Strategic Plan: 2024 summary

At Enbridge, our vision is to provide energy, in a planet-friendly way, everywhere people need it. In pursuing this vision, we regularly review and update our strategy to ensure that we continue to be the first choice for energy delivery in North America and beyond.

Each year, we follow a comprehensive approach to strategic planning, through analyzing energy fundamentals, competitor positioning and evolving customer needs. We also assess our assets and strategy under various scenarios to ensure the resiliency of our business. Finally, we look for opportunities to enhance and maximize value.

Over the past couple of years, we have faced a challenging macro-economic environment and regional conflicts continue to catalyze global change. Trade flows, commodity prices, interest rates, supply chains and international relations have all evolved, causing countries and regions to reassess their sources of energy supply. Within this dynamic environment, energy demand has remained strong for both conventional and lower-carbon energy sources. The energy transition continues to progress; while there is a significant amount of ambition, the pace of transition is tempered by policy, cost and technological realities. Overall, we remain confident that all forms of energy will be needed in the future, which fuels the planning and execution of our strategy.

In 2023, this meant that we took a generational opportunity to announce the acquisition of three U.S. utilities to create North America’s largest natural gas utility platform. The acquisition diversifies our company, de-risks our growth and reinforces our belief in natural gas and its role in supporting a safe and reliable energy transition.

Looking forward, we continue our measured and pragmatic “all of the above” approach to energy transition. We are investing in our four core businesses to meet growing global energy demand, while lowering our emissions, meeting customers’ needs and expanding North American export infrastructure. Alongside that, we continue to advance our new energy projects, including renewable natural gas (RNG), carbon capture and storage (CCS), hydrogen and ammonia.

Tomorrow is on at Enbridge and we will continue to capitalize on our premier natural gas, liquids and renewables assets to fuel people’s quality of life in a safe, clean and socially responsible manner.

Energy fundamental trends

2023 key takeaways

 

Maintaining our low-risk, “utility-like” business model

• Compelling value proposition underpinned by predictable cash flows and reliable growth
• Resiliency driven by our diversified portfolio, disciplined capital allocation, and focus on core businesses and lower-carbon platforms
• Acquisition of U.S. gas utilities, upon closing, diversifies our portfolio, strengthens our commercial profile and secures visible, low-risk, long-term, rate base growth
• Longevity in all four of our core businesses based on transition pace and energy demand

 

Providing reliable, affordable and lower-emission energy

• Assets strategically positioned with connections to key low-cost supply basins and demand-pull markets including our export positioning that enables us to provide sustainably produced, reliable North American energy to global customers
• Expanding our footprint to provide affordable, reliable, and sustainable energy to potentially 7MM utility customers across North America upon closing of U.S. utilities acquisition
• Completing significant off-shore wind and on-shore solar acquisitions adds to our large renewable operating and development portfolio

 

Growing our export positions

• North American export growth based on reliability, cost competitiveness and increasing global demand
• Continue expanding export infrastructure—pipelines, storage and terminals to enable crude and other export opportunities
• Pursue last-mile connectivity to export markets and further extend into LNG value chain to support global energy security and decarbonization goals
• Develop and partner on lower-carbon export opportunities that supports the energy transition

 

Continuing to advance our ESG leadership

• Environmental, Social and Governance (ESG) remain critical to our ongoing success, and we are committed to meeting our industry-leading target
• Progressed our Indigenous Reconciliation Action Plan, meeting 10 commitments, with continued efforts on the remaining elements
• Enhanced our efforts to ensure that our workforce and the Board better reflect the diversity of our communities while empowering our workforce through employee resource groups

Our strategic priorities