So the focus right now, as Colin alluded to, is on low capital intensity growth. So let me illustrate why we're confident in the longevity of our cash flow, starting with gas transmission. As always, our investor relations team is available for any detailed follow-up questions after the call. In a way, we look at the fixed nature of the commitments as kind of a base level of opportunity that, again, is like a fixed cost, but then we apply basically one of three strategies. Linda, it's Colin. The new targets are about getting even better. The second, though, is some of the shorter-haul opportunities, both with existing site to totally repurpose or a new pipe and bringing our expertise in citing and construction to that. So I think for 2021, we're pretty much set. Well, actually, this is a good opportunity for Cynthia and Bill to battle it out. Got it. We expect roughly 40 Tcf per year of new industrial and power gen demand, and RNG are going to be real, and we'll explain our strategy on this in a minute, but unlikely to come into play in a material way before 2040. I'll stick to the one question requirement and follow up with Vern offline. And we're looking to partner with a couple of folks, early discussions, but nice opportunities there. At the same time, though, we diversified our business into gas and renewables. So that's the macro view and why the energy transition will happen gradually in our opinion. I think the impact that we're experiencing in the third quarter is very COVID-specific. Could you talk about how significant that could be compared to kind of Scope 1 and 2 emissions, both in terms of what the size is now and how Scope 3 emissions can be reduced? Second, the return of economic growth will depend on affordable and reliable energy. The refineries we serve in the Gulf and the Midwest are the most complex, which, along with their scale, makes them highly competitive. On lights, as economic activity continues to ramp in Eastern Canada and the Midwest, we'll see those come back. These are in the upgrading and injection end of the RNG value chain and more planned, all of which are either included in rate base or have long-term contracts, so they fit the overall business. In the third quarter, for example, this impact was approximately $120 million and would have led to EBITDA of $3.1 billion otherwise. If I can follow on capital allocation and optimization and just as it relates to returning capital to shareholders, namely dividends and buybacks. Our business has strong commercial underpinning, the best customers and a solid balance sheet. Second, we'll continue to prioritize sustainably returning capital to shareholders through dividends. So it's something that we're interested in, and we've had an opportunity to monitor. We spent about a year thinking about that and devising a plan to achieve those targets. I want to hone in on the potential for M&A here. Enbridge Inc annual and quarterly earnings per share history from 2006 to 2020. Thanks. And we're now projecting $400 million for next. Lastly, as mentioned earlier, DCF benefit from the normal course add-back of $120 million of cash received on unused contracts. And given the interest and capital allocation, he'll talk about our framework and our current thinking. On Alliance, East Tennessee and Maritimes, kind of busy here on the rate side. And we'll see how that develops here in the next little while as we start tracking that. Please go ahead. Rate proceedings are under way. We're pretty happy with the repositioning that we've done already with the Spectra deal. Are you looking for contiguous assets? And on permitting, the PCA contested case finished up with a positive ALJ decision. It's pretty clear that our 2021 priority is completing our secured growth program, which will generate over $2 billion of incremental cash flows. But I think the debt market sees the durability of our cash flow as being quite strong and quite long. Please go ahead. On the S, we're increasing our diversity goals, including 40% gender representation and 28% ethnic and racial groups. Of course, we'll continue to assess smaller investments in new energy technology infrastructure, as Al mentioned like we've been doing, particularly to create optionality and sustain our competitive edge. ENB - Free Report) reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents. Solar self-power is an item, but very small. Cost reductions will sustain into '21 and grow, as Al mentioned, and we expect some new assets to come into service on the BC Pipeline in late 2021. And I'm also wondering within that context if you're seeing any sort of structural changes in the markets in which you operate, which might also inform how you revisit your approach to committing to capacity, and specifically, with some of the consolidation on the producer side and maybe some economic fallout of COVID, how that informs your energy service risk management and practices. Liquids Pipelines segment EBITDA was down year over year, $94 million, mostly due to the decrease in Mainline volumes year over year, which Al already covered. So we do have our power gas facility in Markham, and we're looking at blending into about 3,600 homes starting early next year, 2% hydrogen blend. Our dividend is central to our investor proposition, and we intend to grow the dividend annually. We expect full-year leverage to be well within our target range of 4.5 to under five times debt to EBITDA, which range itself is well within BBB+ territory. And I think you're right. We've applied exactly the same approach to RNG and hydrogen, which is why we're ahead of the curve on those 2. And we think of that as kind of the base means of returning capital to shareholders. Our credit rating continues to be among the best in the industry. We have a ladder of contracts here. Thanks. Just curious, and this may be a Vern question or someone else on the team. Does that factor in a second wave? And that's simply because we got a ton of cash flow coming out from that, and the incremental economics of this are just so compelling. As it's clear, they are competitive. Just on light volume, how do you see the lights evolving in 2021? On line three, we're in the late innings here on permitting, so we've narrowed the milestones chart that we normally show to what's left to do. Offsetting some of this impact is a higher Mainline toll, including a $0.20 surcharge collected on the Line 3 Canada segment. Yes. As always, we appreciate your ongoing interest in Enbridge. This is the quintessential demand-pull business. And our next question comes from the line of Jeremy Tonet with JP Morgan. So I think we forecasted this business to earn about $100 million in 2020. As you said, you don't want to mess with that. Today, we're a clear leader. Gas transmission EBITDA was flat year over year despite the sale of our Canadian gathering and processing assets at the end of last year and the Ozark assets earlier this year, which, combined, contributable about $25 million historically. This program was substantially completed in October. And the plan is to continue to grow this business in the same way we have, which is organically at a reasonable pace. But as I said, I think we've got the skills now where we can manage those well. Janet Satish -- Wells Fargo Securities -- Analyst. Hey, guys. 1. The recent IEA forecast shows energy demand growing and a slightly shift in supply mix. It's certainly way up the order. And did I hear 100,000 to 300,000 barrels a day lower volume in Q4? Ultimately, EBITDA will be likely a little bit lower than our $13.7 billion point estimate target of guidance due to the make-up rights contract treatment I mentioned, but this will be offset in DCF. As per usual, this call is webcast, and I encourage those listening on the phone to follow along with the supporting slides. RNG represents an opportunity to grow gas volumes and leverage our own utility and GTM franchises. TETCO east-bound capacity has now been restored, and south-bound should be back shortly. 2020 Q3. That's — I think that's how I'd sum up transmission at this point. ... including adjusted earnings before interest, income taxes, depreciation and amortization (adjusted EBITDA), ... be found in Enbridge’s earnings news releases on Enbridge’s website and on EDGAR at . So what we've just gone through on our core assets illustrates the resiliency and longevity of our business for a long time. Robert Kwan -- RBC Capital Markets -- Analyst. And I think it's really important that, as Colin mentioned, for the next year, we're focused on executing the capital program. And we're in an equity self-funding mode here. On gas utility, this is Slide '18. On to Slide 2, where I'll remind you that we'll be referring to forward-looking information on today's call. Announces that Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP Have Launched Consent Solicitations with Respect to Certain of their Outstanding Notes more It's an integrated transmission, storage and distribution network serving the fifth largest population center in North America, and those customers aren't going anywhere either. And to be very clear, we do not take speculative positions on commodity prices. Although it's certainly part of our strategy, it doesn't go to, let's call it, offset Scope 1 and Scope 2 emissions. I think in this environment, when the basis is getting crushed, I think we did well on Contango earlier in the year, but I think it's one of those things where you've got an interim issue here that's just affecting the profitability. OK. Well, good question. Please go ahead. It's — obviously, accretion near term is a factor. Please go ahead. And I think that's entirely suitable and a good opportunity to marry up that outlook with the great heavy refining capacity in the Midwest and the Gulf. So I guess in a nutshell, it's not just about near-term accretion and synergy capture for us. Thanks, Jonathan, and good morning. Cynthia Hansen -- Gas Distribution or Executive Vice President of Gas Distribution and Storage. So that's a good outcome when it happens. With that, I'll hand it over to Al Monaco. And I think Colin was pretty clear. So we're at the natural conduit between very long-lifed heavy supply and the most competitive refineries in — globally. Just a couple of observations about these pathways. The other elements are very low capital intensity. Earnings. It's a capital-light business generally, and so we like it. Stable fee-based revenues from extensive networks of midstream properties are likely to reflect on Enbridge's (ENB) third quarter 2019 results. Market data powered by FactSet and Web Financial Group. Thank you. As I mentioned, the majority of these assets that were underpinned by take-or-pay arrangements, we collect tariffs for any unused space. That's simply because gas is abundant, low cost, has excellent load following capability, storability, lower emissions, and it's crucial to renewables intermittency. In terms of share buybacks, you can think of that as a supplemental method. The plant is contracted to provide grid stability for the ISO to capture off-peak renewable power. And our next question comes from the line of Michael Lapides with Goldman. But anytime we do make an investment, it'll be subject to the usual investment criteria we have for any opportunity as Colin mentioned in his list. Coal declines, no surprise there. Ben Pham -- BMO Capital Markets -- Analyst. So is one of those asset classes better positioned for growth or more at risk than the other? We built our first onshore wind project two decades ago. On gas transmission, Bill and team have been working on a comprehensive maintenance and integrity program across the system. I'll come back at the end and outline the new ESG targets we announced earlier. Legal Notice. January 8, 2019 Enbridge Inc. And just before we begin, a quick comment on the results. Enbridge Inc. ENB reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents. These customers and the utilities that serve them aren't going anywhere anytime soon. Thank you. And without these actions, consumption of energy is very likely to be higher and the mix change a lot slower. We do see our volumes going up, and really, that comes from what Al talked about earlier about blending opportunities that we have or we were effectively being able to move heavy crude on our light crude pipeline. [Operator instructions] Please note that this conference is being recorded. But maybe just a quick comment from me first. So we do have lots of opportunities to interact through World Hydrogen Council and other activities. First is a blending game with our current infrastructure, and that's going to take some time to study. This business continues to generate quiet and ratable growth and is again performing well during a challenging operating pandemic environment. And that's going to be really important, I think, because it's pretty clear that we're going to need more support and acceleration. On to the energy outlook. Distributions received from our joint venture investments have increased from last year, primarily due to new assets placed into service. Maintenance capital, financing costs, income taxes and distributions to noncontrolling interests are all collectively, I would say, trending in line with expectations for the year. Thank you for taking my question. Adjusted EBITDA is about on track, too, except for the accounting treatment related to make-up provisions on certain contracted assets for volumes not shipped. Well, I'll start it off, and then we can get Colin to comment as well. Great question. I look forward to a continued discussion on all of the energy transition at investor day. That's always been the case over history and won't change. Net Sales (27.3%) 2020 Q3 Financial Highlights (US$ in millions except per share amounts) 4. Each of these are already under way, so we're confident on achieving the targets. Enbridge Inc. (ENB.TO) (TSE:ENB) (NYSE:ENB) – National Bank Financial issued their Q3 2020 EPS estimates for shares of Enbridge Inc. (ENB.TO) in a report released on Tuesday, October 27th. The primary headwinds are likely a weaker U.S. dollar used to translate our performance and potentially a smaller headwind in Energy Services. And our next question comes from the line of Linda Ezergailis with TD Securities. Yes. And I accept the fact that, that's a big opportunity. We have six RNG projects operating and in construction. November 6, 2020. And of course, renewables are going to continue to grow. And I think Al set up the timing on that pretty clearly. So these two realities that you see here not only support the existing Mainline cash flows but provide a great opportunity for us to grow market share. Dazu gehört der Widerspruch gegen die Verarbeitung Ihrer Daten durch Partner für deren berechtigte Interessen. Bottom line is, as I said, we don't anticipate capital-intense effort here in terms of achieving the targets. Finally, of course, we'll talk about 2021 outlook and then beyond. I'll start on Slide 20 with our enterprise quarterly highlights. But in a word, we'll continue high-grading our focus on projects that deliver the best risk-adjusted returns with high confidence. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' And then if I can as well, this kind of being focused a little bit more in Europe, give you maybe a little bit kind of better sense of kind of how the hydrogen strategy is evolving over there as well. The bottom line also deteriorated from 42 cents a … Thank you guys I'll call. Home Depot earnings beat as shoppers focus on home, retailer to make pandemic pay raises permanent Published Tue, Nov 17 2020 5:35 AM EST Updated Tue, Nov 17 2020 10:53 AM EST Will Feuer @WillFOIA Our next question comes from the line of Andrew Kuske with Credit Suisse. Now a more radical change in consumption is possible, but not by 2040 in our view. And we didn't really want to go on today, but I think you're asking a great question. Four years ago, we acquired Spectra, which gave us a massive transmission platform and another great gas utility alongside it. We've also, on the slide, listed various relevant qualitative considerations here, too. We hear a lot about terminal value risk today. And then for share buybacks, would you consider taking advantage of private market valuations to monetize assets on a larger scale basis to buy back stock because that would also benefit your asset mix transition? And our next question comes from the line of Robert Kwan with RBC Capital Markets. Q3 2020 ∆ They put up good numbers and continue to deliver growth. I think, as again we outlined, a lot of free cash flow coming at us after that. But longer term, overall, we do pretty well on recovering and exceeding those fixed costs. We monitor this really closely. So I think if you're looking at the incremental dollar of investment beyond what Colin just went through there, as he outlined pretty clearly, corporate M&A is unlikely to be at the top of our list. Yes. Just wanted to come back to your comment, Al, on corporate M&A being off the table while at the same time, you acknowledged public valuations of hydrocarbon assets are clearly under pressure today, which I presume presents a few bylaw opportunities for your strong balance sheet, especially if we look back a couple of years from now and global energy demand does come back strong after the pandemic. So in the next slide, on the E, we're setting an interim emissions intensity reduction target of 35% by 2030 and net 0 by 2050. It's a pretty tight range. Enbridge Inc (ENB) Q1 2020 Earnings Call Transcript ENB earnings call for the period ending March 31, 2020. In contrast, Energy Services experienced a loss of just over $100 million during the quarter. First of all, renewables really doesn't come into this picture. We've built development, construction and operating capability, and renewables is now the fourth Enbridge platform. So we see a little bit of that happening in the fourth quarter, and we see that ramping up in Q1 and Q2 of next year. Let's move to Slide 21 for the financial review. Most important to that is the diversity of cash flow by business line, commodity and geography, and we have over 40 sources of cash flow. We do that by the other elements of the strategy, so as I said, modernizing the grid for example, new compression, where we reduce emissions. And as I mentioned, we're well ahead of budget for the nine months, and that sets us up well for the full year. Thanks, Bill. Self-powering were solar in both liquids and gas, as you saw earlier in the examples, and we'll continue to invest in nature-based assets. Nine-month results for EBITDA and DCF are roughly in line with last year for the same period despite the pandemic and other challenges. So might be good, though, just to get Bill and Cynthia's comment. This concludes the question-and-answer session, and I will turn the call back over to Jonathan Morgan for his final remarks.Jonathan MorganThank you, and thank you for joining us this morning. You can see here on the bottom, the competitive advantage that gas holds over the alternatives. I'll wrap up with ESG, Colin. So we've done the research. Please go ahead. With the positive momentum surrounding Joe Biden potentially becoming the next president in the U.S., do you have any concerns about the progress of Line 3? Thanks. Enbridge (ENB) has likely generated stable fee-based revenues from the extensive pipeline networks in the third quarter. ET. Asit Sen -- Bank of America Merrill Lynch -- Analyst. And we'll also talk a little bit about a new entry into floating offshore wind in the future. So the way we look at it, we do invest in renewables and other new technologies. And so clearly, our customers believe in longevity of our gas system and pipes generally. The way I look at it, we are in an excellent position here. Vern Yu -- Executive Vice President, Liquids Pipelines. The yellow dots here show how crucial our gas system is to replacing coal, but also in meeting future U.S. Northeast offshore renewable power balancing requirements. I'm just wondering from a high level, to meet these targets, would you need to increase the amount of capex you're spending on renewables? The only sources of heavy growth are the Middle East and Canada. But we push ourselves on whether demand and supply mix could look markedly different if we transition faster. It's directly connected to refineries that need our feedstock. If you could just maybe give us a framing of how you think about that longevity versus just other hydrocarbon assets in North America. It's Vern here. I'll now walk you through our segments on Slide 22. I think we've demonstrated an acuity and willingness to do that, and we'll keep looking at that. So those refiners are going to be around for a long time as well, no matter what scenario unfolds. Our investor relations team is available to address any additional questions you may have. Related to that is a potentially large application of hydrogen, which is blending in the gas stream all across our transmission network, so excellent marriage here between new technology and our existing infrastructure. 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