Enbr idge Day 2014

Power, International & Energy Services

Vern Yu Senior Vice President Corporate Development

Key Messages

2

• Significant business and contributor to earnings today

• Well positioned to become a larger earnings contributor in the future

Enbr idge Day 2014

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500

1,000

1,500

2010 2011 2012 2013 2014

Net Generation Capacity (MW)

Power Generation & Transmission Footprint

3

Source: U.S. Energy Information Administration

0

50

100

150

200

250

2014-20 2021-25 2026-30

(GW

)

2014-2030 U.S. Capacity Additions

Natural gas Other Renewables

0

20

40

60

80

100

2014-20 2021-25 2026-30

(bill

ion

, 20

12

US$

)

2014-2030 U.S. Transmission Investment

Source: International Energy Agency

Market Fundamentals Support Growth

4

0

1000

2000

3000

2014 2018

Power Generation Capacity Growth (MW)

Strategic Priorities Focus Areas

5

Recent Additions and Near-Term Opportunities

6

International Fundamentals

Source: US Energy Information Administration

Asia Energy Demand Growth North America Energy Demand Growth

0

50

100

150

200

250

300

350

400

450

2015 2020 2025 2030 2035 2040

Qu

adri

llio

n B

tu

OECD Asia Other Non-OECD Asia India China

0

20

40

60

80

100

120

140

2015 2020 2025 2030 2035 2040

Qu

adri

llio

n B

tu

  United States   Canada

7

International Investment Criteria

Superior risk-adjusted project returns

Long-term, take-or-pay commitments

Strong market fundamentals

Hard/hedgeable currency

Creditworthy customers

Growth opportunities

Enbridge Focus Countries

Colombia Australia

8

0

200

400

600

800

1000

1200

1400

1600

2013 2014 2015 2016 2017 2018 2019 2020

Mb

bl/

d

International Focus

Source: Business Monitor International

Colombia Crude Oil Production Forecast

0

2

4

6

8

10

12

14

16

2013 2014 2015 2016 2017 2018 2019 2020

BC

F/d

Australia Natural Gas Production Forecast

Compelling long-term supply drivers

9

Oleoducto al Pacífico (OAP)

Proposed OAP Lateral

Proposed OAP Mainline

Proposed OAP Terminal

Existing Pipelines

• 759-km export mainline, lateral line, diluent import pipeline, and terminal facilities

• Designed to ship heavy crude oil production to the west coast for export to growing Asia market

• Phase I completed

- Conceptual engineering

- Pipeline corridor approved

• Phase II development underway

- Environmental Impact Assessment

- Environmental license application

- Commercial structuring

10

• Services to producers and refiners

•Access to physical assets

•Use market knowledge to generate earnings opportunities

Energy Services Focus and Objectives

Enbridge Pipelines

Enbridge Storage

11

Light: $84 Sour: $78

*Brent price is a landed price on US East Coast/ US Gulf Coast. Assumed tanker freight cost of US$2.00 per bbl.

Energy Services Fundamentals

Light Crude (USD per barrel)

Heavy Crude (USD per barrel)

Natural Gas (USD per MMBtu)

12

Based on spot prices as at September 22, 2014

A Buy DOM @ Midland, TX ($94)

Tariffs and TVM ($2)

B Sell DOM @ Longview, TX +$103

Refinery Supply Margin $7

Crude Blending Combine Cdn heavy with US light crude Simultaneously buy supply and sell to refiners

A Sunoco Logistix Pipeline

B

Mid-Valley Pipeline

Longview

Refinery at Toledo

Producer Services, Transportation and Storage

Integrate multiple strategies to reach broad geographical market areas, maximize product flows and provide optimal pricing for customers

PADD II

Eastern Canada/ US East Coast

USGC

Western Canada

Energy Services Business Strategies

Buy AB Heavy to Cushing 60% ($81)

Buy US Light at Cushing 40% ($96)

Blended cost ($87)

Sell Medium +$90

Margin $3

Crude Refinery Supply

Midland Tank

USD per barrel

13

Well positioned for modest near term growth, strong base for increased long term growth and diversification

Near Term Growth

Longer Term Potential Growth / Diversification

Power International - Energy Services

Summary

Enbr idge Day 2014 14

Enbr idge Day 2014

Q&A

Vern Yu Senior Vice President Corporate Development