Enbridge is the largest energy infrastructure company in North America. Its core business is owning and operating pipelines, storage facilities, and distribution networks that transport, store, and deliver crude oil, natural gas, and power. Enbridge earns fees for moving and storing energy and takes no meaningful commodity price risk. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The crown jewel is the Mainline System, a crude oil pipeline network stretching from the Western Canadian Sedimentary Basin through the U.S. Midwest to eastern Canada and the Gulf Coast, delivering roughly 3.1 mmbpd and operating near full capacity. Gas Transmission owns major interstate natural gas pipelines including Texas Eastern and Algonquin, delivering over 24 bcf/d. The Gas Distribution segment is the largest natural gas utility franchise in North America by customers, serving 7.1M customers across Ontario, Quebec, and several U.S. states. Renewables holds roughly 4,100 MW of generation capacity, mostly contracted under long-term PPAs. Over 98% of EBITDA comes from regulated assets or long-term take-or-pay contracts, giving Enbridge predictable cash flows across commodity cycles. Growth is driven by expanding the asset base through organic projects and acquisitions, targeting $9–10B of annual capital investment funded through internal cash flow. Enbridge's secured capital program stood at $39B through 2033, supporting guided 5% EBITDA and DCF per share growth through the end of the decade.