相關的機會，透過部署我們的全方位能源方法，為各個領域的藍籌客戶提供服務。

During our Investor Day in March, we shared $4 billion to $5 billion of near-term power generation opportunities across our gas and renewable businesses that we expected to begin announcing within 6 months.

在三月的投資者日上，我們分享了天然氣和再生能源業務中 40 億至 50 億美元的近期發電機會，預計將在 6 個月內開始宣布。

I'm pleased to say that we're ahead of schedule with over $1 billion of recent lease sanctioned projects between Clear Fork Solar and Texas and the Line 31 expansion in Mississippi. In addition, we can now confirm that Texas Eastern Transmission will be interconnected to the Homer City redevelopment generating facility in Pennsylvania.

我很高興地說，我們最近批准的 Clear Fork Solar 與德克薩斯州的租賃項目以及密西西比州的 31 號線擴建項目總價值超過 10 億美元，這些項目的進度都比計劃提前。此外，我們現在可以確認，德州東部輸電公司將與賓州的荷馬城重建發電廠互連。

We are working to commercialize opportunities to support data centers and hyperscalers in the state further adding to our growth backlog. We've recently completed milestone projects for solar power, backed by PPAs with Amazon and AT&T and continue to advance over $5 billion of power demand projects serving a combined 6 gigawatts of new generation.

我們正在努力將商業化機會來支援該州的資料中心和超大規模資料中心，進一步增加我們的成長積壓。我們最近完成了太陽能發電的里程碑項目，並得到了與亞馬遜和 AT&T 簽署的電力購買協議 (PPA) 的支持，並繼續推進超過 50 億美元的電力需求項目，總計可滿足 6 千兆瓦的新一代電力需求。

With that being said, we can't forget about the progress we're making across various exciting opportunities in our liquids business, which I'll get into now. Mainline volumes were strong again this quarter, delivering 3 million barrels per day on average for the quarter and 3.1 million barrels per day for the first half of 2025.

話雖如此，我們不能忘記我們在液體業務中各種令人興奮的機會所取得的進展，我現在就來談談這些進展。本季主線運輸量再次強勁，本季平均每天輸送 300 萬桶，2025 年上半年平均每天輸送 310 萬桶。

At Investor Day, we announced up to $2 billion of investment in the Mainline through 2028 to support continued high utilization of the system, while also extending asset life and reliability. That investment is now underway, and we will earn attractive returns within the MTS agreement collar of 11% to 14.5%.

在投資者日，我們宣佈到 2028 年將對主線鐵路投資高達 20 億美元，以支持該系統持續保持高利用率，同時延長資產壽命和可靠性。這項投資現已開始進行，我們將在 MTS 協議區間 11% 至 14.5% 內獲得可觀的回報。

We also continue to advance Mainline optimization Phase I, our full path FSP open season was oversubscribed, and the team is now working towards FID-ing the 150,000 barrel per day Mainline expansion later this year.

我們也繼續推進主線優化第一階段，我們的全路徑 FSP 開放季節已超額認購，團隊目前正在努力在今年稍後完成 150,000 桶/天的主線擴建的 FID。

Additionally, we launched an open season for the Southern Illinois Connector, which will leverage our existing footprint and our interest in the ETCOP pipeline to provide full path optionality for our customers serving additional US Gulf Coast demand. Mainline investments of this nature are permit like provide attractive economics and will be sanctioned to meet our customers' increasing egress requirements.

此外，我們還啟動了南伊利諾伊連接器的開放期，這將利用我們現有的足跡和對 ETCOP 管道的興趣，為滿足美國墨西哥灣沿岸額外需求的客戶提供全路徑選擇。這種性質的幹線投資是允許的，因為它提供了有吸引力的經濟效益，並將獲得批准以滿足我們客戶日益增長的出口需求。

And lastly, down in the Gulf Coast, our 120,000 barrel per day Gray Oak expansion has partially entered service with full COD expected in mid-2026.

最後，在墨西哥灣沿岸，我們每天 12 萬桶的 Gray Oak 擴建計畫已部分投入使用，預計將於 2026 年中期全面投入使用。

Now let's turn to Gas Transmission. We've got a number of exciting announcements this quarter spread out across our footprint. In Mississippi, we sanctioned the Line 31 expansion of Texas Eastern to serve rising industrial and power demand, all secured after 20-year take-or-pay agreements with a well-known investment-grade customer.

現在讓我們來談談天然氣輸送。本季度，我們在各地發布了一系列令人興奮的公告。在密西西比州，我們批准了德州東部鐵路公司 31 號線的擴建，以滿足不斷增長的工業和電力需求，所有這些都是在與一家知名投資級客戶簽訂了 20 年的照付不議協議後達成的。

This project was among the opportunities highlighted at Investor Day to serve growing gas demand. On the Gulf Coast, we've progressed optimization projects, including a $50 million expansion to serve the growing power generation needs of a major electric utility that's there serving data centers as well as an upgrade to the Trace Palacios storage facility in Texas.

該項目是投資者日重點強調的滿足日益增長的天然氣需求的機會之一。在墨西哥灣沿岸，我們推進了優化項目，包括耗資 5000 萬美元的擴建項目，以滿足為資料中心提供服務的大型電力公司日益增長的發電需求，以及對德克薩斯州 Trace Palacios 儲存設施進行升級。

The storage upgrade is being done to increase injection and withdrawal rates and as part of a larger expansion opportunity we expect to realize later in the decade.

進行儲存升級是為了提高注入和提取率，這也是我們預計在未來十年內實現的更大擴張機會的一部分。

In Canadian Gas Transmission, I'm pleased to announce a 40 Bcf expansion of the Aitken Creek storage facility that will support the growing Canadian LNG market. That project will also optimize our other expansions underway on the West Coast system, providing customers with critical flexibility in a rapidly developing region, particularly on the LNG front. Lastly, we are updating our capital investment for wood fiber.

在加拿大天然氣輸送公司，我很高興地宣布將艾特肯溪儲存設施擴建 400 億立方英尺，以支持不斷成長的加拿大液化天然氣市場。該項目還將優化我們在西海岸系統正在進行的其他擴建項目，為客戶提供快速發展地區的關鍵靈活性，特別是在液化天然氣方面。最後，我們正在更新對木纖維的資本投資。

As a reminder, Enbridge has a contract structure that provides us the ability to earn a low double-digit return, and we will now set that rate closer to the in-service date. We remain excited about the growing LNG market in Western Canada as all of these projects are expected to enter service in the 2027 to '29 time, extending and adding visibility to our long-term growth outlook.

提醒一下，Enbridge 的合約結構使我們能夠獲得較低的兩位數回報，現在我們將把該利率設定得更接近投入使用日期。我們對加拿大西部不斷增長的液化天然氣市場感到興奮，因為所有這些項目預計都將在 2027 年至 2029 年投入使用，從而擴大和增加我們長期成長前景的可見性。

Now let's move on to our Gas Distribution business. We remain excited about the long-term growth outlook for our utility business and the foundational growth that helps to support the dividend. In Ontario, the Phase II rebasing process was completed setting rates through 2028.

現在讓我們來談談我們的天然氣分銷業務。我們仍然對公用事業業務的長期成長前景以及有助於支持股息的基礎成長感到興奮。在安大略省，第二階段的利率調整程序已經完成，並確定了 2028 年的利率。

And in Ohio, we received a decision on the rate case filed in 2023. While we didn't get all that we asked for, I'm encouraged by the almost 10% ROE and increased equity thickness, which remains among the strongest returns within our utility franchise.

在俄亥俄州，我們收到了 2023 年提起的費率案件的判決。雖然我們沒有得到我們所要求的一切，但近 10% 的 ROE 和增加的股權厚度令我感到鼓舞，這仍然是我們公用事業特許經營中最強勁的回報之一。

Of note, existing capital riders are a great and continuing feature, ensuring quick cycle capital returns, which was part of what attracted us to the investment back in 2023. Lastly, we filed for new rates in North Carolina and Utah this quarter and expect we'll have new rates in those jurisdictions by next year.

值得注意的是，現有的資本附加條款是一項出色且持續的功能，可確保快速的周期資本回報，這也是我們在 2023 年吸引投資的部分原因。最後，我們本季在北卡羅來納州和猶他州申請了新的費率，預計明年我們將在這些司法管轄區實施新的費率。

And now I'll turn to the Renewable Power sector. Enbridge continues to advance its world-class renewable portfolio using our financial strength, supply chain reach and construction expertise under a low-risk commercial model that delivers competitive returns.

現在我將談談再生能源領域。Enbridge 利用其財務實力、供應鏈覆蓋範圍和建築專業知識，在低風險的商業模式下繼續推進其世界一流的可再生能源組合，從而帶來有競爭力的回報。

In July, we announced the Clear Fork Solar project near San Antonio, Texas, a 600-megawatt facility that will support data center needs. All generation is sold under a long-term offtake agreement with Meta platforms. And importantly, the project is expected to meet all the requirements to fully qualify for renewable tax credits under the US legislation.

7 月，我們宣布了位於德克薩斯州聖安東尼奧附近的 Clear Fork Solar 項目，這是一個 600 兆瓦的設施，將滿足資料中心的需求。所有發電量均根據與 Meta 平台簽訂的長期承購協議進行銷售。重要的是，該項目預計將滿足美國立法規定的可再生稅收抵免的所有要求。

Also in Texas, we are progressing the 815 megawatts Sequoia Solar development. The project is on track to partially enter service in 2025 with full production coming online in 2026. Also of importance, the One Big Beautiful Bill Act is not expected to impact any of our sanctioned projects, but we'll continue to monitor future developments in this fast-moving policy environment. It's our view that the recent US legislative changes makes our backlog of late-stage development projects even more valuable.

此外，在德州，我們正在推進 815 兆瓦的 Sequoia Solar 開發案。該項目預計將於 2025 年部分投入使用，並於 2026 年全面投入生產。同樣重要的是，「一項偉大的美麗法案」預計不會影響我們批准的任何項目，但我們將繼續關注這一快速變化的政策環境中的未來發展。我們認為，美國最近的立法變化使我們積壓的後期開發項目變得更有價值。

But now I'll pass it off to Pat to go over our financial performance.

但現在我將把我們的財務表現交給帕特來報告。

Thanks, Greg, and welcome, everyone. Strong utilization across our asset base has led to another solid quarter. We're posting record second quarter EBITDA despite continued trade uncertainty and geopolitical events. Compared to the second quarter of 2024, adjusted EBITDA is up 7%, earnings per share up 12%, while DCF per share is comparable.

謝謝，格雷格，歡迎大家。我們資產基礎的強勁利用帶來了另一個穩健的季度。儘管貿易不確定性和地緣政治事件持續存在，我們仍公佈了創紀錄的第二季 EBITDA。與 2024 年第二季相比，調整後的 EBITDA 成長 7%，每股盈餘成長 12%，而每股 DCF 則相當。

In our Liquids segment, we saw strong volumes with the Mainline transporting 3 million barrels per day although weaker results at FSP and Spearhead resulted in a slight decrease compared to 2024. In Gas Transmission, strong operational performance across our pipes and storage assets in addition to revised rates on US GT assets, added to the segment year-over-year.

在我們的液體燃料領域，我們看到了強勁的運輸量，主線運輸量達到每天 300 萬桶，儘管 FSP 和 Spearhead 的業績較弱，導致與 2024 年相比略有下降。在天然氣輸送方面，我們的管道和儲存資產的強勁營運表現，加上美國燃氣輸送資產的調整利率，使該部門的業績年增。

Our Whistler JV and DBR system acquisitions, in addition to Venus extension, entering service at the end of 2024 provided additional contributions. Gas Distribution is up relative to last year with the acquisitions of the US

我們收購的惠斯勒 JV 和 DBR 系統以及 Venus 擴展系統將於 2024 年底投入使用，這為我們提供額外的貢獻。天然氣分銷業務較去年有所成長，因為收購了美國

gas utilities being the main driver. Higher rates, customers and storage revenues at Enbridge Gas Ontario in addition to the colder weather also contributed to the strong results within the segment.

天然氣公用事業是主要推動力。安大略安橋天然氣公司的費率、客戶和儲存收入增加以及天氣轉冷也促成了該部門的強勁業績。

In renewables, we saw lower contributions at our European offshore assets which were partially offset by stronger wind resources in North America. For DCF per share and EPS, higher financing costs, current taxes and maintenance capital, primarily driven by the US Gas Utilities acquisition, partially offset to higher EBITDA contributions.

在再生能源領域，我們的歐洲海上資產貢獻率有所下降，但北美風力資源的強勁成長部分抵消了這一影響。對於每股 DCF 和 EPS 而言，較高的融資成本、當前稅收和維護資本（主要受美國天然氣公用事業公司收購的影響）被較高的 EBITDA 貢獻部分抵銷。

The per share metrics are, of course, impacted by the at-the-market issuances that were completed in the second quarter of 2024 to prefund the US utility.

當然，每股指標受到 2024 年第二季完成的為美國公用事業預先提供資金的市場發行的影響。

I'm pleased to reaffirm our 2025 guidance and growth outlook across all metrics. With our strong performance through the first half of 2025, we're in a great position to finish the year in the upper end of our guidance range for EBITDA.

我很高興重申我們對 2025 年所有指標的指導和成長前景。憑藉我們在 2025 年上半年的強勁表現，我們預計在今年年底實現 EBITDA 預期範圍的上限。

The resilience of our business model is really on display as we continue to deliver predictable returns through market volatility. The acquisition of a 10% interest in the Matterhorn Express, strong Mainline volumes and the strength of the US CAD exchange rate are all tailwinds to our full year guidance but are (inaudible) by higher-than-expected US.

我們在市場波動中繼續提供可預測的回報，這充分顯示了我們商業模式的韌性。收購馬特洪峰快車 10% 的權益、強勁的主線客運量以及美元加元匯率的強勢都是我們全年預期的順風因素，但高於預期的美國（聽不清楚）卻起到了一定作用。

interest rates. We remain confident in our ability to achieve our near-term and medium-term growth outlook.

利率。我們對於實現近期和中期成長前景的能力仍然充滿信心。

Now let's touch base on our capital allocation priorities. As you would expect, we continue to be focused on disciplined capital allocation. Our balance sheet provides us with financial strength and flexibility and our debt-to-EBITDA has decreased to below the midpoint of our target range over the past few quarters, as expected, following the close of the US gas utility acquisitions. We also extended our track record of recycling capital at attractive valuations.

現在讓我們來討論一下我們的資本配置優先事項。正如您所期望的，我們將繼續專注於嚴格的資本配置。我們的資產負債表為我們提供了財務實力和靈活性，並且在美國天然氣公用事業收購結束後，我們的債務與 EBITDA 之比在過去幾個季度中已下降至目標範圍中點以下，正如預期的那樣。我們也延續了以有吸引力的估值回收資本的記錄。

The investment by our First Nation partners and a 12.5% stake in the West Coast system, which closed in July, generated cash proceeds of $0.7 billion and demonstrated our ongoing commitment to economic reconciliation and partnership with indigenous communities.

我們的原住民合作夥伴的投資以及 7 月完成的西海岸系統 12.5% 的股份產生了 7 億美元的現金收益，並表明了我們對經濟和解和與原住民社區合作的持續承諾。

One of the keys to our value proposition is to sustainably return capital to shareholders, and we prioritize being in the 60% to 70% range of DCF payout. Our dividend is underpinned by high-quality, low-risk cash flow growth and continues to support our dividend aristocrat status.

我們的價值主張的關鍵之一是持續向股東返還資本，我們優先考慮將 DCF 派息率控制在 60% 至 70% 之間。我們的股息以高品質、低風險的現金流成長為基礎，並繼續支持我們的股息貴族地位。

As a reminder, we've increased our dividend to shareholders for 30 consecutive years, and we expect to return approximately $40 billion to $45 billion over the next five years. In terms of further growth, we will continue to make disciplined investment decisions and prioritize low multiple brownfield and utility-like projects with our $9 billion to $10 billion of annual investment capacity.

提醒一下，我們已經連續 30 年增加股東股息，預計未來五年將帶來約 400 億至 450 億美元的回報。在進一步成長方面，我們將繼續做出嚴謹的投資決策，並優先考慮低倍數棕地和類似公用事業的項目，我們每年的投資能力為 90 億美元至 100 億美元。

What I especially like about this quarter is that we've announced, we made significant progress on opportunities in each of our four business units, and those opportunities are spread throughout the end of the decade, adding even more clarity to our growth plans.

我特別喜歡本季的一點是，我們宣布，我們在四個業務部門的每個機會上都取得了重大進展，這些機會遍布整個十年，使我們的成長計劃更加清晰。

And with that, I'll pass it back to Greg for some closing remarks.

最後，我將把發言權交還給格雷格，請他做最後的總結發言。

Well, thanks very much, Pat. And as you've just heard, it's been another strong showing from all the teams this quarter. Enbridge is ideally positioned to deliver predictable results through virtually all economic conditions and cycles.

好吧，非常感謝，帕特。正如您剛才聽到的，本季所有球隊都表現強勁。Enbridge 擁有理想的市場定位，能夠在幾乎所有的經濟狀況和週期中提供可預測的結果。

Our low-risk business continues to prove its value to shareholders, evidenced by the consistency of our cash flows and earnings growth. This year marks our 30th consecutive annual dividend increase supported by our business model.

我們的低風險業務繼續向股東證明其價值，這從我們現金流和獲利成長的一致性中可以看出。今年是我們商業模式支持下連續第30年增加股利。

We've also secured high-quality and sustainable growth via our now $32 billion secured capital program, adding visibility to our expected 5% growth through the end of the decade. We will continue to evaluate accretive tuck-ins and tax-efficient investment opportunities that fit within our wheelhouse to diligently ensure lasting returns to shareholders.

我們還透過目前 320 億美元的擔保資本計劃實現了高品質和可持續的成長，這為我們預計到本世紀末 5% 的成長增加了可見性。我們將繼續評估適合我們能力範圍的增值投資和節稅投資機會，以努力確保股東獲得持久回報。

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

最後，我要感謝大家的聆聽。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Jeremy Tonet from JPMorgan.

摩根大通的 Jeremy Tonet。

Hi, good morning. Good morning. Just wondering if you might be able to frame a little bit more, I guess, opportunities you're seeing across your footprint as it relates to natural gas. Expansions to serve incremental power demand and possibly data center demand growth as well.

嗨，早安。早安.我只是想知道您是否可以進一步闡述您在整個業務範圍內看到的與天然氣相關的機會。擴建以滿足不斷增加的電力需求以及可能的資料中心需求成長。

We've seen news coming out of Pennsylvania Energy Innovation Summit, a lot going on in Ohio as well. I think the slides referenced other opportunities across your footprint, such as in the West. So I was just wondering if you could frame a bit more the opportunity set, where you see it most across the portfolio and I guess, time line to new projects materializing.

我們看到賓州能源創新高峰會傳來的消息，俄亥俄州也有很多事情發生。我認為幻燈片中提到了您所在地區的其他機會，例如在西方。所以我只是想知道您是否可以更詳細地闡述機會集，您在整個投資組合中最重視哪些機會，以及新專案實現的時間表。

Do you see this kind of a near term or just kind of steady cadence over time?

您認為這種趨勢是短期的還是隨著時間的推移而保持穩定的？

Well, Jeremy, maybe I'll start and then Cynthia can chime in, too, and maybe even -- I know I'm not on the gas side, but maybe Matthew too. So it's really all of the above. Like we, in the GDS business and the GTM business and our Renewable business.

好吧，傑里米，也許我先開始，然後辛西婭也可以加入進來，甚至——我知道我不是天然氣方面的，但也許馬修也是。所以實際上就是以上所有情況。就像我們的 GDS 業務、GTM 業務和再生能源業務一樣。

I was at that technology and economic summit you were talking about in Pennsylvania. And obviously, out of that came a press release of a big player using the Texas Eastern system to support Homer City in North Carolina and Mississippi and Georgia.

我參加了您談到的賓夕法尼亞州的技術和經濟高峰會。顯然，隨後有一份新聞稿稱，一家大型企業正在使用德州東部系統來支持北卡羅來納州、密西西比州和喬治亞州的荷馬城。

We talked about on this call, Utah, all of those, we're really starting to see things come in.

我們在這次電話會議上討論了猶他州等所有這些問題，我們真的開始看到事情的進展。

I guess the point I would make there is 2 elements here. There's one utility element which I would say is most of where we're picking up the opportunities, and you heard us talk about Line 31, just a few minutes ago as well as SESH very much utility-based. But there's a nice mattering of behind-the-meter type stuff, which is what Homer City would look like. And then let's not forget about the renewable side. I know you're asking about gas.

我想我要表達的觀點有兩個要素。我想說，有一個實用元素是我們抓住大部分機會的地方，幾分鐘前您聽到我們談論了第 31 行，以及非常基於實用性的 SESH。但是，電錶後面的東西確實很不錯，這就是荷馬城的樣子。我們不要忘記再生能源方面。我知道您問的是天然氣問題。

So it's right across the system. I haven't seen that much in Canada yet, but I think that's actually an opportunity that will come to. Cynthia, do you want to add more from what we had laid out back at the Investor Day.

所以它是跨系統的。我還沒有在加拿大看到這麼多，但我認為這實際上是一個即將到來的機會。辛西婭，你想補充一些我們在投資者日討論的內容嗎？

Yes. I'll just build on what you said, Greg. So if we look at what we said at Investor Day, we have, just on the Gas Transmission side, 35-plus opportunities to 11 Bcf of gas, about $4 billion, $1 billion to $2 billion of that in that late-stage development. Right now, we have 10-plus specific data center opportunities in that late stage. Of course, we're located next to the natural gas generation.

是的。我只是根據你所說的內容進行補充，格雷格。因此，如果我們看看我們在投資者日所說的內容，僅在天然氣輸送方面，我們就有 35 多個機會，可以生產 110 億立方英尺的天然氣，價值約為 40 億美元，其中 10 億至 20 億美元處於後期開發階段。目前，我們在後期階段有 10 多個特定的資料中心機會。當然，我們位於天然氣發電站旁。

So 45% of all natural gas power generations within 50 miles of our system and within that area to that 50 miles, there's 29 new data centers. And then of course, we still have the opportunities for coal gas conversions. There's 78 coal plants in that area, that's about 80 gigawatts current power generation.

因此，我們系統 50 英里範圍內的所有天然氣發電佔 45%，而在這 50 英里範圍內，有 29 個新的資料中心。當然，我們仍然有瓦斯轉換的機會。該地區有 78 座燃煤電廠，目前發電量約 80 吉瓦。

So what I would say is we're seeing opportunities across the system in the US in particular. And that's not to discount the opportunities we have on the natural gas side with a long US Gulf Coast to serve LNG. So we still see lots of opportunities there.

所以我想說的是，我們看到了整個系統存在的機遇，尤其是在美國。這並不是說我們在天然氣方面沒有機會，因為美國墨西哥灣沿岸很長，可以為液化天然氣提供服務。所以我們仍然看到那裡有很多機會。

In Canada, we've done lots of expansions. And as was noted with the storage at Aitken Creek, that's going to serve more LNG opportunities. And last quarter, we had announced our Bird Grove expansion, too. So we continue to see of opportunities, Jeremy.

在加拿大，我們已經進行了許多擴張。正如艾特肯溪 (Aitken Creek) 的儲存設施所指出的那樣，這將提供更多的液化天然氣機會。上個季度，我們也宣布了 Bird Grove 擴建計畫。所以我們繼續看到機會，傑里米。

Got it. That's helpful. And just want to pivot to wood fiber, if you could. If we could provide a little bit more detail on some of the drivers in the higher cost expectations there and as well as maybe just any more detail to share. It seems like you still have the ability to earn a low double-digit return.

知道了。這很有幫助。如果可以的話，我只想轉向木纖維。如果我們可以提供一些關於更高成本預期的驅動因素的更多細節，或者也許可以分享更多細節。看起來你仍然有能力獲得低兩位數的回報。

But any color incremental on those 2 points would be helpful.

但對這兩個點的任何顏色增量都會有幫助。

Yes, for sure, Jeremy. I'm -- and we are never pleased when we see more capital than we originally planned. However, with wood fiber, as you mentioned, our contract structure does allow us to earn that double-digit return on capital as we agreed to invest in the project. Fortunately, and through the agreements with departments, we're now going to set that toll on the higher capital amount nearer to the projects in service. Our partner, which owns 70% of the project, as you probably recall, they do take capital cost risk, but they get the benefit of selling the LNG commodity.

是的，當然，傑里米。當我們看到資本超過最初計劃時，我們永遠不會高興。然而，正如您所說，對於木纖維，我們的合約結構確實使我們能夠獲得兩位數的資本回報，因為我們同意投資該專案。幸運的是，透過與各部門達成的協議，我們現在將在接近投入使用的項目時對更高的資本金額設定這筆費用。我們的合作夥伴擁有該專案 70% 的股份，您可能還記得，他們確實承擔了資本成本風險，但他們獲得了出售液化天然氣商品的利益。

So I think it's a really good balance of interest there.

所以我認為這確實是一種很好的利益平衡。

And I guess my point being, while we're always really focused on the capital being deployed through the couple of dozen projects we've got in execution right across the portfolio. we're equally focused on the contractual and regulatory structures around that capital to ensure to the extent possible that we can make sure we get the return protected should capital costs change, particularly on multiyear products. I really think that combined focus is serving us well on this project.

我想我的觀點是，雖然我們始終真正關注透過我們在整個投資組合中執行的幾十個項目部署資本，但我們同樣關注圍繞該資本的合約和監管結構，以盡可能確保我們能夠在資本成本發生變化時獲得回報，特別是對於多年期產品。我確實認為，共同關注對這個計畫很有幫助。

Now with respect to capital cost increases, I wouldn't -- it's not really one thing, right? We've had some changes in building codes, permitting delays, not a new issue for most jurisdictions. We're adding additional. So that's where we house our employees, so that will create room for another 900 approximately folks as we get into the heavy builds and then some site conditions. So all those have really added up to this slide.

現在關於資本成本的增加，我不會——這實際上不是一件事，對吧？我們對建築規範進行了一些修改，允許延期，這對大多數司法管轄區來說並不是一個新問題。我們正在添加更多內容。這就是我們安置員工的地方，當我們進入重型建築並遇到一些現場條件時，這將為另外 900 人提供空間。所有這些實際上都加到了這張投影片上。

Again, the key is, as you pointed out, our ability to continue to earn that low double-digit return.

再次強調，正如您所指出的，關鍵在於我們能否繼續獲得低兩位數的回報。

Robert Catellier from CIBC Capital Markets.

加拿大帝國商業銀行資本市場的 Robert Catellier。

I was hoping, Greg, you can discuss how you're seeing energy policy evolving in Canada. And if you could compare the prospects of a new pipeline to [Tidewater] compared to some of the various incremental expansion opportunities that are available in the industry on the liquids pipeline side?

格雷格，我希望你能討論一下你如何看待加拿大能源政策的發展。您能否將通往 [Tidewater] 的新管道的前景與液體管道方面該行業提供的各種增量擴張機會進行比較？

Yes. Well, I think as you saw us announce today and you've really seen us been going hard at this since January and last fall. Our customers at this point in time really want to go south, right? That's the premium market, which we're able to deliver to both PADD 2 and PADD II, I think the Gulf Coast, and so Colin and his team have really put forward a number of really great incremental projects, and you can see those in the presentation, that's the first move. It's the most valuable market.

是的。嗯，我想正如您今天看到我們宣布的那樣，您也確實看到我們從一月份和去年秋天以來一直在努力實現這一目標。我們的客戶此時確實想去南方，對嗎？這是高端市場，我們能夠為 PADD 2 和 PADD II 提供服務，我認為是墨西哥灣沿岸，因此 Colin 和他的團隊確實提出了許多非常棒的增量項目，你可以在演示中看到這些，這是第一步。這是最有價值的市場。

It's the smartest way to do this. And then when that's done and as our customer production grows, that's when an opportunity could be created to go to the West Coast. And there's lots of discussion with governments on that. And as you know, however, we have been a proponent of such a project in the past. And in fact, invested several hundred million dollars to get there. So the issue is not one of there being a proponent.

這是最聰明的做法。當這一切完成後，隨著我們客戶產量的成長，我們就有機會進入西海岸。我們與各國政府就此進行了大量討論。然而，正如你們所知，我們過去一直是這類計畫的支持者。事實上，為了實現這一目標我們已經投資了數億美元。因此，問題不在於是否有支持者。

The issue is one of government policy setting the conditions for that investment to occur. Let's be honest the government has not done that yet, and it's not clear that tend to, at least from our perspective, in particular, still in emissions cap in place for our customers, which really stifles their ability to grow oil production.

問題在於政府政策是否為該項投資設定了條件。坦白說，政府還沒有這樣做，而且至少從我們的角度來看，這還不清楚，特別是仍然對我們的客戶設定排放上限，這確實抑制了他們增加石油產量的能力。

And then secondly, the West Coast tanker ban remains in place that, frankly, as long as that's there, it would make building a pipeline to the West Coast being a pipeline to nowhere. So -- and nothing has been deemed in the national interest yet either.

其次，西海岸的油輪禁令仍然有效，坦白說，只要這項禁令仍然存在，那麼建造通往西海岸的管道就變得毫無意義。所以——目前還沒有任何事情被認為符合國家利益。

So lots of us to watch from an industry perspective. We're very active on that front but we're continuing to find ways to serve our customers' needs by adding that incremental egress that they really want, which really means the Gulf Coast. So meanwhile, as you're seeing south of the border, a lot of changes accelerated permitting.

因此，從行業角度來看，我們有很多事情要關注。我們在這方面非常活躍，但我們仍在繼續尋找方法來滿足客戶的需求，透過增加他們真正想要的增量出口，這實際上意味著墨西哥灣沿岸。因此，與此同時，正如您在邊境以南所看到的，許多變化正在加速發生。

We even start to see it in changes to the Army Corps of Engineers and a desire to actually build energy sovereignty and project power. And so hopefully, that will translate up here as the government gets its footing. And in the meantime, we'll continue to provide counsel and advice to folks like the [Premier] of Alberta, who she continues to work to advance not only the provinces interest, but I actually think Canada's energy interests and sovereignty via new energy infrastructure.

我們甚至開始看到陸軍工程兵團的變化以及真正建立能源主權和投射力量的願望。因此，希望隨著政府站穩腳跟，這一點能夠實現。同時，我們將繼續為阿爾伯塔省省長等人提供諮詢和建議，她不僅繼續努力推進該省的利益，而且我認為她還通過新的能源基礎設施推進加拿大的能源利益和主權。

That's a very helpful response. And I was just curious how the Ohio rate case order impacts your strategy on rate cases in general and the US franchises and obviously, Ohio in particular?

這是一個非常有幫助的答案。我只是好奇俄亥俄州的費率案件命令如何影響您對費率案件的整體策略以及美國特許經營權，尤其是俄亥俄州的費率案件策略？

Yes, Michele is here. I'll let her go at that. Obviously, regulatory expertise is something we're very focused on.

是的，米歇爾在這裡。我就讓她走了。顯然，我們非常重視監管專業知識。

Sure. So obviously, we were disappointed in the Ohio rate case. But really, it's turning on a couple of I'd call it, legal and regulatory issues. As Greg mentioned in his opening remarks, at the end of the day, the fact is we still have really strong ROE amongst the best that you're going to have. We saw an increase in our equity thickness.

當然。顯然，我們對俄亥俄州的利率案感到失望。但實際上，它涉及到一些我稱之為法律和監管的問題。正如格雷格在開場白中提到的那樣，最終，事實是我們的 ROE 仍然非常強勁，並且是最佳的。我們看到我們的股權厚度增加。

We didn't have any material denials into what we submitted as appropriate O&M. All of the capital that we've invested has gone into rate base. We continue to have the strong capital riders that we really like to in Ohio. So it's still a very strong and productive jurisdiction. But we do have a couple of specific issues so that we think there were errors made by the PUC in Ohio, and we filed a rehearing about a week ago today on that.

對於我們提交的適當的 O&M，我們沒有任何實質的否認。我們投入的所有資本都已投入利率基礎。我們在俄亥俄州繼續擁有我們真正喜歡的強大資本附加條款。因此它仍然是一個非常強大和富有成效的司法管轄區。但我們確實有幾個具體問題，因此我們認為俄亥俄州公共事業委員會犯了錯誤，大約一周前我們就此提起了重新審理。

So we're confident in the Ohio utility, and we're certainly confident in its growth as was mentioned in an earlier question, lots of data centers, lots to get generation there. So it's a good -- it's a good utility.

因此，我們對俄亥俄州的公用事業公司充滿信心，我們對其成長也充滿信心，正如前面的問題中提到的那樣，那裡有很多資料中心，有很多發電設施。所以它是一個很好的——它是一個很好的實用程式。

But we are in rate cases in all 4 of our major utilities, as we mentioned, we're coming to the tail end in Ontario. And then we would expect to see our results in Utah and North Carolina coming through in the fall. I think the big difference though for Utah and North Carolina is their rate cases are routine. We go every 2 or 3 years. So it's really just a question of updating things, having a discussion about what's the most appropriate levels of return without the 15-year lag that we had in Ohio, that really created a lot of complexity in the Ohio rate case.

但正如我們所提到的，我們所有 4 家主要公用事業公司的費率情況都已出現，安大略省的費率情況已接近尾聲。然後我們預計在秋季看到猶他州和北卡羅來納州的成果。我認為猶他州和北卡羅來納州的最大區別在於他們的費率案件是常規的。我們每兩三年去一次。因此，這實際上只是一個更新的問題，討論最合適的回報水平，而沒有俄亥俄州那樣的 15 年滯後，這確實給俄亥俄州的利率案例帶來了很多複雜性。

So we're very confident with the North Carolina and Utah, good relationships there, transparent work, so things are good.

因此，我們對北卡羅來納州和猶他州非常有信心，那裡的關係良好，工作透明，所以一切都很好。

Yes. So obviously, if you think back to the acquisition, which we haven't even had all these closed for a year yet. That will come up in September. Very consistent results and expectations. As you know Robert we're quite conservative in the way we look at things.

是的。顯然，如果你回想一下這次收購，我們甚至還沒完成一年。此事將於九月公佈。結果和期望非常一致。如你所知，羅伯特，我們看待事物的方式相當保守。

And I would say we've probably been underestimated the growth opportunity there right across all the utilities and the regulatory filings and rate cases, standard of what we do across all our businesses. And sometimes you get what you want, sometimes you don't. But it -- the business continues to drive forward.

我想說，我們可能低估了所有公用事業、監管備案和費率案例的成長機會，以及我們所有業務的標準。有時你會得到你想要的，有時卻得不到。但業務仍在繼續向前發展。

Aaron MacNeil from TD Cowen.

來自 TD Cowen 的 Aaron MacNeil。

Greg, you mentioned in your prepared remarks, but can you speak to the Cowboy Solar and Seven Stars project? I guess I'm just trying to get a sense of if your customers are encouraging you to get these types of projects across the line, just given the changing tax credit landscape.

格雷格，您在準備好的演講中提到了，但是您能談談牛仔太陽能和七星項目嗎？我想我只是想了解一下，考慮到不斷變化的稅收抵免形勢，您的客戶是否鼓勵您完成這些類型的專案。

And as it relates to other solar projects in your mid-stage development bucket, are there any practical limitations that we should be thinking about in terms of your ability to get more across the line? And then I guess, finally, just given the urgency, do you have the room and your annual investment capacity to get more projects like (inaudible)?

並且由於它與您中期開發階段的其他太陽能專案相關，在您獲得更多專案的能力方面是否存在任何我們應該考慮的實際限制？最後，我想，考慮到緊迫性，您是否有足夠的空間和年度投資能力來獲得更多項目，例如（聽不清楚）？

Yes. So we -- I'll let Matthew kind of jump in here in a second. But one thing I would point out is our customer need is driven not just on the renewables side. historically maybe more focused from an ESG perspective. Today, the issue is the need for power, all types of power, right?

是的。所以我們——我會讓馬修馬上加入進來。但我想指出的一點是，我們的客戶需求不僅來自再生能源方面。從歷史上看，可能更側重於 ESG 角度。今天的問題是需要權力，所有類型的權力，對嗎？

So and you definitely see that in like the Meta's and the AT&Ts and Amazons. Yes, sure, everybody wants to kind of move forward on the sustainability front, but it's really that need for power. So the late-stage stuff that we have continue to see anything an increase, Matthew, maybe you can speak to that in request for that power.

所以你肯定會在 Meta、AT&T 和 Amazon 中看到這一點。是的，當然，每個人都希望在永續發展方面取得進展，但實際上需要的是權力。因此，我們在後期階段繼續看到任何增加，馬修，也許你可以就此談談對這種力量的要求。

I think your question there, and if I'm hearing it correctly, really post the projects we have and that are in late stage, all of which can be done within the new legislative changes in the US it's really after that, the next stage cove later in the decade or the end of the decade and beyond without the tax incentives, will they be attractive. I think that's a TBD, but it doesn't prevent the projects that we have in the backlog from moving forward, that's for sure.

我認為你的問題是，如果我沒聽錯的話，我們確實已經發布了處於後期階段的項目，所有這些都可以在美國新的立法變化範圍內完成，實際上在那之後，下一個階段將在未來十年後期或十年末及以後，如果沒有稅收激勵措施，它們是否會具有吸引力。我認為這是一個有待解決的問題，但它不會阻止我們積壓的項目向前推進，這是肯定的。

And if tax incentives aren't an element of projects on a go-forward basis, they're going to have to compete just like everything else with capital and we'll see what happens macro wise. You could make an argument, what you'll see as power prices go up, which still allows you to make your returns, but we'll see what happens at that time.

如果稅收誘因不是專案向前發展的要素，那麼它們將不得不像其他事物一樣與資本競爭，我們將拭目以待宏觀方面會發生什麼。你可以提出一個論點，你會看到電價上漲，這仍然會讓你獲得回報，但我們會看看到時候會發生什麼。

But do you want to speak specifically to those two projects, Matthew.

但馬修，你想具體談談這兩個項目嗎？

Yes, sure, thanks. Just to add to what Greg said. We do have some projects in addition to the ones we've announced that are late stage and with a very high probability we'll continue to qualify for the credits, and we do see very strong customer demand from these blue-chip type customers like Meta and we're very pleased to add them to our roster.

是的，當然，謝謝。只是想補充 Greg 所說的內容。除了我們已經宣布的項目之外，我們還有一些處於後期階段的項目，並且很有可能繼續獲得信貸資格，而且我們確實看到來自 Meta 等藍籌股客戶的強烈客戶需求，我們很高興將它們添加到我們的名冊中。

And these are the types of customers that want to work with Enbridge not just in our Renewable business, but frankly, across our Gas businesses, as Greg talked about, it's -- it's really a multi-platform strategy to satisfy demand for it's rising rapidly.

這些客戶不僅希望與 Enbridge 合作再生能源業務，而且坦白說，還希望在我們的天然氣業務方面進行合作，正如 Greg 所說的那樣，這實際上是一種多平台策略，以滿足快速增長的需求。

We do so -- I think we have visibility to some more of these projects. You mentioned a couple that should qualify. But the key is to be very disciplined in this environment. It's very fluid. There's still some moving parts.

我們這樣做了——我認為我們對其中的一些項目有了更多的了解。您提到了幾個應該符合條件的。但關鍵是在這種環境下要非常自律。它非常流暢。仍有一些活動部件。

The bill was relatively favorable on the tax credit front, but there are still some administrative actions that could occur. So we'll be conservative and we'll be opportunistic. But we'll stick to our very strong capital discipline in. As Greg said, I think one thing to note on the Seven Stars that you mentioned, that is actually a Canadian project. So I think the policy in Canada is much more stable and predictable right now.

該法案在稅收抵免方面相對有利，但仍可能採取一些行政措施。因此，我們會採取保守態度，也會把握機會。但我們將堅持非常嚴格的資本紀律。正如格雷格所說，我認為關於您提到的七星項目需要注意的一點是，這實際上是一個加拿大項目。所以我認為加拿大目前的政策更加穩定和可預測。

That's a wind project in Saskatchewan.

這是薩斯喀徹溫省的一個風力發電計畫。

On Cowboy, we'll see it's a late-stage project, solar project in Wyoming. And again, on that one, it will have to hit our low-risk commercial model, and that's still evolving, frankly. So we'll keep developing those projects, but we'll be disciplined and low risk in our approach to FID.

在 Cowboy 上，我們會看到它是一個後期項目，是懷俄明州的太陽能項目。再次強調，就這一點而言，它必須符合我們的低風險商業模式，坦白說，這種模式仍在不斷發展。因此，我們將繼續開發這些項目，但我們在 FID 處理方式上將採取嚴謹且低風險的態度。

And Aaron, I think your last point was on the capital capacity. Yes, I mean, the projects that Matthew has spoken about and the opportunities that we talked about for renewables at the Investor Day very much taking into account in our financial plans and they would -- even with those projects coming forward, remember, we always have a couple of billion dollars of incremental capacity we could invest. So it's really not -- it's not capacity. It's more investment quality and return relative to what is a plethora of opportunities across the entire business.

亞倫，我認為你的最後一點是關於資本能力的。是的，我的意思是，馬修談到的項目以及我們在投資者日談到的可再生能源的機會都在我們的財務計劃中得到了充分考慮，即使這些項目正在推進，請記住，我們總是有幾十億美元的增量產能可以投資。所以這實際上不是——這不是容量。相對於整個產業的大量機會而言，它的投資品質和回報更高。

That's a lot of great detail. Maybe just as my follow-up, one point of clarification. You've mentioned Homer City couple times today. It looks like this project is pretty far along. Can you just give us a sense of time line to FID, potential capital requirements, returns in service date and any potential gating items?

有很多精彩的細節。也許只是作為我的後續行動，需要澄清一點。您今天已經多次提到荷馬城。看起來這個專案已經進展順利了。您能否向我們介紹 FID 的時間表、潛在資本要求、服務日期回報以及任何潛在的門控項目？

Yes. Cynthia can chime in here. But to be blunt, no, like I think it is, it's kind of far along from an announcement perspective, but there's a lot of work here, right? That's a 4-gigawatt plus project towards the end of the decade, they're working through getting their gas supply agreements in principle. There's a lot of pieces in there.

是的。辛西亞可以在這裡插話。但坦白說，不，就像我認為的那樣，從公告的角度來看這還有很長的路要走，但這裡還有很多工作要做，對吧？這是一個預計在本世紀末實施的 4 千兆瓦以上的項目，他們正在努力爭取原則上的天然氣供應協議。裡面有很多碎片。

So it could be everything from a straight lateral to an expansion of Texas Eastern. But until the customer actually has determined exactly how it wants to deal with that. All I can tell you is we will get our fair share.

因此，它可以是直線型的，也可以是德州東部鐵路的延伸。但直到客戶真正確定如何處理這個問題。我只能告訴你，我們將得到公平的份額。

Yes. Thanks for that, Greg. I would just add that we are in those discussions. These discussions had started months ago. It will take a little while until we get through that final design and the commitments.

是的。謝謝你，格雷格。我只想補充一點，我們正在進行這些討論。這些討論幾個月前就開始了。我們還需要一段時間才能完成最終的設計和承諾。

As Greg said, we will definitely have opportunity to participate. I would note that Texas Eastern has about 10 Bcf per day underutilized receipt potential in the Marcellus supply region. And so we can do some very economical pipeline expansions to serve Pennsylvania and Ohio along our existing right of way. So it's great, and we have lots of ongoing conversations with developers, power generators, hyperscalers around that area of Pennsylvania and Ohio. So more to come, and we'll keep you posted.

正如Greg所說，我們肯定有機會參與。我要指出的是，德州東部公司在馬塞勒斯供應區每天有大約 100 億立方英尺的未充分利用的接收潛力。因此，我們可以進行一些非常經濟的管道擴建，以便沿著現有的通行權為賓夕法尼亞州和俄亥俄州提供服務。這很棒，我們與賓夕法尼亞州和俄亥俄州地區的開發商、發電廠和超大規模企業進行了大量的持續對話。未來還會有更多消息，我們會及時通知您。

Yes. Aaron, I think about this as winning by a lot of singles and maybe the odd double. I think as you would well understand say a gigawatt plant takes 150 a day gigawatt gas plant, that's not a massive pipeline, right? So you can see that with Line 31. You can see that with the with the development.

是的。亞倫，我認為這場比賽可以透過許多單打和偶爾的雙打獲勝。我想你應該明白，一個千兆瓦發電廠每天需要 150 個千兆瓦的天然氣發電廠，這並不是一個龐大的管道，對吧？所以你可以透過第 31 行看到這一點。隨著發展，您可以看到這一點。

So it's a lot of incremental pieces built very economically that add up to a really nice investment. So sometimes, I think people looking for the big splash billion pipeline projects, I think those are going to be few and far between -- for individual data centers.

因此，它是許多以非常經濟的方式建構的增量部分，加起來是一項非常好的投資。所以有時候，我認為人們正在尋找耗資數十億美元的大型管道項目，但我認為對於單一數據中心來說，這樣的項目將會很少見。

So I think you got to keep watching these incremental pieces. And frankly, as investors, I think you should -- so I'll do $100 million expansions that happen quickly, relatively permanent light, probably not cross state, even though they involve interstate pipe, all day long versus a big, say, greenfield new $1 billion pipe.

所以我認為你必須繼續關注這些增量片段。坦白說，作為投資者，我認為你應該——所以我會進行 1 億美元的擴張，這些擴張會迅速發生，相對永久，可能不會跨州，即使它們涉及州際管道，而不是像綠地那樣，全天候建設一個大型的、價值 10 億美元的新管道。

Praneeth Satish from Wells Fargo.

富國銀行的 Praneeth Satish。

Maybe I'll just piggyback off of that question. So you've talked about, obviously, a lot of power generation opportunity and things. But so far, the announcements on the gas pipeline side the pace of announcements has been a bit slower compared to peers. I mean you talked about having excess capacity. So maybe that's one of the reasons why your projects are maybe smaller in size than some of the larger builds that our CapEx projects that we're seeing.

也許我只是順便回答一下這個問題。所以，顯然，您談論了很多發電機會和其他事情。但到目前為止，天然氣管道方面的公告速度與同業相比略慢一些。我的意思是您談到了產能過剩。所以也許這就是為什麼你們的專案規模可能比我們看到的一些大型資本支出專案要小的原因之一。

But maybe you could just kind of walk us through the differences here on Texas Eastern versus some of your other competitors? And is it because you have excess capacity? Are you waiting for the right returns? Are there dependencies tied to associated utilities? Just trying to get some more color there.

但也許您可以向我們介紹德州東部鐵路與其他一些競爭對手的差異？是因為你們的產能過剩嗎？您是否在等待正確的回報？是否存在與相關實用程式相關的依賴關係？只是想在那裡獲得更多的顏色。

Well, I think a bit of both. I'm not sure I'd agree with your view that people have actually made more announcements on the other side. I think the people talk about stuff. But let's go down the list, right? You've got 1.5 gigawatt million projects and for TVA that's going ahead, in North Carolina and GDS, there's a 1.4 gigawatts, $600 million plus for Duke facility in Utah, a couple of hundred megawatts plus.

嗯，我認為兩者都有一點。我不確定我是否同意你的觀點，即人們實際上在另一方發布了更多聲明。我認為人們正在談論一些事情。但是讓我們看一下列表，對嗎？您有 1.5 千兆瓦的項目，而對於正在推進的 TVA 來說，在北卡羅來納州和 GDS，有 1.4 千兆瓦的項目，對於猶他州的杜克大學設施來說，有 6 億多美元，有幾百兆瓦以上的項目。

In Ontario, we're still pursuing some of those opportunities. And then the stuff that we just announced today. So I'm not sure I'd be on the same page there. I think some people that maybe all they have. And as you know, we had opportunities for us multiple businesses on that front.

在安大略省，我們仍在尋求其中的一些機會。然後就是我們今天剛剛宣布的內容。所以我不確定我是否同意這一點。我認為，有些人可能擁有的就是這些。如您所知，我們在這方面擁有多項業務機會。

And I mean, I don't know, perhaps you could -- you have that, but I'm not aware of anybody else having signed up Amazon, having signed up Meta, having signed up AT&T on the renewable side. So I think it's an all of the above opportunity for us.

我的意思是，我不知道，也許你可以——你有這個，但我不知道是否有其他人在可再生能源方面簽約了亞馬遜、簽約了 Meta、簽約了 AT&T。所以我認為這對我們來說是一個全方位的機會。

And I'm a big believer that much of this is actually going to be done with utilities on the power utilities and you will note that in neither of the case in Mississippi or the SESH project did we announce with utilities, those are 2. And then because they're not really keen on actually indicating exactly what we're doing on the data center side.

我堅信，其中大部分工作實際上將透過電力設施來完成，您會注意到，無論是密西西比州的案例還是 SESH 項目，我們都沒有宣布與公用事業公司合作，這是 2 個。而且因為他們並不真正熱衷於確切地表明我們在資料中心方面所做的事情。

So I think I think you'll find -- I think if you crawl through it and maybe we can do a better job at communicating that to you that there's lots of pieces that we're knocking off. And I think we're actually ahead of what we said in terms of announcements from the Investor Day when we talked about the 18-month look forward, of which we're now at 4 months since that time frame, and more to come.

所以我認為你會發現——如果你仔細研究它，也許我們可以更好地向你傳達這一點，那就是我們正在淘汰很多部分。我認為，我們實際上已經提前完成了投資者日公告中提到的 18 個月的展望，目前距離那個時間範圍已經過去了 4 個月，未來還會有更多時間。

Yes. No. I mean just to kind of clarify, I think you're definitely getting a lot of traction, certainly on the renewable side, and on the utility side. So I'm not saying there is an exposure to the theme, but it was more just on the gas pipeline side because you have a premier footprint there and you're kind of in the heart of this, especially with Homer City building. Would have thought there would be more, but like you mentioned, maybe it's TBD, and we'll definitely stay tuned.

是的。不。我只是想澄清一下，我認為你肯定會獲得很大的發展動力，尤其是在再生能源方面和公用事業方面。所以我並不是說對這個主題有所了解，但它更多的是在天然氣管道方面，因為你在那裡擁有重要的地位，而且你處於這個主題的核心，尤其是荷馬城的建設。本來以為會有更多，但就像你提到的那樣，也許還有待確定，我們一定會繼續關注。

Maybe just switching gears from my other question. I mean you mentioned OBBBA and the bonus [DD&A] provisions there that could benefit near-term growth. I guess just from a tax perspective, does that lower your cash tax burden in the near term? When do you now expect to be a meaningful cash taxpayer?

也許只是從我的另一個問題轉換話題。我的意思是，您提到了 OBBBA 和獎金 [DD&A] 條款，這些條款可能有利於近期的成長。我想僅從稅收角度來看，這是否會在短期內降低您的現金稅負？您現在預計什麼時候能成為有意義的現金納稅人？

Gregory EbelExecutive

Gregory Ebel高階主管

Yes. Thanks for the question. Yes, I think generally, it's a very positive outcome from the various tax changes, had extension of bonus depreciation, which affects a big portion of our overall business. I think the way to think about it is this further adds helps to the fact that we'll now be able to grow per share kind of in line with our EBITDA guidance. The last few years, there's been a bit of a differential because of the growing cash tax, but this will help to offset that and give us more and more confidence and clarity into that growth into the back part of the decade.

是的。謝謝你的提問。是的，我認為總體而言，這是各種稅收變化帶來的非常積極的結果，延長了獎金折舊，這對我們整體業務的很大一部分產生了影響。我認為思考這個問題的方式是，這進一步有助於我們現在能夠按照我們的 EBITDA 指導實現每股成長。過去幾年，由於現金稅的成長，出現了一些差異，但這將有助於抵消這一差異，並使我們對未來十年的成長越來越有信心和清晰度。

So yes, we're excited about it, and we think it can help to grow our cash flows for our shareholders.

所以是的，我們對此感到興奮，我們認為它可以幫助我們為股東增加現金流。

Rob Hope from Scotiabank.

來自豐業銀行的 Rob Hope。

On the data center theme can you maybe add a little bit of commentary on how you're thinking about the contractual frameworks and contractual protections regarding who the counterparty is and how you would potentially alter it, if at all, if it's a utility customer or behind the fence customer?

關於資料中心主題，您能否稍微評論一下您對合約框架和合約保護的看法，包括對方是誰，以及如果對方是公用事業客戶或圍欄客戶，您可能會如何改變它？

Yes. Obviously, from a credit perspective, other than and you see this on the renewable side, the Googles and Metas and AT&T, they're obviously super credits. And that's why we're actually on balance seeing 75% of the opportunities with utilities who are existing customers today, they're amazing credits to. So -- and they like to sign up for a long-term 10, 15, 20-year contracts, take or pay. If it is with a small data center hyperscaler player.

是的。顯然，從信用角度來看，除了再生能源方面，Google、Metas 和 AT&T 顯然都是超級信用。這就是為什麼我們實際上總體上認為 75% 的公用事業機會都來自現有的客戶，這是非常了不起的成就。所以——他們喜歡簽署長期的 10 年、15 年或 20 年合同，要么接受，要么支付。如果是與小型資料中心超大規模播放器合作。

We look at that really carefully. And some of those folks would have to probably provide LCs, et cetera.

我們非常仔細地觀察了這一點。其中一些人可能必須提供信用證等等。

But that's why, as I said, I think as this continues to move forward rapidly, I'm a strong believer you're going to continue to see those utility players there because this isn't as easy as what people think. And the commitment to sign up for a 10- or 15- or 20-year pipeline contract or renewable contract says the big players will be there.

但這就是為什麼，正如我所說，我認為隨著這件事繼續快速推進，我堅信你會繼續看到那些多面手球員，因為這並不像人們想像的那麼容易。承諾簽署 10 年、15 年或 20 年的管道合約或可續約合約表明大公司將會參與其中。

So from an analytical perspective with all the data center opportunities out there. The winners here just like on the pipeline side, will be the big players with scale, and that's the customers that will largely serve. And when I think about it, where the smaller players may have a better opportunities, frankly, from our gas utilities, where there's a much larger scope of customers.

因此，從分析的角度來看，資料中心存在著各種機會。就像管道方面一樣，這裡的贏家將是具有規模的大公司，他們將主要服務於客戶。當我想到這一點時，坦白說，較小的參與者可能會從我們的天然氣公用事業中獲得更好的機會，因為那裡有更大的客戶範圍。

We have a requirement to serve.

我們有服務的要求。

But even in some of those cases, depending on what happens, they'd have to provide aids to construct which, as you know, is an element. So I think we've got it covered from the big players and on the utility relatively small behind-the-meter stuff. You'd see that as a typical cost of service structure inside a utility, super safe for the investor and very fair for the customer.

但即使在某些情況下，根據發生的情況，他們也必須提供輔助工具來構建，正如你所知，這是一種元素。所以我認為我們已經涵蓋了大公司和公用事業公司相對較小的電錶後業務。您會發現這是公用事業內部的典型服務成本結構，對於投資者來說非常安全，對客戶來說非常公平。

And then switching gears here. Just regarding the $9 billion to $10 billion of investment capacity per year. It is looking like you're getting towards that range for '26 and '27 based off of the recent wins. How are you thinking about the cadence of when new -- or the cadence of project announcements and layering further capital in the next couple of years? Or is now the focus turning towards the kind of, we'll call it, beyond '27 time frame?

然後在這裡切換齒輪。每年的投資能力僅90億至100億美元。從最近的勝利來看，你似乎正在接近 26 年和 27 年的那個範圍。您如何看待新專案的發布節奏，或未來幾年專案公告和進一步資本投入的節奏？或者現在焦點轉向我們所說的超越 27 個時間框架的那種？

Yes, I can take that, Rob. Yes, I think it's fair to say that in '25 and '26, we've been filling up the opportunity set pretty well over the last 6 to 12 months. And I think that should give people more and more clarity into that kind of '27, '28 growth rate. And I think it's also fair to say that you look at the projects that we announced today within service dates around '28, '29 that we're now starting to fill in that back piece. We still probably have a little bit of capacity to take some of the smaller bite-size things, a quick turn capital as we go here.

是的，我可以接受，羅布。是的，我認為可以公平地說，在 25 年和 26 年，我們在過去 6 到 12 個月內已經很好地填補了機會。我認為這應該能讓人們越來越清楚地了解 27 年、28 年的成長率。而且我認為也可以公平地說，看看我們今天宣布的服務日期在 28、29 年左右的項目，我們現在開始填補這一空白。我們可能仍然有一點能力來處理一些較小的、一口大小的事情，在這裡我們可以快速週轉資本。

But I think your comment is probably right in that. I think we've added a lot of great projects that add that clarity, call it to the middle of the next half of the decade. And our job is to continue to provide high return projects into the back part. So from a capacity perspective, as I think I said in my remarks, I like the way it's spread out across our businesses, but also spread out across the rest of the decade here. So feeling very good as we get more transparency into that.

但我認為你的評論可能是正確的。我認為我們已經增加了很多偉大的項目，這些項目增加了這種清晰度，稱之為下個五年中期。而我們的工作就是繼續為後繼者提供高回報的項目。因此，從產能角度來看，正如我在發言中所說的那樣，我喜歡它在我們的業務中分佈的方式，同時也喜歡它在未來十年的剩餘時間中分佈的方式。因此，當我們對此變得更加透明時，感覺非常好。

Yes, I'd say our business development team is very much focused on the back half of the decade and have been, right? So that's about extending the growth, which we've got a lot of confidence in that post '26 period. And then as Matt says, most of what we talked about to (inaudible) will be very little capital in the next 12 months.

是的，我想說我們的業務開發團隊非常關注過去五年，對嗎？這就是關於延長成長的時間，我們對 26 年後的成長充滿信心。然後正如馬特所說，我們談論的大部分內容（聽不清楚）在未來 12 個月內將會是很少的資本。

And the stuff that does have capital like on the GDS side of things that, in some cases, you'll start to earn on it before it even goes into service. But otherwise, it will actually generate EBITDA within, say, the 12 months, which, of course, then creates capacity, right?

而對於確實有資本的項目，例如 GDS 方面的項目，在某些情況下，你甚至可以在它投入服務之前就開始賺錢。但除此之外，它實際上會在 12 個月內產生 EBITDA，這當然會創造產能，對嗎？

Ben Pham from BMO.

來自 BMO 的 Ben Pham。

Just want to go to your backlog and returns. And as I look at some of these projects you sanctioned in the last couple of years, you mentioned wood fiber, low double-digit returns, (inaudible) , 10% returns. When I look at that, I look at the projects you're announcing today much better returns. Is the trend for Enbridge cap allocation increasingly shifting more these higher-return projects that you talked about the singles, high returns that as we look out the next 12 months, that average return is going to start moving higher in that secured backlog?

只是想看看你的積壓和回報。當我回顧過去幾年您批准的一些項目時，您提到了木纖維、低兩位數的回報率，（聽不清楚），10% 的回報率。當我看到這一點時，我發現你們今天宣布的專案回報要好得多。Enbridge 上限分配的趨勢是否越來越多地轉向您談到的這些高回報項目，即單一高回報項目，當我們展望未來 12 個月時，這些有擔保的積壓訂單的平均回報率是否會開始走高？

Yes, absolutely. I think you put a finger on the great tension inside the company. Lots of opportunities, but only those projects and those jurisdictions that provide better returns, i.e., lower build multiples are going to get serviced, right? So I would tell you right now, that's a challenge to do more in a place like British Columbia or even Ontario relative to Ohio or say, Texas. So we want to keep our builds in that 6 to 8x.

是的，絕對是。我認為您指出了公司內部的巨大緊張局勢。機會很多，但只有那些提供更好回報的項目和司法管轄區（即較低的建設倍數）才會得到服務，對嗎？所以我現在要告訴你，相對於俄亥俄州或德克薩斯州，在不列顛哥倫比亞省或安大略省這樣的地方做更多事情是一個挑戰。因此我們希望將我們的建造保持在 6 到 8 倍的範圍內。

And then Colin has tons of stuff that is even on the bottom, if not below that 6 to 8x. So very competitive.

然後，科林 (Colin) 有大量的東西甚至位於底部，甚至低於 6 到 8 倍。競爭非常激烈。

And then, of course, Michele has higher multiples, but quicker cycle. And so yes, it's you should see, and this is very much our focus is steady, and it's a big boat to move or a big denominator to move, increase in return on capital employed as we move up the chain in value-added investments. You hit it right on. It's actually a really nice environment as capital allocators to be able to pick and choose the best return so we can keep those steady and stable and growing earnings that you all expect from us.

當然，Michele 的倍數更高，但週期更快。是的，您應該看到，我們的重點非常穩定，這是一艘大船要移動，或者說是一個大分母要移動，隨著我們在增值投資鏈中向上移動，資本回報率會增加。你說得太對了。作為資本配置者，這實際上是一個非常好的環境，我們能夠挑選出最好的回報，這樣我們就可以保持穩定和不斷增長的收益，正如你們所期望的那樣。

Okay. Got it. Maybe switching to the storage side the Aitken expansion theme. Can you confirm, is there more white space beyond the 40 Bcf a day? And then what's the strategy on the US

好的。知道了。也許切換到儲存方面的艾特肯擴充主題。您能否確認，每天 400 億立方英尺以上是否還有更多空白？那麼對美國的策略是什麼

storage assets? Is it more recontract? Or is there opportunity to expand as well?

儲存資產？是不是又要重新簽約了？或者是否還存在擴展的機會？

Wilson, Cynthia, do you want to speak to that?

威爾森、辛西婭，你們想談談這個嗎？

Sure. So this 40 Bcf at Aitken Creek is the most accessible there would be other opportunities, but it would be not as accessible as is 40 Bcf. This was part of what we knew in the acquisition that it would be an easier stage step to get through. As it comes to other opportunities on the Gulf Coast, we continue to look at that. We had some open seasons for storage expansions that we launched in May and we've gotten some really good interest.

當然。因此，艾特肯溪的這 400 億立方英尺儲量是最容易取得的，雖然還有其他機會，但不如 400 億立方英尺儲量容易取得。這是我們在收購過程中了解到的一部分，這將是一個更容易完成的階段性步驟。至於墨西哥灣沿岸的其他機會，我們將繼續關注。我們在五月推出了一些儲存擴充的開放季節，並且獲得了一些非常好的興趣。

So we're looking at developing our salt caverns there along the US Gulf Coast. Of course, we expanded TRACE cabin 4 that just got into service at the beginning of the year. We also, as Greg noted, are continuing to optimize the structure there. We're looking at whether with the open season interest, we'll be expanding more at TRACE Egan and Mac.

因此，我們正在考慮開發美國墨西哥灣沿岸的鹽洞。當然，我們對年初剛投入使用的TRACE 4號艙進行了擴建。正如格雷格所說，我們也在繼續優化那裡的結構。我們正在研究是否隨著開放季節的興趣，我們將在 TRACE Egan 和 Mac 中進一步擴展。

There's a lot of, obviously, opportunities in that area and the continued expansions and LNG growth just provides some really good opportunities that we're excited about right now.

顯然，該地區有很多機會，持續的擴張和液化天然氣的成長提供了一些非常好的機會，我們對此感到非常興奮。

Yes. Sometimes, I think it's . We've got 600 side of storage across North America. Don't forget, Cynthia has got great elements here and the contracting has moved out a little longer and higher. All that sort of more three- to five-year type contracts but at a higher rate than what we've seen for, say, the last five years, that's kind of changed in the last 18 months.

是的。有時，我認為。我們在北美有 600 個倉庫。別忘了，辛西亞在這裡得到了很好的元素，而且承包時間更長、更高。所有這些合約都是三到五年期的合約，但其簽訂率比過去五年要高，這種情況在過去 18 個月裡發生了變化。

And don't forget at GDS, we have 100 or so Bcf of storage that is unregulated and as all the needs that come in and the power projects, we're talking about LNG, not so much on data center, but LNG, et cetera. That makes the storage all the more valuable, right? So it's a good time for storage on the Gulf Coast and the great Lakes regions and obviously, in Western Canada, where [Aken] really is the only player in BC as LNG comes on.

別忘了，在 GDS，我們有大約 1000 億立方英尺的未受監管的儲存空間，隨著所有需求和電力項目的出現，我們談論的是液化天然氣，不是數據中心，而是液化天然氣等等。這使得存儲變得更有價值，對嗎？因此，現在是在墨西哥灣沿岸和五大湖地區進行儲存的好時機，顯然，在加拿大西部，隨著液化天然氣的出現，[Aken] 確實是不列顛哥倫比亞省唯一的參與者。

[Sam Burwell] from Jefferies.

來自 Jefferies 的 [Sam Burwell]。

It's been hit on a little bit from some other angles, but I just wanted to ask what's your appetite for greenfield gas pipeline in Canada? It's a pending LNG project that needs a pipe and likely someone to develop it. So would that be of any interest to you if you got assurance is similar to what you said you would need to underwrite a larger pipe on like the crude side?

從其他一些角度來看，這個問題已經引起了一些關注，但我只是想問一下，您對加拿大的綠地天然氣管道有何興趣？這是一個待決的液化天然氣項目，需要管道並且可能還需要有人來開發它。那麼，如果您得到的保證與您所說的需要承保原油等更大管道的保證類似，這對您是否感興趣？

Well, I'll let Cynthia speak to it. But I think there's no debt, it seems like gas pipelines in Western Canada or across Canada seem to have a not easy, but an easier road than say, liquids lines and as you know, I think we've set ourselves up to do that. The West Coast system is fabulous, indigenous participation in the West Coast system as fabulous set up, no guarantee that, that gets you consent but very helpful in lining interest, but Cynthia?

好吧，我會讓辛西亞來談論這件事。但我認為沒有債務，加拿大西部或加拿大各地的天然氣管道似乎並不容易，但比液體管道更容易，而且如你所知，我認為我們已經為此做好了準備。西海岸系統很棒，土著參與西海岸系統就像一個很棒的設置，雖然不能保證這一點，但這會得到你的同意，但對排列興趣非常有幫助，但是辛西婭？

Yes. We still have the Pacific Trails Pipeline project. Our P2P projects would serve onto the West Coast so there's future opportunities there. We'll continue to maintain that. It's fully certified.

是的。我們還有太平洋步道輸油管計畫。我們的 P2P 計畫將服務於西海岸，因此那裡有未來的機會。我們將繼續保持這一點。它已獲得全面認證。

Of course, that would require a new large-scale LNG facility in the region to proceed. But we are obviously, very supportive and continue to look at opportunities. It would, as Greg noted, have to hunt in our overall capital allocation, but it is something of course, with our West Coast system and that knowledge and experience. And now with our recent move to improve our indigenous relationship to BC, I think we're well positioned to support that.

當然，這需要在該地區建造一個新的大型液化天然氣設施。但我們顯然非常支持並繼續尋找機會。正如格雷格所指出的那樣，它必須在我們的整體資本配置中進行搜索，但當然，憑藉我們的西海岸系統以及知識和經驗。現在，隨著我們最近採取措施改善與 BC 的本土關係，我認為我們已做好準備來支持這項舉措。

Yes, I think the situation is it's going to -- any greenfield pipe in Canada is going to have to have better returns in the West Coast system because the West Coast system is great, been there. It's a cost of service type structure but you're not taking on the risk you would with a greenfield project. So that would be the determining factor. And as we've talked about throughout the call, we're not exactly opportunity poor.

是的，我認為情況是這樣的——加拿大的任何綠地管道都必須在西海岸系統中獲得更好的回報，因為西海岸系統很棒，我曾經在那裡工作過。這是一種服務類型結構的成本，但您不必承擔綠地專案帶來的風險。所以這將是決定性因素。正如我們在整個通話過程中所談到的，我們並不是缺乏機會。

Manav Gupta from UBS.

瑞銀的 Manav Gupta。

Congrats on a very strong quarter, and I think it's not appreciated enough, but you probably indicated that you're coming in towards the top end of the guidance. So given your track record, we actually think you, but we keep our estimates within that range. My question to you is a little bit on the Southern Illinois Connector open season. It looks like a very exciting project. Can you talk a little bit more about this project?

恭喜您本季表現非常強勁，我認為這還不夠，但您可能表示您已經接近預期的最高點。因此，考慮到您的過往記錄，我們確實認為您是這樣，但我們會將我們的估計保持在該範圍內。我想問您一個有關南伊利諾伊連接器開放季節的問題。這看起來是一個非常令人興奮的項目。您能否再多談談這個項目？

And how -- what would the path forward for this project is?

那麼——這個計畫的前進方向是什麼？

I think the guide that runs the liquids business here usually gets the first question, so I'm glad it gets probably to the last one.

我認為這裡負責液體業務的導遊通常會第一個回答問題，所以我很高興它可能到了最後一個。

We're excited about building out the plumbing in North America here to serve some long-term pretty sticky demand. And so maybe unlike MLO 1, South Illinois Connector is more of a recontracting place. So it's kind of -- it's not new egress over the Canadian US border, but think of it as long hauling existing barrels on the system even further to serve some Louisiana refineries, adding to that 75% of refineries served on the continent. So just adds another market to the network and in an efficient way.

我們很高興能夠在北美建造管道系統，以滿足一些長期而又迫切的需求。因此，與 MLO 1 不同，南伊利諾伊連接器可能更像是一個重新承包的地方。因此，這算是一種——它不是跨越加拿大和美國邊境的新出口，而是將系統中現有的石油長途運輸得更遠，以服務於路易斯安那州的一些煉油廠，此外還為美國大陸 75% 的煉油廠提供服務。因此，這只是以一種有效的方式向網路增加了另一個市場。

right, using existing pipes and in this case, partnering with an existing [J] partner. So process on that one is the open season will go into August, and we'll look to roll some contracts on the Spearhead Pipeline and add further long-term, sticky paths to the mainline.

對，使用現有的管道，在這種情況下，與現有的 [J] 合作夥伴合作。因此，該流程的開放期將持續到 8 月，我們將考慮在 Spearhead Pipeline 上簽訂一些合同，並向主線添加更多長期、黏性路徑。

So that's -- it's exciting. And we'll be looking for more of those type of projects here that have to complement the low multiple build-out in egress adds for our stores.

所以這很令人興奮。我們將在這裡尋找更多此類項目，以補充我們商店的低多重出口擴張。

Keith Stanley from Wolfe Research.

來自 Wolfe Research 的 Keith Stanley。

Curious what the remaining gating items are on the Mainline expansion from this point? And are you expecting based on discussions that returns on this are going to be carved out separately from the CTS?

好奇從現在起，主線擴充中剩下的門控項目是什麼？根據討論，您是否預期該項收益將與 CTS 分開計算？

So as I mentioned in the prepared remarks, we're looking at tracking for an FID later this year. The the primary gating item has been achieved, which is the open season on the southern part of the path, Flanagan South, and that was oversubscribed so lots of interest in long-term demand to the US Gulf Coast. The other gating item is working with the traditional counterparties within CAP, if you like, or industry on basically kind of rolling in the Mainline capital into the rate base. And there's many precedents for that historically.

正如我在準備好的演講中提到的那樣，我們正在考慮在今年稍後追蹤 FID。主要門控項目已經實現，即在弗拉納根南路的南部開放季節，並且該季節的認購量超額，因此對美國墨西哥灣沿岸的長期需求有很大興趣。另一個門控項目是與 CAP 內的傳統交易對手合作，或基本上將主線資本納入利率基礎。歷史上有很多這樣的先例。

We've expanded the mainline countless times over the years, and we're confident we'll come to agreement with industry.

多年來，我們已經無數次擴展了主線，我們有信心與業界達成協議。

On that, and so it would fit within CTS or rate base or MTS or rate base. And when we roll or the subsequent tranche of Mainline agreement beyond is expiring in 2028, that capital would be duly considered in the rate base of the mainline going forward. So we'd earn up and on the capital and the Mainline as well. So 2 parts to that project, kind of the Mainline and then finding it South and Seaway to the Gulf. And we've got many precedents for doing this historically.

基於此，它將適合 CTS 或費率基礎或 MTS 或費率基礎。當我們滾動或後續的主線協議在 2028 年到期時，該資本將在未來的主線利率基礎中得到適當考慮。因此，我們在首都和主線上也能賺錢。因此，該項目分為兩個部分，即主線和南部海道至墨西哥灣。從歷史上看，我們有很多這樣做的先例。

So there's some -- a little bit of gating there, but a well-traded path historically to.

因此，存在一些限制，但從歷史上看，這是一條交易良好的道路。

Okay. Second question, there's a few different project proposals now to bring Permian gas to other markets away from the Gulf Coast. So I'm curious what you see as the next steps for your JV with WhiteWater can you extend the value chain into Louisiana? Do you look more at storage? What other opportunities do you see in that JV with WhiteWater the next few years?

好的。第二個問題，目前有幾個不同的專案提案，旨在將二疊紀天然氣輸送到墨西哥灣沿岸以外的其他市場。所以我很好奇，您認為與 WhiteWater 合資的下一步計劃是什麼？您能將價值鏈延伸到路易斯安那州嗎？您是否更關注儲存？您認為未來幾年與 WhiteWater 的合資企業還有哪些其他機會？

Thanks, Keith. We're really pleased with how our investment in and our joint venture with WhiteWater has gone. There has been obviously some upside since the original one, we continue to have expansion projects. With Traverse, we just upsized that. We still see a lot of gas that would flow or want to float the LNG markets.

謝謝，基斯。我們對與 WhiteWater 的投資和合資企業的進展感到非常滿意。自最初的項目以來，顯然已經出現了一些上升空間，我們將繼續進行擴展項目。有了 Traverse，我們只是擴大了它的尺寸。我們仍然看到大量天然氣流入或希望推動液化天然氣市場。

And so we think that there is further expansion opportunities there. I know WhiteWater just announced with a similar project yesterday that they've upsized . So we're still seeing a lot of interest in that area.

因此我們認為那裡還有進一步擴張的機會。我知道白水昨天剛剛宣布了一個類似的項目，他們已經擴大了規模。所以我們仍然看到人們對該領域有很大興趣。

The Traverse pipeline, as was noted, more inter connectivity to allow that bidirectional flow between Agua Dulce and Katie hub. So that does create that tie. It does tie -- what we loved about those assets is it does tie to our existing footprint, the header system that we have with TETCO and of course, TracePlaceasstorage. So yes, we would look at all opportunities to expand to move those volumes, and we continue to see a lot of opportunities on a go-forward basis.

正如所指出的，Traverse 管道具有更多的互連性，可以實現 Agua Dulce 和 Katie 樞紐之間的雙向流動。所以這確實造成了這種聯繫。它確實相關——我們喜歡這些資產的原因是它確實與我們現有的足跡、我們與 TETCO 合作的標題系統以及 TracePlaceasstorage 相關。所以是的，我們會尋找所有擴大運輸量的機會，我們將繼續看到許多未來的機會。

And we could do something on our own, too.

我們也可以自己做一些事。

We could.

我們可以。

So it's not just WhiteWater. It's obviously will be customer-driven. And do we think we have a better most trap than maybe the JV, although as Cynthia says we've been really pleased with the way that's operated together. So yes, anything is on the table there. And as you know, as go up in the region, the demand for that gas continues to rise.

所以，問題不只在於白水公司。顯然，這將由客戶驅動。我們是否認為我們擁有比合資企業更好的陷阱，儘管正如辛西婭所說，我們對共同運營的方式感到非常滿意。是的，一切都有可能。如你所知，隨著該地區的崛起，對天然氣的需求也持續上升。

And as Cynthia just said, I think it's -- you witnessed that and going from being 2.75 to 2 on the Traverse pipeline. So the opportunities there, and we'll either use the JV or we'll figure out something on our own. Thank you.

正如辛西婭剛才所說，我認為——你們見證了這一點，並且 Traverse 管道的產量從 2.75 下降到了 2。因此，我們要麼利用合資企業，要麼自己想辦法，抓住機會。謝謝。

Maurice Choy from RBC Capital Markets.

加拿大皇家銀行資本市場的 Maurice Choy。

I'll just stick with one question, but it's more of a wholesome question about relationships with customers rather than delivering individual assets. If you continue to hear more record spending on AI, how broad of a corporation discussion that you have with Meta in terms of supporting their needs beyond Clear Fork? And maybe even AT&T and Amazon, since you touched on them earlier, recognizing that Enbridge certainly has the assets, expertise and relationships across all energy forms.

我只想問一個問題，但這更像是一個關於與客戶的關係而不是提供個人資產的完整問題。如果您繼續聽到更多關於人工智慧的創紀錄支出的消息，那麼除了 Clear Fork 之外，您與 Meta 就支持他們的需求進行了多廣泛的公司討論？甚至可能是 AT&T 和亞馬遜，因為您之前提到過它們，承認 Enbridge 肯定擁有所有能源形式的資產、專業知識和關係。

Maybe I'll start and Matthew can chime in here. That's actually a really great question because I would say early days, you're almost dealing with supply chain people, where they see it as a source of something they need, i.e., power or the case of gas to run their operation.

也許我會開始，然後馬修可以加入。這實際上是一個非常好的問題，因為我想說，早期你幾乎是在與供應鏈人員打交道，他們將其視為他們所需東西的來源，即電力或天然氣來維持他們的運作。

I think as time goes up, we're moving up the chain and who we're dealing with at these corporations because of the real strategic nature of energy, which we all know, but it's not -- that's not something maybe the tech world or data centers we're kind of thinking through in the same way that we have. So making sure we understand their long-term interest, what they're trying to do, the scalability is has caused it to move up as opposed to just be a supply chain issue.

我認為，隨著時間的推移，我們會沿著鏈條向上移動，也會與這些公司打交道，因為能源具有真正的戰略性質，這一點我們都知道，但事實並非如此——這可能不是我們以同樣的方式思考的科技世界或數據中心。因此，確保我們了解他們的長期利益，他們正在嘗試做什麼，可擴展性已經使其上升，而不僅僅是供應鏈問題。

Yes, I totally agree, Maurice, thanks for the question. That's exactly how we think of it. And we're in the early innings of a major trend in energy that we can capitalize on across several of our business units. Renewable can be a little bit of a nexus for that initially. And if you saw the quote from Meta in our Clear Fork announcement was that they were thrilled to be working with Enbridge, and we're very pleased to be working with them.

是的，我完全同意，莫里斯，謝謝你的提問。我們正是這麼想的。我們正處於能源領域重大趨勢的早期階段，我們可以在我們的多個業務部門中利用這一趨勢。再生能源最初可以成為這方面的一個紐帶。如果您看到我們 Clear Fork 公告中 Meta 的引言，就會知道他們很高興能與 Enbridge 合作，我們也很高興能與他們合作。

And it just goes to show that they're signaling they want to definitely do more, and there's lots of conversations with these types of customers that are ongoing. And so we see those being more the types of customers we can do business with across all of our platforms.

這只是表明他們正在發出信號，表示他們肯定想要做更多的事情，並且正在與這類客戶進行大量對話。因此，我們認為這些客戶是我們可以在所有平台上開展業務的客戶類型。

Yes. And size matters, right? The old Russian [Acima] quantity has a quality all of its own, people want to work with big players. So Meta doesn't want to work with a small cap energy provider. They want to work with a major player in someone's who's in 40-plus states and multiple countries and all the provinces, if you will, if you think in a North American context.

是的。尺寸很重要，對吧？舊俄羅斯 [Acima] 的數量有其自身的質量，人們希望與大公司合作。因此 Meta 不想與小型能源供應商合作。如果你願意，如果你從北美的角度考慮，他們希望與 40 多個州、多個國家和所有省份的主要參與者合作。

So that is really mattering in a big way. And I think as you see further projects FID and Matthews world and both on GDS and GTM, you'll see these players come to the floor, either through a utility, but they want to know how they ultimately getting that infrastructure served. And can they rely on the energy. And that's what we provide.

所以這確實非常重要。我認為，隨著您看到 FID 和 Matthews World 以及 GDS 和 GTM 上的進一步項目，您會看到這些參與者通過公用事業進入市場，但他們想知道最終如何獲得該基礎設施的服務。他們能否依賴這種能源？這就是我們所提供的。

Theresa Chen from Barclays.

巴克萊銀行的 Theresa Chen。

I just had a follow-up on the Ohio utility. Related to the impairment of this asset, can you talk about what led to this considering that it was only recently acquired? And when we take this into account as well as the rate case decision that's currently being appealed. Longer term, does this change your view on the trajectory of growth or on the margin change the amount of CapEx you would allocate between the utilities?

我剛剛對俄亥俄州公用事業公司的情況進行了跟踪。關於該資產的減值，考慮到該資產是最近才收購的，您能否談談導致減損的原因？當我們考慮到這一點以及目前正在上訴的利率案件判決時。從長遠來看，這是否會改變您對成長軌蹟的看法，或者改變您在公用事業之間分配的資本支出金額的邊際變化？

I'll get things started and Pat can add if he wants to, Theresa. But the impairment -- the primary impairment associated with the Ohio utility, it was to do with the treatment of the pension asset which was quite a significant asset that was in there, and they were determined those pension assets are determined to be excluded from the calculation of rate base.

我會開始做事，如果帕特願意的話，他可以添加，特蕾莎。但是減值——與俄亥俄州公用事業相關的主要減值，與退休金資產的處理有關，退休金資產是其中一項相當重要的資產，他們確定這些退休金資產被排除在利率基數的計算之外。

The position we had actually put forward was to have the excluded from rate base. So that's not inconsistent with what we were looking for. We're just asking for a rehearing with regard to how they treated the accumulated deferred income tax on that pension where they put that in for the process of calculating revenue reduction.

我們實際上提出的立場是將其排除在利率基礎之外。所以這和我們所尋找的並不矛盾。我們只是要求重新審理他們如何處理退休金累積的遞延所得稅，並將其納入計算收入減少的過程。

So it's something we expected was going to happen. And that's a majority of the write-off of the regulatory asset that we recorded.

所以這是我們預料到會發生的事。這是我們記錄的監管資產註銷的大部分。

And then there's a smaller amount associated with the annual incentive plan. In that case, again, we're paying for rehearing on that point and primarily with regard to the -- what we believe is retroactive rate making, where they've gone and disallowed from anything that we put in attributable to that piece previously. But Pat, I don't know if there's anything else you'd like to add?

然後還有與年度激勵計劃相關的較少金額。在這種情況下，我們再次付費重新審理該問題，主要是關於 - 我們認為是追溯性的費率制定，他們已經取消並禁止了我們之前根據該條款提出的任何內容。但是帕特，我不知道您是否還有什麼要補充的？

I think you covered the kind of the genesis of the write-off well. I think your second question on just change your capital allocation. I mean, I think Greg hit it quite clearly that there's still a very good return almost 10%. We actually got a higher equity thickness coming through the -- we have the maintenance of the of the capital riders, which are important in the asset. And so I think it's still a very positive framework to work with from a regulatory perspective.

我認為您很好地介紹了註銷的起源。我認為您的第二個問題只是改變您的資本配置。我的意思是，我認為格雷格非常清楚地表明，回報率仍然很高，接近 10%。實際上，我們透過資本附加條款獲得了更高的股權厚度——我們維持了資本附加條款，這對資產來說很重要。因此我認為從監管角度來看這仍然是一個非常積極的框架。

So I think you could see us go back for hearing a little more often than they would have done historically. As you know, there was this first area like 15 years. So I think you'll see some of that from a rate strategy perspective. But at the end of the day, not at all unexpected as a result of the rate case.

因此，我認為你會看到我們回去聽證的次數會比以往更多。如你所知，第一個區域已經存在 15 年了。所以我認為你會從利率策略的角度看到其中的一些內容。但最終，利率案的結果並不令人意外。

Yes. Matt, I wouldn't -- I don't think there's anything to do with the fundamentals of the business, your comment about a write-off so soon after the acquisition, like frankly, we think they varied and long. In fact, they may be where they're going, violates actually some federal pension laws, but we'll take that up with them. And if we're right, you're going to see this reverse down the road. So that's the way we kind of think of it.

是的。馬特，我不會——我不認為這與業務基本面有任何關係，你關於收購後不久就註銷的評論，坦率地說，我們認為它們多種多樣且持續時間很長。事實上，他們的做法可能違反了一些聯邦退休金法，但我們會向他們提出這個問題。如果我們是對的，你將會看到這種逆轉。這就是我們的想法。

Yes. And the only thing I'd pass on is a lot of those patient assets actually went with Dominion. So remember, this is a rate case that was followed by Dominion in 2023. Dominion continues to carry the obligation with regard to the pensions for all the retired employees. And because it had been 15 years that has really grown to quite a large piece, that's with Dominion.

是的。我唯一想放棄的是，很多病人的資產其實都流向了 Dominion。因此請記住，這是 Dominion 在 2023 年遵循的利率案例。Dominion 繼續承擔所有退休員工的退休金義務。而且因為已經 15 年了，它已經發展成相當大的一塊，這就是 Dominion。

We've just got the current employees going forward. So all of that needs to be updated with the regulator and our plan is to file for another rate case here likely by the end of this year, just to bring all those numbers. These are numbers stay to '23, they date back to pre-acquisition. So there's a lot that needs to be updated with the regulator, too.

我們剛剛讓現有員工繼續前進。因此，所有這些都需要向監管機構進行更新，我們的計劃是在今年年底前在這裡提交另一個利率案例，只是為了帶來所有這些數字。這些數字保留到 23 年，可以追溯到收購之前。因此，監管機構也有很多需要更新的地方。

Patrick Kenny from National Bank Financial.

來自國家銀行金融公司的派崔克肯尼。

Just back on the preference here of customers, continuing to push more and more barrels to the Gulf Coast. Just wondering if we can get a quick update on Ingleside, how throughput has been trending on a year-over-year basis and where things are at with respect to potentially sanctioning some of the optimization and dock expansion opportunities?

只是回到客戶的偏好上，繼續將越來越多的桶子推向墨西哥灣沿岸。只是想知道我們是否可以快速了解英格爾賽德的最新情況，吞吐量同比趨勢如何，以及在批准一些優化和碼頭擴建機會方面的情況如何？

Pat, it's Colin. Up into the right I think is the summation to your answer. So we steadily are growing volumes through the terminal as we've talked to you about, it's advantaged. We've got some more storage coming online. I would also -- yes, I point you to some longer-term kind of bigger upside in adding docs and stuff.

帕特，我是科林。我認為右邊是您的答案的總結。因此，正如我們與您討論過的，我們正在穩步增加通過終端的吞吐量，這是有優勢的。我們還有更多儲存空間即將上線。我還會——是的，我會向您指出添加文件和內容的一些長期的更大好處。

We've done all the dredging as you know, historically and continue to add ad barrels to it. We're at a fungible service which is incremental to the historic business model, which has been just dedicated term storage. So that's incremental as well.

如您所知，從歷史上看，我們已經完成了所有的疏浚工作，並繼續在其中添加廣告桶。我們提供的是可替代服務，它是歷史商業模式的增量，它只是專用的定期儲存。所以這也是增量的。

So I think all the whole menu of services and a variety of smaller optimizations and tweaks and then later on as the Permian Basin grows, we can add docs. I can confirm that we have connected the adjacent Flint dock over and are able to load there to and optimize windows to get the smaller vessels there and the sees the legacy dock. So plan is on track and more.

因此，我認為整個服務選單和各種較小的最佳化和調整，然後隨著二疊紀盆地的發展，我們可以添加文件。我可以確認我們已經連接了相鄰的弗林特碼頭，並且能夠在那裡裝載貨物並優化窗口以讓較小的船隻到達那裡並看到傳統的碼頭。因此計劃正在按計劃進行，甚至更多。

It's interesting that we often focus on domestic demand and things like that, but global oil demand is really, really strong. And obviously, that's a great setup for Ingleside on a go-forward basis as well, regardless if you see some Permian weakness later in the year.

有趣的是，我們經常關注國內需求等因素，但全球石油需求確實非常強勁。顯然，這對於 Ingleside 未來的發展來說也是一個很好的設置，無論今年稍後二疊紀盆地是否會表現疲軟。

And maybe as a quick follow-up there on your point, Greg. I know in previously looking at NGL export opportunities as well at Ingleside. But I guess in light of Asian buyers perhaps looking to diversify their petrochemical supply, curious if you might be looking to pivot opportunistically at other sites across North America, including Canada's West Coast here, especially as LNG exports continue to ramp up over time?

格雷格，也許我可以快速跟進你的觀點。我知道之前我也在尋找英格爾賽德的 NGL 出口機會。但我想，鑑於亞洲買家可能希望實現石化產品供應多元化，您是否可能希望抓住機會將生產轉向北美其他地區，包括加拿大西海岸，尤其是隨著液化天然氣出口量隨著時間的推移不斷增加？

Yes. I'd say the strategy still is to kind of copy paste all the advantages from crude export at that terminal to other commodities at that terminal. So still NGL and potentially clean ammonia over time as well here. So that remains the playbook would allow to .

是的。我想說，該策略仍然是將該碼頭原油出口的所有優勢複製並貼上到該碼頭的其他商品上。因此，隨著時間的推移，這裡仍然有 NGL 和潛在的清潔氨。因此，劇本仍然允許。

Yes, you better move as opposed to doing it in Canada. I think if we copy paste to a different location, to be probably somewhere else along the Gulf Coast and you've heard us ruminate about that from time to time. And yes, that will come to fruition over time a little further out, though.

是的，你最好搬家，而不是在加拿大做這件事。我認為如果我們複製並貼上到其他地方，可能是墨西哥灣沿岸的其他地方，您會不時聽到我們思考這個問題。是的，不過，隨著時間的推移，這個目標將會實現。

And that concludes our question-and-answer session. I will now turn the call back over to Rebecca Morley for some final 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，請她做最後的總結發言。

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

偉大的。謝謝您，我們感謝您對 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，祝您有愉快的一天。

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。