Offshore Wind. Investing in the future of energy. Offshore Wind. North American Liquids Pipelines. U.S. Transmission. Natural Gas Utilities

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1 Offshore Vern Yu Executive VP & Chief Development Officer Offshore Investing in the future of energy North American Liquids Pipelines U.S. Transmission Natural Gas Utilities Canadian Transmission & Midstream Renewable Power U.S. Midstream 2

2 Context for Renewable Power Business 6, 5, 4, 3, Long-Term Shift Towards Renewable Power Electricity Capacity (GW) Source: IEA 15% 1% Fastest Growing Source of Energy (% change/year, e) 15%/yr Source: IEA 2, 5% 1, Fossil Fuels Renewables* *Includes hydro % 1.6%/yr.7%/yr.1%/yr & Solar Natural gas Oil Coal Aligns with Enbridge Value Proposition Liquids & Gas Renewables Strong commercial underpinnings Minimal commodity price risk Manageable capital cost risk Attractive returns Platform for growth Years of Renewable Power Experience (Net MWs, Operational Assets) Development Secured Operating Current Enbridge Offshore Footprint 1 GW Offshore wind capacity secured and under development Enbridge Offshore Projects $9 Capital Investment ($C, Billions) Development $7.4B $6 $4.5B Secured $3 $2.9B Development Projects have not reached FID $ Rampion Hohe See Hohe See Expansion Saint- Nazaire Courseullessur-Mer Fecamp TOTAL Rampion Hohe See Hohe See Expansion Saint-Nazaire Courseulles-sur-Mer Fecamp Total Significant investments with strong returns and reliable cash flows 4 4

3 Attractive Fundamentals Technology improvement reducing costs European Levelized Cost of Electricity by Fuel ( /MWh) Lignite Coal CCGT Onshore Sources: Credit Suisse estimates, Bloomberg 1 Cost for projects reaching COD in noted year 225e Cost 1 Offshore 221e Cost 1 Hard Coal Hydro Offshore Solar 216 Cost 1 Offshore Nuclear costs for offshore wind are expected to decrease 56% from 216 to 225 Improvements: Increasing turbine size Increasing capacity factor Supply chain efficiencies 5 Attractive Fundamentals Gov t commitment driving offshore investment in E.U. and U.S. 25% European Government Renewable Targets (% renewables of final energy) 7 U.S. Offshore Industry Planned U.S. Offshore Capacity (GW) 2% Target 6 5 New England States 15% 1% 215 Level 4 3 New York 2 5% 1 Mid-Atlantic States % Germany U.K. Netherlands France Sources: EuroStat, Bloomberg Sources:SNL 6

4 Portfolio Overview Highly reliable and secured cash flows Rampion Hohe See Hohe See Expansion Fecamp Courseullessur-Mer Saint-Nazaire Country U.K. Germany Germany France France France Project Capacity 4 MW 497 MW 112 MW 498 MW 45 MW 48 MW ENB Share 24.9% 49.9% 49.9% 35% 42.5% 5% Primary development & offtake partner Energie Baden Wuerttemberg AG Energie Baden Wuerttemberg AG EDF EDF EDF Expected COD Tariff type ROC Feed-in-Tariff Tariff level 1.8 times ROC/MWh 1 184/149/39 floor /MWh 2 184/149/39 floor /MWh /MWh /MWh 14-2 /MWh Tariff term All projects have 2-year tariff terms 1 Renewable Obligation Certificate indexed with RPI, ~ 45/MWh in Tariff price years 1-8/tariff price years 9-13/tariff price floor years Enbridge Portfolio Generates Material ACFFO Extends growth post % Our Offshore Projects Generate Superior Cash Equity Returns Midteens ACFFO Profile 1 Front end loaded average $3 M cf/yr from 222 to 23 1% 5% 6-7% 8-1% Development Projects 1 Secured Projects 5 % Onshore Offshore Competitive Auctions Enbridge Secured Projects P5 production forecast and excluding merchant revenues 8

5 Our Offshore Competency Developing an integrated approach Develop Finance Construct Operate & Maintain Leveraging and building on an experienced Enbridge team Utilize well-developed existing supply chain relationships Strong credit worthy partners Ability to finance projects on-balance sheet Ample liquidity reserves Highly experienced and capable major projects team $33B of largely on time, on budget energy infrastructure projects executed since 28 Utilizing fixed price EPC contracts to manage capital cost risk Onshore wind assets in operation 2.2 GW (1.7 MW net to ENB) Operating in offshore environment since 24 Employing O&M contracts to control operating costs 9 Disciplined Investment Criteria Offshore investments align with reliable business model Liquids Projects Offshore Projects Strong market fundamentals Attractive low risk returns Low capital cost risk Strong commercial underpinnings Very limited commodity/power price risk Follow same investment criteria and discipline as core business projects 1

6 Q&A