CALGARY, AB, Jan. 4, 2023 /PRNewswire/ - Enbridge Inc. (TSX:ENB) (NYSE:ENB) (Enbridge or the Company) announced today that the Toronto Stock Exchange (TSX) has approved the Company's new normal course issuer bid (NCIB) to purchase, for cancellation, up to 27,938,163 of its outstanding common shares to an aggregate amount of up to $1.5 billion.

Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and other designated exchanges and alternative trading systems, commencing on January 6, 2023 and continuing until January 5, 2024, when the bid expires, or such earlier date on which the Company has either acquired the maximum number of common shares allowable under the NCIB or otherwise decides not to make any further repurchases under the NCIB. The maximum number of common shares that Enbridge may repurchase for cancellation represents approximately 1.38% of the 2,024,890,423 common shares issued and outstanding as at December 23, 2022.

The renewal of the Company's NCIB is intended to provide an additional capital allocation tool to supplement its dividend program as a means of returning capital to shareholders. Repurchases of common shares pursuant to the NCIB are expected to be opportunistic and will be predicated upon maintaining a strong balance sheet, performance of the business, and the availability and attractiveness of alternative capital investment opportunities. The price that Enbridge will pay for common shares in open market transactions will be the market price at the time of purchase and common shares purchased under the NCIB will be cancelled. The actual number of common shares purchased under the NCIB, the timing of purchases, and the price at which the common shares are acquired will depend upon future market conditions.

The NCIB will be effected in accordance with the TSX's NCIB rules and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contain restrictions on the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Enbridge's common shares on the applicable exchange. Subject to exceptions for block purchases, Enbridge will limit daily purchases of common shares on the TSX in connection with the NCIB to no more than 25 percent (2,135,208 common shares) of the average daily trading volume of the common shares on the TSX from July 1, 2022 to and including December 31, 2022 (8,540,830 common shares) during any trading day.

Pursuant to its existing NCIB, under which the Company has approval from the TSX to purchase up to 31,062,331 of its outstanding common shares during the period from January 5, 2022 to January 4, 2023, Enbridge has purchased 2,737,965 common shares on the TSX, NYSE and alternative trading systems at a weighted average purchase price of CAD$54.90 per common share.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com

Forward-Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge 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", "will" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to Enbridge's intention to commence the NCIB, the purpose of the NCIB, and the timing, methods and quantity of any purchases of common shares under the NCIB.

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. Assumptions regarding the expected supply of and demand for crude oil, natural gas, natural gas liquids, renewable energy and other commodities, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, energy transition, including the drivers and pace thereof, 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. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction, including estimated in-service dates and the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals on construction and in-service schedules; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; technology-related matters; the impact of weather; and expectations about our partners' ability to complete and finance proposed projects.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other 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 news release 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media

Toll Free: (888) 992-0997

Email: media@enbridge.com

Investment Community

Toll Free: (800) 481-2804

Email: investor.relations@enbridge.com

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SOURCE Enbridge Inc.