Enbridge Inc is a leading North American energy infrastructure company. It operates four main businesses liquids pipelines gas transmission gas distribution and storage and renewable power generation. These assets transport store and export crude oil and liquid hydrocarbons move natural gas through gathering processing and storage facilities deliver natural gas to residential commercial and industrial customers and generate electricity from wind solar and geothermal facilities.

Revenue comes from transporting storing and exporting crude oil and other liquid hydrocarbons via its liquids pipelines system. Natural gas transmission gathering processing and storage services generate fees from shippers and utilities. Gas distribution and storage earns revenue from delivering natural gas to residential commercial and industrial customers under regulated utility rates. Renewable power generation sells electricity under long term power purchase agreements. The crude oil marketing business provides logistical services and captures value from quality time and location price differentials.

The company operates through the following segments: Liquids Pipelines Gas Transmission Gas Distribution and Storage and Renewable Power Generation.

• Liquids Pipelines consists of pipelines and terminals in Canada and the United States that transport store and export various grades of crude oil and other liquid hydrocarbons. The system delivers approximately six million barrels per day and represents the largest global crude oil and liquids network. Key components include the Mainline System Regional Oil Sands System Gulf Coast and Midcontinent Systems and other feeder lines. The business also includes a crude oil marketing arm that provides physical commodity marketing and logistical services to North American refiners producers and other customers.

• Gas Transmission consists of investments in natural gas pipelines gathering processing and storage facilities in Canada and the United States. The segment provides transmission and storage of natural gas through interstate and intrastate pipeline systems for customers in various regions of the northeastern southern and Midwestern United States as well as in western Canada. Key assets include interests in Texas Eastern Algonquin Maritimes & Northeast East Tennessee Natural Gas Vector Gulfstream Sabal Trail NEXUS SESH Whistler Parent JV Matterhorn Express and other storage facilities. Transmission and storage services are generally provided under firm agreements with fixed reservation charges plus a small variable component based on volumes transported injected or withdrawn.

• Gas Distribution and Storage consists of rate regulated natural gas utility operations that serve residential commercial and industrial customers in Ontario Quebec Ohio North Carolina Utah Wyoming and Idaho. The segment includes the Dawn Hub and Tecumseh Gas Storage facility which together provide large underground storage capacity. Revenue is earned from distributing natural gas to customers and from providing transportation and storage services under regulated tariffs. The business also includes Wexpro which develops and produces natural gas reserves on behalf of the utility operations in Utah Wyoming and Idaho.

• Renewable Power Generation consists primarily of investments in wind and solar power generation facilities as well as an equity interest in geothermal power facilities. In Canada assets are located in Quebec Ontario and Alberta while in the United States they are primarily in Texas Ohio Indiana Colorado and West Virginia. In Europe the company holds equity interests in operating offshore wind facilities in the coastal waters of the United Kingdom France and Germany and interests in offshore wind projects under construction or active development in France and the United Kingdom. Combined net generation capacity is approximately 4100 megawatts with the majority of electricity sold under long term power purchase agreements.

Enbridge Inc is regarded as a leading energy delivery company in North America due to its diversified portfolio of liquids pipelines natural gas transmission gas distribution and renewable power assets. Its long term contracts regulated cost of service tolling frameworks and power purchase agreements provide stable low risk cash flows. Competitors in the liquids pipelines sector include other pipeline companies and logistics alternatives such as rail and trucking. In natural gas transmission the main competitors are other pipeline companies that own intersecting or parallel systems. In gas distribution the company competes with other forms of energy including electricity coal propane and fuel oils. In renewable power generation it faces competition from utilities independent power producers and private equity investors seeking new project opportunities. Enbridge's competitive advantages stem from its extensive network integrated operations strong stakeholder relationships and ability to offer combined natural gas and renewable solutions to customers.

The company serves crude oil shippers natural gas producers utilities industrial manufacturers residential households and electricity buyers under power purchase agreements. Specific customers mentioned in the filing include Occidental Petroleum Corporation which partnered on the Pelican carbon dioxide hub Duke Energy which receives gas from the T 15 Reliability Project and Wexpro which supplies natural gas to Enbridge Gas Utah Wyoming and Idaho. The filing also notes collaborations with various Indigenous groups such as the Stonlasec8 Indigenous Investments Limited Partnership and the First Nations Partnership in British Columbia.