恩橋 (ENB) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Enbridge Inc. third quarter 2025 financial results conference call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations and Insurance.

早安，歡迎參加安橋公司2025年第三季財務業績電話會議。我是麗貝卡·莫利，擔任投資者關係和保險副總裁。

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 call is being recorded.

今天早上與我一同參加會議的有：總裁兼首席執行官格雷格·埃貝爾；執行副總裁兼首席財務官帕特·默里；以及我們各業務部門的負責人：液體管道業務負責人科林·格倫丁；天然氣輸送業務負責人辛西婭·漢森；天然氣分銷和儲存業務負責人米歇爾·哈拉登斯；以及可再生能源業務負責人馬修·阿克曼。 （操作員提示）請注意，本次電話會議正在錄音。

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

與往常一樣，本次電話會議將進行網路直播，我建議透過電話收聽的各位同時參考配套幻燈片。我們將盡量把會議時間控制在一個小時左右，為了盡可能多回答問題，每個問題限提一個，如有必要，可以進行一次後續提問。我們將優先回答來自投資界的提問。

So if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond. As always, our Investor Relations team will be available following the call for any follow-up questions.

因此，如果您是媒體成員，請將您的詢問直接發送給我們的公關團隊，他們將很樂意為您解答。與往常一樣，電話會議結束後，我們的投資者關係團隊將隨時解答您的後續問題。

On to slide 2, where I will remind you that we'll be referring to forward-looking information in today's presentation and in the Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to 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.

接下來是第二張投影片，我在這裡提醒大家，在今天的簡報和問答環節中，我們將提到一些前瞻性資訊。就其本質而言，這些資訊包含對未來結果的預測假設和預期，這些假設和預期會受到此處概述的風險和不確定性的影響，並在我們的公開披露文件中進行更全面的討論。我們也會參考下面總結的非GAAP指標。

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

接下來，我將把麥克風交給格雷格‧艾貝爾。

Well, thanks very much, Rebecca, and good morning, everyone. Thanks for joining us on the call today.

非常感謝你，麗貝卡，大家早安。感謝您今天參加我們的電話會議。

Before we start, I'd like to take a moment to congratulate Cynthia (inaudible) plans to retire at the end of 2026. Her outstanding leadership and dedication to Enbridge over the past 25 years is inspiring, and I'm grateful that she'll be continuing to provide guidance to our executive team through the end of next year.

在我們開始之前，我想花一點時間祝賀辛西婭（聽不清楚）計劃在 2026 年底退休。過去 25 年來，她對 Enbridge 的傑出領導和奉獻精神令人敬佩，我非常感激她將在明年年底前繼續為我們的管理團隊提供指導。

I'd also like to congratulate Matthew, who will transition to President of our GTM business at the end of this year, as well as Alan Katz, who has been appointed to succeed Matthew as the Head of our Corporate Strategy Group and President of our Power business.

我還要祝賀 Matthew，他將在今年年底過渡到我們 GTM 業務的總裁職位；以及 Alan Katz，他已被任命接替 Matthew 擔任我們公司策略集團負責人兼電力業務總裁。

As we've said before and it remains true today. Our investment in people creates a deep bench of executive talent to ensure smooth transition and strong leadership as we move forward. Now moving on to our agenda for this morning.

正如我們之前所說，而且今天仍然如此。我們對人才的投入打造了強大的管理人才儲備，以確保公司在未來發展過程中平穩過渡並保持強大的領導。現在進入今天上午的議程。

I'm excited to share another strong quarter and highlight the significant progress we've made throughout all segments of our business. It has been a busy quarter for us with new projects serving a wide range of customers across our core franchises.

我很高興地宣布又一個強勁的季度業績，並重點介紹我們在公司各個業務領域的重大進展。本季我們非常忙碌，並進行了許多新項目，為我們核心特許經營體系內的各類客戶提供服務。

We're going to start today with an update on our financial performance, execution of our increasing number of secured growth projects and prospects and I'll also highlight the strong returns and stability our business continues to demonstrate and provide an update on each of our four franchises. Pat will then walk through our financial results and capital allocation priorities.

今天，我們將首先匯報我們的財務業績、不斷增加的已落實增長項目的執行情況和前景，我還將重點介紹我們業務持續展現出的強勁回報和穩定性，並分別介紹我們四個特許經營業務的最新情況。接下來，Pat 將詳細介紹我們的財務表現和資本配置重點。

And lastly, I'll close the presentation with a few comments on our First Choice value proposition before we open the line for questions from the investment community. We had another strong quarter of results, including record third quarter adjusted EBITDA. That growth was driven by incremental contributions from a full quarter of US gas utilities and organic growth within our gas transmission business.

最後，在開放問答環節接受投資界人士提問之前，我將就我們的 First Choice 價值主張做一些簡要說明。我們又迎來了一個強勁的季度業績，其中包括創紀錄的第三季調整後 EBITDA。這一成長主要得益於美國天然氣公用事業公司四分之一業務的增量貢獻以及我們天然氣輸送業務的內生成長。

This keeps us on track to finish the year in the upper half of our EBITDA guidance, and we expect to land around the midpoint of our DCF per share metric. Our debt-to-EBITDA is 4.8 times for the quarter and remains within our leverage range of 4.5 to 5 times.

這將使我們有望實現 EBITDA 預期目標的上半部分，並且我們預計每股 DCF 指標將接近中點。本季我們的負債與 EBITDA 比率為 4.8 倍，仍處於 4.5 至 5 倍的槓桿率範圍內。

Our assets remained highly utilized during the quarter with the mainline transporting approximately barrels per day, a third quarter record, thanks to strong demand. We reached positive settlements at both Enbridge Gas North Carolina and Enbridge Gas Utah which we expect to drive growth as rates begin to take effect.

本季我們的資產利用率依然很高，主幹線每天運輸約 100 桶，創下第三季紀錄，這得益於強勁的需求。我們與北卡羅來納州恩布里奇天然氣公司和猶他州恩布里奇天然氣公司都達成了積極的結算協議，我們預計隨著費率開始生效，這將推動成長。

We're still on track to sanction mainline optimization Phase 1 this quarter and Phase 2 next year, and we'll get into more details on those projects during the business update. Over the quarter, we added $3 billion of new growth capital to our secured capital program, showcasing continued execution on the commitments we laid out last Enbridge Day.

我們仍按計劃在本季度批准主線優化第一階段，明年批准第二階段，我們將在業務更新中詳細介紹這些項目。本季度，我們向已落實資本計畫新增了 30 億美元的成長資本，這體現了我們對去年 Enbridge Day 所作承諾的持續履行。

In liquids, we sanctioned the Southern Illinois Connector, adding incremental egress out of Western Canada and providing a new long-term contracted service to Nederland, Texas. In Gas Transmission, we sanctioned expansions of our Egan and Moss Bluff storage facilities to support the LNG build-out along the US Gulf Coast.

在液體運輸方面，我們批准了南伊利諾伊連接線，增加了從加拿大西部出口的增量運輸能力，並為德克薩斯州尼德蘭市提供了一項新的長期合約服務。在天然氣輸送方面，我們批准擴建了 Egan 和 Moss Bluff 儲氣庫，以支援美國墨西哥灣沿岸的液化天然氣建設。

And in the deepwater Gulf, we're expanding our previously approved Canyon system to provide transportation services for BP's recently sanctioned Tiber offshore development. And earlier in the quarter, we sanctioned the Algonquin gas transmission enhancement project in the US Northeast, as well as the Eiger Express gas pipeline out of the Permian.

在墨西哥灣深水區，我們正在擴建先前核准的 Canyon 系統，為 BP 最近核准的 Tiber 海上開發案提供運輸服務。本季度早些時候，我們批准了美國東北部的阿爾岡昆天然氣輸送增強項目，以及從二疊紀盆地延伸出來的艾格快線天然氣管道項目。

And finally, we have advanced a joint venture with Oxy to develop the Pelican CO2 hub in Louisiana. These projects demonstrate the competitive edge from our all-of-the-above approach and our ability to meet growing energy demand across all parts of our business.

最後，我們與西方石油公司（Oxy）合作，推動在路易斯安那州開發鵜鶘二氧化碳樞紐的合資計畫。這些項目證明了我們「全方位」方法的競爭優勢，以及我們滿足公司各個業務領域不斷增長的能源需求的能力。

Now let's look at our value proposition and recap our year-to-date execution before diving into the business updates. Enbridge's low-risk model continues to deliver superior risk-adjusted returns in all economic cycles. Our cash flows are diversified from over 200 high-quality asset streams and businesses that are underpinned by regulated or take-or-pay frameworks.

現在讓我們來看看我們的價值主張，並回顧一下我們今年迄今為止的執行情況，然後再深入探討業務最新進展。Enbridge 的低風險模式在所有經濟週期中都能持續提供優異的風險調整後效益。我們的現金流來自 200 多個高品質資產流和業務，這些資產流和業務均受到監管或照付不議框架的支持。

Over 95% of our customers have investment-grade credit ratings, we have negligible commodity price exposure and the majority of our EBITDA has inflation protection. All of this results in Enbridge's industry-leading total shareholder return while maintaining lower volatility compared to peers and broad index constituents.

超過 95% 的客戶擁有投資等級信用評級，我們的商品價格風險敞口微乎其微，而且我們大部分的 EBITDA 都具有通膨保護作用。所有這些都使得 Enbridge 實現了業界領先的股東總回報，同時保持了比同業和廣泛指數成分股更低的波動性。

Looking ahead, Enbridge's utility-like business model remains well positioned and policy support for new investment in critical projects is improving, creating a business environment that incents coordination, dialogue and growth. And I'm very pleased with how the team continues to grow the business and excited by the opportunities ahead for Enbridge.

展望未來，安橋公司類似公用事業的商業模式仍然佔據有利地位，對關鍵項目新投資的政策支持也在不斷改善，從而創造了一個激勵協調、對話和成長的商業環境。我對團隊不斷發展業務的方式感到非常滿意，並對安橋公司未來的發展機會感到興奮。

With that said, let's jump into the business unit update, starting with Liquids segment. Mainline volumes had another strong quarter, delivering a record 3.1 million barrels per day on average for Q3. The system was a portion for the entire quarter, reflecting continued strong demand for Canadian crude and the need for reliable egress out of the Western Canadian Sedimentary Basin.

接下來，讓我們進入業務部門最新進展部分，首先從液體產品部門開始。主線運輸量在第三季再次表現強勁，平均每天達到創紀錄的 310 萬桶。該系統在整個季度中都處於運行狀態，這反映了對加拿大原油的持續強勁需求，以及從加拿大西部沉積盆地可靠出口的必要性。

Given the continued strong demand for the Mainline this year, we expect to reach the top of the performance color ahead of when we initially anticipated. This is a great sign for us and our shippers. We're achieving the maximum allowable returns under the mainline tolling settlement, delivering competitive value to our shareholders and our alignment with customers incentivizes us to move the increased volumes and provide them with access to the best markets.

鑑於今年 Mainline 色號的需求持續強勁，我們預計其性能巔峰將比我們最初預期的要早。這對我們和我們的貨運商來說都是個好兆頭。我們正在實現幹線收費協議允許的最大回報，為股東創造具有競爭力的價值，並且我們與客戶的利益一致，激勵我們運輸更多貨物，並為他們提供進入最佳市場的途徑。

This leads in well to mainline optimization projects that I'll discuss shortly here, in addition to the previously announced projects like Mainline capital investment. In the US, we sanctioned the Southern Illinois Connector project, which is backed by long-term contracts for full past service from Western Canada to Nederland, Texas.

這很好地引出了我稍後將要討論的主線優化項目，以及先前宣布的主線資本投資等項目。在美國，我們批准了南伊利諾伊連接線項目，該項目得到了從加拿大西部到德克薩斯州尼德蘭市的長期合約的支持，確保了過去服務的全面恢復。

Once complete, the new pathway will add 100,000 barrels per day of contracted full path capacity to the US Gulf Coast via 30,000 barrel increase per day on Express plant system, 56 miles of new pipeline between Wood River and Patoka and utilization of 70,000 barrels per day of existing capacity on the Spirit pipeline.

新管道建成後，將透過 Express 工廠系統每天增加 3 萬桶的產能、在 Wood River 和 Patoka 之間新建 56 英里的管道以及利用 Spirit 管道每天 7 萬桶的現有產能，為美國墨西哥灣沿岸增加每天 10 萬桶的合約全程產能。

Looking ahead at additional egress projects, we are continuing to advance approximately 400,000 barrels per day of incremental capacity to the best refining markets in North America via Mainline optimization Phase 1 and 2. MLO, which will add 150,000 barrels per day of incremental egress is entering the final stages of customer approvals. And we are still on track to make FID this quarter and place the project in service in 2027.

展望未來的其他出口項目，我們將繼續透過主線優化第一階段和第二階段，向北美最好的煉油市場推進每天約 40 萬桶的增量產能。MLO計畫將每天增加15萬桶的原油出口量，目前正處於客戶批准的最後階段。我們仍有望在本季度做出最終投資決定，並在 2027 年將該項目投入使用。

MLO 2 has made significant progress as well and that project could now add another 250,000 barrels per day of additional capacity in 2028. The second phase of mainline optimization will utilize capacity on the Dakota access pipeline and we're happy to announce that we're teaming up with energy transfer to make that happen.

MLO 2 也取得了重大進展，該計畫到 2028 年預計每天新增 25 萬桶產能。主線優化第二階段將利用達科他輸油管的產能，我們很高興地宣布，我們將與能源傳輸公司合作實現這一目標。

So stay tuned for more on MLO 2, including an open-season announcement early in the new year. Relative to potential greenfield projects that would require significant energy policy change, these brownfield opportunities offer the quickest and most cost-effective way to adding close to 500,000 barrels a day of capacity to satisfy that near-term production increases forecasted out of the basin.

敬請期待更多關於 MLO 2 的信息，包括新年伊始的開放季公告。與需要重大能源政策變革的潛在綠地專案相比，這些棕地改造機會提供了最快捷、最具成本效益的方式，可以每天增加近 50 萬桶的產能，以滿足盆地近期預測的產量成長。

Finally, for liquids, we added the Pelican sequestration hub to our backlog, a project in Louisiana, which will provide transportation and sequestration for 2.3 million tons per year of CO2 and is underpinned by 25-year take-or-pay offtake agreements.

最後，在液體方面，我們將 Pelican 封存中心添加到我們的待辦事項清單中，這是一個位於路易斯安那州的項目，每年將提供 230 萬噸二氧化碳的運輸和封存，並以 25 年的照付不議承購協議為基礎。

We will partner with Oxinel Petroleum to advance the hub with Enbridge managing the pipeline infrastructure, while Oxy develops the sequestration facility. Now let's turn to our gas transmission business. This quarter, we've sanctioned an additional capital-efficient connection to our Canyon pipeline system to support BP's Tiber development in the deepwater gulf.

我們將與 Oxynel Petroleum 合作推進該樞紐的建設，由 Enbridge 管理管道基礎設施，而 Oxy 則負責開發封存設施。現在讓我們來看看我們的天然氣輸送業務。本季度，我們批准了一條額外的、資本效率高的管道連接到我們的 Canyon 管道系統，以支援 BP 在墨西哥灣深水區的 Tiber 開發項目。

Originally announced last October, the Canyon system will transport both crude oil and natural gas under long-term contracts. With the Tiber system expected to cost USD300 million, taking the total Canyon pipeline development to about USD1 billion and entering service in 2029.

Canyon 系統最初於去年 10 月宣布，將根據長期合約運輸原油和天然氣。預計 Tiber 系統將耗資 3 億美元，使 Canyon 管道的總開發成本達到約 10 億美元，並於 2029 年投入使用。

In the US Northeast, the AGT enhancement will increase capacity of the Algonquin pipeline, providing additional natural gas to the critically undersupplied US Northeast serving local utility demand and reducing enterprise volatility. That project is expected to cost USD300 million and enter into service in 2029. Switching over to the Permian.

在美國東北部，AGT 的升級將增加阿爾岡昆管道的輸送能力，為嚴重供應不足的美國東北部地區提供額外的天然氣，以滿足當地公用事業的需求並降低企業波動性。該項目預計耗資3億美元，將於2029年投入使用。切換到二疊紀。

The Eiger Express pipeline is a 2.5 Bcf a day Permian egress development, running adjacent to the operating Matterhorn Express system and is now sanctioned and expected to enter into service in 2028. Since our initial 2024 investment in the Lister joint venture, which holds these pipelines, we have invested $2 billion in operating assets and sanctioned another $1 billion of capital expected to enter service through 2028.

Eiger Express管道是一條日輸氣量為25億立方英尺的二疊紀盆地天然氣出口管道，與正在運營的Matterhorn Express管道系統相鄰，目前已獲得批准，預計將於2028年投入使用。自 2024 年我們首次投資於擁有這些管道的 Lister 合資企業以來，我們已向營運資產投資了 20 億美元，並批准了另外 10 億美元的資本，預計將在 2028 年前投入使用。

Also in the Gulf region, we've sanctioned two natural gas storage expansions to support the market, which continues to tighten due to increased LNG, Mexican exports and regional power demand. Egan and Moss Bluff storage systems, both salt caverns with exceptional connectivity and withdrawal rates are being expanded to offer a combined 23 Bcf of incremental capacity. We expect to invest approximately $500 million in these facilities at 5 to 6 times EBITDA build and come into service in phases through 2033.

此外，在海灣地區，我們批准了兩項天然氣儲存擴建計劃，以支援市場。由於液化天然氣、墨西哥出口和區域電力需求的增加，市場供應持續趨緊。Egan 和 Moss Bluff 儲氣庫均為鹽穴，具有卓越的連通性和提取率，目前正在擴建，以提供總計 230 億立方英尺的新增容量。我們預計將投資約 5 億美元建造這些設施，建造成本為 EBITDA 的 5 到 6 倍，並將在 2033 年前分階段投入使用。

It's worth taking a moment to dive a little deeper into the growing North American storage market and how we are positioned to serve our customers. Between Moss Bluff and Egan as well as the expansion of Aitken Creek announced last quarter, Enbridge is now set to add over 60 Bcf of new natural gas storage directly adjacent to the major LNG centers in North America.

我們不妨花點時間深入了解不斷發展的北美倉儲市場，以及我們如何定位自己來服務客戶。加上上季宣布的莫斯布拉夫和伊根項目以及艾特肯溪項目的擴建，安橋公司現在將在北美主要液化天然氣中心附近新增超過 600 億立方英尺的天然氣儲存容量。

These expansions will come in a timely manner as there is over 17 Bcf per day of additional LNG related natural gas demand expected to enter service by 2030. This demand dramatically shifts supply economics increases the importance of strategically located storage capacity. We are connected to all operating US Gulf Coast LNG terminals and continue to invest heavily in infrastructure to enable the future growth of North American LNG.

這些擴建工程將及時推進，因為預計到 2030 年，每天將有超過 170 億立方英尺的額外液化天然氣相關天然氣需求投入使用。這種需求大大改變了供應經濟，並提高了策略性儲存能力的重要性。我們與所有正在運作的美國墨西哥灣沿岸液化天然氣接收站都有連接，並將繼續大力投資基礎設施，以促進北美液化天然氣的未來發展。

To date, we have sanctioned over $10 billion in projects with direct adjacency to operating or planned export facilities. There is a growing storage deficit across the US Gulf and British Columbia coasts and having existing assets with the opportunity to execute brownfield expansions is incredibly valuable to our customers and investors. Through acquisitions and expansions, we have positioned ourselves as an industry leader in the storage space.

迄今為止，我們已批准超過 100 億美元的項目，這些項目與正在運作或計劃建造的出口設施直接相鄰。美國墨西哥灣沿岸和不列顛哥倫比亞省沿岸的儲存缺口日益增大，擁有現有資產並有機會進行棕地擴建對我們的客戶和投資者來說具有極其寶貴的價值。透過收購和擴張，我們已成為倉儲領域的產業領導者。

With more than 600 Bcf of storage across our North American businesses, we can strongly support our customers as they continue to build out North America's LNG capacity and navigate the overall power demand growth we are expecting in the future.

我們在北美業務中擁有超過 6000 億立方英尺的儲氣能力，能夠為我們的客戶提供強有力的支持，幫助他們繼續擴大北美液化天然氣產能，並應對我們預期的未來整體電力需求增長。

Now let's spend a few minutes recapping all the work we've done in gas transmission segment since Enbridge Day earlier this year. At our Investor Day in March, we shared Enbridge's $23 billion gas transmission opportunity set, noting the potential to FID up to $5 billion in projects within 18 months. This opportunity set is growing since then.

現在讓我們花幾分鐘回顧一下自今年早些時候的 Enbridge Day 以來，我們在天然氣輸送領域所做的所有工作。在 3 月的投資者日上，我們分享了 Enbridge 價值 230 億美元的天然氣輸送機會，並指出有可能在 18 個月內對價值高達 50 億美元的項目做出最終投資決定。此後，這類機會越來越多。

And today, a little over six months later, we've already announced over $3 billion of new projects across our footprint, serving all pillars of natural gas demand growth including reshoring, LNG, coal to gas switching and data centers.

今天，僅僅過了六個多月，我們已經宣布了遍布我們業務範圍的超過 30 億美元的新項目，服務於天然氣需求增長的各個支柱，包括回流、液化天然氣、煤改氣和數據中心。

With over 23 Bcf a day of new gas demand coming online by 2030, critical investment will be needed to ensure reliable service for customers. And with this list here, you can see we are doing our part, deploying capital to meet the significant increase in natural gas demand across North America regardless of the end-use market.

到 2030 年，每天將新增超過 230 億立方英尺的天然氣需求，因此需要進行關鍵投資，以確保為客戶提供可靠的服務。透過這份清單，您可以看到我們正在盡自己的一份力，部署資金以滿足北美天然氣需求的顯著增長，而不管最終用途市場如何。

Now let's turn to our gas distribution business. The GDS segment is yet another way for us to capitalize on power demand theme. We've seen data center and power gen opportunities continue to be a tailwind for the segment.

現在讓我們來看看我們的天然氣分銷業務。GDS板塊是我們利用電力需求主題的另一個途徑。我們看到資料中心和發電領域的機會繼續為該行業帶來利好。

with over 50 opportunities that could serve up to 5 Bcf a day of demand, including almost 1 Bcf per day of demand for already secured projects. During the quarter, we also reached positive rate settlements with two of our US utility regulators, which are currently being reviewed for final approval.

超過 50 個機會，每天可滿足高達 50 億立方英尺的需求，其中包括已落實項目的每天近 10 億立方英尺的需求。本季度，我們還與兩家美國公用事業監管機構達成了積極的費率協議，目前正在接受最終批准審查。

In North Carolina, allowed return on equity increased to 9.65% on an equity thickness of 54%, resulting in a revenue requirement increase of some USD34 million. The settlement also introduces additional rate riders that allows for quick cycle return of capital for our major projects in North Carolina.

在北卡羅來納州，允許的股本回報率提高到 9.65%，股本厚度為 54%，導致收入需求增加約 3,400 萬美元。和解協議還引入了額外的費率附加條款，使得我們在北卡羅來納州的主要項目能夠快速收回資金。

These rates came into effect on an interim basis on November 1. In Utah, we filed a settlement for a revenue requirement of USD62 million, which supports continued investment at attractive returns.

這些利率從11月1日起臨時生效。在猶他州，我們提交了一份 6,200 萬美元的收入要求和解協議，這筆資金將用於支持持續投資並獲得可觀的回報。

We are expecting a rate order before the end of the year, with rates to come in effect on January 1, 2026. Both these rate cases showcase the importance of natural gas as a safe, reliable source of affordable energy. Now we'll continue with the power demand theme with our renewables segment.

我們預計在年底前會發布費率令，費率將於 2026 年 1 月 1 日生效。這兩個費率案例都凸顯了天然氣作為一種安全、可靠且價格合理的能源的重要性。接下來，我們將繼續探討電力需求主題，並專注於再生能源領域。

As you can see from this slide, renewable projects have been a great place to invest in the last few years driven by strong PPA prices, decreasing supply costs and the associated tax benefits. The four projects on this slide showcase over 2 gigawatts of power backed by agreements with some of the largest technology and data center players in the world including Amazon and Meta, Fox Squirrel and Orange Grove are currently operational.

從這張投影片中可以看出，在過去幾年裡，由於強勁的購電協議價格、不斷下降的供應成本以及相關的稅收優惠，再生能源專案一直是很好的投資領域。此投影片上的四個項目展示了超過 2 吉瓦的電力，並與包括亞馬遜和 Meta 在內的一些全球最大的技術和資料中心企業達成了協議。 Fox Squirrel 和 Orange Grove 目前都已投入營運。

Sequoia Solar will fully enter service in 2026, and Clearfork will follow entering service in 2027. Looking ahead, we still have a number of projects in the queue that we're advancing. But as always, we'll remain opportunistic and continue to stand by our strict investment criteria.

Sequoia Solar 將於 2026 年全面投入使用，Clearfork 將於 2027 年投入使用。展望未來，我們還有一系列項目正在推進中。但我們將一如既往地保持機會主義，並繼續堅持我們嚴格的投資標準。

With that, I'll now pass it to Pat to go over our financial performance.

接下來，我將把任務交給帕特，讓他來分析我們的財務表現。

Thanks, Greg, and good morning, everyone. It's been another strong quarter across all four business units, thanks to continued high utilization of our assets as well as recent acquisitions. Compared to the third quarter of 2024, adjusted EBITDA is up $66 million, DCF per share is relatively flat and EPS is down from $0.55 to $0.46 per share.

謝謝你，格雷格，大家早安。由於資產持續高利用率以及近期收購，所有四個業務部門在本季度都取得了強勁的業績。與 2024 年第三季相比，調整後的 EBITDA 增加了 6,600 萬美元，每股 DCF 基本上持平，每股收益從 0.55 美元下降到 0.46 美元。

The decrease in EPS is primarily due to the profile change associated with our gas utilities, where Q3 tends to be a softer quarter for EPS as EBITDA is seasonally lower, but items such as interest and depreciation remained flat quarter-over-quarter.

每股盈餘下降主要是由於我們天然氣公用事業業務的狀況變化，第三季度通常是每股收益疲軟的季度，因為 EBITDA 季節性較低，但利息和折舊等項目環比保持不變。

In liquids, despite the strong Mainline volumes, contributions from the Mid-Con and US Gulf Coast segment are tracking lower due to tighter differentials and strong PADD II refining demand. In Gas Transmission, we experienced a strong third quarter with favorable contracting and rate case outcomes on our US gas transmission assets and contributions from the Denis Extension and the Permian joint ventures we added since last year.

在液體方面，儘管主線銷售強勁，但由於價差收窄和 PADD II 煉油需求強勁，中部大陸和美國墨西哥灣沿岸地區的貢獻正在下降。在天然氣輸送方面，我們第三季業績強勁，美國天然氣輸送資產的合約和費率案件結果有利，丹尼斯延伸計畫和我們去年以來新增的二疊紀合資企業也做出了貢獻。

The Gas Distribution segment is up relative to last year, thanks to a full quarter contribution from Enbridge Gas, North Carolina as well as the benefit of the quick turn capital we experienced within our Ohio utility. In Renewables, results were up from last year with higher contributions from our wind assets and from the Orange Grove solar facility recently placed into service.

天然氣分銷業務較去年同期有所成長，這得益於北卡羅來納州 Enbridge Gas 公司整個季度的貢獻，以及我們在俄亥俄州公用事業公司獲得的快速週轉資金。在再生能源方面，業績較去年有所增長，這主要得益於風能資產和最近投入使用的 Orange Grove 太陽能發電廠的貢獻增加。

Higher financing and maintenance costs from the acquisition of the Enbridge Gas North Carolina assets kept DCF per share relatively flat year-over-year. I'm pleased to once again reaffirm our 2025 guidance and growth outlook across all metrics. Our resilient business model positions us to deliver strong and predictable results through all cycles.

收購 Enbridge Gas North Carolina 資產帶來的較高融資和維護成本，使得每股可分配現金流量與去年同期相比基本持平。我很高興再次重申我們對 2025 年所有指標的績效指引和成長展望。我們穩健的商業模式使我們能夠在所有周期中都取得強勁且可預測的業績。

We remain confident we will achieve full year EBITDA in the upper half of our guidance range of $19.4 billion to $20 billion, but don't expect to exceed the top of the band. As we mentioned on previous quarterly calls, due to higher interest rates, particularly in the US, we continue to expect DCF per share at the midpoint of our $5.50 to $5.90 per share guidance range.

我們仍然有信心實現全年 EBITDA 達到預期範圍 194 億美元至 200 億美元的上半部分，但預計不會超過該範圍的上限。正如我們在先前的季度電話會議上提到的，由於利率上升，尤其是在美國，我們繼續預計每股 DCF 收益將達到我們先前 5.50 美元至 5.90 美元指導區間的中點。

Mainland volumes, FX rates and the acquisition of an interest in the Matterhorn Express pipeline earlier in the year continue to be the tailwinds to the full year guide. This is partially offset by higher interest rates, along with tight differentials and strong PAM 2 refining levels, which are expected to continue into the fourth quarter and thus have been reflected as an additional headwind relative to our assumptions heading into the year.

中國大陸的貨運量、外匯匯率以及今年稍早收購的馬特洪峰快線管道權益，繼續成為全年業績指引的利多因素。利率上升、價差收窄以及 PAM 2 煉油水準強勁，部分抵消了上述影響。預計這些因素將持續到第四季度，因此，相對於我們年初的假設，這些因素構成了額外的不利影響。

Now let's quickly discuss our capital allocation priorities. We remain firmly committed to a thoughtful capital discipline process, remaining within our $9 billion to $10 billion per year annual growth investment capacity as we pursue the wide suite of opportunities ahead. Our highly contracted cash flows support a growing and ratable dividend within our 60% to 70% DCF payout target range, ensuring long-term shareholder returns.

現在我們快速討論一下我們的資本配置優先事項。我們將繼續堅定不移地奉行審慎的資本紀律，在每年90億至100億美元的年度成長投資能力範圍內，尋求未來廣泛的投資機會。我們高度穩定的現金流支持在 60% 至 70% 的 DCF 派息目標範圍內實現不斷增長且可分配的股息，從而確保股東的長期回報。

We've grown our dividend for 30 consecutive years, a real testament to the stability of our business and the fundamentals that underpin it. On the leverage front, our consolidated net debt to adjusted EBITDA remains comfortably within our target range of 4.5 to 5 times. This quarter, we saw $3 billion of newly sanctioned capital advanced.

我們已連續 30 年提高股息，這真正證明了我們業務的穩定性和支撐業務的基本面。在槓桿方面，我們的合併淨負債與調整後 EBITDA 的比率仍然穩居我們 4.5 至 5 倍的目標範圍內。本季度，我們看到新增核准的資金投入了 30 億美元。

As I mentioned in the past, I like the fact that we're generating opportunities in all of our businesses, supplementing the next few years with accretive projects while also adding visibility into the back part of the decade with opportunities like our gas storage expansions and our offshore gas transmission projects, which we've announced this quarter.

正如我之前提到的，我很高興看到我們所有業務都在創造機會，透過增值項目來補充未來幾年的發展，同時透過天然氣儲存擴建和海上天然氣輸送項目等機會，為未來十年後半段的發展增添前景，這些項目是我們本季度宣布的。

Our capital allocation focus will remain with brownfield highly strategic and economic projects supported by underlying energy fundamentals, and I'm excited to see this opportunity set materialize into the future.

我們的資本配置重點仍將放在具有戰略意義和經濟效益的棕地項目上，這些項目都以良好的能源基本面為支撐。我很高興看到這些機會在未來得以實現。

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

接下來，我將把發言權交還給格雷格，讓他結束演講。

Thanks very much, Pat. It was indeed a busy quarter on the growth capital side, and I'm extremely pleased with the progress we've made since Enbridge Day in March. The North American energy landscape continues to evolve with energy demand driven by LNG development, power generation, data centers and base load growth.

非常感謝，帕特。對於成長資本方面來說，這確實是一個繁忙的季度，我對自三月的安橋日以來我們取得的進展感到非常滿意。北美能源格局持續演變，能源需求受到液化天然氣開發、發電、資料中心和基本負載成長的驅動。

Enbridge will continue to play a pivotal role in that growth within a disciplined framework that delivers consistent long-term shareholder value. Our low-risk utility-like business with predictable cash flows is underpinned by long-term agreements and regulatory mechanisms that has allowed us to increase our dividend for 30 consecutive years across a wide range of economic cycles and conditions.

Enbridge 將繼續在穩健的框架內，為股東創造持續的長期價值，並在這一增長中發揮關鍵作用。我們低風險、類似公用事業的業務，擁有可預測的現金流，並以長期協議和監管機制為支撐，使我們能夠在各種經濟週期和條件下連續 30 年提高股息。

Going forward, we expect to achieve 5% growth through the end of the decade, supported by our $35 billion and secured capital. Our scale offers optionality that few in our industry possess and we'll continue to evaluate accretive investments across our footprint. Lastly, I'll just point out one housekeeping item. As has been typical, we intend to issue our '26 guidance for investors in early December. So please watch for that announcement on December 3.

展望未來，我們預計到本十年末將實現 5% 的成長，這得益於我們 350 億美元的安全資本。我們的規模為我們提供了業內少數公司所不具備的選擇權，我們將繼續評估在我們業務範圍內的增值投資。最後，我只想指出一件需要注意的事情。與往年一樣，我們計劃在 12 月初發布 2026 年投資者指引。所以請留意12月3日的公告。

With that, I'll open the call to questions.

接下來，我將開始接受提問。

(Operator Instructions) Spiro Dounis, Citi.

（操作說明）Spiro Dounis，花旗銀行。

Wanted to start with gas distribution and storage. The release mentioned seeing an acceleration there in commercial activity, and it sounds like demand from data centers and power beating those initial expectations.

想先從天然氣分銷和儲存入手。新聞稿中提到，當地商業活動正在加速成長，資料中心和電力方面的需求似乎超過了最初的預期。

So just a multipart question here, but curious what's suddenly driving that acceleration for this particular region where you're seeing it? And how are you thinking about the time frame for when these could start to materialize?

這裡的問題包含多個部分，但我很好奇是什麼原因導致你所看到的這個特定區域的加速現象突然出現？您認為這些目標何時才能開始逐步實現？

Sure. So it's Michele Harradence here, Spiro. I'm happy to discuss that. And I would say we're seeing it across the board. I mean that's the real value of the diversity of the utilities we have.

當然。我是 Michele Harradence，Spiro。我很樂意討論這個問題。而且我認為這種情況很普遍。我的意思是，這就是我們擁有的公用事業多樣性的真正價值。

So when we look at about the projects that make up that 7 Bcf or so of data center opportunities that we're talking about, we divide that aspect into what I'd call our baseload demand, our data centers itself and the coal to gas.

因此，當我們審視構成我們所談論的約 70 億立方英尺資料中心機會的項目時，我們將這一方面分為我稱之為基本負載需求、資料中心本身以及煤製氣。

So it's a lot about power generation. It's the electrification tailwind that we've talked about. So you could bucket that, I would say, the baseload demand is there in Ontario. It's there in Ohio, it's there in Utah.

所以，這很大程度與發電有關。這就是我們之前提到的電氣化順風。所以你可以把這一點歸結為：安大略省的基本負載需求是存在的。俄亥俄州有，猶他州也有。

Data center growth, lots of early-stage developments in Ohio and Utah in particular. I would say we're seeing up to 8 gigawatts between the two of them. And that's some of the early-stage developments we're seeing and then the mid-stage stuff, we're estimated to be serving over 6 gigawatts in those two jurisdictions alone. And Ontario has a lot of growth as well. And then finally, coal to gas conversion, again, to support power generation would be in North Carolina.

資料中心發展迅速，尤其是在俄亥俄州和猶他州，早期開發案眾多。我認為他們兩人加起來的發電量可能高達 8 吉瓦。以上是我們看到的一些早期發展階段，至於中期階段，據估計，僅在這兩個地區，我們的服務量就將超過 6 吉瓦。安大略省的發展速度也很快。最後，為了支持發電，北卡羅來納州將再次進行煤改氣。

But really, when we look across all the capital opportunities we have for GDS that's maybe 20% of what we're looking at is the data center and power generation opportunity. I mean just a good standard core utility growth leveraging our modernization program, still lots of opportunity there. We're seeing a lot of what I call major projects. We just put our prep our Panhandle regional project into service. That's close to $360 million in Southwest Ontario.

但實際上，當我們審視GDS的所有資本機會時，資料中心和發電機會可能只占我們所關注機會的20%。我的意思是，只要能利用我們的現代化計劃實現良好的標準核心公用事業成長，仍然有很多機會。我們看到很多我稱之為重大專案的專案。我們剛剛將我們在狹長地帶的區域專案準備工作投入使用。這相當於安大略省西南部近3.6億美元。

We have our Murray Energy Center, the LNG plant in North Carolina. We have 215 Phase 1 and 2 in North Carolina. That's -- those two combined are USD1.2 billion alone. We're doing a reinforcement project in Ontario up in Ottawa. That's another $200 million.

我們在北卡羅來納州擁有默里能源中心和液化天然氣工廠。我們在北卡羅來納州有 215 個一期和二期項目。也就是說，這兩項加起來就高達 12 億美元。我們正在安大略省渥太華進行一項加固工程。那又是兩億美元。

I mean there's a lot of growth and opportunity going on in the utilities. And then our residential growth, although it's softened in Ontario continues to be strong in places like North Carolina and Utah where there's a lot of folks coming. And finally, we're looking at our storage opportunities, and there's a good chunk of capital that continues to go to storage for us. So a good suite of capital there, but hopefully, that answers your question.

我的意思是，公用事業領域有很多發展和機會。雖然安大略省的住宅成長放緩，但在北卡羅來納州和猶他州等人口眾多的地方，住宅成長依然強勁。最後，我們正在研究我們的儲存機會，我們將繼續投入相當一部分資金用於儲存。所以那裡有一批不錯的資金，希望這能解答你的疑問。

Yes, good upside, Spiro from what we thought when we bought the assets two years ago. We didn't -- a lot of the folks hadn't seen the data center something, particularly in places like Ohio, we knew Utah and North Carolina would grow nicely. But Ohio, the opportunity there that's happening on the industrial side and the power side and data center related is really great.

是的，Spiro，根據我們兩年前購買這些資產時的預期，上漲空間很大。我們沒有——很多人還沒有見過資料中心，尤其是在俄亥俄州這樣的地方，我們知道猶他州和北卡羅來納州會發展得很好。但是俄亥俄州在工業、電力和資料中心相關領域的機會真的非常棒。

I think people are forgetting (inaudible) not just about power right across the board, not only the secondary benefits, i.e., industrial growth, caterpillars, GEs, et cetera, having to build things and equipment. There's tertiary growth associated with DC and AI, which is really going to drive all these commodities, including oil, as you see higher GDP, higher industrial growth, who's building all this stuff.

我認為人們正在忘記（聽不清楚）不僅僅是全面意義上的權力，也不僅僅是次要的好處，例如工業發展、履帶式拖拉機、通用電氣等等，以及建造東西和設備。與資料中心和人工智慧相關的第三產業成長，將真正推動包括石油在內的所有這些大宗商品的發展，因為你會看到更高的GDP、更高的工業成長，以及誰在建造所有這些東西。

They're using gasoline, they're using diesel. They're using oil. And that -- so I see it right across the entire system.

他們既用汽油，也用柴油。他們正在使用石油。所以我在整個系統中都看到了這一點。

Great. That's helpful color. Second question, maybe just going to Line 5. You all recently received a favorable decision from the Army Corps there. And it sounds like you expect state permits to be confirmed soon.

偉大的。這是個很有幫助的顏色。第二個問題，或許直接跳到第 5 行。你們最近都收到了陸軍工程兵團的有利決定。聽起來你預計州政府的許可很快就會被確認。

So curious how you're thinking about starting construction on that segment? And how do the outstanding items this play into next steps here?

很好奇您打算如何開始那一段的建設？那麼，這些未完成的專案將如何影響下一步的工作呢？

Sure, Spiro, it's Colin here. So I'll try to abbreviate this answer sometimes line 5 questions get a little longer. But I would say that the permitting on both the Wisconsin reroute and the Michigan tunnel. Our -- regaining momentum, obviously, with the White House and energy security and just getting things done.

當然，斯皮羅，我是科林。所以我會盡量縮短答案，但有時第 5 行的問題會比較長。但我認為，威斯康辛州改道工程和密西根州隧道工程的許可審批都已完成。顯然，我們正重新獲得動力，這得益於白宮、能源安全以及各項工作的進展。

So I would say that we're -- in Wisconsin here, we're awaiting the administrative law judges findings on the hearing that we've recently completed should have that soon. And we'd look to complete the Wisconsin reroute in 2027 and the tunnels are two years behind that.

所以我想說，在威斯康辛州，我們正在等待行政法官對我們最近完成的聽證會的調查結果，應該很快就會有結果了。我們計劃在 2027 年完成威斯康辛州鐵路改線工程，但隧道工程的進度比改線工程晚了兩年。

Aaron MacNeil, TD Cowen.

Aaron MacNeil，TD Cowen。

It's great to see the new disclosure around Mainline optimization Phase 2. Am I right to view this as an acceleration in terms of the cadence that you're planning to offer expanded egress to Canadian producers?

很高興看到有關主線優化第二階段的新披露資訊。我是否可以將此視為您計劃加快向加拿大生產商提供更大出口管道的步伐？

And if so, what's driving that expedited timing? Is it customer demand? Is it a race to be first to market? How should we think about it?

如果真是如此，是什麼原因導致進度如此快速？這是客戶需求嗎？這是一場爭奪市場先機的競賽嗎？我們該如何看待這個問題？

Well, maybe I'll start with a little context because I think you're right. This is maybe not on some people expected, although I'd say people have always underestimated what we can do with that super system.

嗯，或許我應該先介紹一下背景，因為我覺得你說得對。這或許出乎一些人的意料，但我認為人們一直低估了我們利用這個超級系統所能做的事情。

So remember, first of all, you got customers out there that are, in particular, Canadian customers looking at from an oil sands perspective, you don't have the type of depletion issues that are going on in some of the shale plays. You've got a strong US dollar, which is critical driving netbacks.

所以首先要記住，你的客戶，特別是加拿大客戶，從油砂的角度來看，你不會遇到一些頁岩油氣田正在發生的資源枯竭問題。美元走強，這對推動淨收益至關重要。

So you've got quite a different environment going on, obviously, in Canada and some other jurisdictions that analysts may focus from that perspective. But really attitude of customers and what we can offer. But Colin, do you want to talk about that super system element of it?

顯然，加拿大和其他一些司法管轄區的情況截然不同，分析師可能會從這個角度關注這些地區。但真正重要的是客戶的態度以及我們所能提供的服務。但是科林，你想談談其中的超級系統元素嗎？

Yes. I think -- I don't know that it's an acceleration here per se. I think it's being game on here for a while here. And I think the Canadian Basin, as Greg was saying, is it turns out relatively advantaged compared to other bases. So maybe goals focus on it, but our customers haven't.

是的。我認為——我不知道這是否算得上是加速發展。我覺得這場遊戲還會持續一段時間。正如格雷格所說，我認為加拿大盆地與其他基地相比，具有相對優勢。所以，也許目標側重於此，但我們的客戶並沒有。

And we've been all over the fundamentals. We see that $500,000, $600,000 a day of supply growth by the end of the decade. I think our announcements here line up with what we talked about at Enbridge Day, generally, I mean the team is working hard on this, and I'm very proud of them.

我們已經全面掌握了基本要素。我們看到，到本十年末，日供應量將增加 50 萬至 60 萬美元。我認為我們在這裡宣布的內容與我們在安橋日上討論的內容基本一致，我的意思是，團隊正在為此努力，我為他們感到非常自豪。

The engineering and commercialization is very creative and trying to seize the moment. If there's bigger policy unlocks, there could be much more upside to monetize the trillions of dollars of value up in Northern Alberta.

工程設計和商業化方面非常有創意，並且試圖抓住時機。如果政策進一步放寬，北阿爾伯塔省數萬億美元的價值將有更大的貨幣化空間。

But even under the base case, the $600,000 a day is significant. We have, I think, consistently talked about our southbound playbook and yes, if there is an unlock much bigger than the West solution can come into focus, a companion to that unlock.

但即使在最基本的情況下，每天 60 萬美元也是一筆不小的數目。我認為，我們一直在談論我們的南下戰略計劃，是的，如果出現比西部解決方案更大的突破，那麼就會出現與該突破相對應的方案。

But in the base case, South is where -- it's at our customers prefer that direction, integrated business models, lots of big efficient long-lived refineries that are very competitive and of course, less competition now from Venezuela and Mexico in (inaudible).

但就基本情況而言，南方是我們的客戶更青睞的方向，那裡擁有一體化的商業模式、眾多高效、壽命長的大型煉油廠，這些煉油廠極具競爭力，而且現在來自委內瑞拉和墨西哥的競爭也較小。（聽不清楚）

So Canadian oil will gain market share in that basin. I think our solution set is unchanged. We're proud to sanction Southern Alloy Connector. Maybe in baseball terms, that's our leadoff hitter, and it's now on base.

因此，加拿大石油將在該盆地獲得市場份額。我認為我們的解決方案集沒有改變。我們很榮幸能為南方合金連接器公司提供認證。用棒球術語來說，這就好比我們的第一棒打者，現在他已經上壘了。

We've sanctioned this. This is a dual flow path, 30,000 new egress on Platt and the other 70 coming down our Spearhead Pipeline existing capacity, and we're going to move that on COP with our -- which we partially own with our partner Energy Transfer. MLO 1 is at the plate right now, and we expect to make commercializing announcement here in the next couple of months before year-end.

我們已經批准了此事。這是一條雙流路徑，Platt 管道新增 30,000 出口，另外 70 出口則來自我們 Spearhead 管道的現有產能，我們將透過 COP 管道輸送這些管道——我們與合作夥伴 Energy Transfer 共同擁有該管道的部分所有權。MLO 1 目前進展順利，我們預計在年底前的幾個月內發布商業化公告。

Again, that's 150 a day. I think that's well chronicled, that's capital-efficient, permit light using existing pipe and right-of-way and recall, we've already successfully run an open season on the funding and South -- a path through Seaway partner enterprise products.

再說一遍，就是每天150個。我認為這一點已經得到了很好的記錄，這既節省資金，又能獲得許可，利用現有的管道和通行權，而且我們已經成功地開展了資金公開招標，並向南推進——這是一條通過聖勞倫斯航道合作夥伴企業產品實現的途徑。

So that's what'll advance. So MLO 2 continue the analogy here, I'd say it's in the batter's box. And as Pat and Greg mentioned, it's got a bigger bat than we thought we had before. We upsized that from 150 to 250 a day. And again, similar to MLO 1 existing pipe and right of way.

所以，這就是將會取得進展的地方。所以 MLO 2 繼續這個比喻，我認為它就像在擊球區一樣。正如帕特和格雷格提到的那樣，它的球棒比我們之前以為的要大。我們將日產量從 150 件提高到 250 件。同樣，與 MLO 1 現有管道和通行權類似。

And so again, using joint venture partners. This is all coming together nicely, not acceleration, but I think continuing true here and hopefully get the basis loaded.

所以，再次利用合資夥伴。一切進展順利，雖然沒有加速，但我認為這種情況會持續下去，希望能夠打好基礎。

Yes, I hope -- and obviously, not lost on you, Aaron, but as Colin goes through that, you just tick off all those pipeline systems and it's not just about the main line. You got Express Platt. You got COP, you got tab, which we own all of our parts of right through the whole system.

是的，我希望如此——顯然，亞倫，你也明白這一點，但當科林經歷這一切時，你只需逐一核對所有管道系統，而這不僅僅是主管道的問題。您已獲得 Express Platt 服務。你有 COP，你有標籤，我們擁有整個系統中所有零件的所有權。

So there's multiple ways for us to serve our customers and multiple ways for our investors to win. And that's the pretty exciting part that I don't always feel gets fully valued in the market for sure.

因此，我們可以透過多種方式服務我們的客戶，我們的投資者也可以透過多種方式獲利。而這正是令人興奮的部分，但我感覺它在市場上並沒有得到充分的重視。

That's a ton of great context. As a related follow-up, a significant portion of the $35 billion of secured capital comes into service in 2027.

這提供了很多有用的背景資訊。作為相關後續工作，350 億美元的擔保資本中的很大一部分將於 2027 年投入使用。

As we think about all these liquids projects that you just outlined, continued success in GTM steady growth across the utilities, do you see sort of, I guess, what I'll call a high plateau in terms of capital entering into service towards the end of the decade and do you see any timing or capital sequencing issues to maintain the spend between $9 billion and $10 billion?

當我們思考您剛才概述的所有這些液體項目，以及GTM在公用事業領域的持續成功和穩步增長時，您是否認為在本十年末期，投入使用的資本會達到一個較高的平台期？您是否認為在維持90億至100億美元支出水準方面存在任何時間或資本排序問題？

Maybe Pat will want to add to this, but I don't think so. I mean we're constantly adding to the back end. Look, I think that's not unusual for companies like ourselves can I just go through stuff that Colin went through, right? You're talking '27, '28 and then '29, '30, you'll see additional pieces as well. The gas trend deep off stuff is all '29.

或許帕特會想補充一些內容，但我認為不會。我的意思是，我們一直在不斷地完善後端。你看，我覺得對於像我們這樣的公司來說，這種情況並不罕見。我能不能講講科林經歷過的事？你說的是 '27'、'28'，然後 '29'、'30'，你還會看到其他一些作品。天然氣趨勢深層的東西都是「29」。

Storage piece comes in, some late '29, '30. So I think it will stay up at that amount. That's what gives us the confidence on 5% growth. It's a bit of a flywheel that's going on right now, which is quite positive. But from a balance sheet perspective, feel very good about that 5 to 10, Pat?

儲物櫃到貨了，有些是 29 年末、30 年的。所以我認為它會維持在這個水平。這就是我們對5%成長率有信心的原因。目前這有點像是良性循環，這是非常正面的現象。但從資產負債表的角度來看，你對這 5 到 10 的漲幅感到非常滿意嗎，帕特？

Yes, I think so. At the end of the day, we've got a pretty fulsome '26 now. We've reserved some capacity for these MLO1 and 2s. I mean one, we'll have some spend in '26, two, probably not as large as it's a little later, but we'll reserve some capacity given how we now are in those moving forward. And then as Greg said, we're really happy to continue to build out the back part of the decade.

是的，我也這麼認為。最終，我們現在有了相當完整的 '26 作品。我們已為這些 MLO1 和 MLO2 預留了一些產能。我的意思是，第一，我們在 2026 年會有一些支出；第二，可能不會像以後那麼大，但鑑於我們目前的情況，我們會預留一些產能來向前發展。正如格雷格所說，我們非常高興能夠繼續推動未來十年的發展。

And hopefully, that's adding a lot of clarity into the growth that the enterprise can have. And I think it's pretty common in our infrastructure business, where you got -- you secured some capital for the next couple of years, it's close to or just below your capacity and then the out years you're filling up. And I think the team has done a great job in the last six months of doing that. So we're very comfortable.

希望這能讓大家更清楚了解企業未來的發展方向。我認為這種情況在我們的基礎設施業務中很常見，你獲得了未來幾年的資金，這接近或略低於你的產能，然後在接下來的幾年裡，你的產能就會被填滿。我認為團隊在過去六個月裡在這方面做得非常出色。所以我們覺得很舒服。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just wanted to maybe follow up a little bit on the last line of questions there with regards to growth over time and having talked about this 5% EBITDA growth potential over the medium term post '26. And I know you're not going to give us the December update today, but just wondering any foreshadowing you might be able to provide us here or thoughts into how we should be thinking about how the update could unfold?

我只是想就最後一行問題稍作補充，關於隨著時間的推移而增長的問題，以及我們之前討論過的 2026 年以後中期 5% 的 EBITDA 增長潛力。我知道您今天不會公佈 12 月的更新內容，但我只是想知道您是否可以在這裡提供一些預告，或者您對更新內容的展開方式有什麼想法？

Yes. I'm not sure we aren't going to give you much of that right now because -- but look, I think -- look, you've heard what we've been able to do on the gas side today with announcements the liquid side. Michele gave you a good tour to tab on that side as well. And despite what some people have looked at, we've even done a number of things on the renewable power side in the last year. So I think it's the benefit of the portfolio.

是的。我不確定我們現在是否會透露太多信息，因為——但是，我想——你看，你今天已經聽到了我們在天然氣方面以及液體方面的公告。米歇爾也帶你好好參觀了一下那邊。儘管有些人對此有所誤解，但去年我們在再生能源領域也做了一些事情。所以我認為這就是投資組合的優勢所在。

And again, those secondary and tertiary benefits of everything from power demand, from policy changes from GDP growth that actually give us that confidence, and we see growth right across the system. So if your question is, do we see pullback scenarios?

再次強調，電力需求、政策變化、GDP成長等帶來的次要和衍生性效益，實際上給了我們信心，我們看到整個系統都在成長。所以，如果你的問題是，我們是否會看到回調的情況？

No. In fact, we see acceleration even the renewable stuff that we have, a lot of that stuff a long ways down the trail and anything we do sanction would have already been in a good spot from a policy perspective. So -- and as Pat just mentioned, we got the balance sheet capacity, internally generated cash flow to be able to meet those demands.

不。事實上，我們看到即使是我們現有的再生能源也在加速發展，其中許多項目還有很長的路要走，而我們採取的任何制裁措施，從政策角度來看，都已經處於有利地位。所以——正如 Pat 剛才提到的，我們有足夠的資產負債表能力和內部產生的現金流來滿足這些需求。

And obviously, every dollar of EBITDA we adds another $4 or $5 of capacity. So we're very focused on that. So -- it's probably where I'd leave it today. I don't know, Pat, would you add anything to that?

顯然，每增加 1 美元的 EBITDA，我們就能增加 4 或 5 美元的產能。所以我們非常關注這一點。所以——今天我大概會就此打住。派特，我不知道，你還有什麼要補充的嗎？

Yes. I mean I think our message, if you remember back six months ago at Enbridge Days was that the whole goal here was to add clarity into that back end of the decade growth rate. And I think it's fair to say that we're doing a substantial amount of projects that should help to clarify that.

是的。我的意思是，如果你還記得六個月前在 Enbridge Days 大會上的信息，那就是我們當時的目標是讓這十年後半段的增長率更加清晰。我認為可以公平地說，我們正在進行大量項目，這些項目應該有助於澄清這一點。

So we're confident in the growth rates that we put forward, and we'll continue to add to this backlog. We know there's more to come and really every business, which what I like the most about it.

因此，我們對提出的成長率充滿信心，並將繼續增加訂單積壓。我們知道未來還有更多發展空間，而且每個企業都會受益，這正是我最喜歡它的地方。

We've got a very diverse set of opportunities over -- so what really turns out to be a five- to seven-year time line now. So yes, we're feeling good about the growth rates.

我們有非常多樣化的機會——所以，這實際上相當於五到七年的時間線。所以，是的，我們對成長率感到滿意。

Fair enough. Figure it's worth a try. Just wanted to dive in a little bit more into Western Canada and gas storage there with LNG Canada ramping up. Just wondering if you could provide maybe a little bit more color on the tone of customer conversations there. It seems like the market is going to need a lot more logistics.

很公平。我覺得值得一試。我想更深入地了解加拿大西部和那裡的天然氣儲存情況，因為加拿大液化天然氣計畫正在加速推進。我想問您能否再詳細描述一下與客戶對話的語氣？看來市場需要更多的物流支持。

You're expanding gas storage capacity there. Just wondering if you could elaborate any more on how you see this unfolding. It seems like these would be fundamental tailwinds to rates and economics overall, but just wondering what you guys are seeing.

你們正在擴建那裡的天然氣儲存能力。我想知道您能否再詳細說說您認為這件事將如何發展。這些因素似乎會對利率和整體經濟產生根本性的利好作用，但我想知道你們的看法如何。

Yes. Thanks, Jeremy. It's Cynthia Hansen, I would agree with you that we are having these tailwinds, particularly when it comes to storage. Of course, in the last quarter, we've announced our expansion, a significant expansion of our Aitken Creek storage. We are the only storage in that BC area.

是的。謝謝你，傑瑞米。我是辛西婭·漢森，我同意你的看法，我們確實遇到了這些順風，尤其是在倉儲方面。當然，在上個季度，我們宣布了我們的擴建計劃，即大幅擴大我們的艾特肯溪水庫。我們是卑詩省該地區唯一的倉儲公司。

So we currently have about 77 Bcf of storage there, and we announced another 40 Bcf. So that will -- we'll start construction of that in the first part of next year, and that will be in service in a couple of years following that. When we have the conversations, it was -- when we announced that opportunity, we had 50% of that storage signed right away in a long-term contract.

所以目前我們在那裡擁有約 770 億立方英尺的儲存空間，並且我們宣布再增加 400 億立方英尺。所以，我們將在明年上半年開始建設，並在接下來的幾年內投入使用。當我們進行洽談時，當我們宣布這個機會時，我們立即簽訂了一份長期合同，其中 50% 的存儲空間已被預訂。

So our customers understand that there is that opportunity and they're willing to back that expansion. As we continue to look at other opportunities the current discussions about LNG Canada Phase 2, all of that creates an opportunity not just for our storage but for the opportunities to expand our West Coast system.

因此，我們的客戶明白有這樣的機會，並且他們願意支持這種擴張。隨著我們繼續尋找其他機會，目前關於加拿大液化天然氣二期工程的討論，所有這些不僅為我們的儲存創造了機會，也為擴展我們的西海岸系統創造了機會。

We've announced earlier this year the Bridge Grove, which is an expansion of T-North that ties into that, too. So strong opportunities, but I would say that we'd like to continue to see that growth of those opportunities for LNG exports that will need the support of the BC and payment government as we go forward to make sure that we are positioning those projects to attract the capital they need in the long term to support that opportunity.

我們今年稍早宣布了 Bridge Grove 項目，它是 T-North 的擴建項目，也與此相關。因此，機會很多，但我想說的是，我們希望繼續看到液化天然氣出口機會的成長，這需要卑詩省政府和支付部門的支持，以確保我們能夠使這些項目吸引長期所需的資金，從而支持這些機會。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

I'd like to go back to the Downer center and power generation opportunities. Obviously, that's a hot part of the market right now. And I think your own gas distribution business is advancing to $4 billion of related projects. Can you provide some detail on how you're managing cost risk, in particular, in areas like that, that are hot and where there's a lot of competition, supply chain constraints and customer focus on time to market?

我想回到唐納中心，看看那裡有哪些發電機會。顯然，這是目前市場上的熱門領域。我認為貴公司本身的天然氣分銷業務正在推進相關項目，總額將達到 40 億美元。您能否詳細說明您是如何管理成本風險的，尤其是在像這種熱門領域，競爭激烈，供應鏈受到限制，客戶又非常注重產品上市時間？

Yes. Obviously, several areas there. And as they relate to the gas distribution side, obviously, prudency kicks in, but recall, those are rate based type driven setups, right? So you're getting on a capital structure, call it, 10% return in the US on about 50% equity.

是的。顯然，那裡有好幾個區域。至於天然氣分銷方面，顯然要謹慎行事，但請記住，這些都是基於費率的驅動型設置，對吧？所以，你現在採用的資本結構，比如說，在美國，大約 50% 的股權就能帶來 10% 的報酬率。

So as long as we're being prudent, I'm not feeling too concerned about that. Now that being said, given the size of the company, we are actively and we're out there doing that, making sure that we've got good alliance agreements with various contractors, giving us the best rates actually going forward and even stockpiling, if you will, compressors and things like that.

只要我們謹慎行事，我就不太擔心。話雖如此，鑑於公司的規模，我們正在積極主動地開展這項工作，確保與各承包商達成良好的聯盟協議，從而獲得未來最優惠的價格，甚至還會儲備壓縮機之類的設備。

And remember, on the inflationary side, I'd say about 30% most of these large projects would be CapEx related to equipment and things like that. So those relationships are really critical. And a lot of them obviously were avoiding tariff structures through contract mechanisms as well.

記住，從通貨膨脹的角度來看，這些大型專案中大約有 30% 是與設備等相關的資本支出。所以這些關係真的至關重要。而且很明顯，他們中的許多人也透過合約機制來規避關稅結構。

So far, so good. The biggest concern I have is on the people side of things and just getting the time and equipment in place. So we're pretty good at that. I think we feel in terms of those long-term relationships with contractors and stuff like that. But on something definitely we we're watching closely.

到目前為止，一切都很好。我最擔心的是人員方面，以及如何安排時間和設備。所以我們在這方面做得相當不錯。我認為我們對與承包商建立長期關係之類的事情有這樣的感受。但有一件事我們肯定會密切注意。

It's also why I love some of the projects that we announced today that are all relatively small, as Colin said, singles and doubles and quick cycle relatively speaking so that you don't have long drawn-out processes. And then the last piece is, as you know, a better attitude with policy around permitting and acceptance of these critical projects and that takes the risk off the table from a CapEx perspective as well.

這也是我喜歡我們今天宣布的一些項目的原因，正如科林所說，這些項目規模都相對較小，都是單機或雙機項目，週期也相對較短，這樣就不會有冗長的過程。最後一點，如您所知，是需要對這些關鍵項目的許可和驗收採取更好的政策態度，這樣也能從資本支出角度消除風險。

Okay. That's very helpful. And then a bit of a regulatory question here for Colin, and maybe we'll have to take this off-line, but I'm curious about the Mainline optimization, too and the interplay with the quota Access pipeline, given there's still some lingering permitting issues there. So maybe, Colin, you could walk us through whatever relevant regulatory updates on DAPL that relate to the mainline optimization, too?

好的。那很有幫助。接下來，我想問 Colin 一個監管方面的問題，也許我們得私下討論一下，但我對主線優化以及與配額接入管道的相互作用也很感興趣，因為那裡仍然存在一些遺留的許可問題。那麼，柯林，或許你可以為我們介紹一下與達科他輸油管主線優化相關的最新監管動態？

Yes. Sure, Robert. It's a good question and one we've thought through. So we don't need a new presidential permit across the border. And we're confident that the DAPL EIS will come through in the spirit of energy security and energy dominance.

是的。當然可以，羅伯特。這是一個很好的問題，我們也已經認真思考過了。所以，我們不需要新的總統通行證。我們相信，DAPL 環境影響報告書將秉承能源安全和能源主導的精神完成。

So we're confident in that line of thinking.

所以我們對這種思路很有信心。

Rob Hope, Scotiabank.

羅布‧霍普，加拿大豐業銀行。

You've mentioned a couple of times that the policy environment is getting better for energy infrastructure. in Canada, how are you interfacing with the Canadian major projects office? Enbridge has over we'll call it, $8 billion of projects in development in BC. You could do more on the liquid side there as well. Is there a way to get incremental support to further derisk these projects?

您曾多次提到能源基礎設施的政策環境正在改善。在加拿大，您是如何與加拿大重大計畫辦公室對接的？Enbridge 在卑詩省有價值超過 80 億美元的在建項目。在液體方面，你還可以做更多工作。是否有辦法獲得逐步增加的支持，以進一步降低這些專案的風險？

At this point in time, we haven't put projects through the office. It's great that it's set up. Hopefully, that will be helpful for those national interest projects. But most of the things or all the things we're talking about are short cycle, relatively permit light. And so we haven't seen the need to go down that route.

目前，我們還沒有把專案提交給辦公室。太好了，一切都安排妥當了。希望這對那些國家利益項目有所幫助。但我們談論的大部分事物或所有事物都是短週期、相對允許光照的。因此，我們認為沒有必要走這條路。

But that being said, we've had several conversations with them. Obviously, Don is well known in the industry and respected and has been very good to don't hesitate if you need some help around permits, et cetera and working through the lab rent of the Canadian government. So we won't hesitate. But to date, and I don't see that actually on any of the projects that we have. As you know, we have several billion dollars of projects being done in B.C.

但即便如此，我們還是和他們進行過幾次談話。顯然，唐在業內很有名，也很受尊敬，而且人很好，如果你在許可證等方面需要幫助，或者需要處理加拿大政府的實驗室租金問題，不要猶豫，去找他。所以我們不會猶豫。但到目前為止，我還沒有在我們任何專案中看到這種情況。如您所知，我們在卑詩省正在進行數十億美元的計畫。

things Colin's talked about today. But a lot of them are relatively current light and even that giant CapEx as individual chunks. So I just don't see us using the major project office at this point in time.

科林今天談到的事。但它們中的許多都相對來說比較輕鬆，甚至連巨額資本支出都是以單獨的小塊形式存在的。所以我覺得目前我們沒必要啟用大型專案辦公室。

All right. I appreciate that color. And then maybe just going back to the mainline. I appreciate all the details on further expansions, Colin. But maybe to dive in a little deeper.

好的。我喜歡這個顏色。然後或許就直接回到主線了。科林，非常感謝你提供的關於未來擴張計劃的所有細節。但或許可以更深入地探討一下。

And I know it's early days, but what would an MLO3 look like? And how much more incremental capacity do you think you can get to the basin if we'll call it, a good amount of large dynamic pipe?

我知道現在下結論還太早，但 MLO3 會是什麼樣子呢？如果鋪設大量大型動態管道，您認為還能為盆地增加多少增加容量？

Robert, you're reading my mind. So we've got some hitters warming up in the dugout, MLO 3 and 4 stretching. Our engineers are looking at that as well because there is a scenario here, right, where Canada and the US do a bigger trade deal and energy is part of it and the imperative may accelerate further. So we do have some -- again, in corridor, in fence line solutions for that, but it's premature for us to probably talk about those.

羅伯特，你簡直讀懂了我的心思。所以我們看到一些擊球手在休息區熱身，MLO 3 和 4 正在拉伸。我們的工程師也在研究這個問題，因為這裡有一種可能，加拿大和美國達成更大的貿易協議，而能源是其中的一部分，這種趨勢可能會進一步加速。所以，我們確實有一些——同樣是在走廊裡，在圍欄邊——的解決方案，但現在談論這些可能還為時過早。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

We are actually seeing a lot of resurgence in solar stocks in the US, and you actually have a very strong solar portfolio. But because you have everything else, which is also so good sometimes it's underlooked. So can you talk a little bit about your renewables portfolio and solar, in particular, and more deals like Clearfork with Meta, if you could talk on those points, please.

實際上，我們看到美國太陽能股票出現了強勁的復甦，而且你們的太陽能投資組合也非常強大。但因為你擁有其他一切，而這些其他方面也非常好，所以有時反而會被忽略。那麼，您能否談談您的再生能源投資組合，特別是太陽能，以及像 Clearfork 與 Meta 這樣的更多交易？如果您能談談這些方面，那就太好了。

Sure. Manav, it's Matthew here. Yes, you're quite right. I mean I think investment discipline is the order of the day in renewables, given some of the cross currents in the policy landscape. But we have to keep our eye also on the opportunity here because the customer demand for this remains very, very strong.

當然。馬納夫，我是馬修。是的，你說得完全正確。我的意思是，鑑於政策環境的一些複雜因素，我認為在再生能源領域，投資紀律至關重要。但我們也必須密切關注這裡的機遇，因為客戶對這方面的需求仍然非常非常強勁。

We are still in the window where we've got interconnection ready projects that are in fantastic locations with strong local support and great resource while the production tax credit window remains open. And so there's definitely a lot of interest from customers on the data center side around that, in particular, on our solar portfolio, we've talked about Project Hellboy, Auto Wyoming.

我們仍然處於一個有利的窗口期，在這個窗口期內，我們有一些互聯互通項目，這些項目地理位置優越，擁有強大的當地支持和豐富的資源，而且生產稅收抵免政策窗口仍然開放。因此，資料中心方面的客戶對此確實非常感興趣，特別是對於我們的太陽能產品組合，我們已經談到了「地獄男爵計畫」和「懷俄明州汽車計畫」。

We are building a lot of stuff, as you know, you mentioned Clearfork with Meta and ERCOT, but that Wyoming project has a tremendous amount of interest and is potentially a very big one and is well advanced. And so again, we're going to be navigating carefully, but there should be win-wins here because customers know that there's this window. And there aren't that many projects that can actually get into their windows and they need the electrons and they want it if possible, lower zero emissions.

如您所知，我們正在建立很多東西，您提到了與 Meta 和 ERCOT 合作的 Clearfork 項目，但懷俄明州的那個項目引起了極大的關注，它有可能是一個非常大的項目，而且進展順利。所以，我們將繼續謹慎行事，但應該能實現雙贏，因為客戶知道有這樣一個機會窗口。能夠真正進入他們視野的項目並不多，他們需要電力，如果可能的話，他們希望實現更低的零排放。

So I think we're really well positioned. But again, we'll be navigating this and with a very close eye on our risk profile and making sure that we are consistent with our low-risk business model across everything we do.

所以我認為我們處於非常有利的地位。但是，我們會繼續應對這種情況，密切注意我們的風險狀況，確保我們在所做的每一件事中都堅持低風險的商業模式。

Perfect. My quick follow-up is your partner, Energy Transfer talked about the Southern nice Connector exactly the fruit that US refiners need. Can you also highlight some of the benefits of this project? And can you confirm if this is probably 2028 start-up, if you could talk a little bit about that?

完美的。我的後續消息是，您的合作夥伴 Energy Transfer 談到了 Southern nice Connector，這正是美國煉油商所需要的。您能否也重點介紹一下這個專案的一些優勢？您能否確認一下這是否可能是2028年的創業項目？能否簡單談談這方面的情況？

Yes. Thanks, Manav. Yes, I agree with your thesis. And what else can I tell you here? This is a new market of our mainline system to Nederland, Texas.

是的。謝謝，馬納夫。是的，我同意你的觀點。還有什麼我可以告訴你的嗎？這是我們通往德克薩斯州尼德蘭市的主幹線系統的一個新市場。

And yes, you can imagine we've got a map of all the refineries and we're trying to feed all of them. We've got about 75% of US refineries connected to our mainline system. So this isn't a new market for us, technically, not super complex using existing capacity on Spearhead just longer hauling that capacity.

是的，你可以想像我們有一張所有煉油廠的地圖，我們正在努力為所有這些煉油廠提供燃料。我們已將大約 75% 的美國煉油廠連接到我們的主幹管網系統。所以從技術上講，這並不是我們的新市場，也不是非常複雜的，只是利用 Spearhead 的現有運力進行更長時間的運輸。

It used to go to Patoka area, now that 100 -- of the 200 on Spearhead we'll go down in (inaudible) Texas, and we're expanding the Platte system. I think pretty simple scope there, pump refurbishment. So high confidence execution. And so the time line should work.

以前會開往帕託卡地區，現在斯皮爾黑德路上的 200 輛汽車中有 100 輛會開往（聽不清楚）德克薩斯州，我們正在擴展普拉特河系統。我認為範圍很簡單，就是水泵翻新。因此，執行力非常高。所以時間線應該沒問題。

Sam Burwell, Jefferies.

Sam Burwell，傑富瑞集團。

Some of that's been touched on already, but just a quick one on Southern Illinois and full path. I mean the main line optimization seem like they're on the right track and mainline volumes were 3Q record.

有些內容前面已經提到過了，但這裡簡單介紹一下南伊利諾大學和全程路徑。我的意思是，主線優化似乎走對了路，主線銷售在第三季創下了紀錄。

But downstream of that, low volumes in 3Q, and it seems like it's going to be a headwind in 4Q as well. So just curious if you have a view on when that could improve? And then is there anything to read into the 100,000 barrels a day capacity on Southern Illinois?

但在此之後，第三季銷售量較低，而且看來第四季也將面臨不利影響。所以，我只是好奇您認為這種情況何時會有所改善？那麼，伊利諾州南部每天 10 萬桶的產能又意味著什麼呢？

So I think the open season figure was higher than that, like 200,000. So just curious on your thoughts on full past volumes improving over time.

所以我認為開放狩獵季的數字比這更高，大概有 20 萬。所以，我很好奇您對過去完整版書籍銷售隨著時間而增長的看法。

Sure. I can take that. I think it's a temporary anomaly here. That path on our liquid system south of Chicago down to the Gulf has been pretty robustly used for a long time. It's been recently weaker, still pretty good a little bit weaker as you saw in our disclosures back talked about it.

當然。我可以接受。我認為這只是暫時的異常現象。從芝加哥南部到墨西哥灣的這條液態輸水路徑，長期以來一直被廣泛使用。最近有所走弱，雖然仍然不錯，但正如您在我們之前的披露中看到的那樣，略微走弱了一些。

That is due -- really not the weakness south per se, but more so that, that demand at upper pad to demand has been unusually strong in the last quarter or two so higher absorption of that high mainline throughput just a bit further north.

這其實並非南方本身的疲軟，而是因為在過去一兩個季度裡，上游地區的需求異常強勁，因此，幹線高吞吐量在更北的地方得到了更高的吸收。

And so I'll double click on that, why is that? A couple of reasons. One, our product levels were lower, given fuel demand. And so those refiners were running pretty hard, so higher utilizations to replenish those inventories.

所以我要雙擊它，這是為什麼？原因有二。第一，由於燃料需求，我們的產品水準較低。因此，這些煉油廠都在全力運轉，利用率很高，以補充庫存。

And secondly, they had I would say, higher than average just uptime. And so the combination of those two factors kept a lot of that mainline oil at home, so to speak, in the upper pad two market. I think Q4 should be maybe a little better than Pat suggest we've seen some early quarter improvements here.

其次，他們的正常運作時間也高於平均值。因此，這兩個因素結合起來，使得許多主線石油留在了國內，或者說，留在了上層二號井市場。我認為第四季可能會比帕特預測的略好一些，我們已經看到一些季度初的改善。

And then moreover, I think just longer term, we've got a lot of confidence in that path. In fact, we just have successfully run two open seasons for that path, both have been subscribed to expand it.

而且，我認為從長遠來看，我們對這條路充滿信心。事實上，我們已經成功舉辦了兩屆該路線的開放報名活動，兩屆都已報名參加，以擴大其規模。

So I'd say it's a temporary effect. You also asked about 200 versus 100 -- yes, pardon me. So yes, we're pretty happy with the 100 with our partner there. We actually had more of a subscription for the 100, but we end up settling it at 100. It's just the most efficient sweet spot on that project, for economics overall.

所以我認為這只是暫時的影響。您還問到了 200 與 100 的區別——是的，不好意思。是的，我們對與合作夥伴達成的100項協議感到非常滿意。我們原本打算訂閱 100 份，但最終還是定為 100 份。從整體經濟效益來看，這是該專案效率最高的最佳方案。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO資本市場。

Wanted to touch base first on the Woodside LNG project. Could you remind us going forward, how the mechanism works on a contract that you close on the in-service dates?

想先了解一下伍德賽德液化天然氣計畫的情況。能否提醒我們一下，今後在服務生效日期簽訂的合同，其運作機制是如何運作的？

Yes, I think you mean Woodfibre. Cynthia can take that.

是的，我想你指的是木纖維。辛西亞能承受得住。

Yes. Yes. Thank you. Yes. So the way our contract works is that we will be setting that final toll closer to the in-service date.

是的。是的。謝謝。是的。因此，根據我們的合約規定，我們將臨近投入使用日期時確定最終通行費。

So with our contract terms, we will get our return based on that toll structure that's finalized at that date. So we continue to benefit from the delay in that term as the cost increase and that will allow us to actually have limited exposure to some of these cost overruns that we're starting to see on that project.

因此，根據我們的合約條款，我們將根據屆時最終確定的收費結構獲得回報。因此，隨著成本增加，我們將繼續受益於該期限的延期，這將使我們能夠有效地減少我們在該專案上開始看到的一些成本超支的風險。

Now we are really excited, though, that we're 50% complete overall on the construction, and we believe that there's a really path to getting us to the 2027 in service date.

不過，現在我們非常興奮，因為整體建設已經完成了 50%，我們相信完全有可能在 2027 年實現投入使用。

Now the other thing we love to see how it plays out, but the Canadian budget did have some accelerated bonus depreciation for LNG projects that have low emissions. And I think as we've talked about before, this will be amongst, if not the lowest emission LNG project globally given how it's getting into power. So we'll watch for that which should be helpful from a return perspective as well.

還有一件事我們很想看看結果如何，但加拿大預算確實對低排放的液化天然氣項目提供了一些加速的額外折舊。而且我認為，正如我們之前討論過的，考慮到它的發電方式，這將是全球排放量最低的液化天然氣項目之一，甚至可能是排放量最低的。所以我們會密切注意這一點，從回報的角度來看，這也應該會有所幫助。

Got it. And I have to (inaudible) Woodside because I did have a follow-up question on that partnership more specifically. I just think about your investments on the BC Coast.

知道了。我必須（聽不清楚）去伍德賽德，因為我對那次合作還有更具體的後續問題。我只是在想你在BC海岸的投資。

And I'm curious just with LNG additions ahead and some of the strategic partnership you've seen with Williams in particular. Is there appetite for Enbridge (inaudible) not something specifically like that, but maybe just top up to LNG beyond what you have right now?

我很好奇未來液化天然氣計畫的推進，以及你們與威廉斯公司建立的一些策略夥伴關係。是否有對 Enbridge（聽不清楚）的需求？不是指專門的 Enbridge，而是指在現有液化天然氣 (LNG) 供應量的基礎上補充？

Yes. Ben, we're not opportunity light. We are opportunity rich. So us taking on -- I can't see us taking an LNG facility with commodity exposure, which is what some other folks that you mentioned have done. We'll get done the Woodside opportunity here and then we'll see.

是的。本，我們並非機會匱乏。我們擁有豐富的機會。所以，我們接手——我看不出我們會接手一家有商品風險敞口的液化天然氣工廠，而你提到的其他人卻這麼做了。我們會先完成伍德賽德的收購機會，然後再看情況。

Obviously, there's a lot of water still to go under the bridge about getting things built in off the BC Coast. So -- let's continue with our Woodfibre projects, sorry, I said what's now you got me saying it, the Woodfibre project before we look at other ones.

顯然，在BC海岸附近開展建設工作還有很長的路要走。那麼——讓我們繼續我們的 Woodfibre 項目，抱歉，我說了什麼，現在你又讓我說了，在看其他項目之前，先來看 Woodfibre 項目。

And look, you saw us announce today those storage projects are serving LNG on the Gulf Coast. Aitken's going to serve LNG in BC. A lot of the projects that Cynthia mentioned, the pipeline product, that's the stuff we know and know very well and are solid regulated rates of return on I think in this environment, that's probably a better setup for us.

你看，我們今天宣布的這些儲氣計畫正在為墨西哥灣沿岸的液化天然氣提供服務。艾特肯公司將向卑詩省供應液化天然氣。Cynthia提到的許多項目，例如管道產品，都是我們熟悉且非常了解的，而且回報率穩定且受監管。我認為在目前的環境下，這可能是我們更好的選擇。

So we'll always look. We get an opportunity to take a look at everything, but I don't think our investor proposition is open to taking on a bunch of commodity exposure. (inaudible).

所以我們會一直關注。我們有機會全面了解所有情況，但我認為我們的投資策略不適合承擔大量的商品風險敞口。（聽不清楚）

Maurice Choy, RBC Capital Markets.

Maurice Choy，加拿大皇家銀行資本市場。

First question is about your crude oil production growth projections. I remember back in Enbridge Day, you've made a forecast that you may see more than 1 million barrels a day of growth through to 2035. Assuming that projection was made based on the landscape at that point in time, how would you view this growth now given what appears to be a supportive regulatory and political landscape in Canada?

第一個問題是關於你們的原油產量成長預測。我記得在 Enbridge Day 那天，你曾預測到 2035 年，石油日產量可能會增加超過 100 萬桶。假設該預測是基於當時的情況做出的，鑑於加拿大目前似乎擁有有利的監管和政治環境，您如何看待這種增長？

It's Colin. Yes, great question. And I think our -- I think both of those projections are, I think, internally consistent. And I think our view of that is stable. There is an upside scenario here that if Canadian federal policy comes through on this vision of a global energy superpower, which we believe in strongly.

是科林。是的，問得好。我認為我們的——我認為這兩個預測在內部是一致的。我認為我們對此的看法是穩定的。這裡存在著一個有利的情況，那就是如果加拿大聯邦政府的政策能夠實現我們堅信的成為全球能源超級大國的願景。

We have a unique perch on that. I think there is upside. There's for sure upside in that scenario. But it's an if at this point. It's an if at this point. So we've calibrated our business plan to the base case. And our -- to a question a few minutes ago, are generating further solutions if the upside comes to be.

我們在這方面擁有獨特的優勢。我認為有正面的一面。這種情況肯定有好處。但這目前還只是個假設。目前這只是一個假設。因此，我們已經根據基本情況調整了我們的商業計劃。而我們——針對幾分鐘前的一個問題——如果有利條件出現，我們正在尋求進一步的解決方案。

You're going to get a good insight on that, I think, as well, Maurice, right? Because if the policy conditions form in Canada that ensure that as a producing nation, it's actually competitive. The first line of that is going to be our producers and then being more optimistic about production, and then we'll be able to react as capital form.

我想，你也會對此有很好的了解，莫里斯，對吧？因為如果加拿大形成能夠確保其作為生產國具有競爭力的政策條件，那麼它就具有競爭力。首先，我們要確保生產人員對生產前景更加樂觀，然後我們才能以資本形式做出反應。

So -- but at this point in time, we wouldn't change the million by 2035. And the MLOs and the Southern Illinois Connector and our Mainline investment capital is all consistent with how we see that rolling out between now and the end of the decade, all other things being equal.

所以——但就目前而言，我們不會改變 2035 年的百萬人口目標。在其他條件相同的情況下，MLO、南伊利諾伊連接線和我們的主線投資資本都與我們對未來十年發展方向的預期一致。

That makes sense. If I could finish off with a question on the Pelican CO2 hub. Oftentimes, these types of projects are perceived to have a lower return than the four to six times go multiple that you can deliver within liquids pipeline outside of the Mainline, recognizing that you do have an internal competition for capital among your various businesses.

這很有道理。最後，我想問一個關於 Pelican CO2 集線器的問題。人們通常認為這類項目的回報低於在主幹線以外的液體管道中可以實現的四到六倍的回報，同時也要意識到，你的各個業務之間存在著對資金的內部競爭。

I wonder if you could comment on the returns here or just more broadly about lower carbon opportunities, how do they compete for capital internally.

我想請您就這裡的投資回報發表一下看法，或者更廣泛地說，就低碳發展機會而言，它們在內部是如何爭奪資本的。

Yes. Look, I think both ourselves and Oxy are pretty darn careful on this front. If this project didn't earn at least the returns that we get from other liquids projects, as you say, outside the Mainline, it wouldn't have got sanctioned.

是的。你看，我認為我們和Oxy在這方面都非常謹慎。如你所說，如果這個項目不能像其他液態金屬項目那樣，在主線之外獲得至少同等的回報，它就不會獲得批准。

So obviously, I would even argue there's always some policy risk, so you want to make sure you get this right. So this is very much in that wheel as if not a bit better.

所以很明顯，我認為政策總是存在一定的風險，因此你需要確保政策是正確的。所以這和之前的模式非常相似，甚至可能更好。

And obviously, the tax incentive structures, we've got a lot more clarity on that out of the build that came out so that we know exactly what our tax incentives are on that. And it's got a long-term 20-, 25-year contract with offtake players.

顯然，在稅收激勵結構方面，我們從新出台的方案中得到了更清晰的了解，因此我們確切地知道我們在這方面的稅收激勵措施是什麼。而且它與承購商簽訂了長達 20 年、25 年的長期合約。

So I would say returns are at least, if not a little bit better than what we're seeing in this world. Policy support is there, where it may not be for some of the other unconventional investments. And we love our partner on this front who has very similar return type parameters.

所以我覺得，即使回報率沒有比目前全球的情況好多少，至少也比現在的情況好一些。政策支持是存在的，而其他一些非常規投資可能就沒有這種支持了。我們非常欣賞我們在這一方面的合作夥伴，他們的返回類型參數與我們非常相似。

I might just add on that. I'm just going to layer on that it's a very selective investment. We're going to make a crawl-walk-run approach to developing low-carbon infrastructure. I think the pace of it generally is a lot slower than most observed a few years ago. So we're going to take a very careful and disciplined approach here, as Greg mentioned.

我或許可以補充一點。我還要補充一點，這是一項非常謹慎的投資。我們將採取循序漸進的方式來發展低碳基礎設施。我認為總體而言，它的發展速度比幾年前大多數人觀察到的速度要慢得多。正如格雷格所提到的那樣，我們將採取非常謹慎和嚴謹的方法。

I guess, all the best is in here on your retirement, and congrats to Matthew and your new role.

我想，祝您退休一切順利，也恭喜馬修榮升新職。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Thank you for squeezing me in. I would also like to congratulate Cynthia on her retirement. Thank you for all your insights over the years, and I'd like to congratulate Matt as well on his new role.

謝謝你擠出時間幫我。我還要祝賀辛西亞退休。感謝您多年來的真知灼見，我也想祝賀 Matt 榮任新職。

Going back to the discussion around the mainline expansion. So when it comes to restoral solutions for moving incremental WCS barrels to the US Gulf Coast, leveraging your JV system with energy transfer is certainly capital-efficient approach.

回到關於主線擴展的討論。因此，對於向美國墨西哥灣沿岸輸送增量 WCS 桶的恢復解決方案而言，利用您的合資系統進行能量傳輸無疑是一種資本效率高的方法。

And as the downstream south on capacity fills up over time, have you or would you also consider partnering with other pipelines such as topline, which also runs from the permit continent to the Gulf Coast and currently have available capacity.

隨著下游南部的輸油能力逐漸飽和，您是否考慮與其他管線公司（例如 Topline）合作？ Topline 也從許可區域延伸至墨西哥灣沿岸，目前有可用的輸油能力。

Yes, Theresa. And I think joint ventures are -- or a big part of emerges (inaudible). Cynthia has got a bunch, Matthew's got a bunch, we've got a bunch in our portfolio, and we're proud to partner with basically everyone in the industry. And I think that's going to be a part of everybody's playbook going forward. We also partner with enterprise products on Seaway.

是的，特蕾莎。我認為合資企業是新興市場的重要組成部分。（聽不清楚）Cynthia 有很多項目，Matthew 有很多項目，我們的投資組合裡也有很多項目，我們很自豪能與業內幾乎所有人合作。我認為這將是未來所有人行動策略的一部分。我們也與Seaway上的企業產品合作。

We've gone from zero barrels. They through that system was going to be not far from now, 1 million barrels a day. So I think we've utilized joint ventures extensively. We've got a whole bunch of others across the system as well. So we're open to that. I think teamwork makes the dream work here in an exciting environment.

我們已經從零桶起步了。他們認為，用這套系統很快就能達到每天100萬桶的產量。所以我認為我們已經廣泛運用了合資企業。我們系統裡還有很多其他類似的情況。所以我們對此持開放態度。我認為在這個充滿活力的環境中，團隊合作是實現夢想的關鍵。

Got it. And looking at your medium-term outlook, I'm not asking you to front run the guidance update to come, but just looking at what's already out there. How do you plan to align DCF per share growth with EBITDA growth over time, that 5% given that DCF per share has recently trailed EBITDA growth, what are the key drivers in bridging the two over time?

知道了。至於你的中期前景，我並不是要求你搶先了解即將發布的指導意見更新，而是希望你關註一下已經發布的信息。您計劃如何使每股可分配現金流量成長率與 EBITDA 成長率隨著時間的推移保持一致（即 5%）？鑑於每股可分配現金流量成長率最近落後於 EBITDA 成長率，隨著時間的推移，彌合兩者差距的關鍵驅動因素是什麼？

Yes, it's Pat. Thanks for the question. Yes, I think we have been pretty clear that the reason they disconnected over the last couple of years was primarily related to cash taxes. And we see that plateauing. We've seen some pretty positive tax decisions made in the US.

是的，是帕特。謝謝你的提問。是的，我認為我們已經很清楚地表明，他們在過去幾年斷絕關係的主要原因是現金稅。我們看到這種趨勢趨於平穩。我們看到美國推出了一些非常積極的稅收政策。

There's lots of conversations about things that could happen in Canada. But generally, we just see that the cash taxes are returning to be more in line with not having the growth that it had over the last number of years. So that's why those two primarily converge as we move later into the decade.

有很多關於加拿大可能發生的事情的討論。但總的來說，我們看到現金稅收正在恢復到正常水平，不再像過去幾年那樣保持成長。所以這就是為什麼隨著十年後半段的到來，這兩者主要趨於一致的原因。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

On the Egan and Moss Bluff gas storage expansions, can you break down how much of the 23 Bcf of capacity is already committed under long-term contracts versus any shorter-term contracts or merchant capacity?

關於 Egan 和 Moss Bluff 天然氣儲存擴建項目，您能否詳細說明 230 億立方英尺的容量中，有多少是根據長期合約承諾的，又有多少是根據短期合約或商業容量承諾的？

And then given that you're moving forward with the expansion, I assume pricing is favorable, much higher than historical levels. But can you provide some color on the contract duration? Is it in the typical three- to five-year range? Or are you able to get something longer in this environment?

鑑於你們正在推進擴張計劃，我假設定價是有利的，遠高於歷史水準。您能否提供一些關於合約期限的資訊？是否在典型的三到五年範圍內？或者，在這種環境下，您能否獲得更長的版本？

And then, I guess, as a follow-up to that, like how do you think about the trade-off between locking in longer storage term contracts versus keeping them shorter so that you could potentially benefit from higher recontracting rates in the future?

然後，我想，作為後續問題，您如何看待鎖定較長儲存期限合約與保持較短期限合約之間的權衡，以便將來有可能從更高的續約費率中獲益？

Thanks, Praneeth, it's Cynthia. I would say that where we are right now, we have even the first cabin that we're developing there is about 50% contracted and will over a period of time lag into that. We're managing these assets, you know, they're existing portfolios.

謝謝，普拉尼斯，我是辛西亞。我想說，就我們目前的情況而言，我們正在開發的第一個小木屋已經完成了大約 50% 的合約簽訂，隨著時間的推移，合約的簽訂將會滯後一段時間。我們正在管理這些資產，你知道，它們是現有的投資組合。

So we're going to manage those contract terms consistently with how we've operated those assets. When we look at the overall contract terms, it is a speed from that two- to five-year average overall. We always look for those longer terms as to be part of that portfolio.

因此，我們將按照我們運作這些資產的方式來管理這些合約條款。從整體合約條款來看，其速度與兩到五年的平均值相當。我們始終尋求將長期投資納入投資組合。

But as you noted, just with the opportunities right now as we continue to see the demand for storage increase, and we've seen some strong pricing associated with that that's really supporting this ongoing development that we're doing, we'll want to try and manage the portfolio to really optimize that structure as we go forward.

但正如您所指出的，鑑於目前儲存需求持續成長，並且與之相關的價格也十分強勁，這確實支持了我們正在進行的這項持續發展，因此我們希望努力管理投資組合，以在未來真正優化其結構。

Yes. And that three to five years, two to five years is pretty typical the way that we've done it historically. And look, I think we've got a super high level of confidence in the LNG coming in out of the Gulf Coast. So that probably lets us lag into the contracts and we want to. But it depends on the location, right?

是的。而三到五年，或兩到五年，這在歷史上都是相當典型的做法。而且，我認為我們對墨西哥灣沿岸的液化天然氣供應有著極高的信心。所以這可能讓我們在合約簽訂方面有所滯後，而這正是我們所希望的。但這取決於地點，對吧？

Like for example, the Aitken Creek contract. I think we took about half of that and have in under a 10-year contract. So it just depends on the situation, and it's worked extraordinarily well. I'm glad you raised the storage question because we got 600 Bs or so.

例如，艾特肯溪合約。我認為我們拿到了大約一半的價錢，並且簽訂了一份不到10年的合約。所以這取決於具體情況，而且效果非常好。很高興你提出了儲存問題，因為我們有大約 600 億個儲存容量。

So across North America, all with great optionality outside the regulated piece but we're adding just the announcements in the last 12 months, 10% to that number. So it's a big uptick for us at the right time in the market. And I feel very good, as Cynthia says, the way we'll leg into this.

因此，在整個北美地區，除了受監管的部分之外，還有很多其他選擇，但我們只將過去 12 個月的公告加上了 10%。所以，這對我們來說是一個適時的市場大幅成長。正如辛西亞所說，我覺得我們進入狀態的方式非常好。

And then I'm sure you saw that Plains recently announced the acquisition of the remaining interest in the Epic crude pipeline. They've talked about potentially expanding the pipeline may or may not do it. But if they do, it seems like it could be a positive for your Ingleside assets. So just curious if you have any thoughts on that deal or just the overall landscape now at Corpus and the puts and takes for your Ingleside and Gray Oak assets?

然後，我相信您也看到了，Plains公司最近宣布收購了Epic原油管線的剩餘股份。他們討論過可能會擴建輸油管，但最終是否擴建還未可知。但如果他們真的這麼做了，這似乎對您在英格爾賽德的資產來說可能是一件好事。所以，我只是好奇您對這筆交易或目前Corpus的整體形勢，以及您在Ingleside和Gray Oak資產上的買賣交易有什麼看法？

Yes, it's Colin here. Again, we've observed that, obviously. And we're partners with plans on Cactus II already sure there's more work we can do together to spirit of the question a couple of minutes ago on teaming up. Our franchise is remains a work in progress, but it's still a really -- a good one. Ingleside is the number one export terminal on the continent.

是的，我是科林。這一點我們已經觀察到了，顯而易見。我們已經是 Cactus II 專案的合作夥伴，並且確信我們還可以一起做更多的工作，以回應幾分鐘前關於合作的問題。我們的特許經營業務仍在發展完善中，但它仍然是一個非常好的業務。英格爾賽德是歐洲大陸排名第一的出口碼頭。

It's placed to grow all the advantages it has. It's great. So we're pretty confident with our system there and hopefully can do even more with things going forward.

它具備充分發揮自身優勢的條件。這很棒。所以我們對目前的系統相當有信心，希望未來能做得更好。

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

我們的問答環節到此結束。現在我將把電話轉回給麗貝卡·莫利，請她作總結發言。

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 so much, and have a great day.

偉大的。謝謝，我們感謝您一直以來對安橋公司的關注。與往常一樣，電話會議結束後，我們的投資者關係團隊將隨時為您解答任何其他問題。再次感謝，祝您今天過得愉快。

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了。