Strategic Plan: 2023 summary

Each year, we review our strategy to ensure Enbridge continues to be the first choice for energy delivery in North America and beyond for all our stakeholders.

In doing this, we follow a comprehensive approach to decision making, analyzing energy fundamentals, how our competitors are positioned, and evolving customer needs. We also assess our assets and strategy under various scenarios to ensure resiliency of our business. Finally, we look for value enhancement and maximization opportunities.

Last year, we reconfirmed our strategy of pursuing growth in our core businesses and investing in adjacent lower-carbon platforms, advancing solutions for today and tomorrow.

The global energy markets reached an inflection point in 2022. We witnessed extreme commodity price spikes, driven by rebounding energy demand coupled with constrained supply, which was further exacerbated by geopolitical issues.

Though we have been highlighting the need for balance for a long time, the world is also increasingly seeing that a practical approach to energy transition is required. We must meet our growing energy demand with a secure and affordable supply of energy. At the same time, we also need to shift to a lower-carbon future to address climate change.

In this time of uncertainty and change, we continue to believe our strategy is the right one and we remain competitively positioned for the long-term.

We are taking a smart approach to energy transition. We are continuing to invest in our four core businesses to meet growing global energy demand, while lowering our emissions, meeting evolving customers’ needs, and expanding North American export infrastructure. Alongside that, we are building on our adjacent lower-carbon platforms focusing on areas that complement our existing assets and capabilities, including liquefied natural gas (LNG), renewable natural gas (RNG), carbon capture and storage (CCS) and hydrogen.

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

2022 key takeaways

Maintaining our highly resilient business model

• Compelling value proposition underpinned by predictable cash flows
• Resiliency further driven by our diversified portfolio, disciplined capital allocation, and focus on core businesses and adjacent lower-carbon platforms

Providing reliable, affordable and lower-emission energy

• Assets strategically positioned with connections to key low-cost supply basins and demand-pull markets
• Providing affordable and sustainable energy to nearly 4 MM utility customers
• Export positioning enables us to provide sustainably produced, reliable North American energy abroad
• Acquisition of Tri Global Energy enhances our renewables development platform to further our growth

 

Accelerating our adjacent lower-carbon platforms

• Selectively investing in RNG, CCS and hydrogen across our businesses while maintaining our low-risk commercial model
• Further extending our value chain into LNG to support global energy security and decarbonization goals

 

Continuing to advance our ESG leadership

• Significant progress in integrating sustainability across our strategy, operations, and governance
• Released Indigenous Reconciliation Action Plan aimed at strengthening our partnerships with Indigenous communities
• ESG remains critical to our ongoing success, and we are committed to meeting our industry leading targets

Our strategic priorities