Eli

Eli asked about Enbridge's approach to larger, chunkier power solutions, including behind-the-meter opportunities, in the context of growing investment capacity, and what those returns might look like. He also inquired about gas storage opportunities, particularly around data centers, and how Enbridge could benefit.

Answer

President and CEO Greg Ebel highlighted Enbridge's existing chunky power plays through Gas Transmission (GTM) and Gas Distribution and Storage (GDS), focusing on long-term contracts with major tech companies for renewables. Head of Corporate Strategy and President of Renewable Power Allen Capps mentioned over 2 GW of safe-harbored renewable opportunities. EVP and President of Gas Transmission Matthew Akman and President of Gas Distribution and Storage Michele Harradence discussed significant storage demand growth from LNG and power/data center needs, with expansions at Aitken Creek, the Gulf Coast, and unregulated storage at Dawn, noting supportive rates and extending contract durations.

Eli asked about Enbridge's approach to larger power-focused projects, including behind-the-meter opportunities, given growing investment capacity, and what those returns might look like. He also inquired about the BC storage opportunity landscape, storage economics, and customer feedback, noting that storage often gets overlooked but could be sizable.

Answer

Greg Ebel (President and CEO) expressed comfort with power opportunities in Gas Transmission (GTM) and Gas Distribution and Storage (GDS), emphasizing long-term contracts for renewables with major tech companies. Allen Capps (Head of Corporate Strategy and President, Renewable Power) added that Enbridge has over 2 GW of safe harbored renewable opportunities. Matthew Akman (EVP and President, Gas Transmission) highlighted storage as a major theme across Enbridge's footprint, driven by LNG and power demand, noting strong economics and extending contract durations. Michele Harradence (President, Gas Distribution and Storage) added that Enbridge has about 300 BCF of storage in the Great Lakes region, including 110 BCF unregulated at Dawn, and is looking for more storage across GDS systems.

Eli, on behalf of Jeremy Tonet, asked about the impact of a recent special election in Texas where a Democrat seat flipped, and also inquired about adjustments to the plan following the Mississippi rate case outcome and the process going forward.

Answer

Kevin Akers (CEO) stated that Atmos Energy is apolitical, working with all parties to share its stakeholder strategy and emphasizing natural gas as an essential energy source, having navigated many administration changes. Chris Forsythe (CFO) added that the safety and reliability-driven plan remains unchanged, and they are in dialogue with the Mississippi commission, evaluating a shift to a historical test basis, and have filed an intent to appeal the decision to the Mississippi Supreme Court, noting Mississippi is roughly 5% of the business.

Eli asked about the financial impact of Energy Transfer's recent data center deals, considering the partnership's overall size. He also sought insight into the high-level drivers for the company's performance in 2026, covering both base business and organic growth projects.

Answer

Mackie McCrea (Co-CEO) expressed excitement about data centers, highlighting confidentiality, $25 billion in demand-pull contracts, and the strategic importance of the Hugh Brinson Pipeline. Dylan Bramhall (Group CFO) outlined 2026 drivers, including the full impact of Flexport, continued growth from Permian plants, new plant construction, NGL line and fractionator growth, and the upcoming Frac IX.