Group 1: Company Overview - Array Technologies, Inc. (ARRY) is part of the Oils-Energy group, which consists of 240 companies and currently ranks 16 within the Zacks Sector Rank [2] - The Zacks Rank system identifies stocks with characteristics likely to outperform the market in the next one to three months, with ARRY holding a Zacks Rank of 2 (Buy) [3] Group 2: Performance Metrics - Over the past three months, the Zacks Consensus Estimate for ARRY's full-year earnings has increased by 10.9%, indicating improved analyst sentiment [4] - Year-to-date, ARRY has gained approximately 15.1%, significantly outperforming the average gain of 2.4% in the Oils-Energy group [4] Group 3: Industry Context - Array Technologies, Inc. operates within the Solar industry, which includes 15 stocks and currently ranks 161 in the Zacks Industry Rank, with an average year-to-date gain of 0% [6] - In contrast, Brookfield Renewable Corporation, another outperforming stock in the Oils-Energy sector, belongs to the Alternative Energy - Other industry, which has gained 29.9% this year and ranks 170 [7]

Group 1 - Brookfield Renewable Corp. is a source of permanent capital for Brookfield Asset Management, with both Brookfield Renewable Corp. and Brookfield Renewable Partners representing the same business and paying the same quarterly dividend amount [2][5] - The dividend yield for Brookfield Renewable Corp. is 4.7%, while Brookfield Renewable Partners has a distribution yield of 5.8%, reflecting the popularity of the corporate share class over the partnership units [2][5] - Brookfield Renewable Corp. owns renewable power assets, including solar, wind, hydroelectric, battery storage, and recently added nuclear power, providing a comprehensive exposure to clean energy [9][10] Group 2 - The company aims for annual dividend increases of between 5% and 9%, supported by the growth of its portfolio and Brookfield Asset Management's plans to double its investment in clean energy between 2025 and 2030 [11] - Brookfield Renewable's portfolio is dynamic, as its parent company is always buying and selling assets, distinguishing it from regulated electric utilities despite having a reliable income stream from energy contracts [13] - Investing in Brookfield Renewable Corp. could provide a lifetime of reliable income, especially with the growth plans of Brookfield Asset Management, although understanding the complexities of the entities involved is crucial [14]

Core Insights - Brookfield Renewable has increased its debt leverage in recent years in anticipation of new renewable energy investments that will soon generate cash flows [1] - The contributors express that they are not currently concerned about the level of debt, but they are monitoring the situation closely [1] - The discussion includes what conditions would lead to a change in their current perspective on the company's debt levels [1]

Core Insights - Brookfield Renewable Corporation operates in 25 countries and has a significant presence in clean energy with approximately $126 billion in assets under management [1] - The company offers a forward-yielding dividend of 4.7%, making it an attractive option for income investors seeking passive income [2] - Brookfield Renewable has a strong track record of increasing its dividend, achieving a 6% compound annual growth rate from 2001 to 2024, with management targeting 5% to 9% increases in the coming years [5] Dividend and Income Potential - The company has declared dividends of $0.373 per share for the first two quarters of 2025, which could total $1.492 per share for the year [7] - To generate $5,000 in annual income from Brookfield Renewable stock, an investor would need to own 3,352 shares [7] Valuation and Market Performance - As of June 12, shares of Brookfield Renewable have increased by approximately 16% year to date and are currently valued at 10.4 times operating cash flow, above their five-year average of 5.7 [8] - Despite the premium valuation, the company's consistent generation of strong funds from operations supports its attractiveness for investors [8]

Group 1 - Brookfield Renewable Corporation (TSX: BEP.UN:CA, NYSE: BEPC, NYSE: BEP) offers a combination of high-quality assets, growth potential, and a yield exceeding 5% while trading at a fair valuation [1] - The company is positioned to benefit from a long-term bull market for electricity, enhancing its investment appeal [1]

[Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position](index=2&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets increased to $44.96 billion from $44.13 billion at the end of 2024, primarily driven by a rise in the fair value of property, plant, and equipment. Total equity also grew to $12.44 billion from $12.11 billion over the same period Key Balance Sheet Items (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$44,964** | **$44,129** | | Cash and cash equivalents | $614 | $624 | | Property, plant and equipment, at fair value | $39,731 | $38,696 | | **Total Liabilities** | **$32,522** | **$32,021** | | Non-recourse borrowings | $14,111 | $13,775 | | Deferred income tax liabilities | $6,689 | $6,493 | | **Total Equity** | **$12,442** | **$12,108** | [Consolidated Statements of Income (Loss)](index=3&type=section&id=Consolidated%20Statements%20of%20Income%20%28Loss%29) For the three months ended March 31, 2025, the company reported a net loss of $5 million, a significant decrease from a net income of $491 million in the same period of 2024. The change was primarily driven by lower revenues, which fell to $907 million from $1.125 billion, and the absence of a large remeasurement gain that occurred in the prior year Q1 Income Statement Highlights (in millions) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $907 | $1,125 | | Direct operating costs | $(368) | $(484) | | Interest expense | $(413) | $(363) | | Remeasurement gains | $223 | $548 | | **Net (Loss) Income** | **$(5)** | **$491** | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2025 was $395 million, an increase from $208 million in Q1 2024. This was primarily due to a significant positive foreign currency translation adjustment of $554 million, which offset the net loss and other comprehensive losses Q1 Comprehensive Income (in millions) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net (Loss) Income | $(5) | $491 | | Foreign currency translation | $554 | $(171) | | Other comprehensive income (loss) | $(156) | $(112) | | **Comprehensive Income** | **$395** | **$208** | [Consolidated Statements of Changes in Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from $12.11 billion at the end of 2024 to $12.44 billion as of March 31, 2025. The increase was driven by other comprehensive income of $400 million and capital contributions of $101 million, partially offset by a net loss of $5 million and dividends declared of $149 million Q1 2025 Changes in Equity (in millions) | Item | Amount | | :--- | :--- | | Balance, as at December 31, 2024 | $12,108 | | Net loss | $(5) | | Other comprehensive income | $400 | | Capital contributions | $101 | | Dividends declared | $(149) | | Other | $(13) | | **Balance, as at March 31, 2025** | **$12,442** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, net cash provided by operating activities was $110 million, a decrease from $257 million in Q1 2024. Investing activities used $252 million, primarily for investments in property, plant, and equipment. Financing activities provided $104 million. Overall, cash and cash equivalents decreased by $10 million during the quarter Q1 Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $110 | $257 | | Net Cash from Financing Activities | $104 | $137 | | Net Cash from Investing Activities | $(252) | $(371) | | **Net Change in Cash** | **$(38)** | **$23** | [Notes to the Unaudited Interim Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) [Note 1: Basis of Presentation and Accounting Policies](index=8&type=section&id=1.%20Basis%20of%20presentation%20and%20material%20accounting%20policy%20information) The financial statements are prepared in accordance with IAS 34, Interim Financial Reporting. A key event was the 'Arrangement' completed on December 24, 2024, where Brookfield Renewable Corporation (BEPC) became the successor issuer to the former BEPC (renamed BRHC). The transaction is accounted for using a continuity of interest basis, reflecting BRHC's historical carrying values - The financial statements are prepared on a basis consistent with the December 31, 2024 audited consolidated financial statements[20](index=20&type=chunk) - On December 24, 2024, the company completed an 'Arrangement' to maintain its business structure benefits while addressing proposed Canadian tax law changes. This made the current BEPC the 'successor issuer' to the former entity[24](index=24&type=chunk) - Due to common control by the partnership both before and after the Arrangement, the acquisition of BRHC is reflected using BRHC's historical carrying values to show a continuity of interests[25](index=25&type=chunk)[27](index=27&type=chunk) [Note 2: Risk Management and Financial Instruments](index=9&type=section&id=2.%20Risk%20management%20and%20financial%20instruments) The company is exposed to market, credit, and liquidity risks, which it manages using financial instruments. As of March 31, 2025, net financial instrument assets totaled $29 million. The majority of assets measured at fair value, such as Property, Plant and Equipment ($39.7 billion), are classified as Level 3, indicating reliance on unobservable market data Fair Value Hierarchy of Assets and Liabilities (March 31, 2025, in millions) | Category | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | Assets measured at fair value | $678 | $203 | $39,754 | $40,635 | | Liabilities measured at fair value | $0 | $(379) | $(413) | $(792) | Net Financial Instrument Position (in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Financial Instrument Assets | $821 | $786 | | Total Financial Instrument Liabilities | $792 | $652 | | **Net Assets** | **$29** | **$134** | [Note 3: Segmented Information](index=12&type=section&id=3.%20Segmented%20information) The company's operations are segmented by technology: Hydroelectric, Wind, Utility-scale solar, Distributed energy & sustainable solutions, and Corporate. Performance is primarily assessed using Funds From Operations (FFO) on a proportionate basis. For Q1 2025, total FFO was $139 million, with the Hydroelectric segment being the largest contributor at $114 million - The company's operations are segmented by technology: 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions, and 5) corporate[51](index=51&type=chunk) - Performance is analyzed based on Funds From Operations (FFO), a non-IFRS measure used to assess performance before certain non-cash and non-recurring items[58](index=58&type=chunk)[59](index=59&type=chunk) Funds From Operations by Segment (Q1 2025, in millions) | Segment | FFO | | :--- | :--- | | Hydroelectric | $114 | | Wind | $23 | | Utility-scale solar | $22 | | Distributed energy & sustainable solutions | $5 | | Corporate | $(25) | | **Total** | **$139** | [Note 4: Income Taxes](index=17&type=section&id=4.%20Income%20taxes) The effective income tax rate for Q1 2025 was 350.0%, a significant deviation from the statutory rate due to rate differentials, non-deductible expenses, and other factors. The company has applied temporary relief from recognizing deferred taxes related to the new global minimum top-up tax, which is not expected to have a significant impact - The effective income tax rate was **350.0%** for Q1 2025, compared to 6.3% for Q1 2024[65](index=65&type=chunk) - The company has applied temporary mandatory relief from recognizing and disclosing deferred taxes related to the global minimum top-up tax, which is not anticipated to have a significant impact[66](index=66&type=chunk) [Note 5: Property, Plant and Equipment](index=18&type=section&id=5.%20Property%2C%20plant%20and%20equipment) The fair value of property, plant, and equipment (PP&E) increased to $39.73 billion at March 31, 2025, from $38.70 billion at year-end 2024. The increase was primarily driven by a $948 million positive foreign exchange adjustment and $359 million in additions, partially offset by $307 million in depreciation Reconciliation of PP&E (in millions) | Item | Amount | | :--- | :--- | | Balance, as at December 31, 2024 | $38,696 | | Additions | $359 | | Foreign exchange | $981 | | Depreciation | $(307) | | Other | $(2) | | **Balance, as at March 31, 2025** | **$39,731** | - During Q1 2025, the company acquired a **177 MW** portfolio of utility-scale solar development assets in the U.S., adding **$23 million** to PP&E[68](index=68&type=chunk) [Note 6: Borrowings](index=18&type=section&id=6.%20Borrowings) Total non-recourse borrowings stood at $14.11 billion as of March 31, 2025, with a weighted-average interest rate of 7.0% and an average term of 8 years. These borrowings are typically asset-specific and denominated in the local currency of the subsidiary Non-Recourse Borrowings by Segment (March 31, 2025) | Segment | Carrying Value (millions) | Weighted-Avg Rate (%) | Term (years) | | :--- | :--- | :--- | :--- | | Hydroelectric | $7,772 | 7.8% | 6 | | Wind | $1,961 | 6.0% | 8 | | Utility-scale solar | $3,420 | 6.1% | 12 | | Distributed energy & sustainable solutions | $1,024 | 5.1% | 9 | | **Total** | **$14,177** | **7.0%** | **8** | [Note 7: Non-controlling Interests](index=19&type=section&id=7.%20Non-controlling%20interests) Non-controlling interests totaled $11.01 billion as of March 31, 2025, up from $10.77 billion at the end of 2024. The majority ($10.74 billion) relates to participating interests in operating subsidiaries held by third parties, including various Brookfield-sponsored infrastructure funds Composition of Non-controlling Interests (in millions) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Participating non-controlling interests – in operating subsidiaries | $10,737 | $10,508 | | Participating non-controlling interests – in a holding subsidiary | $269 | $259 | | **Total** | **$11,006** | **$10,767** | [Note 8: Exchangeable Shares](index=21&type=section&id=8.%20BEPC%20Exchangeable%20Shares%2C%20BRHC%20Exchangeable%20Shares%2C%20Class%20A.2%20Exchangeable%20Shares%2C%20BRHC%20Class%20B%20Shares%20and%20BRHC%20Class%20C%20Shares) Various classes of exchangeable shares are classified as financial liabilities due to their redemption features and are remeasured based on the market price of BEP units. As of March 31, 2025, the total financial liability for these shares was $8.38 billion, down from $8.60 billion at year-end 2024, primarily due to a remeasurement loss of $223 million - BEPC exchangeable shares, BRHC class B and C shares, and class A.2 exchangeable shares are classified as liabilities and remeasured to reflect the NYSE closing price of a BEP unit[75](index=75&type=chunk)[78](index=78&type=chunk) Continuity of Exchangeable Shares Liability (in millions) | Item | Amount | | :--- | :--- | | Balance, as at December 31, 2024 | $8,600 | | Share exchanges | $0 | | Remeasurement of liability | $(223) | | **Balance, as at March 31, 2025** | **$8,377** | - During Q1 2025, the company declared dividends of **$68 million** on BEPC and class A.2 exchangeable shares and **$95 million** on BRHC class C shares, which are presented as interest expense[80](index=80&type=chunk) [Note 9: Goodwill](index=23&type=section&id=9.%20Goodwill) Goodwill increased to $727 million as of March 31, 2025, from $692 million at the end of 2024, with the change attributed to foreign exchange and other adjustments Goodwill Reconciliation (in millions) | Item | Amount | | :--- | :--- | | Balance, as at December 31, 2024 | $692 | | Foreign exchange and other | $35 | | **Balance, as at March 31, 2025** | **$727** | [Note 10: Equity-Accounted Investments](index=23&type=section&id=10.%20Equity-accounted%20investments) The value of equity-accounted investments rose to $774 million as of March 31, 2025, from $753 million at year-end 2024. The increase reflects a new investment of $20 million, offset by a share of net loss of $2 million Equity-Accounted Investments Reconciliation (in millions) | Item | Amount | | :--- | :--- | | Balance, as at December 31, 2024 | $753 | | Investment | $20 | | Share of net loss | $(2) | | Foreign exchange translation and other | $3 | | **Balance, as at March 31, 2025** | **$774** | [Note 15: Commitments, Contingencies and Guarantees](index=24&type=section&id=15.%20Commitments%2C%20contingencies%20and%20guarantees) As of March 31, 2025, the company had capital expenditure commitments of $631 million, primarily for growth initiatives. Additionally, letters of credit issued by the company's subsidiaries totaled $1.009 billion - The company has capital expenditure commitments of **$631 million**, with **$272 million** payable in 2025[92](index=92&type=chunk) - Letters of credit issued by subsidiaries as at March 31, 2025 were **$1,009 million**, slightly up from $1,002 million at year-end 2024[98](index=98&type=chunk) [Note 16: Related Party Transactions](index=25&type=section&id=16.%20Related%20party%20transactions) The company engages in significant transactions with its parent, the partnership, and Brookfield. Key transactions in Q1 2025 included $130 million in interest expense on borrowings and distributions to related parties. As of March 31, 2025, amounts due from related parties were $1.2 billion, while amounts due to related parties were $1.06 billion - In connection with the December 2024 Arrangement, the company entered into deposit and credit agreements with subsidiaries of the partnership, including a **$150 million** revolving credit facility[104](index=104&type=chunk) Key Related Party Transactions - Income Statement (Q1 2025, in millions) | Item | Amount | | :--- | :--- | | Revenues (Power purchase agreements) | $24 | | Interest income | $10 | | Direct operating costs | $(15) | | Interest expense (Borrowings and distributions) | $(130) | | Management service costs | $(23) | Related Party Balances (March 31, 2025, in millions) | Balance | Amount | | :--- | :--- | | Due from related parties (Current) | $1,197 | | Due to related parties (Current) | $521 | | Due to related parties (Non-current) | $535 | [General Information](index=29&type=section&id=General%20Information) [Corporate and Investor Information](index=29&type=section&id=Corporate%20and%20Investor%20Information) This section provides essential corporate details, including the head office address in New York, key officers such as CEO Connor Teskey and CFO Patrick Taylor, and the board of directors. The company's exchangeable shares are listed on the NYSE and TSX under the ticker 'BEPC' - Key Officers: Connor Teskey (Chief Executive Officer), Patrick Taylor (Chief Financial Officer)[114](index=114&type=chunk) - The company's exchangeable shares are listed on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol '**BEPC**'[115](index=115&type=chunk)

Core Insights - Brookfield Renewable Partners reported strong financial results for Q1 2025, achieving record Funds From Operations (FFO) of $315 million, or $0.48 per unit, reflecting a 15% increase year-over-year when adjusted for strong hydro generation last year [2][25]. - The company is advancing growth initiatives, including the acquisition of National Grid Renewables and the completion of the privatization of Neoen, which enhances its operational capacity and market position [2][5][20]. - The energy market fundamentals remain robust, driven by digitalization and reindustrialization, despite global tariff uncertainties impacting market sentiment [3][6]. Financial Performance - For the three months ended March 31, 2025, Brookfield Renewable reported a net loss attributable to unitholders of $197 million, compared to a loss of $120 million in the same period last year [3][50]. - The company’s FFO per unit increased by 7% year-over-year, supported by stable, inflation-linked cash flows from its diversified global operating fleet [3][25]. - Revenues for the quarter reached $1.58 billion, up from $1.49 billion in Q1 2024, indicating a positive trend in operational performance [50]. Growth Initiatives - The company has a diversified global platform with nearly 45,000 megawatts of operating capacity, with approximately 90% of its portfolio contracted for an average duration of 14 years [8][14]. - Brookfield Renewable is actively pursuing asset recycling, having closed and agreed to the sale of $900 million in assets during the quarter, which is expected to generate significant proceeds [4][22][23]. - The acquisition of National Grid Renewables adds 3,900 megawatts of operating and under-construction assets, enhancing Brookfield's growth pipeline [17][18]. Market Positioning - The current market environment presents opportunities for well-capitalized companies like Brookfield Renewable to extend their leadership position amid public market valuation declines for renewable energy companies [16][24]. - The company’s strategic positioning, strong balance sheet, and access to capital allow it to capitalize on market bifurcation and pursue value-accretive acquisitions [14][24]. - Brookfield Renewable's diversified supply chain and proactive measures to mitigate tariff impacts position it favorably against competitors in the renewable sector [10][11]. Operational Highlights - The hydroelectric segment generated FFO of $163 million, while wind and solar segments contributed $149 million, benefiting from newly commissioned capacity [26][28]. - The distributed energy, storage, and sustainable solutions segments performed well, generating a combined $126 million of FFO, doubling from the prior year [29]. - The company expects to bring on approximately 8,000 megawatts of new renewable capacity in 2025, further enhancing its operational footprint [4][25].

Core Insights - The focus on artificial intelligence (AI) stocks has primarily been on semiconductor companies like Nvidia, which has experienced price volatility despite its strong position in AI chip design [1] - Conservative investors can consider alternative investments in companies that support AI growth without directly investing in AI stocks [2] Group 1: Challenges in AI - AI technology, while impressive, has limitations such as generating inaccurate information and difficulties in rendering certain images [3] - A significant challenge for AI is its high energy consumption, with electricity demand from data centers projected to increase by 300% over the next decade [5][6] Group 2: Investment Opportunities - Bloom Energy is positioned to meet the urgent power needs of AI and data centers, with a $2.5 billion product backlog and a $9 billion service backlog as of the end of 2024 [9] - Dominion Energy, a regulated utility, is experiencing a surge in demand for data center connections, with requests increasing by 88% in less than six months, which is likely to lead to earnings growth of 5% to 7% annually [11] - Brookfield Renewable focuses on clean energy solutions and has a multi-year, 10.5-gigawatt deal with Microsoft to support AI data centers, indicating strong growth potential in both clean energy and AI [13]

Core Insights - The U.S. electricity demand is projected to surge by 55% by 2040, driven by factors such as AI data centers, onshoring of manufacturing, and overall electrification [1] - Energy companies that focus on meeting this growing demand are seen as attractive investment opportunities, with Brookfield Renewable, Enbridge, and NextEra Energy identified as key players [2] Brookfield Renewable - Brookfield Renewable is a leading global renewable energy company with a diversified portfolio including hydro, wind, solar, and nuclear services, generating stable cash flow [3] - The company anticipates a 4% to 7% annual growth in funds from operations (FFO) through the end of the decade, supported by inflation in long-term contracts and margin improvement initiatives [4] - A project backlog is expected to contribute an additional 4% to 6% to FFO per share annually, with overall FFO per share growth projected to exceed 10% [4] - This growth is expected to enable a 5% to 9% annual increase in dividends, positioning Brookfield for mid-teens total annual returns [5] Enbridge - Enbridge is a major North American energy infrastructure company with a focus on liquids pipelines, natural gas transmission, and renewable energy [6] - The company has a stable earnings base supported by long-term contracts and is investing in cleaner energy infrastructure [7] - Enbridge expects a 3% compound annual growth rate in cash flow per share through next year, accelerating to around 5% post-2026, which should support similar dividend growth [8] - The combination of high dividend yield and moderate earnings growth positions Enbridge for double-digit total annual returns [8] NextEra Energy - NextEra Energy operates one of the largest electric utilities in the U.S. and has a significant renewable energy platform, generating stable cash flow [9] - The company plans to invest $120 billion in American energy infrastructure over the next four years, focusing on solar energy capacity and a growing backlog of renewable projects [10][11] - This investment is expected to drive adjusted earnings per share growth at the top end of the 6% to 8% target range through at least 2027, with dividends projected to increase by around 10% annually [12] - The combination of growth and income positions NextEra Energy for double-digit total annual returns [12] Overall Investment Outlook - Given the anticipated surge in electricity demand, Brookfield Renewable, Enbridge, and NextEra Energy are well-positioned to deliver strong total returns, making them attractive investment options in the current market [13]

Core Insights - Dividend growth stocks significantly outperform other dividend stocks, with dividend growers and initiators yielding 10.2% returns compared to 6.8% for those with no change and (0.9%) for cutters and eliminators [1] Group 1: Brookfield Renewable - Brookfield Renewable has consistently increased its dividend by at least 5% annually since its public listing in 2011, resulting in an annualized total return of 11.2% for investors [2] - The current dividend yield is 5.3%, supported by long-term contracts that index rates to inflation, which are expected to boost funds from operations (FFO) per share by 2% to 3% annually [3] - Organic growth drivers are projected to enhance FFO per share by 8% to 13% each year, allowing for a long-term dividend growth of 5% to 9% annually, potentially leading to double-digit total annualized returns [4] Group 2: Enbridge - Enbridge has a strong dividend history, having paid dividends for over 70 years and increased its payout at a 9% compound annual rate over the past 30 years, resulting in over 11% annualized total returns [5] - The current dividend yield is 6%, with stable cash flow generated from long-term contracts and government-regulated rate structures, allowing for a payout of 60% to 70% of cash flow [6] - Enbridge has a significant backlog of capital projects that are expected to grow cash flow per share by 3% annually through next year and at a 5% annual pace thereafter, supporting similar annual dividend growth [7][8]