CALGARY, AB, Dec. 8, 2020 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced its 2021 financial guidance and dividend and provided an update on its strategic priorities, which will be further discussed at the Company's virtual investor conference today.

Highlights

• Re-affirmation of 5-7% average long-term annual distributable cash flow (DCF) per share growth outlook, based on an equity self-funded model
• The Company expects full-year 2020 DCF per share to be near the mid-point of the $4.50 to $4.80 guidance range
• Announced 2021 Financial Guidance: 2021 projected DCF per share of $4.70 to $5.00, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $13.9 to $14.3 billion
• The Company declared its 26^th consecutive annual common share dividend increase, raising it by 3% to $0.835/quarter ($3.34 annually), effective March 1, 2021
• Execution of the Company's $16 billion secured growth capital program continues to advance, generating approximately $2 billion of expected EBITDA growth from 2021 to 2023
• Construction has commenced on the remaining Minnesota leg of the U.S. Line 3 Replacement project
• Weymouth compressor was approved by regulators on November 25 to commence operations, completing the U.S.$0.1 billion Atlantic Bridge project, which provides expanded gas supply into New England and the Maritimes

CEO Comment

Commenting on the Company's operations, strategic priorities and outlook, Al Monaco, President and CEO of Enbridge, noted the following:

"Over the past year, the energy industry has faced unparalleled challenges. While our business has not been immune, we've proven again that our low-risk commercial model generates resilient cash flows in all market conditions. Our infrastructure is in high demand and is essential to North America's economy, and we're confident that it will be for many decades.

"We responded quickly to protect the health and safety of our people and to ensure critical operations were maintained. The criticality of what we do means that the safety and reliability of our systems is the single most important priority for everyone at Enbridge.

"As we look forward in this year's Strategic Plan, it's clear that long-term global energy demand will continue to grow, and that all forms of energy supply – conventional and renewable – will be needed to meet that demand. Our scale, financial strength, and asset footprint across each of our businesses – Gas Transmission, Gas Distribution and Storage, Liquids Pipelines and Renewable Power – provide competitive advantages that assure the resiliency and longevity of our cash flows and will generate attractive long-term growth.

"For the 26th consecutive year, we're pleased to be providing our shareholders with another dividend increase in 2021. This reflects our confidence in our healthy 5-7% DCF per share growth outlook, on average, through 2023 and beyond, the priority we place on returning capital to shareholders, and our strong financial position. We'll continue to ratably grow the dividend up to the level of average annual DCF per share growth, while maintaining our dividend policy payout of 60-70% of distributable cash flow. 

"We're highly confident in the durability of our businesses and that they will generate profitable investment opportunities. Part of that is continuing to position for the gradual transition toward lower carbon intensity, over time. We began doing that more than 20 years ago with investments in natural gas and renewable power, which today provide leading platforms for lower carbon infrastructure growth. We're also investing in renewable natural gas and hydrogen facilities with commercial models that fit our low-risk pipeline-utility model.

"In the near-term, our Plan continues to prioritize the execution of our $16 billion secured growth program, of which approximately $6 billion has already been spent, and are expected to deliver approximately $2 billion of incremental EBITDA from 2021 to 2023.

"The Line 3 Replacement project is an important element of that program. We recently completed a very thorough regulatory and permitting process in Minnesota that lasted 6 years. The majority of the line is in place and we've now started construction on the final leg in Minnesota. Our top priority will be to protect communities and the environment. We are very proud to have overwhelming community support for the project.

"We'll be laser-focused on maximizing the returns on our base business by realizing embedded revenue growth and generating productivity improvements through the use of new technology. Our two technology and innovation labs, for example, are already helping our businesses enable significant revenue and cost efficiencies.

"Over the medium and longer term, Enbridge's diversified asset base, integrated infrastructure networks and extensive reach provide us with many opportunities to invest our expected post- Line 3 annual investment capacity of $5-6 billion. We will, however, stay true to our investment discipline, deploy capital to the best uses, and stick to what we know best.

"That means prioritizing low-capital intensity growth and regulated utility or utility-like investments. Longer term, we will continue to develop our organic hopper; however, long-lead time opportunities will compete for excess financial capacity with alternatives, including share buybacks, to ensure shareholder value is maximized.

"Collectively, execution on these elements of our Plan are expected to drive 5-7% distributable cash flow per share growth through 2023 and beyond.

"Sustainability is integral to our ability to safely and reliably deliver the energy people need and want. While ESG has gained broader attention recently, we've always operated our business sustainably and we're proud to be recognized as an ESG leader. Our recent further commitments to emissions reduction and diversity are a good example of that.

"We believe that our Plan continues to provide investors with a compelling and superior total shareholder return value proposition, which is why the management team and our employees continue to invest in ENB."

Strategic Priorities and Three-Year Financial Outlook

Last year, Enbridge set out a strategic plan that emphasized maintaining resiliency and prudently growing its world-class energy infrastructure franchises, while preserving its financial strength and flexibility. The rapid rise of the Covid-19 pandemic in early 2020 and the unparalleled impact on energy supply and demand re-tested the resilience of the business.

Despite the disruption to energy markets, the strategic positioning of the Company's assets and last mile connections to North America's largest industrial, commercial and end-use markets, combined with Enbridge's low-risk business model, have continued to generate consistent and predictable cash flows. Furthermore, precautionary measures were initiated early to further bolster the Company's financial flexibility and to mitigate the financial impacts of the pandemic through prudent cost reductions.

As a result, Enbridge is even stronger today and is projected to achieve the mid-point of its 2020 financial guidance as set out in December 2019, further demonstrating its resilience.

The Company's 2021 Strategic Plan builds on this strength and emphasizes priorities that will continue to reinforce the resilience, longevity and organic growth of its cash flows over the long-term. Specific priorities include:

• Ensure safe and reliable operations and provision of effective and cost-efficient transportation solutions for its customers
• Execute the $16 billion secured growth capital program, including completion of the U.S. segment of the Line 3 Replacement project
• Maximize returns on the base business through embedded revenue growth, productivity enhancements and the application of technology to drive efficiency and improve returns
• Grow core businesses through low capital intensity and utility-like investments, disciplined capital allocation, and preservation of balance sheet strength and flexibility

2021 Financial Outlook

Enbridge is providing 2021 guidance for EBITDA of $13.9 billion to $14.3 billion and distributable cash flow per share (DCF/share) of between $4.70 to $5.00 per share.

Performance drivers in 2021 include volume recoveries on Enbridge's Liquids Mainline System and downstream pipelines; continued customer growth within its Gas Distribution & Storage business; rate increases on its Gas Transmission and Midstream systems; further cost savings; and contributions from projects entering service.

Separately, Enbridge announced that the quarterly dividend for 2021 will be increased from $0.81 to $0.835 per share, commencing with the dividend payable on March 1, 2021, to shareholders of record on February 12, 2021.

Business Updates

Line 3 Replacement

On December 1, Enbridge commenced construction on the Line 3 Replacement Project (the "Project") in Minnesota, after having satisfied all necessary regulatory and permitting requirements at the state and federal levels. Appropriate measures have been put in place to ensure the health and safety of Enbridge's workforce and the communities along the right of way.

The US$2.9 billion project is a critical integrity project that will enhance the continued safe and reliable operations of the Company's Mainline System well into the future, reflecting Enbridge's commitment to protecting the environment.

It will provide significant economic benefits for counties, small businesses, Native American communities, and union members – bringing 4,200 family-sustaining, mostly local construction jobs, millions of dollars in local spending and additional tax revenues at a time when Northern Minnesota needs it most.

The Company anticipates that the Project will be in service in the fourth quarter of 2021. The Company will provide an update on project costs in early 2021.

Atlantic Bridge

Regulators have approved the Weymouth Compressor Station, the final component of the US$0.1 billion Atlantic Bridge Project, to start operations.

The Atlantic Bridge Project will enable the transport of significant and diverse natural gas supplies to end use markets in the New England states and Canadian Maritime provinces. This expanded access to reliable and affordable natural gas throughout the region will support energy cost savings for homeowners, businesses, and manufacturers.

Details of Enbridge's Investor Conference

Enbridge's virtual investor conference will be held today at 7:00 a.m. MT (9:00 a.m. ET).  The conference will be webcast live at Link.

Details of the webcast:

Presentations and supporting materials are posted on Enbridge's website in 'Events and Presentations'.

A webcast replay will be available approximately two hours after the conclusion of the event and a transcript will be posted to Enbridge's website approximately 24 hours after the event.

About Enbridge Inc. 

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

Forward-Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: Enbridge's strategic plan, priorities and outlook; 2020 and 2021 financial guidance, including projected DCF per share and EBITDA and expected growth thereof; expected dividends, dividend growth and dividend policy; expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; expected energy transition to lower carbon intensity; emissions reduction targets; diversity and inclusion goals; anticipated utilization of our existing assets, including throughput on the Mainline; expected EBITDA; expected DCF and DCF per share; expected future cash flows; expected shareholder returns; expected performance of the Company's businesses, including customer growth; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs related to announced projects and projects under construction; expected in-service dates for announced projects and projects under construction, and the contributions of such projects; expected capital expenditures and capital allocation priorities; anticipated cost savings; expected future growth and investment opportunities, including secured growth program; expected use of new technology and the benefits thereof; expected future actions of regulators and courts; toll and rate case filings, and the anticipated benefits therefrom; the Line 3 Replacement Project; and the Atlantic Bridge Project.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy, including the current weakness and volatility of such prices; expected energy transition; anticipated utilization of our existing assets; anticipated cost savings; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company's projects; anticipated in-service dates; weather; the timing and closing of acquisitions and  dispositions; the realization of anticipated benefits and synergies of transactions; governmental legislation; litigation; impact of the Company's dividend policy on its future cash flows; credit ratings; capital project funding; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/ (loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future DCF and DCF per share; and estimated future dividends. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected adjusted EBITDA, expected earnings/(loss), expected adjusted earnings/(loss), expected DCF and associated per share amounts, and estimated future dividends. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, successful execution of our strategic plan and priorities, operating performance, the Company's dividend policy, regulatory parameters, changes in regulations applicable to the Company's business, litigation, acquisitions and dispositions and other transactions, project approval and support, renewals of rights-of-way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, political decisions, exchange rates, interest rates, commodity prices, supply of and demand for commodities and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

Non-GAAP Measures

This news release makes reference to non-GAAP measures, including distributable cash flow (DCF) and DCF per share. DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non-controlling interests and redeemable non-controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, non-recurring or non-operating factors. Management uses DCF to assess performance of the Company and to set its dividend payout target. Management believes the presentation of these measures gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company.

Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.

The non-GAAP measures described above are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP measures to the most directly comparable GAAP measures is available on the Company's website. Additional information on non-GAAP measures may be found on the Company's website, www.sedar.com or www.sec.gov.

FOR FURTHER INFORMATION PLEASE CONTACT:

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SOURCE Enbridge Inc.

CALGARY, AB, Dec. 8, 2020 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that its Board of Directors has declared a quarterly dividend of $0.835 per common share, payable on March 1, 2021 to shareholders of record on February 12, 2021. The declared dividend represents a three percent increase from the prior quarterly rate and the twenty-sixth consecutive year in which the Company has increased its common share dividend.

DIVIDEND DECLARATION

On December 7, 2020, the Enbridge Board of Directors declared the following quarterly dividends.  All dividends are payable on March 1, 2021 to shareholders of record on February 12, 2021. 

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-inc-announces-three-percent-quarterly-dividend-increase-for-2021-301187797.html

SOURCE Enbridge Inc.

CALGARY, AB and DULUTH, Minn., Nov. 30, 2020 /PRNewswire/ - The Line 3 Replacement Project can now start construction in Minnesota after receiving all necessary permits and approvals.  

"This is a historic day for the Line 3 project which will strengthen the safety of the system for years to come," said Vern Yu Enbridge Executive Vice President and President of Liquid Pipelines.  "With all of the permits in hand, we can now start construction." 

"Safety remains our top priority, and we will be implementing an industry leading COVID management plan to protect our workforce and the communities in which we will be working," added Yu.

The project is poised to provide significant economic benefits for counties, small businesses, Native American communities, and union members – bringing 4,200 family-sustaining, mostly local construction jobs, millions of dollars in local spending and additional tax revenues at a time when Northern Minnesota needs it most.

Enbridge thanks the thousands of Minnesotans, labor groups, communities, counties, Native Americans and elected officials who have been steadfast in their support of this important pipeline replacement project.

The replacement of Line 3 is a safety and maintenance focused private investment in Minnesota's energy infrastructure. It is the best option for protecting the environment and communities while meeting the region's energy needs.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 3 Replacement Project and expected regulatory and permitting actions and decisions, capital expenditures, construction schedules and anticipated economic benefits.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction such as the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following: the COVID-19 pandemic and the duration and impact thereof; the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Juli Kellner Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

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SOURCE Enbridge Inc.

CALGARY, AB, Nov. 25, 2020 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) will hold its annual investor conference at 9:00am ET on Tuesday, December 8, by virtual webcast.  During the webcast, the Company will review its strategic plan, business unit priorities and financial outlook.

The conference will be webcast live on the 'Events and Presentations' page of Enbridge's website.

Details of the webcast

Presentations and supporting materials will be posted to Enbridge's website in 'Events and Presentations' the morning of Tuesday, December 8.

A webcast replay will be available approximately two hours after the conclusion of the event and a transcript will be posted to Enbridge's website approximately 24 hours after the event.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:                                     

Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-inc-to-host-virtual-investor-conference-on-december-8-301180861.html

SOURCE Enbridge Inc.

CALGARY, AB and DULUTH, Minn., Nov. 24, 2020 /PRNewswire/ - The Line 3 Replacement Project has received approval to begin construction.  Today the Minnesota Public Utilities Commission issued their authorization to construct.  The one remaining permit is a storm water permit which is provided by the Minnesota Pollution Control Agency.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.  Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Juli Kellner Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/line-3-moves-forward-to-construction-301180184.html

SOURCE Enbridge Inc.

CALGARY, AB and LANSING, Mich., Nov. 24, 2020 /PRNewswire/ - Today Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) filed a federal complaint in the United States District Court for the Western District of Michigan seeking an injunction to stop the State of Michigan from taking any steps to prevent the operation of Line 5. The attempt to shut down Line 5 interferes with the comprehensive federal regulation of pipeline safety and burdens interstate and foreign commerce in clear violation of federal law and the US Constitution. Enbridge is also today moving the complaint filed by the State against Line 5 on November 13 in Michigan state court to the Federal Court.

A federal agency, the Pipeline and Hazardous Materials Safety Administration (PHMSA), is Enbridge's safety regulator, not the State of Michigan. In fact, only three months ago the safety of the Dual Pipelines was reviewed by our regulator and the Pipelines were found to be fit for service.  The State's attempt to assume the role of safety regulator through its notice purporting to "terminate and revoke" the easement is improper and unlawful.

This is the latest attempt by the State of Michigan to interfere with the operation of this critical infrastructure by assuming authority it does not possess. By contrast, Enbridge continues to live up to all its obligations under its agreements with the State of Michigan. Notably, Enbridge has undertaken a variety of Line 5 projects requested by the State at substantial expense, including installing a new Line 5 crossing under the St. Clair River earlier this year and diligently pursuing permitting for the Great Lakes tunnel project at no cost to taxpayers. 

"In the face of continued roadblocks by this Administration it's time for the State to stop playing politics with the energy needs and anxieties of US and Canadian consumers and businesses that depend on Line 5," said Vern Yu, Executive Vice President and President, Liquids Pipelines. "It is concerning to see the current Administration is willing to compromise these needs. We remain highly committed to protecting the Great Lakes, the environment, and all the people who use these waters while delivering energy that people rely on daily. Enbridge's Line 5 has served Michiganders safely without spilling a drop of oil at the Straits crossing for more than 65 years, over nine different State Administrations."

A disruption of Line 5 would create a propane shortage, higher energy prices and hardship for Michigan families, especially those on fixed incomes or of modest means. It would also result in a daily shortage of over 14 million gallons of gasoline and other transportation fuels, impacting the entire region, including Wisconsin, Indiana, Ohio, Pennsylvania, Ontario, and Quebec. Ten regional refineries would be significantly and adversely impacted. Some of these refineries served by Line 5 also supply a large percentage of the aviation fuel at Detroit's Metropolitan Airport. 

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 5 dual pipelines, including the safe operations thereof, litigation and anticipated impact of any disruption to Line 5 operations. 

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements in this news release with regards to the Line 5 dual pipelines include the impact of government and regulatory actions, approvals and litigation on ongoing and future operations. 

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Ryan Duffy
Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-files-in-federal-court-to-block-michigans-illegal-actions-against-line-5-301180119.html

SOURCE Enbridge Inc.

CALGARY, AB and DULUTH, Minn, Nov. 23, 2020 /PRNewswire/ - Today the US Army Corps of Engineers announced approvals of federal permits for Enbridge's Line 3 project, including the Section 404, Section 10 and Section 408 permits. 

"We have now received all federal permits required for replacing Line 3, an essential maintenance project that will better protect Minnesota communities and the environment," said Leo Golden Vice President of Line 3 Execution.  "These permits reflect yet another science-based approval for the project, which now moves closer to the start of construction, hopefully before the end of the year. Final state permits and authorizations are still needed before work can begin." 

The US Army Corps of Engineers review process was very thorough and included robust public participation, including consultation with 30 participating tribes. One key permitting input was the Tribal Cultural Resource Survey of the entire route of Line 3 which was managed by the Fond du Lac Band of Lake Superior Chippewa.  The survey was the longest and most extensive of its kind for an energy project. 

The replacement of Line 3 is a safety and maintenance focused private investment in Minnesota's energy infrastructure. It is the best option for protecting the environment and communities while meeting the region's energy needs.

The project is poised to provide significant economic benefits for counties, small businesses, Native American communities, and union members – bringing 4,200 family-sustaining, mostly local construction jobs, millions of dollars in local spending and additional tax revenues at a time when Northern Minnesota needs it most.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 3 Replacement Project and expected regulatory and permitting actions and decisions, capital expenditures, construction schedules and anticipated economic benefits.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction such as the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following: the COVID-19 pandemic and the duration and impact thereof; the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Juli Kellner Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-line-3-replacement-project-receives-federal-permits-301179315.html

SOURCE Enbridge Inc.

CALGARY, AB and LANSING, Mich., Nov. 13, 2020 /PRNewswire/ - Enbridge remains confident that Line 5 continues to operate safely and that there is no credible basis for terminating the 1953 Easement allowing the Dual Line 5 Pipelines to cross the Straits of Mackinac. 

Enbridge received a notice from the Governor's chief legal counsel this afternoon and is reviewing the document.

"This notice and the report from Michigan Department of Natural Resources are a distraction from the fundamental facts," said Vern Yu, Executive Vice President and President, Liquids Pipelines. "Line 5 remains safe, as envisioned by the 1953 Easement, and as recently validated by our federal safety regulator."

"We will continue to focus on the safe operation of the dual Line 5 pipelines at the Straits of Mackinac, ensuring the Great Lakes are protected while also reliably delivering the energy that helps to fuel Michigan's and the region's economy," Yu continued.

In developing its report, the Michigan Department of Natural Resources (DNR) chose to conduct its assessment of Easement compliance in a non-public manner. The DNR rejected Enbridge's offer to allow technical experts to discuss any questions or clarifications related to its review. This failure to engage reflects a lack of understanding or worse, a continued failure to meet the State's commitments under the 2018 Second Agreement between the State of Michigan and Enbridge, which contemplates periodic meetings on pipeline issues to avoid just this kind of situation.

With today's actions by the Governor and Attorney General based on historical Line 5 compliance, Enbridge finally will have an opportunity to review the DNR's analysis and provide a thorough response through the legal process.    

Line 5 is an essential source of energy for not only Michigan but for the entire region including Wisconsin, Indiana, Ohio, Pennsylvania, Ontario, and Quebec. Any disruption would have devastating consequences.

Our focus remains on protecting the Great Lakes, the environment and all the people who use these waters while delivering energy that people rely on daily. Enbridge's Line 5 has served Michiganders safely without incident at the Straits crossing for more than 65 years, over nine different State Administrations. We remain committed to advancing The Great Lakes Tunnel that will contain a new section of pipeline to replace the Dual Pipelines. Enbridge is currently seeking permit approval for the tunnel project and replacement pipeline which, upon completion, will make a safe Straits crossing even safer.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 5 dual pipelines, including the safe operations thereof, litigation and anticipated impact of any disruption to Line 5 operations.  This news release also contains forward-looking information about the tunnel project permitting process.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements in this news release with regards to the Line 5 dual pipelines include the impact of government and regulatory actions, approvals and litigation on ongoing and future operations. 

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com

FOR FURTHER INFORMATION PLEASECONTACT:

Media

Ryan Duffy Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community

Jonathan Morgan Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-confirms-line-5-is-safe-no-credible-basis-for-terminating-1953-easement-in-the-straits-of-mackinac-301172964.html

SOURCE Enbridge Inc.

CALGARY, AB and DULUTH, MN, Nov 12, 2020 /PRNewswire/ - Today Minnesota Pollution Control Agency announced approvals for Enbridge's Line 3 project, including the 401 Water Quality Certification.  Also, today the Minnesota Department of Natural Resources released the final eight permits for the project.

"Clearly this is a big day for Line 3 in Minnesota," said Leo Golden Vice President of Line 3 Execution. "These authorizations and approvals are an important step towards construction for this safety and maintenance focused replacement project which comes at an important time for Minnesota." 

This decision from the Minnesota Pollution Control Agency, including the project's 401 Water Quality Certification clears the way for a determination from the US Army Corps of Engineers regarding federal permits.

The Line 3 project has been designed to avoid and minimize impacts to sensitive streams and wetlands.  Enbridge pipelines have coexisted with the nation's most productive wild rice waters for 70 years.

The authorizations and permits approved today by the Minnesota DNR range from a license for utility crossing of state land and public water, to water appropriation for dust control, hydrostatic testing and horizontal directional drilling.  Enbridge has now received all ten of the DNR permits and authorizations for the safety and maintenance focused Line 3 Replacement Project.  The project still needs final permits and authorizations before construction can begin.  

The thorough, robust, science-based review of the project over the past six years has led to evidence-based approvals. Enbridge recognizes that the permit conditions required by the PCA and DNR are essential for protecting Minnesota's sensitive streams and wild rice waters during construction and planning for post-construction restoration and enhancement.

At Enbridge safety is our top priority.  Enbridge implemented an effective COVID-19 testing and screening program that has proven effective during our recent Line 3 construction in North Dakota.  We will continue to follow the latest guidance provided by local, federal and international public-health and government authorities to protect workers and communities. 

The project will provide significant economic benefits for counties, small businesses, Native American communities, and union members. Line 3 is a shovel-ready, $2.6-billion private investment that will bring 4,200 family-sustaining construction jobs, millions of dollars in local spending and tax revenues at a time when Northern Minnesota needs it most.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 3 Replacement Project and expected regulatory and permitting actions and decisions, capital expenditures, construction schedules and anticipated economic benefits.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction such as the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following: the COVID-19 pandemic and the duration and impact thereof; the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com

FOR FURTHER INFORMATION PLEASE CONTACT:

Media

Juli Kellner Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community

Jonathan Morgan Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-line-3-replacement-project-receives-mpca-approvals-and-remaining-dnr-permits-301172353.html

SOURCE Enbridge Inc.

• Net zero target by 2050; 35% reduction in greenhouse gas emissions intensity by 2030
• Accelerated diversity representation in the workforce
• Incentive compensation linked to progress on ESG targets and goals

CALGARY, AB, Nov. 6, 2020 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced expanded environmental, social and governance (ESG) goals and targets¹ related to greenhouse gas (GHG) emissions reduction and diversity and inclusion as well as increasing transparency and accountability of our ESG priorities and results. Setting goals in areas core to our business and stakeholders is just one of the ways Enbridge is further integrating ESG into strategy, operations and decision-making.

"Sustainability is integral to our ability to safely and reliably deliver the energy people need and want," said Al Monaco, President and Chief Executive Officer of Enbridge. "How well we perform as a steward of our environment, a safe operator of essential energy infrastructure, and as a diverse and inclusive employer is inextricably linked to our business success and our ability to create long-term value for all stakeholders.

"While ESG has garnered more attention in recent years, Enbridge's commitment to strong ESG practices and performance has long been core to how we do business and we're proud to be recognized as a leader. Our new commitments represent the next stage of our progression to ensure we are positioned to grow Enbridge sustainably for decades to come."

Enbridge's ESG goals include:

• A new goal to achieve net zero GHG emissions by 2050; with an interim target to reduce GHG emissions intensity 35% by 2030
• Increased representation of diverse groups within our workforce by 2025 including acceleration of existing goals of 28% from Racial and Ethnic groups, along with new actions to enhance supplier diversity
• Further strengthening Board diversity with an increased goal of 40% representation of women and new goal of 20% of Racial and Ethnic groups by 2025
• Most transparency and reporting of safety and reliability targets that drive continuous improvement towards our goal of zero incidents, injuries and occupational illnesses, and implementation of robust cyber defense programs

Enbridge's ESG goals support the Company's strategic priorities to optimize its core energy delivery businesses and execute on the Company's capital program with emphasis on modernization, technology and innovation. They also contribute to strengthening Enbridge's ability to capture new growth opportunities and adapt to a lower-carbon future over time, building on the Company's significant expansion into natural gas and our rapidly growing renewables portfolio.

To drive results and accountability, Enbridge will expand links to incentive compensation to performance on emissions reduction and diversity, complementing safety metrics already embedded. Objectives will be set out in annual scorecards.

"We are committed to delivering strong ESG performance that sustains our industry leadership," said Al Monaco. "In linking a broader set of ESG goals to compensation, we not only achieve greater accountability, we put ourselves in position to succeed in transitioning to a safer, cleaner and affordable energy future."

Enbridge's ESG Goals

The specifics of these new and enhanced ESG goals and targets and associated backgrounder are available online and linked here. Enbridge's 2019 Sustainability Report is available at Enbridge.com  

Environmental

• Reduce the intensity of GHG emissions from our operations by 35% by 2030
• Achieve net zero emissions from our business by 2050
• Maintain the highest standards for safety toward our goal of zero incidents

Meeting Emission Reduction Targets:

To meet its 2030 emission intensity reduction target and 2050 net zero target, Enbridge will pursue multiple pathways, strongly aligned with, and embedded in, the Company's existing business plans, including:

• Modernization and Innovation -- Reduce emissions by modernizing equipment and applying innovation to existing energy transportation and distribution systems to increase efficiency and reduce the emissions intensity of existing infrastructure.
  
  
• Decarbonizing Energy Use – Reduce emissions intensity of electricity we buy, including building and operating solar power generation facilities to serve Enbridge's operations and utilizing lower intensity power sources from the grid.
  
  
• Investment in Renewables and Lower Carbon Energy – Disciplined investment in lower carbon infrastructure and business lines including wind and solar power generation, hydrogen, and renewable natural gas.
  
  
• Offsets and Carbon Credits – Balance residual emissions through procurement of carbon offset credits generated by nature-based solutions and Renewable Energy Certificates (RECs), with a primary focus on areas proximate to our operations.

Safety: Our Path to Zero

Enbridge currently has safety targets in place that are linked to compensation.  The Company believes all injuries, incidents and occupational illnesses are preventable and pursues continuous improvement towards a goal of zero incidents. 

Enhanced 2021 targets include:

• Achieve a 10% improvement over previous three-year average on Total Recordable Incident Frequency (TRIF) rate for employees and contractors;
• Maintain industry-leading safety performance against US Bureau of Labor Statistics benchmarks; and
• Implement a new voluntary industry standard (CSA Z260-19: Pipeline system safety metrics) criteria for pipeline system safety performance enterprise-wide and establish 2021 baseline to set Business Unit targets for 2022 forward.

Social

• Achieve a workforce that represents the communities where Enbridge operates – including the goal by 2025 of 28% employees from Racial and Ethnic demographic groups
• Increase procurement from diverse suppliers and suppliers that support and invest in diversity and inclusion
• Contribute to Indigenous reconciliation through employment strategies and training

Enbridge's goals for representation of women, racial and ethnic groups, people with disabilities and veterans were set and shared with employees in 2018; progress towards them is shared through a "Diversity Dashboard". Having already made progress, the Company is accelerating its goals from an original date of 2028 to 2025, and sharing them publicly, enhancing transparency and accountability to all stakeholders.

The Company is also committing to specific measures to ensure a more equitable and inclusive workplace through changes in recruitment, development and succession planning to unconscious bias training for all employees. The Company will also be taking steps to increase procurement with diverse suppliers and suppliers that promote diversity and inclusion, as well as add to its continuing efforts to contribute to Indigenous reconciliation through enhanced hiring efforts, cultural awareness training and economic participation.

The table below provides a brief overview of these social goals:

Governance

• Achieve representation on the Board of Directors of at least 40% women and 20% of Racial and Ethnic groups by 2025
• Continue sustainability reporting on ESG matters consistent with best practices
• Maintain effective cyber defense through annual certification and training

Board diversity has long been a priority, supported by a written policy that highlights the importance the Company places on diversity and experience. Enbridge is expanding its diversity policy to establish specific representation goals for women and racial and ethnic groups: 40% from women and 20% from racial and ethnic groups. Of its 10 independent Board members, four are currently women; and women chair four of the five Board committees.

Similarly, the Company has reported its sustainability efforts and progress on ESG matters for 19 years. Enbridge will continue to align its reporting with best practices as outlined by disclosure frameworks such as those set out by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosure (TCFD).  Commitments related to  Enbridge's cyber defense program reflect an ongoing cybersecurity effort that includes application security, information security, network security, disaster recovery planning, operational security and end-user education.

The achievement of near-term emissions reduction and diversity and inclusion goals – along with ongoing safety, environmental protection and cyber security performance – will be incorporated into incentive compensation at the executive level and for all employees.

The table below provides a brief overview of these governance goals:

Forward-Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of our and our subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target", "goal" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including strategic priorities; our environmental, social and governance (ESG) goals and targets related to greenhouse gas emissions reduction, safety performance and standards, diversity and inclusion, procurement practices,  Indigenous reconciliation efforts, ESG reporting and cyber defense programs; the pathways to achieve such ESG goals and targets; and our incentive compensation programs.

Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions and risks include the following: the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy, including the current weakness and volatility of such prices; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; availability and price of labor; technology; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; and governmental legislation and policy. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.

Our forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities and ESG goals, operating performance, regulatory parameters, changes in regulations applicable to our business, acquisitions, dispositions and other transactions, economic and competitive conditions, technology, public opinion, exchange rates, interest rates, commodity prices, political decisions, supply of and demand for commodities, and the COVID-19 pandemic and the duration and impact thereof, including, but not limited, to those risks and uncertainties discussed in this news release and in our filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge Inc. assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

 About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:http://www.prnewswire.com/news-releases/enbridge-sets-new-environmental-social-and-governance-goals-for-the-future-301167625.html

SOURCE Enbridge Inc.

CALGARY, AB, Nov. 6, 2020 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong third quarter 2020 financial results and provided a quarterly business update.

Third Quarter 2020 Highlights

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

• GAAP earnings of $990 million or $0.49 earnings per common share, compared with GAAP earnings of $949 million or $0.47 per common share in 2019
  
  
• Adjusted earnings of $961 million or $0.48 per common share, compared with $1,124 million or $0.56 per common share in 2019
  
  
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $2,997 million, compared with $3,108 million in 2019
  
  
• Cash Provided by Operating Activities of $2,302 million, compared with $2,735 million in 2019
  
  
• Distributable Cash Flow (DCF) of $2,088 million, compared with $2,105 million in 2019
  
  
• Reaffirmed 2020 financial guidance range for 2020 of $4.50 to $4.80 DCF/share; expect full year results to be near the mid-point of the range
  
  
• Advancing Line 3: Minnesota Pollution Control Agency (MPCA) contested case hearing concluded with a positive recommendation from the Administrative Law Judge (ALJ) in advance of November 14th 401 Water Quality Certificate deadline
  
  
• Commenced construction of the 500 MW Fécamp offshore wind farm and 480 MW Saint Nazaire offshore wind farm construction remains on track for late 2022 in-service date
  
  
• Sanctioned $0.2 billion of utility growth capital for the London Line Replacement Project
  
  
• Completed 2020 debt funding plan and prefunded a portion of 2021 external debt requirements
  
  
• Announced emissions reduction targets, including a 35% reduction in energy intensity by 2030 and net-zero by 2050
  
  
• Announced diversity and inclusion goals to increase representation of diverse groups within our workforce by 2025
  
  
• Completed installation of first of its kind solar self-powered compressor station on Texas Eastern and initiated construction on a second facility along the Liquids Mainline System

CEO COMMENT - Al Monaco, President and Chief Executive Officer

"We are pleased with our third quarter results, which reflected the resilience of our business and predictability of our cash flows," commented Al Monaco, President and Chief Executive Officer of Enbridge. "While we are encouraged by the economic activity and recovery in energy demand, we are assuming a gradual pace of recovery over the balance of 2020 and into 2021. Importantly, the early and decisive actions we took to protect the health of our people and mitigate both the operational and financial impacts to our businesses have positioned us for the future.

"Each of our core businesses performed well in the third quarter. Utilization levels in our Gas Transmission, Gas Distribution and Storage and Renewable Power businesses all remained strong and their robust commercial underpinnings continue to deliver reliable cash flows which reflect the low risk pipeline-utility business we've been talking about.

"In Liquids, Mainline heavy capacity is now fully utilized and full year volumes are tracking to the guidance range that we provided in May for the remainder of 2020, and we're on track to deliver $300 million of cost reductions in 2020. Our strong performance over the first nine months gives us confidence that we'll be near the mid-point of the DCF per share guidance range of $4.50 to $4.80.

"We've continued to make excellent progress on our strategic priorities. In Gas Transmission, the vast majority of work has been completed on Texas Eastern to ensure safe and reliable natural gas delivery and the system has returned to its normal operating capacity for eastbound service in time for the winter heating season. Construction on the T-South Expansion, Spruce Ridge and our modernization program continue to progress well.

"In Liquids, the Line 3 permitting process moved forward with the MPCA's contested case hearing process culminating in a favourable recommendation from the ALJ that dismissed all of the five issues considered. The next step will be for the MPCA Commissioner to issue the 401 Water Quality Certificate, which we anticipate by November 14th, and will support the finalization of the remaining Federal permit.

"In our renewables business, we made good construction progress on our two newest offshore wind projects in France: Saint Nazaire, a 480 MW project, is advancing well, on schedule and we've now begun construction on the 500 MW Fécamp project. In addition, we expect FID on a third project in 2021. These projects will further expand our European offshore wind business and generate high quality cash flows with solid returns.

"Elsewhere on our renewables strategy, we've just put into service our first solar self-powered compressor station on Texas Eastern and initiated work on a facility in Alberta along the Liquids Mainline, collectively delivering low-cost renewable power to our operations. These will be the first of many self-power projects we are moving forward on in the months and years to come to ensure we minimize our environmental footprint.

"I am pleased to announce that Enbridge is committing to further reduce our own emissions, and to improve our diversity and inclusion, along with strategies to achieve those targets. These targets represent a natural evolution of our approach and once again demonstrate our commitment to industry leadership. Enbridge has long been a leader in the areas of environmental, social and governance (ESG) matters and our practices have been fully integrated within our business operations and our existing strategies to grow the business.

"Enbridge is very well-positioned for a transitioning energy mix towards lower carbon fuels over time. Our diversified asset base is purposefully aligned with the global energy mix and our outlook on the fundamentals. Our long-lived pipeline and distribution assets are absolutely essential to the global economy and strategically connected to the largest demand centers and export markets, which pull volumes through our systems. And, each business is underpinned by low risk commercial models that assure the durability of our cash flows over the long term.

"In the near term, completion of our secured capital program, and embedded growth within each business, is expected to generate 5% to 7% DCF per share through 2022, and support growing free cash flow, net of capital and dividend requirements. In the near-term, our capital allocation priorities remain centered on executing our secured growth and preserving balance sheet strength and flexibility. Upon completion of our secured growth, we will maintain our prudent approach to low risk, low capital intensity utility-like growth and disciplined capital allocation including return of capital to shareholders.

"We look forward to sharing our outlook on energy fundamentals and our approach to the business going forward at our virtual Investor Day scheduled for December 8, 2020," concluded Mr. Monaco.

FINANCIAL RESULTS REVIEW AND 2020 FINANCIAL OUTLOOK

Financial results for three and nine months ended September 30, 2020, are summarized in the table below:

GAAP earnings attributable to common shareholders for the third quarter of 2020 increased by $41 million or $0.02 per share compared with the same period in 2019. The period-over-period comparability of earnings attributable to common shareholders was impacted by certain unusual, infrequent factors or other non-operating factors, which are noted in the reconciliation schedule included in Appendix A of this news release.

Adjusted EBITDA in the third quarter of 2020 decreased by $111 million compared with the same period in 2019. The business benefited from incremental earnings from a positive rate settlement on Texas Eastern, contributions from new assets that were placed into service in late 2019 and the first half of 2020 and customer growth and synergy realizations in Gas Distribution and Storage. The strong core business performance was more than offset by lower contributions from Energy Services due to a significant compression of certain key regional, lower Mainline throughput related to COVID-19, and the absence of contributions from the federally regulated Canadian natural gas gathering and processing business sold on December 31, 2019.

Adjusted earnings in the third quarter of 2020 decreased by $163 million and on a per share basis by $0.08. The decrease was primarily driven by lower Adjusted EBITDA as well as a reduction in capitalized interest and higher depreciation from new assets placed into service throughout 2019, primarily on the Canadian Line 3 replacement program.

DCF for the third quarter was $2,088 million, a decrease of $17 million over the third quarter of 2019 driven largely by the net impact of the operating factors noted above, partially offset by lower maintenance capital due to timing of spend in light of COVID-19 and higher cash receipts not recognized in EBITDA for contracts with make-up rights on certain assets within Liquids Pipelines. These factors are discussed in detail under Distributable Cashflow.

Detailed segmented financial information and analysis for the third quarter of 2020 can be found below under Adjusted EBITDA by Segments.

OUTLOOK AND FINANCIAL POSITION UPDATE

The Company expects to generate DCF per share near the mid-point of its original guidance range of $4.50 to $4.80. This outlook reflects our strong performance over the first nine months of 2020, the $300 million of enabled full year costs savings, as well as certain offsetting headwinds anticipated within the fourth quarter.

Mainline volumes are recovering in line with the outlook issued in May and are projected to be 100-300kbpd lower than the Company's pre-COVID19 expectations for the fourth quarter. In addition, lower margins in Energy Services, lower equity distributions from DCP related to its previously executed distribution cut and higher integrity costs in Gas Transmission are expected to negatively impact fourth quarter results relative to full year guidance.

The Company continues to secure debt financings at attractive rates and proceeds from these offerings were used primarily to reduce existing indebtedness and partially fund capital projects. During the third quarter the Company completed the previously announced US$1.0 billion 60-year hybrid subordinated notes offering in the United States debt capital markets. These hybrid notes qualify for 50% equity treatment from most rating agencies, which further reinforces the Company's financial strength.

Subsequent to the third quarter, Texas Eastern Transmission, LP, a wholly owned subsidiary of the Company, issued US$300 million of 20-year tranche Senior Notes by private placement. Proceeds were used to redeem US$300 million senior notes due December 2020.

The Company has completed its 2020 debt funding plan and prefunded a portion of its 2021 external debt requirements. In addition, the Company ended the third quarter with over $14 billion of available liquidity, which is sufficient capacity to meet all of its funding requirements through the end of 2021 without further access to capital markets. Debt to EBITDA is expected to remain well within the target range of 4.5x to 5.0x for the full year.

PROJECT EXECUTION UPDATE

The Company continues to advance the development of its approximately $11 billion inventory of secured growth projects with approximately $5 billion of growth capital remaining to be spent through 2022, net of anticipated project level financing provided by third parties.

In addition, the Company announced today $0.2 billion of utility growth capital for the London Line Replacement Project. This project will replace two parallel pipelines connecting the Dawn Hub to residential and commercial markets in southern Ontario that have reached the end of their useful lives.

Line 3 Replacement

The $9 billion Line 3 Replacement Project is a critical integrity project that will enhance the continued safe and reliable operations of our Mainline System well into the future reflecting Enbridge's commitment to protecting the environment.

In the third quarter, the Minnesota Public Utilities Commission (MPUC) issued its final order to approve the final environmental impact statement (FEIS) and reinstate the Certificate of Need and Route Permit and subsequently denied all related petitions for reconsideration. This action substantially completes the regulatory review process.

State and federal agencies continue to advance the necessary environmental permits in parallel. The MPCA contested case hearing process related to the State's 401 Water Quality Certificate has been completed. On October 16, 2020, Enbridge received a favourable recommendation from the ALJ on all five of the issues considered, which further supports the extensive regulatory record and the critical nature of this integrity project. This recommendation will inform the MPCA Commissioner's decision on the 401 Water Quality Certificate, which the Company anticipates by the statutory deadline of November 14, 2020.

During the third quarter, the necessary construction stormwater permit was issued by the MPCA and subsequent to the third quarter, Enbridge received two of its required permits from the Minnesota Department of Natural Resources (DNR). The remaining U.S. Army Corps of Engineers (USACE) and DNR permitting processes are ongoing and continue to progress in parallel.

Once Enbridge receives all necessary permits and the Authorization to Construct from the MPUC, the Company expects Minnesota construction to take 6 to 9 months.

Line 5 and the Great Lakes Tunnel Project

Both the east and west leg of Line 5 crossing the Straits of Mackinac (the Straits) have been placed back into service, and are fully operational, after in-line inspections of both lines crossing the Straits confirmed the safety of the lines and fitness for operation. The inspections concluded that there had been no damage to the pipeline itself following the disturbance of an anchor support identified by the Company earlier this year in July.

As part of Enbridge's agreement with the State of Michigan, the Company plans to replace the existing Line 5 dual pipelines at the Straits with a single pipeline encapsulated inside a state-of-the-art tunnel under the Straits. The Great Lake Tunnel Project will make a safe pipeline even safer and further demonstrates Enbridge's ongoing commitment to protect Michigan and the Great Lakes' natural resource, while providing a reliable source of energy to the people of Michigan.

The Company has completed an extensive geotechnical assessment and retained a world-class engineering team to design the tunnel. Enbridge has filed for all major regulatory and environmental permits necessary to construct the tunnel and the review processes for each of these continue to advance on schedule.

OTHER BUSINESS UPDATES

Gas Transmission and Midstream Pressure Restrictions

The Company has lifted pressure restrictions on the Texas Eastern system related to eastbound service in time for the winter heating season after executing planned integrity work. Enbridge continues to prioritize the execution of its comprehensive Gas Transmission integrity program, which will ensure the continued safe and reliable operation of its pipeline network, and plans to have southbound service returned to operation within the next month. 

Gas Transmission and Midstream Rate Cases

The Company finalized three rate proceedings in the first half of the year on the Texas Eastern, Algonquin and B.C. Pipeline systems, resulting in good outcomes for both Enbridge and shippers, further advancing the Company's strategy to ensure fair and timely cost recovery.

Three additional rate proceedings on East Tennessee, Alliance and the Maritimes & Northeast US systems were filed in the second quarter and are progressing on schedule.

Mainline Contracting

The Company continues to advance its application to contract the Mainline, which is currently being reviewed by the Canada Energy Regulator (CER). The contract offering reflects two years of negotiations with shippers and has the support of shippers transporting 75%+ of mainline volumes. This support reflects the competitiveness of the offering, which will support the best netbacks for shippers and secure long-term demand for Western Canadian crude oil.

In May, the CER issued a hearing order outlining the timelines for the regulatory review process which includes multiple rounds of intervenor and CER information requests, written evidence and Enbridge's replies, concluding in April 2021. The Company expects an oral hearing to occur sometime after April 2021, but a hearing date has not yet been set. If a replacement agreement is not in place by June 30, 2021, the CTS tolls will continue on an interim basis.

During the third quarter, Enbridge responded to information requests from the CER and intervenors. The evidence further supports our view that the proposed tolls meet the regulators fair return standards and that the contract offering will serve the public interest.

THIRD QUARTER 2020 FINANCIAL RESULTS

The following table summarizes the Company's GAAP reported results for segment EBITDA, earnings attributable to common shareholders and cash provided by operating activities for the third quarter of 2020.

GAAP SEGMENT EBITDA AND CASH FLOW FROM OPERATIONS

For purposes of evaluating performance, the Company makes adjustments for unusual, infrequent or other non-operating factors to GAAP reported earnings, segment EBITDA, and cash flow provided by operating activities, which allow Management and investors to more accurately compare the Company's performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

DISTRIBUTABLE CASH FLOW

Third quarter 2020 DCF decreased $17 million compared with the same period of 2019 primarily due to:

• additional EBITDA contributions due to strong utilization in our Gas Transmission and Gas Distribution businesses, incremental earnings from positive rate settlements on Texas Eastern, lower operating and administrative costs as a result of cost containment actions and contributions from new assets that were placed into service in the fourth quarter of 2019 and the first half of 2020;
• more than offset by a decrease in adjusted EBITDA due to lower Mainline throughput related to COVID-19, the absence of contributions from the federally regulated Canadian natural gas gathering and processing businesses sold on December 31, 2019, and lower contributions from Energy Services;
• lower maintenance capital due to timing of spend in light of COVID-19 mobility restrictions;
• higher interest expense due to a combination of additional debt incurred to fund capital expenditures as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 placed into service in December 2019, which has been partially offset by lower rates on short-term and newly issued long-term notes;
• higher cash distributions in excess of equity earnings due new assets placed into service, including Gray Oak crude oil pipeline and Hohe See Offshore Wind Project; partially offset by a 50% distribution cut at DCP Midstream, LP (DCP Midstream); and
• higher receipts of cash not recognized in revenue due to approximately $120 million of cash received on certain take-or-pay contracted assets that contain make-up right provisions for contracted volumes not shipped which are not included in Adjusted EBITDA due to revenue recognition guidance but are included in DCF.

For further detail on business performance refer to Adjusted EBITDA by Segments.

Adjusted earnings decreased $163 million and adjusted earnings per share decreased $0.08 compared with the third quarter in 2019. The decrease in adjusted EBITDA was driven by the same factors impacting business performance and adjusted EBITDA as discussed under Distributable Cash Flow above, as well as the following factors:

• higher depreciation and amortization expense as a result of new assets placed into service throughout 2019, primarily on the Canadian portion of Line 3 which entered service in December 2019; and
• higher interest expense due to debt issued to fund new growth capital as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 which has been partially offset by lower rates on short-term debt and newly issued long-term notes;
• offset by lower income taxes primarily due to lower earnings.

ADJUSTED EBITDA BY SEGMENTS

Adjusted EBITDA by segment is reported on a Canadian dollar basis. Adjusted EBITDA generated from U.S. dollar denominated businesses was translated at a higher average Canadian dollar exchange rate in the third quarter of 2020 (C$1.33/US$) when compared with the corresponding 2019 period (C$1.32/US$).

A portion of the U.S. dollar earnings is hedged under the Company's enterprise-wide financial risk management program. The offsetting hedge settlements are reported within Eliminations and Other.

LIQUIDS PIPELINES

Liquids Pipelines adjusted EBITDA decreased $94 million compared to the third quarter of 2019 primarily due to:

• lower Mainline System throughput, with ex-Gretna throughput on average 159 kbpd lower driven by the impact of COVID-19 on supply and demand for oil and related products, partially offset by a higher IJT Benchmark Toll and contributions from the Canadian Line 3 Replacement Program that was placed into service on December 1, 2019 with an interim surcharge on Mainline System volumes of US$0.20 per barrel;
• slightly lower Regional Oil Sands contributions despite the larger decrease in delivered volumes which reflects the fixed fee obligations of shippers under the take-or-pay arrangements which underpin the majority of these assets;
• higher contributions from the Gulf Coast and Mid-Continent System on higher Flanagan South Pipeline throughput and the collection of revenue on volumes nominated but not shipped, offset by lower light volume throughput on the Seaway Crude Pipeline driven by the impact of COVID-19 on the Gulf Coast demand; and
• lower throughput on the Bakken Pipeline System, included in Other, driven by the impact of lower prices and COVID-19 on supply and demand for oil and products.

GAS TRANSMISSION AND MIDSTREAM

Gas Transmission and Midstream adjusted EBITDA increased $1 million compared to the third quarter of 2019 primarily due to:

• higher revenues in US Gas Transmission due to the recent rate settlement on Texas Eastern and Algonquin, and higher contributions from the second phase of the Atlantic Bridge project which was put into service fourth quarter of 2019, offset by lower revenues on Texas Eastern due to pressure restrictions; and
• the absence of earnings in Canadian Gas Transmission in 2020 from the federally-regulated portion of the Canadian natural gas gathering and processing assets that were sold on December 31, 2019, as well as lower commodity prices impacting Aux Sable.

GAS DISTRIBUTION AND STORAGE

Gas Distribution and Storage adjusted EBITDA will typically follow a seasonal profile. It is generally highest in the first and fourth quarters of the year reflecting greater volumetric demand during the heating season. The magnitude of the seasonal EBITDA fluctuations will vary from year-to-year reflecting the impact of colder or warmer than normal weather on distribution volumes.

Gas Distribution and Storage adjusted EBITDA increased $60 million compared to the third quarter of 2019 primarily due to:

• higher distribution charges resulting from increases in rates and customer base growth; and
• synergy captures realized from the amalgamation of Enbridge Gas Distribution Inc. and Union Gas Limited;
• partially offset by the absence of earnings in 2020 from Enbridge Gas New Brunswick and St. Lawrence Gas Company, Inc. which were sold on October 1, 2019, and November 1, 2019, respectively.

RENEWABLE POWER GENERATION

Renewable Power Generation adjusted EBITDA increased $11 million compared to the third quarter of 2019 primarily due to:

• contributions from the Hohe See Offshore Wind Project, which reached full operating capacity in October 2019, and the Albatros expansion, which was placed into service in January 2020;
• partially offset by higher mechanical repair costs at certain United States wind farms.

ENERGY SERVICES

Energy Services adjusted EBITDA decreased $137 million compared to the third quarter of 2019 as a result of significant compression of location and quality differentials in certain markets which led to fewer opportunities to achieve profitable margins on capacity obligations.

ELIMINATIONS AND OTHER

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. Also, as previously noted, U.S. dollar denominated earnings within the segment results are translated at average foreign exchange rates during the quarter. The offsetting impact of settlements made under the Company's enterprise foreign exchange hedging program are captured in this segment.

Eliminations and Other adjusted EBITDA increased $48 million compared to the third quarter of 2019 due to:

• lower operating and administrative costs as a result of cost containment actions and timing related to the recovery of certain operating and administrative costs allocated to the business segments; and
• lower realized foreign exchange settlement losses primarily due to a narrower spread between the average exchange rate of $1.33 for the third quarter of 2020 (Q3 2019:$1.32) and the third quarter 2020 hedge rate of $1.29 (Q3 2019:$1.24).

CONFERENCE CALL

Enbridge will host a conference call and webcast on November 6, 2020 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide an enterprise wide business update and review 2020 third quarter financial results. Analysts, members of the media and other interested parties can access the call toll free at (877) 930-8043 or within and outside North America at (253) 336-7522 using the access code of 9737258#. The call will be audio webcast live at https://edge.media-server.com/mmc/p/youisrgo. It is recommended that participants dial in or join the audio webcast fifteen minutes prior to the scheduled start time. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. The replay will be available for seven days after the call toll-free (855) 859-2056 or within and outside North America at (404) 537-3406 (access code 9737258#).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge's media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On November 3, 2020, the Company's Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2020, to shareholders of record on November 13, 2020.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: Enbridge's corporate vision and strategy, including strategic priorities and enablers; 2020 financial guidance; the COVID-19 pandemic and the duration and impact thereof; anticipated reductions in operating costs and deferrals of secured growth capital spend; emissions reduction targets; diversity and inclusion goals; the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; anticipated utilization of our existing assets, including throughput on the Mainline; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) and adjusted earnings/(loss) per share; expected DCF and DCF per share; expected future cash flows; expected performance of the Company's businesses; expected debt-to-EBITDA ratio; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs related to announced projects and projects under construction and for maintenance; expected in-service dates for announced projects and projects under construction; expected capital expenditures and capital allocation priorities; expected future growth and expansion opportunities, including self-power projects; expectations about the Company's joint ventures and our partners' ability to complete and finance announced projects and projects under construction; expected closing of acquisitions and dispositions and the timing thereof; expected benefits of transactions, including the realization of efficiencies and synergies; expected future actions of regulators and courts; toll and rate case discussions and filings, including Mainline Contracting and the anticipated benefits thereof; Line 3 Replacement Program; Line 5 dual pipelines, Great Lakes Tunnel Project and related matters; Line 10 of the Texas Eastern system; interest rates; and exchange rates.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; anticipated reductions in operating costs and deferrals of secured growth; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy, including the current weakness and volatility of such prices; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company's projects; anticipated in-service dates; weather; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of transactions; governmental legislation; litigation; impact of the Company's dividend policy on its future cash flows; credit ratings; capital project funding; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future DCF and DCF per share; and estimated future dividends. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected adjusted EBITDA, expected earnings/(loss), expected adjusted earnings/(loss), expected DCF and associated per share amounts, and estimated future dividends. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, successful execution of our strategic priorities, operating performance, the Company's dividend policy, regulatory parameters, changes in regulations applicable to the Company's business, litigation, acquisitions and dispositions and other transactions, project approval and support, renewals of rights-of-way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, political decisions, exchange rates, interest rates, commodity prices, supply of and demand for commodities and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise part of this news release.

NON-GAAP RECONCILIATIONS APPENDICES

This news release contains references to adjusted EBITDA, adjusted earnings, adjusted earnings per common share and DCF. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company.

Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses adjusted EBITDA to set targets and to assess the performance of the Company and its Business Units.

Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes and noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company's ability to generate earnings.

DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to noncontrolling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target.

Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly certain contingent liabilities, and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.

Our non-GAAP measures described above are not measures that have standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers.

The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A
NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS

CONSOLIDATED EARNINGS

ADJUSTED EBITDA TO ADJUSTED EARNINGS

EBITDA TO ADJUSTED EARNINGS

APPENDIX B 
NON-GAAP RECONCILIATION – SEGMENTED EBITDA TO ADJUSTED EBITDA

LIQUIDS PIPELINES

GAS TRANSMISSION AND MIDSTREAM

GAS DISTRIBUTION AND STORAGE

RENEWABLE POWER GENERATION

ENERGY SERVICES

ELIMINATIONS AND OTHER