Enbridge provided update on strategic priorities and financial outlook

Enbridge provided an update on its strategic priorities and financial outlook. Highlights include: four growing businesses with best-in-class first-choice franchises; visible C$3+ billion of annual investment in natural gas infrastructure, C$1+ billion in liquids infrastructure, and C$1+ billion in renewable power generation; New Energy Technology team advancing contracted infrastructure in Renewable Natural Gas, Carbon Capture and Sequestration and Hydrogen in the U.S. and Canada Expected average annual growth rate of 4%-6% in EBITDA and earnings per share and ~3% DCF per share over the 2022-2025 Plan period; expected average annual growth rate of ~5% post 2025 for EBITDA, DCF and EPS; Internally generated financial capacity for investment after dividends of ~C$6 billion per year on average over the Plan period, while maintaining a strong balance sheet. The company announced C$3.3B of new accretive investments including: adding C$2.4B of new gas transmission modernization and utility capital to our secured capital program which will be added to rate base and drive earnings and cash flow growth; announced the intention to undertake a binding open season for up to 95 kbpd on the Flanagan South Pipeline system which is expected to begin in March; in combination with the FSP open season, Enbridge announced plans to construct the Enbridge Houston Oil Terminal for a capital cost of $240m which is expected to have an initial capacity of 2.5 MMbbls of storage with potential to expand capacity up to 15 MMbbls; Entered into an agreement to acquire 35 Bcf of premium Gulf Coast gas storage assets for $335M, further supporting our customers and our U.S. Gulf Coast LNG export strategy; entered into an agreement to invest $80M in a leading RNG infrastructure company – Divert; Gas Distribution and Storage is moving forward with a plan to build a pipeline to supply ArcelorMittal Dofasco in Hamilton, Ontario with natural gas, supporting the largest GHG emissions reduction project in the province.