ENBRIDGE Inc. (ENB): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, Enbridge Inc. (ENB) apparaît comme une puissance stratégique, tissant ensemble des réseaux de pipelines complexes, des initiatives d'énergie renouvelable et des solutions de transport innovantes qui redéfinissent comment l'énergie nord-américaine se déplace et se transforme. Perçant la logistique traditionnelle des combustibles fossiles avec des pratiques durables de pointe, le toile de modèle commercial d'Enbridge révèle une approche multiforme qui va au-delà du simple transport - c'est un écosystème complet de connectivité énergétique, de responsabilité environnementale et de création de valeur stratégique qui positionne l'entreprise à l'avant-garde d'un Évolution du paradigme énergétique mondial.

ENBRIDGE Inc. (ENB) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des communautés autochtones

En 2024, Enbridge a établi des partenariats avec plus de 40 communautés autochtones à travers le Canada. La société a engagé 1,5 milliard de dollars de possibilités économiques pour les communautés autochtones grâce à ses projets d'infrastructure.

Type de partenariat	Nombre d'accords	Valeur économique
Partenariats sur les actions autochtones	23	850 millions de dollars
Accords de prestations communautaires	17	650 millions de dollars

Collaboration avec les producteurs de pétrole et de gaz

Enbridge entretient des partenariats stratégiques avec les principaux producteurs nord-américains du pétrole et du gaz.

• ConocoPhillips: accord de transport et de stockage à long terme
• Suncor Energy: Pipeline Infrastructure Collaboration
• Ressources naturelles canadiennes: partenariat d'infrastructure intermédiaire

Producteur	Volume de transport annuel	Durée du contrat
Conocophillips	250 000 barils / jour	Accord de 15 ans
Énergie solaire	180 000 barils / jour	Accord de 10 ans

Partenariats en technologie des énergies renouvelables

Enbridge a investi 2,3 milliards de dollars dans des partenariats technologiques aux énergies renouvelables à partir de 2024.

• Vestas Wind Systems: collaboration technologique d'éoliennes
• Premier partenariat solaire solaire sur le panneau solaire
• Siemens Gamesa: développement des infrastructures éoliennes offshore

Partenaire technologique	Montant d'investissement	Capacité renouvelable
Vestas Wind Systems	650 millions de dollars	Capacité éolienne de 500 MW
Premier solaire	450 millions de dollars	Capacité solaire de 300 MW

Coentreprises d'infrastructure énergétique au milieu

Enbridge a formé des coentreprises avec des principales sociétés d'infrastructures énergétiques moyennes.

• Enterprise Products Partners: Liquids Pipeline Collaboration
• Pembina Pipeline Corporation: Midstream Infrastructure Joint Venture

Coentreprise	Valeur d'investissement	Portée des infrastructures
Partners des produits d'entreprise	1,2 milliard de dollars	Réseau de pipelines Gulf Coast Liquides
Pembina Pipeline Corporation	900 millions de dollars	Actifs intermédiaires de l'ouest canadien

Enbridge Inc. (ENB) - Modèle d'entreprise: activités clés

Transport de pétrole brut et de liquides

Enbridge exploite environ 17 809 miles de pipelines de pétrole brut et de liquides à travers l'Amérique du Nord. Capacité de transport quotidienne de 2,9 millions de barils de pétrole brut et de liquides.

Réseau de pipelines	Capacité	Régions
Pilélines de pétrole brut	2,9 millions de barils / jour	Canada et États-Unis

Transmission et distribution du gaz naturel

Enbridge gère un réseau de transmission de gaz naturel couvrant 37 732 kilomètres. Volume de transport annuel d'environ 191 milliards de pieds cubes de gaz naturel.

Infrastructure gazière	Longueur	Volume annuel
Pipelines de gaz naturel	37 732 kilomètres	191 milliards de pieds cubes

Production d'énergie renouvelable

Une capacité totale de production d'énergie renouvelable de 2 221 mégawatts dans les projets éoliens, solaires et géothermiques.

• Énergie éolienne: 1 711 MW
• Énergie solaire: 370 MW
• Géothermie: 140 MW

Maintenance des infrastructures énergétiques

Maintenance annuelle des infrastructures et dépenses en capital d'environ 5,3 milliards de dollars en 2023.

Conformité réglementaire

Investissements annuels de conformité environnementale et de sécurité de 372 millions de dollars.

Zone de conformité	Investissement annuel
Initiatives environnementales	372 millions de dollars

ENBRIDGE Inc. (ENB) - Modèle d'entreprise: Ressources clés

Infrastructure de pipeline approfondie

Enbridge exploite 17 809 miles de pipelines de pétrole brut à travers l'Amérique du Nord. Le système de pipeline liquide transporte environ 3 millions de barils par jour de pétrole brut et de liquides.

Catégorie d'actifs de pipeline	Kilomètres totaux	Capacité
Pilélines de pétrole brut	17 809 miles	3 millions de barils / jour
Transmission de gaz naturel	15 631 miles	19,7 milliards de pieds cubes / jour

Actifs de transport d'énergie diversifiés

Enbridge possède et exploite:

• 27 terminaux de stockage
• 3 terminaux marins
• Réseau de distribution de gaz desservant 3,8 millions de clients

Capital financier

Au quatrième trimestre 2023, Enbridge a rapporté:

• Total des actifs: 159 milliards de dollars
• Capitalisation boursière: 108,7 milliards de dollars
• Note de crédit: BBB + (Standard & Pauvre)

Ressources humaines

Métrique de la main-d'œuvre	Nombre
Total des employés	13,000
Des années moyennes d'expérience	12,5 ans

Systèmes technologiques

Enbridge utilise Systèmes de surveillance avancés en temps réel à travers son infrastructure énergétique, notamment:

• Systèmes de contrôle de contrôle et d'acquisition de données (SCADA)
• Technologies de détection des fuites
• Algorithmes de maintenance prédictive

Enbridge Inc. (ENB) - Modèle d'entreprise: propositions de valeur

Solutions de transport d'énergie fiables et efficaces

Enbridge exploite 17 809 miles de pipeline liquide et 31 982 miles de transmission de gaz et de pipeline intermédiaire en 2023. La capacité de transport quotidienne atteint environ 3 millions de barils de pétrole brut et 19,4 milliards de pieds cubes de gaz naturel.

Type de pipeline	Kilomètres totaux	Capacité quotidienne
Pipelines liquides	17 809 miles	3 millions de barils
Transmission de gaz	31 982 miles	19,4 milliards de pieds cubes

Services intégrés des énergies intermédiaires et renouvelables

Le portefeuille d'énergies renouvelables comprend:

• 5 460 MW de capacité de production renouvelable nette
• Projets d'énergie éolienne à travers l'Amérique du Nord
• Installations d'énergie solaire
• Potentiel de développement du vent offshore

Stabilité des infrastructures énergétiques à long terme

Les actifs des infrastructures énergétiques d'Enbridge sont évalués à 159 milliards de dollars, avec une durée de vie utile moyenne de 40 à 50 ans.

Engagement envers la durabilité environnementale et la réduction des émissions

Cible de durabilité	Engagement
Réduction des émissions de carbone	Réduction de 35% d'ici 2030
Objectif net zéro émissions	D'ici 2050

Prix ​​compétitifs et rendements de dividendes cohérents pour les investisseurs

Mesures financières pour les investisseurs:

• Rendement des dividendes: 7,25% au quatrième trimestre 2023
• Des années consécutives d'augmentation des dividendes: 28 ans
• Dividende annuel par action: 3,55 $

ENBRIDGE Inc. (ENB) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les producteurs d'énergie

Enbridge maintient 17 809 kilomètres de pipelines de transport de liquides avec Contrats à long terme de prise ou de paiement qui garantissent des sources de revenus stables.

Type de contrat	Durée	Engagement annuel en volume
Accords de ligne principale	10-20 ans	3,2 millions de barils par jour
Contrats de transmission de gaz	15-25 ans	2,7 milliards de pieds cubes par jour

Support client dédié et services techniques

Enbridge exploite un Centre de support client 24/7 avec des équipes spécialisées pour les services de transport d'énergie.

• Support technique Taille de l'équipe: 325 professionnels
• Temps de réponse moyen: 27 minutes
• Évaluation annuelle de satisfaction du client: 92%

Communication transparente concernant les projets d'infrastructure

Enbridge investit 1,2 milliard de dollars par an dans l'engagement des parties prenantes et la communication transparente du projet.

Canal de communication	Métriques d'engagement annuelles
Consultations publiques	87 réunions communautaires
Plateformes de communication numérique	2,4 millions d'interactions numériques

Plateformes numériques pour suivre le transport d'énergie

La plate-forme de suivi numérique d'Enbridge gère 5,3 millions de barils de transport de liquide quotidien.

• Précision de suivi en temps réel: 99,7%
• Utilisateurs de plate-forme: 1 247 clients commerciaux
• Investissement annuel de plate-forme numérique: 42 millions de dollars

Engagement communautaire et collaboration des parties prenantes

Enbridge alloue 85 millions de dollars par an au développement communautaire et aux partenariats autochtones.

Catégorie d'engagement	Investissement annuel
Programmes communautaires autochtones	37,5 millions de dollars
Support d'infrastructure local	47,5 millions de dollars

Enbridge Inc. (ENB) - Modèle d'entreprise: canaux

Équipes de vente directes pour les contrats d'infrastructure énergétique

Enbridge maintient 16 équipes de vente dédiées à travers l'Amérique du Nord, en se concentrant sur des contrats d'infrastructure énergétique à grande échelle. Personnel des ventes directes totaux: 287 professionnels.

Région de vente	Nombre de représentants commerciaux	Valeur du contrat annuel
Ouest canadien	62	1,3 milliard de dollars
Midwest des États-Unis	89	2,1 milliards de dollars
Oriental canadien	45	890 millions de dollars
Région de la côte du golfe	91	1,7 milliard de dollars

Plates-formes numériques et interfaces client basées sur le Web

Enbridge exploite 3 plates-formes numériques principales avec 672 000 comptes d'utilisateurs enregistrés.

• Portail client d'entreprise: 412 000 utilisateurs
• Plateforme numérique des relations avec les investisseurs: 156 000 utilisateurs
• Système de gestion des fournisseurs: 104 000 utilisateurs

Conférences de l'industrie et événements de réseautage du secteur de l'énergie

Participation annuelle à 47 conférences d'énergie majeures avec 215 représentants d'entreprises.

Type de conférence	Nombre de conférences	Total des participants
Infrastructure énergétique	22	8,900
Énergie renouvelable	15	6,400
Relations avec les investisseurs	10	4,200

Communications des relations avec les investisseurs

Les communications des investisseurs trimestriels atteignent 89 000 investisseurs institutionnels et de détail.

• Télémision trimestrielle des résultats: 42 000 participants
• Réunion des actionnaires annuelle: 37 000 participants
• Newsletter des investisseurs: 10 000 abonnés

Plateformes d'engagement réglementaires et gouvernementales

Engagement actif avec 22 organismes de réglementation fédéraux et provinciaux.

Type de corps réglementaire	Nombre d'interactions	Rapports de conformité annuels
Agences fédérales	12	48
Régulateurs provinciaux	10	36

Enbridge Inc. (ENB) - Modèle d'entreprise: segments de clientèle

Majeures sociétés de production de pétrole et de gaz

Enbridge dessert les principaux clients de la production de pétrole et de gaz, notamment:

Entreprise	Volume annuel transporté	Valeur du contrat
Énergie solaire	525 000 barils par jour	1,2 milliard de dollars
Ressources naturelles canadiennes	450 000 barils par jour	980 millions de dollars
Huile impériale	375 000 barils par jour	750 millions de dollars

Fournisseurs de services publics régionaux et nationaux

Les segments de clients utilitaires comprennent:

• Conseil d'énergie de l'Ontario
• BC Hydro
• Hydro-québec

Fournisseur de services publics	Transmission d'énergie annuelle	Valeur du contrat
Conseil d'énergie de l'Ontario	12,4 milliards de mètres cubes	540 millions de dollars
BC Hydro	8,7 milliards de mètres cubes	385 millions de dollars

Consommateurs d'énergie industrielle

Les principaux segments industriels comprennent:

• Fabrication
• Exploitation minière
• Traitement chimique

Secteur	Consommation d'énergie annuelle	Valeur du contrat moyen
Fabrication	6,2 milliards de mètres cubes	275 millions de dollars
Exploitation minière	4,5 milliards de mètres cubes	210 millions de dollars

Développeurs d'énergies renouvelables

Le portefeuille des clients d'énergie renouvelable comprend:

• Énergie
• Solaire canadien
• Brookfield renouvelable

Promoteur	Capacité renouvelable	Contrat de transmission
Énergie	1.2 GW	95 millions de dollars
Solaire canadien	850 MW	72 millions de dollars

Investisseurs institutionnels et de détail

Répartition des segments des investisseurs:

Type d'investisseur	Investissement total	Pourcentage de propriété
Investisseurs institutionnels	42,3 milliards de dollars	68%
Investisseurs de détail	19,7 milliards de dollars	32%

Enbridge Inc. (ENB) - Modèle d'entreprise: Structure des coûts

Développement et maintenance des infrastructures de pipeline

En 2023, Enbridge a déclaré un total de dépenses en capital de 6,8 milliards de dollars, avec des investissements importants dans les infrastructures de pipeline.

Catégorie d'infrastructure	Coût annuel (USD)
Entretien des pipelines liquides	1,2 milliard de dollars
Maintenance du réseau de transmission de gaz	850 millions de dollars
Nouvelle construction de pipelines	2,5 milliards de dollars

Frais opérationnels et administratifs

Les dépenses opérationnelles d'Enbridge pour 2023 ont totalisé 4,3 milliards de dollars.

• Dépenses d'exploitation: 2,9 milliards de dollars
• Coûts généraux et administratifs: 1,4 milliard de dollars

Conformité environnementale et investissements en durabilité

Les investissements en durabilité pour 2023 ont atteint 500 millions de dollars.

Initiative de durabilité	Investissement (USD)
Projets d'énergie renouvelable	250 millions de dollars
Technologies de réduction du carbone	150 millions de dollars
Mesures de conformité environnementale	100 millions de dollars

Mises à niveau de la technologie et des infrastructures numériques

L'investissement technologique en 2023 était de 350 millions de dollars.

• Initiatives de transformation numérique: 200 millions de dollars
• Améliorations de la cybersécurité: 85 millions de dollars
• Infrastructure d'analyse des données: 65 millions de dollars

Formation et développement de la main-d'œuvre

Les dépenses totales de développement de la main-d'œuvre en 2023 étaient de 75 millions de dollars.

Catégorie de formation	Investissement (USD)
Formation des compétences techniques	40 millions de dollars
Développement du leadership	20 millions de dollars
Formation de sécurité et de conformité	15 millions de dollars

ENBRIDGE Inc. (ENB) - Modèle d'entreprise: Strots de revenus

Frais de transport pour les services de pétrole et de gazoduc

En 2023, le segment des pipelines Liquides d'Enbridge a généré 15,4 milliards de dollars de revenus. La transmission de gaz et le segment intermédiaire ont contribué 6,1 milliards de dollars en frais de transport et de stockage.

Segment de pipeline	Revenus de 2023
Liquides Pipelines	15,4 milliards de dollars
Transmission de gaz et milieu	6,1 milliards de dollars

Revenus de production d'énergies renouvelables

Le portefeuille des énergies renouvelables d'Enbridge a généré 1,2 milliard de dollars en 2023, avec des projets éoliens et solaires à travers l'Amérique du Nord.

• Capacité totale de production d'énergie renouvelable: 2 100 MW
• Projets d'énergie éolienne: 1 700 MW
• Projets d'énergie solaire: 400 MW

Frais de stockage et d'utilisation des terminaux

Les services de terminal et de stockage ont généré 2,3 milliards de dollars de revenus en 2023.

Revenus de contrat à long terme des infrastructures

Enbridge a obtenu des contrats d'infrastructure à long terme d'une valeur de 22,5 milliards de dollars en 2023, fournissant des sources de revenus récurrentes stables.

Revenu des dividendes pour les actionnaires

Enbridge a versé des dividendes totaux de 3,86 milliards de dollars en 2023, avec un rendement de dividende d'environ 7,2%.

Métrique du dividende	Valeur 2023
Total des dividendes versés	3,86 milliards de dollars
Rendement des dividendes	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.