恩橋 (ENB) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Enbridge, Inc. First Quarter 2026 Conference Call. My name is Marlon Samuel, and I am the Vice President of Investor Relations and Insurance.

早安，歡迎參加 Enbridge, Inc. 2026 年第一季財報電話會議。我是 Marlon Samuel，投資人關係與保險副總裁。

Joining me this morning are Greg Ebel, President and CEO; Pat Murray, EVP and Chief Financial Officer and the heads of each of our business units.

今天早上與我一同出席的有總裁暨執行長 Greg Ebel；執行副總裁暨財務長 Pat Murray，以及我們各事業單位的主管。

Colin Grunding, Liquid Pipelines; Matthew Ackman, Gas Transmission Michelle Heridance, Gas Distribution and Storage; and Allan Capps, Renewable Power.

包括 Colin Grunding（液體管線）、Matthew Ackman（天然氣輸送）、Michelle Heridance（天然氣配銷與儲存），以及 Allan Capps（再生能源發電）。

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for the investment community. Please note, this conference call is being recorded.

此刻，所有與會者皆為僅聆聽模式。簡報結束後，我們將為投資界進行問答環節。請注意，本次電話會議將被錄音。

As per usual, this call is being webcast, and I encourage those listening to follow along with the supporting slides.

如同以往，本次會議將以網路直播方式進行，我也鼓勵正在收聽的各位搭配支援簡報投影片一同觀看。

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.

我們將盡量把會議控制在約一小時內；為了回答盡可能多的問題，我們將把提問限制為一題加上一個追問（如有需要）。

We will be prioritizing questions from the investment community. So if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond.

我們將優先回答投資界的提問。因此若您是媒體人士，請將問題轉交我們的傳播團隊，他們將樂意回覆。

As always, our Investor Relations team will be available after the call for any follow-up questions. 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.

一如既往，我們的投資人關係團隊將在會後提供協助，回覆任何後續問題。接著請看投影片第 2 頁，我將提醒各位，今天的簡報與問答將提及前瞻性資訊。

By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure violence.

此類資訊本質上包含對未來結果的預測假設與期待，並受此處所列以及在我們公開揭露文件中更完整討論之風險與不確定性影響。

We will also be referring to non-GAAP measures summarized below. With that, I'll turn it over to Grey Ebel.

我們也將提及下方彙總的非 GAAP 指標。接下來把時間交給 Greg Ebel。

Thanks very much, Marlon, and good morning, everyone. We appreciate you joining us once again today.

非常感謝你，Marlon，各位早安。感謝各位今天再次加入我們。

The first quarter was a strong start to the year, reflecting solid financial performance and continued execution across our businesses. We reaffirmed our '26 guidance and medium-term outlook and continue to operate in line with our 4.5 times to 5 times debt-to-EBITDA target.

第一季為今年帶來強勁開局，反映出穩健的財務表現以及各項業務持續落實執行。我們重申 2026 年指引與中期展望，並持續依照 4.5 倍至 5 倍的淨負債對 EBITDA 目標區間運作。

From an operational standpoint, utilization was high across all businesses, with record Q1 mainline volumes and numerous peak delivery days. On our U.S. Gas transmission and distribution systems.

從營運角度來看，各事業的使用率皆維持高檔，主幹線第一季輸送量創新高，且出現多個尖峰交付日；在我們美國天然氣輸送與配銷系統亦是如此。

In April, we completed our seventh expansion of tank storage at Ingleside and have now increased storage capacity to approximately 20 million barrels, and we brought the 120,000 barrel per day Grey Oak expansion into service.

4 月，我們完成了 Ingleside 儲槽的第七次擴建，儲存容量已提升至約 2,000 萬桶；同時也讓日增 12 萬桶的 Grey Oak 擴建案投入營運。

On the execution and growth front, we announced open seasons on the Flanagan South and Southern Axis Extension pipelines. Which support Mainline Optimization Phase 2.

在執行與成長方面，我們宣布針對 Flanagan South 與 Southern Axis Extension 管線啟動開放季（open season），以支援主幹線最佳化第二期（Mainline Optimization Phase 2）。

We also completed a successful open season on the Spearhead pipeline.

我們也成功完成 Spearhead 管線的開放季。

During the quarter, we sanctioned a number of exciting projects in gas transmission, including expansions to our Traprice Palacios, natural gas storage, and our 60% owned vector pipeline.

本季我們核准了多項令人振奮的天然氣輸送專案，包括 Tres Palacios 天然氣儲存擴建，以及我們持股 60% 的 Vector 管線擴建。

We also announced an expansion of unregulated natural gas storage at Enbridge Gas Ontario and the 300-megawatt Cone Power Project.

我們也宣布擴建 Enbridge Gas Ontario 的非管制天然氣儲存，以及 300 兆瓦的 Cone Power 專案。

We'll dive in a little deeper into these projects in the business update slides. But first, let's take a look at how Enbridge continues to connect supply with rising energy demand.

我們會在各事業更新投影片中更深入說明這些專案。不過首先，讓我們看看 Enbridge 如何持續把供給與不斷上升的能源需求連結起來。

The importance of energy security has become even more evident since the start of the conflict with Iran. And Enbridge is well-positioned to deliver North America's abundant energy resources, both domestically and globally.

自與伊朗的衝突爆發以來，能源安全的重要性更加凸顯。Enbridge 已做好準備，能在北美本土與全球市場輸送北美豐富的能源資源。

LNG exports remain a critical component of energy security.

LNG 出口仍是能源安全的關鍵組成。

North American liquefaction capacity is expected to require over 30 BCF per day of natural gas by 2030, and Enbridge is poised to support the global demand through serving 100% of the operating LNG. Facilities along the U.S. Gulf Coast.

預期到 2030 年，北美液化產能將需要每日超過 300 億立方英尺（BCF/d）的天然氣；Enbridge 已蓄勢待發，透過服務美國墨西哥灣沿岸 100% 的營運中 LNG 設施來支援全球需求。

We continue to deepen our integration with LNG markets as well, via storage expansions of Aiken Creek, Tres Palacios, Egan, and Moss Bluff, new Permian gas egress projects, and the advancement of wood fiber LNG.

我們也持續加深與 LNG 市場的整合，包括擴建 Aiken Creek、Tres Palacios、Egan 與 Moss Bluff 的儲存設施，推動新的 Permian 天然氣外輸（egress）專案，以及推進 wood fiber LNG。

Natural gas demand in North America is expected to increase by 28 BCF per day by 2030, and we have already begun capturing that growth through sanctioned projects, with more new projects to come in the quarters ahead.

預期到 2030 年，北美天然氣需求將增加每日 280 億立方英尺（BCF/d）；我們已透過已核准的專案開始掌握這波成長，未來幾季也將有更多新專案推出。

Tennessee Ridgeline connecting to a power generation facility converting from coal to gas. Algonquin gas transmission expansion, providing additional capacity to the underserved US Northeast. And the vector expansion serving utilities in the Midwest are just a few examples of infrastructure we're currently building to support local demand.

例如：Tennessee Ridgeline 連接一座由燃煤轉為燃氣的發電設施；Algonquin 天然氣輸送擴建，為供給不足的美國東北部提供額外容量；以及服務中西部公用事業的 Vector 擴建案——這些都只是我們目前正在建置、用以支援在地需求的基礎建設例子之一。

On the liquid side, we are in the midst of advancing 430,000 barrels per day of incremental mainline and express capacity by 2028, adding timely and efficient egress for our WCSB customers.

在液體業務方面，我們正推進到 2028 年前新增每日 43 萬桶的主幹線與 Express 增量運能，為 WCSB 客戶提供及時且高效率的外輸通道。

Our Permian super system remains a cornerstone of the export story, and it continues to grow.

我們的 Permian 超級系統仍是出口故事的基石，並持續成長。

Projects like the Grey Oak expansion and the new storage tanks at Ingleside support the export facility, which delivers roughly 25% of all U.S. Crude exports today.

Grey Oak 擴建與 Ingleside 新增儲槽等專案支援該出口設施；該設施目前約交付全美原油出口量的 25%。

We expect all this to lead to North America moving more than 5 million barrels per day of crude on an ongoing basis to key international markets. Including Europe, Asia, and Latin America.

我們預期這將促使北美長期持續向主要國際市場輸送超過每日 500 萬桶原油，包括歐洲、亞洲與拉丁美洲。

We all know energy markets have been disrupted since the conflict in Iran, and Enbridge will be ready to play its part in providing reliable, secure, and affordable energy to customers domestically and overseas.

我們都知道，自伊朗衝突以來能源市場受到擾動；而 Enbridge 將準備好扮演其角色，為國內與海外客戶提供可靠、安全且可負擔的能源。

Now, let's take a look at how Enbridge's business model is designed to succeed regardless of the macro environment.

接著，讓我們看看 Enbridge 的商業模式如何在任何總體環境下都能成功。

Despite market volatility since the start of 2026. Enbridge continues to deliver consistent and growing shareholder returns.

儘管自 2026 年初以來市場波動，Enbridge 仍持續為股東帶來穩定且成長的報酬。

Our cash flows remain of the highest quality and predictability, diversified across more than 200 asset streams, and are largely protected by regulated and long-term take-or-pay contractual frameworks.

我們的現金流具備最高等級的品質與可預測性，分散於超過 200 條資產現金流來源，且多數受到管制與長期「照付不議（take-or-pay）」合約架構的保護。

We have unmatched market access, serving more than 75% of North America refineries.

我們擁有無可匹敵的市場可達性，服務北美超過 75% 的煉油廠。

Moving roughly 20% of all natural gas consumed in North America and directly serving over 7 million gas utility customers, our diversified platform allows us to provide end-to-end energy solutions across liquids, natural gas transmission, gas distribution, and power.

我們輸送北美約 20% 的天然氣消耗量，並直接服務超過 700 萬名天然氣公用事業客戶；多元化平台使我們能在液體、天然氣輸送、天然氣配銷與電力等領域提供端到端能源解決方案。

Long-standing relationships with customers and our continuously growing partnership with Meta remain a key competitive advantage and underpin our accretive project backlog.

與客戶長期建立的關係，以及我們與 Meta 持續深化的合作夥伴關係，仍是關鍵競爭優勢，並支撐我們具增益性的專案儲備。

We continue to grow through our $40 billion capital backlog, which supports visible growth through the end of the decade.

我們持續透過 400 億美元的資本專案儲備推動成長，支撐至本十年末的可見成長。

And we can finance that growth using our $10 billion to $11 billion of equity self-funded annual investment capacity and the strong balance sheet.

而我們可運用每年 100 億至 110 億美元、由股權自籌支應的投資能力，以及強健的資產負債表來為成長融資。

Now let's dive into the business unit updates, starting with liquids pipelines.

現在讓我們深入各事業單位更新，先從液體管線開始。

Our liquids pipelines business continued to deliver strong performance as we advance efficient egress and storage expansions to meet rising demand.

我們的液體管線業務持續交出強勁表現，並推進高效率的外輸與儲存擴建，以滿足不斷上升的需求。

On the mainline, we achieved record first-quarter volumes of 3.2 million barrels per day, reflecting strong utilization and the critical role of the system.

在主幹線方面，我們第一季達成創紀錄的每日 320 萬桶輸送量，反映出高使用率以及該系統的關鍵角色。

We're advancing Mainline Optimization Phase 2 or MLO2, which is expected to add 250,000 barrels per day of incremental WCSP egress capacity by the end of 2028.

我們正推進主幹線最佳化第二期（MLO2），預期在 2028 年底前新增每日 25 萬桶的 WCSB 外輸增量運能。

In support of MLO2, we launched a binding open season for 200,000 barrels per day of incremental FSP capacity and 50,000 barrels per day of incremental capacity on the Southern Axis Extension Pipeline.

為支援 MLO2，我們啟動具約束力的開放季，針對每日 20 萬桶的 Flanagan South Pipeline（FSP）增量運能，以及 Southern Axis Extension 管線每日 5 萬桶的增量運能。

Early construction activities, including clearing of the right-of-way, have now begun on Line 5 relocation project in Wisconsin, supporting the continued flow of vital energy supply in the region.

在威斯康辛州的 Line 5 改線專案上，包含清理管線通行權（right-of-way）在內的早期施工活動已開始，以支援該區域關鍵能源供應的持續流動。

We also completed a successful open season on the Spearhead pipeline, recontracting volumes into the next decade. And in April, we received a number of Presidential permits for our liquids pipelines. These permits provide operational flexibility for day-to-day operations, as well as future expansions.

我們也成功完成 Spearhead 管線的開放季，將合約量重新簽約延伸至下一個十年。此外在 4 月，我們取得多項液體管線的總統許可（Presidential permits）。這些許可可為日常營運提供操作彈性，也有利於未來擴建。

Along the Gulf Coast, our Ingleside storage expansion has entered service, increasing site capacity to approximately 20 million barrels.

在墨西哥灣沿岸，我們的 Ingleside 儲存擴建已投入服務，使場址容量提升至約 2,000 萬桶。

And finally, the Grey Oak expansion is now complete, and the pipe operating capacity is now over 1 million barrels per day, further strengthening our export connectivity.

最後，Grey Oak 擴建現已完成，管線可運轉容量已超過每日 100 萬桶，進一步強化我們的出口連結能力。

So now let's take a look into our gas transmission business.

接著讓我們看看天然氣輸送業務。

We continue to benefit from diversified demand drivers, creating attractive and highly visible capital opportunities across our gas transmission footprint.

我們持續受惠於多元化的需求驅動因素，在天然氣輸送版圖上創造具吸引力且高度可見的資本機會。

In the US, we are executing well across our system to support rising demand from power generation, local gas utilities, LNG facilities, and new data centers.

在美國，我們在整個系統上的執行表現良好，以支援來自發電、在地天然氣公用事業、LNG 設施以及新資料中心的需求成長。

And we are advancing over $10 billion of near-term growth opportunities. With several projects reaching FID this quarter, with more to come this year and next.

我們正推進超過 100 億美元的近期成長機會。本季有多個專案達成最終投資決策（FID），今年與明年也將有更多專案陸續到位。

Those projects include the Tres Palacios expansion, adding 25 BCF of natural gas storage along the Gulf Coast.

這些專案包括 Tres Palacios 擴建案，將在墨西哥灣沿岸新增 250 億立方英尺（BCF）的天然氣儲存容量。

The project CapEx is expected to be $400 million and enter service in stages from 2028 to 2030.

該專案資本支出（CapEx）預期為 4 億美元，並將於 2028 年至 2030 年分階段投入服務。

We have also sanctioned an expansion of the Vector pipeline for just over $100 million, adding 400 million cubic feet per day of westbound capacity to serve growing local utility demand and targeted for in-service in 2028.

我們也已核准對 Vector 管線進行擴建，投資金額略高於 1 億美元，新增每日 4 億立方英尺的向西輸送能力，以滿足當地公用事業日益成長的需求，並目標於 2028 年投入營運。

We continue to evaluate additional expansion opportunities on Vector and recently closed a non-binding open season in April for another 300 to 500 mmCF per day on that pipeline.

我們持續評估 Vector 的其他擴建機會，並於 4 月剛結束一輪非具約束力的公開徵求（open season），針對該管線每日再增加 3 億至 5 億 mmCF 的容量。

This open season was highly successful, with customer interest exceeding the offered capacity.

此次公開徵求非常成功，客戶意向超過所提供的容量。

Our East Tennessee pipeline reached a settlement in principle on the rate case filed last year, and we expect to file the agreement with the FERC in the second quarter.

我們的 East Tennessee 管線就去年提出的費率案件已達成原則性和解，我們預期將於第二季向 FERC 提交該協議。

In Canada, expansions to our gas transmission network are also advancing.

在加拿大，我們天然氣輸送網路的擴建也在推進中。

Recently, we received all of our required approvals on the $4 billion Sunrise expansion. With construction expected to begin by early summer.

近期，我們已取得 40 億美元 Sunrise 擴建案所需的全部核准，預計於初夏前開始施工。

At Wood Fiber LNG, the delivery of the liquefaction module this quarter represents another important execution milestone.

在 Wood Fiber LNG，本季液化模組的交付代表另一項重要的執行里程碑。

Altogether, we have approximately $10 billion of projects under construction in British Columbia to support both domestic energy needs and Canada's growing LNG export market.

整體而言，我們在卑詩省約有 100 億美元的在建專案，以支援國內能源需求以及加拿大日益成長的 LNG 出口市場。

Let's move over to gas distribution.

接下來我們談天然氣配銷業務。

In Ontario, we sanctioned approximately 8 BCF of unregulated natural gas storage expansion at the Dawn Hub with an in-service date of 2029.

在安大略省，我們已核准於 Dawn Hub 進行約 8 BCF 的非管制天然氣儲存擴建，預計於 2029 年投入營運。

This project strengthens the critical energy platform for Ontario and surrounding regions.

此專案強化了安大略省及周邊地區關鍵的能源平台。

At Enbridge Gas, Ohio, we filed a new rate case on December 31, 2025, with rates expected to go into service effective in 2027.

在 Enbridge Gas（俄亥俄州），我們於 2025 年 12 月 31 日提交新的費率案件，預期費率將於 2027 年生效並投入適用。

And as a reminder, Utah and North Carolina, some new rates go into effect on January 1, 26 and November 1, 25, respectively.

另外提醒一下，猶他州與北卡羅來納州的新費率分別將於 2026 年 1 月 1 日及 2025 年 11 月 1 日生效。

Our gas distribution and storage business continues to deliver steady regulated growth through disciplined rate-based investment.

我們的天然氣配銷與儲存業務，持續透過嚴謹的費率基礎投資，帶來穩健的受管制成長。

The T15 project is progressing, supporting the Roxborough Power Plant's conversion from coal to gas, and expected to have a phased and in-service. From 2027 to 2028.

T15 專案正持續推進，支援 Roxborough 發電廠由燃煤轉為燃氣，並預期將分階段於 2027 年至 2028 年間投入營運。

At the Mariah Energy Center, the $600 million US L&G storage facility will strengthen system resiliency by adding 2 BCF capacity in 2027.

在 Mariah Energy Center，6 億美元的美國 L&G 儲存設施將於 2027 年新增 2 BCF 容量，以強化系統韌性。

Collectively, we expect our utilities to grow rate base by 5% annually through 2029. And while Ontario's growth is slowing, our diversity of assets allows us to redirect capital to the U.S., which very likely will exceed their 8% growth CAGR through 2029.

整體而言，我們預期公用事業的費率基礎（rate base）將在 2029 年前以每年 5% 成長。雖然安大略省的成長正在放緩，但我們資產組合的多元性使我們能將資本轉向美國，而美國業務在 2029 年前很可能將超過 8% 的年複合成長率（CAGR）。

Now, I'll move on to the renewables segment.

接著我將談到再生能源事業部門。

Our renewable power business continues to progress with disciplined focus on high-quality projects anchored by blue-chip customers and long-term contracted cash flows.

我們的再生能源發電業務持續推進，並以嚴謹的方式聚焦於由一流客戶支撐、且具長期合約現金流的高品質專案。

At Sequoia, we will have 815 megawatts of generation capacity, about half of which is already in service and the remaining capacity is expected to come online later this year.

在 Sequoia，我們將擁有 815 兆瓦的發電容量，其中約一半已投入營運，其餘容量預計於今年稍晚併網上線。

We're also happy to announce we are extending our partnership with Meta once again by sanctioning Cone, an onshore wind project in Texas, which we expect to invest $700 million U.S. And have the project enter service by the end of 2027.

我們也很高興宣布，再次延長與 Meta 的合作關係，核准在德州的 Cone 陸域風電專案，預計投資 7 億美元，並於 2027 年底前投入營運。

Our partnership with Meta has grown to over 1 gigawatt of power generation between Clearfork, Easter and now Cone, and we expect the partnership to grow further.

我們與 Meta 的合作已在 Clearfork、Easter 以及現在的 Cone 之間累計超過 1 吉瓦的發電規模，我們預期此合作關係將進一步擴大。

Beyond our sanction projects, we have approximately 1.5 gigawatts of additional safe harbor renewable projects, providing meaningful capital optionality.

除已核准的專案外，我們另有約 1.5 吉瓦的額外 safe harbor 再生能源專案，提供具意義的資本配置彈性。

With all that, I'll pass it on to Pat to go over our financial performance through the start of the year.

以上就是我的部分，接下來交給 Pat，說明我們年初至今的財務表現。

Thank you, Greg, and thanks to everyone for joining the call today. I'm happy to say we're off to another strong start in 2026.

謝謝你，Greg，也感謝各位今天加入電話會議。我很高興地說，我們在 2026 年又有一個強勁的開局。

Compared to the first quarter of 2025, adjusted EBITDA remained consistent, DCF per share is up $0.03 and EPS is down about $0.05.

與 2025 年第一季相比，調整後 EBITDA 維持一致，每股 DCF 增加 0.03 美元，而 EPS 約下降 0.05 美元。

In liquids, as expected. The absence of a litigation settlement, lower contributions from our market access pipelines, and lower Line 9 tolls resulted in a decrease compared to Q1 2025.

在液體管線業務方面，如預期所示，由於缺少訴訟和解、我們市場通達（market access）管線的貢獻降低，以及 Line 9 通行費（tolls）下降，導致相較 2025 年第一季出現下滑。

In gas transmission, favorable contracting on our US gas transmission assets and strong storage results drove the year-over-year increase in EBITDA.

在天然氣輸送方面，我們美國天然氣輸送資產的有利簽約情況，以及強勁的儲存業績，帶動 EBITDA 年增。

Gas distribution increased year-over-year after the recent rate cases in Utah and North Carolina took effect, as Craig mentioned earlier. And from rate escalators in Ontario. In renewables, results were lower compared to last year due to the absence of investment tax credits relating to the Foxgirl Solar Project, partially offset by strong international wind resources in the first quarter of 2026.

天然氣配銷業務年增，原因是如 Craig 先前提到，猶他州與北卡羅來納州近期的費率案件已生效，另加上安大略省的費率調升機制（rate escalators）。在再生能源方面，由於缺少與 Foxgirl 太陽能專案相關的投資稅額抵免（investment tax credits），使得結果較去年偏低，但 2026 年第一季國際風場資源強勁，部分抵銷了影響。

A $0.07 decrease in the average CAB to US FX rates year-over-year impacted all four business units, resulting in lower EBITDA in 2026.

加幣兌美元平均匯率（CAB to US FX rates）年減 0.07，影響四個事業單位，導致 2026 年 EBITDA 較低。

This was, however, partially offset in eliminations and other due to our realized hedge rate being higher and closer to the actual FX rate we saw in the quarter.

不過，在沖銷與其他項目中，部分影響被抵銷，因為我們已實現的避險匯率較高，且更接近本季實際看到的匯率。

Cash distributions in excess of equity earnings was higher in 2026 due to the absence of a legal settlement recognized in Q1 2025 earnings, but primarily received in cash in subsequent periods.

2026 年「現金分配超過權益法收益」較高，原因是 2025 年第一季收益中認列了一筆法律和解，但現金主要在後續期間才收到；而 2026 年則不存在該情況。

Higher depreciation from assets placed in the service and higher income taxes from the absence of investment tax credits in '26 drove the decrease in EPS.

已投入使用資產帶來較高折舊，以及因 2026 年缺少投資稅額抵免而導致所得稅較高，推動 EPS 下滑。

I'm pleased to reaffirm the 2026 guidance that we shared last December.

我很高興重申我們在去年 12 月分享的 2026 年指引。

Our resilient business model supports strong and predictable performance across all market cycles and conditions, something that is evident in our results given the volatile periods we've seen recently.

我們具韌性的商業模式，能在各種市場循環與環境下支撐強勁且可預測的表現；鑑於近期我們所經歷的波動期間，這點在本次結果中也相當明顯。

We're on track to achieve the midpoints of our guidance ranges for both EBITDA and DCF per share, and are also reaffirming our post-2026 growth outlook, a 5% average annual growth rate for EBITDA, DCF per share, and EPS.

我們正按計畫達成 EBITDA 與每股 DCF 指引區間的中點，同時也重申 2026 年後的成長展望：EBITDA、每股 DCF 與 EPS 的平均年成長率為 5%。

As a reminder, Q1 and Q4 reflect our strongest quarters as a result of higher utility demand and higher volumes in our liquids pipelines and gas transmission systems during winter months.

提醒一下，由於冬季月份公用事業需求較高，且我們液體管線與天然氣輸送系統的輸送量較大，因此第一季與第四季通常是我們最強的季度。

Moving on to our capital allocation priorities.

接下來談我們的資本配置優先事項。

Our approach remains unchanged in 2026, supported by continued equity self-funding and the stability of our regulated and predictable cash flows. Returning capital through dividends remains core to our value proposition. We returned $38 billion to shareholders over the past five years and expect to return $40 billion to $45 billion over the next five years.

在 2026 年，我們的方法維持不變，並由持續的股權自籌資金（equity self-funding）以及受管制且可預測的現金流穩定性所支撐。透過股利回饋資本仍是我們價值主張的核心。過去五年我們已向股東回饋 380 億美元，並預期未來五年將回饋 400 億至 450 億美元。

Our $40 billion backlog extends through 2033, providing strong long-term growth visibility as we prioritize accretive brownfield opportunities.

我們 400 億美元的專案儲備（backlog）延伸至 2033 年，當我們優先推動具增益的棕地（brownfield）機會時，這為長期成長提供了強而有力的能見度。

And with that, I'll pass it back to Greg to close out the presentation.

以上交回給 Greg，為簡報作結。

Thanks, Pat. Enbridge remains a first-choice investment opportunity with a value proposition designed to deliver superior shareholder returns across all markets, geopolitical and commodity cycles.

謝謝你，Pat。Enbridge 仍是首選的投資機會，其價值主張旨在於各種市場、地緣政治與商品循環中，為股東帶來優異報酬。

At the core of this is stability. Reflected in our low-risk, utility-like business model and a fundamentally diverse asset base.

其核心在於穩定性，反映在我們低風險、類公用事業的商業模式，以及根本上多元化的資產基礎。

Our strength comes from predictable, resilient cash flows that support a strong balance sheet, disciplined capital allocation, and ongoing strategic investments.

我們的優勢來自可預測且具韌性的現金流，支撐強健的資產負債表、嚴謹的資本配置，以及持續的策略性投資。

Consistency is a defining feature of our story, highlighted by 31 consecutive years of annual dividend increases, as well as 20 years of achieving financial guidance.

一致性是我們故事的關鍵特徵，體現在連續 31 年每年提高股利，以及 20 年達成財務指引。

Looking ahead, we expect approximately 5% annual average growth through the end of the decade, driven by our growing secured capital program. And we maintain the ability to deploy capital across our four franchises, allowing us to respond quickly to the most compelling opportunities in front of us.

展望未來，我們預期在本十年末之前約有 5% 的年均成長，主要由我們持續擴大的已確保資本計畫所驅動。同時，我們仍具備在四大事業平台間部署資本的能力，使我們能快速回應眼前最具吸引力的機會。

As the long-term total return performance on this slide illustrates. Our business model has continued to perform through events ranging from financial crises to global pandemics and geopolitical shocks.

如本頁投影片所示的長期總報酬表現，我們的商業模式在從金融危機到全球疫情、以及地緣政治衝擊等各種事件中，仍持續展現韌性。

Enbridge's scale, diversification, and stable business model positions us well to continue delivering durable growth and long-term value to our shareholders, making us that first choice investment opportunity.

Enbridge 的規模、多元化與穩定的商業模式，使我們具備良好條件，持續為股東提供持久成長與長期價值，成為首選的投資機會。

We are in a world with an amazing growth macro for energy infrastructure.

我們正處於一個能源基礎設施具備驚人成長總體環境的世界。

The best growth opportunities I have seen in 10 to 15 years.

這是我在過去 10 到 15 年間所見過最好的成長機會。

This could be a real upside for investors should we see the EBITDA multiples of that period re-emerge as the macro fundamentals seem to suggest they should.

若我們看到該時期的 EBITDA 倍數重新出現，而總體基本面似乎也暗示其應會如此，這對投資人而言可能是真正的上行空間。

With that, I'd like to thank you all for listening in, and we'll now open the line for questions.

最後，感謝各位收聽，我們現在開放提問。

(Operator Instructions) Aaron McNeil, TD Cowen

（接線員指示）Aaron McNeil，TD Cowen

Good morning, all. Thanks for taking my questions.

各位早安，謝謝讓我提問。

Last quarter, you had a slide in your deck that highlighted $10 billion to $20 billion of near-term growth opportunities. One of the more interesting items on that slide was export optionality at Ingleside in light of the continued closure of the straight of Hormuz and the market's renewed focus on.

上季你們的簡報中有一頁投影片強調了 100 億到 200 億美元的近期成長機會。那頁投影片中較有意思的一項是 Ingleside 的出口選擇權，考量到荷姆茲海峽持續封閉，以及市場重新聚焦於

Energy security and non-Middle East supply. So you noted the new storage in your remarks and announced the acquisition of the Flint Hills docks not too long ago. I guess my question is, are you seeing a measurable increase in inbound inquiries for incremental export capacity to Ingleside and would you expect export growth to pull through additional pipeline to bottlenecking upstream or is the sequencing the other way around?

能源安全與非中東供應。因此你們在談話中提到新的儲存設施，且不久前也宣布收購 Flint Hills 碼頭。我想問的是，你們是否看到針對 Ingleside 額外出口容量的入境詢問有可衡量的增加？以及你們是否預期出口成長會帶動上游為解除瓶頸而增建更多管線，還是順序其實相反？

Aaron, hey, good morning. It's Colin and obviously a timely question.

Aaron，嗨，早安。我是Colin，這顯然是個很及時的問題。

And I think, well, the short answer is yes, I can elaborate a little further.

我想，嗯，簡短的答案是肯定的，我可以再多補充一些。

And we didn't see a lot of that come through in the Q1 period, right, in March because of the trade cycle and things, but it showed up strongly in April, May and June here, and everyone understands the dynamic there.

而且我們在第一季期間並沒有看到太多這種情況反映出來，對吧，3月因為貿易週期等等因素，但在4月、5月和6月這裡就非常明顯地出現了，大家也都理解其中的動態。

We do expect a lot more business there on a capital-efficient basis, right? So, as you mentioned, we purchased the neighboring docks a couple of years ago.

我們確實預期那邊會有更多以資本效率為基礎的業務，對吧？如你提到的，我們在幾年前收購了相鄰的碼頭。

We've got permitting headroom there. We just finished $2.5 million storage expansion at Ingleside. So, there should be some operating leverage here. So, hopefully, it's capital-efficient, but yes. On the dock and on the pipe as well over time. I mean, there's an implicit comment there around the outlook for the Permian Basin, which we continue to believe is a winner, and the majors are there. And I think you're seeing a lot of discipline at the outset here, a couple of producers adding some rigs.

我們在那裡的許可仍有餘裕。我們剛完成了Ingleside 250萬美元的儲存擴建。因此，這裡應該會有一些營運槓桿。所以，希望它是資本效率高的，但答案是肯定的。就碼頭以及管線而言，隨著時間推進也是如此。我的意思是，這裡其實也隱含了對二疊紀盆地（Permian Basin）前景的看法：我們仍然相信它會是贏家，大型石油公司也都在那裡。我想你也看到一開始大家相當自律，只有少數生產商增加了一些鑽機。

But I think the consensus view would be that the price of oil globally, it probably has a higher floor. And.

但我認為市場共識會是：全球油價的底部可能更高。而且。

We'll likely see rigs added through the fall budget cycle and into '27 as well.

我們很可能會在秋季預算週期一路看到鑽機增加，並延續到2027年。

Hey, Aaron, it's Greg. I would just add that everything Colin says bang on and exports now kind of pushing 6 million barrels just with the conflict. I think it'll be really interesting to see is even when the conflict is solved, how much more reliance, and I think there will be.

Aaron，我是Greg。我只想補充，Colin說的都非常到位；在衝突影響下，出口現在大概推升到接近600萬桶。我覺得很有意思的是，即使衝突解決之後，會有多少更多的依賴——我認為會有。

On the US Gulf Coast and Canada for that matter as well. And that should position well for those with the docks closest to blue water, which would be us. But let's not lose track of how important it also is for the refining complexes as people look for more secure product. You've seen refining capacity creep up.

對美國墨西哥灣沿岸（US Gulf Coast），以及加拿大也是如此。這會讓最靠近外海深水（blue water）的碼頭業者處於有利位置，也就是我們。但也別忽略，對煉油園區而言同樣重要，因為大家在尋找更安全的產品供應。你已經看到煉油產能逐步上升。

Obviously, that's important for inland pipelines as well as exports. And then, as Colin said, I don't know exactly what the price will be, but if you thought oil was going to be $65 to $70, I don't think you should be surprised that the new base is $75 to $80, which is helpful for production, too. So it's actually lining up to be a super favorable environment for oil infrastructure in North America, both domestically and export-wise.

顯然，這對內陸管線以及出口都很重要。然後，如同Colin所說，我不知道油價確切會是多少，但如果你原本認為油價會在65到70美元，我想你不該對新的基準變成75到80美元感到意外，這對產量也有幫助。所以，這其實正在形成一個對北美石油基礎設施非常有利的環境，無論是國內還是出口面。

Great. Thanks for the color there.

很好。謝謝你提供這些補充說明。

You mentioned the 1.5 gigawatts of safe harbor renewables projects in your prepared remarks.

你在事先準備的發言中提到1.5吉瓦（gigawatts）的安全港（safe harbor）再生能源專案。

The wedge of renewables projects coming into service in 2027 is pretty significant. So I guess, like, do you think you could see another meaningful contribution in 2028? And when would you need to see announcements by in order to sort of lock that in?

2027年投入服務的再生能源專案量相當可觀。所以我想問，你覺得2028年也可能再有另一個有意義的貢獻嗎？以及你們需要在什麼時點之前看到公告，才能把這件事大致鎖定？

Well, I'll let Alan speak to that, but one of the great things you've pointed out is just how relatively quick cycle these are, even the one we announced today gets into 27, and then that gigawatt and a half is important. But Alan, you want to speak to that?

嗯，我讓Alan來回答，不過你指出的一個很棒的點是，這些專案的週期相對很快，即便是我們今天宣布的這個也能在2027年上線，而那1.5吉瓦也很重要。不過Alan，你要談談嗎？

Sure. Thanks, Aaron. Good morning. So really have... On that on the backlog, we could probably see some of those actually coming in and probably '28, '29 timeframe. That said, these things tend to come in kind of chunky, I think you've seen quite a bit in the last few quarters where we've seen where where we've had pretty much an announcement every quarter for quite some time.

當然。謝謝，Aaron，早安。就積壓案量（backlog）而言，我們確實有……其中一些可能會在2028、2029年左右的時間框架內進來。不過，這類專案通常是分批、呈現比較「塊狀」的進來；我想你在過去幾個季度也看到，我們幾乎每一季都有公告，已經持續一段時間了。

And you'll see probably a few more in the coming two to three quarters, then may tail off for a little bit, and then you'll start to see more of them come back in as we're taking advantage of those safe harbor opportunities. And a lot of those opportunities that we have, not only are they safe harbor, they have the permits too. A lot of folks are concerned about the federal permits and a lot of them have those federal permits as well. So a real opportunity for us, I think you'll continue to see is. The demand for renewables is really good right now, and I think that's evidenced by all the projects that we have coming in. So, as you continue to see that demand and be robust on the renewable side, I think we've taken advantage of it.

接下來兩到三個季度你可能還會看到幾個，之後可能會稍微放緩一段時間，然後當我們利用那些安全港機會時，你會開始看到更多專案再回來。而我們手上的很多機會不只是安全港，還已經拿到許可。很多人擔心聯邦許可，而其中很多也已經取得聯邦許可。所以我認為這對我們是個真正的機會；你會持續看到的是：目前再生能源的需求非常好，我想這從我們即將上線的所有專案就能看出來。所以，只要你持續看到再生能源端的需求強勁，我認為我們已經把握住了。

Yeah, and it's not just renewable, it's power, right? So, I think what you're seeing with the meta deals and stuff that Alan talks about.

對，而且不只是再生能源，是電力，對吧？所以我想你看到Alan提到的那些Meta交易之類的。

And we've said this before, but I think it's bearing. No one's talking about the color of electrons. The number one thing that prevents AI from progressing further isn't GPU architecture. It's really access to energy. And that's the first time that's happened. So yeah, game on for power, but that's why it's nice to have gas infrastructure and renewable infrastructure so we can serve those mag seven clients.

我們以前也說過，但我覺得現在更明顯了。沒有人在談電子的顏色。阻礙AI進一步發展的首要因素不是GPU架構，而是真正能否取得能源。這是第一次出現這種情況。所以，是的，電力市場正式開打；這也是為什麼同時擁有天然氣基礎設施與再生能源基礎設施很好，因為我們可以服務那些「七大科技股」（Mag Seven）客戶。

Great. Thanks, everyone. I'll turn it back.

很好。謝謝各位。我把時間交回去。

Rob Hope, Scotiabank

Rob Hope，豐業銀行（Scotiabank）

Good morning, everyone. I have two comments or two questions on the critical business.

各位早安。我對關鍵業務有兩點意見或兩個問題。

First, how are you thinking about the competitive positionings of. MLO-2, but I guess more importantly, LLO-3 versus some of the competing options, which I would say are bubbling up to the surface being Prairie Connector as well as a larger expansion of the Trans Mountain system.

第一，你們如何看待競爭定位：MLO-2，但我想更重要的是LLO-3，相較於一些競爭選項——我會說目前正浮上檯面的包括Prairie Connector，以及Trans Mountain系統更大幅度的擴建。

Sure, Rob. Hey, good morning. And a few points of color around that.

當然，Rob。嗨，早安。我補充幾點說明。

Listen, I think you've followed us for a while and realized our mainline path is.

聽著，我想你追蹤我們一段時間了，也了解我們主幹線（mainline）的路徑是。

Is resilient and advantaged, so has defensive and offensive strength. It's demonstrated time and time again. We're growing it.

是具韌性且具優勢的，因此同時具備防禦與進攻的強項；它一次又一次證明了這點。我們也正在擴大它。

As a reminder, something like Connector and ML01 are in execution and trending well.

提醒一下，像Connector和ML01這類專案正在執行中，進展趨勢良好。

We're commercializing ML02, as we've discussed.

我們正在推進ML02的商業化，如同我們討論過的。

ML02 is well-engineered, relatively advanced on scope, capital, cost, well understood.

ML02的工程設計完善，在範疇、資本、成本方面相對成熟且可控，也相當清楚。

We're actively engaged with a number of customers.

我們正積極與多家客戶洽談。

And in contrast to alternatives, I think a reminder that ML02 was always intended to be an inside the fence expansion, permit light, executable, no new pipe per se, which is novel, using existing pipelines and in service quickly, which is important. And another point, which is often lost, with modest take or pay efficiency requirements, given that the main line is generally walk-up. So that's trending well.

相較於替代方案，我想提醒一下：ML02一開始就定位為「圍籬內」（inside the fence）的擴建，許可需求較少、可執行，基本上不需要新鋪管線——這點很新穎——而是利用既有管線並能快速投運，這很重要。還有一點常被忽略：由於主幹線一般是可隨到隨用（walk-up），因此只需要相對溫和的take-or-pay效率要求。所以這方面進展良好。

I think we've seen other competitors respond to the quite favorable outlook in the Canadian Basin.

我想我們也看到其他競爭者對加拿大盆地相當有利的前景做出回應。

Which is not surprising.

這並不令人意外。

I won't comment exactly on each of the competitors, I think they're well covered.

我不會逐一評論每個競爭者，我想市場上已經有很多分析。

But if we do see shippers term contract on any of these, I think I would view it as a positive sign and a vote of confidence in the base and in the outlook, which. Which should float all oil infra. So that's a very -- as Greg was saying, I think it's a very positive macro.

但如果我們確實看到托運人（shippers）在任何這些方案上簽訂長期合約，我會把它視為正面訊號，也是對基本面與前景的信心投票，這。這應該會帶動所有石油基礎設施。所以那是非常——如Greg所說，我認為這是非常正面的總體環境。

And certainly, the mainline expansion program will get its share.

而且主幹線擴建計畫當然也會分到它應得的份額。

You mentioned ML03. We're developing that still and with seven pipelines in the right-of-way.

你提到ML03。我們仍在開發它，而且在既有路權（right-of-way）內有七條管線。

And now with amended U.S. Presidential permits modernized and harmonized with respect to product type and flexibility around capacity limits, we've got a plethora of flexibility here to tailor and design whatever is needed at the right time, and we've got a number of.

而且現在美國總統許可（Presidential permits）修訂後已現代化，並在產品類型方面更一致，且在容量上限的彈性也更大，我們有非常多的彈性可以在適當的時間量身打造並設計所需方案，而且我們也有多種。

Versions, I would say, of MLO3, if you want to think about it that way. So that's how we see it play out here.

版本，我會說，是ML03的不同版本，如果你想這樣理解的話。所以我們認為會是這樣發展。

I'd zoom back out and just observe that it's a very favorable macro, and we're all trying to serve customers who are monetizing a world-class resource.

我再拉高一點來看，只想觀察到：這是非常有利的總體環境，而我們都在努力服務那些正在變現世界級資源的客戶。

Appreciate that color.

感謝這些補充說明。

Maybe then moving over to Line 5, looks like there's been a number of updates there. So can you maybe add a little bit more color on some of the legal challenges on the tunnel as well as the construction in Wisconsin?

那接著談Line 5，看起來那邊有不少更新。你能否再多補充一些：關於隧道的法律挑戰，以及在威斯康辛州的施工進展？

Thanks, Rob. Yeah, I'll try to abbreviate my answer.

謝謝，Rob。好的，我盡量簡短回答。

This question tends to get long, but maybe, yeah, we haven't talked about Line 5 in a while, which is kind of a good thing.

這個問題通常會講很久，但也許——是的，我們有一陣子沒談Line 5了，這某種程度上是好事。

But I'll give you a quick update. As big picture line five seems to be pretty critical energy in for Upper Canada and the US, the Great Lake region, contributing to this all-important energy security.

不過我快速更新一下。從大方向來看，Line 5似乎是加拿大上部地區與美國五大湖區非常關鍵的能源輸入，對至關重要的能源安全有所貢獻。

The line is closely scrutinized, including by PHMSA, the US pipeline safety regulator, and it will continue to operate safely for the foreseeable future. And I think courts have increasingly recognized.

該管線受到嚴格審視，包括美國管線安全監管機構PHMSA在內；在可預見的未來它將持續安全運作。我認為法院也日益認可。

This U.S. Federal jurisdiction in recent court findings.

這是美國聯邦司法管轄權在近期法院裁定中的內容。

But as a reminder, nonetheless, we are permitting and pursuing relocating two sections of Line 5 at the request of local governments and tribes at industry's expense.

但提醒一下，儘管如此，應地方政府與部落的要求，且由產業承擔費用，我們正允許並推動第 5 號管線兩段路線的遷移。

In Wisconsin, we're advancing a 41-mile relocation to discontinue. Operation across the Bad River Reservation.

在威斯康辛州，我們正推進一項 41 英里的遷移，以停止穿越巴德河保留地的營運。

And in Michigan, we're moving the pipe from the lake bed to the tunnel.

而在密西根州，我們正把管線從湖床移至隧道內。

Timeline-wise, we expect to complete these in late '26 and the early '30s, respectively.

就時程而言，我們預期分別在 2026 年底以及 2030 年代初完成。

In Wisconsin, we have state and federal permits.

在威斯康辛州，我們已取得州與聯邦許可。

We have easements on the 41-mile relocation route and.

我們已取得 41 英里遷移路線上的地役權，並且

Have been completing pre-construction activities, think tree clearing and prepping the right-of-way.

已在完成施工前作業，例如清除樹木與整備路權。

It's May now, so spring road bans have recently ended, and we'll advance construction here through the summer and late fall.

現在是 5 月，春季道路禁令近期已結束，我們將在夏季到深秋期間推進此處施工。

With the permits now contested and well-known and in hand. We're now better able to accurately estimate the Wisconsin Project cost, which is now approaching US $900 million.

在許可如今遭到爭議、且眾所周知但已在手的情況下，我們現在更能精準估算威斯康辛專案成本，目前已接近 9 億美元。

Now, this is more than you'd typically expect for this 41-mile distance, but consider that about a third of that $900 million value is related to six years of considerable permitting, legal, and tribal engagement. And has been incurred. So we've got about $600 million left.

這比一般對 41 英里距離的預期要高，但請注意，這 9 億美元中約三分之一與長達六年的大量許可、法律與部落溝通相關，且已經發生。因此我們大約還剩 6 億美元。

And you should expect to see this project added to our secured project listing in the second quarter, Rob.

而你應該會在第二季看到這個專案被納入我們的已確保專案清單中，Rob。

Quickly on Michigan, we don't have a refreshed estimate CAPEXYs for the tunnel at this time as we continue to await state and federal permits and conditions.

快速談一下密西根：由於我們仍在等待州與聯邦許可及其條件，目前對隧道尚無更新後的資本支出（CAPEX）估算。

And the last point I'll just make here is a reminder that the investments in Line 5, INFRA, Wisconsin, Michigan, regular stuff are all covered as eligible rate-based within our commercial arrangements and will be borne by our shippers through tolls over time.

最後我想提醒的是，對第 5 號管線（INFRA）、威斯康辛、密西根等一般性投資，依我們的商業安排皆屬可納入費率基礎（rate-based）的合格項目，並將隨時間透過通行費由我們的託運人承擔。

So I don't know if that catches you up, hopefully, Rob.

所以我不知道這樣是否讓你跟上進度了，希望如此，Rob。

That's great. Thank you.

很好。謝謝你。

Thanks, Rob.

謝謝，Rob。

Your next question comes from the line of Spiro.

下一個問題來自 Spiro。

Your line is open.

您的線路已開通。

Good morning.

早安。

Thank you, team. I want to start with opportunistic gains here and the results for the first quarter. Strong start to the year, but you're reaffirming guidance. So I'm just curious if you could just walk us through.

謝謝各位。我想先從這裡的機會性收益以及第一季的結果談起。年初開局強勁，但你們仍重申指引。所以我想請你們帶我們走一遍。

How much of that 1Q performance exceeded internal expectations and understanding that your assets are built for stability, it seemed like you were able to benefit from some of the volatility and weather out there. So to the extent that's accurate, how do you think about your ability to keep capturing some of that upside-on volatility for the rest of the year?

第一季表現有多少超出內部預期？也理解你們的資產是為穩定而建，但看起來你們確實能從一些波動與天氣因素中受益。若這樣的理解正確，你們如何看待在今年剩餘時間持續捕捉這種由波動帶來上行的能力？

Yeah, I'll let Pat go at this.

好，我讓 Pat 來回答。

I would say a reminder, and we rarely change our number in the first quarter, no matter how good it may be, largely because we've got a strong first quarter and a strong fourth quarter.

我想提醒一下，我們很少在第一季就調整我們的數字，不管表現有多好，主要是因為我們通常第一季強、第四季也強。

And as you pointed out, with a highly contracted, very small commodity exposure, that's why we've structured the company that way. But Pat, do you want to speak a little bit too?

而如你所說，在高度簽約、商品曝險非常小的情況下，這也是我們把公司架構設計成這樣的原因。不過 Pat，你要不要也補充一下？

Yeah, I mean, there's probably two or three areas that we benefit from weather, as you're noting, on the edges of the business model, first being in Ontario where we've got weather impacts, it was about net year-over-year only about $10 million because we had a colder Q1 last year as well, so there's about $10 million there.

是的，我的意思是，大概有兩三個領域會如你所說在商業模式邊緣受惠於天氣因素。第一個是在安大略省，我們有天氣影響；按年淨額大約只有 1,000 萬美元，因為去年第一季也很冷，所以大概是 1,000 萬美元左右。

Aiken Creek.

Aiken Creek。

Distortion that we're currently expanding has the ability to take advantage, and there's probably a penny or so of overperformance there. And then a little bit on things like.

我們目前正在擴建的 Distortion 有能力把握機會，那裡大概有每股約 1 美分左右的超預期表現。然後在一些像是

Interruptible serviced on our gas pipes. So, all in all, you can think of it as being a couple of pennies in the quarter. And that just speaks to the business model that we have and the fact that we have like no commodity exposure. So, I think more so than the weather, Colin has talked about the implication of a tailwind for things like Ingleside and Grey Oak. We'll monitor that in the second quarter and see how that goes and how long that lasts for and adjust as. But right now, we're still pretty comfortable with the range that we've given you.

我們天然氣管線上的可中斷式服務（interruptible service）等方面也有一點點。總體而言，你可以把它想成該季大概多了幾美分。這也反映了我們的商業模式，以及我們幾乎沒有商品曝險這件事。所以我認為相較於天氣，Colin 談到像 Ingleside 和 Grey Oak 這類項目的順風影響更重要。我們會在第二季持續觀察其走勢與持續時間，並視情況調整。但目前我們對提供給你們的區間仍相當有信心。

That's great.

很好。

Maybe switching gears to the Permian.

也許換個話題談二疊紀盆地（Permian）。

Greg, you sound understandably pretty constructive on the basin. I think your reference was to the crude side, but of course, a lot of gas coming out of the ground with it.

Greg，你對該盆地的看法聽起來合理地相當正面。我想你提到的是原油端，但當然也會伴隨大量天然氣一起產出。

You're obviously pretty active there on the Permian gas egress side. You think over 10 BCF a day of new pipelines coming will be enough to satisfy, but already getting a lot of indication that that might not be enough.

你們在二疊紀的天然氣外運（egress）方面顯然很積極。你們認為每天超過 100 億立方英尺（BCF/d）的新管線投產將足以滿足需求，但目前已經有很多跡象顯示可能仍不夠。

You're thinking about the need for more egress and Enbridge's potential involvement in more expansions there.

你們如何看待需要更多外運能力，以及 Enbridge 可能參與更多擴建的機會？

Yeah, and let's not forget our position in Whitewater. And I think as you may see some information on that, I would agree with your bullishness in that regard. We are too. We seem to fill up every pipeline industry-wide. The minute they open up the valves.

是的，而且別忘了我們在 Whitewater 的持股部位。我想當你看到一些相關資訊時，我同意你在這方面的看多。我們也是。整個產業的每一條管線似乎都是一開閥就立刻被填滿。

In the Permian. So I think there's more opportunities there, and we're pursuing those. And Matthew, maybe you want to speak to some of that.

在二疊紀盆地也是如此。所以我認為那裡還有更多機會，我們也正在追求。Matthew，你要不要談談其中一些？

Yeah, sure. Hi. Good morning.

好的，當然。嗨，早安。

Couple areas of opportunity there. And as Greg mentioned in the reminder, our interest in the Whitewater assets, which is sort of our direct play on the pipes there. A couple of pipelines coming into service this year there. So we have the Bay Runner coming into service later this year in Blackcomb.

那裡有幾個機會領域。如 Greg 提到的提醒，我們在 Whitewater 資產中的權益，算是我們對當地管線的直接布局。今年有幾條管線將投入服務。因此 Bay Runner 將在今年稍晚投入服務，Blackcomb 也是。

And then a whole bunch of other stuff going forward, or we have a position, as in Eiger. I think the other piece, though, for us that we see, and you saw this in our announcements, is storage. And, with all the activity coming out of the Permian, a lot of that gas is obviously going to be going offshore, and a lot of additional storage required just for additional demand, and some of that for the LNG crowd. So.

接下來還有一大堆其他項目，或是我們也有部位，例如在 Eiger。我想對我們而言另一個看到的重點（你也在我們公告中看到）是儲存。隨著二疊紀的活動增加，很多天然氣顯然會走向離岸市場，而為了新增需求，還需要更多額外的儲存能力，其中一部分是為了 LNG 客群。所以。

We've got great exposure to that, expanding all of our storage assets in the Gulf. As now we have almost 50 BCF of expansion underway down there. So that's another way that we can profitably, with low capital, high returns, play that theme.

我們在這方面曝險很大，正在擴建我們在墨西哥灣的所有儲存資產。目前我們在那裡已有接近 500 億立方英尺（BCF）的擴建在進行中。這是我們以低資本、高報酬、可獲利地參與這個主題的另一種方式。

The other nice thing about the storage is we always talk about our gas business growing at.

儲存的另一個好處是，我們總是談到我們的天然氣業務成長，

Being able to build it six to eight times, but that project we talked with you and announced today is actually a little bit below that. So when you can get into the 5s when you're building brownfield storage and given some of the demands Matthew spoke to, those are super attractive for us.

能以 6 到 8 倍的水準來建置，但我們今天跟你們談到並宣布的那個專案其實略低於那個區間。所以當你在既有場址（brownfield）擴建儲存、且在 Matthew 提到的一些需求帶動下，能做到 5 倍區間時，對我們來說非常有吸引力。

Got it. It's a great color. I'll leave her today.

了解。這些補充很有幫助。我今天就先到這裡。

Maurice Choy, RBC Capital Markets.

Maurice Choy，RBC 資本市場。

Thanks, and good morning, everyone.

謝謝，早安，各位。

Just to pick up on one of the comments you made, Greg, in your prepared remarks. You mentioned that this is the best growth set of growth opportunities you've seen in the last 10 to 15 years.

我想接續你在事先準備的發言中提到的一點，Greg。你說這是你在過去 10 到 15 年看到最好的成長機會組合。

Can you elaborate a little bit more on that, but also speak to how the returns compare today versus the past and what kind of risks that industry players like Enbridge are experiencing today versus the past?

你能否再多闡述一下？也請談談如今的報酬率與過去相比如何，以及像 Enbridge 這樣的產業參與者，今天面臨的風險與過去相比有何不同？

Yeah, absolutely. So I'm thinking about that period, the 2012-16 period, which was a super positive element and you saw dramatically higher.

當然可以。我想到的是那段期間，也就是 2012 到 2016 年，當時非常正面，你也看到 EBITDA 倍數顯著更高。

EBITDA multiples. And where I was going is, as you see the increased need for energy security, whether it's global security issues or technology, AI and power growth, which you're well aware of is a multiple of what we saw.

我想表達的是，隨著對能源安全的需求增加，不論是全球安全議題，或是科技、AI 與電力成長（你很清楚）都比我們過去看到的高出許多倍。

I haven't seen that opportunity from an investment perspective.

我還沒看過市場在投資層面把那樣的機會

Fully be realized by the market below, say, look, you got the tech companies, you got the caterpillars of the world, but it's not being fully realized, I don't think, by investors yet on the midstream side.

充分反映出來。你看，科技公司、Caterpillar 這類公司都受惠，但我認為投資人對中游（midstream）端的認知還沒有完全到位。

And you're seeing very solid returns. So they just talk to things like storage or LNG projects and renewables. You're seeing low, mid-teen type returns for us.

而你也看到非常穩健的報酬。舉例來說，像儲存、LNG 專案與再生能源，我們看到的是低到中十幾%的報酬率。

They're super attractive.

這些都非常有吸引力。

And then even on the utility side, where you don't see the same type of returns, just in really quite phenomenal growth in rate base, which I just think a couple of years ago, nobody saw. So it's not just, and we've been speaking a lot about the oil business, so it's not just one business, it's all of these businesses playing off the theme of everything from tech.

甚至在公用事業端，雖然看不到同樣類型的報酬率，但費率基礎（rate base）的成長其實非常驚人；我認為幾年前沒有人預見到。所以不只是——而且我們談了很多石油業務——所以不只是單一業務，而是所有這些業務都在呼應從科技等各種主題。

Which drives power, LNG, which is about security, oil, which is the refining complex as an industrial side, as well as on the export side, all the pieces that Enbridge have seem to have a really great macro backdrop. So where I was going is it seems to me that investors haven't yet realized how beneficial and long run that will be. I mean, we're talking about it through 2030 very comfortably in terms of the growth folks see.

推動電力的是LNG（液化天然氣），其關乎能源安全；石油則涉及煉油複合體的工業端，以及出口端。Enbridge所擁有的各個拼圖看起來都有非常強勁的總體環境支撐。所以我想說的是，在我看來，投資人可能還沒有意識到這在長期會有多麼大的好處。我的意思是，就成長的能見度而言，我們談到2030年都相當從容。

Which would be longer than what we saw in that 2012 to '16 period. So that's where I was going with that.

這會比我們在2012到2016年那段期間看到的還要長。所以我剛才就是想表達這個。

And I think it soon will be recognized.

而我認為很快就會被市場認可。

That's great. And maybe my one follow-up to that is, as you said, looking backwards now, you should look forward beyond this 2030 horizon.

很好。那我可能有一個追問：如你所說，現在回頭看，你應該把視野往前看，超越2030這個時間範圍。

As you think about how customer demand requests are changing.

當你思考客戶需求請求如何在改變時。

Are your four core franchises sufficient or are there incremental value chain additions that you think is appropriate?

你們的四大核心事業群是否已足夠？還是你認為有適合的增量價值鏈延伸？

Yes, it's a good question, we're always looking at that, either whether it's adjacencies or actually going further back, so again, you look at the super system that Colin and his team have built.

是的，這是個好問題。我們一直在看這件事，不論是做相鄰領域（adjacencies），或是其實再往上游延伸。再說一次，你看看Colin和他的團隊打造的這個超級系統（super system）。

Back into the Permian, obviously, and then on the export side, same on the gas side that we've done in that neck of the woods, obviously, our extension on the distribution side, and the real element I see is there's no longer the discussion of. Again, what color your molecule or electron is, it's how quickly can you get any electrons and molecules or barrels? And I think if you look at our project list, we're very focused on that, the quick cycle stuff at the distribution company. The actually quite quick cycle relative to some other forms of power on the renewable side of things, which is super attractive. And again, then the footprint we see on the gas distributions, on the gas transmission side. And the liquid side allows us to get there quicker than most people.

很明顯地一路延伸到Permian（二疊紀盆地），然後在出口端也是如此；在天然氣端，我們在那一帶做的也是一樣；當然還有我們在配氣端的延伸。我看到的關鍵因素是：現在不再討論你的分子或電子是什麼顏色，而是你能多快拿到任何電子、分子或桶數（barrels）。我想如果你看我們的專案清單，我們非常聚焦在這點：配氣公司的短週期專案；在再生能源端，相較於其他一些發電形式，其實週期也相當短，這非常有吸引力。再者，我們在天然氣配氣、天然氣輸送，以及液體管線端的既有版圖，讓我們比大多數人更快到位。

And so, I think the greenfield risk that we saw in prior periods is less relevant to Enbridge today, given our footprint that's already there. So, that's a really game on for growth from an Enbridge perspective. So, appreciate the question. I like us talking about.

因此，我認為過去時期我們看到的綠地（greenfield）風險，對今天的Enbridge而言已不那麼相關，因為我們的既有版圖已經在那裡了。從Enbridge的角度看，這真的就是全力拚成長的局面。謝謝你的問題。我也喜歡我們在談這些。

More growth as opposed to less growth and the removal from terminal value and more talking about are we really valuing these companies given what's happening above in other parts of the economy that should be there. So as you can tell, we're pretty excited about them. We'll continue to bring projects forward. I know, Matthew, in the next couple of quarters, and it seems like every business unit, we're able to bring on some stuff each quarter to build that backlog.

談更多成長，而不是更少成長；不再只從終端價值（terminal value）去扣除，而是更多在談：在經濟其他部分正在發生的事情之下，我們是否真的有把這些公司估值到應有的水準。你也看得出來，我們對此相當興奮。我們會持續把專案往前推進。我知道，Matthew，在接下來幾個季度，看起來每個事業單位都能在每一季上線一些案子，來建立那個待開發案量（backlog）。

And that it builds EBITDA, which builds capacity, which allows us to continue to use both the internally generated equity and the balance sheet to grow.

而這會帶動EBITDA成長，進而提升資本容量（capacity），讓我們能持續運用內部產生的股權資金以及資產負債表來成長。

That's definitely a value to the incumbency. I agree with you. So thank you very much.

這確實是既有者優勢（incumbency）的價值。我同意你。非常感謝。

Thank you.

謝謝。

Jeremy Tonnette, JP Morgan

Jeremy Tonnette，JP Morgan

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早安，Jeremy。

I see there's more, expansions on the gas storage side here, and just wanted to get a feeling, I guess, for how big the opportunity set is there. We haven't, necessarily had a lot of storage development in recent years, and, the gas market has grown.

我看到這裡在天然氣儲存端有更多擴建，我想了解一下那邊的機會規模大概有多大。近年來我們不一定看到很多儲存開發，而天然氣市場已經成長了。

Just wanted to see your thoughts on that. And then, at the same time, I guess, as an extension, further interest in LNG assets.

想聽聽你對此的看法。同時，我想延伸問一下，對LNG資產是否也有更多興趣。

Sure. Matthew? Hey, Jeremy, it's Matthew.

當然。Matthew？嗨Jeremy，我是Matthew。

Yeah, we're very excited about our gas storage assets and our expansion program.

是的，我們對天然氣儲存資產以及擴建計畫非常興奮。

Just looking at the fundamentals, over the last 10 years, just the ratio of storage to production and demand in the U.S. Has been cut in half. And actually, that kind of understates the gap between supply and demand because things are getting a lot more peaky.

只看基本面，過去10年，美國儲存量相對於產量與需求的比率已經減半。其實，這還低估了供需之間的缺口，因為需求與供給的尖峰化（peaky）程度正在大幅提高。

Which requires more storage. So we need to catch up on that and the value of storage is on the rise.

這就需要更多儲存。因此我們需要追上，而儲存的價值也正在上升。

So as we've announced now with this new Tres Palacios expansion, we've got almost 50 BCF under construction in the Gulf Coast coming on over the next, call it, five years or so.

所以如我們現在宣布的這個新的Tres Palacios擴建案，我們在墨西哥灣沿岸（Gulf Coast）有將近50 Bcf正在施工，預計在未來大約五年左右陸續投運。

And then also just as a reminder, up in Canada, we've got 40 BCF.

另外也提醒一下，在加拿大那邊，我們有40 Bcf。

Under construction at Akin Creek. So that is a great pipeline of growth for us.

在Akin Creek正在施工。所以這對我們而言是一條非常好的成長管線（pipeline of growth）。

In addition to that, just capital expansion, we do see, as we roll contracts, higher storage rates. And so when you combine that, just given the fundamental trends I was talking about, with the expansion, we're definitely seeing double-digit type growth on those.

除此之外，就資本擴建而言，我們也看到在合約到期續約（roll contracts）時，儲存費率更高。因此把我剛才談的基本面趨勢與擴建結合起來，我們確實看到那邊呈現雙位數的成長。

We've got this great program in front of us, over $1 billion US of expansion and storage now, if you add it all up, which is great.

我們面前有一個很棒的計畫：如果把所有項目加總起來，現在儲存與擴建合計超過10億美元的投資規模，這很棒。

We'll build that out. There's probably a little bit more we could do around the margins on that, but those are probably the big ones for now. And we like the organic-type growth. Others have been, we noticed, acquiring stuff.

我們會把它建置完成。就邊際上可能還有一些可以再做的，但目前這些大概就是主要項目。我們也喜歡這種有機型（organic-type）的成長。其他人我們注意到是在收購資產。

We think our returns, I mean, building stuff at book value is definitely a huge advantage for us relative to those.

我們認為我們的報酬——我的意思是，以帳面價值（book value）去建置資產，相較於那些在市場上以倍數（multiples）價格去買資產的人，對我們絕對是很大的優勢。

Going out and paying multiples of that in the market. So like our position, great pipeline, and we're very excited about this program.

所以我們喜歡自己的位置、很好的成長管線，也對這個計畫非常興奮。

Hey, Jeremy, you also mentioned the LNG opportunities.

Jeremy，你也提到了LNG的機會。

Yes, we're open to that. We like our model, though, of doing it in such a way that is lower risk and more toll-based, if you will.

是的，我們對此持開放態度。不過我們喜歡以較低風險、偏通行費（toll-based）的方式來做。

But we see those opportunities, and we'll look at that. I think that's some of the adjacencies, but we don't want to take on a bunch of commodity exposure.

但我們確實看到那些機會，也會去評估。我想那是一些相鄰領域（adjacencies），但我們不想承擔一大堆商品（commodity）曝險。

That's not our style from that perspective. But as Matthew says, even if we don't find those, given our position, we currently serve 100% of the Gulf Coast LNG. Obviously, involved with that in BC and billions of dollars being spent there both on behalf of our customers, on our pipelines and storage.

從這個角度來看，那不是我們的風格。不過如Matthew所說，即便我們沒有找到那些機會，憑藉我們的地位，我們目前服務了墨西哥灣沿岸LNG的100%。當然，我們也參與卑詩省（BC）的相關業務，客戶在那邊投入數十億美元，包含在我們的管線與儲存設施上。

And so, yeah, we'll look at those opportunities as well. That sure doesn't look like it's.

所以，是的，我們也會看那些機會。看起來那確實不像是。

It's moving away. And that's another example of some of the difficulties in the Middle East, meaning North American.

正在遠離。這也是中東一些困難的另一個例子，意思是北美。

North America, whether it's the Gulf Coast or it's the West Coast of Canada, is a choice based for consumers to be able to get a hold of LNG without taking on the risks that I think have become much more illustrated when they were there. So, yeah, we'll look at those two.

北美，不論是墨西哥灣沿岸或加拿大西岸，對消費者而言都是一個可選擇的來源，能取得LNG而不必承擔我認為在那邊已被更清楚凸顯的風險。所以，是的，我們也會看這兩者。

Got it. That's helpful. And then I just want to shift gears a little bit here. And as far as the power markets and as far as, I guess, with the ISOs and regulation there, we've seen, I guess, some proposed changes and it seems like changes overall. Just wondering if that has impacted, I guess, the nature of your conversations with new gas fire generation or just any thoughts you could share there on where you see the greatest.

了解，這很有幫助。接著我想稍微換個話題。就電力市場而言，以及我想在ISO（獨立系統營運商）與相關監管方面，我們看到一些提案變更，整體看起來也在變動。想請問這是否影響了你們與新的燃氣發電（gas-fired generation）專案的對話性質，或你能分享任何想法：在你們談到這100億美元的近期資本機會時，你認為最大的。

Near-term opportunity as you talk about this $10 billion of near-term capital opportunities.

短期機會在哪裡？

Hey, Jeremy, it's Matthew again. Yeah, so I think you're on to an important point. I mean, there's two kind of categories or maybe three of things going on here. One is and this is, really kind of a very current and present thing, which is just regulated utilities that have.

嗨Jeremy，我又是Matthew。是的，我想你點到一個重要的點。我是說，這裡大概有兩類、或也許三類事情在發生。其中一類——而且這其實是非常當下、正在發生的——就是受監管的公用事業（regulated utilities），它們有。

Embedded power generation for utility load with pent-up demand, and we're seeing a lot of that across our entire system for power.

為公用事業負載（utility load）所配置的內嵌式發電（embedded power generation），而且存在被壓抑的需求（pent-up demand）；我們在整個系統的電力端都看到很多這種情況。

Then there's the data center stuff, which is playing out. We have great conversations there on the power side for potential extensions, and I know Michelle has a lot of that in her business, too. And I think maybe the thing that's more directly on point to what you're talking about is.

接著是資料中心（data center）的需求正在發酵。我們在電力端就潛在延伸有很好的對話，我也知道Michelle在她的業務裡也有很多這類機會。然後我想更直接切中你問題的可能是：

Can we start signing up some of these merchant power plants based on what's in the past been kind of perverse disincentives, frankly, for them to sign up for long-haul gas pipeline capacity and whether that could change based on some rules. I think there's some good ideas floating around on that piece. It's early days, but certainly, there's going to be more potential for that. And a lot of these merchant guys are going to end up.

我們能否開始讓一些商業電廠（merchant power plants）簽約？因為過去坦白說，存在一些有點反常的負向誘因（perverse disincentives），讓他們不願意簽長途天然氣管線容量（long-haul gas pipeline capacity）的長約；而這是否可能因為一些規則調整而改變。我認為這方面有一些不錯的想法正在被提出。現在還在早期，但確實會有更多可能性。而這些商業電廠業者很多最後會。

Direct drive into data centers. And so as they sign up for longer-term contracts on the offtake, we think there's great potential for them to then go upstream on the gas pipeline side, and we're having those conversations. So I think you're on to an important theme that's definitely going to be driving growth across our business.

直接為資料中心供電。因此當他們在承購端（offtake）簽下更長期的合約時，我們認為他們很有潛力進一步往上游，在天然氣管線端也簽下合約，而我們也正在進行這些對話。所以我認為你抓到了一個重要主題，這肯定會推動我們整體業務的成長。

Yeah, it seems like a multi-year capacity market could shake things up there. So thanks for the thoughts.

是的，看起來多年期的容量市場可能會在那裡帶來一些變化。謝謝你的分享。

Thanks, Jeremy.

謝謝你，Jeremy。

Robert Cutelier, CIBC

Robert Cutelier，CIBC

Hey, good morning, everyone. I wondered if you could elaborate on the comments in the presentation about contracting and gas transmission. Does this relate to rates, term, or something else entirely? And which end markets are really driving this?

嗨，各位早安。我想請你們進一步說明簡報中關於簽約與天然氣輸送的評論。這是與費率、合約期限，或是完全其他的事情有關嗎？另外，究竟是哪些終端市場在真正推動這個趨勢？

I'm thinking in terms of LNG, power, et cetera, in which geographies are most important to that trend.

我想到的是 LNG、電力等等；在地理區域上，哪些地方對這個趨勢最重要？

On the contracting side, I'm not exactly sure which part you're referring to, but look, I mean, like you're looking on the storage side to start with, right? What used to always be short-term contracts.

就簽約面來說，我不太確定你指的是哪一部分，但你看，先從儲存業務來看，對吧？過去一直都是短期合約。

We're seeing, and I think we've talked about this before, half the capacity at Aiken, for example, is 10 years, very long-term contract similar to that for the new Tres Palacios 25B as we talked about today, which I think just speaks to nobody wants to be caught out without actually having.

我們看到——而且我想我們之前也談過——例如 Aiken 的容量有一半是 10 年期，屬於非常長期的合約；這跟我們今天提到的新 Tres Palacios 25B 很類似。我想這反映出沒有人想在沒有實際擁有……的情況下被卡住。

Access to the product.

取得該產品的管道。

So I think it's just a general comment, Rob, with respect to whether it's storage, whether it's pipelines, and also our risk appetite too. We're not going to build pipelines with five-year contracts and I get a little shaky at 10-year contracts, to be quite H1st, as well. Storage is different. It's always been shorter.

所以我認為這只是一般性的評論，Rob，無論是儲存、管線，還有我們自身的風險偏好也是。我們不會在只有五年合約的情況下去建管線；老實說，就算是 10 年合約我也會有點不踏實。儲存則不同，它一向是較短期。

And you see the same kind of thing happening.

而你也看到同樣的情況正在發生。

In Collins' business as well, we've extended some of the contracts and the market-facing pipes out into 2030s, which is not something that I think you could have done a few years ago. So I think it's less about regulatory, more about on the customer side, not wanting to be caught short in this opportunistically rich environment and obviously the adverse traditional perspective on how much risk we're willing to take on.

在 Collins 的業務也是如此，我們把部分合約以及面向市場的管線合約延長到 2030 年代，這是我認為幾年前做不到的。所以我覺得這比較不是監管面的問題，而是客戶端在這個機會非常多的環境下，不想在供應上出現缺口；當然也反映出我們對於願意承擔多少風險的傳統保守觀點。

Okay, just for a point of clarification, I was referring to the gas transmission comment on page 11.

好的，澄清一下，我指的是第 11 頁關於天然氣輸送的那段評論。

But I'll move on to my other question, which has to do with your rate case strategy, particularly in Ohio.

不過我先換到另一個問題，關於你們的費率案件策略，特別是在俄亥俄州。

So, obviously, you filed for a rate case there, and I wonder.

很明顯你們在那裡已經提出費率案件申請，我想問……

How you can describe how your your regulatory strategy in Ohio has involved since that last rate case outcome?

你們在俄亥俄州的監管策略，相較於上一次費率案件結果之後，有哪些演變？

Sure, Robert, it's Michelle here. And yes, that last that last rate case was filed late in 2023 by Dominion. And really what we're doing here is the fact is that we filed a new rate case in December and the fact is there's been some material changes that that just simply needed to be reflected since since the things were in place back in late 2020. '23. And based on the timing, what we're doing is we're seeking to recover our revenues that are sufficient, of course, to pay for our current operating expenses, importantly, to service our debt. That's one of the biggest things that has shifted is the interest rates that were applicable back in '23 versus now.

當然可以，Robert，我是 Michelle。是的，上一次費率案件是 Dominion 在 2023 年底提出的。我們這次之所以在 12 月提出新的費率案件，主要是因為自 2020 年底／2023 年底那些條件確立以來，確實出現了一些重大變化，需要反映出來。就時程而言，我們希望回收足以支應我們目前營運費用的收入，並且很重要的是要能償付我們的債務。變動最大的一點之一，就是 2023 年適用的利率與現在相比已經不同。

And then it's any investments and deferrals from the two big rider programs that you'd be familiar with we have in Ohio, the CEP or the Capital Expenditure Program and the Pipeline Integrity Program. So those will get wrapped in.

另外還包括俄亥俄州兩個你很熟悉的大型附加費（rider）計畫中的投資與遞延項目：CEP（資本支出計畫）以及 Pipeline Integrity Program（管線完整性計畫）。這些都會被納入……

To the end of June. They're already being recovered on because of the short cycle nature of them and the monthly riders, but we sweep all that in. So it's in the discovery stage now with the staff's report is expected in July, and we expect to enter into meaningful settlement negotiations.

到 6 月底為止。由於它們屬於短週期性質並採用按月附加費，目前已在回收中，但我們會把這些全部一併納入。目前正處於證據開示（discovery）階段，預計 7 月會有工作人員報告，並且我們預期會進入實質的和解協商。

Than with the rates going into place in the first quarter of 2027. But we are really working hard to keep this one tight as simply an update on a lot of the numbers that have changed materially that we had to update and ensure that we're recovering on.

之後費率預計在 2027 年第一季生效。不過我們確實很努力讓這次案件保持精簡，基本上就是針對許多已出現重大變動的數字做更新，並確保我們能夠回收。

Robin, I'm sorry, I was not following what you were looking to. So I see what you were talking about. That's vis-a-vis the tailwinds that we see for the rest of the year. So.

Robin，抱歉，我剛剛沒有跟上你想問的點。所以我明白你在說什麼了。那是相對於我們看到今年剩餘期間的利多因素（tailwinds）。所以……

We're seeing settlements on things like East Tennessee that are favorable. As we've seen the same on Texas Eastern in the past. So that's what we were referring to that weren't there at the start of the year. And I mentioned that in my spoken comments, how that's being filed with the FERC.

我們看到像 East Tennessee 這類事項的和解結果是有利的；過去在 Texas Eastern 也看到類似情況。所以我們指的是那些在年初時還不存在的利多。我在口頭評論中也提到，這些正在向 FERC 申報。

Okay. Thanks, Rick.

好的，謝謝你，Rick。

Thanks.

謝謝。

Ben Pham, BMO Capital Markets

Ben Pham，BMO Capital Markets

Hi, good morning. You've reafirmed the 5% growth rate beyond 2026. I'm wondering, when do you plan to update the market on guidance specifically beyond 2026? I'm also curious, what do you think is the right duration time frame for guidance for North American Pipeline Company?

嗨，早安。你們重申 2026 年之後的 5% 成長率。我想問，你們打算何時向市場更新特別是 2026 年以後的指引？我也好奇，對於 North American Pipeline Company 來說，你認為指引的適當期間長度應該是多久？

Yeah, well, just for clarity. What we said was 5% growth, 26% plus. So through '26, through the end of the decade, we feel very confident with that. So I think when we put that out, it was March of -- 14 months ago, March of 2025.

是的，先澄清一下。我們說的是 5% 成長，26% 以上。也就是說，直到 2026 年、直到本十年末，我們對此非常有信心。我想我們發布那個時候是——14 個月前——2025 年 3 月。

And we remain confident in that. I'm glad to hear the Street looking to move up those numbers to that 5% type growth rate.

而我們仍然對此有信心。也很高興聽到市場（Street）希望把那些數字上調到 5% 這種成長率。

We haven't looked beyond we we look beyond 2030, we haven't set out any numbers beyond 2030, but I expect either in the fall or early spring, we'll end up having another Investor Day and update you at that time. Just as a reminder, and I think sometimes it gets lost. Just since that investor day, which again was about 14 months ago, we have added $17 billion to our sanctioned backlog.

我們沒有提供 2030 年以後的數字；我們確實會看 2030 年以後，但尚未對外給出任何 2030 年以後的數字。不過我預期在秋季或明年初春，我們會再辦一次投資人日，並在那時更新。提醒一下，而且我想有時候大家會忽略：自那次投資人日（同樣大約 14 個月前）以來，我們已把已核准（sanctioned）的在手案量增加了 170 億美元。

So if we continue to see that type of stuff, and all that is growth through now through 2030 and even a bit into 2031 and 32, if you look at some of the activity. So yeah, it's not just for '26, it's for 26 plus right through 2030.

所以如果我們持續看到那類情況，而這些成長都是從現在一路到 2030，甚至如果你看某些活動，還會延伸到 2031、2032。是的，這不只是到 2026，而是 26 之後一路到 2030。

And look, I think in this environment, given your guidance out to three years, I think would be pretty good, but actually giving you something right through the end of the decade, I would think is very helpful to investors as well as analysts to come up with their views on the company.

而且你看，我認為在這樣的環境下，提供三年的指引應該就很不錯；但實際上給到整個十年末，我想對投資人以及分析師形成對公司的看法也會非常有幫助。

Okay, got it. Thanks for clarifying. I always thought it was more of a post 2026 guidance, but I wasn't. I was a bit confusing on the end point of that, so that's all the way through 2030 then?

好的，了解，謝謝澄清。我一直以為那比較像是 2026 年之後的指引，但我對終點有點搞混，所以是一路到 2030 對嗎？

Thanks.

謝謝。

Okay, that's good.

好的，那就好。

And then the 50 billing of unsanctioned opportunity, I know you mentioned very similar numbers in the past on that, and you've inserted the 10 to 20 billing last quarter, next two years.

另外，關於 500 億美元的未核准（unsanctioned）機會，我知道你們過去也提過非常類似的數字；而你們在上季又提到未來兩年有 100 億到 200 億美元。

Can you bridge that for us?

你們能幫我們把這兩者串起來說明嗎？

I'm assuming that that's always included in that $50 billion, but is there a mixed in of some early-stage projects in there as well?

我猜那應該一直都包含在那 500 億美元裡，但裡面是否也混有一些更早期階段的專案？

Yeah, and we're always adding to the , right? So you're right. I mean, you make a good point.

是的，而且我們也一直在增加，對吧？所以你說得沒錯，你提出了一個很好的觀點。

In March of '25, it was about $50 billion. We've sanctioned '17, which just tells you how the hopper in that time has. Easily filled in there, right? And, everything from higher rate-based growth on most of our businesses to power opportunities, that backlog just gets bigger.

2025 年 3 月時大約是 500 億美元。我們已核准了 170 億，這也告訴你在那段時間裡，案源池（hopper）很容易就補滿了，對吧？而且，從我們多數業務更高的費率基礎（rate-based）成長，到電力相關機會，這個在手案量只會變得更大。

And I think, again, as attitudes change around energy security and the power of North America for exports, I'll be surprised, actually, if that opportunity set doesn't even get bigger. So that's where we're drawing those. Sanctioned projects from, but it's filling up at least at the same rate by which we're sanctioning projects.

而且我認為，隨著大家對能源安全以及北美出口能力的態度改變，如果那個機會集合沒有變得更大，我反而會感到意外。所以我們就是從那裡挑出已核准的專案；但案源補充的速度至少與我們核准專案的速度一樣快。

Yeah, so maybe just to add to that, then like $50 billion is the environment that we're in, the opportunities that we have, as Greg said, just $50 billion a year ago, it's still $50 billion, even though we've secured a bunch of projects. The $10 billion to $20 billion that we talked about kind of over the next 24 months, I guess now 22 months, is really what we plan to FID in that period of time to give you a. Sense of what you should see on a rateable basis from us from a FID perspective, pulling from that $50 billion opportunity set, if that helps to clarify it.

是的，再補充一下：500 億美元反映的是我們所處的環境與我們擁有的機會。如 Greg 所說，一年前是 500 億美元，現在仍是 500 億美元，儘管我們已拿下不少專案。我們提到的未來約 24 個月（我想現在是 22 個月）的 100 億到 200 億美元，指的是我們計畫在那段期間做出 FID（最終投資決定）的規模，讓你對我們從 FID 角度、在可逐步認列（rateable）基礎上可能會看到什麼有個概念；這些都會從那 500 億美元的機會集合中抽取，如果這樣能更清楚的話。

Yes, that's great.

是的，這樣很清楚。

Thank you. Thanks.

謝謝。謝謝。

Your next question comes from the line of Patrick Kenney from National Bank. Your line is open.

下一個問題來自 National Bank 的 Patrick Kenney。您的線路已開通。

Thank you. Just back on the robust outlook for crude exports over the Gulf Coast.

謝謝。回到墨西哥灣沿岸原油出口前景強勁這一點。

I guess the longer this Middle East conflict lasts and the longer prices at the pump remain elevated in the U.S., the higher the risk of political intervention related to banning or at least capping export levels. So, I'm just wondering if you might be taking any steps over the near term to protect your franchise operationally, and also if you could remind us of any commercial protections you might have.

我想，中東衝突持續得越久、而美國加油站的油價維持在高檔的時間越長，與禁止、或至少限制出口量相關的政治干預風險就越高。所以我想請教，你們近期是否正在採取任何措施，以在營運面保護你們的特許經營（franchise）；另外也請你們提醒我們，在商業面有哪些保護機制。

Financially within your contracts at the angle side?

在你們合約中、就財務面而言，在（angle）那一側呢？

Yeah, I'll let Colin speak to that. I would be very clear that at least twice the Secretary of Energy has said that that is not something they're looking at, even as we've seen this run up. So I think that's a really important perspective.

是的，我讓 Colin 來回答。我想非常清楚地說，能源部長至少兩次表示，這不是他們正在考慮的事情，即便我們看到價格這波上漲。所以我認為這是一個非常重要的觀點。

And then, of course, we've just successfully contracted on Grey Oak.

另外，當然，我們也已經成功為 Grey Oak 簽下合約。

Which is an important projection as well, obviously. But Colin, do you want to speak further to that?

這顯然也是一項重要的保障。但 Colin，你要不要再補充說明？

There's a lot to add. I agree with everything you're saying. We've, we're in regular contact with the administration.

沒有太多要補充的。我同意你說的所有內容。我們一直與政府保持定期聯繫。

We're well attuned to the alternatives in play here and support and subscribe to the notion that, constraining.

我們非常了解目前可行的替代方案，並且支持、也認同這樣的觀點：限制——

Global exports will hurt, not help the situation here as it's a global commodity.

全球出口會傷害、而不是改善當前情勢，因為這是一種全球性的大宗商品。

So, as Greg mentioned, we've got very robust contract provisions around the export facilities.

因此，如 Greg 提到的，我們在出口設施方面有非常強健的合約條款保障。

It's a really interesting dynamic, right, because the United States government, I think, has not been shy about projecting power off the Gulf Coast by being the export.

這是一個很有意思的動態，對吧？因為我認為美國政府一直不避諱透過墨西哥灣沿岸作為原油出口地來展現影響力。

Crude. And remember, much of that Permian crude is what gets exported because the U.S. Refiners like the heavier products, which is what we provide out of Canada so importantly.

而且請記得，許多二疊紀（Permian）原油之所以被出口，是因為美國煉油商偏好較重的油品；而這正是我們從加拿大提供的產品，因而格外重要。

And you're even starting to see some more exports of Canadian crude, modestly, off the Gulf Coast as well. So there's no doubt there's a consumer voter element here.

你甚至也開始看到加拿大原油從墨西哥灣沿岸出口的量也略有增加（幅度不大）。所以毫無疑問，這裡面有消費者選民的因素。

But I just don't see this administration changing their view of being able to use energy, frankly, as a geopolitical tool, despite the current conflict over and above military power.

但我不認為本屆政府會改變其看法——也就是能夠把能源坦白說作為地緣政治工具來運用，儘管目前的衝突使得這一點更凸顯，且其作用甚至超越軍事力量。

Okay, that's great. I appreciate your comments on that. And then...

好的，很好。感謝你們對此的評論。然後……

Just on the balance sheet, I guess, Debt EBITDA, sitting at the top end of your target range, just wanted to confirm if you're still expecting to remain within the range through 2026, or is there now potential, given the sanctioning of more growth FX that you've outlined, to see leverage perhaps hop over five times temporarily?

再談資產負債表，我想問一下，債務／EBITDA 目前在你們目標區間的上緣；我想確認你們是否仍預期在 2026 年之前都會維持在該區間內？或者現在考量你們所提到、核准更多成長資本支出（FX），槓桿是否可能短暫跳升到 5 倍以上？

And if so, the timing of when you might expect to come back down to, say. Closer to the midpoint of that 4.5 to 5 times range.

如果會的話，你們預期何時能回落到例如更接近 4.5 到 5 倍區間的中點？

Thanks, Pat. I think it's fair to say that we're still comfortable with the 4.5 to 5 range. We're at the top this quarter for a couple of reasons. One is AFX plays a little bit of a role in that it was $137 all the quarter, but then popped right at the end of the quarter there to be $140,000. So that moved up a little bit. We also expect it to be a little bit higher at the front end this year, given that the vast majority of our projects coming in the back end of the year, the big projects. Things like Tennessee Ridgeline, T-North, Aspen, some of the Sequoia, Easter type projects. So I think we're still pretty comfortable with it. For when is it going to come down closer to the midpoint? I think I said a couple of quarters ago that we'll probably be in that upper half for the next couple of years just because we've got this large build in front of us. But of course, the capital we're putting in near the end of '27 here and then a pretty large capital coming in at '28, that should really help to bring those ratios. Back to kind of that middle point of it. So we're still feeling very comfortable and the low-risk business model helps with that. All the growth we've been talking about lines up perfectly with that risk return that we discipline that we've had as an organization. I like the fact that when we're talking about these capital opportunities, they are long-term contracted gas transmission assets, long-term contracted liquid pipelines. So not having to step outside of our risk reward view to continue to grow with the organization. So. I'm very comfortable about where we are from a financing perspective.

謝謝，Pat。我認為可以說我們仍然對 4.5 到 5 的區間感到安心。本季我們在上緣有幾個原因。其一是 AFX 有些影響：整個季度是 137 美元，但在季末突然跳到 140,000（原文如此），所以稍微推高了一點。再者，我們也預期今年前段會略高一些，因為我們的大多數專案、尤其是大型專案，會在今年後段投產，例如 Tennessee Ridgeline、T-North、Aspen，以及部分 Sequoia、Easter 這類專案。所以我想我們仍相當有信心。至於何時會更接近中點？我想我在幾個季度前提過，未來幾年我們可能都會落在上半部，因為眼前有一個大型建置期。不過，當然，我們在 27 年底投入的資本，以及 28 年相當可觀的資本支出，應該會大幅幫助這些比率回到大約中間位置。因此我們仍然非常安心，而低風險的商業模式也有助於此。我們談到的所有成長，都與我們一貫的風險報酬紀律完全一致。我也喜歡的一點是，當我們談這些資本機會時，它們是長期簽約的天然氣輸送資產、以及長期簽約的液體管線。因此，我們不需要偏離我們的風險報酬觀點，就能持續推動組織成長。所以，就融資角度而言，我對我們目前的位置非常有信心。

Okay, that's great. Thanks, Pat. Thanks, everybody.

好的，很棒。謝謝，Pat。謝謝各位。

And your final question comes from the line of Manav Gupta from UBS. Your line is open.

最後一個問題來自 UBS 的 Manav Gupta。您的線路已開通。

Hi, I have two quick questions. First, can you talk about your growing partnership with Meta? Not many midstream companies are out there with 1 gigawatts of capacity with Meta. So if you could talk a little bit about that. And second, there were some news articles floating yesterday that Carney is looking to make easier for projects to proceed in Canada. Sonovas and CNQ have already talked about some of these things on their earnings calls. And basically, what they're saying is you can't hold back Canada in the current environment where the world needs crude and oil. And I was wondering if you have any views on any policy changes that could expedite projects in Canada to speed up the development of oil and gas projects over there.

嗨，我有兩個簡短問題。第一，能否談談你們與 Meta 日益加深的合作關係？並沒有很多中游公司能與 Meta 合作到 1 吉瓦的容量。如果可以的話，請多談一點。第二，昨天有一些新聞報導指出 Carney 正在考慮讓加拿大的專案更容易推進。Sonovas 和 CNQ 也已在他們的財報電話會議上談到其中一些內容。基本上他們的意思是，在目前全球需要原油與石油的環境下，不能壓抑加拿大。我想請問你們對於任何可能的政策變更是否有看法，這些變更是否能加速加拿大的專案、以加快那邊油氣專案的開發？

Thank you.

謝謝。

Yeah, well, on the Google or on the Meta piece.

好的，先談 Google——或是 Meta 的部分。

I think you'll continue to see that relationship grow. Alan, do you want to speak to that? And then I'll come back on the oils front.

我認為你們會持續看到這段關係成長。Alan，你要不要談談？然後我再回來談石油那一塊。

Yeah, so thanks for the question, Manad. So on Meta, they've come out and said that they want to be net zero by 2030 and that 100% of our operations powered by renewables. So really opens the door for folks with long-term relationships with them to do more with them. And. And so we do expect to see more with Meta.

好的，謝謝你的問題，Manad。關於 Meta，他們已經表示希望在 2030 年達成淨零，並且其營運 100% 由再生能源供電。這確實為與他們有長期關係的夥伴打開了大門，可以與他們做更多合作。而且——我們確實預期會與 Meta 有更多合作。

We really are excited about the relationship. And I'll just say that I think we've developed a really good trust relationship with them, and that's the foundation for future opportunities. So feel really good there, and hopefully, we'll see more opportunities going forward.

我們對這段關係感到非常振奮。我只想說，我認為我們與他們建立了非常良好的互信關係，而這是未來機會的基礎。所以我們對此感覺非常好，也希望未來能看到更多機會。

Yeah, and on the project front, look, I think there's been a lot of positive words in Canada and some concrete actions that have been taken.

好的，至於專案方面，你看，我認為加拿大已經出現很多正面的說法，也採取了一些具體行動。

We got a very quick turnaround from the federal government on the final approval for Sunrise, which is critical to LNG.

我們從聯邦政府那裡很快就拿到了 Sunrise 的最終核准，這對 LNG 至關重要。

Obviously, there's the major project office there and projects in the national interest.

顯然，那裡也有重大專案辦公室，以及「符合國家利益」的專案。

So I think that's great news. And I'm hoping and expecting and taking the government, it's where it's even going to find ways to shrink down some of those timeframes even for projects like Sunrise.

所以我認為這是很好的消息。我也希望、並且預期政府——就其表態而言——甚至會找到方法，進一步縮短像 Sunrise 這類專案的時程。

But that being said, I'm perfectly aligned with our customers on the other issues that they raise. Yes, Canada has an obligation, I think, to serve the world and has the ability to serve the world if it wants to be an energy superpower, and I think they're focused on the right P. We often focus on the pipeline P. But what has to come first is the production P, the permitting P, and then you get the pipelines. So I think they're pointing out and making sure that all the policymakers are aware that without production growth, the infrastructure is kind of irrelevant.

不過話說回來，我完全認同我們客戶在其他議題上的看法。是的，我認為加拿大有義務服務全球，也有能力在想成為能源超級強國的前提下服務全球，而我認為他們正聚焦在正確的「P」。我們常常聚焦在管線的 P（pipeline P）。但必須先有生產的 P（production P）、許可的 P（permitting P），然後才會有管線。所以我認為他們是在指出並確保所有政策制定者都了解：如果沒有產量成長，基礎設施某種程度上就沒有意義。

Thank you.

謝謝。

Thank you.

謝謝。

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

以上為問答環節。我現在把電話交回給 Marlon Samuel 作結語。

Great.

很好。

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.

謝謝，我們也感謝各位持續關注 Enbridge。一如往常，我們的投資人關係團隊在會後仍可提供協助，回覆各位可能有的其他問題。

Once again, thank you, and have a great day.

再次感謝，祝各位有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以掛線。