Forward-looking information, or forward-looking statements, have been included in Enbridge’s 2015 CSR and Sustainability Report to provide information about the company and its subsidiaries and affiliates, including management’s assessment of Enbridge and its subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ‘‘anticipate’’, ‘‘expect’’, ‘‘project’’, ‘‘estimate’’, ‘‘forecast’’, ‘‘plan’’, ‘‘intend’’, ‘‘target’’, ‘‘believe’’, “likely” and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included in this document include, but are not limited to, statements with respect to the following: expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected available cash flow from operations (ACFFO); expected future cash flows; expected costs related to projects under construction; expected in-service dates for projects under construction; expected capital expenditures; estimated future dividends; expected future actions of regulators; expected costs related to leak remediation and potential insurance recoveries; expectations regarding commodity prices; supply forecasts; expectations regarding the impact of the 2015 Transaction (as defined in this 2015 CSR and Sustainability Report); dividend payout policy and dividend payout expectation; the expected impact and cost of complying with current and proposed new environmental regulations, including GHG emissions regulations; business opportunities expected to arise due to climate issues or new environmental regulatory policies; future power consumption by the company and its subsidiaries; expected global demand for energy; expected sources of energy; expectations regarding safety and operational reliability; expectations regarding environmental impact of Enbridge’s projects and operations; expectations regarding Enbridge’s investment in pipeline technologies and emerging technologies; expectations regarding Enbridge’s workforce and labor relations; expected modification to or implementation of new Enbridge policies; business plans of Enbridge entities; diversification of Enbridge’s business; expectations regarding Enbridge’s CSR and sustainability performance and reporting; and expectations regarding Enbridge’s engagement activities, including Aboriginal engagement.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy; expected exchange rates; inflation; interest rates; availability and price of labor and pipeline construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the company’s projects; anticipated in-service dates; the implementation of proposed environmental regulations, including GHG emissions regulations; future demands for renewable energy and alternative energy technologies; weather; the impact of the 2015 Transaction and dividend policy on the company’s future cash flows; credit ratings; capital project funding; expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future ACFFO; and estimated future dividends. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the company’s services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the company operates and may impact levels of demand for the company’s services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected earnings/(loss), adjusted earnings/(loss) and associated per share amounts, ACFFO, the impact of the 2015 Transaction on Enbridge or estimated future dividends. The most relevant assumptions associated with forward-looking statements on projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and pipeline construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer and regulatory approvals on construction and in-service schedules.
Enbridge’s forward-looking statements are subject to risks and uncertainties pertaining to the impact of the 2015 Transaction, dividend policy, operating performance, regulatory parameters, including those related to GHG emissions, project approval and support, weather, economic and competitive conditions, public opinion, changes in tax law and tax rate increases, exchange rates, interest rates, commodity prices and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this 2015 CSR and Sustainability Report and in the company’s filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this 2015 CSR and Sustainability Report or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the company’s behalf, are expressly qualified in their entirety by these cautionary statements.