ENBRIDGE INC

Previous wording

East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the Federal Energy Regulatory Commission (FERC) issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee made a filing to implement the rates to be effective November 1, 2025, subject to refund. On April 23, 2026, East Tennessee reached a settlement in principle with all parties in the proceeding. A settlement agreement is expected to be filed with the FERC during the second quarter of 2026 and will be subject to FERC approval.

Current wording

East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the Federal Energy Regulatory Commission (FERC) issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee made a filing to implement the rates to be effective November 1, 2025, subject to refund. On April 23, 2026, East Tennessee reached a settlement in principle with all parties in the proceeding. On May 29, 2026, East Tennessee filed the settlement agreement for the FERC’s review and approval.

Previous wording

In relation to Enbridge Gas Inc. (Enbridge Gas Ontario)'s application with the Ontario Energy Board (OEB) to establish a 2024-2028 Incentive Regulation rate setting framework, undertaken in three phases, Enbridge Gas Ontario continues to appeal the OEB's Phase 1 findings on depreciation, equity thickness, and undepreciated capital through Ontario courts, with hearing dates scheduled in 2026.

Current wording

In relation to Enbridge Gas Inc. (Enbridge Gas Ontario)'s application with the Ontario Energy Board (OEB) to establish a 2024-2028 Incentive Regulation rate setting framework, undertaken in three phases, Enbridge Gas Ontario continues to appeal the OEB's Phase 1 findings on depreciation, equity thickness, and undepreciated capital through Ontario courts. The Phase 1 judicial review and appeal hearing took place in the second quarter of 2026, and a decision is expected before the end of the year.

Previous wording

In March 2026, the OEB issued a decision approving the settlement proposal for Phase 3 of Enbridge Gas Ontario's application, which addressed cost allocation and the harmonization of rates, rate classes, and services. The remaining non-ratemaking Phase 3 matters will be addressed through a written hearing process, with a decision expected in 2026. The implementation of Phase 3, which is anticipated to occur in 2027, is not expected to impact earnings.

Current wording

In March 2026, the OEB issued a decision approving the settlement proposal for Phase 3 of Enbridge Gas Ontario's application, which addressed cost allocation and the harmonization of rates, rate classes, and services. The remaining non-ratemaking Phase 3 matters are being addressed through a written hearing process, with a decision expected in 2026. The implementation of Phase 3, which is anticipated to occur in 2027, is not expected to impact earnings.

Previous wording

These financing activities, in combination with the financing activities executed in 2025, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and other operating working capital requirements through potential periods of extended market disruption without requiring access to the capital markets, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.

Current wording

These financing activities, in combination with the financing activities executed in 2025, are expected to provide sufficient liquidity to enable us to fund our current portfolio of capital projects and other operating working capital requirements through potential periods of extended market disruption without requiring access to the capital markets, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.

Previous wording

After taking into consideration the factors above, the remaining $112 million decrease in earnings attributable to common shareholders is primarily explained by:

Current wording

After taking into consideration the factors above, the remaining $36 million decrease in earnings attributable to common shareholders is primarily explained by:

Previous wording

Earnings attributable to common shareholders were negatively impacted by $478 million due to certain infrequent or other non-operating factors, primarily explained by:

Current wording

Earnings attributable to common shareholders were negatively impacted by $1.2 billion due to certain infrequent or other non-operating factors, primarily explained by:

Previous wording

a non-cash, net unrealized derivative fair value loss of $743 million ($571 million after-tax) in 2026, compared with a net unrealized loss of $17 million ($13 million after-tax) in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks; partially offset by

Current wording

a non-cash, net unrealized derivative fair value loss of $434 million ($339 million after-tax) in 2026, compared with a net unrealized gain of $1.4 billion ($1.0 billion after-tax) in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks; partially offset by

Previous wording

earnings attributable to noncontrolling interests of $84 million ($66 million after-tax) as a result of increased allocation of non-cash losses to our partner at the Chapman Ranch Wind Farm, reflecting the application of contractual arrangements.

Current wording

lower earnings attributable to noncontrolling interests of $84 million ($66 million after-tax) as a result of increased allocation of non-cash losses to our partner at the Chapman Ranch Wind Farm, reflecting the application of contractual arrangements.

Previous wording

lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, the absence in 2026 of equity earnings attributable to a litigation settlement, and lower contributions from the Flanagan South Pipeline; and

Current wording

lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, and the absence in 2026 of equity earnings attributable to a litigation settlement; and

Previous wording

higher contribution from our Gas Distribution and Storage segment due to higher distribution margin and higher storage optimization and pricing at Enbridge Gas Ontario, and higher base rates for Enbridge Gas Utah; and

Current wording

higher contribution from our Gas Distribution and Storage segment due to higher rate escalators, customer growth and higher storage pricing at Enbridge Gas Ontario, as well as higher base rates for Enbridge Gas Utah; and

Previous wording

lower Mainline and Market Access contributions as a result of higher earnings sharing, lower Mainline tolls on Line 9 deliveries, and lower contributions from the Flanagan South Pipeline;

Current wording

lower Mainline tolls on Line 9 deliveries; and

Previous wording

After taking into consideration the factors above, the remaining $318 million decrease is primarily explained by the following significant business factors:

Current wording

After taking into consideration the factors above, the remaining $313 million decrease is primarily explained by the following significant business factors:

Previous wording

Three months ended March 31, 2026 compared with the three months ended March 31, 2025

Current wording

Six months ended June 30, 2026 compared with the six months ended June 30, 2025

Previous wording

higher revenues from Aitken Creek and BC Pipeline due to favorable storage spreads and tolls, respectively; partially offset by

Current wording

higher revenues from Aitken Creek due to favorable storage spreads; partially offset by

Previous wording

higher distribution margin resulting from rate escalators and higher storage optimization and pricing at Enbridge Gas Ontario; and

Current wording

higher distribution margin from rate escalators, customer growth and higher storage pricing and short-term sales at Enbridge Gas Ontario; and

Previous wording

the absence in 2026 of equity earnings related to Fox Squirrel Solar investment tax credits; partially offset by

Current wording

the absence in 2026 of equity earnings related to investment tax credits from Fox Squirrel Solar, which came into service in 2025; partially offset by

Previous wording

EBITDA was negatively impacted by $595 million due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $439 million in 2026, compared with a net unrealized gain of $109 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.

Current wording

EBITDA was negatively impacted by $1.4 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $173 million in 2026, compared with a net unrealized gain of $1.3 billion in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.

Previous wording

After taking into consideration the non-operating factor above, the remaining $151 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.

Current wording

After taking into consideration the non-operating factor above, the remaining $41 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.

Previous wording

T-South Expansion (Sunrise) - In April 2026, the project received a positive decision from the Government of Canada’s Governor in Council and the CER issued a certificate for the project. Construction is expected to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions.

Current wording

T-South Expansion (Sunrise) - In April 2026, the project received a positive decision from the Government of Canada’s Governor in Council and the Canada Energy Regulator issued a certificate for the project. Construction on certain facilities has commenced and we expect pipeline construction activities to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions.

Previous wording

Cone - A 300-megawatt onshore wind project in the Southwest Power Pool market near Lubbock, Texas fully contracted under a long-term offtake agreement. This project will qualify for US tax credits and has an expected in-service date in 2027.

Current wording

Cone - A 300-megawatt (MW) onshore wind project in the Southwest Power Pool market near Lubbock, Texas fully contracted under a long-term offtake agreement. This project is anticipated to qualify for US tax credits and has an expected in-service date in 2027.

Previous wording

In the near term, we generally expect to utilize cash from operations together with commercial paper issuances and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures and acquisitions and fund debt retirements. We target to maintain significant liquidity through securement of committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements through periods of extended market disruptions without accessing the capital markets.

Current wording

In the near term, we generally expect to utilize cash from operations together with commercial paper issuances and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures and acquisitions and fund debt retirements. We seek to maintain significant liquidity through access to committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements through periods of extended market disruptions without accessing the capital markets.

Previous wording

We have signed capital obligation contracts for the purchase of services, pipe and other materials totaling approximately $5.3 billion, which are expected to be paid over the next five years.

Current wording

We have signed contracts committing to the purchase of services, pipe and other materials totaling approximately $6.3 billion, which are expected to be paid over the next five years.

Previous wording

In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $923 million was unutilized as at March 31, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.

Current wording

In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $885 million was unutilized as at June 30, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.

Previous wording

As at March 31, 2026, our net available liquidity totaled $12.7 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $11.0 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $1.6 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.

Current wording

As at June 30, 2026, our net available liquidity totaled $10.9 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $8.9 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $2.0 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.

Previous wording

During the three months ended March 31, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:

Current wording

During the six months ended June 30, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:

Previous wording

During the three months ended March 31, 2026, we completed the following long-term debt repayment totaling US$50 million:

Current wording

During the six months ended June 30, 2026, we completed the following long-term debt repayments totaling $655 million, US$64 million and €22 million:

Previous wording

There are no material restrictions on our cash. Total restricted cash of $186 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.

Current wording

There are no material restrictions on our cash. Total Restricted cash of $58 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.

Previous wording

Excluding current maturities of long-term debt, as at March 31, 2026 and December 31, 2025, we had positive and negative working capital positions of $0.6 billion and $2.8 billion, respectively. During the three months ended March 31, 2026, the major contributing factor to the positive working capital position was an increase in receivables and unbilled revenues related to seasonal fluctuations, while during the year ended December 31, 2025, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.

Current wording

Excluding current maturities of long-term debt, as at June 30, 2026 and December 31, 2025, we had negative working capital positions of $146 million and $2.8 billion, respectively. During both the six months ended June 30, 2026, and the year ended December 31, 2025, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.

Previous wording

Significant sources and uses of cash for the three months ended March 31, 2026 and 2025 are summarized below:

Current wording

Significant sources and uses of cash for the six months ended June 30, 2026 and 2025 are summarized below:

Previous wording

Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures in 2026 when compared to the same period in 2025.

Current wording

Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures, partially offset by a decrease in contributions to equity investments.

Previous wording

net commercial paper and credit facility repayments in 2026 when compared to net draws during the same period in 2025.

Current wording

net commercial paper and credit facility draws compared to net repayments; partially offset by

Previous wording

On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, Spectra Energy Partners, LP (SEP) and Enbridge Energy Partners, L.P. (EEP) (together, the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they fully and unconditionally guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. The Partnerships have also entered into supplemental indentures with Enbridge pursuant to which the Partnerships have issued full and unconditional guarantees, on a senior unsecured basis, of senior notes issued by Enbridge subsequent to January 22, 2019. As a result of the guarantees, holders of any of the outstanding guaranteed notes of the Partnerships (the Guaranteed Partnership Notes) are in the same position with respect to the net assets, income and cash flows of Enbridge as holders of Enbridge's outstanding guaranteed notes (the Guaranteed Enbridge Notes), and vice versa. Other than the Partnerships, Enbridge subsidiaries (including the subsidiaries of the Partnerships, collectively, the Subsidiary Non-Guarantors), are not parties to the subsidiary guarantee agreement and have not otherwise guaranteed any of Enbridge's outstanding series of senior notes.

Current wording

On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, SEP and EEP (together, the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they fully and unconditionally guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. The Partnerships have also entered into supplemental indentures with Enbridge pursuant to which the Partnerships have issued full and unconditional guarantees, on a senior unsecured basis, of senior notes issued by Enbridge subsequent to January 22, 2019. On June 16, 2026, all outstanding series of EPI Notes were exchanged for an equal principal amount of newly issued Enbridge Notes, with financial terms identical to those of the EPI Notes and which are unconditionally guaranteed by the Partnerships. As a result of the guarantees, holders of any of the outstanding guaranteed notes of the Partnerships (the Guaranteed Partnership Notes) are in the same position with respect to the net assets, income and cash flows of Enbridge as holders of Enbridge's outstanding guaranteed notes (the Guaranteed Enbridge Notes), and vice versa. Other than the Partnerships, Enbridge subsidiaries (including the subsidiaries of the Partnerships, collectively, the Subsidiary Non-Guarantors), are not parties to the subsidiary guarantee agreement and have not otherwise guaranteed any of Enbridge's outstanding series of notes.

Previous wording

As at March 31, 2026, the aggregate outstanding principal amount of the Enbridge Canadian dollar-denominated notes was approximately $16.5 billion.

Current wording

As at June 30, 2026, the aggregate outstanding principal amount of the Enbridge Canadian dollar-denominated notes was approximately $20.9 billion.

Previous wording

This is a federal lawsuit in the US District Court for the Western District of Wisconsin (District Court) initiated by the Bad River Band of the Lake Superior Tribe of Chippewa Indians (the Band) in July 2019. The case concerns Enbridge’s continued operation of the Line 5 pipeline and right-of-way across the Bad River Reservation (the Reservation).

Current wording

This is a federal lawsuit in the US District Court for the Western District of Wisconsin (the Court) brought by the Bad River Band of the Lake Superior Tribe of Chippewa Indians of the Bad River Reservation (the Band) against Enbridge and certain of its pipeline subsidiaries. The case concerns Enbridge’s continued operation of Line 5 across the Bad River Reservation after certain easements expired in 2013.

Previous wording

The Band asserts claims in trespass and public nuisance and seeks an order prohibiting Enbridge from operating Line 5 across the Reservation, along with monetary compensation for past and ongoing use of Reservation lands. Enbridge disputes the availability of shutdown and removal remedies and asserts, among other things, that federal pipeline safety law preempts such relief, that continued operations do not present an imminent threat, and that treaty‑and foreign‑affairs considerations limit the remedies available.

Current wording

The Band asserts claims in trespass and public nuisance and seeks ejectment (removal of the pipeline), along with monetary compensation for past and ongoing use of Reservation lands. Enbridge disputes the trespass finding, the availability of shutdown and removal remedies and asserts, among other things, that federal pipeline safety law preempts such relief, that continued operations do not present an imminent threat, and that treaty and foreign affairs considerations limit the remedies available.

Previous wording

On September 7, 2022, the District Court issued a decision on cross-motions for summary judgment that resolved several claims and determined that Enbridge is in trespass on certain Reservation parcels, while declining to order an immediate shut-down or removal of the pipeline. A trial was held in October to November 2022 on the remaining issues, including nuisance, injunctive relief, and the appropriate monetary remedy for trespass.

Current wording

In September 2022, the Court issued summary-judgment rulings that resolved several claims and determined that Enbridge was trespassing on certain Reservation parcels, while declining to order an immediate shutdown or removal of the pipeline. A bench trial was held in October 2022 on the remaining issues, including nuisance, injunctive relief, and the appropriate monetary remedy for trespass.

Previous wording

In June 2023, the District Court issued a final order awarding US$5.1 million as compensation for past trespass, requiring ongoing quarterly payments while Line 5 operates without valid rights-of-way, imposing monitoring and shutdown requirements, and ordering Line 5 to cease operating on any parcel lacking a valid right-of-way by June 16, 2026.

Current wording

In June 2023, the Court issued a final order awarding US$5.1 million as compensation for past trespass, requiring ongoing quarterly payments while Line 5 operates without valid rights-of-way, imposing monitoring and shutdown requirements, and ordering Line 5 to cease operating on any parcel lacking a valid right-of-way by June 16, 2026. The Court stayed the shutdown order pending the appellate decision.

Previous wording

Enbridge and the Band have filed a consolidated appeal and cross appeal in the US Court of Appeals for the Seventh Circuit (Seventh Circuit) addressing liability and remedies. Upon request by the Seventh

Current wording

Enbridge and the Band have filed a consolidated appeal and cross-appeal in the US Court of Appeals for the Seventh Circuit (Seventh Circuit) addressing liability and remedies. Upon request by the Seventh Circuit, the US Government filed a brief in the appeal as amicus curiae to address the effect of the 1977 Transit Pipelines Treaty. The Seventh Circuit issued its decision on July 30, 2026, dismissing the public nuisance claim, affirming Enbridge is in trespass, and remanding all remedies to the US District Court. Refer to Other Announced Projects under Development for more information on the Line 5 relocation project.