Enbridge
40 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Duke Energy
earns from · 0.51 bcf/dOur Gas Distribution and Storage business added approximately 68,000 new customers across our utility jurisdictions, reached supportive settlements on rate cases in North Carolina and Utah, continued to advance data center and power generation opportunities, and doubled the capacity of the T-15 Reliability Project which is expected to deliver 0.51 bcf/d to Duke Energy’s Roxboro power plant in North Carolina.Business (Item 1)
Comisión Federal de Electricidad
earns from · up to 2.6 bcf/dThe pipeline infrastructure is located in Texas and provides market access of up to 2.6 bcf/d of design capacity to the Comisión Federal de Electricidad, Mexico’s state-owned utility.Business (Item 1)
Also named by SRE
Norman Wells System sole customer
earns fromnamed as a riskIn January 2026, our sole customer of the NW system announced that they will cease operations in Norman Wells later in 2026.Business (Item 1)
Suppliers
Wexpro Company
depends on · up to 55% of annual demandWexpro's production supplies up to 55% of annual demand for the utility (up to 65% if certain conditions are met and approvals obtained) and provides a physical hedge against commodity price volatility while maintaining the option to purchase from third-party suppliers at market rates through long-term contracts.Business (Item 1)
Other companies
DCP Midstream, LP
exposed to its price · 13.2% effective economic interestnamed as a riskWe hold a 13.2% effective economic interest in DCP, which is in the businesses of gathering, treating, processing and selling natural gas and NGL.Risk factors (Item 1A)
Also named by PSX
Mainline System
operates in · 3.1 mmbpdnamed as a riskOur Mainline System was effectively fully utilized in 2025, delivering 3.1 mmbpd.Business (Item 1)
Places
Ontario
operates in · 4.0Enbridge Gas Ontario 4.0 157,000 km (97,804 miles)Business (Item 1)
Dawn Hub
operates in · approximately 290 bcfThe storage facility at Dawn is located in southwestern Ontario and has a total working capacity of approximately 290 bcf in 35 underground facilities located in depleted gas fields.Business (Item 1)
Enbridge Ingleside Energy Center (EIEC)
operates in · 1.6 mmbpdWe own 100% of the EIEC, the largest crude oil export terminal by volume in North America.Business (Item 1)
US Gulf Coast LNG exports
earns from · approximately 20 bcf/d through 2040Demand in this region is anticipated to grow by approximately 20 bcf/d through 2040.Business (Item 1)
Permian Basin
depends onnamed as a riskAccordingly, during periods of comparatively low prices, drilling programs, unsupported by hedging programs, may decrease, reducing supply growth from tight oil basins, which could impact volumes on our pipeline systems.Risk factors (Item 1A)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Line 5 / Straits of Mackinac
operates innamed as a riskWe have experienced litigation relating to easements, including in relation to Line 5.Risk factors (Item 1A)
Western Canadian Sedimentary Basin (WCSB)
depends onIn addition, heavy crude oil growth is expected from the WCSB as additional egress availability will likely support expansion of existing projects and some potential new greenfield facilities.Business (Item 1)
Hazards
Weather (heating demand)
exposed to its pricenamed as a riskWeather is a significant driver of delivery volumes, as many customers use natural gas for heating.Risk factors (Item 1A)
Also named by AAP, CLX, CPRT, DASH, DECK, GVA, LII, LYV and 4 more
Wind and solar resources
exposed to its pricenamed as a riskAny prolonged reduction in wind or solar resources at any facilities could lead to decreased earnings and cash flows.Risk factors (Item 1A)
Commodities and inputs
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskOur ability to establish transportation and storage rates on our US interstate natural gas facilities and transportation rates on our US interstate oil pipelines is subject to regulation by the FERC, whose rulings and policies impact our ability to recover the full cost of operating these pipeline and storage assets, including a reasonable rate of return.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskPipeline failure or failures to comply with applicable regulations could result in a variety of enforcement measures, for example, reduction of allowable operating pressures, which would reduce available capacity on our pipelines.Business (Item 1)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
European Union
subject tonamed as a riskThese measures are variable and can include price controls, tariffs, caps and demand reduction goals, all of which could adversely impact our revenues and earnings.Risk factors (Item 1A)
Also named by ABBV, ADM, AVY, BA, DXCM, FPI, GEHC, GS and 4 more
Public Utilities Commission of Ohio
subject tonamed as a riskEnbridge Gas Ohio is subject to regulation of rates and other aspects of its business by the Ohio Commission.Business (Item 1)
Canada Energy Regulator (CER)
subject tonamed as a riskIn the event of a significant release or other noncompliance, the CER could impose pressure restrictions, which could result in adverse operational and financial impacts.Business (Item 1)
North Carolina Utilities Commission
subject tonamed as a riskEnbridge Gas North Carolina is subject to regulation of rates and other aspects of its business by the North Carolina Commission.Business (Item 1)
Ontario Energy Board (OEB)
subject tonamed as a riskEnbridge Gas Ontario is operating under a multi-year rate framework established by the OEB that began with cost-of-service base rates for 2024 and is followed by a price cap incentive rate-setting mechanism for 2025–2028.Business (Item 1)
Also named by NEE
Utah Public Service Commission
subject tonamed as a riskEnbridge Gas Utah, Enbridge Gas Wyoming, and Enbridge Gas Idaho are subject to regulation of rates and other aspects of its business by the Utah Commission, the Wyoming Commission, and the Idaho Commission, respectively.Business (Item 1)
Québec Régie de l’énergie
subject toEnbridge Gas Ontario's operations are regulated by the OEB and Enbridge Gaz Québec's operations are regulated by the Québec Régie de l’énergie.Business (Item 1)
Laws and programs
Greenhouse Gas Pollution Pricing Act (GGPPA)
subject to · $170 per tonne of CO2e in 2030named as a riskIn April 2025, the federal carbon price applicable to industrial emitters increased from $80 to $95 per tonne of carbon dioxide equivalent (CO2e), and under the GGPPA schedule the price will continue to rise by $15 per tonne annually to reach $170 per tonne of CO2e in 2030.Business (Item 1)
Canada 2030 Emissions Reduction Plan
subject to · approximately 2.3 bcf/dnamed as a riskEnbridge Gas Ontario, which distributes approximately 2.3 bcf/d of natural gas across Ontario and Québec, is directly affected by the requirements.Business (Item 1)
Mainline Tolling Settlement
subject to · Approximately 70% of Mainline deliveriesApproximately 70% of Mainline deliveries are tolled under this settlement, while approximately 30% of deliveries are tolled on a full path basis to markets downstream of the Mainline.Business (Item 1)
One Big Beautiful Bill Act
subject tonamed as a riskIn the US, legislation such as the One Big Beautiful Bill Act, phases out clean energy tax credits and creates limits on foreign content.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskThe US Government has also stated its interest in renegotiating and altering the USMCA, which could further impact the energy market and our business.Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
U.S. tariffs on steel and aluminum
subject tonamed as a riskglobal tariffs on steel and aluminum; andRisk factors (Item 1A)
New York Climate Leadership and Community Protection Act
subject tonamed as a riskIn addition to the fees associated with the cap-and-invest program, there are fines for minor errors associated with emissions reporting.Business (Item 1)
Also named by NFG
U.S. offshore wind moratorium
subject tonamed as a riskIn parallel, the administration actively rolled back renewable energy incentives, including tax credits for wind, solar, and electric vehicles, and imposed a moratorium on offshore wind development, which creates a less favorable environment for renewable energy.Risk factors (Item 1A)
Canada VOC Regulations
subject tonamed as a riskThese regulatory changes will require additional capital and operating expenditures, and we continue to monitor developments and coordinate across functions to enable timely compliance.Business (Item 1)
Canadian federal methane regulations
subject tonamed as a riskThese proposed amendments aim to further reduce methane emissions by limiting venting, imposing gas destruction, and increasing fugitive emissions management, affecting our Gas Transmission and Gas Distribution and Storage assets.Business (Item 1)
EPA New Source Performance Standards for stationary combustion turbines
subject tonamed as a riskWe continue to assess the potential capital, operating, and compliance cost impacts of this rule for current and planned turbine assets.Business (Item 1)
BC Output-Based Pricing System
subject tonamed as a riskThe BC OBPS covers our Gas Transmission assets in BC, including the Westcoast Pipeline System and Aitken Creek, and imposes an annual obligation for stationary combustion, useful venting, and flaring emissions.Business (Item 1)
Ohio Energy Choice program
subject toA significant portion of our customers in Ohio participate in the Energy Choice program, under which residential customers are encouraged to purchase gas directly from retail suppliers or through a community aggregation program and have it delivered by us.Business (Item 1)
North Carolina House Bill 951 (NC Carbon Plan)
subject toIn 2021, House Bill 951 was signed in North Carolina, directing the North Carolina Commission to develop a plan, known as the NC Carbon Plan, for a 70% reduction in carbon emissions in the electricity sector by 2030 that is driving coal-to-gas generation switching.Business (Item 1)