Enbridge Inc. (ENB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Enbridge Inc. (ENB) surge como una potencia estratégica, entrelazando redes de tuberías complejas, iniciativas de energía renovable y soluciones innovadoras de transporte que redefinen cómo se mueven y transforman la energía de América del Norte. Pinchar la logística tradicional de combustibles fósiles con prácticas sostenibles de vanguardia, el lienzo de modelo de negocio de Enbridge revela un enfoque multifacético que va más allá del mero transporte: es un ecosistema integral de conectividad energética, responsabilidad ambiental y creación de valor estratégico que posiciona la compañía en la vanguardia de una vanguardia de un Evolucionando el paradigma de energía global.

Enbridge Inc. (ENB) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con comunidades indígenas

A partir de 2024, Enbridge ha establecido asociaciones con más de 40 comunidades indígenas en todo Canadá. La compañía ha cometido $ 1.5 mil millones en oportunidades económicas para las comunidades indígenas a través de sus proyectos de infraestructura.

Tipo de asociación	Número de acuerdos	Valor económico
Asociaciones de equidad indígena	23	$ 850 millones
Acuerdos de beneficio comunitario	17	$ 650 millones

Colaboración con productores de petróleo y gas

Enbridge mantiene asociaciones estratégicas con los principales productores de petróleo y gas de América del Norte.

• Conocophillips: acuerdo de transporte y almacenamiento a largo plazo
• Suncor Energy: colaboración de infraestructura de tuberías
• Recursos naturales canadienses: Asociación de infraestructura de Midstream

Productor	Volumen de transporte anual	Duración del contrato
Conocophillips	250,000 barriles/día	Acuerdo de 15 años
Suncor Energy	180,000 barriles/día	Acuerdo a 10 años

Asociaciones de tecnología de energía renovable

Enbridge ha invertido $ 2.3 mil millones en asociaciones de tecnología de energía renovable a partir de 2024.

• Vestas Wind Systems: colaboración de tecnología de turbinas eólicas
• Primer solar: asociación tecnológica de panel solar
• Siemens Gamessa: Desarrollo de infraestructura eólica en alta mar

Socio tecnológico	Monto de la inversión	Capacidad renovable
Sistemas de viento de Vestas	$ 650 millones	Capacidad eólica de 500 MW
Primero solar	$ 450 millones	Capacidad solar de 300 MW

Empresas conjuntas de infraestructura energética media

Enbridge ha formado empresas conjuntas con compañías clave de infraestructura energética.

• Socios de productos empresariales: Liquids Pipeline Collaboration
• Pembina Pipeline Corporation: empresa conjunta de infraestructura midstream

Socio de empresa conjunta	Valor de inversión	Alcance de infraestructura
Socios de productos empresariales	$ 1.2 mil millones	Red de tuberías de Gulf Coast Liquids
Pembina Pipeline Corporation	$ 900 millones	Activos de la corriente intermedia canadiense occidental

Enbridge Inc. (ENB) - Modelo de negocio: actividades clave

Transporte de petróleo crudo y líquidos

Enbridge opera aproximadamente 17.809 millas de tuberías de petróleo crudo y líquidos en América del Norte. Capacidad de transporte diario de 2.9 millones de barriles de petróleo crudo y líquidos.

Red de tuberías	Capacidad	Regiones
Tuberías de petróleo crudo	2.9 millones de barriles/día	Canadá y Estados Unidos

Transmisión y distribución de gas natural

Enbridge administra una red de transmisión de gas natural que abarca 37,732 kilómetros. Volumen de transporte anual de aproximadamente 191 mil millones de pies cúbicos de gas natural.

Infraestructura de gas	Longitud	Volumen anual
Tuberías de gas natural	37,732 kilómetros	191 mil millones de pies cúbicos

Generación de energía renovable

Capacidad total de generación de energía renovable de 2,221 megavatios en proyectos eólicos, solares y geotérmicos.

• Energía eólica: 1.711 MW
• Energía solar: 370 MW
• Geotérmico: 140 MW

Mantenimiento de la infraestructura energética

Mantenimiento anual de infraestructura y gasto de capital de aproximadamente $ 5.3 mil millones en 2023.

Cumplimiento regulatorio

Inversiones anuales de cumplimiento ambiental y de seguridad de $ 372 millones.

Área de cumplimiento	Inversión anual
Iniciativas ambientales	$ 372 millones

Enbridge Inc. (ENB) - Modelo de negocio: recursos clave

Infraestructura de tuberías extensa

Enbridge opera 17.809 millas de tuberías de petróleo crudo en América del Norte. El sistema de tuberías líquidas transporta aproximadamente 3 millones de barriles por día de petróleo crudo y líquidos.

Categoría de activos de tuberías	Total de millas	Capacidad
Tuberías de petróleo crudo	17.809 millas	3 millones de barriles/día
Transmisión de gas natural	15,631 millas	19.7 mil millones de pies cúbicos/día

Activos de transporte de energía diversificados

Enbridge posee y opera:

• 27 terminales de almacenamiento
• 3 terminales marinas
• Red de distribución de gas que atiende a 3.8 millones de clientes

Capital financiero

A partir del cuarto trimestre de 2023, Enbridge informó:

• Activos totales: $ 159 mil millones
• Capitalización de mercado: $ 108.7 mil millones
• Calificación crediticia: BBB+ (estándar & Pobre)

Recursos humanos

Métrica de la fuerza laboral	Número
Total de empleados	13,000
Años promedio de experiencia	12.5 años

Sistemas tecnológicos

Enbridge utiliza Sistemas avanzados de monitoreo en tiempo real a través de su infraestructura energética, incluyendo:

• Sistemas de control de supervisión y adquisición de datos (SCADA)
• Tecnologías de detección de fugas
• Algoritmos de mantenimiento predictivo

Enbridge Inc. (ENB) - Modelo de negocio: propuestas de valor

Soluciones de transporte de energía confiables y eficientes

Enbridge opera 17,809 millas de tubería líquida y 31,982 millas de transmisión de gas y tubería de martillo a partir de 2023. La capacidad de transporte diario alcanza aproximadamente 3 millones de barriles de petróleo crudo y 19.4 mil millones de pies cúbicos de gas natural.

Tipo de tubería	Total de millas	Capacidad diaria
Tuberías líquidas	17.809 millas	3 millones de barriles
Transmisión de gas	31,982 millas	19.4 mil millones de pies cúbicos

Servicios integrados de energía midstream y renovable

La cartera de energía renovable incluye:

• 5.460 MW de capacidad de generación renovable neta
• Proyectos de energía eólica en América del Norte
• Instalaciones de energía solar
• Potencial de desarrollo eólico en alta mar

Estabilidad de infraestructura energética a largo plazo

Los activos de infraestructura energética de Enbridge están valorados en $ 159 mil millones, con una vida útil promedio restante de 40-50 años.

Compromiso con la sostenibilidad ambiental y la reducción de emisiones

Objetivo de sostenibilidad	Compromiso
Reducción de emisiones de carbono	Reducción del 35% para 2030
Objetivo neto de emisiones cero	Para 2050

Precios competitivos y rendimientos de dividendos consistentes para los inversores

Métricas financieras para inversores:

• Rendimiento de dividendos: 7.25% a partir del cuarto trimestre de 2023
• Años consecutivos de dividendos: 28 años
• Dividendo anual por acción: $ 3.55

Enbridge Inc. (ENB) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Enbridge mantiene 17.809 kilómetros de tuberías de transporte de líquidos con contratos a largo plazo para llevar o pagar que aseguran flujos de ingresos estables.

Tipo de contrato	Duración	Compromiso de volumen anual
Acuerdos principales	10-20 años	3.2 millones de barriles por día
Contratos de transmisión de gas	15-25 años	2.7 mil millones de pies cúbicos por día

Servicio de atención al cliente y servicios técnicos dedicados

Enbridge opera un Centro de atención al cliente 24/7 con equipos especializados para servicios de transporte de energía.

• Tamaño del equipo de soporte técnico: 325 profesionales
• Tiempo de respuesta promedio: 27 minutos
• Calificación anual de satisfacción del cliente: 92%

Comunicación transparente sobre proyectos de infraestructura

Enbridge invierte $ 1.2 mil millones anuales en la participación de las partes interesadas y la comunicación transparente del proyecto.

Canal de comunicación	Métricas de compromiso anuales
Consultas públicas	87 reuniones comunitarias
Plataformas de comunicación digital	2.4 millones de interacciones digitales

Plataformas digitales para el seguimiento del transporte de energía

La plataforma de seguimiento digital de Enbridge administra 5.3 millones de barriles de transporte diario de líquido.

• Precisión de seguimiento en tiempo real: 99.7%
• Usuarios de la plataforma: 1.247 clientes comerciales
• Inversión anual de plataforma digital: $ 42 millones

Compromiso comunitario y colaboración de partes interesadas

Enbridge asigna $ 85 millones anuales al desarrollo comunitario y asociaciones indígenas.

Categoría de compromiso	Inversión anual
Programas comunitarios indígenas	$ 37.5 millones
Soporte de infraestructura local	$ 47.5 millones

Enbridge Inc. (ENB) - Modelo de negocio: canales

Equipos de ventas directos para contratos de infraestructura energética

Enbridge mantiene 16 equipos de ventas dedicados en América del Norte, centrándose en contratos de infraestructura energética a gran escala. Total del personal de ventas directas: 287 profesionales.

Región de ventas	Número de representantes de ventas	Valor anual del contrato
Canadá occidental	62	$ 1.3 mil millones
Medio oeste de los Estados Unidos	89	$ 2.1 mil millones
Canadá del este	45	$ 890 millones
Región de la Costa del Golfo	91	$ 1.7 mil millones

Plataformas digitales e interfaces de clientes basadas en la web

Enbridge opera 3 plataformas digitales primarias con 672,000 cuentas de usuario registradas.

• Portal de clientes empresariales: 412,000 usuarios
• Plataforma digital de relaciones con los inversores: 156,000 usuarios
• Sistema de gestión de proveedores: 104,000 usuarios

Conferencias de la industria y eventos de redes del sector energético

Participación anual en 47 principales conferencias de energía con 215 representantes corporativos.

Tipo de conferencia	Número de conferencias	Asistentes totales
Infraestructura energética	22	8,900
Energía renovable	15	6,400
Relaciones con inversores	10	4,200

Comunicaciones de relaciones con los inversores

Las comunicaciones trimestrales de los inversores alcanzan 89,000 inversores institucionales y minoristas.

• Webcast de ganancias trimestrales: 42,000 participantes
• Reunión anual de accionistas: 37,000 asistentes
• Boletín de inversores: 10,000 suscriptores

Plataformas de participación regulatoria y gubernamental

Compromiso activo con 22 cuerpos regulatorios federales y provinciales.

Tipo de cuerpo regulador	Número de interacciones	Informes anuales de cumplimiento
Agencias federales	12	48
Reguladores provinciales	10	36

Enbridge Inc. (ENB) - Modelo de negocio: segmentos de clientes

Grandes compañías de producción de petróleo y gas

Enbridge sirve a clientes clave de producción de petróleo y gas, incluyendo:

Compañía	Volumen anual transportado	Valor de contrato
Suncor Energy	525,000 barriles por día	$ 1.2 mil millones
Recursos naturales canadienses	450,000 barriles por día	$ 980 millones
Aceite imperial	375,000 barriles por día	$ 750 millones

Proveedores de servicios públicos regionales y nacionales

Los segmentos de clientes de servicios públicos incluyen:

• Junta de Energía de Ontario
• BC Hydro
• Hydro-québec

Proveedor de servicios públicos	Transmisión de energía anual	Valor de contrato
Junta de Energía de Ontario	12.4 mil millones de metros cúbicos	$ 540 millones
BC Hydro	8.7 mil millones de metros cúbicos	$ 385 millones

Consumidores de energía industrial

Los segmentos industriales clave incluyen:

• Fabricación
• Minería
• Procesamiento químico

Sector	Consumo anual de energía	Valor de contrato promedio
Fabricación	6.2 mil millones de metros cúbicos	$ 275 millones
Minería	4.500 millones de metros cúbicos	$ 210 millones

Desarrolladores de energía renovable

La cartera de clientes de energía renovable incluye:

• Energía del patrón
• Solar canadiense
• Brookfield Renovable

Revelador	Capacidad renovable	Contrato de transmisión
Energía del patrón	1.2 GW	$ 95 millones
Solar canadiense	850 MW	$ 72 millones

Inversores institucionales y minoristas

Desglose de segmentos de inversores:

Tipo de inversor	Inversión total	Porcentaje de propiedad
Inversores institucionales	$ 42.3 mil millones	68%
Inversores minoristas	$ 19.7 mil millones	32%

Enbridge Inc. (ENB) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura de tuberías

En 2023, Enbridge reportó gastos de capital totales de $ 6.8 mil millones, con importantes inversiones en infraestructura de tuberías.

Categoría de infraestructura	Costo anual (USD)
Mantenimiento de tuberías líquidas	$ 1.2 mil millones
Mantenimiento de la red de transmisión de gas	$ 850 millones
Nueva construcción de tuberías	$ 2.5 mil millones

Gastos operativos y administrativos

Los gastos operativos de Enbridge para 2023 totalizaron $ 4.3 mil millones.

• Gastos operativos: $ 2.9 mil millones
• Costos generales y administrativos: $ 1.4 mil millones

Cumplimiento ambiental e inversiones de sostenibilidad

Las inversiones de sostenibilidad para 2023 alcanzaron los $ 500 millones.

Iniciativa de sostenibilidad	Inversión (USD)
Proyectos de energía renovable	$ 250 millones
Tecnologías de reducción de carbono	$ 150 millones
Medidas de cumplimiento ambiental	$ 100 millones

Tecnología y actualizaciones de infraestructura digital

La inversión tecnológica en 2023 fue de $ 350 millones.

• Iniciativas de transformación digital: $ 200 millones
• Mejoras de ciberseguridad: $ 85 millones
• Infraestructura de análisis de datos: $ 65 millones

Capacitación y desarrollo de la fuerza laboral

El gasto total en desarrollo de la fuerza laboral en 2023 fue de $ 75 millones.

Categoría de entrenamiento	Inversión (USD)
Capacitación de habilidades técnicas	$ 40 millones
Desarrollo de liderazgo	$ 20 millones
Capacitación de seguridad y cumplimiento	$ 15 millones

Enbridge Inc. (ENB) - Modelo de negocio: flujos de ingresos

Tasas de transporte para servicios de petróleo y gasolina

En 2023, el segmento de tuberías de Enbridge Liquidge generó $ 15.4 mil millones en ingresos. La transmisión de gas y el segmento Midstream contribuyeron con $ 6.1 mil millones en tarifas de transporte y almacenamiento.

Segmento de tuberías	2023 ingresos
Tuberías de líquidos	$ 15.4 mil millones
Transmisión de gas y medio marco	$ 6.1 mil millones

Ingresos de generación de energía renovable

La cartera de energía renovable de Enbridge generó $ 1.2 mil millones en 2023, con proyectos eólicos y solares en América del Norte.

• Capacidad total de generación de energía renovable: 2.100 MW
• Proyectos de energía eólica: 1.700 MW
• Proyectos de energía solar: 400 MW

Almacenamiento y cargos de uso de terminales

Los servicios de terminal y de almacenamiento generaron $ 2.3 mil millones en ingresos durante 2023.

Ingresos por contrato de infraestructura a largo plazo

Enbridge aseguró contratos de infraestructura a largo plazo por valor de $ 22.5 mil millones en 2023, proporcionando flujos de ingresos recurrentes estables.

Ingresos de dividendos para los accionistas

Enbridge pagó dividendos totales de $ 3.86 mil millones en 2023, con un rendimiento de dividendos de aproximadamente 7.2%.

Métrico de dividendos	Valor 2023
Dividendos totales pagados	$ 3.86 mil millones
Rendimiento de dividendos	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.