Q2 2024 Enbridge Inc Earnings Call

Rebecca Morley: Good morning, and welcome to the Enbridge Inc. second quarter 2024 financial results conference call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations. Joining me this morning are Gregory Ebel, President and CEO, Pat Murray, EVP and Chief Financial Officer, and the heads of each of our businesses. Colin Gruending, Liquids Pipelines, Cynthia Hansen, Gas Transmission and Midstream, Michele Harradence, Gas Distribution and Storage, and Matthew Akman, Renewable Power.

And welcome to the Enbridge, Inc. Second quarter 'twenty 'twenty four financial results Conference call. My name is Rebecca Morley and I'm, the Vice President of Investor Relations team joining.

Speaker Change: Joining me. This morning are Greg Evo, President and CEO, Pat Murray, EVP, and Chief Financial Officer, and the heads of each of our business units, calling grunting liquids pipelines, Cynthia Hansen gas transmission and midstream Michel inheritance gas distribution and storage and Matthew Ackman.

Renewable power.

Unknown Executive: At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session for the investment community. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press the pound.

Speaker Change: At this time all participants are in a listen only mode.

Speaker Change: Following the presentation, we will conduct a question and answer session for the investment community.

Speaker Change: He would like to ask a question. During this time simply press star followed by the number one on your telephone keypad, if you'd like to withdraw your question press the pound key.

Rebecca Morley: Please note that this conference call is being recorded. As per usual, this call is being webcast, and I encourage those listening on the phone to follow along with the supporting slides. We'll try to keep the call to roughly one hour, and in order to answer as many questions as possible, we will be limiting questions to one plus a single follow-up, if necessary. We will be prioritizing questions from the investment community, so if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond.

Speaker Change: Note that this conference call is being recorded.

Speaker Change: As per usual this call is being webcast and I encourage those listening on the phone to follow along with the supporting slides.

Speaker Change: We'll try to keep the call to roughly one hour and in order to answer as many questions as possible, we will be limiting questions to one plus a single follow up if necessary we.

Speaker Change: We will be prioritizing questions from the investment community. So if you are a member of the media. Please direct your inquiries to our communications team, who will be happy to respond.

Rebecca Morley: As always, our Investor Relations team will be available following the call for any follow-up questions. Now, on to slide two, where I will remind you that we'll be referring to forward-looking information in today's presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure file. We'll also be referring to non-GAAP measures, summarized below. And with that, I'll turn it over to Gregory Ebel. Well, thanks very much.

Speaker Change: As always our Investor relations team will be available following the call for any follow up questions.

Speaker Change: On to slide two.

Speaker Change: I will remind you that we'll be referring to forward looking information on today's presentation and Q&A.

Speaker Change: By its nature. This information contains forecasts assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings.

Greg: Also be referring to non-GAAP measures summarized below and with that I'll turn it over to Greg evil well, thanks, very much Rebecca and good morning, everyone. We appreciate you joining us on the call today I'm pleased to be here to highlight the significant progress we've made on our strategic priorities and to discuss our strong second quarter results I'll start by.

Gregory Ebel: Well, thanks very much, Rebecca. And good morning, everyone. We appreciate you joining us on the call. I'm pleased to be here to highlight the significant progress we've made on our strategic priorities and to discuss our strong second quarter results. I'll start by providing a mid-year update outlining the team's strong execution of our financial, operational, and growth priorities. We've accomplished exactly what we said we would, and then some, and look forward to continuing the momentum through the balance of the year.

Adding a midyear update outlining the team's strong execution of our financial operational and growth priorities.

Greg: We accomplished exactly what we said and then so I look forward to continuing the momentum through the balance of the year.

Speaker Change: I will give an overview on the utilities acquisition and highlight what the team has managed to accomplish since we announced the deal less than a year ago.

Speaker Change: Mike will provide an update on each of the businesses and highlight key developments there.

Gregory Ebel: I'll give an overview of the utilities acquisitions and highlight what the team has managed to accomplish since we announced the deal less than a year ago. I'll also provide an update on each of the businesses and highlight key developments there. And then, before going through the details of the financial results, I'll take the opportunity to share how we are seeing our scale in connectivity. Thank you all for joining us today.

Speaker Change: And then before having Pat take us through the details of the financial results I will take the opportunity to share how we are seeing our scale and productivity extending growth and providing opportunities across all of our four business franchises and more specifically how we're seeing this play out in the market with growing power natural gas and.

Speaker Change: Oil demand.

Speaker Change: And some of you have heard me say you can't run a fulltime economy, a part time power and Enbridge is in a position to serve our customers and their growing demand full time through multiple service offerings.

Gregory Ebel: And more specifically, how we're seeing this play out in the market with growing power, natural gas, and oil demand. And some of you have heard me say, you can't run a full-time economy on part-time power, and Enbridge is in a position to serve our customers and their growing demand full-time through multiple service offerings. Once Pat wraps up, I'll close with a few key messages, and then our management team will be pleased to answer questions following our presentation.

Pat: As Pat wrapped up.

Pat: Those with a few key messages and that our management team will be pleased to answer questions. Following our presentation.

Gregory Ebel: Before I jump into the progress we've made this year, I want to acknowledge everyone impacted by the ongoing wildfires in northern Alberta and British Columbia. We are committed to supporting our partners, customers, and communities during this challenging time. And while we've seen no impact on operations to date, safety will be our number one priority as we continue to monitor the situation. Now on to the mini-euro.

Speaker Change: Before I jump into the progress we've made this year I want to acknowledge everyone impacted by the ongoing wildfires in northern Alberta, and British Columbia.

Speaker Change: Committed to supporting our partners customers and communities. During this challenging time and while we've seen no impact on the operations to date safety will be our number one priority as we continue to monitor the situation.

Speaker Change: Now onto the midyear update as you can see we've achieved or made significant headway on the commitments we laid out at the start of the year.

Gregory Ebel: As you can see, we've achieved or made significant headway on the commitments we laid out at the start of the year. I'm pleased to share that the U.S. Gas Utilities Acquisition funding is now fully complete. Moving forward, we don't see returning to the public markets for the equity portion of our capital needs, and consistent with that, we have now cancelled our ATM program.

Speaker Change: I am pleased to share that the U S gas utilities acquisition funding is now fully complete moving forward, we don't see returning to the public markets for the equity portion of our capital needs and consistent with that we have now canceled our ATM program.

Gregory Ebel: I'm pleased to report our base business performance is very much on track through the first half of the year. Additionally, separately, you will see that we are recasting our full year financial by adding to that original 2024 guidance the expected contributions from the two U.S. gas utilities we have closed, plus the expected closing of PSNC and all of the associated acquisition finances. Pat will talk more about this later in the call.

Speaker Change: I'm pleased to report our base business performance was very much on track through the first half of the year.

Speaker Change: Separately, you will see that we are recasting, our full year financial right.

Speaker Change: Adding to that original 2024 guidance the expected contributions from the two U S gas utilities, we have closed we expect the closing of TSMC and all of the associated acquisition financings.

Speaker Change: Pat will talk more about this later on the call.

Gregory Ebel: Our balance sheet remains strong, with debt to EBITDA well within our targeted range at 4.7 times, providing financial flexibility to execute on our capital allocation priorities. I'm really proud of the team's execution and focus on operational safety and execution. So far this year, we've had strong asset performance with high utilization across our franchise. As an example, just look at what's happening in... During the second quarter, we achieved record volumes on the mainline and at our Ingleside Export Facility.

Pat: Our balance sheet remains strong with debt to EBITDA well within our targeted range at four seven times, providing financial flexibility to execute on our capital allocation priorities.

Pat: Really proud of the team's execution and focus on operational safety and excellence. So far this year, we've had strong asset performance with high utilization across our franchises. As an example, just look at what's happening in liquids.

Speaker Change: During the second quarter, we achieved record volumes on the mainline and at our Ingleside export facility.

Gregory Ebel: As mentioned, we've closed two of the three U.S. gas facilities that we acquired representing what will ultimately be approximately 80% of the total annualized EBITDA and have reached a settlement in principle with the public staff for the North Carolina Utility Commission. PSNC remains on track to close in Q3.

Speaker Change: As mentioned we've closed two of the three U S gas utility that we acquired representing what will ultimately be approximately 80% of the total annualized EBITDA.

We've reached a settlement in principle with the public stuff for the North Carolina Utility Commission.

Speaker Change: TSMC remains on track to close in Q3.

Gregory Ebel: We're also pleased to have reached a pre-packaged rate settlement on our Texas Eastern Pipeline with customers. This reflects our continued focus on optimizing our return assets to ensure we are earning a reasonable return while delivering safe and reliable energy for customers. I'm pleased to report that the FERC has now approved this customer settlement.

Speaker Change: We're also pleased to have reached a pre packaged rate settlement on our Texas eastern pipeline with customers.

Speaker Change: This reflects our continued focus on optimizing our return assets to ensure we are earning a reasonable return, while delivering safe and reliable energy for customers and I'm pleased to report that the FERC is narrower fruit this customer settlement.

Gregory Ebel: On growth, we've made good progress executing opportunities in our development pipeline. We sanctioned a 130-megawatt Orange Grove solar project in Texas backed by a long-term PPA with AT&T. On our Whistler Time venture, we have reached the final investment decision for the Blackcomb pipeline, which will provide up to 2.5 BCF of much needed natural gas egress for Permian shipping.

Speaker Change: On growth, we have made good progress executing opportunities in our development pipeline.

Speaker Change: We sanctioned the 130 megawatt Orange Grove Solar project in Texas backed by a long term PPA with AT&T.

Speaker Change: Our Whistler joint venture we have reached final investment decision for the Black Com pipeline, which will provide up to two five bcf of much needed natural gas egress for Permian shippers.

Gregory Ebel: And we sanctioned an expansion of our gray oak pipeline in our, With a clear line of sight to the U.S. Gas Utilities Acquisition closing, let me take a moment to highlight our strong execution of that transaction. We are ahead in our plan to complete the $19 billion acquisition of these three gas utilities that we announced just last September. This reinforces our proven track record of effective M&A execution and highlights the strength of our relationships with all our stakeholders, including customers, regulators, and governments right across North America.

Speaker Change: And we sanctioned and expansion of our gray oak pipeline in our liquids business.

Speaker Change: With clear line of sight to the U S gas utilities acquisition closing, let me take a moment to highlight our strong execution of that transaction.

Speaker Change: We are ahead on our plan to complete the $19 billion acquisition of these three gas utilities that we announced last September.

Speaker Change: This reinforces our proven track record of effective M&A execution and highlights the strength of our relationships with all of our stakeholders, including customers regulators and governments right across North America.

Gregory Ebel: Federal approvals were all received in due course, with the closing of East Ohio Gas occurring well before our expectations in early March. We look forward to continuing to build long-term productive relationships with all stakeholders in Ohio as we integrate that premier utility business. Next, we announce the closing of Questar in Wexborough in early June.

Speaker Change: Federal approvals were all received in due course with the closing of east, Ohio gas occurring well before our expectations in early March.

Speaker Change: Look forward to continuing to build long term productive relationships with all stakeholders in Ohio, as we integrate that premier utility business.

Speaker Change: Next we announced the closing of Questar in Westborough and early June again, our experience and relationships helped to ensure timely regulatory approvals were obtained to welcome a growing multistate utility into our Enbridge family ahead of expectations.

Gregory Ebel: Again, our experience and relationships helped ensure timely regulatory approvals were obtained to welcome a growing multi-state utility into our Enbridge family ahead of expectations. Integration is going well so far, and we will continue to provide safe, reliable, and affordable energy for our customers throughout the transition. In North Carolina, we are on track to receive regulatory approval and close in Q3. The team's dedication to executing these transactions and integrating these assets, which diversify our business and enhance our stable cash flow and growth profile, has been first class. Now let's jump into the exceptional performance at each of the BUs.

Speaker Change: Integration is going well, so far and we will continue to provide safe reliable and affordable energy for our customers throughout the transition.

Speaker Change: In North Carolina, we are on track to receive regulatory approval and close in Q3, the team's dedication to executing these transactions completing the financing and integrating these assets, which diversify our business and enhance our stable cash flow and growth profile has been first rate.

Speaker Change: Now, let's jump into the exceptional performance at each of the B use.

Gregory Ebel: We saw high utilization across our system once again this quarter. This highlights the demand-pull nature of our systems and the continued need for crude oil to fuel everyday life in North America and beyond. The mainline transported record second quarter volume.

Speaker Change: We saw high utilization across our liquid system once again this quarter.

Speaker Change: This highlights the demand pull nature of our systems and continued need for crude oil to fuel everyday life in North America and beyond.

Speaker Change: The mainline transported record second quarter volumes of $3 1 million barrels per day and has so far been a portion for all months in 2024.

Gregory Ebel: 3.1 million barrels per day and has so far been a portion for all months in 2024. July volumes are also expected to be strong, and we're expecting apportionment again in August. The utilization year to date and the great macro backdrop keeps us confident in our 3 million barrels per day estimate on the mainline for 2024 and underpins discussions with customers for expansions in 2026 and beyond. I will also note that this marks our first full year under the new Mainline Tolling Federal Regulation.

Speaker Change: July volumes are also expected to be strong and we're expecting a portion of it again in August.

Speaker Change: The utilization year to date and the great macro backdrop keeps us confident in our 3 million barrels per day estimate on the main line for 2024, and underpins discussions with customers for expansions in 2026 and beyond.

Speaker Change: I will also note that this marks our first full year under the new mainline tolling settlement agreement has proven to be a win win win for us our customers and the markets. We serve and as a reminder, we have annual toll employers for operating expenses empower that were effective July one.

Gregory Ebel: The agreement has proven to be a win-win-win for us, our customers, and the markets we serve. And as a reminder, we have annual toll inflators for operating expenses and power that were effective July 1st. We are also earning in the upper half of the ROE performance correlation. In the Permian, we sanctioned a 120,000 barrel per day expansion of the Grey Oak pipeline following a successful open season this quarter, and we expect this expansion will come fully online in 2026.

Speaker Change: We're also earning in the upper half of the <unk> performance color.

Speaker Change: In the Permian, we sanctioned a 120000 barrel per day expansion of the Gray Oak pipeline. Following a successful open season this quarter and expect this expansion will come fully online in 2026.

Gregory Ebel: The incremental volumes will serve growing demand at our Ingleside facility, and we expect the expansion to be capital efficient, with an EBITDA multiple below five times. We now have 18 million barrels of storage capacity at Ingleside with an additional two and a half million barrels under construction. Of note, Ingleside also set a quarterly record for exports and saw a single day loading record of more than 2.3 million barrels. This again underscores our belief that cash flow from that asset will be sustainable and growing for many years to come. Now, let's take a look at gas transmission.

Speaker Change: The incremental volumes will serve growing demand at our ingleside facility and we expect the expansion to be capital efficient with an EBITDA multiple below five times.

Speaker Change: We now have 18 million barrels of storage capacity at Ingleside with an additional $2 5 million barrels under construction.

Speaker Change: Of note Ingleside also set a quarterly record for exports and sorry single day loading record of more than $2 3 million barrels.

Speaker Change: This again underscores our belief that cash flow from that asset will be sustainable and growing for many years to come.

Speaker Change: Now, let's take a look at gas transmission.

Gregory Ebel: We optimized our assets and advanced our U.S. Gulf Coast strategy during the quarter. As mentioned on Texas Eastern, we reached, and the FERC approved, a negotiated settlement with shippers effective October 1st. Base rates are expected to increase by 6% through 2025, with an additional uplift of approximately 3% in 2026. In the Permian, we closed the previously announced acquisition of an interest in the Whistler JV, which brought the ADCC pipeline into service on July 1st.

Speaker Change: We optimized our assets and advanced our U S Gulf Coast strategy during the quarter as.

Speaker Change: As mentioned on Texas Eastern we reached in the FERC approved in negotiated settlement with shippers effective October one.

Speaker Change: Base rates are expected to increase by 6% through 2025 with an additional uplift of approximately 3% in 2026.

Speaker Change: In the Permian, we closed the previously announced acquisition of an interest in the Whistler JV, which brought into service the ADC pipeline on July one.

Gregory Ebel: That asset will support US LNG exports to global markets. In addition, the JV recently reached FID for the Blackcomb pipeline after securing firm transportation agreements. When completed in 2026, LATCOM is expected to add up to 2.5 billion cubic feet per day of desperately needed natural gas egress for our Permian customers. The Venice Extension and other projects serving LNG exports on the Louisiana coast through the Plaquemines LNG facility are on budget and on track to enter service later this year.

Speaker Change: That asset will support U S LNG exports to global markets.

Speaker Change: In addition, the JV recently reached for.

Speaker Change: The black home pipeline after securing firm transportation agreements when.

Speaker Change: When completed in 2026 Black Com is expected to add up to $2 5 billion cubic feet per day of desperately needed natural gas egress for our Permian customers.

Speaker Change: That is expansion and other projects serving LNG exports on the Louisiana coast through the Plaquemines LNG facility is on budget and on track to enter service later this year.

Gregory Ebel: Now let's move on to our gas distribution segment. As I mentioned earlier, we closed the acquisition of Questar and Wexpro at the end of May, and we are well on our way to creating the largest natural gas utility in North America and expect North Carolina to close in the third quarter. As a reminder, each of these utilities has attributes that position us for long-term growth. Enbridge Utah is a fully regulated gas utility that serves more than 1.2 million customers, and we are excited about the data center opportunities we are seeing there. Utah's projected population growth is 5% annually through at least 2028.

Speaker Change: Now, let's move on to our gas distribution segment.

Speaker Change: As I mentioned earlier, we closed the acquisition of Westar and <unk> at the end of May and we are well on our way to creating the largest natural gas utility in North America, and expect North Carolina to close in the third quarter.

Speaker Change: As a reminder, each of these utilities have attributes that position us for long term growth Enbridge, Utah as a fully regulated gas utility that serves more than one 2 million customers and we are excited about the data center opportunities we are seeing there.

Speaker Change: <unk> projected population growth is 5% annually through at least 2028, which we expect to drive rate base growth for years to come.

Gregory Ebel: We expect to drive rate-based growth for years to come. EnbridgeCAST Utah rates are effective until 2026. In Ontario, we have almost 4 million customers and expect residential and industrial growth as well as system modernization to backstop ongoing rate-based growth in Ontario. In Ohio, we have another 1.2 million customers connected to our utility.

Speaker Change: Enbridge gas, Utah rates, our effective until 2026.

Speaker Change: In Ontario, we have almost 4 million customers and expect residential and industrial growth as well as system modernization will backstop ongoing rate base growth in Ontario and.

Speaker Change: In Ohio, we have another $1 2 million customers connected to our utility.

Gregory Ebel: We expect to continue growing rate-based through necessary investment in modernizing existing infrastructure, ensuring reliable and affordable energy for our customers. Enbridge Gas Ohio has a rate case ongoing with new rates expected in 2025.

Speaker Change: We expect to continue growing rate base through necessary investments, which will modernize existing infrastructure, ensuring reliable and affordable energy for our customers.

Speaker Change: Enbridge gas, Ohio has a rate case ongoing with new rates expected in 2025.

Gregory Ebel: All of our utilities, including PSNC, which we expect to close in the coming months, have attractive returns on equity and are located in natural gas supportive jurisdictions. That was termed the renewables business, and we made great progress on the growth commitments laid out at our investor day for that business. We previously announced a plan to develop the Seven Stars Wind Project in Saskatchewan, with FID expected in 2025. This 200-megawatt wind farm will have greater than 30% Indigenous participation and is backed by government loan guarantees.

Speaker Change: All of our utilities, including TSMC, which we expect to close in the coming months have attractive returns on equity and are located in natural gas support of jurisdictions.

Speaker Change: Now, let's turn to the renewables business and we made great progress on the growth commitments laid out at our Investor day for that business.

Speaker Change: We previously announced the plan to develop the seven stars wind project in Saskatchewan with FID expected in 2025. This 200 megawatt wind farm will have greater than 30% indigenous participation and is backed by government loan guarantees.

Gregory Ebel: This project is expected to provide emissions-free power to more than 100,000 Sketch One homes and is a great example of how the cross-pollination of our business units is generating growth. Moving on to solar, we expect to complete our investment in Flux Coral Phase 2 and Q3. Similar to Phase 1, Phase 2, is backed by a long-term PPA with Amazon for 100% of the energy production. We also sanctioned the 130-megawatt Orange Grove Solar Project in Texas, with an in-service expected in 2025.

Speaker Change: The project is expected to provide emissions free power to more than 100000 sketch one homes and is a great example of how the cross pollination of our business units is generating growth.

Speaker Change: Moving on to solar we expect to complete our investment in Fox World Phase two in Q3 similar to phase one phase two is backed by a long term PPA with Amazon for 100% of the energy production.

Speaker Change: We also sanctioned the 130 megawatt Orange Grove Solar project in Texas with an in service expected in 2025. This project is backed by a long term PPA with AT&T for 100% of the offtake.

Gregory Ebel: This project is backed by a long-term PPA with AT&T for 100% of the off-grid. In our conversations, we're finding more and more that hyperscalers value the reliability, experience, and proven track record that Enbridge brings to the table as a truly diversified energy provider. And finally, FACOMP is now fully operational, supplying nearly 770,000 people with low-carbon electricity across the Femmes-Maritimes region in France

Speaker Change: In our conversations we're finding more and more of that Hyperscale, there's value that reliability experience and proven track record. The edenbridge brings to the table as a truly diversified energy provider.

Speaker Change: And finally <unk> is now fully operational supplying nearly 770000 people with low carbon electricity across the same maritime region in France.

Gregory Ebel: With four growing franchises and gas utility acquisitions almost complete, let's take a look at Enbridge's collective offering and why we're positioned to benefit from growing global demand. Our asset footprint makes up North America's first choice energy provider. In fact, we don't just have assets; we have franchises. Each of the businesses where we're involved.

Speaker Change: With four growing franchises and gas utility acquisitions, almost complete let's take a look at enbridge as collective offerings and why we are positioned to benefit from growing global demand.

Speaker Change: Our asset footprint makes up North America's first choice energy provider. In fact, we don't just have assets, we have franchises in each of the businesses, where we are in.

Gregory Ebel: Each of those franchises contained super- These are integrated value chains connecting the best supply basins in North America to key domestic demand markets and export terminals. Strong relationships with governments, regulatory, and tribal bodies make us the first choice for energy delivery within the jurisdictions we serve. We have a strong track record of operational excellence, utilizing technology and innovation to drive efficiency. Diversification and asset interconnectivity make us a one-stop shop, which attracts high-quality customers and partners like AT&T, Amazon, Exxon, BT, Suncor, and NextEra, to name but a few.

Speaker Change: Each of those franchises contained super system, which our integrated value chain connecting the best supply basins in North America to key domestic demand markets and export terminals.

Speaker Change: Strong relationships with governments regulatory and tribal bodies makes us the first choice for energy delivery within the jurisdictions, we serve we.

Speaker Change: We have a strong track record of operational excellence utilizing technology and innovation to drive efficiencies.

Speaker Change: Diversification and asset Interconnectivity makes us a one stop shop, which attracts high quality customers and partners like AT&T, Amazon Exxon BP Suncor and Nextera to name, but a few.

Gregory Ebel: Lower carbon optionality exists throughout our balanced conventional portfolio, and we plan to focus on investments that match the pace of the global energy transition. And importantly, we believe all these growth opportunities can be equity self-funded through our strong balance sheet and disciplined capital allocation. Scale and connectivity are key competitive advantages that are driving new growth opportunities, so let me touch on those briefly.

Speaker Change: Lower carbon optionality exists throughout our balanced conventional portfolio and we plan to focus on investments that match the pace of global energy transition and.

Speaker Change: And importantly, we believe all of these growth opportunities can be equity self funded through our strong balance sheet and disciplined capital allocation.

Speaker Change: Scale and connectivity are key competitive advantages that are driving new growth opportunities. So let me touch on those briefly.

Gregory Ebel: Our large incumbent asset position allows us to provide differentiated service offerings that are driving value for our customers. It's still in the early innings for us to fully realize the advantage of our vast position, but we're seeing growing opportunities across our footprint due to increasing natural gas and renewable power demand and their interconnectivity. As an example, in our gas utility business, data center growth in Utah is being driven by the need for reliable and affordable energy.

Speaker Change: Our large incumbent asset position allows us to provide differentiated service offerings that is driving value for our customers. It's still in the early innings for us fully realizing the advantage of our vast position.

Speaker Change: We're seeing growing opportunities across our footprint due to increasing natural gas and renewable power demand and their interconnectivity as an example in our gas utility business data center growth in Utah is being driven by the need for reliable and affordable energy due to this quarter, we added 50 megawatts under contract and.

Gregory Ebel: This quarter, we added 50 megawatts under contract and have numerous additional inquiries to provide natural gas for up to an additional 1.5 gigawatts of capacity. Throughout our utility footprint, we are engaged in additional early-stage discussions with data centers that we expect to translate into future growth. In gas transmission, our assets are ideally located and well-connected. We are within 50 miles of 45% of all natural gas power generation in North America.

Speaker Change: We have numerous additional inquiries to provide natural gas for up to an additional one five gigawatts of capacity.

Speaker Change: Throughout our utility footprint, we are engaged in additional early stage discussions with data centers that we expect to translate into future growth.

Speaker Change: And gas transmission assets are ideally located and well connected we are within 50 miles of 45% of all natural gas power generation in North America. In fact in July we achieved seven of our highest ever daily deliveries to U S power plants from our gas transmission system.

Gregory Ebel: In fact, in July, we achieved 7 of our highest-ever daily deliveries to U.S. power plants from our gas transmission system. We've had a range of customers in the U.S. Southeast express interest in securing approximately 700 million cubic feet of transmission capacity daily to serve up to 5,000 megawatts of new gas power. In renewable power, scale, financial, and execution capabilities are differentiated. Data centers need baseload power solutions such as natural gas.

Speaker Change: Had a range of customers in the U S. Southeast expressed interest in securing approximately 700 million cubic feet a day of transmission capacity to serve up to 5000 megawatts of new gas fired demand.

Speaker Change: In renewable power, our scale financial and execution capabilities are differentiators.

Speaker Change: Data centers need Baseload power solutions, such as natural gas to support the $24 seven energy demands of Hyperscale, but many customers are balancing that reliability requirement with their renewable energy commitments, it's not always possible to co locate or develop behind the meter power solutions to support new Datacenters.

Gregory Ebel: We do not support the 24-hour energy demands of hyperscalers, but many customers are balancing that reliability requirement with their renewable energy. It's not always possible to co-locate or develop behind-the-meter power solutions to support new data centers, so we are having discussions with large blue-chip customers to provide traditional and virtual long-term PPAs. Virtual long-term PPAs are where customers may look at signing long-term offtake agreements to support development.

Speaker Change: So we are having discussions with large blue chip customers to provide traditional and virtual long term ppas.

Speaker Change: Virtual long term ppas are where customers may look at signing long term offtake agreements to support development of clean energy projects to offset emissions produced elsewhere in the business.

Gregory Ebel: Clean Energy Projects to Offset Emissions Produced Elsewhere in the Business. We have over two gigawatts of regionally diverse wind and solar projects in development, which are capable of serving new data center load within service expectations in 2026 and beyond. The collective strength of our franchises lends well to the growth opportunities in front of us, and I'm confident Enbridge will play an essential role delivering energy everywhere people go. With that, I'll pass it over to Pat to walk through yet another strong quarter of financial results. Thanks, Greg. And good morning, everyone.

Speaker Change: We have over two gigawatts of regionally diverse wind and solar projects in development that we talked about at Investor day, which are capable of serving new data center load with in service expectations 2026 and beyond the.

Speaker Change: The collective strength of our franchises lends well to the growth opportunities in front of us and I'm confident enbridge will play an essential role delivering energy everywhere people needed with that I'll pass it over to Pat to walk through yet another strong quarter of financial results.

Pat Murray: It's been a very strong quarter for Enbridge, and as Greg noted, we had continued high utilization across all of our franchises. Questart closed in May, and we've now brought roughly 80% of the total annualized U.S. LDC EBITDA in-house. I'll be speaking to adjusted results on this slide, inclusive of the utility acquisitions. Year over year, second quarter adjusted EBITDA is up 8%, and DCF per share of 134 includes a higher share count from all the pre-funding of the U.S. gas utility. Liquid volumes were high across the board, with the mainline transporting 3.1 million barrels per day, a second quarter record. Ingleside also broke its previously quarterly and daily records for export volumes.

Pat: Thanks, Greg and good morning, everyone. It's been a very strong quarter for Enbridge and as Greg noted, we have continued high utilization across all of our franchises Crestar closed in May and we've now brought in roughly 80% of the total annualized U S. L. D C EBITDA in house.

Speaker Change: I'll be speaking to adjusted results on this slide inclusive of the utility acquisitions year over year second quarter. Adjusted EBITDA is up 8% and DCF per share of $1 34 includes a higher share count from all the pre funding of the U S gas utilities.

Speaker Change: Liquids volumes were high across the board with the mainline transporting $3 1 million barrels per day, a second quarter record Ingleside also broke its previously quarterly and daily records for export volumes and GCM lower operating costs as well as the <unk> Creek and tomorrow RMG acquisitions more than offset the sale of alliance on Sable.

Pat Murray: In GTM, lower operating costs, as well as the Aiken Creek and Tomorrow R&G acquisitions, more than offset the sale of Alliance and Xable on April 1st. A full quarter of Enbridge Gas Ohio and partial contributions from our Questor acquisition added approximately $175 million of EBITDA as compared to Q2 in 2023. And in Canada, a higher distribution margin and customer additions over the last year helped offset the negative impact of warm weather on our Ontario utilities.

Speaker Change: On April one.

Speaker Change: A full quarter of Enbridge gas, Ohio, and partial contributions from our Questar acquisition added approximately 175 million of EBITDA as compared to Q2 in 2023.

Speaker Change: Canada, a higher distribution margin and customer additions over the last year helped offset the negative impact of warm weather at our Ontario utility.

Pat Murray: Below the line, higher financing costs on floating rate debt and new issuances, and the higher share count that I mentioned before, impacted the per share metric. However, as you can see at the bottom of the slide, the base business continues to deliver strong financial results. So let's look ahead to how the rest of the year is shaping up. With two gas utilities in the door, all the financing complete, and a good line of sight to closing PSNC, we're pleased to be able to recast Enbridge's 2024 financial guidance. We're raising our 2024 EBITDA range to $17.7 to $18.3 billion. This increase reflects partial year contributions from each of the U.S. gas utilities and assumes we close PSNC mid-third quarter.

Speaker Change: Below the line, our financing costs on floating rate debt and new issuances and the higher share count that I mentioned before impacted per share metrics.

Speaker Change: As you can see at the bottom of the slide the base business continues to deliver strong financial results. So let's look ahead to how the rest of the year shaping up.

Speaker Change: With two gas utilities in the door all the financing complete and a good line of sight to closing TSMC. We're pleased to be able to recast. The enbridge is 2024 financial guidance, we are raising our 2024 EBITDA range to $17 7 million to $18 3 billion.

Speaker Change: This increase reflects partial year contributions from each of the U S gas utilities and assumes we closed TSMC mid third quarter.

Pat Murray: Even with the partial years of EBITDA and all of the funding completed for these transactions, we're still maintaining our DCF guidance range of $540 to $580 per share. I'm also reaffirming our near-term financial outlook of 7-9% EBITDA growth through 2026, 4-6% EPS growth, and approximately 3% DCF growth per share. All in all, it's shaping up to be another strong year, with Bay's business performing well and great execution on both the closings and the full financing of the U.S. gas utility.

Speaker Change: Even with the partial years of EBITDA and all of the funding completed for these transactions, we're still maintaining our DCF guidance range of $5 40 to $5 80 per share.

Speaker Change: I'm also reaffirming our near term financial outlook of 7% to 9% EBITDA growth through 2026, 4% to 6% EPS growth at approximately 3% DCF growth per share.

Speaker Change: All in all its shaping up to be another strong year with base business, performing well and great execution on both the closings and the full financing of the U S gas utilities.

Pat Murray: Now let's turn to the balance sheet. In reaction to closing Questar and the progress on the acquisition funding plan, DBRS and S&P took positive actions on our credit ratings during the quarter. DVRS upgraded Enbridge to A-Low, and S&P removed the negative outlook, affirming Enbridge's BBB plus stable outlook. Pitch also reaffirmed our triple B plus rating.

Speaker Change: Now, let's turn to the balance sheet.

Speaker Change: In reaction to closing questar and the progress on the acquisition funding plan <unk> and S&P took positive actions on our credit ratings during the quarter D.

Speaker Change: <unk> upgraded enbridge to a low and S&P removed the negative outlook affirming and bridges triple B plus stable outlook.

Speaker Change: Also reaffirmed our triple B plus rating.

Pat Murray: While not unexpected, we're pleased to see that the agency's share of you that the long-held leverage target of four and a half to five times is a sweet spot for Enbridge. As we previously communicated, we expect leverage to peak after closing the PSMC acquisition and decrease throughout 2025 as we earn annualized EBITDA contributions from all of the utilities. With that, let me move on to capital allocation. Our priorities remain unchanged, and we're laser-focused on the balance sheet.

Speaker Change: Unexpected we're pleased to see that the agency share our view that our long held leverage target of four five to five times is the sweet spot for Enbridge.

Speaker Change: As we previously communicated we expect leverage to peak after closing the TSMC acquisition and decrease throughout 2025, as we earn annualized EBITDA contributions from all of the utilities.

Speaker Change: With that let me move on to capital allocation.

Speaker Change: Our priorities remain unchanged and we're laser focused on the balance sheet, we canceled the remaining ATM. This morning, as we return to our equity self funding model.

Pat Murray: We cancel the remaining ATM this morning as we return to our equity self-funding model, and we were well within our target debt-to-eBITDA range, despite only partially eBITDA contributions from our newly acquired US LDCs. The dividend remains a staple of our investment offering, and we're committed to extending our 29-year track record of responsible dividend growth by continuing to grow the business in a very sustainable manner. Our $24 billion of secured capital backlog, which is underpinned by low-risk commercial terms, will be funded entirely through internally generated investment capacity.

Speaker Change: We're well within our target debt to EBITDA range. Despite only partially your EBIT contributions from our newly acquired U S. L. D CS.

Speaker Change: The dividend remains a staple of our investment offerings and we're committed to extending our 29 year track record of responsible dividend growth by continuing to grow the business in a very sustainable manner.

Speaker Change: Our 24 billion of secured capital backlog, which is underpinned by low risk commercial terms will be funded entirely through internally generated investment capacity we.

Pat Murray: We plan to deploy approximately $6-$7 billion per year in growth capital, leaving us another $2 billion that can be allocated towards the next available opportunities, whether that be sanctioning new strategic projects, Accretive Tuck in M&A, or Debt Reduction. With that, I'll pass it back to Greg to close off the call. Great financial overview, Pat. Thanks very much.

Speaker Change: Plan to deploy approximately $6 billion to $7 billion per year in growth capital, leaving us another $2 billion. It can be allocated towards the next available opportunities whether that'd be sanctioning new strategic projects.

Speaker Change: Accretive tuck in M&A or debt reduction.

Speaker Change: With that I'll pass it back to Greg to close off the call.

Greg: Great financial overview, Pat Thanks, very much now let me conclude with why we think we are a first choice investment opportunity. We have a consistent track record of sustainably returning capital to shareholders supported by a visible growth pipeline.

Gregory Ebel: Now, let me conclude with why we think we're a first-choice investment opportunity. We have a consistent track record of sustainably returning capital to shareholders, supported by a visible growth pipeline. This has resulted in an annual total shareholder return of greater than 10% over the past 20 years, and we see no change to that proposition going forward. [inaudible] And 80% of the EBITDA earned from assets with protection against inflation. And our debt portfolio, which is less than 5% exposed to floating rate volatility.

Greg: This has resulted in an annual total shareholder return of greater than 10% over the past 20 years, and we see no change to that proposition going forward.

Speaker Change: We expect cash flow to grow 5% over the longer term and when coupled with a growing dividend investors are positioned to realize an annual CSR of 10% to 12% for the foreseeable future supported by our low risk business model, which includes 98% of our cash flows generated from either cost of service or take or pay contra.

Speaker Change: <unk>.

Speaker Change: Customer base that is over 95% investment grade and 80% of the EBITDA earned from assets with protection against inflation.

Speaker Change: Our debt portfolio, which is less than 5% exposed to floating rate volatility.

Gregory Ebel: In short, we have diversified utility-like cash flows, a strong balance sheet, and visible growth opportunities across each business unit franchise that will support and extend our 29 consecutive years of dividend income. We remain committed to continuing this strong track record of returning capital to shareholders and believe it positions us as a first choice. Thank you again, and Operator, please open up the line for questions.

Speaker Change: In short we have diversified utility like cash flows our strong balance sheet and visible growth opportunities across each business unit franchise that will support and extend our 29 consecutive years of dividend increases.

Speaker Change: We remain committed to continuing our strong track record of returning capital to shareholders and believe it positions us as a first choice investment.

Speaker Change: Thank you again and operator, please open up the line questions.

Unknown Executive: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. Your first question comes from the line of Rob Hope from Scotiabank. Your line is open.

Speaker Change: Thank you we will now begin the question and answer session. If you would like to ask a question. Please press star one on your telephone keypad you raise your hand and join the queue. If you would like to withdraw your question simply press Star. One again. Your first question comes from the line of Rob Hope from Scotiabank. Your line is open.

Rob Hope: Good morning, everyone. Thanks for taking my call or my question. Maybe to start off with the TETCO rate case, can you walk us through kind of what the key drivers of the change there are, whether there were kind of some key roadblocks there?

Rob Hope: Good morning, everyone. Thanks for taking my call or my question.

Speaker Change: Maybe to start off with the <unk> rate case.

Rob Hope: Can you walk us through kind of what are the key drivers of the change there or what or whether there were some key roadblocks, there and as well as kind of what you think that does mean in terms of an EBITDA or income uplift in 'twenty five 'twenty six.

Rob Hope: Key roadblocks there, and as well as kind of what you think it means in terms of an EBITDA or income uplift in 2025 and 2026.

Cynthia Hansen: Thanks, Rob. It's Cynthia.

Cynthia: Alright, Thanks, Robert Cynthia.

Speaker Change: So that settlement as you know basically as a black box pre packaged settlement. So there is a whole bunch of items that came into consideration so that team our team at Enbridge Luxe at.

Speaker Change: What capital, we spend but our operating costs are forecasting that out into the future. We also look at what our rates are going to be impacted have lots of that kind of conversation. So a lot of stuff goes into determining what those components are.

Cynthia Hansen: So the settlement, as you know, basically is a black box, pre-packaged settlement. So there's a whole bunch of things that came into consideration. So the team at Enbridge looks at, you know, what capital we've spent, what our operating costs are, forecasting that out into the future. We also look at what our rates are going to be impacted by, and have lots of that kind of conversation. So a lot of stuff goes into determining what those components are.

Speaker Change: And we don't specifically identify.

Speaker Change: Any one thing, but what it does allow us to do is to continue to earn that fair return into the future.

Cynthia: And basically as was noted that's a 6% increase as of October of this year and then a further $2 75% in January of 2020. So what is that rate all in basically we're in a position to continue to get at fair return. The next time, we will go back.

Speaker Change: We have a moratorium up until October 27, but it come back by.

Cynthia: Q3 of 2030, so we're just well positioned to continue to earn a strong return on those assets.

Cynthia Hansen: And we don't specifically identify any one thing, but what it does allow us to do is to continue to earn that fair return into the future. So we're just well positioned to continue to earn a strong return on those assets.

Rob Hope: All right, appreciate that. And then maybe moving over to the 2024 recast EVA DAW guidance range. Can you walk us through the puts and takes there? You know, it does seem like H1 has

Speaker Change: Alright, I appreciate that.

Speaker Change: And then maybe moving over to the 2024 recast EBITDA guidance range.

Speaker Change: Can you walk us through the puts and takes there.

Speaker Change: Does seem like each one has outperformed expectations, especially on the liquid side.

Rob Hope: has outperformed expectations, especially on the liquid side.

Speaker Change: And layering in.

Rob Hope: You know, the Dominion Assets.

Cynthia: The Dominion assets gets us towards the upper end of.

Unknown Executive: Transcripts provided by Transcription Outsourcing, LLC.

Cynthia: Of the range.

Speaker Change: Wanted to get a sense of whether or not you've adjusted the other businesses or just layered in dominion or are there. Some specific headwinds we should be looking for an H two.

Gregory Ebel: Are there some specific headwinds we should be looking for in H2? Yeah, thanks, Rob. Greg

Gregory Ebel: Yeah, this is solely based on layering in the utilities and assuming that we get PFC here in the next couple of months and the related financing. As has been our practice, we don't change other business units mid-year. But you pointed it out well, obviously, the base businesses are all doing really great utilization, volumes, etc. So, super strong quarters. So yeah, obviously, if you were just looking at the base business, you'd be at that upper end.

Cynthia: Yes, Thanks, Rob it's Greg.

Speaker Change: This is solely just based on layering in the utilities.

Speaker Change: And assuming that we get PFC here in the next couple of months and the related financing as it has been our practice, we don't change mid year the other business units.

Speaker Change: Well, obviously the base businesses are all doing really great utilization.

Speaker Change: Williams et cetera, so a super strong quarter. So yes, obviously, if you were just looking at the base business you'd be at that upper end.

Rob Hope: All right, I appreciate that, Collar. Thank you.

Speaker Change: Alright, I appreciate that color. Thank you.

Speaker Change: Okay.

Robert Catellier: Your next question comes from the line of Robert Catellier from CIBC. Your line is open.

Robert <unk>: Your next question comes from the line of Robert <unk> from CIBC. Your line is open.

Robert Catellier: Good morning. I'm just going to follow up on the utilities here. What drove the decision to use the ATM versus asset sales? And understanding that you're fully funded for the acquisitions, what do you expect in terms of any asset sales going forward, given that you have that ongoing capital recycling program?

Cynthia: Yes.

Robert: Hey, good morning, guys, just going to pull up on the utilities here what drove the decision to use the ATM versus asset sales.

Robert: Understanding that you are fully funded for the acquisitions.

Speaker Change: What do you expect in terms of any.

Speaker Change: Asset sales going forward given that you have that ongoing capital recycling program.

Gregory Ebel: Thanks for the question on that. Here's how we looked at it. Obviously, we had a super high level of confidence in terms of getting all the utilities closed, even a little faster than we had expected. So with that in mind and the fact that we saw better economics than what was even in our deal model, we moved quickly, confidently, to get all the financing done. So that's done.

Speaker Change: Yes. Thanks.

Speaker Change: Thanks for the question on that here's how we looked at it obviously, we had a super high level of confidence in terms of getting all the utilities closed even a little faster than we had expected so with that in mind and the fact that we saw.

Cynthia: Better economics than what was even in our deal model, we move quickly confidently.

Gregory Ebel: It may not fit everybody's model, but it definitely exceeded the deal's economic assumptions that we had. With that behind us, the ATM closed. It's really about now focusing on the business, getting it at a great price, and how do we keep moving this transaction forward and combine it with the rest of the assets. As you would recognize and definitely didn't overlook, even with all that financing and the way in which we did it, we're going to be well within our guidance range. As we just talked about, the base business would even look like it's better than that. So, great setup on that front.

Cynthia: All the financing done so thats done may not fit everybody's model, but definitely exceeded the deal's economic assumptions that we had.

Speaker Change: With that behind us the ATM terminated its really about now focusing on the business got it at a great price and.

Cynthia: How do we keep moving this transaction forward and combine it with the rest of the assets in <unk>.

Cynthia: And as you you would recognize.

Cynthia: Nice and definitely didn't overlook even with all of that.

Cynthia: Financing and the way in which we did it we're going to be well within our guidance range and as we just talked about at the base business with even the.

Speaker Change: It looks like it's better than that so great.

Cynthia: Great setup on that front asset so still very much part of what we look at let's not forget we did a large asset sale earlier this year with alliance and aux Sable, but we're always looking at stuff I wouldn't say if there is anything near term that we have to do and I think that's the key component here balance sheet and get good position financing.

Gregory Ebel: Asset sales are still very much part of what we look at. Let's not forget we did a large asset sale earlier this year with Alliance and Auxable, but we're always looking at stuff. I wouldn't say there's anything near term that we have to do, and I think that's the key component here. Balance sheet and good position financing done. Business is all running well. If we do anything significant on the asset sale side, it'll be solely as a result of getting a great price on that.

Cynthia: Businesses are running well, if we do anything significant on the asset sale side. It will be solely as a result of getting a great price on something.

Robert Catellier: Okay, thanks for that. And then, just on the mainline, clearly, it's been a good quarter despite the onset of TMX. I have a couple questions about the near term and the long term outlook. First, just in the near term, I'd be happy to hear your expectations of apportionment in August. But I'm just wondering what you're seeing in terms of the risk of producer shut-ins in light of the forest fires. And then, if we look longer term, the need for egress in post-2026, what level of political risk do you see there?

Brian: Okay. Thanks for that and then just on the mainline clearly it's been a good quarter. Despite the onset of <unk>, Brian a couple of questions about the near term and the long term outlook Bruce just in the near term I'm happy to hear your expectations of a portion of it in August but just wondering what your.

Brian: In terms of risk.

Bruce: Risk of producer shut ins in light of the forest fires and then if we look longer term.

Bruce: The need for egress and post 2026.

Brian: What level of political risks do you see there in other words do you think the producers are going to need that.

Robert Catellier: In other words, do you think the producers are going to need that capacity, irrespective of what government is in place in Canada, or do you think they're probably waiting for the Canadian federal election to get better clarity on carbon prices moving forward?

Speaker Change: That capacity irrespective of what government has in place in Canada or.

Cynthia: Do you think they are probably waiting for the Canadian kind of reluctant to get better clarity on carbon prices moving forward.

Robert Catellier: Hey, Robert. Yeah, it's Colin.

Bruce: Hey, Robert Yes, it's Colin thanks.

Bruce: Thanks for the question on the mainline yet indeed, it's performing well businesses is good we are apportioned in August and I think Greg mentioned were very comfortable with the 3.0 million barrels per day full year guide.

Colin Gruending: Thanks for the question on the main line. Yeah, indeed, it's performing well. Business is good.

Speaker Change: We're probably.

Colin Gruending: We are apportioned in August, and as Greg mentioned, we're very comfortable with the 3.0 million barrels per day full year guide. You know, we're probably likely to exceed that, all things equal, but you did mention the risk of forest fires. I think that that remains a present risk, you know, maybe similar to last year. So today, really negligible impact on mainline volumes and base and production. There are, you know, active fires in the region, as you know.

Speaker Change: To exceed that all things equal.

Speaker Change: But you did mention you know the risk of forest fires I think that remains.

Speaker Change: Our present risk.

Speaker Change: Maybe similar to last year or so.

Speaker Change: To date really.

Speaker Change: Negligible impact on mainline volumes in basin production.

Speaker Change: There are.

Speaker Change: Active buyers in the region as you know.

Colin Gruending: We're in close coordination with all our producers and have, I think, collectively, everyone's enhanced their investments in mitigation since 2016, but Mother Nature, you know, is there. So we'll watch that carefully through August and September here. So far, we're looking pretty strong for the year, all things equal, for the near term. So, on the long term, I think on egress, as Greg mentioned, we're tying up some insurance egress at a minimum. It's like they'll get used.

Speaker Change: We're in close coordination with all our producers.

Speaker Change: And have I think collective everyones enhance their investments and mitigation since 2016, but.

Speaker Change: Mother nature.

Speaker Change: Is there so.

Bruce: We'll watch that carefully.

Bruce: Through August September here, but so far we're looking are looking pretty strong for the year all things equal that's the near term. So on the long term I think eager as Greg mentioned.

Greg: We're teeing up some insurance is there at a minimum.

Speaker Change: They will get used.

Colin Gruending: 2026-2027 period. We're socializing that with industry. There's significant interest at this time. You know, I think if you look at each producer's book of Supply Optimization, Debottlenecking, and Modest Modular Growth. I think that's all. All of the bits announced by each of them, and we track them bottom up and top down, are likely to proceed kind of irrespective of any administration. It's all manageable and I think it will fit within... Climate Policies and State Affairs.

Greg: The 2026, 2007 period, where socializing that with industry theirs.

Speaker Change: At this time.

Speaker Change: Uh huh.

Speaker Change: I think if you look at each producers.

Speaker Change: Book of of <unk>.

Speaker Change: Apply optimization, debottlenecking and modest kind of modular growth.

Speaker Change: Thats all.

Elizabeth: Elizabeth announced by each of them and we track it bottom up and top down.

Speaker Change: Is likely to proceed kind of irrespective of any administration.

Speaker Change: It's it's all manageable and I think will fit within our climate policies as stated.

Colin Gruending: There's potentially upside to that, I think, you know. I'm not really that concerned with egress, bottlenecking here again industry, and Collectively has a good beat on that, and Enbridge will be there to serve as we've done the last couple of decades.

Speaker Change: There's potentially upside to that I think.

Speaker Change: Good things change and it will be on top of that.

Speaker Change: <unk>.

Speaker Change: Not not really that concerned with with egress bottlenecking here again industry and.

Speaker Change: Collectively has a good beat on that and virtually there to to serve as we've done the last couple of decades.

Robert Catellier: Okay, thanks for those answers.

Speaker Change: Okay. Thanks for those answers.

Speaker Change: Thank you.

Ben Pham: Your next question comes from a line of Ben Pham from BMO. Your line is open.

Ben <unk>: Your next question comes from the line of Ben <unk> from BMO. Your line is open.

Gregory Ebel: Hi, thanks. Good morning. It's all about the data center comments and that slide you had with the map and the blobs there. Could you comment on which business segment you expect to see the best risk-reward or highest investment opportunity, and are you indifferent somewhat to where you're allocating capital towards that growing opportunity?

Ben <unk>: Hi, Thanks, good morning.

Ben <unk>: On the data center comments in that slide you had.

Speaker Change: The map in the blocks there.

Speaker Change: Could you comment on on which.

Speaker Change: In this segment.

Speaker Change: Do you expect to see the best risk reward or.

Speaker Change: Our highest and Thats an opportunity and are you indifferent somewhat where you're allocating capital towards that.

Speaker Change: An opportunity.

Gregory Ebel: Yeah, good question. I think they're all going to benefit, maybe not liquids as much, but it's got its own great opportunities. Probably the initial phase you'll see is GDS, and you saw we announced one today, and Michelle and the team there signed up a 50-megawatt lateral for a 50-megawatt plant there. So I think that's probably the easiest move right away, but gas transmission has a lot of opportunities, too. As I mentioned during my open comments, there are 600, 700 requests for capacity in the southeast every day. Some of that will be cool to gas changing, but a lot of it's data center-driven. Things like storage, obviously, that exist both in GPM and in GDS.

Speaker Change: Yes, good question.

Speaker Change: They are all going to benefit.

Speaker Change: Maybe not liquids is much better in it but it's got its own great opportunities.

Speaker Change: The initial phase you see is GDS and you saw we announced.

Speaker Change: One today and Michelle and the team there signed up.

Speaker Change: 50 megawatt lateral and to.

Michelle: Our GAAP lateral for 50 megawatt plant there.

Speaker Change: So I think that's probably the easiest move right away.

Speaker Change: Gas transmission has a lot of opportunities to you know as I mentioned during my opening comments, there's a six 700, a day of request for capacity in the southeast.

Speaker Change: Some of that will be coal to gas changing that's a lot of its data center driven.

Speaker Change: Things like storage, obviously that exists both in GPM add in GDS and <unk>.

Gregory Ebel: And then let's not forget Matthew's business on the power side, and obviously data centers. A lot of those folks are trying to meet, just like a lot of other folks, their lower emission goals. And so they may like gas for the reliability side. They'll help fund some of these projects with very long-term contracts, kind of like what you saw today. Which ones get the capital? That's a classic risk adjusted return basis, obviously very, very safe capital that goes into the distribution business. If you've got long-term power purchase agreements on the renewable side, same thing. And obviously, there's a tax kicker there that we like. And then TTM, same thing.

Speaker Change: Then, let's not forget Matthews business on the power side.

Speaker Change: And obviously data centers a lot of those folks are trying to meet just like a lot of other folks there lower emission.

Speaker Change: And so while they may like the gas for the reliability side Bill help fund. Some of these projects are very long term contracts kind of like what you saw today in terms of.

Speaker Change: And which ones get the capital.

Speaker Change: That's a classic a risk adjusted return basis, obviously, very very safe capital that goes into the distribution business.

Speaker Change: If you've got long term power purchase agreements on the renewable side same thing and obviously, there's a tax Kip you there that that we like and then TTM same thing. So they all have great returns on the equity portion and then it's a classic discussion of how fast how quick cycle, the capital can be and the quality.

Gregory Ebel: So they all have great returns on the equity portion. And then it's a classic discussion of how fast, how quick the cycle of capital can be and the quality of the of the offtaker. So I think the key is, unlike anybody else, we have an opportunity to play in all elements of that. So when you look right across the entire system, liquids, demand is up, natty is up, electrons are up. If you look at the supply side, the same thing; liquids are up, natty's up, and electrons are up.

Speaker Change: <unk> of the of the offtake or so I think the key is unlike anybody else, we have an opportunity to play in all elements of that so when you look right across the entire system liquids demand is up natty is up electrons are up if you look at the supply side the same thing.

Speaker Change: <unk> are up and that is electrons are up and if you've got linear infrastructure and all of those pieces you win so I think you'll increasingly see us use that interconnectivity to give exactly what our customers want and something that's a differentiated offering from what anybody else has all of which is.

Gregory Ebel: And if you've got linear infrastructure and all those pieces, you win. So I think you'll increasingly see us use that interconnectivity to give exactly what our customers want and something that's a differentiated offering from what anybody else has, all of which is a great setup for us to allocate capital to those best opportunities.

Speaker Change: He is a great setup for us to allocate capital to those best opportunities.

Ben Pham: Oh, that's great context. Thank you. And maybe, maybe a second question on the US gas utility, acquisitions now you're you're closing them or soon to be closed, all of them like what's what's in the near term. Can you comment on that 8% rate-based growth, the visibility or expectation of how long that could persist?

Speaker Change: Okay. That's great context, Thank you and maybe a second question on the U S gas utility.

Speaker Change: Acquisition is not here.

Speaker Change: Clothing or soon to be closed on all of them like what's what's the near term.

Speaker Change: Focus our initiatives those pockets and can you comment on that 8% rate base growth the visibility or expectation on how long that could persist.

Michele Harradence: Michele's here, so I'll let her respond.

Speaker Change: Yes.

Speaker Change: Michelle's here, so I'll, let her respond sure.

Michele Harradence: So, of course, initially, we're really focused on integrating the utilities into gas distribution and storage. We stood up an organization to do that even before we announced the deal, and we've been very focused on it. We brought in Ohio now in March.

Michelle: So of course initially we're really focused on integrating the utilities into gas distribution and storage we stood up at an organization to do that even before we announced the deal and we've been very focused on it we Friday.

Speaker Change: Friday in Ohio now in March we brought in Utah.

Michele Harradence: We've brought in Utah with that Idaho, Wyoming, and, of course, the Wexpro assets in June, and that comes with 2,500 employees. That comes with almost 2.5 million customers, and it's gone very, very smoothly so far. And you'll recall that we have a lot of experience in doing this with the Union Enbridge gas merger that we did in Ontario. So I'm feeling good about that.

Speaker Change: Idaho, and Wyoming and of Crystal Expro asset in June and that comes with <unk>.

Speaker Change: 2500 employees that comfortable with that.

Speaker Change: Almost two 5 million customers and it's gone very very smoothly, so far and you'll recall that we have a lot of experience in doing this with the eon Enbridge gas merger that we did in Ontario, So feeling good about that we've got about 30 months to work through our TSA with Dominion energy, so lots of support for them.

Michele Harradence: We've got about 30 months to work through our TSA with Dominion Energy, so lots of support for them. Of course, the first thing we've been doing is bringing these utilities in and being able to look under the hood a bit more is really testing and understanding those growth opportunities. And I've got to tell you, I still really love these utilities.

Speaker Change: Of course, the first thing we've been doing is we've been bringing these utilities and being able to look under the hood a bit more is really testing and understanding those growth opportunities and I've got to tell you I still really love. These utilities I love the diversification of the growth that we get from these utilities.

Michele Harradence: I love the diversification of the growth that we get from these utilities. So Ontario, and let's not forget about Ontario, Ontario is still going strong with its economic growth, about 40,000 customers a year that we sign up there. Utah, like Greg mentioned in his overview, has top-tier population growth, about 5% annually through 28, so they're attracting well over 20,000 customers a year. And then along with that rate-based growth, Utah has regulatory-approved rider programs that support things like rural expansion.

Speaker Change: Hello.

Speaker Change: Ontario, and let's not forget about <unk>, Ontario is still going strong with its economic growth about 40000 customers a year that we're signing up there, Utah Gregg mentioned it in his overview top tier population growth of about 5% annually through 2008, so they're attracting well over 20000 customers a year and then along with that rate base growth.

Speaker Change: Utah has regulatory approved rider programs that support things like rural expansion and of course, we just talked about the datacenter growth that they're seeing a lot of the Wasatch front.

Michele Harradence: And of course, we just talked about the data center growth that they're seeing along the Wasatch Front. Similarly, Ohio, has seen great growth that's driven primarily through their rider-eligible modernization program. Lots of work to do there to upgrade those systems, but again, that's going along really smoothly. And I'm quite confident we'll be just as pleased with North Carolina. So the growth protections we've given, we feel very, very good about for the next several years. Yeah, I think that 8%.

Speaker Change: Similarly, Ohio, great growth.

Speaker Change: Driven primarily through their rider eligible modernization program out lots of work to do there to upgrade those systems, but again, that's going on really smoothly and I'm quite confident we will be just as pleased with with North Carolina. So.

Speaker Change: They had growth protections that we've given we feel very very good about for the next several years.

Gregory Ebel: Yeah, I think that 8% kiger on the rate base through 27 doesn't really take into account the data center because that was all early days. So, you know, anything we get on that front will be additive. So, and I like it equally, so it's not just the rate of base growth is different in each area, which I think underlines the ability, depending on where you are in the cycle, it might be modernization, it might be growth, it might be data center new builds, maybe changes from coal to gas, all of those pieces. And then I think the other thing we're really focused on as well is just that interconnectivity. You know, where can we utilize gas transmission and or power to help the utilities or vice versa?

Speaker Change: 8% CAGR of the rate base through 2007 doesn't really take into account the data centers is that recall early days.

Speaker Change: Anything we get on that front will be additive so.

Speaker Change: Equally so it's not just the rate base growth is different in each area <unk> area, which I think underlines the ability depending on where you are in the cycle it might be modernization might be growth might be data center, new builds maybe changes from coal to gas all of those pieces and then I think the other thing we're really focused on as well as just that interconnectivity.

Speaker Change: Can we utilize gas transmission annual power to help utilities or vice versa.

Speaker Change: Okay got it thank you.

Jeremy Tonet: Your next question comes from the line of Jeremy Tonet from J.P. Morgan. Your line is open.

Ben Pham: Okay, I got it. Thank you. Your next question comes from the line of Jeremy Tonet.

Speaker Change: Your next question comes from the line of Jeremy Tonet from Jpmorgan. Your line is open.

Jeremy Tonet: Hi, good morning.

Jeremy Tonet: Good morning.

Jeremy Tonet: We've heard a lot about data centers south of the 49th parallel I'm wondering if you.

Jeremy Tonet: Do you see anything.

Speaker Change: Waiting north of the 49th parallel.

Speaker Change: That you could capitalize on.

Michele Harradence: Yeah, it's Michelle here. So, let me talk about Ontario for a little bit. And for some of you may have seen it, I've been told that the grandfather of AI is from the University of Toronto. And more recently, I heard a statistic that there are over 250,000 jobs in Ontario tied to AI, in fact, more than in Silicon Valley. So without question, there's a lot of inbound activity going on in Ontario right now about data center growth.

Speaker Change: Yes, it's Michele here, So let me talk about Ontario, a little bit and that for some of you may have seen it.

Michele: Been told that the grandfather of AI, it's out of the University of Toronto and more recently I heard a statistic that there are over 250000 jobs in Ontario tied to AI in fact more than in Silicon Valley. So.

Speaker Change: Question Theres, a lot of inbounds going on in Ontario, right now of our data center growth.

Speaker Change: Think the ISO is taking a good hard look at things, we know theres, a certain amount of let's call. It Tech Forum shopping thats going on and seeing where they can get that but certainly in the GTA in particular, the southwest GTA.

Michele Harradence: I think the ISO is taking a good, hard look at things. We know there's a certain amount of, let's call it forum shopping that's going on, seeing where they can get stuff. But certainly in the GTA, in particular the Southwest GTA, there are lots of inquiries about data centers. And given the timelines to build transmission and other support, there are absolutely going to be opportunities for behind-the-meter support that we can give on the gas distribution system. Kind of analogous in Ontario to how we've seen the greenhouse business change over the last 20 years, right? Good land, good location, great access to gas infrastructure, nearness to the border, etc.

Speaker Change: Lots of lots of inquiries about data centers and given that they are.

Speaker Change: The timeline to build transmission and other support they are absolutely going to be opportunities for behind the meter support that we can give on the gas distribution system kind of analogous in Ontario to obviously in the greenhouse business changed over the last 20 years right. Good land in good location, great access to obviously gas infrastructure.

Michele Harradence: Kind of analogous in Ontario to how we've seen the greenhouse business change over the last 20 years, right? Good land, good location, great access to, obviously, gas infrastructure, nearness to the border, etc.

Speaker Change: Newness to the border et cetera, so I wouldn't be surprised to see maybe not the same kind of explosive growth that we've been able to see how the gap on the greenhouse side, but definitely a good setup.

Jeremy Tonet: So, I wouldn't be surprised to see maybe not the same kind of explosive growth that we've been able to see on the greenhouse side, but definitely a good setup. Got it. That's very helpful there. Thanks.

Jeremy Tonet: And then just looking at the main line and looking forward a bit more, just curious for any other color that you could share, particularly looking even later dated, I think, in the release talked about conversations with regard to incremental egress opportunities. Just wondering if you could expand a bit more on what you see there. Yeah, sure. Indeed, I think with strength in supply growth. The appetite to get to... U.S. markets continually in the bid, pulling it that way, the industry is casting its eye to the future, like your question.

Speaker Change: Got it that's very helpful. Thanks, and then.

Speaker Change: Just looking at the mainline in looking forward a bit more just curious for any other color that you could share in particularly looking even later dated I think in the release talked about.

Speaker Change: Conversations with regards to incremental egress opportunities just wondering if you could expand a bit more on what you see there.

Speaker Change: Yes sure.

Speaker Change: Sure.

Speaker Change: Indeed.

Speaker Change: With with strength in <unk>.

Speaker Change: Supply growth.

Speaker Change: Yeah.

Speaker Change: Appetite to get to.

Speaker Change: U S markets continually in the bid.

Speaker Change: Pulling it that way.

Speaker Change: Industry is casting in to the future.

Speaker Change: To your question.

Colin Gruending: And indeed we are designing and socializing, as I mentioned, an expansion of the mainline. In that, you know, late 26-27 period, it would be very capital efficient as our historic expansions have been. This would be, you know, right away, very brownfield, more optimization than expansion, so to speak. But we would be looking to add, you know, circa 150,000 barrels a day. They say it is quite executable and very economical for industry.

Speaker Change: Indeed, we are designing and socializing as I mentioned the expansion of the mainline.

Speaker Change: In late 2006 2007 period.

Speaker Change: It would be very capital efficient as a.

Speaker Change: As our historic expansions have been this would be.

Speaker Change: In right away very brownfield.

Speaker Change: More optimization and expansion so to speak, but we would be looking to add.

Speaker Change: Circa 150000 barrels a day.

Speaker Change:

Speaker Change: Let me say I think quite executable.

Speaker Change: And very economic for our industry.

Speaker Change: So.

Colin Gruending: So, I think that's the next one. You know, major tranche of egress expansion we have on deck there, but there's also continuing optimization, like we do every month and have for decades. So, like I say, if you're looking at things like basis differentials and things, I'm not that concerned that they're going to blow out again. I think there's going to be solutions at the ready here in time. Got it, that's very helpful, thank you. Thanks, Jeremy. Your next question comes from the line of Manav Gupta from UBS. Your line is open.

Speaker Change: I think that.

Speaker Change: The next.

Speaker Change: Major tranche of egress expansion, we have.

Speaker Change: On deck, there, but there's also continuing optimizations.

Speaker Change: We do every month.

Speaker Change: For decades so.

Speaker Change: Like I say I think.

Speaker Change: If youre looking at.

Speaker Change: Things like basis differentials and things.

Speaker Change: Im not that concerned that theyre going to go.

Speaker Change: Blow out again, I think theres going to be solutions at the ready here in time.

Speaker Change: Got it that's very helpful. Thank you.

Jeremy Tonet: Thanks, Jeremy.

Speaker Change: Your next question comes from the line of Manav Gupta from UBS. Your line is open.

Manav Gupta: Thank you guys and positive update on the datacenter side can you just go back and talk a little bit more about the JV that you announced last quarter, you know with MPLX light water and the benefits of that going ahead. Also you guys have a track record of Judy becoming the operators both assets like deal so would there be.

Speaker Change: Be a desire to eventually operate.

Speaker Change: From the Enbridge site.

Speaker Change: Okay.

Manav Gupta: Thanks, Jeanette. It's Cynthia.

Speaker Change: Thanks.

Cynthia: Cynthia Yeah.

Speaker Change: We're very pleased with that investment that may be made by wire.

Speaker Change: As you know we have 19%.

Speaker Change: And of course that includes that 100% of the Whistler pipeline that.

Speaker Change: That provides that incredibly important egress from the Permian as well as 50% of the gas storage and 70% of the ADC pipeline that just went into service on July 1st So.

Cynthia Hansen: Yeah, we're very pleased with the investment that we made in Whitewater. As you know, we own 19% of those assets. And of course, that includes 100% of the Whistler pipeline, that provides an incredibly important egress from the Permian, as well as 50% of the Oahu gas storage, and then 70% of the ADCC pipeline that just went into service on July 1.

Speaker Change: We have with the announcements.

Speaker Change: At Black on expansion.

Speaker Change: That's the kind of expansion that we were really excited about and it's coming to fruition in a very short period of time.

Speaker Change: They're great assets. They are great operators, we're happy to be a part of that.

Speaker Change: We see future opportunities for growth of course.

Cynthia Hansen: So, you know, with the announcement of the Blackcomb expansion, that's the kind of expansion that we were really excited about, and it's coming to fruition in a very short period of time. They're great assets, they're great operators, and we're happy to be a part of that. We see future opportunities for growth, of course, now that we're just a minority interest in that, but as part of that, our Rio Bravo pipeline is now going to be operated and constructed through Whistler.

Speaker Change: Now that we're just a minority interest in that but we have as part of that our Rio Bravo pipeline is now going to be operated constructed true Whistler. So these are all great assets.

Cynthia Hansen: So these are all great assets. We're happy to work with our partners on that. It allows us to fully participate in that Permian expansion, something that we've looked at for a long period of time. Now the future, I think, is very bright. We'll continue to have opportunities to participate there. Yeah, I think it's well said, you know; we're good JVR.

Speaker Change: To work with our partners on that and allows us to fully participate in that Permian expansion something that we've looked at for a long period of time now the future I think is very bright and we will continue to have opportunities to participate there and lucky.

Speaker Change: Looking for future opportunities in that space.

Cynthia Hansen: Yeah, I think it's well said. You know, we're good JV operators too. We've had a long history of working in JVs with great partners. Those are great partners. So, you know, I think the future with the structure that exists there today is going to deliver a ton of value, and it's been a great job for the team putting it together.

Speaker Change: Yes, I think well said.

Speaker Change: We're good JV operators, who we've had a long history of working in Jv's with Great partners. Those are great partners. So you know I.

Speaker Change: I think the future with the structure that that exists there today.

Speaker Change: It's going to deliver a ton of value and it's been a great job the team put it together.

Speaker Change: Thank you for the detailed response I was going to go live.

Speaker Change: Thanks.

Robert Kwan: Your next question comes from the line of Robert Kwan from RBC Capital Markets. Your line is open.

Speaker Change: Your next question comes from the line of Robert Kwan from RBC capital markets. Your line is open.

Robert Kwan: Thank you. Good morning. If I can just start with your strategic priorities and just what you see as the top two or three over the next 12 to 24 months, but can you also specifically comment on whether there are any large projects that you haven't announced yet or other major asset bases or platforms that you feel are important to execute on your strategy that you need to action on in that similar time frame?

Robert Kwan: Thank you good morning.

Robert Kwan: I can just start with your strategic priorities. So just what do you see is.

Speaker Change: Todd.

Robert Kwan: Or three over the next 12 months to 24 months, but can you also specifically comment on whether there are any large projects that you havent announced yet or other major asset bases or platforms that you feel are important to execute on.

Speaker Change: Your strategy that you need to action on that.

Speaker Change: Similar time frame.

Gregory Ebel: Well, here's the first three I'd give you, Robert. So the first one is, as always, and we're doing it, and you see we made some adjustments this year, getting the most out of the base assets that we have. How do you get the return on the capital that you already have employed improved? That's exactly how you get a percent or so of growth out of constantly doing that, and we've got a great track record and are very focused on that. So that's number one.

Speaker Change: Well, here's first three I'd give you Robert so the first one is.

Speaker Change: As always.

Robert: Doing it and you'll see we've made some adjustments. This year is getting the most out of the base assets that we have how do you get the return on the capital that you already have employed.

Speaker Change: Improved that's exactly how you get.

Speaker Change: Get a percent or so of growth out of constantly doing that and we've got a great track record and very focused on that so that's number one number two integrate the utilities that we've just bought both from a operational perspective, but also you know what other opportunities could exist there commercially et cetera.

Gregory Ebel: Number two, integrate the utilities that we've just bought, both from an operational perspective, but also consider what other opportunities could exist there commercially, et cetera. Number three, we get $25 billion in projects, which maybe gets to your second question as well, $25 billion in projects that we're executing, 18 or so of which are on the power and gas side. That's a huge element because that's all about future growth. And doing that all within our ability to keep the balance sheet between four and a half and five times is the primacy out there right now.

Speaker Change: Number three we got $25 billion of projects, which maybe gets to your second question as well $25 billion of projects that we're executing 18, or so which are in the power and gas side.

Speaker Change: A huge element because that's all about about future growth.

Speaker Change: And doing that all within our.

Speaker Change: Ability to keep the balance sheet between four and a half and five times. That's the primacy out there right now. So those are those are what I'd say the top three things to focus on right now and that's that's a handful we're always looking for additional new projects. I think is Collins, just laid out incentives laid out and even if you look.

Gregory Ebel: So those are what I'd say the top three things to focus on right now, and that's a handful. We're always looking for additional new projects. I think as Colin just laid out, as Cynthia just laid out, and even if you look at both the renewable backlog as well as the utility businesses, those don't have massive projects. So that's better than actually focusing on a $10 billion project that may take 10 years to build.

Speaker Change: Both.

Speaker Change: Renewable back book as well as the utility businesses. Those don't have massive projects they've got real value added projects at relatively low build so you know you're doing things in jv's, whether its whitewater, whether youre, adding incremental egress that is actually low multiple builds or things like the <unk> stuff where.

Speaker Change: On the Gulf Coast, where quick cycle capital that we're saying that the utilities 1 billion and a half or so go.

Speaker Change: Going to maybe $3 billion. So you can you can turn it turn quickly.

Gregory Ebel: And then, of course, Matthew did the same thing, got out and bought the TGE assets, and that actually accelerates the growth pattern for renewables by not having to wait the six or seven years there. So I think it's a lot of singles and doubles that add up to a big home run for the corporation.

Speaker Change: That's that's better than actually focusing on a $10 billion project that may take 10 years to build an endocardial. Matthew has got the same thing gone out and bought the <unk> assets and that actually accelerates the growth pattern for renewables and not having to wait to six or seven years. There. So I think it's a lot of <unk>.

Speaker Change: <unk> and doubles that add up to big Homerun for the Corporation.

Robert Kwan: Got it. Thanks.

Speaker Change: Got it thanks, and if I can just finish.

Speaker Change: To better understand or more color on your guidance.

Robert Kwan: And if I can just finish to better understand or give more color on your guidance. First, just on the, excuse me, just on the main line, you mentioned 3 million barrels a day. You did 3.1 in the first half. So does that imply 2.9 in the second quarter? And you can also say just what you are moving right now or what you moved in July, but also, as you get to DCF per share, can you just talk about any of the adjustments to your original guidance? Or can we just take the base business reconciliation in the report and effectively annualize the quarter to get to some of the DCF changes?

Speaker Change: First just on the move.

Speaker Change: Just on the mainline you mentioned 3 million barrels a day to $3. One in the first half so does that imply two nine in the second quarter and you can also say just whats you are moving right now or what you moved in July but just also as you get to DCF per share can you just talk about any of the adjustments to your original guidance or can we just take the.

Speaker Change: Base business reconciliation in the report and.

Speaker Change: Secondly, annualize.

Speaker Change: Quarter, two to get to some of the DCF changes.

Pat Murray: Yeah, so Robert, it's Pat. I think on your volume question, I think Colin even mentioned that, you know, really confident with the 3 million barrels, probably even a little bit of upside there given where we're at today. Remember, there's a bit of seasonality in the main line, and that heat restriction and stuff sometimes causes prices to come down a little lower in that kind of July, August, September time frame. So we'll see a little bit of that, but it has nothing to do with either demand pull or supply push. It's just the way the pipeline operates.

Pat: Yes, so Robert it's Pat I think on your volume question I think Paul you had mentioned that really call them with a 3 million barrels probably even a little bit of upside there given where we're at today remember there was a bit of seasonality in the mainline in that.

Speaker Change: Heat restrictions that sometimes causes come down a little lower than that kind of July August September timeframe. So we will see a little bit of that but it has nothing to do with either a demand pull or supply.

Speaker Change: Push its just the way the pipeline operates but feeling really good about that $3 million and even potential upward from there.

Pat Murray: But I feel really good about that 3 million and even potential upward from there. I think the way to think about the new guidance is that the recast guidance is that we really just layered on the utility. So the EBITDA, the partial years of EBITDA from each of them, and then all of the financing that we did to kind of de-risk the funding plan over the last 12 months. So from a DCF perspective, it really is just taking the extra shares and the hybrids and debt that we issued and layering that on to the base plan. It's just kind of as simple as that.

Speaker Change: I think the way to think about the new guidance is that.

Speaker Change: Or the.

Speaker Change: The reach out guidance is that we really just layered on the utility so the EBITDA partial years of EBITDA from each of them and then all of the financing that we did to kind of derisk. The funding plan over the last 12 months.

Speaker Change: So from a DCF perspective, it really is just taking the extra shares and the hybrids and debt that we issued in layering that on to the base flat, it's kind of a simple as that.

Greg: And I mean, I think it's a really good data point that we've mentioned Greg mentioned, we should be in that upper part of the EBITDA guidance, but that's what gives us a lot of confidence as well that will be in that kind of midpoint of our new DCF guidance range, even with all the pre funding we did because we knew with partial year EBITDA.

Pat Murray: And I mean, I think it's a really good data point. Greg mentioned we should be in that upper part of the EBITDA guidance, but that's what gives us a lot of confidence as well that we'll be in that kind of midpoint of our new DCF guidance range, even with all the pre-funding we did, because we knew with partial year EBITDA that that would bring that down a bit. So I am really pleased with the new guidance levels and the way the business is performing.

Speaker Change: That would bring that down a bit so really pleased with the new guidance levels on the way the business is performing.

Robert Kwan: Okay, but just on your reconciliation, we can take the maintenance CapEx in the quarter for the most part and annualize it, and it looks like there's absolutely no tax, or incremental tax involved.

Speaker Change: Okay, but just on your reconciliation, we can take your maintenance capex in the quarter.

Speaker Change: The most part and annualize it looks like there's absolutely no tax incremental well, yes no.

Pat Murray: Yeah, no meaningful cash tax from the transaction, as I think we mentioned originally. And from a maintenance cap, it will be a little bit more in the back half because, of course, we didn't add Utah until, what, the beginning of June. So we only have one month in the quarter for that. And then, of course, we're going to add PSNC. It's the smallest of the three utilities. We've already got 80% of the cash flow in, but there'll be a little bit more uptick in the back half of the year, just because we'll have basically all three for almost the full back six months.

Speaker Change: No meaningful SaaS tax from the transaction as we I think we mentioned originally and.

Speaker Change: From a maintenance capital will be a little bit more on the back office because of course, we didn't add.

Speaker Change: Utah until beginning of June so we only have one month in the quarter for that and then of course, we're gonna add TSMC. It's the smallest of the three utilities, we've already got 80% of the of the cash flow in but we'll get a little bit more uptick in the back half of the year, just because we'll have basically all three for almost the whole.

Speaker Change: Six months.

Speaker Change: That's great. Thank you.

Robert: Thanks Robert.

Unknown Executive: [inaudible] That's great. Thank you. Thanks, Robert. Your next question comes from a line called Keith Stanley from Wolfe Research. Your line is open.

Speaker Change: Your next question comes from the line of Keith Stanley from Wolfe Research. Your line is open.

Keith Stanley: Hi, good morning, and congrats on a smooth process getting those guest LDCs done. Wanted to ask about Ohio.

Keith Stanley: Hi, good morning, and congrats on a smooth process getting the gas LDC has done.

Keith Stanley: Wanted to ask on the Ohio rate case that you are in right now just any impression of the staff rack that came out and then your level of confidence and visibility on reaching a settlement and constructive outcome there.

Michele Harradence: Sure, it's Michele here, Keith. As you noted, the staff filed their report in July. It's really not unusual for the regulatory staff responses to be different than what we would file in our initial rate applications. As you note, I think the TUC in Ohio definitely has a preference for settlement, and we certainly think that we should be able to do that with them, and we're looking forward to working with them on that agreement.

Michele: Sure. It's Michele here Keith So as you noted the stepfather report in July it's really not unusual for the regulator saphris appliances to be differ different than what we would file in our initial.

Speaker Change: Right applications.

Speaker Change: As you note I think the PUC in Ohio definitely has a preference to settle and we certainly think that we should be able to do that with them and we're looking forward to working with them on that agreement.

Michele Harradence: I would say that we expect a final determination that it will take several months to negotiate. It should be something that gives us an opportunity and a fair return, and we definitely expect it to land within the model that we set for the transaction itself, so we're quite confident that we're going to get there.

Speaker Change: I would say that.

Speaker Change: We expect a final determination that.

Speaker Change: It will take several months to negotiate it should be.

Speaker Change: It's something that gives us an opportunity to earn a fair return and we definitely expect it to land within the model that we set for the transaction itself. So we're quite confident that we're going to get there.

Speaker Change: Great. Thanks, and then.

Speaker Change: In a prior question on strategic focus I don't think you listed.

Speaker Change: M&A is one piece of that strategic focus is that still on the backburner with the gas LDC is pretty much done now or do you think there'll be opportunities over the near term that could make sense.

Gregory Ebel: Well, look, I mean, we always look at M&A. It's always, you know, given the size of the entity and how far and how many different parties were involved both on the buy and the sell side. But I didn't focus on it because, as you just stated, something like the utility acquisition, you know, that size of transaction, obviously, a once in a decade type opportunity. So, yeah, we'll look at that again, both on the buy and the sell. But I see that very much in the phrase that we use the tuck in size, that wouldn't be any material like, like the utility side of things.

Speaker Change: I mean, we always look at M&A.

Speaker Change: M&A, it's always given the size of the entity and how far and how many different businesses, where in both on the buy and the sell side.

Speaker Change: But I didn't focus on it because I don't see anywhere as you just stated something like the utility acquisition, yeah that size of transaction obviously.

Speaker Change: Once in a decade type opportunity. So yeah, we'll look at that again, both on the buy and the sell but I see that very much in the the phrase that we use the tuck in size.

Speaker Change: That wouldn't be any anywhere material like like the utility side of things.

Speaker Change: Thank you.

Theresa Chen: Your next question comes from the line of Theresa Chen from Barclays. Your line is open.

Speaker Change: Your next question comes from the line of Theresa Chen from Barclays. Your line is open.

Cynthia Hansen: Morning, just to dig a little deeper on the Blackcomb discussion. So with the FID, can you remind us if there are any downstream synergies to tie into your existing Texas transmission or storage assets? And I understand you're a minority and a new partner or a newer partner in this JV. Just looking at the future of the Permian, going back to some of Cynthia's comments, visible gas growth, and what seems to be a need for a greenfield pipe maybe every two years.

Theresa Chen: Good morning, just to dig a little deeper on that block com discussion. So with the <unk> can you remind us if there were any downstream synergies to <unk> your existing Texas transmission our storage assets.

Speaker Change: I understand your minority and a new partner in our newer partner in this JV.

Speaker Change: I was just looking at the future of the Permian going back to slip cindy's comments and physical gas growth.

Speaker Change: Well it seems to be a need FERC Greenfield type maybe haven't seen years can you share why you think alot com was the winning project given many projects and competition and with this commercial win.

Cynthia Hansen: Can you share why you think Blackcomb was the winning project, given many projects in competition and, with this commercial win, how the partnership is set up to grow in the coming years, given the visibility for additional gas demand out of the basin?

Speaker Change: Partnership is set up to grow in the outer years, given the facility for additional gas question and observation.

Cynthia Hansen: Yeah, thanks, Theresa. As you mentioned, Blackcomb is one of the winners in that space. I think, you know, one of the reasons that the JV with Whistler is set up to be successful is that they have a really strong track record of delivering on-time, on-budget projects there. So I think that probably is one of the reasons we were attracted to entering into the JV, and I'm sure that that was a contributing factor for why they were successful or were successful with Blackcomb.

Theresa Chen: Yes, Thanks Theresa.

Speaker Change: As you mentioned black Com is one.

Speaker Change: One of the winners in that space I think.

Speaker Change: Now one of the reasons that the JV.

Leslie: Leslie is set up to be successful is that they have a really strong track record.

Speaker Change:

Speaker Change: Delivering on time.

Speaker Change: On budget projects. There. So I think that probably is something that that's one of the reasons. We were attracted to entering into the JV and I'm sure that that was a contributing factor for why they were successful and were successful with Viacom.

Cynthia Hansen: You know, as you look at the timing of it, it's something that, because it's an intrastate pipeline, they're able to execute quickly. So the completion date for Blackcomb is, you know, in the second half of 26. That's fantastic.

Speaker Change: As you look at the.

Speaker Change: The timing of it it's something that because it's at.

Speaker Change: Interstate pipeline Theyre able to.

Speaker Change: Execute quickly so the completion date for Blackhawk as Deanna on the second half of 2006, that's fantastic.

Speaker Change: <unk>.

Cynthia Hansen: You know, for commercial reasons, any specific questions need to be directed to Whitewater as to what their future is. But from our point of view, they're very well positioned to continue to expand in the Permian. For the infrastructure, as it ties into us, of course, we have a very significant presence in that Aquedulce area with our infrastructure there. And it's great just to see more and more investments and more volumes flow in.

Speaker Change: For commercial reasons any.

Speaker Change: Any specific questions need to be directed to whitewater as to what their future is that from our point of view and very well positioned to continue to expand in the Permian.

Speaker Change: For the infrastructure as it ties into unless of course, we have a very significant presence in that akshay area with our infrastructure, there and it's great just to see more and more investment and more volumes flow in.

Cynthia Hansen: So I think that that all bodes well for our overall infrastructure in that area. But it is, again, one of the reasons why we were so excited to execute on this transaction and be part of the joint venture. There is a very strong operating history for Whistler, and they are very well positioned in the Permian to continue to expand. You know, Theresa, I...

Speaker Change: So I think that all bodes well for our overall infrastructure in that area, but it is again one of the reasons why we were so excited too.

Speaker Change: Executing on this transaction and be part of the joint venture.

Speaker Change: There is a very strong operating history for Whistler and they are very well positioned in the Permian to continue to expand.

Gregory Ebel: You know, Theresa, I'd only add that this is kind of a copy-paste of the super system built on the liquid side, right? First entered into Hingle's side, and then a bunch of JVs and things like Grey Oak and Cactus 2 and stuff, all to feed back into what customers want, an integrated system back to the Permian. And I think, as Cynthia just said, whether it's the JV or additional assets, it's optionality. And that's what we're trying to build down there; that's what customers want.

Speaker Change: I'd only add that this is kind of a copy paste of the Super system built on the liquid side right first entered into.

Speaker Change: Into the Haynesville side, and then a bunch of JV, some things like gray oak and characters to and stuff all of the feedback into what customers want an integrated system back to the Permian and I think as Cynthia just with whether it's the JV or additional assets its optionality and Thats what were trying to build down there if our customers want and I think that's a winning comp.

Speaker Change: And what you're seeing play out.

Theresa Chen: And turning to the liquid side, the contribution from other systems seems pretty strong over the last two quarters, real, you know, step-ups since last year. Is this a new normal range at this point? Are you still seeing strong utilization of express plastic, for example, even with narrowing WCS during the quarter? And how should we think about that line?

Speaker Change: Thank you and turning to the liquid side and the contribution from other systems.

Speaker Change: Pretty strong over the last two quarters.

Speaker Change: Step up since last year is this a new normal range at this point.

Speaker Change: You'll see strong utilization of express Platte for example, even with narrowing WCS during the quarter and how should we think about that line.

Speaker Change: Yeah.

Pat Murray: Yeah, it's Pat here. Yeah, I think you're seeing really good performance out of assets like Express Plat out of the Bakken system. You also have the Southern Lights in there and the new accounting around some of that. But generally, they've all been operating kind of in line with our expectations, but, you know, a little bit better than the prior year. So we continue to see that being, you know, around the track record.

Pat: Yeah, It's Pat.

Pat: Yes, I think youre seeing really good performance out of assets like the express Platte out of the Bakken system. You also have the southern lights in there and the new accounting around some of that but generally they've all been operating.

Pat: Kind of in line with our expectations, but.

Pat: <unk> better than the prior year, so we continue to see that being.

Pat Murray: You see, I think, in fact, I think that some of the two quarters are almost exactly the same. So that's a pretty good run rate as we move forward here. Colin, I don't know if you have anything to comment on Express additionally. Yeah, I mean, business is good across all three basins we're in, Canada, the Bakken, and the Permian. I think the record was set, kind of on a quarterly basis here again. Oils on. And I think you can count on this, generally. We're not giving guidance for next year today, but...

Speaker Change: Around the track record because I think in fact I think there is some of the two quarters is almost exactly the same so that's a pretty good run rate as we as we move forward here call I don't know if you have anything to comment on express. Additionally, yes.

Speaker Change: Business is good across all three basins, we're in Canada, the Bakken and the Permian I think record set kind.

Pat: Kind of on a quarterly basis here again.

Speaker Change: Oils on.

Pat: And.

Pat: Okay.

Pat: You can count on this generally repeating we're not giving guidance today for next year, but.

Speaker Change: Yeah.

Speaker Change: Strong volume up demand need for infrastructure, we already got it in the ground.

Speaker Change: I think you can continue to see that happen.

Speaker Change: Okay.

Speaker Change: Thank you.

Teresa: Thanks Teresa.

Praneeth Satish: Your next question comes from a line of Praneeth Satish from Wells Fargo. Your line is open.

<unk> Satish: Our next question comes from the line of <unk> Satish from Wells Fargo. Your line is open.

Pat Murray: Thanks all. So I guess first on data centers with the emerging opportunities in the LDC segments. There are just two questions here. First, how are you assessing the CapEx profile for the LDCs? Does the increase in demand for data center connections impact the 1.7 to 2 billion dollars per year of LDC CapEx that you previously highlighted? And then second, how do you see support for data centers evolving from both regulatory agencies and also just public perception as it relates to rates and grid stability?

Satish: Thanks, Paul So I guess first on data centers with the emerging opportunities in the LDC segments in the <unk> segment. Just two questions. Here first how are you assessing the capex profile for the LDC as does the increase in demand for datacenter connections does that impact the <unk>.

Speaker Change: One 7% to $2 billion per year of LDC Capex that you've previously highlighted.

Speaker Change: And second how do you see support for Datacenters evolving from both regulatory agencies and also just public perception as it relates to rates and grid stability.

Pat Murray: Maybe from a capital profile that's bad, I can take that. I think it's a little early to say that it's going to be significantly more than that in the next year or two here, but we see some more opportunities that are probably upside to that number. I think the important part in my mind is that Greg and Michelle both talked about the diversity of capital and the way it grows and the way that we can use riders to get a return on that as quickly as possible.

Speaker Change: Yes, I mean from a capital profile Thats about I can take that.

Speaker Change: It's a little early to say, but it is going to be significantly more than that in the next year or two here, but we see some more opportunities, there's probably upside to that number I think the important part in my mind is that Greg and Michelle both talked about with diversity of capital and the way it froze.

Speaker Change: And the way that we can use riders.

Speaker Change: The return on that as quickly as possible I think this adds one more diverse growth factor in many of the regions. We're in so I don't think we're at the point, yet where we would adjust up that guidance that you're speaking of but I think there is an upward bias for sure as a result of what's going on and then maybe Michelle can speak about.

Pat Murray: I think this adds one more diverse growth factor in many of the regions we're in. I don't think we're at the point yet where we would adjust that guidance that we were speaking of, but I think there's an upward bias for sure as a result of what's going on, and maybe Michelle can speak about the cost and those discussions.

Michelle: Cost and and those discussions yes.

Michele Harradence: Yeah, you bet. I mean, it certainly is.

Michelle: Yeah, you bet I mean, it certainly is we would see it as upside is not something that we had in our model and I think it's important to note.

Speaker Change: Utah, and North Carolina, Ohio. They do have extensively is the writers, Utah and North Carolina go in for rate cases every two to three years as well. So it's very quick cycle capital as that comes in if things start to shift.

Speaker Change: We will be able to get that capital in there and there is particularly in Utah and North Carolina, a lot of demand for data centers, Ohio, We're a little a little on the edge of where the demand center growth it, but we would see that that demand backing up entire regions as well and then with Ontario with of course, we have our ICM or incentive capital module that we're in the middle.

Speaker Change: What's working to the PCR rate case, two to work out right now so all of them.

Speaker Change: See as upside in terms of.

Speaker Change: What the regulators are thinking about it I do think that the regulators are trying to understand what if any policy decisions they need to make with regard to data centers. It is a different type of growth.

Speaker Change: And then in demand on the system.

Speaker Change: In a world, where there's all sorts of demand for that reliable energy and reliable electricity. So again, that's where at our natural gas system really stepped in to provide that support for that resilience reliability and affordability that those data centers are likely not to mentioned.

Speaker Change: As we've talked about on the renewable side as well so we feel extremely well positioned with it yes. We may look we often talk about being first choice for customers, but also for regulators and policymakers I mean, one of the ways to deal with if there are concerns about that from a rate perspective tenants for GTS and you know.

Speaker Change: You build a lateral there in storage or just more of a contractual basis as you know it doesn't hit others.

Speaker Change: The key here is you want to have lots of tools and we have them and you wanted to get a lot of jurisdictions I know a lot of discussion about Virginia being a great place for dataset. That's true. It's also a highly dense population area, where Utah parts of North Carolina and may not be as safe.

Michele Harradence: We would see that as upside. It's not something that we had in our model, and I think it's important to note, too, Utah and North Carolina, and Ohio, they do have extensive use of the riders, but Utah and North Carolina go in for rate cases every two to three years as well, so it's very quick cycle capital as that comes in. If things start to shift, we'll be, we'll be able to get that capital in there.

Michele Harradence: And there is, particularly in Utah and North Carolina, a lot of demand for data centers. Ohio, we're a little, a little on the edge of where the demand center growth is, but we would see that demand backing up into our regions as well. And then with Ontario, of course, we have our ICM, our incentive capital module that we're in the middle of working out the face of our rate case to work out right now.

Michele Harradence: So, again, though, that's where our natural gas system really steps in to provide that support for that resilience, reliability, and affordability that those data centers are looking for. Not to mention, as we've talked about on the renewable side as well. So, we feel extremely well positioned with it.

Speaker Change: And are also hugely unknown Utah's the silicon slope.

Speaker Change: Asleep.

Speaker Change: The technology triangle in North Carolina to so there are more places to be able to build and if you're in those locations you have got the opportunity. So I think it's a let's call it often called the <unk>.

Speaker Change: The liquid system a bit of a.

Speaker Change: A tool in a.

Speaker Change: Kind of nice Swiss Army Swiss Army knife.

Speaker Change: So thats I think thats the same thing right across the entire system. So yes.

Speaker Change: Yes, it came on for us.

Gregory Ebel: Yeah, we may, you know, look, we often talk about being the first choice for customers, but also for regulators and policymakers. I mean, one of the ways to deal with if there are concerns about that from a rate perspective is to do it through GTM. And, you know, you build a lateral there, and storage, which is more on a contractual basis, as you know, doesn't hit others. I think the key here is you want to have lots of tools, and we have them, and you want to be in a lot of jurisdictions.

Gregory Ebel: I know a lot of discussion about Virginia being a great place for data sets. That's true. It's also a highly dense population area where, you know, Utah, parts of North Carolina may not be the same and are also hugely known. You know, Utah is the silicon slope, and obviously the technology triangle in North Carolina, too. So there are more places to be able to build, and if you're in those locations, you've got the opportunity.

Speaker Change: Yes that makes a lot of sense and just quickly on mainline.

Gregory Ebel: So I think it's, what Colin often calls the liquid system, a bit of a tool in a Swiss Army knife. There we go. So that's, I think that's the same thing right across the entire system. So yeah, game on for us.

Praneeth Satish: Yeah, that makes a lot of sense. And just quickly on mainline, you know, with it being apportioned every month this year, can you help quantify how much headroom is remaining within the ROE collar? I know you said you're earning in the upper half, but I guess I'm just curious how close you are to the ceiling and whether you're on pace to hit the ceiling if current market conditions persist. Yeah, thanks. So I think

Speaker Change: With it being a portion of every month. This year can you help quantify how much headroom is remaining within the row color. I know you said you are earning in the upper half, but I guess Im just curious how close you are to the ceiling.

Speaker Change: And whether you are on pace to hit the ceiling of current market conditions persist.

Colin Gruending: Yeah, thanks. So I think we are just above the midpoint of that, in 2024, I think, you know, 2025, we're probably a little higher yet, and in 26, we're probably approaching the top. So it's all working. It's kind of as intended. It's a win for everyone here. We're moving a lot of volumes, and keeping an attractive economics for all our customers.

Speaker Change: Yeah. Thanks, So I think we are.

Speaker Change: Just above the midpoint of that in 2020 for I think 2025, we're probably a little higher yet in in 'twenty six we're probably approaching.

Speaker Change: The top so it's all working as intended.

Speaker Change: It's it's a win for everyone here, we're moving a lot of volumes keeping.

Speaker Change: Keeping attractive economics for all of our customers.

Speaker Change: Got it thank you.

Patrick Kenny: Your final question comes from the line of Patrick Kenny from National Bank Financial. Your line is open.

Speaker Change: Your final question comes from the line of Patrick Kenny from National Bank Financial Your line is open.

Gregory Ebel: Yeah, good morning. Just to follow up on the discussion around further asset sales, outside of receiving an attractive financial I was wondering if, more so from a strategic standpoint, if you're still actively pursuing additional minority sell-down opportunities with Indigenous groups, and if so, which regions or franchises might you be keen to execute partnerships for, similar to the deal that you did on your oil sands pipelines?

Patrick Kenny: Yes, good morning, just to follow up on the discussion around further asset sales.

Speaker Change: Outside of receiving an attractive financial.

Patrick Kenny: I'm just wondering if more so from a strategic standpoint, if you're still actively pursuing additional minority sell down opportunities with <unk>.

Speaker Change: Indigenous groups.

Speaker Change: And if so which regions or franchises might you be keen to execute partnerships for similar to your deal that you did on your oil sands pipelines.

Gregory Ebel: Yeah, for sure. I think we're one of the trailblazers on that front. You just saw this quarter we announced, not a sell-down, but a go-forward project in Saskatchewan that is, you know, very much a collaboration between the renewables group and the liquids group. You know, we've always talked about, "Are there other opportunities on the liquid side?" I know Cynthia and her team are looking at that as well on the gas side. So I think right across the board that yes. That's different than saying selling an asset to raise funds. We don't need to do that.

Speaker Change: Yes for sure you look I think one of the trail Blazers on that front you just saw this quarter, we announced not a sell down but a go forward project in Saskatchewan.

Speaker Change: Very much a collaboration between our renewables group and the liquids group.

Speaker Change: I always talk about are there other opportunities on the liquid side I know Cynthia and her team are looking at that as well on the gas side.

Speaker Change: I think right across the board, yes that is.

Speaker Change: That's different than saying selling an asset.

Speaker Change: To raise funds, we don't we don't need to do that.

Gregory Ebel: This is really, when you do those things, it's about relationships, about doing the right thing. It's about future opportunities. And, you know, there are a lot of stakeholders to deal with. And we believe that, you know, if you do these transactions wisely, with respect and the heart of reconciliation, that's going to help you in the community overall. That's going to help you deliver on those projects.

Speaker Change: This is really when you do those it's about relationships about doing the right thing it's about future opportunities.

Speaker Change: And you know Theres a lot of stakeholders to deal with and we believe that.

Speaker Change: You do these transactions.

Speaker Change: With respect in the heart of our reckon.

Speaker Change: A reconciliation that's going to help you in the community overall, that's going to help you.

Jamie: To deliver on those projects and all of that is value, adding to Enbridge is proposition I don't know if Jamie if there's anybody else who wants to Cynthia.

Gregory Ebel: Well, yeah, we've said this before, with all the work that we're doing in British Columbia, it's obviously an area that we're looking at. We have recently filed with the CER an opportunity to allow us to do...

Jamie: Well, Yeah. We've said this before with all the work that we're doing in British Columbia. It's obviously an area that we're looking at we have recently filed with the CER and opportunity to allow us to do that in British Columbia with our West Coast system. So it's something that we're always actively looking at to make sure that.

Speaker Change: We can support our the indigenous economic reconciliation.

Gregory Ebel: If you're keeping track, we've got four announced. Co-Investment Partnerships now, right? East-West tie line in Ontario, Northern Alberta on a liquid system. Carbon Hub near Edmonton and Weyburn.

Speaker Change: If you're keeping track we've got I think four announced.

Speaker Change: Our co investment partnerships and outright east West tie line of Ontario.

Speaker Change: Albert on the liquid system, the carbon hub near Edmonton and the way burn so that's.

Gregory Ebel: So that's lost track, but there are three or four different asset classes there. And just, you know, you're probably looking at it from a financial lens, but if you haven't checked it out, we've got a published Indigenous Reconciliation Action Plan on our website, and economic participation is a major tenant of that plan.

Speaker Change: Whilst drag, but there's three or four different asset classes, there and you're probably looking at from a financial lens, but.

Speaker Change: If you haven't.

Speaker Change: Check it out we've got it.

Speaker Change: Our published indigenous reconciliation action plan on our website.

Speaker Change: Economic participation is a major tenant of that plan.

Patrick Kenny: Okay, that's perfect. Thanks for that. And then maybe on Ingleside and the record exports there in the quarter, just wondering if you could provide any additional color on the contracting profile of the facility and, you know, perhaps an update on how your volumes might be protected from competing export terminals potentially coming online along the Gulf Coast, as well as how we should be thinking about further upside and throughput based on some of your near-term initiatives underway.

Speaker Change: Okay, that's perfect thanks for that.

Speaker Change: And then maybe on Ingleside and.

Speaker Change: The record exports there in the quarter I'm just wondering if you could provide any additional color on the contracting profile.

Speaker Change: Of the facility in.

Speaker Change: Perhaps an update on how your volumes might be protected from competing export terminals potentially coming online along the Gulf coast.

Speaker Change: As well as how we should be thinking about further upside in throughput based on some of your near term initiatives underway.

Colin Gruending: Yeah, I'll try to abbreviate the answers a lot there. Listen, I think we feel really good about our position there. It's the number one Market Share terminal in the US, and it has its advantages, as we've talked about in many respects. So customers want to come there.

Speaker Change: Yes, I'll try to abbreviate the answers a lot in there.

Speaker Change: Listen I think we feel really good about our position there it's the number one.

Speaker Change: Market share.

Speaker Change: Terminal in the U S.

Speaker Change: Yes.

Speaker Change: Its advantaged as we've talked about in many respects.

Speaker Change: So customers want to come there.

Colin Gruending: We've been quite busy there recently. The trends are encouraging. There are another million barrels a day of Permian volume coming. I think we'll capture our share of that, given that advantage. Math. Here's a stat for you. The facility to date has moved three billion barrels of oil off the dock. It's a major and central part of the plumbing in the Permian.

Speaker Change: We have been.

Speaker Change: Quite busy there recently.

Speaker Change: The trends are encouraging.

Speaker Change: Another million barrels a day of Permian volume coming.

Speaker Change: I think we will capture our share of that given that advantaged.

Speaker Change: Matt.

Speaker Change: Here's a stat for you.

Matt: The facilities.

Speaker Change: To date has moved 3 billion barrels of oil off the dock.

Speaker Change: It's a major.

Speaker Change: And central.

Speaker Change: Part of the of the plumbing in the Permian I think it is going to <unk>.

Colin Gruending: I think it's going to endure. We have life left on our contracts here. And, you know, as we look at, I guess, competitive situations there, and I'm not sure which competitors you're referring to, but essentially, you're thinking about offshore buoys that are conceptually out there. I think we're going to compete fine with them. [inaudible] to this facility for the same advantages it has.

Speaker Change: <unk>.

Speaker Change: We have life left on our contract here.

Speaker Change: And.

Speaker Change: As we look at.

Speaker Change: I guess competitive situations there.

Speaker Change: And I'm, not sure, which which competitors youre, referring to but essentially you are thinking about offshore believes that.

Speaker Change: Or conceptually.

Speaker Change: There I think we're going to compete fine with them.

Speaker Change:

Speaker Change: I think.

Speaker Change: If they do come into play I think.

Speaker Change: The smaller older.

Speaker Change: Less advantaged terminals will.

Speaker Change: May lose some market share there. So we think we're in pretty good shape here.

Speaker Change: We're going to grow this it is the Swiss Army knife, and we're also going to.

Speaker Change: Bring other commodities to this.

Speaker Change: This facility for this for the same advantages it has incurred.

Colin Gruending: That's great, Colin. Thank you very much.

Speaker Change: That's great color. Thank you very much.

Speaker Change: Yes.

Rebecca Morley: And that concludes our question and answer session. I will now turn the call back over to Rebecca Morley for her closing remarks.

Speaker Change: And that concludes our question and answer session I will now turn the call back over to Rebecca Morris for closing remarks.

Rebecca Morley: Great. Thank you. And we appreciate your ongoing interest in Enbridge. As always, our Investor Relations team is available following the call for any additional questions that you may have. Once again, thank you, and have a great day.

Rebecca Morris: Great. Thank you and we appreciate your ongoing interest in Enbridge as always our Investor Relations team is available following the call for any additional questions that you may have.

Speaker Change: Again, thank you and have a great day.

Unknown Executive: This concludes today's conference call. Thank you for your participation. You may now disconnect.

Speaker Change: This concludes today's conference call. Thank you for your participation you may now disconnect.

Speaker Change: Sure.

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Speaker Change: Thanks.