Enbridge Inc. (ENB): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur entwickelt sich Enbridge Inc. (ENB) zu einem strategischen Kraftpaket, das komplexe Pipelinenetze, Initiativen für erneuerbare Energien und innovative Transportlösungen miteinander verknüpft, die die Art und Weise, wie sich nordamerikanische Energie bewegt und transformiert, neu definieren. Enbridges Business Model Canvas verbindet traditionelle Logistik für fossile Brennstoffe mit modernsten nachhaltigen Praktiken und offenbart einen vielschichtigen Ansatz, der über den reinen Transport hinausgeht – es ist ein umfassendes Ökosystem aus Energiekonnektivität, Umweltverantwortung und strategischer Wertschöpfung, das das Unternehmen an die Spitze eines sich entwickelnden globalen Energieparadigmas positioniert.

Enbridge Inc. (ENB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit indigenen Gemeinschaften

Seit 2024 hat Enbridge Partnerschaften mit über 40 indigenen Gemeinschaften in ganz Kanada aufgebaut. Das Unternehmen hat durch seine Infrastrukturprojekte 1,5 Milliarden US-Dollar an wirtschaftlichen Möglichkeiten für indigene Gemeinschaften geschaffen.

Partnerschaftstyp	Anzahl der Vereinbarungen	Ökonomischer Wert
Indigene Kapitalpartnerschaften	23	850 Millionen Dollar
Gemeinnützige Vereinbarungen	17	650 Millionen Dollar

Zusammenarbeit mit Öl- und Gasproduzenten

Enbridge unterhält strategische Partnerschaften mit großen nordamerikanischen Öl- und Gasproduzenten.

• ConocoPhillips: Langfristiger Transport- und Lagervertrag
• Suncor Energy: Zusammenarbeit bei der Pipeline-Infrastruktur
• Canadian Natural Resources: Midstream-Infrastrukturpartnerschaft

Produzent	Jährliches Transportvolumen	Vertragsdauer
ConocoPhillips	250.000 Barrel/Tag	15-Jahres-Vertrag
Suncor Energy	180.000 Barrel/Tag	10-Jahres-Vertrag

Technologiepartnerschaften für erneuerbare Energien

Enbridge hat bis 2024 2,3 Milliarden US-Dollar in Technologiepartnerschaften für erneuerbare Energien investiert.

• Vestas Wind Systems: Zusammenarbeit im Bereich Windkraftanlagentechnologie
• First Solar: Partnerschaft im Bereich Solarpanel-Technologie
• Siemens Gamesa: Entwicklung der Offshore-Windinfrastruktur

Technologiepartner	Investitionsbetrag	Erneuerbare Kapazität
Vestas Windsysteme	650 Millionen Dollar	500 MW Windkapazität
Erste Solar	450 Millionen Dollar	300 MW Solarkapazität

Joint Ventures für Midstream-Energieinfrastruktur

Enbridge hat Joint Ventures mit wichtigen Midstream-Energieinfrastrukturunternehmen gegründet.

• Unternehmensproduktpartner: Zusammenarbeit in der Flüssigkeitspipeline
• Pembina Pipeline Corporation: Joint Venture für Midstream-Infrastruktur

Joint-Venture-Partner	Investitionswert	Infrastrukturumfang
Partner für Unternehmensprodukte	1,2 Milliarden US-Dollar	Pipelinenetz für Flüssigkeiten an der Golfküste
Pembina Pipeline Corporation	900 Millionen Dollar	Westkanadische Midstream-Vermögenswerte

Enbridge Inc. (ENB) – Geschäftsmodell: Hauptaktivitäten

Transport von Rohöl und Flüssigkeiten

Enbridge betreibt rund 17.809 Meilen Rohöl- und Flüssigkeitspipelines in ganz Nordamerika. Tägliche Transportkapazität von 2,9 Millionen Barrel Rohöl und Flüssigkeiten.

Pipeline-Netzwerk	Kapazität	Regionen
Rohölpipelines	2,9 Millionen Barrel/Tag	Kanada und Vereinigte Staaten

Erdgastransport und -verteilung

Enbridge verwaltet ein Erdgastransportnetz mit einer Länge von 37.732 Kilometern. Jährliches Transportvolumen von etwa 191 Milliarden Kubikfuß Erdgas.

Gasinfrastruktur	Länge	Jahresvolumen
Erdgaspipelines	37.732 Kilometer	191 Milliarden Kubikfuß

Erneuerbare Energieerzeugung

Gesamtkapazität zur Erzeugung erneuerbarer Energien von 2.221 Megawatt in Wind-, Solar- und Geothermieprojekten.

• Windkraft: 1.711 MW
• Solarenergie: 370 MW
• Geothermie: 140 MW

Wartung der Energieinfrastruktur

Jährliche Wartung der Infrastruktur und Investitionsausgaben von etwa 5,3 Milliarden US-Dollar im Jahr 2023.

Einhaltung gesetzlicher Vorschriften

Jährliche Investitionen in die Einhaltung von Umwelt- und Sicherheitsvorschriften in Höhe von 372 Millionen US-Dollar.

Compliance-Bereich	Jährliche Investition
Umweltinitiativen	372 Millionen Dollar

Enbridge Inc. (ENB) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Pipeline-Infrastruktur

Enbridge betreibt 17.809 Meilen Rohölpipelines in ganz Nordamerika. Das Flüssigkeitspipelinesystem transportiert täglich etwa 3 Millionen Barrel Rohöl und Flüssigkeiten.

Pipeline-Asset-Kategorie	Gesamtmeilen	Kapazität
Rohölpipelines	17.809 Meilen	3 Millionen Barrel/Tag
Erdgastransport	15.631 Meilen	19,7 Milliarden Kubikfuß/Tag

Diversifizierte Energietransportanlagen

Enbridge besitzt und betreibt:

• 27 Lagerterminals
• 3 Schiffsterminals
• Gasverteilungsnetz für 3,8 Millionen Kunden

Finanzkapital

Zum vierten Quartal 2023 berichtete Enbridge:

• Gesamtvermögen: 159 Milliarden US-Dollar
• Marktkapitalisierung: 108,7 Milliarden US-Dollar
• Bonitätseinstufung: BBB+ (Standard & Armen)

Personalwesen

Belegschaftsmetrik	Nummer
Gesamtzahl der Mitarbeiter	13,000
Durchschnittliche jahrelange Erfahrung	12,5 Jahre

Technologische Systeme

Enbridge nutzt fortschrittliche Echtzeit-Überwachungssysteme in der gesamten Energieinfrastruktur, einschließlich:

• SCADA-Systeme (Supervisory Control and Data Acquisition).
• Leckerkennungstechnologien
• Algorithmen zur vorausschauenden Wartung

Enbridge Inc. (ENB) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energietransportlösungen

Enbridge betreibt ab 2023 17.809 Meilen Flüssigpipeline und 31.982 Meilen Gastransport- und Midstream-Pipeline. Die tägliche Transportkapazität erreicht etwa 3 Millionen Barrel Rohöl und 19,4 Milliarden Kubikfuß Erdgas.

Pipeline-Typ	Gesamtmeilen	Tageskapazität
Flüssige Pipelines	17.809 Meilen	3 Millionen Barrel
Gastransport	31.982 Meilen	19,4 Milliarden Kubikfuß

Integrierte Midstream- und erneuerbare Energiedienstleistungen

Das Portfolio an erneuerbaren Energien umfasst:

• 5.460 MW Netto-Erneuerbare-Erzeugungskapazität
• Windkraftprojekte in ganz Nordamerika
• Solarenergieanlagen
• Potenzial für die Entwicklung von Offshore-Windkraftanlagen

Langfristige Stabilität der Energieinfrastruktur

Die Energieinfrastrukturanlagen von Enbridge haben einen Wert von 159 Milliarden US-Dollar und eine durchschnittliche verbleibende Nutzungsdauer von 40 bis 50 Jahren.

Engagement für ökologische Nachhaltigkeit und Emissionsreduzierung

Nachhaltigkeitsziel	Engagement
Reduzierung der Kohlenstoffemissionen	Reduzierung um 35 % bis 2030
Netto-Null-Emissionen-Ziel	Bis 2050

Wettbewerbsfähige Preise und konstante Dividendenrenditen für Anleger

Finanzkennzahlen für Investoren:

• Dividendenrendite: 7,25 % ab Q4 2023
• Aufeinanderfolgende Jahre mit Dividendenerhöhungen: 28 Jahre
• Jährliche Dividende pro Aktie: 3,55 $

Enbridge Inc. (ENB) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

Enbridge unterhält 17.809 Kilometer Pipelines für den Transport von Flüssigkeiten langfristige Take-or-Pay-Verträge die stabile Einnahmequellen gewährleisten.

Vertragstyp	Dauer	Jährliche Mengenzusage
Mainline-Vereinbarungen	10-20 Jahre	3,2 Millionen Barrel pro Tag
Gastransportverträge	15-25 Jahre	2,7 Milliarden Kubikfuß pro Tag

Dedizierter Kundensupport und technische Dienstleistungen

Enbridge betreibt ein 24/7-Kundendienstzentrum mit spezialisierten Teams für Energietransportdienstleistungen.

• Größe des technischen Supportteams: 325 Fachleute
• Durchschnittliche Antwortzeit: 27 Minuten
• Jährliche Kundenzufriedenheitsbewertung: 92 %

Transparente Kommunikation zu Infrastrukturprojekten

Enbridge investiert jährlich 1,2 Milliarden US-Dollar in die Einbindung von Stakeholdern und transparente Projektkommunikation.

Kommunikationskanal	Jährliche Engagement-Kennzahlen
Öffentliche Konsultationen	87 Gemeindetreffen
Digitale Kommunikationsplattformen	2,4 Millionen digitale Interaktionen

Digitale Plattformen zur Verfolgung des Energietransports

Die digitale Tracking-Plattform von Enbridge verwaltet 5,3 Millionen Barrel täglicher Flüssigkeitstransport.

• Echtzeit-Tracking-Genauigkeit: 99,7 %
• Plattformnutzer: 1.247 gewerbliche Kunden
• Jährliche Investition in die digitale Plattform: 42 Millionen US-Dollar

Community-Engagement und Stakeholder-Zusammenarbeit

Enbridge stellt jährlich 85 Millionen US-Dollar für die Gemeindeentwicklung und indigene Partnerschaften bereit.

Kategorie „Engagement“.	Jährliche Investition
Programme der indigenen Gemeinschaft	37,5 Millionen US-Dollar
Unterstützung der lokalen Infrastruktur	47,5 Millionen US-Dollar

Enbridge Inc. (ENB) – Geschäftsmodell: Kanäle

Direktvertriebsteams für Energieinfrastrukturverträge

Enbridge unterhält 16 engagierte Vertriebsteams in ganz Nordamerika, die sich auf große Energieinfrastrukturverträge konzentrieren. Gesamtes Personal im Direktvertrieb: 287 Fachkräfte.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Jährlicher Vertragswert
Westkanada	62	1,3 Milliarden US-Dollar
Mittlerer Westen der Vereinigten Staaten	89	2,1 Milliarden US-Dollar
Ostkanada	45	890 Millionen Dollar
Golfküstenregion	91	1,7 Milliarden US-Dollar

Digitale Plattformen und webbasierte Kundenschnittstellen

Enbridge betreibt drei primäre digitale Plattformen mit 672.000 registrierten Benutzerkonten.

• Unternehmenskundenportal: 412.000 Benutzer
• Digitale Investor-Relations-Plattform: 156.000 Benutzer
• Lieferantenmanagementsystem: 104.000 Benutzer

Branchenkonferenzen und Networking-Events im Energiesektor

Jährliche Teilnahme an 47 großen Energiekonferenzen mit 215 Unternehmensvertretern.

Konferenztyp	Anzahl der Konferenzen	Gesamtzahl der Teilnehmer
Energieinfrastruktur	22	8,900
Erneuerbare Energie	15	6,400
Investor Relations	10	4,200

Investor-Relations-Kommunikation

Die vierteljährliche Anlegerkommunikation erreicht 89.000 institutionelle und private Anleger.

• Webcast zu den Quartalsergebnissen: 42.000 Teilnehmer
• Hauptversammlung: 37.000 Teilnehmer
• Anleger-Newsletter: 10.000 Abonnenten

Plattformen für regulatorisches und staatliches Engagement

Aktive Zusammenarbeit mit 22 Regulierungsbehörden auf Bundes- und Landesebene.

Typ der Regulierungsbehörde	Anzahl der Interaktionen	Jährliche Compliance-Berichte
Bundesbehörden	12	48
Provinzregulierungsbehörden	10	36

Enbridge Inc. (ENB) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasförderunternehmen

Enbridge beliefert wichtige Öl- und Gasförderkunden, darunter:

Unternehmen	Jährliches transportiertes Volumen	Vertragswert
Suncor Energy	525.000 Barrel pro Tag	1,2 Milliarden US-Dollar
Kanadische natürliche Ressourcen	450.000 Barrel pro Tag	980 Millionen Dollar
Imperiales Öl	375.000 Barrel pro Tag	750 Millionen Dollar

Regionale und nationale Versorgungsanbieter

Zu den Versorgungskundensegmenten gehören:

• Ontario Energy Board
• BC Hydro
• Hydro-Québec

Versorgungsanbieter	Jährliche Energieübertragung	Vertragswert
Ontario Energy Board	12,4 Milliarden Kubikmeter	540 Millionen Dollar
BC Hydro	8,7 Milliarden Kubikmeter	385 Millionen Dollar

Industrielle Energieverbraucher

Zu den wichtigsten Industriesegmenten gehören:

• Herstellung
• Bergbau
• Chemische Verarbeitung

Sektor	Jährlicher Energieverbrauch	Durchschnittlicher Vertragswert
Herstellung	6,2 Milliarden Kubikmeter	275 Millionen Dollar
Bergbau	4,5 Milliarden Kubikmeter	210 Millionen Dollar

Entwickler erneuerbarer Energien

Das Kundenportfolio im Bereich erneuerbare Energien umfasst:

• Musterenergie
• Kanadische Solar
• Brookfield Erneuerbare

Entwickler	Erneuerbare Kapazität	Übertragungsvertrag
Musterenergie	1,2 GW	95 Millionen Dollar
Kanadische Solar	850 MW	72 Millionen Dollar

Institutionelle und Privatanleger

Aufteilung der Anlegersegmente:

Anlegertyp	Gesamtinvestition	Prozentsatz des Eigentums
Institutionelle Anleger	42,3 Milliarden US-Dollar	68%
Privatanleger	19,7 Milliarden US-Dollar	32%

Enbridge Inc. (ENB) – Geschäftsmodell: Kostenstruktur

Entwicklung und Wartung der Pipeline-Infrastruktur

Im Jahr 2023 meldete Enbridge Gesamtinvestitionen in Höhe von 6,8 Milliarden US-Dollar, darunter erhebliche Investitionen in die Pipeline-Infrastruktur.

Kategorie „Infrastruktur“.	Jährliche Kosten (USD)
Wartung von Flüssigkeitsleitungen	1,2 Milliarden US-Dollar
Wartung des Gasübertragungsnetzes	850 Millionen Dollar
Neubau einer Pipeline	2,5 Milliarden US-Dollar

Betriebs- und Verwaltungskosten

Die Betriebskosten von Enbridge beliefen sich im Jahr 2023 auf insgesamt 4,3 Milliarden US-Dollar.

• Betriebskosten: 2,9 Milliarden US-Dollar
• Allgemeine und Verwaltungskosten: 1,4 Milliarden US-Dollar

Umweltkonformität und Nachhaltigkeitsinvestitionen

Die Nachhaltigkeitsinvestitionen für 2023 erreichten 500 Millionen US-Dollar.

Nachhaltigkeitsinitiative	Investition (USD)
Projekte für erneuerbare Energien	250 Millionen Dollar
Technologien zur Kohlenstoffreduzierung	150 Millionen Dollar
Maßnahmen zur Einhaltung der Umweltvorschriften	100 Millionen Dollar

Modernisierung von Technologie und digitaler Infrastruktur

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf 350 Millionen US-Dollar.

• Initiativen zur digitalen Transformation: 200 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 85 Millionen US-Dollar
• Datenanalyse-Infrastruktur: 65 Millionen US-Dollar

Schulung und Entwicklung der Belegschaft

Die Gesamtausgaben für die Personalentwicklung beliefen sich im Jahr 2023 auf 75 Millionen US-Dollar.

Schulungskategorie	Investition (USD)
Schulung technischer Fähigkeiten	40 Millionen Dollar
Führungskräfteentwicklung	20 Millionen Dollar
Sicherheits- und Compliance-Schulung	15 Millionen Dollar

Enbridge Inc. (ENB) – Geschäftsmodell: Einnahmequellen

Transportgebühren für Öl- und Gaspipeline-Dienste

Im Jahr 2023 erwirtschaftete das Segment Liquids Pipelines von Enbridge einen Umsatz von 15,4 Milliarden US-Dollar. Das Segment Gastransport und Midstream trug 6,1 Milliarden US-Dollar an Transport- und Speichergebühren bei.

Pipeline-Segment	Umsatz 2023
Flüssigkeitsleitungen	15,4 Milliarden US-Dollar
Gastransport und Midstream	6,1 Milliarden US-Dollar

Einnahmen aus der Erzeugung erneuerbarer Energien

Enbridges Portfolio an erneuerbaren Energien erwirtschaftete im Jahr 2023 1,2 Milliarden US-Dollar mit Wind- und Solarprojekten in ganz Nordamerika.

• Gesamtkapazität zur Erzeugung erneuerbarer Energien: 2.100 MW
• Windenergieprojekte: 1.700 MW
• Solarenergieprojekte: 400 MW

Gebühren für Lagerung und Terminalnutzung

Terminal- und Speicherdienste erwirtschafteten im Jahr 2023 einen Umsatz von 2,3 Milliarden US-Dollar.

Langfristige Einnahmen aus Infrastrukturverträgen

Enbridge sicherte sich im Jahr 2023 langfristige Infrastrukturverträge im Wert von 22,5 Milliarden US-Dollar und sorgte so für stabile wiederkehrende Einnahmequellen.

Dividendenerträge für Aktionäre

Enbridge zahlte im Jahr 2023 eine Gesamtdividende von 3,86 Milliarden US-Dollar, mit einer Dividendenrendite von etwa 7,2 %.

Dividendenkennzahl	Wert 2023
Gesamtzahl der gezahlten Dividenden	3,86 Milliarden US-Dollar
Dividendenrendite	7.2%

Enbridge Inc. (ENB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Enbridge Inc. for their energy needs as of late 2025. It's about scale, reliability, and a clear path toward future energy delivery.

Highly reliable and safe transportation of essential energy products.

Enbridge Inc. moves massive volumes of energy safely across North America. The Liquids super systems, for instance, provide 6 million bpd of oil egress from the continent's three most prolific basins. You saw this reliability in action when the Mainline delivered record first-quarter volumes of almost 3.2 million barrels per day in Q1 2025. The company is actively investing to maintain this, announcing plans to invest up to CAN$2 billion in the Mainline through 2028 to further reliability and efficiency. This vast network connects to approximately 75% of North America's refining capacity.

The value here is in the sheer scale and the commitment to system integrity, exemplified by projects like the Mainline Optimization project, which will add 150,000 barrels per day of capacity in its first phase.

Stable, predictable cash flow backed by long-term, fee-based contracts.

A significant portion of Enbridge Inc.'s financial stability comes from its contract structure. You should note that 98% of its EBITDA is backed by long-term take-or-pay contracts or regulated returns. This underpins the reaffirmed 2025 financial guidance, targeting Adjusted EBITDA between $19.4 billion and $20.0 billion and Distributable Cash Flow (DCF) per share between $5.50 and $5.90. The company manages leverage tightly, aiming for a Debt-to-EBITDA ratio within the 4.5x-5.0x range, with the Q3 2025 ratio reported at 4.8x.

This predictability supports shareholder returns:

• Quarterly common share dividend of $0.9425 (annualized $3.77) effective March 1, 2025.
• Announced 2026 quarterly dividend of $0.9700 (annualized $3.88), a 3% increase.
• Long-term growth outlook post-2026 is set at ~5% average annual growth for key metrics.

Integrated energy solutions spanning traditional and new energy (renewables, CCUS).

Enbridge Inc. is balancing its core business with energy transition investments, supported by a substantial project pipeline. The secured growth backlog stood at $35 billion as of Q3 2025, with an annual investment capacity of $9-$10 billion. The company recently sanctioned the Clear Fork Solar project, a 600 MW, US$0.9 billion development for Meta under a long-term agreement, and expects 1.4 GW of solar projects online by 2027. Furthermore, it has entered the Carbon Capture, Utilization, and Storage (CCUS) space with the $0.3bn Pelican CO2 Hub project. The company is also evaluating over 3 GW of late- and mid-stage renewable power projects.

Here's a snapshot of recent capital deployment and project focus:

Segment Focus	Project Example/Metric	Value/Capacity	Investment/Status
Liquids Pipelines	Mainline Investment (through 2028)	Up to CAN$2 billion	For reliability and efficiency.
Renewables	Clear Fork Solar Project	600 MW / US$0.9 billion	Sanctioned, long-term offtake agreement.
CCUS	Pelican CO2 Hub	$0.3bn	New entry project.
Gas Transmission	Aitken Creek Gas Storage Expansion	40 Bcf expansion	Sanctioned at $0.3 billion.
LNG Focus	Woodfibre LNG Exposure	US$2.9 billion	Backed by 15-year offtake agreements.

Access to key North American and U.S. Gulf Coast LNG export markets.

Enbridge Inc.'s infrastructure is strategically positioned to serve the growing export demand, especially for natural gas and crude oil. Its Gas Transmission system connects to every operating LNG export facility on the Gulf Coast. This connectivity is being reinforced, such as with the $0.3 billion, 40 Bcf expansion of the Aitken Creek gas storage facility to support the western Canadian LNG value chain. For crude oil exports, the Enbridge Ingleside Energy Center (EIEC) is North America's largest oil export terminal by volume, boasting a ~160,000-barrels-per-hour loading capacity. The EIEC storage capacity is set to reach 20.1 million barrels by the end of 2025.

The company's involvement in the Matterhorn Express Pipeline (MXP) provides 2.5 Bcf/d of Permian egress to the Katy area on the U.S. Gulf Coast, where Enbridge holds a 10% interest. Also, the EIEC recorded another quarterly volume record in Q1 2025, benefiting from increased operational capacity.

Enbridge Inc. (ENB) - Canvas Business Model: Customer Relationships

You're looking at how Enbridge Inc. (ENB) locks in its revenue base, which is heavily reliant on long-term commitments. This is the core of their stability, frankly.

Long-term, contract-based relationships with energy producers and refiners.

The midstream segment relies on long-term take-or-pay contracts or regulated returns for a massive portion of its earnings power. Specifically, 98% of Enbridge Inc.'s EBITDA comes from these stable sources. This structure shields the company from the day-to-day price swings in crude and natural gas. For instance, a recently sanctioned project is underpinned by 15-year offtake agreements. This commitment is visible in the secured growth backlog, which sits at approximately $26 billion, all supported by these low-risk commercial frameworks. To give you context on their market reach, Enbridge Inc. transports 30% of North American crude and 20% of U.S. natural gas consumption.

Here's a snapshot of the contract and volume backbone:

Metric	Value	Context
EBITDA from Contracted/Regulated Assets	98%	Midstream segment stability driver
Secured Growth Backlog	$26 billion	Underpinned by long-term commercial frameworks
Crude Transported (North America)	30%	Market share metric
Natural Gas Transported (U.S.)	20%	Market share metric

Regulated, utility-style service for natural gas distribution customers.

The utility side provides a different, but equally stable, relationship based on regulation. Following major acquisitions, Enbridge Inc. now operates North America's largest natural gas utility platform. You're looking at a customer base of about 7.1 million customers across Canada and the U.S. The consolidated rate base for this utility business is over CDN$27 billion. These relationships are managed under regulatory jurisdictions, meaning customer rates and capital recovery are subject to approval, which provides predictable, inflation-protected cash flows. For example, new rates for Enbridge Gas North Carolina became effective November 1, 2025, and Enbridge Gas Utah rates are expected January 1, 2026.

The utility segment is actively growing its regulated asset base:

• Total customers served: approximately 7.1 million.
• Consolidated Rate Base: over CDN$27 billion.
• Gas Distribution teams are advancing opportunities worth over $4 billion.
• Number of data center/power generation projects advancing: 60.

Dedicated account management for large-scale industrial and power generation clients.

For major industrial and power clients, the relationship is highly tailored, often involving long-term power purchase agreements or capacity reservations. This is where the utility growth intersects with large-scale energy demand. Enbridge Inc. is currently advancing more than $4 billion in specific data center and power generation opportunities across 60 distinct projects to meet customer needs through the end of the decade. A concrete example is the 600 MW, US$0.9 billion Clear Fork Solar project, which is secured by a long-term offtake agreement specifically to serve Meta's data center power needs. That's a direct, dedicated relationship.

Investor relations focused on consistent dividend growth (30+ years).

For the financial community, the relationship is built on a commitment to returning capital. Enbridge Inc. has a history of paying dividends for over 70 years. More recently, the company extended its streak of annual dividend increases to 31 consecutive years. For the 2025 fiscal year, the quarterly dividend was set at $0.94250 per common share, resulting in an annualized dividend of $3.77 per share. This payout is targeted to remain within a healthy range, with the company expecting its dividend payout ratio to be between 60% and 70% of its Distributable Cash Flow (DCF). The 2025 full-year DCF per share guidance range is $5.50 to $5.90. Over the last 30 years, the dividend has compounded at an average annual rate of 9%.

The dividend commitment metrics for 2025 look like this:

Dividend Metric	Value (2025)	Historical Context
Consecutive Annual Increases	31 years	Streak as of late 2025
Quarterly Dividend Amount	$0.94250	For 2025 payments
Annualized Dividend Amount	$3.77	Based on 2025 quarterly rate
Target Payout Ratio (of DCF)	60% to 70%	Management target range
30-Year Dividend CAGR	9%	Long-term growth rate

Enbridge Inc. (ENB) - Canvas Business Model: Channels

You're looking at how Enbridge Inc. (ENB) gets its energy from the wellhead and power source to the end-user, which is really the core of their massive infrastructure play. It's all about moving molecules and electrons through a vast, interconnected system, so let's break down the physical pathways they use.

Liquids Pipelines: Canadian Mainline system and Gulf Coast export facilities

The Liquids Pipelines segment is the backbone for moving crude oil and NGLs. The Canadian Mainline system is North America's longest and most complex crude oil transportation system, connecting key supply basins to major refinery markets. For instance, in the first quarter of 2025, the Mainline delivered record volumes of almost 3.2 million barrels per day (bpd). Enbridge Inc. moves about 40% of all North American crude oil production through this network. To meet growing demand, they sanctioned Mainline Optimization Phase 1, which will add 150,000 bpd of capacity, expected online by 2027, supported by up to $2 billion in investment through 2028. On the Gulf Coast, the Enbridge Ingleside Energy Center (EIEC) is North America's largest crude oil export terminal by volume, boasting a USGC-leading, ~160,000-barrels-per-hour loading capacity. The entire Liquids Pipelines network includes 36 million barrels of operational tankage. Honestly, the scale here is what locks in their long-term contracts.

Asset/Metric	Capacity/Volume	Financial/Investment Data
Mainline System Q1 2025 Throughput	Almost 3.2 million bpd	Up to $2 billion investment through 2028
Mainline Optimization Phase 1 Addition	150,000 bpd (Expected 2027)	Flanagan South addition: 100,000 bpd
Enbridge Ingleside Energy Center (EIEC) Loading Capacity	~160,000 barrels per hour	Phase VII storage expansion: adding 2.5 million barrels
Total Operational Tankage	36 million barrels	Total Contract Storage Capacity: 60 million barrels

Gas Transmission: Major interstate pipelines (e.g., Texas Eastern, Algonquin)

The Gas Transmission business is heavily focused on connecting growing supply basins, like the Permian, to demand centers in the U.S. Northeast and Gulf Coast LNG hubs. They see over 35-plus opportunities to serve up to 11 billion cubic feet a day (Bcf/d) of new demand here. For example, the Algonquin Reliable Affordable Resilient Enhancement (AGT Enhancement) project is a $0.3 billion investment set to add up to 75 MMcf/d to the U.S. Northeast. On the Texas Eastern Transmission pipeline, a US$0.1 billion expansion on Line 31 is adding up to 160 MMcf/d. Also, through a joint venture, the Eiger Express Pipeline is being built to move up to 2.5 Bcf/d from the Permian, with an anticipated completion in 2028.

• Texas Eastern Line 31 Expansion: 160 MMcf/d incremental capacity.
• Algonquin Gas Transmission Enhancement: 75 MMcf/d incremental supply.
• Eiger Express Pipeline (JV): Up to 2.5 Bcf/d capacity.
• Southeast Supply Header (SESH) Expansion: $50 million investment.

Gas Distribution: Local utility networks serving 3.7 million retail customers

This segment is North America's largest natural gas utility platform, providing safe and reliable energy. While the prompt mentioned 3.7 million, the latest data shows Enbridge Gas serves a total of almost 7 million customers across its five U.S. utilities (Ohio, Utah, Idaho, Wyoming, North Carolina) and Canadian operations. Specifically, Enbridge Gas Ontario serves about ~3.9 million customers, delivering approximately 530 PJ annually. The total system delivers about 9.1 Bcf/d of natural gas. They manage significant underground storage, holding 351.6 Bcf, much of it at the Dawn Hub.

Here's a quick look at the scale of the distribution footprint:

Utility Footprint Area	Customer Count	Annual Volume (Enbridge Gas Ontario)
Total Customers (All Utilities)	Almost 7 million	N/A
Enbridge Gas Ontario Customers	~3.9 million	530 PJ
Total System Delivery	N/A	Approximately 9.1 Bcf/d

Renewable Power: Direct connection to regional power grids

Enbridge's Renewable Power channel connects its generation assets directly to regional grids in North America and Europe. Since 2002, the company has committed more than US$8 billion (about C$12 billion) in capital to these projects. Their portfolio, operating or under construction, has a net renewable generation capacity of 4,082 megawatts (MW). This is enough to meet the electricity needs of about 1.9 million homes based on net generation figures. The portfolio includes 23 wind farms (4,871 MW gross capacity) and 17 solar energy operations (2,345 MW gross capacity). A recent example is the 600 MW Clear Fork Solar project in Texas, costing US$900 million, which is fully secured by a long-term agreement with Meta Platforms Inc.

Enbridge Inc. (ENB) - Canvas Business Model: Customer Segments

You're looking at the core groups Enbridge Inc. (ENB) serves across its diversified energy platforms as of late 2025. This is a mix of massive industrial shippers, regulated utility customers, and power off-takers.

Major North American oil and gas exploration and production (E&P) companies and Refiners and petrochemical manufacturers are served primarily through the Liquids Pipelines business. This segment moves massive volumes of product, connecting supply basins to refining hubs.

Customer Group Focus	Metric	Data Point (2025 Context)
E&P Companies/Refiners	Liquids Throughput	Provides 6 million bpd of oil egress from North America's three most prolific oil basins.
Refiners	Market Connectivity	Connected to approximately 75% of North America's refining capacity.
E&P Companies	Market Share Transported	Transports about 30% of the crude oil produced in North America.
Refiners (Export)	Export Volume (H2 2024)	Ingleside facility exported over 1.2 million bpd during the second half of 2024.

The Gas Distribution and Storage segment serves a vast number of end-users, a customer base significantly expanded by recent acquisitions.

Retail natural gas consumers in Ontario and other regions are the direct customers for Enbridge Gas utilities.

• Total Gas Distribution customer base is over 7 million and growing.
• Five natural gas utilities serve these 7 million customers across Ontario, Quebec, Ohio, Utah, Idaho, Wyoming, and North Carolina.
• Enbridge Gas Ontario alone serves approximately 3.9 million customers.

The acquisition of three U.S. gas utilities in 2024, representing a $19 billion investment, solidified Enbridge as one of the largest natural gas distributors in North America.

Local Distribution Companies (LDCs) in the U.S. Northeast are served through both the utility platform and transmission services. For instance, Enbridge Gas North Carolina is expanding capacity to serve power generation customers.

The T15 Reliability Project will connect Enbridge Gas North Carolina to Duke Energy's 1.4 GW Roxboro gas-fired generation power plant.

Large-scale power purchasers (e.g., Meta, Amazon for renewables) are key customers for the Renewable Power segment, secured through long-term Power Purchase Agreements (PPAs).

The total renewable portfolio in operation or under construction is 3.5 GW (net) of zero-emission energy across five G7 nations. The business is focused on expanding relationships with top-tier, blue-chip customers.

Specific customer-backed renewable projects include:

• The 600 MW, US$0.9 billion Clear Fork Solar project, supporting Meta's data center power needs.
• The 577-MW Fox Squirrel Solar facility, contracted with Amazon.
• The Sequoia Solar facility, supporting AT&T and Toyota.

The Renewables business currently generates over 5 GW of lower-carbon electricity.

Enbridge Inc. (ENB) - Canvas Business Model: Cost Structure

You're looking at the major drains on Enbridge Inc.'s cash flow, the costs that keep that vast network moving and growing as of late 2025. It's a capital-intensive business, plain and simple.

Capital Expenditures for Growth Projects represent a significant outlay, with Enbridge Inc. expecting to deploy approximately US$7 billion of capital in 2025, explicitly exclusive of maintenance capital.

The company's financing strategy is heavily influenced by its debt load, which drives substantial interest expense. Enbridge Inc. remains committed to its financial guardrail target Debt-to-EBITDA ratio in the range of 4.5x to 5.0x. For the six months ended June 30, 2025, the reported Interest expense was (2,515) million. This interest expense on higher principal debt balances is a direct cost reflected in the distributable cash flow guidance.

The sheer scale of the asset base dictates high recurring operating costs. The largest expenses on Enbridge Inc.'s income statement are operating expenses, particularly pipeline operating costs, SG&A, and maintenance. For the twelve months ending September 30, 2025, Enbridge Inc. reported total Operating expenses of $37.934B, marking a 32.06% increase year-over-year.

Here's a breakdown of key operating costs reported for the second quarter of 2025:

Cost Category	Q2 2025 Amount (Approximate)	Year-over-Year Change
Operating Expenses (Total)	$2.6B	+2%
Selling, General & Administrative (SG&A)	$1.1B	+2%
Research & Development (R&D)	$0.18B	+6%

The cost structure also includes expenses tied to maintaining regulatory standing and asset health.

• R&D investment, reaching $0.18B in Q2 2025, is focused on pipeline safety and emissions reduction.
• For Enbridge Gas Ontario's operations, the price cap mechanism established for 2025 through 2028 rates includes annual base rate escalation at inflation less a 0.28% productivity factor, which affects how operating and maintenance costs are managed and recovered.
• The regulatory framework allows for the recovery of material unexpected events and discrete incremental capital investments beyond what base rates cover.

Ensuring asset integrity requires dedicated capital spending, separate from growth initiatives. While the 2025 figure is not explicitly detailed as maintenance capital, the projection for the following year gives you a sense of the scale. Enbridge Inc. projected Maintenance Capital of approximately ~$(1,200) million for 2026. This spending is crucial for the long-term reliability of the vast pipeline network. Finance: draft 13-week cash view by Friday.

Enbridge Inc. (ENB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Enbridge Inc. (ENB) pulls in cash as of late 2025. The business model is heavily weighted toward stable, contracted cash flows, which is why over 98% of EBITDA is generated by assets with regulated returns or long-term take-or-pay contracts.

The expected full-year 2025 Adjusted EBITDA guidance is between $19.4 billion and $20.0 billion (CAD). To give you a sense of where that expected Adjusted EBITDA comes from, here is the approximate breakdown based on Q2 2025 revenue contribution:

Revenue Stream Segment	Approximate Q2 2025 Revenue Contribution	2025 Adjusted EBITDA Contribution (Based on Guidance)
Liquids Pipelines transportation fees	60%	Estimated 60% of $19.4B - $20.0B CAD
Gas Transmission and Midstream fees	22%	Estimated 22% of $19.4B - $20.0B CAD
Regulated natural gas distribution utility rates	14%	Estimated 14% of $19.4B - $20.0B CAD
Power sales from Renewable Power Generation	4%	Estimated 4% of $19.4B - $20.0B CAD

The Liquids Pipelines segment saw strong utilization, with Mainline volumes averaging 3 million barrels per day (bpd) for the second quarter of 2025, and hitting 3.1 million bpd for the first half of 2025. The company is investing up to $2 billion in the Mainline through 2028, expecting returns within the MTS agreement collar of 11% to 14.5%.

For the second quarter of 2025, total reported revenue was CAD 14,876 million, up from CAD 11,336 million a year ago. The Adjusted EBITDA for that same second quarter was $4,644 million (CAD).

Here are some other concrete figures related to these streams:

• Gas Distribution growth is mainly driven by the acquisitions of the U.S. gas utilities.
• The Renewable Power Generation segment saw its Adjusted EBITDA decrease by $27 million compared to the second quarter of 2024.
• The company closed the acquisition of a 10% interest in the Matterhorn Express Pipeline (MXP) on June 16, 2025.
• The Gas Transmission segment benefited from revised rates on U.S. GT assets and contributions from the Whistler JV and DBR system acquisitions.

Finance: draft 13-week cash view by Friday.