恩橋 (ENB) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Enbridge Inc second quarter 2026 conference call. My name is Marlon Samuel, and I am the Vice President of Investor Relations and Insurance. 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, Colin Grinding, Liquids Pipelines; Matthew Akman, Gas Transmission; Michele Harradence, Gas Distribution and Storage; and Allen Capps renewable power.

早安，歡迎參加 Enbridge Inc 2026 年第二季財報電話會議。我叫 Marlon Samuel，擔任投資人關係與保險副總裁。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；以及各事業單位主管：Colin Grinding（液體管線）、Matthew Akman（天然氣輸送）、Michele Harradence（天然氣配銷與儲存）以及 Allen Capps（再生能源發電）。

(Event Instructions) Please note, this conference call is being recorded. As per usual, this call is being webcast, and I encourage those listening 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 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. As always, our Investor Relations team will be available after the call for any follow-up questions.

(活動說明) 請注意，本次電話會議將被錄音。如同以往，本次會議將以網路直播進行，我也鼓勵各位一邊收聽一邊參考輔助投影片。我們將盡量把會議控制在約一小時。為了回答盡可能多的問題，我們將把提問限制為每人一題，必要時可再追問一次。我們將優先回答投資界的提問。因此，若您是媒體人士，請將詢問轉交我們的公關團隊，他們將樂意回覆。一如既往，我們的投資人關係團隊在會後也會提供協助，回覆任何後續問題。

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

接著看第 2 張投影片，我要提醒各位，我們在今天的簡報與問答中將提及前瞻性資訊。此類資訊本質上包含對未來結果的預測假設與期待，並受此處所列以及我們公開揭露文件中更完整討論之風險與不確定性影響。我們也將提及下方彙總的非 GAAP 指標。

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

接下來我把時間交給 Greg Ebel。

Well, thanks very much, Marlon, and good morning, everyone, and thanks for joining us on the call today. We finished the first half of the year with a solid quarter two, reflecting strong financial performance and setting us up to achieve our 2026 guidance. Utilization remained high across all 4 businesses, including strong Q2 Mainline volumes averaging 3.1 million barrels per day.

非常感謝你，Marlon。各位早安，也謝謝大家今天加入我們的電話會議。我們以穩健的第二季結束上半年，反映出強勁的財務表現，並讓我們有望達成 2026 年的財測指引。四大業務的使用率皆維持在高檔，其中第二季 Mainline 日均運量達 310 萬桶，表現強勁。

Alongside our partners in the Gulf, we began commissioning the Blackcomb pipeline during the quarter and are on track to bring it online by year-end. We also brought the Enbridge Houston oil terminal into service during the quarter. And within Liquids Pipelines, we sanctioned the Wisconsin Line 5 relocation project. In Gas Transmission, we signed an exclusive option agreement, allowing Enbridge to acquire the TTC Connector pipeline along the Gulf Coast, which connects Tres Palacios gas storage to Freeport LNG. In the Permian, we sanctioned the Bay Runner Twin project, which alongside the initial Bayrunner pipeline, will serve Rio Grande's LNG facility along the U.S. Gulf Coast. All said, we are well on track to secure up to $20 billion in new projects in the 2026, '27 timeframe.

本季我們與墨西哥灣的合作夥伴一同啟動 Blackcomb 管線的試運轉，並按計畫在年底前投入營運。我們也在本季讓 Enbridge 休士頓原油碼頭投入服務。此外，在液體管線業務方面，我們核准了威斯康辛州 Line 5 改線專案。在天然氣輸送方面，我們簽署了一份獨家選擇權協議，使 Enbridge 得以收購墨西哥灣沿岸的 TTC Connector 管線，該管線連接 Tres Palacios 天然氣儲存設施與 Freeport LNG。在二疊紀盆地，我們核准了 Bay Runner Twin 專案；該專案將與既有的 Bayrunner 管線共同服務美國墨西哥灣沿岸 Rio Grande 的 LNG 設施。總而言之，我們正穩步推進，目標在 2026、2027 年期間取得最高達 200 億美元的新專案。

Now let's dive right into the quarter's presentation. As we outlined here, it is truly an exciting time to be in the energy industry. There is a widening array of opportunities in front of all 4 core franchises at Enbridge, reflecting possibly the best environment for growth that we've had in recent memory. That is visible in our $50 billion of organic growth capital opportunities through 2030 and the fact that we've already sanctioned approximately $9 billion of capital in 2026.

現在我們直接進入本季簡報內容。如同我們在此所述，現在確實是能源產業令人振奮的時刻。Enbridge 四大核心事業面前的機會版圖正在擴大，反映出可能是我們近年記憶中最佳的成長環境。這點可從我們至 2030 年約 500 億美元的有機成長資本機會，以及我們在 2026 年已核准約 90 億美元資本投入看出。

On the Gas Transmission front, we're hearing from customers in all regions of our footprint, including the US Northeast, Midwest and Southeast, all are looking for additional capacity to support unprecedented power and LNG demand.

在天然氣輸送方面，我們聽到來自營運版圖各區域的客戶需求，包括美國東北部、中西部與東南部，大家都在尋求額外的輸送能力，以支撐前所未有的電力與 LNG 需求。

In Liquids, we're evaluating a suite of optimizations across our systems to enable the wave of growth being discussed in both Canada and the United States. Energy policy is shifting and with the right implementation by governments, we expect real tailwinds across the continent, enabling project FIDs of critical liquids infrastructure investment.

在液體管線方面，我們正在評估一系列系統優化方案，以因應加拿大與美國所討論的成長浪潮。能源政策正在轉變；若政府能妥善落實相關措施，我們預期整個北美將出現實質順風，推動關鍵液體基礎設施投資專案作出最終投資決定（FID）。

At our Utilities, a combination of population growth, power needs, while maintaining affordability are driving very strong rate base growth, particularly in the higher returning US markets we serve.

在公用事業方面，人口成長、電力需求，以及在維持可負擔性的同時，正推動非常強勁的費率基礎（rate base）成長，尤其是在我們所服務、報酬較高的美國市場。

And finally, in our Power business, we're continuing to leverage our core partnerships with hyperscalers like Meta to secure long-term quick-cycle projects.

最後，在電力業務方面，我們持續運用與 Meta 等超大規模雲端業者（hyperscalers）的核心合作關係，以取得長期、快速週期的專案。

Our secured growth backlog has grown consistently these past 2 years, alongside a continuous improvement in project returns. We're leveraging our scale, experience and incumbency to improve build multiples, creating value for our customers and shareholders in ways that differentiate us from peers.

過去兩年來，我們已確保的成長待建案量持續增加，同時專案報酬也不斷改善。我們運用規模、經驗與既有優勢來改善建置倍數（build multiples），以能夠與同業區隔的方式，為客戶與股東創造價值。

Now let's dive into the business units. What is becoming increasingly clear is that the energy industry has re-entered a growth phase, somewhat reminiscent of the 2012 to '15 time period. As producers, confidence improves and the policy environment becomes increasingly supportive of growing production, new infrastructure will be required to support future growth across the continent.

現在讓我們深入各事業單位。愈來愈明顯的是，能源產業已重新進入成長階段，某種程度上讓人想起 2012 到 2015 年的時期。隨著生產商信心提升、政策環境愈發支持擴大產量，將需要新的基礎設施來支撐北美未來的成長。

In the WCSB, Enbridge is uniquely positioned across both the regional Oil Sands system and our Mainline and market access network to help meet that infrastructure demand. Within the Oil Sands region, our network of 30 (inaudible), lateral and Mainline pipelines serves approximately 50% of all Oil Sands production in Alberta. We also have some latent capacity on those assets that can be optimized to support new and existing customers, leveraging our significant infrastructure to move product to both Edmonton and Hardisty hubs.

在 WCSB（西加拿大沉積盆地），Enbridge 在區域油砂系統以及 Mainline 與市場通達網路兩方面都具備獨特優勢，可協助滿足該等基礎設施需求。在油砂地區，我們由 30 條（聽不清）、支線與 Mainline 管線所構成的網路，服務阿爾伯塔省約 50% 的油砂產量。我們在這些資產上也仍有部分閒置運能可供優化，以支援新舊客戶，並運用我們龐大的基礎設施將產品運往 Edmonton 與 Hardisty 樞紐。

On the condensate front, Southern Lights import some 200,000 barrels per day into Canada, and the Norlite system can distribute well over 200,000 barrels per day of diluent further within Alberta for WCSB customers and has additional capacity. We expect those systems to play an increasingly important and expanding role as production grows through the next decade.

在凝析油方面，Southern Lights 每日向加拿大進口約 20 萬桶，而 Norlite 系統可在阿爾伯塔省內為 WCSB 客戶分配遠超過每日 20 萬桶的稀釋劑，且仍有額外容量。我們預期，隨著未來十年產量成長，這些系統將扮演愈來愈重要且持續擴大的角色。

Beyond our regional assets, construction is advancing on Mainline optimization Phase 1 and the Southern Illinois Connector as we advance 180,000 barrels per day of incremental capacity. Notably, these represent the first Canadian liquids US egress expansions to reach FID since 2017. We are also adding reliability and extending the useful life of our super system through our $2 billion Mainline capital investment program that goes right through 2028.

除區域資產外，Mainline 最佳化第一期與 Southern Illinois Connector 的建設正持續推進，將新增每日 18 萬桶的增量運能。值得注意的是，這些專案是自 2017 年以來首批達成 FID 的加拿大液體輸往美國（US egress）擴建案。我們也透過 20 億美元的 Mainline 資本投資計畫（一路延續至 2028 年）提升可靠度並延長我們超級系統的使用年限。

PADD 3 continues to be the premier market for incremental Canadian production. We see this in the recent successful recontracting of the majority of volumes on both Spearhead and Flanagan South, extending those commitments into the 2030s and 40s, respectively.

PADD 3 仍是加拿大增量產量的首要市場。我們從近期成功重新簽約可見一斑：Spearhead 與 Flanagan South 兩條管線的大部分運量已完成續約，承諾期限分別延伸至 2030 年代與 2040 年代。

Recent alignment between producers and governments continues to improve the outlook for future WCSB production growth. As our customers work with governments to finalize and implement fiscal, regulatory and emissions frameworks, which in turn will help frame their long-term development plans, we expect MLO2 and our broader opportunity set to evolve to meet industry needs.

近期生產商與政府之間的協調一致，持續改善 WCSB 未來產量成長的展望。隨著客戶與政府合作完成並落實財政、監管與排放框架，而這些框架也將進一步形塑其長期開發計畫，我們預期 MLO2 以及我們更廣泛的機會組合將隨之演進，以滿足產業需求。

In the near term, we're focused on advancing expansions on Flanagan South and Southern Access extensions as the next phase of sequenced growth across our Mainline and market access system. This quarter, we sanctioned the Line 5 relocation project in Wisconsin. This $1 billion investment supports critical energy infrastructure, serving the Great Lakes region. Construction is well underway with a quick cycle in service date expected in early 2027.

在短期內，我們聚焦推進 Flanagan South 與 Southern Access 延伸的擴建案，作為 Mainline 與市場通達系統分階段成長的下一步。本季我們核准了威斯康辛州 Line 5 改線專案。這項 10 億美元投資支援關鍵能源基礎設施，服務五大湖地區。工程建設進展順利，預期將以快速週期在 2027 年初投入服務。

Today, we are connected to approximately 75% of North America's refining capacity and continue to provide the lowest cost, most reliable market access solutions for our customers. Taken together, our established footprint provides us with the depth of opportunity embedded within our liquids franchise today. Whether production growth requires additional local or long-haul takeaway capacity diluent transportation, storage or gathering, Enbridge is uniquely positioned to customize and provide the infrastructure solutions needed to support the next phase of Oil Sands development.

今日，我們已連接約北美 75% 的煉油產能，並持續為客戶提供成本最低、最可靠的市場進入解決方案。綜合而言，我們既有的佈局使我們能夠把握當前液體業務版圖中蘊含的深度機會。無論產量成長需要額外的在地或長途外運能力、稀釋劑運輸、儲存或集輸，Enbridge 都具備獨特優勢，能量身打造並提供所需的基礎設施解決方案，以支援油砂開發的下一階段。

The same could be said for our Natural Gas business, which we'll take a look at right now. Gas transmission continues to benefit from strong fundamentals across LNG exports, utility demand, industrial development and, of course, growing power generation and data center requirements. This involves brownfield projects all across our footprint, including Valley Crossing, Texas Eastern, the Vector Pipeline and our systems in the US Southeast.

我們的天然氣業務亦是如此，接下來我們就來看看。在 LNG 出口、公用事業需求、工業發展，以及當然還有持續成長的發電與資料中心需求等強勁基本面帶動下，天然氣輸送業務持續受益。這涵蓋我們版圖各地的既有設施擴建（brownfield）專案，包括 Valley Crossing、Texas Eastern、Vector Pipeline，以及我們在美國東南部的系統。

In the US Northeast, we're pleased to announce that our open season on Project Beacon significantly exceeded our initial expectations. We're working with utility, power and data center customers to advance the project to binding commitments while also progressing permitting activities, and we'll share further updates later in the year.

在美國東北部，我們很高興宣布，Project Beacon 的公開招標期（open season）成果大幅超出我們的初始預期。我們正與公用事業、電力與資料中心客戶合作，推動專案進入具約束力的承諾階段，同時也在推進許可申請工作；我們將於今年稍晚分享更多更新。

We signed an exclusive option to acquire TTC Connector, which expands our Gulf Coast presence, connecting Enbridge's Tres Palacios natural gas storage operation to Freeport LNG. The project is fully underpinned by long-term take-or-pay contracts with BP. Our intention is to execute that option upon the facility entering service, which is expected around year-end.

我們簽署了一項獨家選擇權以收購 TTC Connector，擴大我們在墨西哥灣沿岸的布局，將 Enbridge 的 Tres Palacios 天然氣儲存營運連接至 Freeport LNG。該專案完全由與 BP 簽訂的長期「照付不議」（take-or-pay）合約支撐。我們的意圖是在該設施投入營運時行使該選擇權，預計時間約在年底。

Alongside our Whistler joint venture partners, we also sanctioned Bay Runner Twin to serve additional liquefaction capacity for the Rio Grande LNG facility. The Blackcomb pipeline continues to progress well, and we have started commissioning the pipeline as we work towards a full ISD in the second half of the year. And in Canada, we began construction on the $4 billion Sunrise expansion of our BC Pipeline system, providing capacity to serve residential, commercial, power generation and LNG export demand.

此外，與我們的 Whistler 合資夥伴一同，我們也核准了 Bay Runner Twin，以服務 Rio Grande LNG 設施新增的液化產能。Blackcomb 管線專案持續順利推進，我們已開始對管線進行試運轉（commissioning），並朝向今年下半年全面投入服務（full ISD）邁進。在加拿大方面，我們已開始動工建設卑詩省管線系統（BC Pipeline system）40 億美元的 Sunrise 擴建案，提供可服務住宅、商業、發電及 LNG 出口需求的輸送能力。

Now let's move into our utility franchises. Supportive regulatory jurisdictions give us confidence, stable, predictable returns and growth at the utilities, whether it's capital investment writers, revenue decoupling or performance-based rates, all 4 of our utility franchises have a mix of supportive attributes that help provide customers with affordable energy, and at the same time, allows us to quickly realize the return on capital. As we continue to expand our rate base and serve more customers, timely recovery of capital is critical to supporting continued investment in the system. And we believe all 4 jurisdictions in which we operate, provide constructive regulatory mechanisms that support that objective.

接下來談我們的公用事業版圖。有利的監管轄區讓我們對公用事業業務的穩定、可預測報酬與成長充滿信心；無論是資本投資附加條款（riders）、營收脫鉤（revenue decoupling）或績效基礎費率（performance-based rates），我們 4 個公用事業版圖皆具備多項支持性特質，既能協助客戶取得可負擔的能源，同時也讓我們能更快速實現資本報酬。隨著我們持續擴大費率基礎（rate base）並服務更多客戶，及時回收資本對於支撐系統持續投資至關重要。我們相信，我們營運所在的 4 個監管轄區皆提供具建設性的監管機制，以支持上述目標。

We have one active rate case, which is Enbridge Gas Ohio. And earlier this month, we received a staff response from the Public Utilities Commission. The report was a constructive starting point as we're working towards a settlement for new rates expected to take effect in early 2027.

我們目前有一件進行中的費率案件，即 Enbridge Gas Ohio。本月稍早，我們收到公共事業委員會（Public Utilities Commission）工作人員的回覆。該報告提供了具建設性的起點，我們正朝向達成和解以制定新費率邁進，預計新費率將於 2027 年初生效。

And now I'll move on to the Renewables segment. Our Renewable Power business continues to grow through high-quality projects, supported by strong counterparties and long-term contracted cash flows. We are currently constructing over 2 gigawatts of power generation across North America and Europe, including the Sequoia Solar project that is on track to fully enter service by year-end.

接著我將談到再生能源事業部門。我們的再生能源發電業務持續透過高品質專案成長，並由強健的交易對手與長期合約現金流支撐。我們目前正在北美與歐洲建置超過 2 吉瓦的發電容量，其中包括 Sequoia Solar 專案，正按計畫於年底前全面投入服務。

Through our partnership with Meta, which now spans 4 projects, we are on track to construct over 1.4 gigawatts of solar and onshore wind power generation and provide 1.6 gigawatt hours of battery storage. We're continuing to advance over 1.5 gigawatts of additional Safe Harbor opportunities with blue-chip partners.

透過與 Meta 的合作（目前已涵蓋 4 個專案），我們正按計畫建置超過 1.4 吉瓦的太陽能與陸域風電發電容量，並提供 1.6 吉瓦時的電池儲能。我們也持續推進與一流合作夥伴（blue-chip partners）合作的額外超過 1.5 吉瓦 Safe Harbor 機會。

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

接下來，我把時間交給 Pat，請他說明我們年初至今的財務表現。

Thanks, Greg, and good morning, everyone. High utilization across all 4 business units drove another strong quarter despite continued geopolitical tensions and commodity price volatility. Compared to the second quarter of 2025, adjusted EBITDA increased over $130 million.

謝謝你，Greg，各位早安。儘管地緣政治緊張局勢持續、商品價格波動，我們 4 個業務單位的高使用率仍帶動本季再度繳出強勁表現。與 2025 年第二季相比，調整後 EBITDA 增加超過 1.3 億美元。

In Liquids, higher spot volumes on the Seaway pipeline and stronger volumes on our Mainline and Line 9, in addition to various optimization initiatives drove an increase in year-over-year EBITDA. This was partially offset by lower tolls on Line 9.

在液體管線方面，Seaway 管線的即期（spot）輸送量增加，以及我們 Mainline 與 Line 9 的輸送量走強，再加上多項最佳化措施，帶動 EBITDA 年增。但其中一部分被 Line 9 較低的通行費（tolls）所抵銷。

In Gas Transmission, a constructive rate case outcome at East Tennessee and a phased step-up from our previously announced rate settlement in Texas Eastern drove higher EBITDA. Gas Distribution benefited from higher base rates following the recent rate cases for Enbridge Gas Utah and North Carolina. These operating results, along with lower maintenance capital, supported the increase in DCF per share. Earnings per share was slightly down versus prior year due to higher depreciation from assets placed into service and increased interest expense on higher debt principal.

在天然氣輸送方面，East Tennessee 費率案件取得具建設性的結果，以及 Texas Eastern 先前公布的費率和解所帶來的分階段上調，推動 EBITDA 增加。天然氣配氣業務則受益於 Enbridge Gas Utah 與 North Carolina 近期費率案件後較高的基本費率。這些營運成果，加上較低的維護性資本支出，支撐每股 DCF 的提升。由於投入服務資產帶來較高折舊，以及較高債務本金導致利息費用增加，每股盈餘較去年同期略為下降。

Based on our continued momentum and outlook, I'm pleased to reaffirm the 2026 guidance established last December. Our resilient business model continues to deliver strong and predictable results across a wide range of market conditions as demonstrated by our performance amid ongoing macroeconomic uncertainty, commodity price volatility and evolving global trade dynamics. Favorable contracting in our Gas Transmission assets and recent strong performance at our Seaway assets provide tailwinds for 2026, while lower market access contributions in LP and higher US interest rates act as headwinds for the full year.

基於我們持續的動能與展望，我很高興重申去年 12 月所建立的 2026 年指引。我們具韌性的商業模式在各種市場環境下持續交出強勁且可預測的成果；我們在持續的總體經濟不確定性、商品價格波動與不斷演變的全球貿易態勢之中所展現的表現，即為明證。我們天然氣輸送資產的有利簽約情況，以及 Seaway 資產近期的強勁表現，為 2026 年帶來順風；而 LP 較低的市場進入貢獻與較高的美國利率，則對全年形成逆風。

Now moving on to our capital allocation priorities, which remain unchanged. We continue to equity self-fund our growth and our balance sheet remains strong. We exited the second quarter of 2026 at 5.1x debt to EBITDA, primarily due to the quarter-end CAD/US spot rate increasing to $1.42 compared to the average for the quarter of $1.38. Adjusting for this FX impact, debt-to-EBITDA would be within our target range for the quarter.

接著談我們的資本配置優先事項，仍維持不變。我們持續以自有股權資金（equity self-fund）支持成長，資產負債表依然強健。我們在 2026 年第二季末的債務對 EBITDA 倍數為 5.1 倍，主要是因季末加幣/美元即期匯率升至 1.42，相較本季平均 1.38。若調整此匯率影響，該季的債務對 EBITDA 將落在我們的目標區間內。

Growing our dividend remains central to our strategy. Over the past 5 years, we've returned $38 billion to shareholders and expect to return between $40 billion to $45 billion over the next 5 years. Our $41 billion backlog provides a clear runway for growth through the decade, supported by a disciplined focus on low-risk accretive brownfield investments.

股利成長仍是我們策略的核心。過去 5 年，我們已向股東回饋 380 億美元，並預期未來 5 年將回饋 400 億至 450 億美元。我們 410 億美元的在手待建（backlog）為本十年提供清晰的成長跑道，並由對低風險、具增益性的既有設施擴建（brownfield）投資之紀律性聚焦所支撐。

With that, I'll hand it back to Greg to conclude the presentation.

接下來，我把時間交回 Greg，請他做結語。

Thank you, Pat. And as we step back and look across the business today, I believe the Enbridge investment proposition has never been stronger. At its foundation is stability, delivered through low-risk utility-like business model and our diversified asset base. This strength is reinforced by predictable cash flows, a disciplined balance sheet and a proven capital allocation framework.

謝謝你，Pat。當我們退一步審視公司當前整體業務時，我相信 Enbridge 的投資主張從未如此強勁。其基礎在於穩定性，來自低風險、類公用事業的商業模式，以及我們多元化的資產基礎。這項優勢並由可預測的現金流、嚴謹的資產負債表，以及經驗證的資本配置框架進一步強化。

Consistency remains a defining characteristic of our company, demonstrated by 31 consecutive years of dividend increases and a long history of delivering on our commitments to you. Looking forward, the company's growth is supported by our $41 billion secured capital backlog and an even larger growth opportunity set across Liquids, Natural Gas Transmission, Gas Utilities and Renewable Power.

一致性仍是我們公司的關鍵特徵，體現在連續 31 年提高股利，以及長期以來持續履行對各位承諾的紀錄。展望未來，公司成長由我們 410 億美元已確保的資本在手待建（secured capital backlog）所支撐，並且在液體、天然氣輸送、天然氣公用事業與再生能源發電等領域，還有更龐大的成長機會組合。

And perhaps most importantly, we maintain significant optionality. Few companies have the ability to allocate capital across 4 complementary energy infrastructure franchises while leveraging the scale customer relationships and market positions that Enbridge has built over decades. Taken together, those advantages position us to capture growing demand for reliable, affordable and sustainable energy while continuing to generate attractive returns for shareholders and ever-changing market conditions.

或許最重要的是，我們保有顯著的選擇權。很少有公司能像 Enbridge 一樣，能在 4 個互補的能源基礎設施版圖間配置資本，同時運用我們數十年建立的規模、客戶關係與市場地位。綜合而言，這些優勢使我們得以掌握對可靠、可負擔且永續能源日益成長的需求，同時在不斷變化的市場環境下，持續為股東創造具吸引力的報酬。

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

那麼，在此我想感謝各位的聆聽，接下來我們將開放線路回答各位的提問。

(Operator Instructions) Robert Hope, Scotiabank.

(接線員指示) Scotiabank 的 Robert Hope。

Maybe we can dive a little bit into the MLO2. In your prepared remarks, you mentioned that it's evolving into a broader set of opportunities. Can you maybe add some color on kind of what drove this outcome as well as when could we expect to see incremental clarity on the timing as well as the shape of any opportunities there?

也許我們可以稍微深入談一下 MLO2。在您準備好的發言中，您提到它正在演變成更廣泛的一組機會。您能否補充一些背景，說明是什麼驅動了這樣的結果，以及我們何時可以期待在時程與機會樣貌上看到更多增量的清晰度？

Let me hand this to Colin, but maybe just let's recognize, first and foremost, the real possibility that we really are I think what is a generational change for the positive for the WCSB, oil and gas production and enhanced infrastructure. And after a couple of decades, producers, frankly, having their hands tied behind their back by governments. The changes proposed by the Canadian Alberta government to free up production growth are really dramatic.

我先把這題交給 Colin，不過也許先請大家認知到，首先最重要的是，WCSB 的油氣生產與基礎設施強化，確實很可能正迎來我認為是世代性的正向變化。而在過去幾十年裡，坦白說，生產商一直被政府綁手綁腳。加拿大亞伯達省政府所提出、旨在釋放產量成長的變革，確實非常重大。

That said, until producers see all those proposed changes and implemented. So they really are sequencing or resin using what they think their pipeline needs are going to need. So it's really about us customizing solutions for them. But Colin, maybe I'll turn it to you deeper into MLO2.

話雖如此，在生產商看到所有這些提案的變更都落實並完成實施之前，他們確實會按部就班地排序，或重新評估他們認為所需的管線需求。所以這對我們而言，重點在於為他們量身打造解決方案。不過 Colin，也許我把更深入的 MLO2 交給你。

Yes, happy to. And yes, we are quite excited about the coming policy environment. We've been advocating it for years on behalf of industry and Canadians and frankly, all North Americans. And it should be a huge tailwind to the incumbent super system. We've already plumbed into it, which you're familiar with.

好的，很樂意。是的，我們對即將到來的政策環境感到相當振奮。多年來我們一直代表產業與加拿大人，坦白說也代表所有北美人，為此倡議。這應該會成為既有「超級系統」的一大順風。我們已經把系統接入其中，你也很熟悉。

However, producers and governments are still in a nonbinding MOU stage, which is fine. But it will take likely some quarters to flush that out to negotiate it to convert it to implement it into law. And therefore, we don't expect producers to start meaningfully FID production growth yet. And the companion point is -- nor do we expect producers to be making binding FID-able commitments to new pipelines until that.

不過，生產商與政府目前仍處於不具約束力的 MOU 階段，這沒問題。但要把它釐清、談判、轉換並落實到法律中，可能需要幾個季度。因此，我們不預期生產商現在就會開始對產量成長做出具實質意義的 FID（最終投資決定）。同樣地，在那之前——我們也不預期生產商會對新管線做出具有約束力、可用於 FID 的承諾。

Now there's an order of operation, right? Production policy, production pipelines. We've talked about that for many quarters now and that order of operation will be respected it looks like. So our competitive response to that is that we are on MLO2, Rob, to your point specifically, is we're disaggregating and resequencing segments of our MLO2 path and we'll be now focusing on the Chicago South market access segments first. This will effectively move existing egress barrels -- existing agrees, further south to lower PADD II, PADD III refining centers and multiple US Gulf Coast export options.

現在是有先後順序的，對吧？先是產量政策，再是產量與管線。我們已經談了很多個季度，而看起來這個先後順序會被遵循。因此我們的競爭性回應是：就 MLO2 而言，Rob，呼應你剛才的重點，我們正在把 MLO2 路徑的各個區段拆分並重新排序，並將優先聚焦於芝加哥以南的市場通達（market access）區段。這將有效把既有外運量——既有外運——進一步往南導向 PADD II 下游、PADD III 的煉油中心，以及多個美國墨西哥灣沿岸的出口選項。

We'll be expanding the downstream sections. This will still require significant capital, but the scope is simpler and will yield better economics for us here initially. Now the downstream section going before the upstream section, if you like, simply, will create a small imbalance in the system, but we expect this to be temporary until the Mainline portion is optimized or expanded later. But we think this will be manageable for everyone.

我們將擴建下游區段。這仍需要可觀的資本支出，但範疇更簡單，且在初期能為我們帶來更好的經濟性。如果你願意用簡化的說法，下游區段先於上游區段，會在系統中造成一個小幅不平衡，但我們預期這只是暫時的，直到主幹線（Mainline）部分之後被最佳化或擴充。但我們認為這對所有人而言都是可管理的。

And so, we've got lots of options. We have lots of Mainline optimization designs and scopes and numbers as we've talked about. And if there is tightness in 2028 resulting from this slight delay, we'll solve that with either MLO2 or another MLO design and scope for industry.

因此，我們有很多選項。如同我們談過的，我們有許多主幹線最佳化的設計、範疇與數字。如果 2028 年因這個些微延後而出現緊俏，我們會用 MLO2 或另一種 MLO 的設計與範疇來替產業解決。

I think it's actually we have a better customized fit for the producers because as -- and I would say for investors in many respects, too. And I think you'll see that in the coming quarters. And as Colin says, create some with that resequencing or pivoting some of that tightness in the Mainline, then we'll be ready to solve that bottleneck issue for our customers as that comes into focus as well.

我認為這其實更能為生產商提供量身打造的契合度——而且我想在很多方面對投資人也是如此。我想你會在接下來幾個季度看到這點。而如 Colin 所說，透過重新排序或轉向，若主幹線出現一些緊俏，我們也會準備好在瓶頸問題逐漸明朗時，為客戶解決。

All right. Appreciate the color. And then maybe just moving a little bit more north from the Mainline. You did highlight kind of the regional oil sands franchise, which does have a number of pipes going north and out there. If we do see a renewed production growth out of the oil sands, can you remind us just how much latent capacity you do have on the oil sands pipeline network as well as kind of what some optimization or expansion opportunities could come?

好的。感謝補充說明。接著也許把焦點從主幹線往北移一點。你確實提到區域性的油砂資產組合（franchise），那裡有多條管線往北並向外延伸。如果我們確實看到油砂產量再度成長，你能否提醒我們，在油砂管線網路上你們還有多少閒置產能，以及可能有哪些最佳化或擴建的機會？

Yes, sure. I mean, this is -- I appreciate the question. I mean a rising tide should lift all boats. And we've got circa $130 billion of enterprise value already pre-plumbed into this. So we do have some latent capacity in the regional area, as you pointed out, although there will be some bottlenecks in certain parts of that network.

可以，當然。我很感謝這個問題。水漲船高，應該能帶動所有人。而我們大約 1,300 億美元的企業價值已經預先接入這個系統。所以如你所指出，我們在區域網路確實有一些閒置產能，儘管在網路的某些部分會有一些瓶頸。

Consider we have 7 trunk lines that feed for McMurray down to Edmonton and Hardisty. As a reminder, we've got indigenous partners for 11% of that. But -- so there will be some immediate investment opportunities. We're in active conversations with a number of producers on that basis and expect to take some FIDs on some incremental capital in the near term, but there also is some operating leverage in the system or on to your question on point.

想想看，我們有 7 條幹線把麥克默里（Fort McMurray）的供給輸送到愛德蒙頓與哈迪斯蒂（Hardisty）。提醒一下，我們在其中有 11% 的原住民合作夥伴持份。因此會有一些立即的投資機會。我們正基於此與多家生產商積極洽談，並預期在短期內就一些增量資本做出 FID，但系統中也存在一些營運槓桿——回到你問題的重點。

It's a really good point, right, like and don't forget, obviously, Norlite, Southern Lights, the diluent facilities up there too, that see how this all goes up, but that's going to be an opportunity for us interconnected with that.

這點非常好，對吧——而且別忘了，當然還有 Norlite、Southern Lights，以及那邊的稀釋劑（diluent）設施；要看整體如何發展，但這也會成為我們與其互聯所帶來的機會。

Spiro Dounis, Citi.

Citi 的 Spiro Dounis。

I want to start with return on capital here. Greg, you mentioned this being the best environment for growth in over a decade. And that's clearly manifesting itself in the opportunity set moving higher. But curious what that's translating to when we start to think about returns. I guess the last data point we got from '25 is projects that year, we're crossing at a ROCE around 11% I guess we continue to hear customers are now finally sort of recognizing the value of infrastructure in the ground more than before. So curious what you're seeing on your end and if we could expect maybe some upward pressure on that return threshold.

我想先從資本報酬談起。Greg，你提到這是十多年來最好的成長環境。而這顯然也反映在機會集合的上移。但我好奇，當我們開始思考報酬時，這會轉化成什麼樣的結果。我想我們上一次從 2025 年得到的數據點是，當年專案的 ROCE（投入資本報酬率）大約在 11% 左右；而我們也持續聽到客戶現在終於某種程度上比以前更認可既有基礎設施的價值。所以想了解你們這邊看到的情況，以及我們是否可能預期那個報酬門檻有一些上行壓力。

I think it depends on where we are. Obviously, in the Liquids business, we see the best returns on our capital, just given the size of the footprint, if you will, and the ability, as Colin just mentioned, to use some operating leverage there. And then on the gas pipeline side as well. And it's a difference between Canada and United States. But look, on the entire base, we're trying to move it up if we can add 100 basis points on a return on capital employed. And that's the target, and we're making good progress on that. That's incredibly valuable.

我認為這取決於我們所處的領域。顯然在液體（Liquids）業務上，考量到版圖規模以及如 Colin 剛提到的能運用一些營運槓桿，我們看到資本報酬最佳。天然氣管線業務也是如此。而加拿大與美國之間也有所不同。但整體而言，我們正嘗試把整體基礎往上推，如果能把投入資本報酬率提高 100 個基點。這就是目標，而我們在這方面進展良好。那是非常有價值的。

And so it's not just revenue, it's also build multiples. Obviously, that feeds into that, given our size, our ability to buy pipe -- our ability to buy compressors. Our ability even on the distribution side to buy meters given the size. So it's not a one thing. It's on all of those fronts. And I think the nature of most of the projects you see us build are brownfield that help that as well. So yes, 100 basis points on the enterprise value obviously creates some real opportunity.

因此不只是營收，還包括建造倍數。顯然，鑑於我們的規模，這也會反映在其中——我們採購管材的能力——我們採購壓縮機的能力。甚至在配氣端，憑藉規模我們也有能力採購計量表。所以這不是單一因素。而是在所有這些面向上。而且我認為，你們看到我們建造的大多數專案屬於棕地（brownfield），這也有助於提升這些效益。所以是的，企業價值提高100個基點，顯然會帶來一些實質機會。

Look, that's harder to do with the pure regulated elements of it, like the distribution company, but making sure that we actually earn our regulated rate of return in each of those areas. And I know Michelle and her team have done a nice job of moving that up to make sure you fully get that. That may in investors' minds be, well, of course, you're going to do that, but that actually just doesn't fall out. So all of those pieces and given the size of the base, that 100 basis point move extremely valuable to us.

你看，對於其中純粹受監管的部分，例如配氣公司，這就比較難做到；但重點是要確保我們在各個領域都確實賺取到受監管的報酬率。我知道Michelle和她的團隊在推動提升這方面做得很好，確保你能完整取得該報酬。在投資人心中可能會覺得，嗯，當然你們會做到，但其實這並不會自然而然就發生。因此，所有這些組成部分，再加上基礎規模很大，那100個基點的提升對我們而言極具價值。

Got it. It's great to hear. Second question quickly, maybe just on the Project Beacon. As you noted, received significantly more interest than you all expected. And I realize maybe there's more updates to come. But just curious, can you talk about your ability to maybe expand the scope or maybe even potentially sort of develop a second phase of the project to accommodate all that demand?

了解。很高興聽到。第二個問題很快問一下，可能是關於Beacon專案。如你所提到的，收到的興趣明顯超出你們原先預期。我也理解也許後續還會有更多更新。但我想請教，你們是否能談談是否有能力擴大範圍，或甚至可能開發第二期，以滿足這麼多需求？

Matthew is here. So I'll turn that to Matthew.

Matthew在這裡。所以我把這題交給Matthew。

This is really a great example of how we're seeing, as Greg talked about, gas demand across all of our footprint in Gas Transmission right now for all kinds of requirements. I mean, some of that is obviously power and data centers, and some of it is just catch up in terms of being behind and building infrastructure. And I think Beacon and New England is probably the best example of that, where everyone knows we've needed more gas pipeline capacity into there for quite a while.

這其實是個很好的例子，說明正如Greg提到的，我們目前在天然氣輸送（Gas Transmission）整個版圖上，正看到各式各樣需求帶動的天然氣需求成長。其中一部分顯然來自發電與資料中心，另一部分則是因為過去落後、現在需要補建基礎設施。我認為Beacon以及新英格蘭大概就是最好的例子；大家都知道，我們很久以來就需要更多通往那裡的天然氣管線輸送能力。

We are right now working on Algonquin enhancement there, which is a $70,000 a day project based on the interest we got for Beacon, which would be another phase, as you alluded to, we would expect that to be multiple times of that size that we're currently working on, actually, in a phase. You talked about different phases. There's a real recognition we found in the response to the open season of the need for that capacity for affordability and reliability to reduce emissions from oil burning, power, as well and energy costs generally.

我們目前正在推動當地的Algonquin增強案；根據我們為Beacon收到的意向，這是一個每天7萬美元的專案，這將會是另一個階段——正如你所暗示的——我們預期其規模會是我們目前正在推進的這個階段的數倍。你提到不同階段。我們在公開招標（open season）的回應中，確實看到各方對這些輸送能力的需求有高度共識：為了可負擔性與可靠性、為了減少燃油發電的排放，以及整體能源成本。

We've got studies that suggest, depending on how big this project is, it could save over $1 billion for utility customers a year in New England. So it's very, very compelling. And we're really pleased that our customers and all the stakeholders there recognizing the importance of it. So it's something we're definitely going to pursue commercially here as the need is very strong.

我們有研究顯示，視這個專案規模而定，它每年可為新英格蘭的公用事業用戶節省超過10億美元。所以吸引力非常、非常強。我們也很高興看到我們的客戶以及當地所有利害關係人都認同其重要性。因此，基於需求非常強勁，這是我們一定會在商業面持續推進的事項。

Of course, there's a lot of hurdles to pass. And as you all know, permitting is the number 1 thing there. So we'll obviously maintain our discipline as we pursue this and ensure that the permitting risk is very manageable. But we see this as a very promising project, one of many across our entire systems here going forward.

當然，還有很多關卡要過。而且如各位所知，許可（permitting）是那裡的第一要務。因此我們在推進時會維持一貫的紀律，並確保許可風險是非常可控的。但我們認為這是一個非常有前景的專案，也是未來我們整個系統中眾多專案之一。

Spiro, I think the other -- I think, Matthew outlined it well, but his last point is that -- to your first question as well, us having good regulatory excellence in the way we do these things and making sure we're not taking on (inaudible) risk and quickly get through regulatory hearings and filings. That also goes to improving our returns too, right? The quicker we can get from contracts to regulatory to actually getting that cash to work is critical. And we're seeing that right across our entire businesses. But this project, that will be very important for us.

Spiro，我想另外——我認為Matthew已經說得很清楚，但他最後一點是——也回到你第一個問題：我們在做這些事情時具備良好的監管執行力（regulatory excellence），並確保我們不承擔（聽不清）風險，且能快速通過監管聽證與申報程序。這也會提升我們的報酬率，對吧？我們能越快從簽約、到監管程序、到真正讓資金投入運作並產生現金流，這點至關重要。而我們在整個業務版圖上都看到這樣的趨勢。但就這個專案而言，這對我們會非常重要。

Manav Gupta, UBS.

UBS的Manav Gupta。

I wanted to go back a little. And 2 or 3 years ago, you guys were barely present in the Permian gas. Now you're kind of one of those people who is leading the charge, 2 big pipes coming on and then other opportunities which we are seeing this twin for the Bay runner. Can you talk about your Permian gas strategy and what's going in the basin and all the ways Enbridge can benefit from it?

我想稍微回到前面。兩三年前，你們在二疊紀（Permian）的天然氣業務幾乎沒有什麼存在感。現在你們某種程度上成了領頭羊之一，兩條大型管線即將投產，還有其他機會——我們也看到Bay runner的這個「雙生」專案。你能談談你們在二疊紀天然氣的策略、盆地裡正在發生什麼，以及Enbridge可以透過哪些方式受益嗎？

Sure. Go to Matthew. Yes, you're right. Well, first of all, thanks for the compliment. I think the teams successively in Gas Transmission have made a real move there through Whitewater, which I think you're talking about. But I'm sure Matthew want to touch on the LNG and storage strategy there because all of that is very much tied back into the Permian.

當然。交給Matthew。是的，你說得沒錯。首先，謝謝你的稱讚。我認為天然氣輸送團隊透過Whitewater（我想你指的是這個）在那裡確實做出了很大的推進。不過我相信Matthew也想談談那裡的LNG與儲存策略，因為這些都與二疊紀高度連動。

It's something that we've looked at strategically and advanced very intentionally in the last few years. Obviously, our position in the white-water assets and now the sanctioning of this second phase at Bay runner, which is great. There's a lot more to do there just in those assets in terms of expansion. And it's not just in the main pipelines, but there's also potential storage expansion, for example, in that footprint.

這是我們在過去幾年以策略角度審視，並且非常有意識地推進的事情。顯然，我們在Whitewater資產中的布局，以及現在對Bay runner第二期的核准投資（sanctioning），都很棒。就這些資產而言，還有很多可以做的擴建工作。而且不只是主幹管線，舉例來說，在該版圖內也有儲存擴建的潛力。

And then downstream as well, and that's probably the next big opportunity is just when that gas hits kind of the Corpus or mainly the Houston market. Where does it go from there? And we have the ability to move that gas around with our Texas Eastern footprint and then through the Gulf Coast area, and that gas is going to want to continue to move further east for various purposes, industrial. And as Greg mentioned, LNG. And so we're pursuing a whole bunch of stuff on that front.

此外還有下游端，而那大概是下一個重大機會：當這些天然氣抵達Corpus或主要是休士頓市場後，接下來要去哪裡？從那裡開始會怎麼走？我們有能力透過Texas Eastern的版圖在德州境內調度這些天然氣，並穿越墨西哥灣沿岸地區；而這些天然氣會因各種用途（例如工業）而希望持續往更東邊移動。以及如Greg提到的，LNG。因此我們在這方面正推進一大堆工作。

And then finally, on the storage front. We've talked about our storage expansion. And last quarter, we announced the expansion of Tres Palacios receives a lot of that gas. We've got about almost 50 Bcf a day of expansion across our own wholly owned Gulf Coast storage facilities. So lots of opportunity there, and we recognize I appreciate you raising that.

最後是儲存方面。我們談過儲存擴建。上個季度我們宣布擴建Tres Palacios，它會接收大量這些天然氣。在我們自有、全資持有的墨西哥灣沿岸儲存設施中，我們合計大約有接近50 Bcf/日的擴建規模。所以機會很多，也謝謝你提出這點。

Manav, the other -- yes, it's a great question. You will not be surprised that this is a replication strategy that Matthew and before him, Cynthia and Allen here, who's running the Power business now have built for a long time. But it's a replication of Colin and his team's strategy as we built up from the water in Ingleside then back in on the oil side for Gray Oak and those pipes and continue to look at those opportunities. So this has worked well. This is how you build super system. This is what a good super system looks like. and we're going to keep doing it both on the oil and gas side. So I think the coming quarters will have some exciting elements to that on both fronts.

Manav，另外——是的，這是個很好的問題。你不會意外，這其實是一個複製策略（replication strategy），Matthew以及在他之前的Cynthia和Allen——Allen現在負責電力業務——長期以來一直在建立這套做法。但這也是複製Colin和他團隊的策略：我們從Ingleside的水路端建立起來，然後在原油端回切，做了Gray Oak以及那些管線，並持續尋找這些機會。所以這套方法運作得很好。這就是你如何打造「超級系統」（super system）。這就是一個好的超級系統應該長什麼樣子，而我們會在原油與天然氣兩端都持續這麼做。因此我認為接下來幾個季度，兩個面向都會有一些令人振奮的內容。

Perfect. My quick follow-up here is because so many good things are going on in the company. Sometimes the one part of the portfolio, which doesn't get enough credit, in our opinion, is your renewables portfolio. I don't think there are that many companies out there that have 1.4 gigawatt partnership with Meta. And then I think the tax credit is gives you. So can you talk a little bit more about your renewables portfolio and all the good things that are happening over there?

太好了。我這裡快速追問一下，是因為公司正在發生很多好事。有時候，我們認為投資組合中有一個部分沒有得到足夠的肯定，那就是你們的再生能源投資組合。我想市面上沒有那麼多公司能與 Meta 建立 1.4 吉瓦的合作夥伴關係。然後我想稅收抵免也為你們帶來助益。所以你能否再多談一點你們的再生能源投資組合，以及那邊正在發生的所有好事？

Yes. I think -- absolutely. And I think since Enbridge Day just about 14 months, 15 months ago, we've actually FID-ed $3.5 billion, $3.4 billion worth of renewables. But I know, Allen, you got lots of other plans too.

是的。我想——完全同意。而且我想，自從大約 14 個月、15 個月前的 Enbridge 投資人日以來，我們實際上已對價值 35 億美元、34 億美元的再生能源專案做出最終投資決定（FID）。不過我知道，Allen，你也還有很多其他計畫。

A lot of credit to goes to Matthew, who really built this business off. Right now, we've got, as you can see from the slide, over 1.5 gigs just under construction. And a lot of that is with Meta, as you mentioned, also AT&T, Toyota and others. So real blue-chip customers that we're really getting. And I think you can attribute that to the Enbridge brand, our size and scale at the end of the day.

很大一部分功勞要歸於 Matthew，他確實把這個業務建立起來。目前，如你從投影片所見，我們有超過 1.5 吉瓦的項目正在建設中。其中很大一部分如你所提到的是與 Meta 合作，另外還有 AT&T、豐田等。所以我們拿到的都是非常優質的藍籌客戶。我認為這可歸因於 Enbridge 的品牌，以及我們最終的規模與量體。

Also on the Safe Harbor side, we got about another, call it, 1.5 gigs of opportunity there, which gives us a lot of time as I think this tax credit thing gets sorted out. I do believe that -- and I've talked to a lot of others in the industry that have the same opinion that even once you move past the Safe Harbor opportunities, the Safe Harbor tax opportunities that there are ways to make these projects economic without the tax credits even in a tariff environment because, frankly, they're needed. In order to meet the electricity demand that we have out there that you're going to need renewables to supplement what's probably going to be mostly natural gas that's really going to end up doing most of the supplying a lot of that demand, but renewables are going to play a big part as well. And that's why we're so excited about this business and why it's a part of the portfolio.

另外在 Safe Harbor 方面，我們還有大約再 1.5 吉瓦的機會，這也讓我們在我認為稅收抵免這件事逐步釐清的過程中有更充裕的時間。我確實相信——而且我也和產業內許多同業談過，他們也有相同看法——即便未來走過 Safe Harbor 的機會、也就是 Safe Harbor 的稅務優惠，這些專案仍有方法在沒有稅收抵免、甚至在有關稅的環境下做到具經濟性，因為坦白說，它們是必需的。為了滿足外部的用電需求，你將需要再生能源來補充供應；而供應這些需求的大部分最終很可能仍會是天然氣，但再生能源也將扮演很重要的角色。這也是我們對這項業務如此興奮、並把它納入投資組合的原因。

Again, it also speaks to that all of above strategy. So I appreciate your comments on the renewables. But let's not forget, this company Enbridge since, again, Investor Day, we are either constructing or have sanctioned 10.5 gigawatts of power infrastructure. And what I mean by that is you got the renewable piece that we just talked about. But let's not get at the Utility. We're building the T15 line, which supports about 2.5 gigawatts of power in North Carolina.

同樣地，這也呼應了我們「全方位（all of the above）」的策略。所以我很感謝你對再生能源的評論。但也別忘了，這家公司 Enbridge 自從——同樣是自投資人日以來——我們正在建設或已核准（sanctioned）的電力基礎設施合計達 10.5 吉瓦。我的意思是，你有我們剛談到的再生能源部分。但也別忽略公用事業（Utility）。我們正在建設 T15 線路，支援北卡羅來納州約 2.5 吉瓦的電力。

The Sesh project we announced AGT First Rob, Tennessee Ridge line, which will come in at the end of the year. Line 31 in Louisiana Vector, which we own 60% of those projects all told those all account for 10.5 gigawatts largely supporting power. So it's all of the above.

我們宣布的 Sesh 專案、AGT First Rob、Tennessee Ridge 線路（將在年底投運）。還有路易斯安那的 Line 31、Vector——我們持有其中 60%——這些專案合計都納入 10.5 吉瓦，主要是支援電力。所以這就是「全方位」。

People are less interested in what color your electrons on are your molecules. They need it. from an affordability perspective from an industrial growth perspective and I think we're delivering on that with more to come.

人們對你的電子是什麼顏色、或你的分子是什麼顏色，興趣沒那麼大。他們需要它——從可負擔性的角度、從產業成長的角度——而我認為我們正在交付這些，未來還會有更多。

Maurice Choy, RBC Capital Markets.

Maurice Choy，RBC 資本市場。

Just wanted to come back to MLO2. It sounds like the upstream project has been postpone for the time being. And I wonder if you could just dive a little bit deeper as to what has changed in recent months, whether there be a cost or customer demand thing or other elements?

我想回到 MLO2。聽起來上游專案目前暫時延後了。我想請你再深入一點說明，近幾個月有哪些變化——是成本、客戶需求，或其他因素？

I don't think it's either one of those, but I think about -- as I said, I mean, I think about this as the geopolitics of volatility and the psychology of sanctioning projects, right? So just think of the last 6 months, we've seen WTI go from $63 to $113 back to $69 then to $92. And in the last 30 days, it's gone from below $70 to above $90, back below $80, and now I think I've checked this morning, but a little over $80. So on the street (inaudible) moves has gone from being open to close to maybe it's open to maybe 20% or 80% open.

我不認為是這兩者之一，但我會把它理解為——如我所說——地緣政治的波動性，以及核准專案時的心理因素，對吧？想想過去 6 個月，我們看到 WTI 從 63 美元到 113 美元，再回到 69 美元，然後到 92 美元。而在過去 30 天，它從低於 70 美元到高於 90 美元，再回到低於 80 美元；我今天早上看了一下，現在大概略高於 80 美元。所以在市場上，（聽不清）這種波動，從「開放到收盤」變成「也許開放」到「也許只開放 20% 或 80%」。

And then you've seen governments made pretty dramatic moves in terms of their policy stance, et cetera, and then throw in a little Venezuela there. So I think you can see there's a fair bit of a challenging backdrop for producers, refiners, exporters and pipelines to fully commit to large-scale projects. But let's make no mistake that is coming because the needs are there tightest.

然後你也看到各國政府在政策立場等方面做出相當戲劇性的動作，再加上一點委內瑞拉因素。所以我想你可以看到，對生產商、煉油商、出口商與管線業者而言，要完全承諾大型專案，背景確實相當具挑戰性。但毫無疑問，這終究會到來，因為需求就在那裡，而且是最緊迫的。

Look at the refineries. Refineries in North America are running at the high 90s. All this says they need more capacity. They're going to need more pipeline capacity and then of course North American export. It's just until we get through that volatility piece, people are going to be focused on give me customized solutions that I can utilize, and I'll deal with the bigger solutions as we go forward. So Colin, you might want to add to that.

看看煉油廠。北美的煉油廠開工率在 90% 高段。這一切都在說明他們需要更多產能。他們會需要更多管線運輸能力，當然也包括北美的出口。只是，在我們度過這段波動期之前，人們會更專注於「給我我能用的客製化解決方案」，而更大型的解決方案則會在往後再處理。所以 Colin，你可能也想補充一下。

I think what's changed -- I think just the pace of policy implementation has taken a little longer. It's all positive. And like we said, we've been advocating for it, but it just does take a little time to get fleshed out to put in a paper and producers are behaving with discipline, which I respect. I think they'll get there. We were just a little too quick off the line here, but we've started those conversations and there's a lot of support for Mainline egress.

我認為改變的是——我想只是政策落地的節奏比預期慢了一些。但整體都是正面的。而且如我們所說，我們一直在倡議推動，但確實需要一些時間把細節完善、形成文件，而生產商也以紀律行事，我很尊重。我想他們會走到那一步。我們只是起跑時稍微快了一點，但我們已經開始這些對話，而且對 Mainline 外運（egress）有很多支持。

I think you're going to see more opportunities attached to this and think about the Gulf Coast, too. And the great thing is, what are the 2 best places to be in North America when you've got this environment, it's the Permian and the Western Canadian sedimentary basin, and where is Enbridge oil business? Right there, serving PADD II and PADD III and 75% of the refining capacity in North America. So yes, this -- I don't think it's so much of a change. It's just getting as comments gun to go out for the race and getting to the finish line.

我認為你會看到更多與此相關的機會，也要想想墨西哥灣沿岸。而最棒的是，在這種環境下，北美最好的兩個地方是哪裡？是二疊紀盆地（Permian）和西加拿大沉積盆地（Western Canadian Sedimentary Basin）；而 Enbridge 的石油業務在哪裡？就在那裡，服務 PADD II 和 PADD III，以及北美 75% 的煉油產能。所以是的——我不覺得這算是什麼改變。只是把大家的評論當作起跑槍，然後跑到終點線。

Understood. That makes sense. If I could just finish off with a question on the balance sheet. Pat, I think you mentioned that the debt to EBITDA, it's a little bit over 5x, but after you adjust for FX, it will be within your target range. If I look at one of your slides in your pack, where the $41 billion of secured capital program, I'm guessing about 40% of that is coming into service in 2027 with CapEx being spent today in the coming quarters. So I wonder if you could just give us a little bit of a trajectory as to how you think that the EBITDA metric will progress through the end of 2027.

了解。這很合理。如果我可以最後問一個關於資產負債表的問題。Pat，我想你提到淨負債對 EBITDA 倍數略高於 5 倍，但在調整匯率（FX）影響後，會落在你們的目標區間內。如果我看你們簡報中的其中一張投影片，410 億美元的已確定資本計畫（secured capital program），我猜大約 40% 會在 2027 年投運，而資本支出（CapEx）則會在今天到接下來幾季陸續投入。所以我想請你們給我們一點路徑指引：你們認為 EBITDA 這個指標到 2027 年底會如何演進？

So I think we're pretty comfortable with our leverage levels, as you noted, a 5.1 for the at the end of the quarter. But if you adjust for FX within that $4.5 to $5 million and you're right in that we'll have actually a fair decent number of projects coming into service near the end of this year and then a big chunk of them kind of call it the back half of next year. And so I think we'll stay near the top of that range during that period of time, but we're comfortable that with the levers we've got, whether that be just cash flow we're generating, whether that be we've got some hybrid capacity potential asset sales monetization, things like that that we should go to manage well within that range. So we're excited to continue to build out this portfolio.

所以我認為我們對目前的槓桿水準相當放心；如你所提到的，季末約為 5.1。但如果你把那 450 萬到 500 萬美元區間內的匯率（FX）因素調整掉，而且你說得沒錯，我們確實會有相當可觀數量的專案在今年接近年底投入營運，然後其中很大一部分會在明年下半年投入。因此我認為在那段期間我們會維持在該區間的上緣附近，但我們也很有信心，憑藉我們手上的各種槓桿——不論是我們正在產生的現金流，或是我們具備一些混合型融資能力、潛在資產出售變現等——我們都能把槓桿良好地控制在該區間內。所以我們很期待持續擴建這個投資組合。

The other thing I'd say, you mentioned about that portfolio we've talked a lot about is that it's right down our fairway from a risk-reward perspective and right in our core business, which is fantastic. So we feel really comfortable with the leverage that we've got and the tools we have to manage that as we go.

另外我想說的是，你提到的那個我們談了很多的投資組合，從風險報酬的角度來看正好落在我們的主戰場，也完全符合我們的核心業務，這非常棒。因此我們對目前的槓桿水準，以及我們在推進過程中用來管理槓桿的工具，都感到非常安心。

As those assets come into service in the back half of 2017, presumably on a run rate basis, you're probably in the lower to mid part of that 4.5 to 5x range?

當這些資產在 2017 年下半年投入營運後，推測以年化運行（run rate）基礎來看，你們的槓桿大概會落在 4.5 到 5 倍區間的較低到中段？

I mean, I guess that partly will be determined by what other opportunities we secure in that window. If we start securing larger projects over the next little while, there probably won't be a lot of capital but there could be some capital in the back part of '27. So I'm not sure we'll be in the lower part, but it should naturally come down as cash flows come on.

我的意思是，我想這部分會取決於我們在那段期間還能拿下哪些其他機會。如果我們在接下來一段時間開始取得更大型的專案，可能不會需要太多資本，但在 27 年後段可能仍會有一些資本支出。所以我不確定我們會落在較低端，但隨著現金流開始進來，槓桿自然會往下。

But that will be a bit determined by the amount of capital that we see. And the truth is we're seeing a lot of opportunities. So we'll see how those evolve over the next little while, but we're really comfortable that we can maintain that as we go forward.

但這也會在某種程度上取決於我們看到的資本需求規模。而事實是，我們正看到很多機會。所以我們會觀察這些機會在接下來一段時間如何發展，但我們非常有信心能在往前推進的同時維持那個水準。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just wanted to drill in a little bit, if we could. The $20 billion project sanctioning target for '26, '27, already $9 billion in the bank, so a good portion there. But just was wondering specific number there putting out this quarter. I just wondered if you might be able to dive in a little bit more on specifically the types of projects, the areas. Is this largely natgas logistics to service power? Or are there other elements to this $20 billion target we should think about?

我想再深入追問一下，如果可以的話。你們在 26、27 年的 200 億美元專案核准（sanctioning）目標，目前已經有 90 億美元在手，所以已完成相當一部分。但我想問的是，本季提出的具體數字是什麼。也想請你們再多談一點，具體而言是哪些類型的專案、哪些領域。這主要是為電力服務的天然氣物流（natgas logistics）嗎？還是這 200 億美元目標中還有其他我們應該考量的要素？

Well, it's a good question. And maybe the one slide, I think that's in there is a good one to look at for investors, that number 4 slide, which, as you say, we've sanctioned $9 billion year-to-date, which is a great start to our kind of up to $20 billion through '27. But if you could look at that other chart, I would expect you're going to start to see more on the gas transmission side. and obviously, the liquid side, a good jump on renewables and gas distribution, maybe those a little bit ahead, but some of the projects on the gas side takes a little bit longer.

嗯，這是個好問題。也許投資人可以看一下那張投影片，我記得在資料裡有，第四張投影片；如你所說，我們今年迄今已核准 90 億美元，這對我們到 27 年累計最高 200 億美元的目標來說，是個很好的開始。但如果你看另一張圖表，我預期你會開始看到更多來自天然氣輸送（gas transmission）端的內容；當然液體管線（liquids）端也會有，而再生能源與天然氣配氣（gas distribution）也會有不錯的增幅，可能那些會稍微領先一些，但天然氣端有些專案需要更長時間。

And yes, as Matthew talked about, like Beacon is going to serve, yes, customers up there, but important for power producers up there. He may have mentioned, but I think we've said to folks, even the Governor of Massachusetts has suggested independent power producers sign up for projects like Enbridges. So -- and then in the Southeast, you'll see opportunities down there. As you know, a lot of growth in that neck of the woods tied to power, but also just industrial growth and data centers.

而且是的，正如 Matthew 提到的，像 Beacon 這類專案會服務那邊的客戶，但對當地的發電業者也很重要。他可能有提到，但我想我們也跟大家說過，甚至麻薩諸塞州州長都曾建議獨立電力生產商（IPP）去簽約參與像 Enbridge 這樣的專案。所以——另外在美國東南部，你也會看到那邊的機會。如你所知，那一帶的成長很多與電力相關，但也與工業成長與資料中心有關。

So it's right across the whole board. And then -- but I would expect to see a significant portion of the go-forward coming on the gas side to serve not just power, not just LNG not just storage but also industrial onshoring. So it's all of the above opportunity for gas. I don't know, Matthew, do you want to add to that?

所以機會遍及整個版圖。而且——我預期未來相當大一部分的增量會來自天然氣端，不僅是服務電力、不僅是 LNG、不僅是儲存，也包括工業回流（onshoring）。所以天然氣的機會是「以上皆是」。我不知道，Matthew，你要補充嗎？

It is a very exciting time for the Gas Transmission business. And I mean, as you know, I mean, Enbridge, we don't announce projects until they're fully baked, but there's a lot of activity going on across our entire footprint.

對天然氣輸送業務來說，這是一個非常令人振奮的時刻。而且如你所知，Enbridge 不會在專案完全成熟之前就對外宣布，但我們在整個營運版圖上都有很多活動正在進行。

And it isn't -- some of it is power, but not necessarily data center power. A lot of it is within utility footprints. And those are -- some of our favorite customers is the big, regulated utilities. I mean, when you look at what's happening across our footprint, Greg did mention the Southeast, and you look at what's happening in Florida, for example, and we've got big interest in 2 out of 3 pipes there. We talked about the Northeast, Texas Eastern across the entire Gulf Coast. So we do see it across all pieces.

而且這些並不——其中一部分是電力，但不一定是資料中心用電。很多是在公用事業（utility）的服務範圍內。而我們最喜歡的一些客戶就是大型、受監管的公用事業公司。你看我們版圖內正在發生的事情，Greg 確實提到東南部；以佛羅里達為例，我們在那裡 3 條管線中的 2 條擁有很大的權益。我們也談到東北部，還有 Texas Eastern 橫跨整個墨西哥灣沿岸。所以我們確實在各個區塊都看得到。

We do expect to punch above our weight in gas transmission. Some of that could be chunky, of course, because some of the projects, as Greg said, it will depend on the customer timing, but very active conversations going on, and we're optimistic that we're going to be contributing more than our fair share over the next 6 to 12 months in Gas Transmission. So great outlook there.

我們確實預期在天然氣輸送方面會「超出我們的量級」表現。當然其中一些可能會很大筆，因為如 Greg 所說，有些專案取決於客戶的時程，但目前有非常活躍的洽談在進行，我們也樂觀認為，未來 6 到 12 個月在天然氣輸送方面，我們的貢獻會超過我們應得的份額。所以那邊的展望很好。

And Michele, I don't want to -- sometimes I think we forget the distribution company and just how much its rate base is growing, serving all those, but do you want to speak to that particularly in the US.

另外 Michele，我不想——有時我覺得我們會忘了配氣公司，以及它的費率基礎（rate base）成長得有多快、在服務所有那些客戶；你要不要特別談談美國那邊？

Sure. I mean, we're very happy with the US utilities and have been very pleased with the growth that we're seeing out of them. In fact, we're forecasting well above 8% rate base growth in the utilities, and that's ranging anywhere from 5% plus, but in Ohio, where we really saw is more of just a stability kind of market, now we're seeing a lot of growth tied to data centers and things like that, all the way up to 19% in North Carolina. We've talked about a few of the big projects like our (inaudible) Energy Center, T15 project to serve Duke and coal to gas conversions.

當然。我的意思是，我們對美國公用事業業務非常滿意，也一直很高興看到它們的成長。事實上，我們預估公用事業的費率基礎成長率會遠高於 8%；範圍從 5% 以上不等，但在俄亥俄州——我們原本認為那更像是一個偏穩定的市場——現在看到很多與資料中心等相關的成長，一直到北卡羅來納州達到 19%。我們也談過幾個大型專案，例如我們的（聽不清）Energy Center、T15 專案，用來服務 Duke，以及燃煤轉燃氣（coal to gas）轉換。

But just like Greg alluded to, we're seeing industrial reshoring, manufacturing growth, residential growth has remained strong across the board. And I can't pass over Utah as well where we see about 8% rate base growth. And that's where we've already connected to several data centers.

但就像 Greg 提到的，我們看到工業回流、製造業成長，而住宅成長在各地也持續強勁。另外我也不能略過猶他州，我們在那裡看到約 8% 的費率基礎成長。而那也是我們已經連接了數個資料中心的地方。

So as you can see, Jeremy, right across and definitely gets a big focus, and we've already talked about Liquids and Renewables.

所以如你所見，Jeremy，這是全面性的，而且確實是我們的重點之一；我們也已經談過液體管線與再生能源。

Got it. Very helpful. And then just a smaller detailed question for myself. I wondering as it relates to Blackcomb when you say it's commissioning now, does that mean it's like flowing a 1/4 of the gas and it will be full by year-end? Or how should we think about that ramp?

了解。非常有幫助。接著我有一個比較小的細節問題。關於 Blackcomb，你們說現在正在試運轉（commissioning），這是指目前大概只輸送了四分之一的天然氣，然後到年底會滿載嗎？或者我們應該如何理解它的爬坡（ramp）進度？

I think that's probably fair. We can get back to you on the details on that, Jeremy. But yes, it's just ramping up now through year-end.

我認為那大概算是合理。Jeremy，細節部分我們可以再回覆你。但沒錯，現在正一路爬坡到年底。

As you know, as we introduce gas, you want to make sure things are running, right, compression rate. It's just the general ramp up. You'll be at full tilt, I think, by end of the year, Matthew.

如你所知，當我們導入天然氣時，你會希望確保各項運轉正常，對吧，例如壓縮率。這就是一般性的爬坡。Matthew，我想到了年底你就會全速運轉。

As we know, there's plenty of guests to move out of the Permian and that we saw that coming, and that's going to continue to be the case here. So yes, I would argue, the second of these things are fully turned on, they're full. And so really what it's going to speak to, to ask us that question as we get to the end of the year, how full it is, and I think the response will be full and hence, here's what else we got going on.

如我們所知，有大量的天然氣要從二疊紀盆地外運，我們也早就預見到，而且這種情況會持續。所以是的，我會主張，一旦這些項目第二階段完全啟用，就會滿載。因此，真正要回答你這個問題的是：到年底時它有多滿；我想答案會是滿載，然後接著就是「因此，我們還有其他什麼在進行中」。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC 資本市場。

I just wanted to go back to the WCSB and the Liquids outlook, understanding that there's still (inaudible) on the policy side. But it doesn't feel like we're going to get to a place that will promote production growth. So in that context, we're likely going to need additional condensate. So I was wondering if you could speak to the outlook for your condensate tools there and specifically Southern Lights. What type of ability you have to expand capacity there, both with and without looping?

我想回到 WCSB 與液體（Liquids）展望這個話題，理解政策面仍有一些（聽不清）。但感覺我們不太可能走到能夠促進產量成長的狀態。所以在這樣的背景下，我們很可能需要額外的凝析油。因此我想請你談談你們那邊凝析油工具的展望，特別是 Southern Lights。你們在那裡擴充容量的能力如何，包含有無加建複線（looping）的情況？

Robert, great call out. And indeed, as the basin grows by 1.5 million, 3 million, 4 million barrels a day, which is the ambition. It's quite a game changer here. So diluent will be needed to enable that. You're acutely on it.

Robert，你點得很好。而且確實，當這個盆地以每日 150 萬、300 萬、400 萬桶的幅度成長——這是其企圖心——這會是相當大的局勢改變。因此需要稀釋劑來支撐那樣的成長。你抓得非常準。

And the good news is Enbridge has a full value chain to import condensate on Southern Lights and Norlite, and there is meaningful headroom on both those assets prior to looping, right? So we'll commercialize those and even look at other solutions to come in behind that in a batting order kind of context. So we've got a full strategic playbook for that as well, and we're a leader in that space.

好消息是，Enbridge 擁有完整價值鏈，可透過 Southern Lights 與 Norlite 進口凝析油，而且在加建複線之前，這兩項資產都有相當可觀的餘裕（headroom），對吧？所以我們會把這些商業化，並且在此之後也會以「打擊順序」那樣的脈絡，評估其他後續解決方案。因此我們在這方面也有完整的策略作戰手冊，而且我們是這個領域的領導者。

Okay. And then maybe a question for Michele here related to Ohio. Obviously, there was a very, very good support from the staff on your rate case, but I can't hope but notice there was also some legislation table suggesting a utility rate freeze for a year. So maybe you could walk through that in your regulatory strategy in Ohio to address that. Just seems a little bit reminiscent of Enbridge Gas New broke.

好的。接著也許有個給 Michele、與俄亥俄州相關的問題。顯然，工作人員對你們的費率案（rate case）給了非常、非常好的支持，但我也注意到同時有一項被提出的法案，建議公用事業費率凍漲一年。所以也許你可以說明一下，你們在俄亥俄州的監管策略將如何因應。這看起來有點讓人想起 Enbridge Gas New 的那次事件。

Yes, you bet. So first of all, you're right, that we received the staff report at the beginning of July, and we're very pleased with their position that's constructive. We're going to enter into settlement discussions here. There is a hearing scheduled for the end of September, but we're pretty optimistic that we can land in a good place on settlement.

是的，當然。首先你說得對，我們在 7 月初收到了工作人員報告，我們對他們建設性的立場非常滿意。我們接下來會進入和解協商。9 月底排定有一場聽證會，但我們相當樂觀，認為可以在和解上落在一個好的結果。

The particular legislation you're referring to, it was -- when we had a look at it, I mean, I think it's very indicative of folks' concern around affordability and I'll touch on that in a second. The legislation itself the way it was brought forward, it missed some particularly relevant deadlines in order to be able to get through. So we don't see it as a specific threat, but I do think we need to stay very focused on the affordability side of things, whether that's in Ohio or any of our jurisdictions.

你提到的那項特定法案——我們看過之後，我的意思是，我認為它很能反映大家對可負擔性的擔憂，我等一下會再談。就該法案本身而言，以它被提出的方式來看，它錯過了一些特別關鍵的期限，因此難以推進通過。所以我們不把它視為具體威脅，但我確實認為，我們必須非常專注在可負擔性這一端，不論是在俄亥俄州或我們任何一個管轄區。

In Ohio, we are the lowest cost to serve, as we've talked about many times. I mean, next to the 3 other LDCs, we're anywhere between 40% and 70% lower, especially once you included the commodity cost because we've invested so much in making sure they have access to the commodity. But as Enbridge Gas large, we're really looking at -- and Greg alluded to this earlier, how can we leverage our scale, our size, our buying power to continue to drive affordability for our customers.

在俄亥俄州，我們是服務成本最低的業者，這點我們已經談過很多次。我的意思是，相較另外 3 家 LDC（在地配氣公司），我們低了約 40% 到 70%，尤其是把商品成本（commodity cost）也算進去之後，因為我們投入很多，確保他們能取得商品供應。但作為 Enbridge Gas large，我們真正關注的是——Greg 先前也提到——我們如何運用規模、體量與採購力，持續為客戶推動可負擔性。

There's no question we've done some polling across our franchise areas, both in Canada and the US. And the residents of those regions describe themselves, not just as frustrated but angry about the cost of things, 80% plus are angry about the cost of things. So it's on us as utilities that are in service to our communities to focus on that. And it's also through things we've talked about, and I think at the last earnings call, we talked about our investment in storage as an example.

毫無疑問，我們在加拿大與美國的特許經營區域都做了一些民調。而那些地區的居民形容自己不只是挫折，而是對生活成本感到憤怒，超過 80% 的人對成本感到憤怒。因此，作為服務社區的公用事業，我們有責任把焦點放在這件事上。也包括我們談過的一些作法；我想在上一次財報電話會議中，我們以投資儲氣（storage）作為例子談過。

Ontario's storage this winter saved our customers, the fact of that storage $200 million. In Ohio, it saved them $100 million in avoided costs because they didn't have to buy at the peak of the season. So we're extremely focused on that.

安大略省今年冬天的儲氣，讓我們的客戶因為有這些儲氣而節省了 2 億美元。在俄亥俄州，因為不必在旺季高點採購，避免成本使他們節省了 1 億美元。所以我們對此非常專注。

And even in the regions where we're growing like North Carolina, we really believe in that principle of growth financing growth, and we're seeing that. So I don't need to be in any way, shape or form dismissive of that legislation. But that particular piece, we don't see it in traction, but the overall affordability concerns that we're seeing is definitely something we're focused on.

即便是在我們正在成長的地區，例如北卡羅來納州，我們也非常相信「以成長資助成長」這個原則，而且我們也正在看到這樣的結果。所以我不需要以任何方式、任何形式去輕忽那項法案。但就那一項而言，我們看不到它有推進動能；不過我們所看到的整體可負擔性疑慮，確實是我們正在聚焦的重點。

Yes, there's a lot more to affordability than just that piece of legislation.

是的，可負擔性遠不只那一項法案而已。

Aaron MacNeil, TD Cowen.

Aaron MacNeil，TD Cowen。

I wanted to follow up on Rob's question on Southern Lights. Can you give us a sense of sort of the range or quantum of different capacities you could potentially bring on with an expansion and what would the potential timeline be for those range of solutions to come into service?

我想延續 Rob 關於 Southern Lights 的問題。你能否讓我們了解一下，如果擴建，你們可能帶來的不同容量範圍或量級大概是多少？以及這些不同方案從現在到投入服務的潛在時間表會是什麼？

We have -- like I said, we have headroom on both those pipes without $20 billion. So this is just compression or pumping. So like the rest of the playbook, we intend to bring that on in pieces as needed.

我們——如我所說，在不需要 200 億美元的情況下，這兩條管線都有餘裕。所以這只是壓縮或泵送的問題。因此就像作戰手冊的其他部分一樣，我們打算按需求分段逐步上線。

You'll see in our disclosures here, we've recently moved Southern Lights from a kind of a cost-of-service model to a contract model with an upward kind of tilted return, if I could borrow a term from the past, and inflators and we'll bring on capacity as needed. Likewise, on Norlite and we'll work with our partner on that. That often folds -- the diluent conversation often folds into the regional kind of gathering conversation with shippers. They often want to procure both those solutions together, and we can bundle those packages for them if that's kind of helpful in the commercialization outlook.

你會在我們的揭露中看到，我們最近已把 Southern Lights 從某種成本加成（cost-of-service）模式，轉為合約模式，報酬率呈現向上傾斜——如果我可以借用過去的說法——並且有通膨調整因子（inflators），我們會按需求增加容量。Norlite 也是一樣，我們會與合作夥伴一起推進。稀釋劑的討論往往會與區域集輸（gathering）的討論結合，與託運人一起談。他們通常希望同時採購這兩種解決方案；如果有助於商業化展望，我們也可以把這些方案打包提供。

But in fairness, it kind of goes back to the other issues we've talked about. I mean, production is going to drive when that comes on. So as we see greater clarity on policy legislation actual implementation and then our customers taking decisions on actual investments in production growth, that will drive that. So we're not trying to be -- we're not trying to push off your question, and I think that that's the next milestone to watch for.

但公平地說，這也回到我們談過的其他議題。我的意思是，產量將決定何時把這些容量上線。因此，當我們在政策法規的實際落地上看到更清晰的方向，並且我們的客戶就產量成長的實際投資做出決策時，這些都會驅動它。所以我們不是想——我們不是想迴避你的問題；我認為接下來值得觀察的里程碑就是這個。

I guess what I'm trying to get at is, if you think that domestic production can't keep up with sort of the demand? Like do you think Enbridge will be able to deliver that condensate that the industry needs under sort of the range of potential outcomes here? Like how should we think about that?

我想我想問的是，如果你認為國內產量無法跟上某種需求？例如在這裡各種可能結果的範圍下，你覺得 Enbridge 是否能夠交付產業所需的那種凝析油？我們應該如何看待這件事？

Yes, domestic supply will be insufficient as this ambition is realized, and there's a number of parties leaning into this ambition now. So domestic supply of condensate will be insufficient, and we'll need to import more. And even beyond that, we think there -- like I alluded to earlier, there will be additional import solutions required.

是的，隨著這項雄心逐步實現，國內供給將會不足，而且現在有不少參與方都在推動這項雄心。因此，國內凝析油供給將不足，我們將需要進口更多。甚至除此之外，我們認為——就像我先前提到的——還需要額外的進口解決方案。

Like if you recall back to Northern Gateway 12 years ago, we had contemplated a companion diluent import lending. So we've been thinking about this equation and problem for a long time. We're on it.

如果你回想 12 年前的 Northern Gateway，我們曾考慮過一個配套的稀釋劑進口方案。所以我們對這個方程式與問題已經思考很久了。我們正在處理。

Okay. Great. And then maybe just one more. As it relates to the stand-alone Flanagan South and Southern Access extension opportunities, are you at a stage where you can better quantify either the improved initial economics as you referred to it, or the capital scope of those projects?

好的。很好。那再問最後一個。就獨立的 Flanagan South 與 Southern Access 延伸機會而言，你們是否已到可以更好量化你先前提到的初始經濟性改善，或是這些專案的資本範圍的階段？

Not quite yet. We'll reserve that for an FID disclosure, but it is significant. It's not as big as MLO2, to be fair, but -- the capital, I mean, but the return output is disproportionately attractive.

還不太行。我們會保留到 FID（最終投資決定）揭露時再說，但幅度相當顯著。公平地說，它沒有 MLO2 那麼大——我是指資本規模——但回報產出卻是不成比例地吸引人。

Sam Burwell, Jefferies.

Sam Burwell，Jefferies。

One more on MLO2. I mean, should we assume a very short time lag between these downstream expansions and then ultimately, an upstream expansion of the Mainline? And just like is the expiration of the Mainline polling settlement, any consideration on this in terms of when you would want to push through the Mainline expansion?

再問一個關於 MLO2 的問題。我的意思是，我們是否應假設這些下游擴建與最終主幹線（Mainline）的上游擴建之間的時間落差會非常短？另外，Mainline polling settlement 的到期，是否會影響你們在何時推動 Mainline 擴建的考量？

TBD. I mean, it could be any of those, honestly. But I think you surface an important distinction, which is, I mean, does it have to be the exact same scope as MLO2 as the solution. It does not. It could be a different version of it. We have lots of MLOs designed. We can manage in the interim with that imbalance.

尚待決定（TBD）。老實說，任何一種情況都有可能。但我認為你提出了一個重要的區別：也就是說，解決方案是否必須是與 MLO2 完全相同的範疇。不必。它可以是不同版本。我們設計了很多 MLO 方案。在過渡期間，我們可以管理這種不平衡。

But to the other point, we could also scope into the next line negotiation capital expansion. Anything is possible here. And I think to Greg's point earlier, we have a number of solutions. We'll remain agile. We want to be kind of customer-led on this. And there will be a solution at some point. It's not a question of if, it's when.

但就另一點而言，我們也可以把資本擴建納入下一輪主幹線談判的範疇。在這裡一切皆有可能。而且我想呼應 Greg 先前的觀點，我們有多種解決方案。我們會保持靈活。我們希望在這方面以客戶需求為導向。而且終究會有一個解決方案。問題不是會不會，而是何時。

The Mainline will most probably be expanded for 136x at some point, like -- and we may have a label for it. We may not have a label for it. Maybe it's a digital solution. There's a lot of -- there's 7 pipelines in the right-of-way, 36-inch 48-inch. There's there's potential to cross over pipe. There's all kinds of solutions here. So I just ask everyone to remain kind of patient and agile here, and we'll continue to serve the basin.

Mainline 很可能在某個時間點會擴建到 136x——而且我們可能會給它一個名稱。也可能不會有名稱。也許會是數位化解決方案。這裡有很多——在同一通行權（right-of-way）內有 7 條管線，36 吋、48 吋。也有跨接管線的可能性。各種解決方案都有。所以我請大家在這裡保持耐心與靈活，我們會持續服務這個盆地。

And let's not forget, we're adding an 180,000 barrels a day with our MLO1 and the SIC project, which I believe is the only FID to egress out of the basin in a decade. And let's not forget the further south as well. our producers are always looking for how else can they get to market. And yes, Mainline and the market-facing pipes, but we also have Ingleside as well, too. So if you can find a way to get producers to different markets, and they're not just price takers, we're looking at that, too.

另外別忘了，我們透過 MLO1 與 SIC 專案每天新增 18 萬桶的外運能力，我相信這是十年來唯一一個把產量從該盆地運出的 FID。也別忘了更往南的部分。我們的生產商一直在尋找還能如何進入市場。是的，有 Mainline 與面向市場的管線，但我們也有 Ingleside。所以如果能找到方法讓生產商進入不同市場，而不只是被動接受價格，我們也在看這一點。

So I think all of this is tied up back into that whole geopolitical volatility and the psychology of sanctioning projects, which I think is a winner for the end bridges of the world when they have multiple different used to speak about it as Swiss Army knife, but we actually have several Swiss Army knives as it's turning out, whether it's on the north or the south of liquid side on the gas side and even the distribution side as well now, too. So yes, stay tuned, Sam.

所以我認為這一切都與整體地緣政治波動，以及核准（sanctioning）專案的心理因素綁在一起；我認為這對像 Enbridge 這樣的公司是有利的，因為我們有多種不同的——我們以前會用「瑞士刀」來形容，但實際上看起來我們有好幾把瑞士刀，無論是在液體業務的北方或南方、在天然氣業務，甚至現在也包括配銷端。所以，是的，Sam，敬請期待。

Can I just (inaudible) point of view...

我可以就（聽不清）這個觀點……

Supply push here quite a bit on this kind of threat on egress. And one of the has -- I think, the market is observing through this Iranian conflict, and Hormuz bottleneck is product -- on the demand side. So product shortages globally, refineries, which were plumbed to 75% of the US refining capacity.

在外運（egress）這種威脅上，供給端推力相當大。而市場透過這場伊朗衝突與荷姆茲（Hormuz）瓶頸所觀察到的其中一點，是需求端的產品問題。因此全球出現成品短缺；煉油廠——其管線配置可覆蓋美國約 75% 的煉油產能——

Refineries are being pushed really hard to supply that product, not just for the US but globally. And it's our emerging belief that the US refining kit is likely to rerate upwards. And so that is a positive I think, emergence in the supply-demand equation on the corner.

煉油廠正被非常用力地推動來供應成品，不只是供應美國，而是供應全球。而我們逐漸形成的看法是，美國煉油體系的估值/定位很可能會向上重估。因此我認為，這是在供需方程式上、在邊際上出現的一個正面發展。

Yes, it's a good color. You take 5 million or 6 million barrels a day of refining capacity out through Hormuz and then the Russian situation, which people thought that work was going to last for weeks, and it's now lasted longer than what? And that stuff may not come back very fast and even when it does, yes, North American refining capacities got an opportunity to be out of the fray, if you will, and have a great basins, multiple great basins to pull upon. So yes, I think that, that macro backdrop is excellent as well.

是的，這是很好的補充。如果透過荷姆茲再加上俄羅斯的情勢，讓每天 500 萬或 600 萬桶的煉油產能退出市場——人們原以為那件事只會持續幾週，但現在已經持續更久了，對吧？而那些供給可能不會很快回來，即使回來了，是的，北美煉油產能也有機會置身事外（如果你願意這麼說），並且擁有一個很棒的盆地、甚至多個很棒的盆地可供調度。所以是的，我也認為那個總體背景同樣非常好。

Benjamin Pham, BMO.

Benjamin Pham，BMO。

You mentioned the favorable recontracting environment, especially on the gas side, and you have a number of projects here moving forward to what we've been seeing better returns. How do you think about your return? Or how does that think about the return profile on existing assets to trend returns where it's going? And then just that $20 billings of opportunity, does that effectively fill up your white space through the end of the decade? Because from what we can quickly see, it seems like it is still a big chunk of it.

你提到有利的再簽約環境，尤其是在天然氣端，而且你們有不少專案正在推進，我們也看到更好的回報。你們如何看待你們的回報？或者說，這如何影響既有資產的回報輪廓、以及回報趨勢將走向何處？另外，那 200 億美元的機會，是否等於把你們到本十年末的「白地」（white space）基本填滿了？因為我們快速看起來，似乎仍然占了很大一塊。

I think that's fair. On recontracted projects, well, again, you're looking at, I think S&P just updated their gas demand outlook for North America right through 2040 that moved it up significantly. So infrastructure is still hard to build. So whenever we go to recontracting, the rates are as good, if not better.

我覺得這樣說合理。就再簽約的專案而言，再次強調，你看 S&P 剛把北美天然氣需求展望一路更新到 2040 年，而且大幅上調。所以基礎設施仍然很難建。因此每當我們進行再簽約時，費率一樣好，甚至更好。

Texas Eastern, the kind of grand daddy of the US pipelines we have, we always have 100% recontracting. I think once in the last 10 years, I see us go down to 99, and we sold that additional percentage of boatload. So even like capacity, getting people to resin is not an issue and when we can do it for better returns. And you see that on storage bed, like our storage returns have gone up quite nicely in the last for 3, 4 years. And anything that comes up for renewal, we're seeing higher rates on that than what we would originally contracted for.

Texas Eastern——算是我們在美國管線中的「老祖宗」——我們一直都是 100% 再簽約。我想在過去 10 年裡只有一次看到我們降到 99%，而我們把那額外的百分點容量也賣掉了。所以即使是容量，要讓客戶續約也不是問題，而且我們還能以更好的回報來做。你也能在儲存業務上看到這點——例如我們的儲存回報在過去 3、4 年提升得相當不錯。而任何到期需要續約的項目，我們看到的費率都比原先合約簽訂時更高。

Now with respect to your filling up to the end of the decade, yes, we'll see. I mean, -- and again, that -- we expect FID through '27 -- '26 and '27 up to the $20 billion. The opportunity set is more like $50 billion. So yes, that's what gives us confidence in that 5% growth through the end of the decade. So I don't think we're going to be a lack of opportunity. It's going to be which ones provide the best returns for our shareholders and the best results for our customers. And there's not too much white space left to fill, I would totally agree with that.

至於您提到在本十年末之前把產能填滿，是的，我們再看看。我的意思是——而且再次強調——我們預期在 '26 與 '27 年完成 FID，金額最高可達 200 億美元。可把握的機會組合更接近 500 億美元。所以，是的，這正是讓我們對本十年末前 5% 成長有信心的原因。因此我不認為我們會缺乏機會。關鍵在於哪些能為股東帶來最佳報酬、並為客戶帶來最佳成果。而且可填補的空白其實不多了，這點我完全同意。

Maybe I'd just add then a couple of things. One is, yes, we talked a lot on these calls about new opportunities, and that's positive. We want to talk about all those. But you should definitely be focused on the fact that management is always focused on optimizing the returns of our base assets, whether that's Michele getting the returns we need on the utilities, whether that's the renewals of various rate cases that we have. So it's a big focus to continue. And in a market where our assets are required and needed, I think we're in a good position when that happens.

也許我再補充幾點。第一，是的，我們在這些電話會議上談了很多新機會，這是正面的。我們也希望把這些都談清楚。但你們也應該確實聚焦在：管理團隊始終把重點放在優化既有資產的報酬上——不論是 Michele 確保公用事業取得我們所需的報酬，或是我們各項費率案件的續期。因此這會持續是很大的重點。而在一個我們的資產被要求且被需要的市場裡，我認為當這種情況發生時，我們處於有利位置。

On the white space question, I think it's fair to say that remember, as we add EBITDA to the business, our capacity also goes up. You've seen us move from, I think, maybe 3, 4 years ago, of $7 billion or $8 billion of capital in a year, now we're up to $10 million to $11 million. If we put the right projects in at the right returns, on budget, on time, that will continue to increase, which will continue to almost increase that white space that we have and that we look to fill into the back part of the decade. So '26 and '27 are pretty full up from a capital perspective.

關於可填補空白（white space）這個問題，我認為可以這麼說：請記得，當我們為業務增加 EBITDA 時，我們的承載能力也會提升。你們看到我們從大概 3、4 年前每年 70 億或 80 億美元的資本支出，現在提高到 100 億到 110 億美元。如果我們以正確的報酬把合適的專案放進來，並且在預算內、按時完成，這個能力會持續增加，幾乎也會擴大我們可用、並希望在本十年後段填補的那個空白。所以從資本角度來看，'26 和 '27 年已經相當滿了。

And to be frank, the amounts that we -- the projects that we're going to FID (inaudible) will probably have to spend maybe some in '27, but then '28 and '29. And the goal here is to continue to add clarity into that growth and extend it further on. So we feel very good about the growth and the base assets.

坦白說，我們——我們將要做 FID 的那些專案（聽不清）可能必須在 '27 年花一些，但主要會在 '28 和 '29 年。而這裡的目標是持續讓這個成長更清晰，並把它延伸得更久。所以我們對成長與既有資產的表現感到非常有信心。

Okay. Got it. And could you update us on your North South outlook and just in the context of rising production? And I'm not sure it's totally related to you specifically, because Fortis announced this expansion of the (inaudible) facility and marine bunkering and maybe there's an expansion on wood fiber around the corner. So I'm just curious, any notable change. And I appreciate Sunrise's going on in construction, but we pin an outlook.

好的。了解。那你們能否在產量上升的背景下，更新一下你們對 North South 的展望？我不確定這是否完全與你們直接相關，因為 Fortis 宣布了（聽不清）設施的擴建與海事加注燃料（marine bunkering），而且可能很快還會有木纖維（wood fiber）的擴張。所以我只是好奇，有沒有任何值得注意的變化。我也理解 Sunrise 正在施工中，但我們想釐清一下展望。

It's Matthew. So that's another positive area. We haven't mentioned, so I appreciate you raising it. And as you did recognize, we just started construction and just broke ground on the $4 billion Sunrise expansion project there, which is a great project.

我是 Matthew。所以那也是另一個正面的領域。我們之前沒有提到，謝謝你提出來。而且如你所說，我們剛開始施工、也剛為那個 40 億美元的 Sunrise 擴建專案動土，這是一個很棒的專案。

What we're seeing generally on a macro basis beyond that, and around that is just renewed support at a level we haven't seen in a long time for natural gas across Canada and of course, in British Columbia, and also a drive to export more gas off the coast of British Columbia, which we're really well positioned for, whether that's expansions on, as you mentioned, Toronto as you probably are aware, we have a fully permitted LNG pipeline in British Columbia. So with the right commercial construct and the right returns, and we're seeing tremendous renewed commercial interest in that. And as I said, stakeholder support for that. There's more possibility of that kind of attractive project in Western Canada as well. So yes, we're seeing definitely an upswing in the opportunity set there.

從更宏觀的角度來看，除了那個專案本身及其周邊，我們看到的是：加拿大各地、當然也包括卑詩省，對天然氣的支持力度重新回升，達到我們很久沒見過的水準；同時也在推動把更多天然氣從卑詩省海岸出口，而我們在這方面的布局非常到位——不論是你提到的擴建，Toronto（如你可能知道的），我們在卑詩省有一條已取得完整許可的 LNG 管線。因此在具備合適的商業架構與合理報酬的前提下，我們看到商業興趣大幅回溫。而且如我所說，利害關係人也對此提供支持。在加拿大西部也有更多這類具吸引力專案的可能性。所以是的，我們確實看到那裡的機會組合明顯上升。

Ben, just to add, don't forget we're also adding a big expansion on our Aitken Creek storage, the only storage facility that exists in British Columbia. And as that gets contracted up, seeing very positive upside there as well. So I think beyond what Matthew said, I think we're actually at $8 billion of projects. And if you look down the West Coast, there's only one pipeline that goes north south all the way and that's us.

Ben，我再補充一下，別忘了我們也在 Aitken Creek 儲氣設施做一個大型擴建——那是卑詩省唯一存在的儲氣設施。而隨著合約逐步簽訂，我們也看到非常正面的上行空間。所以我想，除了 Matthew 說的之外，我們目前其實大約有 80 億美元的專案。而如果你沿著西岸往下看，唯一一條一路南北貫通的管線就是我們的。

And then last but not least, particularly in the current environment in Canada. We have thought about this a long time, and we're on it early in British Columbia. We have some 38 nations that own a piece of that West Coast pipeline and that ability to involve indigenous and private sector projects is a really critical component in British Columbia, and we've already got that set up. So yes, BC is great, like better returns there, but that's up for our regulatory folks to figure that one.

最後但同樣重要的是，特別是在加拿大目前的環境下。我們對此思考了很久，而且在卑詩省我們很早就開始布局。有大約 38 個原住民族（nations）擁有那條西岸管線的一部分股權；而能夠讓原住民與民間部門參與專案，是卑詩省非常關鍵的一環，而我們已經把這套架構建立好了。所以是的，卑詩省很棒——那裡的報酬更好，但那部分就交由我們的法規/監管團隊去處理。

This concludes the Q&A session. I will now turn the call back to Marlon Samuel for closing remarks.

問答環節到此結束。我現在把電話交回給 Marlon Samuel 作結語。

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

很好。謝謝，也感謝各位持續關注 Enbridge。一如既往，我們的投資人關係團隊在會後可提供協助，回覆你們可能有的任何其他問題。再次感謝，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。