Each year, we follow a comprehensive approach to strategic planning, through the assessment of jurisdictional, North American and global energy fundamentals, competitor positioning and evolving customer needs. We also evaluate our assets and strategy under various scenarios to ensure the resiliency of our business and to find opportunities to enhance and maximize value.
Over the past years, we have faced a dynamic macro-economic environment with constantly evolving challenges and opportunities. While we have seen interest rates drop in North America, uncertainty surrounding economic growth, inflation, trade, and geopolitics remains elevated. Going forward, these factors will continue to impact global energy supply, demand and commodity prices.
Today, energy demand remains strong for both conventional and lower-carbon energy sources.
To reliably and affordably meet local and global demand, while lowering emissions intensity, we believe that an energy evolution, which will take all forms of energy, is required.
Our portfolio of oil, natural gas, and renewable power assets are critical to maintaining a balanced approach that will enable a durable energy evolution. For us, this includes managing the emissions intensity of the conventional fuels we transport and store, facilitating the shift from higher-emission energy sources to natural gas, advancing the development of renewable energy sources, and investing in infrastructure for emerging lower-carbon solutions.
In 2025, we saw the resurgence of conventional fuels in North America, with broader recognition of their role in delivering a stable and affordable energy system, including a more supportive political environment for infrastructure development.
We continue to pursue growth opportunities across all our platforms, adding to our secured growth program, which has grown to more than C$39B. In 2025, this was highlighted by C$9B of new investments to optimize our liquids system and to grow our gas transmission and storage businesses in Canada, and the U.S. Northeast and Gulf Coast.
Looking forward, we continue our measured and pragmatic “all-of-the-above” approach to the energy evolution.
We are investing in our four core businesses to meet growing global and North American energy demand, while lowering our emissions and meeting customers’ needs.
We are focused on a growing number of liquids opportunities, expanding our North American export infrastructure, and capitalizing on North American electrification trends where we can offer integrated customer solutions through our gas and power businesses
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.
