Enbridge expects to deploy approximately C$6B of capital in 2023

Enbridge expects to deploy approximately C$6B of capital in 2023, inclusive of maintenance capital. The balance sheet will remain strong with the Debt-to-EBITDA ratio at the end of 2023 expected to be in the lower half of the company’s 4.5-5.0x target range. The financing plan includes issuances of approximately C$6B in incremental debt in 2023, net of maturities, with no external equity required. The company has hedged over half of its anticipated fixed-rate term-debt issuances for 2023. Enbridge intends to re-file a normal course issuer bid before year end to repurchase up to C$1.5B of its common shares. This provides Enbridge with the capital allocation flexibility to opportunistically return capital to shareholders through repurchases, while maintaining focus on growing per share earnings and DCF.