恩桥 2024年度报告

☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number001-15254_______________________________ ENBRIDGE INC. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes☐No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smallerreporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company Accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report. Yes☐No☐If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☐The aggregate market value of the registrant’s common shares held by non-affiliates computed by reference to the price atwhich the common equity was last sold on June 30, 2024, was approximately US$77.5 billion.As at February 7, 2025, the registrant had 2,179,049,670 common shares outstanding. DOCUMENTS INCORPORATED BY REFERENCE:Not applicable. EXPLANATORY NOTE Enbridge Inc., a corporation existing under theCanada Business Corporations Act, qualifies as a foreignprivate issuer in the United States (US) for purposes of theSecurities Exchange Act of 1934, as amended(the Exchange Act). Although, as a foreign private issuer, Enbridge Inc. is not required to do so, EnbridgeInc. currently files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports onForm 8-K with the Securities and Exchange Commission (SEC) instead of filing the reporting formsavailable to foreign private issuers. Enbridge Inc. intends to prepare and file a management information circular and related material underCanadian requirements. As Enbridge Inc.’s management information circular is not filed pursuant toRegulation 14A, Enbridge Inc. may not incorporate by reference information required by Part III of thisForm 10-K from its management information circular. Accordingly, in reliance upon and as permitted byInstruction G(3) to Form 10-K, Enbridge Inc. will be filing an amendment to this Form 10-K containing thePart III information no later than 120 days after the end of the fiscal year covered by this Form 10-K.2 PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities65 Item 6.[Reserved]66Item 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations67Item 7A.Quantitative and Qualitative Disclosures About Market Risk101Item 8.Financial Statements and Supplementary Data104Item 9.Changes in an