Enbridge Inc. (ENB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia, a Enbridge Inc. (ENB) surge como uma potência estratégica, tecendo juntas redes de oleodutos complexas, iniciativas de energia renovável e soluções de transporte inovadoras que redefinem como a energia norte -americana se move e se transforma. A ponte da logística de combustível fóssil tradicional com práticas sustentáveis ​​de ponta, a tela de modelo de negócios da Enbridge revela uma abordagem multifacetada que vai além do mero transporte-é um ecossistema abrangente de conectividade energética, responsabilidade ambiental e criação de valor estratégico que posiciona a empresa na primeira frente de um Paradigma de energia global em evolução.

Enbridge Inc. (ENB) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com comunidades indígenas

A partir de 2024, a Enbridge estabeleceu parcerias com mais de 40 comunidades indígenas em todo o Canadá. A empresa comprometeu US $ 1,5 bilhão em oportunidades econômicas para comunidades indígenas por meio de seus projetos de infraestrutura.

Tipo de parceria	Número de acordos	Valor econômico
Parcerias de Equidade Indígenas	23	US $ 850 milhões
Acordos de benefícios da comunidade	17	US $ 650 milhões

Colaboração com produtores de petróleo e gás

A Enbridge mantém parcerias estratégicas com os principais produtores de petróleo e gás norte -americanos.

• ConocoPhillips: Contrato de transporte e armazenamento de longo prazo
• Energia Suncor: colaboração de infraestrutura de pipeline
• Recursos naturais canadenses: Parceria de infraestrutura do meio da corrente

Produtor	Volume anual de transporte	Duração do contrato
ConocoPhillips	250.000 barris/dia	Contrato de 15 anos
Energia Suncor	180.000 barris/dia	Contrato de 10 anos

Parcerias de tecnologia de energia renovável

A Enbridge investiu US $ 2,3 bilhões em parcerias de tecnologia de energia renovável a partir de 2024.

• Sistemas eólicos Vestas: colaboração de tecnologia de turbinas eólicas
• Primeira solar: Parceria de Tecnologia do Painel Solar
• Siemens Gamesa: Desenvolvimento de Infraestrutura eólica Offshore

Parceiro de tecnologia	Valor do investimento	Capacidade renovável
Vestas Wind Systems	US $ 650 milhões	Capacidade do vento de 500 MW
Primeiro solar	US $ 450 milhões	Capacidade solar de 300 MW

Joint ventures infraestrutura de energia média

A Enbridge formou joint ventures com as principais empresas de infraestrutura de energia médio.

• Enterprise Products Partners: Liquids Pipeline Collaboration
• Pembina Pipeline Corporation: joint venture de infraestrutura média

Parceiro de joint venture	Valor de investimento	Escopo de infraestrutura
Enterprise Products Partners	US $ 1,2 bilhão	Rede de oleodutos de líquidos da Costa do Golfo
Pembina Pipeline Corporation	US $ 900 milhões	Ativos médios canadenses ocidentais

Enbridge Inc. (ENB) - Modelo de negócios: Atividades -chave

Transporte petrolífero e líquido

A Enbridge opera aproximadamente 17.809 milhas de oleodutos de petróleo e líquidos em toda a América do Norte. Capacidade diária de transporte de 2,9 milhões de barris de petróleo e líquidos.

Rede de pipeline	Capacidade	Regiões
Oleodutos de petróleo bruto	2,9 milhões de barris/dia	Canadá e Estados Unidos

Transmissão e distribuição de gás natural

A Enbridge gerencia uma rede de transmissão de gás natural que abrange 37.732 quilômetros. Volume anual de transporte de aproximadamente 191 bilhões de pés cúbicos de gás natural.

Infraestrutura a gás	Comprimento	Volume anual
Oleodutos de gás natural	37.732 quilômetros	191 bilhões de pés cúbicos

Geração de energia renovável

Capacidade total de geração de energia renovável de 2.221 megawatts nos projetos de vento, solar e geotérmica.

• Energia eólica: 1.711 MW
• Energia solar: 370 MW
• Geotérmica: 140 MW

Manutenção da infraestrutura energética

Manutenção anual de infraestrutura e despesa de capital de aproximadamente US $ 5,3 bilhões em 2023.

Conformidade regulatória

Investimentos anuais de conformidade ambiental e de segurança de US $ 372 milhões.

Área de conformidade	Investimento anual
Iniciativas ambientais	US $ 372 milhões

Enbridge Inc. (ENB) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de pipeline

A Enbridge opera 17.809 milhas de oleodutos de petróleo bruto na América do Norte. O sistema de tubulação líquida transporta aproximadamente 3 milhões de barris por dia de petróleo e líquidos.

Categoria de ativos de pipeline	Miles totais	Capacidade
Oleodutos de petróleo bruto	17.809 milhas	3 milhões de barris/dia
Transmissão de gás natural	15.631 milhas	19,7 bilhões de pés cúbicos/dia

Ativos diversificados de transporte energético

Enbridge possui e opera:

• 27 terminais de armazenamento
• 3 terminais marinhos
• Rede de distribuição de gás que atende 3,8 milhões de clientes

Capital financeiro

A partir do quarto trimestre 2023, o Enbridge relatou:

• Total de ativos: US $ 159 bilhões
• Capitalização de mercado: US $ 108,7 bilhões
• Classificação de crédito: BBB+ (padrão & Poor's)

Recursos Humanos

Métrica da força de trabalho	Número
Total de funcionários	13,000
Anos médios de experiência	12,5 anos

Sistemas tecnológicos

Enbridge utiliza Sistemas avançados de monitoramento em tempo real em sua infraestrutura energética, incluindo:

• Sistemas de controle de supervisão e aquisição de dados (SCADA)
• Tecnologias de detecção de vazamentos
• Algoritmos de manutenção preditiva

Enbridge Inc. (ENB) - Modelo de Negócios: Proposições de Valor

Soluções de transporte energético confiáveis ​​e eficientes

A Enbridge opera 17.809 milhas de oleoduto líquido e 31.982 milhas de transmissão de gás e oleoduto no meio da corrente a partir de 2023. A capacidade diária de transporte atinge aproximadamente 3 milhões de barris de petróleo bruto e 19,4 bilhões de pés cúbicos de gás natural.

Tipo de pipeline	Miles totais	Capacidade diária
Oleodutos líquidos	17.809 milhas	3 milhões de barris
Transmissão de gás	31.982 milhas	19,4 bilhões de pés cúbicos

Serviços integrados de energia intermediária e renovável

O portfólio de energia renovável inclui:

• 5.460 MW de capacidade de geração renovável líquida
• Projetos de energia eólica em toda a América do Norte
• Instalações de energia solar
• Potencial de desenvolvimento de vento offshore

Estabilidade da infraestrutura energética de longo prazo

Os ativos de infraestrutura energética da Enbridge são avaliados em US $ 159 bilhões, com uma vida útil médio restante de 40 a 50 anos.

Compromisso com a sustentabilidade ambiental e a redução de emissões

Alvo de sustentabilidade	Compromisso
Redução de emissões de carbono	Redução de 35% até 2030
Objetiva líquida de emissões zero	Até 2050

Preços competitivos e retornos consistentes de dividendos para investidores

Métricas financeiras para investidores:

• Rendimento de dividendos: 7,25% a partir do quarto trimestre 2023
• Anos consecutivos de dividendos aumentos: 28 anos
• Dividendo anual por ação: US $ 3,55

Enbridge Inc. (ENB) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores de energia

Enbridge mantém 17.809 quilômetros de oleodutos de transporte de líquidos com contratos de longo prazo ou pagamento Isso garante fluxos de receita estáveis.

Tipo de contrato	Duração	Compromisso anual de volume
Acordos da linha principal	10-20 anos	3,2 milhões de barris por dia
Contratos de transmissão de gás	15-25 anos	2,7 bilhões de pés cúbicos por dia

Suporte ao cliente dedicado e serviços técnicos

Enbridge opera a Centro de Suporte ao Cliente 24/7 com equipes especializadas para serviços de transporte energético.

• Tamanho da equipe de suporte técnico: 325 profissionais
• Tempo médio de resposta: 27 minutos
• Classificação anual de satisfação do cliente: 92%

Comunicação transparente sobre projetos de infraestrutura

A Enbridge investe US $ 1,2 bilhão anualmente no envolvimento das partes interessadas e na comunicação transparente do projeto.

Canal de comunicação	Métricas anuais de engajamento
Consultas públicas	87 reuniões da comunidade
Plataformas de comunicação digital	2,4 milhões de interações digitais

Plataformas digitais para rastrear o transporte energético

A plataforma de rastreamento digital da Enbridge gerencia 5,3 milhões de barris de transporte líquido diário.

• Precisão de rastreamento em tempo real: 99,7%
• Usuários da plataforma: 1.247 clientes comerciais
• Investimento anual da plataforma digital: US $ 42 milhões

Engajamento da comunidade e colaboração das partes interessadas

A Enbridge aloca US $ 85 milhões anualmente para o desenvolvimento da comunidade e as parcerias indígenas.

Categoria de engajamento	Investimento anual
Programas comunitários indígenas	US $ 37,5 milhões
Suporte de infraestrutura local	US $ 47,5 milhões

Enbridge Inc. (ENB) - Modelo de Negócios: Canais

Equipes de vendas diretas para contratos de infraestrutura de energia

A Enbridge mantém 16 equipes de vendas dedicadas na América do Norte, com foco em contratos de infraestrutura de energia em larga escala. Pessoal de vendas diretas totais: 287 profissionais.

Região de vendas	Número de representantes de vendas	Valor anual do contrato
Oeste do Canadá	62	US $ 1,3 bilhão
Centro -Oeste dos Estados Unidos	89	US $ 2,1 bilhões
Leste do Canadá	45	US $ 890 milhões
Região da Costa do Golfo	91	US $ 1,7 bilhão

Plataformas digitais e interfaces de clientes baseadas na Web

A Enbridge opera 3 plataformas digitais primárias com 672.000 contas de usuário registradas.

• Portal de clientes corporativos: 412.000 usuários
• Plataforma digital de relações com investidores: 156.000 usuários
• Sistema de gerenciamento de fornecedores: 104.000 usuários

Conferências do setor e eventos de rede do setor de energia

Participação anual em 47 principais conferências de energia com 215 representantes corporativos.

Tipo de conferência	Número de conferências	Total de participantes
Infraestrutura energética	22	8,900
Energia renovável	15	6,400
Relações com investidores	10	4,200

Comunicações de Relações com Investidores

As comunicações trimestrais dos investidores atingem 89.000 investidores institucionais e de varejo.

• Webcast trimestral de ganhos: 42.000 participantes
• Reunião anual de acionistas: 37.000 participantes
• Boletim Investidor: 10.000 assinantes

Plataformas de engajamento regulatórias e governamentais

Engajamento ativo com 22 órgãos regulatórios federais e provinciais.

Tipo de corpo regulatório	Número de interações	Relatórios anuais de conformidade
Agências federais	12	48
Reguladores provinciais	10	36

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

Grandes empresas de produção de petróleo e gás

Enbridge atende aos principais clientes de produção de petróleo e gás, incluindo:

Empresa	Volume anual transportado	Valor do contrato
Energia Suncor	525.000 barris por dia	US $ 1,2 bilhão
Recursos naturais canadenses	450.000 barris por dia	US $ 980 milhões
Óleo imperial	375.000 barris por dia	US $ 750 milhões

Provedores de serviços públicos regionais e nacionais

Os segmentos de clientes do utilitário incluem:

• Conselho de Energia de Ontário
• BC Hydro
• Hydro-Québec

Provedor de serviços públicos	Transmissão anual de energia	Valor do contrato
Conselho de Energia de Ontário	12,4 bilhões de metros cúbicos	US $ 540 milhões
BC Hydro	8,7 bilhões de metros cúbicos	US $ 385 milhões

Consumidores de energia industrial

Os principais segmentos industriais incluem:

• Fabricação
• Mineração
• Processamento químico

Setor	Consumo anual de energia	Valor médio do contrato
Fabricação	6,2 bilhões de metros cúbicos	US $ 275 milhões
Mineração	4,5 bilhões de metros cúbicos	US $ 210 milhões

Desenvolvedores de energia renovável

O portfólio de clientes de energia renovável inclui:

• Energia padrão
• Solar canadense
• Brookfield renovável

Desenvolvedor	Capacidade renovável	Contrato de transmissão
Energia padrão	1.2 GW	US $ 95 milhões
Solar canadense	850 MW	US $ 72 milhões

Investidores institucionais e de varejo

Breakdown de segmentos de investidores:

Tipo de investidor	Investimento total	Porcentagem de propriedade
Investidores institucionais	US $ 42,3 bilhões	68%
Investidores de varejo	US $ 19,7 bilhões	32%

Enbridge Inc. (ENB) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção da infraestrutura de pipeline

Em 2023, a Enbridge registrou despesas totais de capital de US $ 6,8 bilhões, com investimentos significativos em infraestrutura de pipeline.

Categoria de infraestrutura	Custo anual (USD)
Manutenção de oleodutos líquidos	US $ 1,2 bilhão
Manutenção da rede de transmissão de gás	US $ 850 milhões
Construção de novos oleodutos	US $ 2,5 bilhões

Despesas operacionais e administrativas

As despesas operacionais da Enbridge em 2023 totalizaram US $ 4,3 bilhões.

• Despesas operacionais: US $ 2,9 bilhões
• Custos gerais e administrativos: US $ 1,4 bilhão

Investimentos de conformidade ambiental e sustentabilidade

Os investimentos em sustentabilidade para 2023 atingiram US $ 500 milhões.

Iniciativa de Sustentabilidade	Investimento (USD)
Projetos de energia renovável	US $ 250 milhões
Tecnologias de redução de carbono	US $ 150 milhões
Medidas de conformidade ambiental	US $ 100 milhões

Atualizações de tecnologia e infraestrutura digital

O investimento em tecnologia em 2023 foi de US $ 350 milhões.

• Iniciativas de transformação digital: US $ 200 milhões
• Aprimoramentos de segurança cibernética: US $ 85 milhões
• Infraestrutura de análise de dados: US $ 65 milhões

Treinamento e desenvolvimento da força de trabalho

As despesas totais de desenvolvimento da força de trabalho em 2023 foram de US $ 75 milhões.

Categoria de treinamento	Investimento (USD)
Treinamento de habilidades técnicas	US $ 40 milhões
Desenvolvimento de liderança	US $ 20 milhões
Treinamento de segurança e conformidade	US $ 15 milhões

Enbridge Inc. (ENB) - Modelo de negócios: fluxos de receita

Taxas de transporte para serviços de óleo e gasoduto

Em 2023, o segmento de oleodutos Liquids da Enbridge gerou US $ 15,4 bilhões em receita. A transmissão de gás e o segmento médio contribuíram com US $ 6,1 bilhões em taxas de transporte e armazenamento.

Segmento de pipeline	2023 Receita
Líquidos oleodutos	US $ 15,4 bilhões
Transmissão de gás e meio -fluxo	US $ 6,1 bilhões

Receita de geração de energia renovável

O portfólio de energia renovável da Enbridge gerou US $ 1,2 bilhão em 2023, com projetos eólicos e solares na América do Norte.

• Capacidade total de geração de energia renovável: 2.100 MW
• Projetos de energia eólica: 1.700 MW
• Projetos de energia solar: 400 MW

Cobranças de armazenamento e uso de terminais

Os serviços de terminal e armazenamento geraram US $ 2,3 bilhões em receita durante 2023.

Receita de contrato de infraestrutura de longo prazo

A Enbridge garantiu contratos de infraestrutura de longo prazo no valor de US $ 22,5 bilhões em 2023, fornecendo fluxos de receita recorrentes estáveis.

Renda de dividendos para os acionistas

A Enbridge pagou dividendos totais de US $ 3,86 bilhões em 2023, com um rendimento de dividendos de aproximadamente 7,2%.

Métrica de dividendos	2023 valor
Dividendos totais pagos	US $ 3,86 bilhões
Rendimento 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.