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Enbridge Inc. ENB Annual Report Enbridge Inc. ENB Annual Report Can energy be transported safely? “While we have a strong safety record delivering energy, that is not good enough for us. We believe all incidents can be prevented and we’re investing billions of dollars to work towards that goal.” Cynthia Hansen, Senior Vice President, Enterprise Safety & Operational Reliability ↳ Page 6 How is Enbridge growing? “We’re currently working on $36 billion in commercially secured growth projects, and every single one of our businesses is growing—from liquids and gas pipelines to renewable power generation to gas distribution.” Byron Neiles, Senior Vice President, Major Projects ↳ Page 9 How is Enbridge preparing for the future of energy? “We’re investing in renewable and alternative energy technologies that provide attractive returns to our investors while reducing our carbon footprint.” Don Thompson, Vice President, Green Power and Transmission ↳ Page 17 WhyshouldIinvestinEnbridge? “We’ve consistently delivered industry-leading returns to our shareholders, and with our significant secured growth opportunities, we’re confident we’ll continue to do so for many years to come.” Adam McKnight, Director, Investor Relations ↳ Page 23 2013 ET An Energy Transformation 2013 Awards and Recognition North America is in the midst of a ↳Page34 transformation in the way energy is produced, transported and Management’s Discussion & Analysis used. Enbridge is deeply involved ↳Page36 in this shift. Consolidated Financial Statements ↳Page3 ↳Page121 G+E Growth + Execution Notes to the Consolidated Financial Excellence in project execution Statements is critical to capturing growth ↳Page126 opportunities across all of Enbridge’s businesses. Glossary ↳Page9 ↳Page181 R+I Renewables + Innovation Five-Year Consolidated Highlights Society needs all forms of energy ↳Page182 and Enbridge is playing a major role in that evolving energy mix. Investor Information ↳Page17 ↳Page184 SI Solid Investment Our shareholders have done very well by our value proposition— industry-leading growth, a very reliable business model, and a growing dividend stream—and we plan to stick with it. ↳Page23 LTS Letter to Shareholders Safety, reliability and respect for the environment remain our highest priorities in successfully delivering onthelargestgrowthplaninour Company’s history. ↳Page27 Le présent document est disponible en français. Forward-Looking Information This Annual Report includes references to forward-looking information. By its nature this information applies certain assumptions and expectations about future outcomes, so we remind you it is subject to risks and uncertainties that affect every business, including ours. The more significant factors Global 100 Most Sustainable Dow Jones and risks that might affect future outcomes for Enbridge are Corporations in the World Sustainability Indexes listed and discussed in the “Forward-Looking Information” section on page 42 of this Annual Report and also in the The Global 100 Most Sustainable Corporations in the In 2013, DJSI named Enbridge to both its World and risk sections of our public disclosure filings, including World highlights global corporations that have been North America index. The DJSI indices track the Management’s Discussion and Analysis, available on both most proactive in managing environmental, social and performance of large companies that lead the field in the SEDAR and EDGAR systems at www.sedar.com and governance issues. Enbridge was named to the Global 100 terms of sustainability, financial results, community www.sec.gov/edgar.shtml, respectively. in 2010, 2011, 2012, 2013 and again in January 2014. relations and environmental stewardship. Enbridge transports, distributes and generates energy. By connecting energy supply to the best refinery and consumermarkets,weplayacentralroleinproviding heat and light to homes, offices and factories, fuel for vehicles and airplanes, and many other essential products and services that support prosperity and quality of life for millions of people. We’re now engaged in the largest expansion in our history. As we grow, we’ll neverlosesightofourthreekeystrategicpriorities. 1. Focus on Safety + Operational Reliability Millions of people across North America count on the energy we deliver every day, so our top priority is and always will be the safety and reliability of our operations. It’s our duty and responsibility to prevent incidents, be safe and protect the environment. 2.ExecuteOurGrowthCapitalProgram We currently have $36 billion of enterprise-wide commercially secured projects expected to come into service between 2013 and 2017—all to meet growing demand for new energy infrastructure across North America—and we have the execution and financial capacity and human capital available to make it all happen. 3. Extend + Diversify Our Growth We’re confident we can extend and diversify our sources of growth well beyond 2017,boththroughorganicgrowthwithinourexistingcorebusinessesandby developing new growth platforms—including power generation, electricity transmission and international—that align with our value proposition. Enbridge Inc. 2013 Annual Report 1 Enbridge’spipelinesystemsarelocatedin strategically important geographical areas, giving us an unparalleled ability to grow our energy delivery networks throughout North America. An Energy Transformation ET Driven by new technologies thataredramaticallychanging energy supply and demand equations, North America is in a period of transformation in the way energy is produced, transported and used. Asabusinessthatisinmanywaysatthenexusofenergyissuesin NorthAmerica,Enbridgeisdeeplyinvolvedinthisshift.Aswerespond byexpandingandextendingourenergyinfrastructurenetwork,we will never lose sight of our Number One priority—to safely and reliably deliver the energy that powers our society and drives our economy. An Energy Transformation The Energy Landscape is Changing, and so is Enbridge The world’s energy landscape isnotintherightplaces.Inturn,this asuiteofcommerciallysecured hasenteredanewstageofrapid has resulted in price dislocations growth projects being rolled out and accelerating change. and volatility, with North American through 2017. We’re currently aiming energy resources heavily discounted to open North American markets for Attheheartofthistransformationlies relative to world prices, which means up to 1.7 million barrels per day of new both a supply push and a demand pull. lost value for the North American production. That includes connecting The supply push comes from a surge in economy. For example, it’s estimated Canadian oil sands product to North American oil and gas production. that the Canadian economy is leaving refineries in the Houston area through Technology is unlocking massive asmuchas$50millionadayonthe our Gulf Coast Access program; unconventional natural gas reserves table because of a significant lack of and connecting light oil supply from across the continent. On the crude energy infrastructure, according to theBakkenandwesternCanadato oil side, North America’s supply is the Canadian Chamber of Commerce. premium markets in the U.S. Midwest, Ontario, and Quebec through our forecast to rise by seven million Thesefactorsaredrivingwhatis Eastern Access and Light Oil Market barrels per day by 2025. The continent essentially a reconfiguration of North Access initiatives. could be energy self-sufficient—or at America’s oil and gas transportation least “energy secure”—as early as 2020. grid. Historically, volumes have In addition, we’re expanding capacity At the same time, global energy generally flowed from coastal ports in the Canadian oil sands where demand is shifting. It will be driven to inland markets. The goal now is to Enbridge is the region’s leading pipeline by emerging markets—particularly transport growing inland production operator; we’re growing our network China and India—and not, as in the from areas such as the oil sands and of natural gas gathering, treating, past, by North America or Europe. the Bakken region to coastal North processing and transmission facilities; The International Energy Agency American refining hubs. and we're investing in new growth estimates that emerging economies platforms, including renewable power will account for more than 90% of generation and alternative energy net energy demand growth to 2035 Enbridge Responds technologies, electricity transmission and international opportunities. and that global energy trade will be We'repositionedatthevery reoriented from the Atlantic basin centre of this energy market And since the integrity of our energy to the Asia-Pacific region. transformation. infrastructureisandalwayswillbea mission-critical activity for Enbridge, The current growth in supply alone Weoperatetheworld’slongestand we're also investing in cutting-edge has resulted in significant transport- most complex crude oil pipeline technologiestoensurethatourenergy ation bottlenecks between the growing system, delivering on average more transportation and distribution systems oil and gas supply regions and North than 2.2 million barrels per day to operate safely and reliably—focusing American and global markets. This is Canada and the U.S.—and we’re on areas such as pipeline design and because the existing infrastructure is moving rapidly to access new markets construction, inspection, and leak either not large enough to transport the for Canadian and U.S. crude through growing volumes, or the infrastructure detection and control systems. 4 Enbridge Inc. 2013 Annual Report Transport. Distribute.
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