Forward Looking Information
Forward-looking information, or forward-looking statements, have been included in this document to provide information about us and our subsidiaries and affiliates, including management’s assessment of our and our subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ‘‘anticipate,” ‘‘believe,” ‘‘estimate,” ‘‘expect,” ‘‘forecast,” ‘‘intend,” ‘‘likely,” ‘‘plan,” ‘‘project,” ‘‘target” and similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking information or statements included in this document include, but are not limited to, statements with respect to the following:
- The global energy future, including the factors and trends that are expected to shape it.
- The transition to a low-emission economy and the expected role of different energy sources.
- Innovation and new clean technologies driving competition and change in the energy sector.
- Expectations and forecasts regarding commodity prices and supply and demand.
- The two energy scenarios (International Energy Agency’s New Policies Scenario and Sustainable Development Scenario) used to test the resilience of our strategy and energy infrastructure in our liquids pipelines, gas transmission and midstream, and gas distribution and storage businesses, and our investments in renewable energy.
- The trends that shape the scenarios and the expected impact of the NPS and SDS on energy markets generally and on Enbridge specifically.
- Our scenario analyses in the Sustainable Development Scenario, including our resiliency strategies for a carbon-constrained world in each of our liquids pipelines, gas transmission and midstream, and gas distribution and storage businesses.
- The effectiveness of our risk management strategies, including in mitigating climate-related risks.
- The value of existing infrastructure assets given the complexity and uncertainty associated with building new oil pipelines, and the sufficiency of pipeline and other transportation infrastructure.
- Our investment focus on maintaining and enhancing existing assets while positioning for future growth opportunities.
- Our methane reduction strategies and protocols.
- Our positioning and optimization of our infrastructure, investment in and application of new technologies, and development of new energy efficiency products, services and programs to provide emission reductions and support energy reliability and affordability.
- Our growth and diversification of our assets to reflect a changing global energy mix.
- Expectations relating to laws and government policy, the expected impacts thereof, our ability to contribute to the development thereof, and the steps we are taking to understand potential liabilities, including development of an internal carbon price to model financial impacts of carbon-related compliance.
- Our plans to develop GHG emission targets to reduce the carbon intensity of our operations—both GHG emissions which occur directly from sources that are owned or controlled by the Company (Scope 1) and GHG emissions from the generation of purchased electricity consumed by the Company (Scope 2)—and add new metrics and incentives for tracking and reporting on our emission reduction performance.
- Expectations regarding the impact of the stock-for-stock merger transaction completed on February 27, 2017 between Enbridge and Spectra Energy Corp. (the Merger Transaction) including our combined scale, financial flexibility, growth program, future business prospects and performance.
- Expected future financial and operating performance, financial strength and flexibility, growth and expansion opportunities, strategic planning and execution of our strategic plans.
Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions and risks include the following: the expected supply of and demand for crude oil, natural gas, natural gas liquids and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; anticipated in-service dates; weather; the timing and closing of dispositions; the realization of anticipated benefits and synergies of the Merger Transaction; governmental legislation; acquisitions and the timing thereof; the success of integration plans; impact of the dividend policy on our future cash flows; credit ratings; capital project funding; expected earnings before interest, income taxes and depreciation and amortization (EBITDA); expected earnings/(loss); expected earnings/(loss) per share; expected future cash flows; estimated future dividends; the development and performance of technology and new energy efficient products, services and programs; assumptions relating to long-term energy future scenarios; and Enbridge’s carbon price outlook. Assumptions regarding the expected supply of and demand for crude oil, natural gas, natural gas liquids and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. We caution readers that the foregoing list of factors is not exhaustive. Additional information about these and other risks and uncertainties can be found in our applicable filings with Canadian and U.S. securities regulators (including the most recently filed Form 10-K and any subsequently filed Form 10-Q, as applicable). Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this document or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.