US Midstream also includes a 50% investment in DCP Midstream, LLC (DCP Midstream), which is accounted for as an equity investment.indirectly owns approximately 57% of DCP Midstream, gathers, compresses, treats, processes, transports, storesLP, including limited partner and sellsgeneral partner interests. DCP Midstream, LP is a master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas. It also produces, fractionates, transports, storesgas; producing, fractionating, transporting, storing and sells NGLs, recoversselling NGLs; and sells condensate,recovering and tradesselling condensate. DCP Midstream, LP owns and marketsoperates more than 39 plants and approximately 92,135-kilometers (57,250-miles) of natural gas and NGLs.natural gas liquids pipelines, with operations in nine states across major producing regions.

Our natural gas transmission and storage businesses compete with similar facilities that serve our supply and market areas in the transmission and storage of natural gas. The flow pattern of natural gas is changing across North America due to emerging supply sources and evolving demand centers, which creates a highly competitive market to secure newcompetition for growth opportunities. The principal elements of competition are location, rates, terms of service, flexibility and reliability of service.

The natural gas transported in our business competes with other forms of energy available to our customers and end-users, including electricity, coal, propane, fuel oils, nuclear and renewable energy. Factors that influence the demand for natural gas include price changes, the availability of natural gas and other

Competition in our business exists in all of the markets wethat our businesses serve. Competitors include interstateinterstate/interprovincial and intrastateintrastate/intraprovincial pipelines or their affiliates and other midstream businesses that transport, gather, treat, process and market natural gas or NGLs. Because pipelines are generally the most efficient mode of transportation for natural gas over land, the most significant competitors of our natural gas pipelines are other pipeline companies. Pipelines typically compete with each other based on location, capacity, reputation, price and reliability.

Gas Distribution and Storage consists of our natural gas utility operations, the core of which areis Enbridge Gas Distribution Inc. (EGD) and Union Gas Limited (Union(Enbridge Gas), which serveserves residential, commercial and industrial customers primarily located throughout Ontario. This business segment also includes natural gas distribution activities in QuebecQuébec and New Brunswick and ouran investment in Noverco IncInc. (Noverco).

EGDEnbridge Gas is a rate‑regulatedrate-regulated natural gas distribution utility servingwith storage and transmission services that have been in operation for 172 years. Enbridge Gas serves approximately 2.275% of Ontario residents via approximately 3.8 million residential, commercial and industrial customers in its franchise areas of central and eastern Ontario. In addition, EGD currently serves areas in northern New York State through St. Lawrence Gas Company Inc. (St. Lawrence Gas). In August 2017, EGD entered into an agreement to sell the issued and outstanding shares of St. Lawrence Gas. The transaction is expected to close in 2018, subject to regulatory approval and certain pre-closing conditions.meter connections.

There are fourthree principal interrelated aspects of the natural gas distribution business in which EGDEnbridge Gas is directly involved: Distribution, Service, Gas Supply, Transportation and Storage.

EGD'sEnbridge Gas’ principal source of revenue arises from distribution of natural gas to customers. The services provided to residential, small commercial and industrial heating customers are primarily on a general service basis, (withoutwithout a specific fixed term or fixed price contract).contract. The services provided to larger commercial and industrial customers are usually on an annual contract basis under firm or interruptible service contracts. Under a firm contract, Enbridge Gas is obligated to deliver natural gas to the customer up to a maximum daily volume. The service provided under an interruptible contract is similar to that of a firm contract, except that it allows for service interruption at Enbridge Gas’ option primarily to meet seasonal or peak demands. The Ontario Energy Board (OEB) approves rates for both contract and general services. The distribution system consists of approximately 146,000-kilometers (90,720-miles) of pipelines that carry natural gas from the point of local supply to customers.

Enbridge Gas contracts for firm transportation service, primarily with TransCanada Pipelines Limited (TransCanada), Vector and NEXUS, to meet its annual natural gas supply requirements. The transportation service contracts have pricing structures responsive to supply and demand conditions in the North American natural gas market. The prices in these contracts may be indexed to Alberta, Chicago or New York based prices.

In addition to contracting for transportation service, Enbridge Gas offers firm and interruptible transportation services on its own Dawn-Parkway pipeline system. Enbridge Gas’ transmission system consists of approximately 5,500-kilometers (3,418-miles) of high-pressure pipeline and five mainline compressor stations and has an effective peak daily demand capacity of 7.6 bcf/d. Enbridge Gas’ transmission system also links an extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub (Dawn), the largest integrated underground storage facility(collectively, Dawn) to major Canadian and US markets, and forms an important link in moving natural gas from western Canada and oneUS supply basins to central Canadian and northeastern US markets.

As the supply of the largest in North America, located in south-western Ontario, to EGD’s major market in the Greater Toronto Area. These contracts effectively provide EGD with access to United States sourced natural gas at Dawn. These contracts also provide transportation for natural gas receivedin areas close to Ontario continues to grow, there is an increased demand to access these diverse supplies at Dawn via Vector as well as naturaland transport them along the Dawn-Parkway pipeline system to markets in Ontario, eastern Canada and the northeastern US. Enbridge Gas delivered 1,793 bcf of gas stored at EGD’sthrough its distribution and Union’s storage poolstransmission system in 2020. A substantial amount of Enbridge Gas’ transportation revenue is generated by fixed annual demand charges, with the Sarnia, Ontario area toaverage length of a long-term contract being approximately 13.5 years and the market area.longest remaining contract term being 22 years.

EGD’sEnbridge Gas’ business is highly seasonal as daily market demand for natural gas fluctuates with changes in weather, with peak consumption occurring in the winter months. Utilization of storage facilities permits EGDEnbridge Gas to take delivery of natural gas on favorable terms during off‑peakoff-peak summer periods for subsequent use during the winter heating season. This practice permits EGDEnbridge Gas to minimize the annual cost of transportation of natural gas from its supply basins, assists in reducing its overall cost of natural gas supply and adds a measure of security in the event of any short-term interruption of transportation of natural gas to EGD'sEnbridge Gas’ franchise area.areas.

Enbridge Gas’ storage facilities arefacility at Dawn is located in south-westernsouthwestern Ontario, near Dawn, and havehas a total working capacity of approximately 10.5 billion cubic feet (Bcf).276 bcf in 34 underground facilities located in depleted gas fields. Dawn is the largest integrated underground storage facility in Canada and one of the largest in North America. Approximately 8.5 Bcf180 bcf of the total working capacity is available to EGDEnbridge Gas for utility operations. EGDEnbridge Gas also has a storage contractcontracts with Union Gasthird parties for 2.0 Bcf21 bcf of storage capacity.

Noverco is a holding company that wholly-owns Énergir, LP (Énergir), formerly known as Gaz Metro Limited Partnership, a natural gas distribution company operating in Quebec, with interests in subsidiary companies operating gas transmission, gas distribution and power distribution businesses in Québec and Vermont. Énergir serves approximately 525,000 residential and industrial customers and is regulated by the Québec Régie de l’énergie and the Vermont Public Utility Commission. Noverco also holds an investment in our common shares. We own an equity interest in Noverco through ownership of 38.9% of its common shares and an investment in its preferred shares. Noverco is a holding company that owns approximately 71% of Energir LP, formerly known as Gaz Metro Limited Partnership,

We wholly own Gazifère, a natural gas distribution company operatingthat serves approximately 43,000 customers in the province of Quebec with interests in subsidiary companies operating gas transmission, gas distribution and power distribution businesses in the Province of Quebec and the State of Vermont. Noverco also holds, directly and indirectly, an investment in our Common Shares.

Enbridge Gas’ distribution system is regulated by the Quebec Regie de l’energie.OEB and is subject to regulation in a number of areas, including rates. Enbridge Gas is not generally subject to third-party competition within its distribution franchise areas.

Renewable Power and TransmissionGeneration consists primarily of our investments in renewable energywind and solar assets, and transmission facilities. Renewable energy assets consist of wind, solar,as well as geothermal, and waste heat recovery, facilities and transmission assets. In North America, assets are located in Canada primarily in the provinces of Alberta, Ontario and Quebec and in the United States primarily in Colorado, Texas, Indiana and West Virginia. We also have assets under development located in Europe.

Combined Renewable Power Generation investments represent approximately 1,977 MW Chapman Ranchof net generation capacity. Of this amount, approximately:

The vast majority of the power produced from these wind farmsfacilities is sold under long-term power purchase agreements. WePower Purchase Agreements (PPAs).

We also own interests in 2016, we announced the acquisition of Chapman Ranch, as well as the acquisition of a 50% interest in a FrenchEuropean offshore wind development company, Éolien Maritime France SAS. Chapman Ranch was subsequently placed into service in late October 2017. In late 2015, we announced acquisitions offacilities through the 103-MW New Creek Wind Project in West Virginia and following joint ventures:

Our GreenRenewable Power and TransmissionGeneration assets operate in the North American and European power markets, which are subject to competition and the supply and demand balancefundamentals for power in the provinces and statesjurisdictions in which they operate. The majority of revenue is generated pursuant to long-term PPAs or has been substantially hedged. As such, the financial performance is not significantly impacted by fluctuating power prices arising from supply/demand imbalances or the actions of competing facilities during the term of the applicable contracts. However, the renewable energy market sector includes large utilities, and small independent power producers and private equity investors, which are expected to aggressively compete with us for new project development opportunities.opportunities and for the right to supply customers when contracts expire.

SupplyTo grow in an environment of heightened competition, we strategically seek opportunities to collaborate with well-established renewable power developers and Demandfinancial partners and to target regions with commercial constructs consistent with our low risk business model. In addition, we bring to bear the expertise of completing and delivering large scale infrastructure projects.

North American windThe falling capital and solar resources fundamentals remain strong. In the United States, there is over 85 gigawatts (GW) of installed wind power capacity and in Canada over 12 GW of installed wind power capacity. Solar resources in southwestern states such as Arizona, California and Nevada are considered to be some of the best in the world for large-scale solar plants and the United States currently has over 35 GW of installed solar photovoltaic capacity. In late 2015, the United States passed legislation extending the availability of certain Federal tax incentives which have supported the profitabilityoperating costs of wind and solar, projects. However, expanding renewable energy infrastructure in North America is not without challenges. Growing renewable generationcombined with their continuously improving capacity is expected to necessitate substantial capital investment to upgrade existing transmission systems or, in many cases, build new transmission lines, as these high quality wind and solar resources are often found in regions that are not in close proximity to markets. In the near-term, uncertainty over the availability of tax or other government incentives in various jurisdictions, the ability to secure long-term power purchase agreements through government or investor-owned power authorities and low market prices of electricity may hinder the pace of future new renewable capacity development. However, continued improvement in technology and manufacturing capacity in the past few years has reduced capital costs associated with renewable energy infrastructure and has also

Energy Marketing Inc. (Tidal). We transact at many North American market hubs and provides our customers with various services, including transportation, storage, supply management, hedging programs and product exchanges. TidalServices is primarily a physical barrel marketing company focused on servicing customers across the value chain and capturing value from quality, time, and location price differentials when opportunities arise. To execute these strategies, Energy Services may lease storage or rail cars, as well as hold nomination or contractual rightstransports and stores on both Enbridge-owned and third party assets using a combination of contracted long-term and Enbridge-owned pipelinesshort-term pipeline, storage tank, railcar, and storage facilities. Tidal also provides natural gas and power marketing services, including marketing natural gas to optimize commitments on certain natural gas pipelines. Additionally, Tidal provides natural gas supply, transportation, balancing and storage for third parties, leveraging its natural gas marketing expertise and access to transportation capacity.truck capacity agreements.

Energy ServicesServices’ earnings are primarily generated from arbitrage opportunities which, by their nature, can be replicated by other competitors. An increase in market participants entering into similar arbitrage transactionsstrategies could have an impact on our earnings. Our effortsEfforts to mitigate competition risk includesinclude diversification of ourthe marketing business by tradingtransacting at the majority of major hubs in North America and establishing long-term relationships with clients.clients and pipelines.

Operational regulation risks relateWe are subject to compliance with applicablenumerous operational rules and regulations mandated by governments or applicable regulatory authorities, breaches of which could result in fines, penalties, operating restrictions and an overall increase in operating and compliance costs.

In the United States,US, our interstate pipeline operations are subject to pipeline safety laws and regulations administered by the Pipeline and Hazardous Materials Safety Administration (PHMSA), an agency within the of the United States Department of Transportation (DOT). These laws and regulations require us to comply with a significant set of requirements for the design, construction, maintenance and operation of our interstate pipelines. These laws and regulations, among other things, include requirements to monitor and maintain the integrity of our pipelines. The regulations determine the pressurespipelines and to operate them at which our pipelines can operate.permissible pressures.

In Canada, our pipeline operations are subject to pipeline safety regulations overseenadministered by the NEBCER or provincial regulators. Applicable legislation and regulationregulations require us to comply with a significant set of requirements for the design, construction, maintenance and operation of our pipelines. Among other obligations, this regulatory framework imposes requirements to monitor and maintain the integrity of our pipelines.

As in the United States,US, several legislative changes addressing pipeline safety in Canada have recently come into force.been enacted. The changes evidence an increased focus on the implementation of management systems to address key areas such as emergency management, integrity management, safety, security and environmental protection. Other legislative changes have created authority for the NEBCER to impose administrative monetary penalties for non-compliance with the regulatory regime it administers, as well as to impose financial requirements for future abandonment and major pipeline releases.

We are also subject to numerous federal, state and provincial environmental laws and regulations affecting many aspects of our present and future operations, including air emissions, water quality, wastewater discharges, solid waste and hazardous waste. These laws and regulations generally require us to obtain and comply with a wide variety of environmental licenses, permits inspections and other approvals.

In particular, in the United States,US, compliance with major Clean Air Act regulatory programs is likely to cause us to incur significant capital expenditures to obtain permits, evaluate off-site impacts of our operations, install pollution control equipment, and otherwise assure compliance. Some states in which we operate are implementing new emissions limits to comply with 2008 ozone standards regulated under the National Ambient Air Quality Standards. In 2015, the ozone standards were lowered even further from 75 parts per billion (ppb) to 70 ppb, which may require states to implement additional emissions regulations. The precise nature of these compliance obligations at each of our facilities has not been finally determined and may depend in part on future regulatory changes. In addition, compliance with new and emerging environmental regulatory programs is likely tomay significantly increase our operating costs compared to historical levels.

Due to the speculative outlook regarding any United StatesUS federal and state policies, we cannot estimate the potential effect of proposed GHG policies on our future consolidated results of operations, financial position or cash flows. However, such legislation or regulation could materially increase our operating costs, require material capital expenditures or create additional permitting, which could delay proposed construction projects.

Our liquids pipelines also face economic regulatoryregulation risk. Broadly defined, economic regulation risk is the risk that governments or regulatory agencies change or reject proposed or existing commercial arrangements including permits and regulatory approvals for both new projects. The Canadianand existing projects, upon which future and current operations are dependent. Our Mainline Lakehead System and other liquids pipelines are subject to the actions of various regulators, including the

Our SEP and DCP Midstream operations are subject to the jurisdiction of the Environmental Protection Agency and various other federal, state and local environmental agencies. Our United StatesUS interstate natural gas pipelines and certain of DCP Midstream’s gathering and transmission pipelines are also subject to the regulations of the DOT concerning pipeline safety.

The intrastate natural gas and NGL pipelines owned by us and DCP Midstream are subject to state regulation. DCP Midstream's interstate NGL transportation pipelines are subject to FERC regulation. The natural gas gathering and processing activities of DCP Midstream are not subject to FERC regulation.

Our Canadian operations are governed by various federal and provincial agencies with respect to pipeline safety, including the NEB andCER, the Transportation Safety Board the British Columbia Oil and Gas Commission, the Alberta Energy Regulator and the Ontario Technical Standards and Safety Authority.

Our gas distribution and storage utility operations are regulated by the OEB and the EUBQuébec Régie de l’énergie, among others. Regulators’ future actions may differ from current expectations, or future legislative changes may impact the regulatory environments in which we operate. To the extent that the regulators’ future actions are different from current expectations, the timing and amount of recovery or refund of amounts recorded on the Consolidated Statements of Financial Position, or amounts that would have been recorded on the Consolidated Statements of Financial Position in absence of the effects of regulation, could be different from the amounts that are eventually recovered or refunded.

Our workers, operations and facilities are subject to municipal, provincial and federal legislation which regulate the protection of the environment and the health and safety of workers. For the environment,Environmental legislation primarily this includes the regulation of discharges to air, land and water; theenvironmental assessment of natural gas infrastructure projects in Ontario; protection of species at risk and species at risk habitat; management and disposal of solidhazardous waste; the assessment and hazardous waste, andmanagement of contaminated soil and groundwater;sites; and the assessmentreporting and reduction of contaminated sites.GHG emissions.

The operation of our gasGas distribution system and gas facilities comesoperation, as with any industrial operation, has the potential risk of incidents, abnormal operatingor emergency conditions, or other unplanned events that could result in spillsleaks or emissions to the environment that could exceedin excess of permitted levels. These events could result in injuries to workers or the public, fines, penalties, adverse impacts to the environment in which we operate, within, and/property damage or property damage.regulatory violations including orders and fines. We could also incur future liability for environmental (soilsoil and groundwater)groundwater contamination associated with past and present site activities.

In addition to the operation of the gas distribution, system, we also operate unregulated operations includingstorage facilities and a small amount of oil and brine production and storage facilities in southwestern Ontario. Environmental risk associated with these facilities is the possibility of spills, releases or leaks.potential for unplanned releases. In the event of an incident (spill),a release, remediation of the affected area would be required. There would also be potential for fines, orders

The gas distribution system and our other operations must maintain a number of environmental approvals and permits from governmental authoritiesregulators to operate. As a result, these facilitiesassets and the distribution networkfacilities are subject to periodic inspection. Aninspections and/or audits. Annual reports, such as the Annual Written Summary Report isare submitted to the Ontario Ministry of the Environment, Conservation and Climate Change (MOECC)Parks (MECP) and other regulators to demonstrate we are in good standing in relation to itswith our Environmental Compliance Approvals. Failure to maintain regulatory compliance could result in operational interruptions, fines, penalties, and/or orders for additional pollution control technology or environmental remediation, etc.mitigation. As environmental requirements and regulations become more stringent, the cost to maintain compliance and the time required to obtain approvals has consistently increased.

As with previous years, in 2017 the Utilities each2020, we reported operational GHG emissions, including emissions from stationary combustion, flaring, venting and fugitive sources to the Ontario MOECC, Environment and Climate Change Canada (ECCC), the Ontario MECP, and a number of voluntary reporting programs. Emissions from OntarioIn accordance with the provincial GHG regulations, stationary combustion sourcesand flaring emissions related to storage and transmission operations were verified in detail by a third partythird-party accredited verifier with no material discrepancies found. Additionally, operational emissions from venting, fugitive and natural gas distribution emissions were reported to the MOECC for the first time in 2017 in accordance with O. Reg. 143/16 - Quantification, Reporting, and Verification of Greenhouse

Enbridge Gas Emissions Regulation standard quantification methods ON. 350 and ON. 400, respectively. The Utilities continue to monitor developments and attend stakeholder consultations in Ontario.

The Utilitiesfederal carbon charge took effect on April 1, 2019 at a rate of 3.91 cents/cubic meter (m3) of natural gas and is applicable to the majority of customers. Enbridge Gas is registered as a natural gas distributor with the Canada Revenue Agency and remits the federal carbon charge on a monthly basis. The charge increases annually on April 1 of each year by 1.96 cents/m3, rising up to 9.79 cents/m3 in 2022. In December 2020, the federal government announced plans to reduceincrease the federal carbon price by $15 per year, rising to $170 per tonne of carbon dioxide equivalent in 2030. Enbridge Gas estimates that this will equate to a federal carbon charge on natural gas of approximately 33.31 cents/m3 in 2030.

As at December 31, 2017,2020, we had approximately 11,200 regular employees, including approximately 8,5001,600 unionized employees in Canada. Approximately 1,800 ofacross our North American operations. This total rises to more than 13,000 if including temporary employees are subject to collective bargaining agreements governing theirand contractors. We have a strong preference for direct employment with us. Approximately 48% of thoserelationships but where we have collectively bargained for employees, are covered under agreements that either have expired or will expire by December 31, 2018. We are currently going through the process of collective bargaining in respect to the expired or expiring contracts. Wewe have mature working relationships with our labor unions and the parties have traditionally committed themselves to the achievement of renewal agreements without a work stoppage.

The following table sets forth information regarding our executive and other officers.

Al Monaco was appointed President and Chief Executive Officer on October 1, 2012. HeMr. Monaco is also a member of the Enbridge Board of Directors. Prior to being appointed President of Enbridge, Mr. Monaco served as President, Gas Pipelines, Green Energy &and International with responsibility for the growth and operations of our gas pipelines, including the gas gathering and processing operations in the United States,US, our gulf coastGulf Coast offshore assets and our investments in Alliance Pipeline, Vector and Aux Sable, as well as our International business development and investment activities and Green Energy.Renewable Power Generation.

Colin K. WhelenGruending was appointed Executive Vice President and Chief Financial Officer of Enbridge on October 15, 2014.June 1, 2019. Previously, our Senior Vice President, Corporate Development and Investment Review, Mr. Gruending performed a number of progressively challenging executive roles such as Vice President Corporate Development and Planning and Vice President, Treasury and Tax while concurrently serving as Chief Financial Officer for Enbridge Income Fund and Enbridge Income Fund Holdings Inc. Prior to that, Mr. Gruending served as Corporate Controller and also led enterprise Investor Relations and Pension Investments.

Robert R. Rooney was appointed Executive Vice President and Chief Legal Officer on February 1, 2017. Mr. Whelen retained executive leadership forRooney leads our financial reporting function, while assuming responsibility for our taxlegal, ethics and treasury functions.compliance, security and aviation teams across the organization.

William T. Yardley was named Executive Vice President and President, Gas Transmission and Midstream on February 27, 2017. Mr. Whelen has been partYardley, based in Houston, was previously President of Spectra Energy Corp's. (Spectra Energy) US Transmission and Storage business, leading the Enbridge team since 1992, when he assumed the Managerbusiness development, project execution, operations and environment, health and safety efforts associated with Spectra Energy’s US portfolio of Treasury role at Consumers Gas (now EGD).assets.

Cynthia L. Hansen was appointed Executive Vice President Utilities and Power Operations,President, Gas Distribution and Storage, on February 27, 2017.June 1, 2019. Ms. Hansen is responsible for the overall leadership and operations of EGDEnbridge Gas, following the amalgamation of Enbridge Gas Distribution Inc. (EGD) and Union Gas Limited (Union Gas), as well as Enbridge Gas New Brunswick Inc. and Gazifère. She also holds responsibility for the operations ofPreviously, our power generating assets, which currently include renewable energy investments in wind, solar, geothermal and hydroelectric, as well as waste heat recovery facilities and power transmission lines owned in whole or in part by us.

Byron C. Neiles was appointed Executive Vice President, Corporate Services on May 2, 2016. Mr. Neiles has oversight of our Technology & Information Technology,Services, Human Resources, Real Estate, Safety & Workplace Services,Reliability, Supply Chain Management, Enterprise Safety and Operational Reliability, and aviation groups.Public Affairs, Communications & Sustainability. Mr. Neiles had previously held the role of Senior Vice President, Major Projects, Enterprise Safety and Operational Reliability and had been Senior Vice President of Major Projects since November 2011, after joining our Major Projects group in April 2008.

Vern D. Yu was appointed Executive Vice President and Chief Development OfficerPresident, Liquids Pipelines on May 2, 2016. Mr. Yu leads our Corporate Development team in driving growth opportunities, while also establishing capital allocation parameters and portfolio mix. Mr. Yu also provides executive oversight to our Energy Services group, Tidal Energy.January 1, 2020. Previously, Mr. Yu served as President and Chief Operating Officer for Liquids Pipelines and prior to that served as Executive Vice President and Chief Development Officer. He had previously served as Senior Vice President, Corporate Planning and Chief Development Officer. He has been the lead of ourPrior to joining Corporate Development, team since July 1, 2014.Mr. Yu served as Senior Vice President of Business and Market Development for Enbridge’s Liquids Pipelines division and previously has held a series of roles with increasing responsibility in our corporate and financial areas.

Allen C. Capps is theour Senior Vice President, Corporate Development and Chief Accounting Officer of Enbridge. Mr. CappsEnergy Services. He is responsible for our accounting operationscapital allocation, investment review, corporate business development and financial reporting functions, including internal and external financial reports.Energy Services. Prior to assuming his current role in 2017,June 2019, Mr. Capps served as our Senior Vice President and Chief Accounting Officer and before that Vice President and Controller of Spectra Energy, responsible for the financial accounting and reporting functions.Energy.

Additional information about us is available on our website at www.enbridge.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The aforementioned information is made available in accordance with legal requirements and is not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K. We make available free of charge, through our website, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.Securities and Exchange Commission (SEC). Reports, proxy statements and other information filed with the SEC may also be obtained through the SEC’s website (www.sec.gov) or by visiting the Public Reference Room of the SEC at 100 F Street, N.E., Washington D.C. 20549 or calling the SEC at 1-800-SEC-0330..

Additional information about EGDEnbridge Gas can be found in its annual information form, financial statements and management's discussion and analysis (MD&A) for the year ended December 31, 20172020, which have been filed with the securities commissions or similar authorities in each of the provinces of Canada. These documents contain detailed disclosure with respect to EGDEnbridge Gas and are publicly available on SEDAR at www.sedar.com. These documents are not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

Additional information about ENFEnbridge Pipelines Inc. (EPI) can be found in its annual information form, financial statements and MD&A for the year ended December 31, 2017 which have been filed with the securities commissions or similar authorities in each of the provinces of Canada. These documents contain detailed disclosure with respect to ENF and are publicly available on SEDAR at www.sedar.com. These documents are not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

Additional information about SEP can be found in its Annual Report on Form10-K that has been filed with the SEC. This document contains detailed disclosure with respect to SEP, and is publicly available on EDGAR at www.sec.gov. No part of the Form 10-K filed by SEP is, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

Cybersecurity risks have increased in recent years as a result of the risk that modernization projects carried out by usproliferation of new technologies and the increased sophistication, magnitude and frequency of cyber-attacks and data security breaches. Because of the critical nature of our infrastructure and our subsidiaries do not fully deliver anticipateduse of information systems and other digital technologies to control our assets, we face a heightened risk of cyber-attacks. We have a cyber-security controls framework in place which has been derived from the National Institute of Standards. We monitor our control effectiveness in an increasing threat landscape and continuously take action to improve our security posture. We have implemented a security operations center, which operates at all times to monitor, detect and investigate activity in our network together with an incident response process that we test on a monthly basis. We conduct independent cyber-security audits and penetration tests on a regular basis to test that our preventative and detective controls are working as designed.

Disruptions caused by pandemics, epidemics or disease outbreaks, in locations in which we operate or globally, could materially adversely affect our business, operations, financial results and forward-looking expectations. The COVID-19 pandemic has negatively impacted us in 2020 and the impacts are expected to continue for future periods, which we are unable to reasonably predict due to insufficiently addressingnumerous uncertainties, including the duration and severity of the pandemic.

With respect to our Liquids Pipelines assets, we are exposed to throughput risk under the CTS on the Canadian Mainline and under certain tolling agreements applicable to other Liquids Pipelines assets, such as the Lakehead System. A decrease in volumes transported can directly and adversely affect our revenues and earnings. Factors such as changing market fundamentals, capacity bottlenecks, operational incidents, regulatory restrictions, system maintenance and reputational impacts.increased competition can all impact the utilization of our assets. Market fundamentals, such as commodity prices and price differentials, weather, gasoline price and consumption, alternative energy sources and global supply disruptions outside of our control can impact both the supply of and demand for crude oil and other liquid hydrocarbons transported on our pipelines.

We face competition from competing carriers available to ship western Canadian liquid hydrocarbons to markets in Canada, the US and earnings. Factors such as changinginternationally and from proposed pipelines that seek to access markets currently served by our liquids pipelines. Competition among existing pipelines is based primarily on the cost of transportation, access to supply, the quality and reliability of service, contract carrier alternatives and proximity to markets. We also face competition from alternative gathering and storage facilities. Our natural gas transmission and storage businesses compete with similar facilities that serve our supply and market fundamentals, capacity bottlenecks, operational incidents, regulatory restrictions, system maintenanceareas in the transmission and increased competition canstorage of natural gas. The natural gas transported in our business competes with other forms of energy available to our customers and end-users, including electricity, coal, propane, fuel oils, and renewable energy. Competition in all

We are also exposed to access capital may limit ourthe risk of higher costs, delays, project cancellations, new restrictions or the cessation of operations of existing pipelines due to increasing pressure on governments and regulators. Recent judicial decisions have increased the ability of groups to pursue improvements or acquisitions thatmake claims and oppose projects in regulatory and legal forums. In addition to issues raised by groups focused on particular project impacts, we may otherwise rely on for future growth. Any downgrade or other event negatively affecting the credit ratings of our subsidiaries could make their costs of borrowing higher or access to funding sources more limited, which in turn could increase our need to provide liquidityand others in the formenergy and pipeline businesses are facing organized opposition to oil and gas extraction and shipment of capital contributions or loans to such subsidiaries, thus reducing the liquidityoil and borrowing availability of the consolidated group.gas products.

WeIn the unlikely event that multiple insurable incidents that in the aggregate exceed coverage limits occur within the same insurance period, the total insurance coverage will be allocated among our entities on an equitable basis based on an insurance allocation agreement among us and our subsidiaries. Additionally, even with insurance, if any natural disaster or other hazardous event leads to a catastrophic interruption in operations, we may not be able to sell assets or, if we are able to sell assets, to raise a sufficient amount of capital from such asset sales. In addition, the timing to enter into and close any asset sales could be significantly different than our expected timeline.restore operations without significant interruption.

We are exposed to the credit risk of our customers in the ordinary course of our business. Generally, our customers are rated investment-grade, are otherwise considered creditworthy or provide us security to satisfy credit concerns. A significant amount of our credit exposures for transmission storage, and gathering and processingstorage services are with customers who have an investment-grade rating (or the equivalent based on our evaluation) or are secured by collateral. However, we cannot predict to what extent our business would be impacted by deteriorating conditions in the economy, including possible declines in our customers’ creditworthiness. As a result of future capital projects for which natural gas and oil producers may be the primary customer, our credit exposure with below investment-grade customers may increase. It is possible that customer payment defaults, if significant, could adversely affect our earnings and cash flows.

We launched projects starting in 2016 to transform various processes, capabilities and reporting systems infrastructure to continuously improve effectiveness and efficiency across the organization and are involved in numerous legal proceedings, the outcomessubject to transformation project risk with respect to these projects. Such projects, some of which will continue into 2021 and 2022, including integration initiatives arising out of the merger with Spectra Energy and the amalgamation of EGD and Union Gas, are uncertain,subject to transformation project risk. Transformation project risk is the risk that modernization projects carried out by us and resolutionsour subsidiaries do not fully deliver anticipated results due to insufficiently addressing the risks associated with project execution and change management. This could result in negative financial, operational and reputational impacts.

With respect to our Liquids Pipelines assets, we are exposed to throughput risk under the Competitive Tolling Settlement on the Canadian Mainline and under certain tolling agreements applicable to other Liquids Pipelines assets, such as the Lakehead System. A decrease in volumes transported can directly and adversely affect our revenues and earnings. The current commodity price environment has impacted both the supply of and demand for crude oil and other liquid hydrocarbons transported on our pipelines. This has led to a year-over-year reduction in Mainline System utilization of 80 kbpd in 2020.

While reduced demand has impacted throughput and revenue on the Mainline System, the financial results.

Terrorist attacksShippers also reduced investment in exploration and threats, escalationdevelopment programs in 2020. The decline in oil prices is also causing some sponsors of military activityoil sands development programs to reconsider the timing of previously announced upstream development projects. Cancellation or deferral of these projects would affect longer-term supply growth from the Western Canadian Sedimentary Basin.

With respect to our Gas Transmission and Midstream assets, the low commodity prices have had limited impact on demand for natural gas shipped within our long-haul Gas Transmission assets in response to these attacks or actsthe US and Canada. These assets are comprised of war,primarily cost-of-service and other civil unrest or activism could adversely affect our business, operations or financial results.

Additionally, our hedging activities may not be as effective as we intend in reducing the volatility of our cash flows. To the extent that we engage in hedging activities to reduce our commodity price exposure, we likely will be prevented from realizing the full benefits of price increases above the level of the hedges. Our hedging activities can result in substantial losses if hedging arrangements are imperfect or ineffective and our hedging policies and procedures are not followed properly or do not work as intended. Further, hedging contracts are subject to the credit risk that the other party may prove unable or unwilling to perform its obligations under the contracts, particularly during periods of weak and volatile economic conditions. In addition, certain of the financial instruments we use to hedge our commodity risk exposures must be accounted for on a mark-to-market basis. This causes periodic earnings volatility due to fluctuations in commodity prices.

Energy Services generates margin by capitalizing on quality, time and location differentials when opportunities arise. Volatility inLower commodity prices due to changing marketingmarket conditions could limit margin opportunities and impede Energy Services' ability to cover capacity commitments.

We maintain revolving credit facilities to provide back-up for commercial paper programs for borrowings and/or letters of credit at various entities. These facilities typically include financial covenants and failure to maintain these covenants at a particular entity could preclude that entity from issuing commercial paper or letters of credit or borrowing under the revolving credit facility, which could affect cash flows or restrict business. Furthermore, commodity pricesif our short-term debt rating were to be downgraded, access to the commercial paper market could be significantly limited. Although this would not affect our ability to draw under our credit facilities, borrowing costs could be significantly higher.

In November 2020, we set new ESG goals for the future, including with respect to GHG emissions reduction. Our ability to achieve these goals depends on many factors, including our ability to reduce emissions from our operations through modernization and innovation, reduce the emissions intensity of the electricity we buy, invest in renewables and low carbon energy and balance residual emissions through carbon offset credits. The cost associated with movementsour GHG emissions reduction goals could be significant. Failure to achieve our emissions targets could result in foreign exchange rates, interest rates, commodity pricesreputational harm, changing investor sentiment regarding investment in Enbridge or a negative impact on access to and our share pricecost of capital.

Operational risks relate to compliance with applicable operational rules and regulations mandated by governments, applicable regulatory authorities, or other requirements that may be found in easements or other agreements that provide a legal basis for our operations, breaches of our derivative financial instruments are associated withwhich could result in fines, penalties, awards of damages, operating restrictions (including shutdown of lines) and an underlying asset, liability and/or forecasted transaction.overall increase in operating and compliance costs. We do not enter into transactionsown all of the land on which our pipelines, facilities and other assets are located and we obtain the rights to construct and operate our pipelines and other assets from third parties or government entities. In addition, some of our pipelines, facilities and other assets cross Indigenous lands pursuant to rights-of-way or other land tenure interests. Our loss of these rights could have an adverse effect on our reputation, operations and financial results. Scrutiny over the integrity of our assets and operations has the potential to increase operating costs or limit future projects. Potential regulatory changes and legal challenges could have an impact on our future earnings from existing operations and the cost related to the construction of new projects. Regulators' future actions may differ from current expectations, or future legislative changes may impact the regulatory environments in which we operate. While we seek to mitigate operational regulation risk by actively monitoring and consulting on potential regulatory requirement changes with the objective of speculating on commodity pricesrespective regulators directly, or interest rates. These policies cannot, however, eliminate all risk of unauthorized tradingthrough industry associations, and other speculative activity. Although this activity is monitored independently by our risk management function,developing response plans to regulatory changes or enforcement actions, such mitigation efforts may be ineffective or insufficient. While we remain exposed tobelieve the risk of non-compliance with our risk management policies. We can provide no assurance that our risk management function will detectsafe and prevent all unauthorized trading and other violationsreliable operation of our assets and adherence to existing regulations is the best approach to managing operational regulatory risk, management policies and procedures, particularly if deception, collusionthe potential remains for regulators or other intentional misconduct is involved,government officials to make unilateral decisions that could disrupt our operations or have an adverse financial impact on us.

We are subject to taxes in the US, Canada and numerous foreign jurisdictions. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the United States are uncertain.

None.

In general, our systems are located on land owned by others and are operated under easements and rights-of-way, licenses, leases or permits that have been granted by private land owners,land-owners, First Nations, Native American Tribes, public authorities, railways or public utilities. Our liquids systems have pumping stations, tanks, terminals and certain other facilities that are located on land that is owned by us and/or used by us under easements, licenses, leases or permits. Additionally, our natural gas systems have natural gas compressor stations, processing plants and treating plants, the vast majority of which are located on land that is owned by us, with the remainder used by us under easements, leases or permits.

Titles to our properties acquired in our liquids and natural gas systems are subject to encumbrances in some cases. We believe that none of these burdens should materially detract from the value of these properties or materially interfere with their use in the operation of our business.

Not applicable.

Our common stock is traded on the TSX and NYSE under the symbol “ENB.” As at January 31, 2018,February 5, 2021, there were approximately 96,1072,025,495,603 holders of record of our common stock. A substantially greater number of holders of our common stock are "street name" or beneficial holders, whose shares are held by banks, brokers and other financial institutions.

InformationThe information required by this Item will be contained in response to this item is incorporated by reference from our Proxy Statement toForm 10-K/A, which will be filed with the SEC relating to our 2018 annual meeting of shareholders.no later than 120 days after December 31, 2020.

None.

The following graph reflects the comparative changes in the value from January 1, 20132016 through December 31, 20172020 of $100 invested in (1) Enbridge Inc.’s common shares traded on the TSX, (2) the S&P/TSX Composite index, and (3) the S&P 500 index, (4) our US peer group index(comprising CNP, D, DTE, DUK, EPD, ET, KMI, MMP, NEE, NI, OKE, PAA, PCG, SO, SRE and WMB) and (5) our Canadian peer group (comprising CU, FTS, IPL, PPL TRP, D, DTE, ETE, EPD, KMI, MMP, NI, OKE, PCG, PAA, SRE and WMB)TRP). The amounts included in the table were calculated assuming the reinvestment of dividends at the time dividends were paid.