Core Viewpoint - Enbridge has reaffirmed its 2026 guidance, projecting adjusted EBITDA between CAD 20.2 billion and CAD 20.8 billion, and DCF per share of 570 to 610, driven by new asset service and cost-saving initiatives [1][7]. Financial Performance - The company reported record fourth-quarter and full-year results for 2025, with adjusted EBITDA increasing by CAD 83 million compared to Q4 2024, DCF rising by CAD 0.06, and earnings per share up by CAD 0.13 [2][4]. - Enbridge exceeded the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking its 20th consecutive year of meeting or exceeding financial guidance [3][7]. Operational Highlights - Enbridge's assets were highly utilized, with the liquids mainline averaging 3.1 million barrels per day and record gas flows on key systems [5][12]. - The company advanced major projects, including the sanctioning of Mainline Optimization Phase 1, which will add 150,000 barrels per day of capacity [5][16]. Growth and Investment Strategy - Enbridge has a secured project backlog of CAD 39 billion through 2033 and increased its annual investment capacity to CAD 10–11 billion, with plans for CAD 40–45 billion in distributions over the next five years [6][9]. - The company anticipates achieving 5% growth through the end of the decade, supported by its secured growth capital [27]. Project Developments - Enbridge is advancing over 50 potential data center opportunities that could require up to 10 Bcf per day of natural gas, with initial project sanctioning expected in 2026 [20]. - The company has sanctioned renewable projects, including Cowboy Phase One and Easter Wind, to support data center operations, with total capital expenditures of $1.6 billion [25][26]. Capital Allocation - Enbridge is committed to equity self-funding and maintaining a debt-to-EBITDA ratio of 4.5 to 5.0 times, with a current ratio of 4.8 times at year-end [8][9]. - The sanctioned 2025 organic projects are expected to average an 11% return on capital employed [10].

Company Overview - NextEra Energy, Inc. operates in the electric power and energy infrastructure sector in the US and Canada, with its main businesses being NEER and Florida Power & Light Company (FPL) [2][3] - NEER focuses on developing, constructing, and operating long-term contracted assets, including renewable power generation and electric transmission facilities [2] - FPL is engaged in the generation, transmission, distribution, and sale of electric energy in Florida [2] Operational Capacity - As of December 31, 2024, NextEra Energy had approximately 72 gigawatts of net generation and storage capacity from various sources, including wind, natural gas, solar, nuclear, and battery storage facilities [3] Technology and Innovation - The report highlights NextEra's digital transformation strategies, innovation programs, and technology initiatives, including partnerships, product launches, and investments [4][6] - Insights into NextEra's technology operations and strategies are provided, focusing on technology themes, objectives, and benefits [6] - The company has a venture arm, NextEra Energy Investments, which is involved in various technology initiatives and partnerships [6] Financial Insights - The report includes details on estimated ICT budgets and contracts related to NextEra's technology initiatives [6] - Key executives and a network map of partnerships and investments are also covered [6]