Core Investment Thesis - Enbridge offers a high dividend yield of 6.5%, significantly above the S&P 500's 1.3% yield, making it an attractive income investment opportunity [1] - The company has a substantial backlog of expansion projects, which is expected to drive growth and total returns for investors in the coming years [1][2] Growth Prospects - Enbridge has secured $20 billion in expansion projects, including an additional $1.7 billion in recent investments, enhancing its long-term growth outlook [2] - The company anticipates placing $15.9 billion of projects into service by 2027, with additional projects expected to come online in 2028 and 2029 [2] Financial Performance Expectations - Enbridge expects adjusted EBITDA growth of 7% to 9% through 2026, followed by 5% annual growth thereafter [3] - The company projects 3% annual growth in distributable cash flow per share through 2026, increasing to 5% beyond next year, supporting annual dividend increases of up to 3% through next year and potentially 5% after 2026 [3] Market Opportunities - Enbridge sees significant growth opportunities across its franchises, with an estimated CA$50 billion ($34.5 billion) in new growth opportunities through 2030 [4] - The largest growth opportunity is in gas transmission, with $15.9 billion in projects aimed at increasing gas supplies in the U.S. Gulf Coast region and supporting growing industrial and export demand [5] Segment-Specific Expansion - Enbridge is pursuing $6.9 billion in liquids pipeline projects, $6.2 billion in gas distribution and storage, and $4.8 billion in renewable power projects [6] - The company is focusing on lower carbon opportunities within its liquids pipeline segment, including carbon capture and storage initiatives [6] Capital Investments - Enbridge plans to invest up to $1.4 billion in its Mainline oil pipeline system through 2028 to enhance reliability and efficiency [7] - Additional expansions include a $276 million investment in the T-North Pipeline and a $69 million expansion of the T15 project, both expected to be completed by 2028 [7] Total Return Potential - The combination of a high dividend yield and solid growth prospects positions Enbridge to achieve total annual returns of 10% to 12% by growing cash flow per share in the 3% to 5% range [9]