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Enbridge Reports Second Quarter Adjusted Earnings of $328 Million or $0.40 Per Common Share

CALGARY, ALBERTA -- (Marketwired) -- 08/01/14 -- HIGHLIGHTS

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)


--  Second quarter earnings were $756 million and six months earnings were
    $1,146 million, both including the impact of net unrealized non-cash
    mark-to-market gains and losses

--  Second quarter and six months adjusted earnings were $328 million and
    $820 million, respectively, or $0.40 and $1.00 per common share,
    respectively

--  Enbridge Inc. and Enbridge Energy Partners, L.P. announced an equity
    restructuring involving the General Partner's incentive distributions
    rights within Enbridge Energy Partners, L.P.

--  Enbridge Inc. continued to execute its long-term funding plan and raised
    approximately $3.3 billion since the end of the first quarter through a
    combination of debt and equity issuances

--  Marathon Petroleum Corporation named anchor shipper and equity partner
    in the US$0.9 billion Southern Access Extension Project, and will fund
    35% of the project

--  Ontario Energy Board approved Enbridge Gas Distribution Inc. five-year
    incentive rate application

--  Northern Gateway Project approved by the Government of Canada, subject
    to conditions

Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) - "Earnings for the first half of this year are in line with our expectations and our full year adjusted earnings per share guidance of $1.84 to $2.04 per share," said Al Monaco, President and Chief Executive Officer. "More broadly, we are keenly focused on the implementation of our strategic plan and on our key priorities of safety and operational reliability, execution of our growth projects and extending and diversifying our growth beyond 2017. The plan, which now includes a growth capital program of $42 billion, of which $37 billion is commercially secured and expected to be put into service by 2017, gives us continued confidence in delivering average annual earnings per share growth of 10-12% through 2017, and there are a number of factors that bode very well for post 2017 growth.

"In Liquids Pipelines, our largest business, our strategy is driven by our customers' need for incremental pipeline capacity and new market access to accommodate the continued strong growth of North American supply," said Mr. Monaco. "Market access remains a strategic imperative and we are making good progress. Construction of the Seaway Twin is now mechanically complete and we expect to complete the Flanagan South project this fall, adding an incremental 600,000 barrels per day of heavy crude capacity to the key refining hub in the U.S. Gulf Coast. By the end of 2016, we expect to bring into service projects that will open up approximately 1.7 million barrels per day of incremental capacity."

Enbridge remained active in the capital markets. Since the end of the first quarter, Enbridge has raised approximately $0.5 billion through a public common share offering. Proceeds from the offering will be used to fund the incremental capital required for the Line 3 Replacement Program and other general corporate purposes. In addition, the Company raised approximately $0.9 billion in cumulative redeemable preference shares, US$1.5 billion in senior notes and $0.3 billion in medium-term notes.

Effective July 1, 2014, Enbridge and Enbridge Energy Partners, L.P. (EEP) restructured the equity in EEP under which Enbridge as the General Partner (GP) of EEP will permanently waive its existing incentive distribution rights (IDR) in exchange for Class D units and new incentive distribution units (IDU). The GP share of incremental cash distributions will also decrease from 48% of all distributions in excess of US$0.4950 per unit per quarter down to 23% of all distributions in excess of the EEP's current quarterly distribution of US$0.5435 per unit per quarter. The restructuring is intended to enhance the economics of EEP's investment projects and growth opportunities, while at the same time re-establishing EEP as a strong sponsored vehicle and as an effective source of funding for Enbridge via future drop downs.

"This restructuring builds upon steps we initiated last year to re-establish EEP as a cost effective sponsored vehicle for Enbridge," said Mr. Monaco. "A stronger EEP supports Enbridge's strategic priorities of executing our growth capital program and extending growth beyond 2017."

On July 1, 2014, EEP completed a drop down of additional interest in the natural gas and natural gas liquids (NGL) midstream business to Midcoast Energy Partners, L.P. (MEP) for cash proceeds of US$350 million, the first drop down of additional interests since the initial public offering of MEP units. As a new low cost funding vehicle, these drop downs to MEP improve EEP's funding effectiveness and are another step to re-establishing EEP as a strong sponsored vehicle for Enbridge.

On June 17, the Canadian federal government approved the Northern Gateway Project (Northern Gateway). This approval comes after the most comprehensive review of a pipeline project in Canadian history and is subject to Northern Gateway meeting the 209 conditions issued by the Joint Review Panel (JRP).

"The federal government's approval supports Enbridge's view that the project can be built and operated safely, and that opening up new markets for Canadian energy is in our national interest," said Mr. Monaco. "That said, we still have a lot of work to do. We will continue to focus on three priorities: meeting the JRP's conditions; working with the Province of British Columbia on its five conditions for supporting oil pipelines; and continuing to engage Aboriginal communities to build further trust and support."

Effective July 28, 2014, the Enbridge Board appointed as a director Marcel R. Coutu. Mr. Coutu is the past Chairman of Syncrude Canada Ltd., an integrated oil sands project, and the former President and Chief Executive Officer of Canadian Oil Sands Limited. He is currently a director of Brookfield Asset Management, Power Corporation of Canada, The Great-West Lifeco Inc. and IGM Financial Inc., as well as the Calgary Exhibition and Stampede Board, a non-profit organization.

Also in the second quarter, Enbridge announced that J. Richard Bird, Executive Vice President, Chief Financial Officer and Corporate Development, will retire by the end of the 2014. Upon his retirement, Mr. Bird's role will be split into two roles: Chief Financial Officer and Chief Development Officer. In the interim, effective July 1, 2014, John Whelen has been appointed to the role of Senior Vice President, Finance, and Vern Yu has been appointed as Senior Vice President, Corporate Development.

"Richard has been a force at Enbridge for more than 20 years and has made a significant contribution to the Company's success. While he will unquestionably be missed, our leadership succession process ensures that we have highly qualified individuals who are ready to fill critical senior roles in the Company," said Mr. Monaco. "Richard will be supporting John and Vern in their new roles for the remainder of the year and we're confident that his disciplined approach will carry forward."

Results of Operations

Enbridge second quarter adjusted earnings increased by 5% to $0.40 per common share and remained at $1.00 per common share for the first half of 2014 compared with the respective 2013 comparative periods. The results were in line with management's expectation, matching the prior year's exceptionally strong first half. The Company remains on track to achieve its 2014 full year adjusted earnings per share guidance range.

Second quarter adjusted earnings growth was primarily driven in Liquids Pipelines and bolstered by strong supply from western Canada and increased downstream refinery demand leading to higher throughput on the Canadian Mainline. Likewise, higher throughput was also achieved on the Athabasca mainline in the Company's Regional Oil Sands System, which also benefitted from contributions from new projects coming into service, in particular the Norealis Pipeline.

Another key driver to the Company's second quarter growth was contributions from the Company's sponsored vehicles, as both EEP and Enbridge Income Fund (the Fund) delivered a second consecutive quarter of strong performance. EEP adjusted earnings growth was supported by higher throughput and tolls across the majority of its liquids pipeline assets. Earnings from the Fund also reflected strong results from its liquids business, in particular, the Saskatchewan System.

Enbridge Gas Distribution Inc. (EGD) continued to contribute to Enbridge's reliable business model although the second quarter results were lower than the comparable period due to an increase in depreciation expense from an increased asset base and higher interest expense. EGD operated in the first half of 2014 under interim distribution rates pending approval of a five-year customized Incentive Rate (IR) application by the Ontario Energy Board (OEB). With the approval granted in July 2014, the difference in revenues under the interim rates and rates under the customized IR application will be adjusted as part of EGD's October 2014 Quarterly Rate Adjustment Mechanism process.

Energy Services second quarter adjusted earnings were unfavourable compared with the exceptionally strong second quarter of 2013 and reflected narrowing location spreads and less favourable conditions in certain markets accessed by committed transportation capacity, with associated unrecovered demand charges.

The adjusted earnings discussed above excludes the impact of unusual, non-recurring or non-operating factors, the most significant of which are changes in unrealized derivative fair value gains and losses from the Company's long-term hedging program, gains on the disposal of non-core assets and investments, as well as certain costs and related insurance recoveries arising from crude oil releases. See Non-GAAP Measures.

SECOND QUARTER 2014 OVERVIEW

For more information on Enbridge's growth projects and operating results, please see the Management's Discussion and Analysis (MD&A) which is filed on SEDAR and EDGAR and also available on the Company's website at www.enbridge.com/InvestorRelations.aspx.


--  Earnings attributable to common shareholders increased from $42 million
    in the second quarter of 2013 to $756 million in the second quarter of
    2014. The Company delivered strong quarter-over-quarter earnings growth,
    however, the magnitude of this growth and the comparability of the
    Company's quarterly results are impacted by a number of unusual, non-
    recurring or non-operating factors, the most significant of which is
    changes in unrealized derivative fair value gains and losses. The
    Company has a comprehensive long-term economic hedging program to
    mitigate interest rate, foreign exchange and commodity price exposures.
    The changes in unrealized mark-to-market accounting impacts from this
    program create volatility in short-term earnings, but the Company
    believes over the long-term it supports reliable cash flows and dividend
    growth. Other non-recurring factors impacting quarter-over-quarter
    comparability were remediation and long-term stabilization costs of
    approximately $40 million after-tax and before insurance recoveries
    recorded in the second quarter of 2013 related to the Line 37 crude oil
    release which occurred in June 2013.

--  Enbridge's adjusted earnings increased from $306 million in the second
    quarter of 2013 to $328 million in the second quarter of 2014. Liquids
    Pipelines adjusted earnings reflected higher contributions from Canadian
    Mainline and Regional Oil Sands System. Canadian Mainline adjusted
    earnings reflected higher throughput partially offset by the absence of
    revenues from Line 9B. Within Regional Oil Sands System, higher adjusted
    earnings were primarily attributable to higher throughput on the
    Athabasca mainline and contributions from the Norealis Pipeline. In Gas
    Distribution, EGD's lower adjusted earnings reflected a gas
    transportation cost adjustment related to the first half of 2013 which
    was recorded in the third quarter of 2013 and higher depreciation
    expense due to the growth in asset base and higher interest expense.
    Energy Services adjusted earnings declined in the second quarter of 2014
    compared with an exceptionally strong comparative 2013 period due to
    narrowing location spreads and less favourable conditions in certain
    markets accessed by committed transportation capacity. Both the
    Company's sponsored vehicles, EEP and the Fund, contributed to the
    adjusted earnings increase and reflected strong results from their core
    assets. EEP adjusted earnings reflected higher contributions from the
    majority of its liquids business through higher throughput and tolls as
    well as the positive contribution from new assets placed into service.
    Adjusted earnings for the Fund also reflected higher earnings from its
    liquids business, in particular the Saskatchewan System.

--  On July 17, 2014, the OEB approved EGD's five-year customized IR
    application, with modifications. The customized IR application
    establishes the methodology for establishing rates for the distribution
    of natural gas over a five-year period from 2014 through 2018 and will
    allow EGD to recover its capital investment amounts, as well as an
    opportunity to earn above the allowed return on equity. The OEB decision
    also allows for final 2014 rates to be implemented with the October 2014
    Quarterly Rate Adjustment Mechanism with an effective date of January 1,
    2014. EGD is currently operating under OEB approved interim distribution
    rates. The difference in revenues under the interim rates and rates
    under the customized IR will be adjusted as part of the October 2014
    Quarterly Rate Adjustment Mechanism process.

--  On July 1, 2014, Enbridge and EEP completed the equity restructuring,
    which was agreed to on June, 18, 2014, under which Enbridge Energy
    Company, Inc., a wholly owned subsidiary of Enbridge and the GP of EEP,
    irrevocably waived its then existing IDR in excess of its 2% GP interest
    in exchange for 66.1 million Class D units and 1,000 IDU (collectively,
    the Equity Restructuring). The Class D units carry a distribution equal
    to the quarterly distribution on the Class A common units. The third
    quarter 2014 distribution on the Class D units will be adjusted to
    provide Enbridge with an aggregate distribution in 2014 equal to the
    distribution on its IDR as if the Equity Restructuring had not occurred.
    The IDU will not be entitled to a distribution initially, but will in
    the future be entitled to 23% of any amount in excess of EEP's current
    quarterly Class A common unit distribution of US$0.5435 per unit. In the
    event of any decrease in the Class A common unit distribution below
    US$0.5435 per unit in any quarter during the next five years, the
    distribution on the Class D units will be reduced to the amount which
    would have been received by Enbridge under the existing IDR as if the
    Equity Restructuring had not occurred.

--  Also on July 1, 2014, Enbridge and Marathon Petroleum Corporation (MPC)
    reached an agreement to admit MPC as a 35% equity interest partner in
    the Southern Access Extension project (Southern Access Extension). MPC
    will also make additional cash contributions in accordance with the
    Southern Access Extension spend profile in proportion to its 35%
    interest. The Southern Access Extension was announced as part of
    Enbridge's Light Oil Market Access Program in December 2012 and will
    involve the construction of a new 265-kilometre (165-mile) 24-inch
    diameter crude oil pipeline from Flanagan, Illinois to Patoka, Illinois,
    for an initial capacity of approximately 300,000 barrels per day, as
    well as additional tankage and two new pump stations. Subject to
    regulatory and other approvals, Southern Access Extension is expected to
    be placed into service in mid-2015 and Enbridge's share of the project
    is expected to be approximately US$0.6 billion.

--  On June 18, 2014, Enbridge announced that J. Richard Bird, Executive
    Vice President, Chief Financial Officer and Corporate Development, plans
    to retire by the end of 2014. Upon Mr. Bird's retirement, his
    responsibilities will be split into two separate roles of Chief
    Financial Officer and Chief Development Officer. Enbridge also announced
    the appointment of John Whelen as Senior Vice President, Finance and
    Vern Yu as Senior Vice President, Corporate Development, effective July
    1, 2014.

--  Since the end of the first quarter of 2014, the Company completed the
    following financing transactions:
    --  On July 17, 2014, Enbridge completed an offering of 14 million
        Cumulative Redeemable Preference Shares, Series 13 for gross
        proceeds of $350 million.
    --  On June 24, 2014, Enbridge completed an offering of 7.9 million
        Common Shares for gross proceeds of approximately $400 million and
        on July 8, 2014 issued a further 1.2 million Common Shares pursuant
        to the underwriters' over-allotment option for gross process of
        approximately $60 million.
    --  On June 4, 2014, Enbridge issued senior notes of US$500 million with
        a three-year maturity, US$500 million with a 10-year maturity and
        US$500 million with a 30-year maturity.
    --  On May 22, 2014, Enbridge completed an offering of 20 million
        Cumulative Redeemable Preference Shares, Series 11, for gross
        proceeds of $500 million.
    --  On April 22, 2014, Enbridge issued medium-term notes of $300 million
        with a three-year maturity through its subsidiary EGD.

DIVIDEND DECLARATION

On July 29, 2014, the Enbridge Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2014 to shareholders of record on August 15, 2014.


----------------------------------------------------------------------------
Common Shares                                                       $0.35000
Preference Shares, Series A                                         $0.34375
Preference Shares, Series B                                         $0.25000
Preference Shares, Series D                                         $0.25000
Preference Shares, Series F                                         $0.25000
Preference Shares, Series H                                         $0.25000
Preference Shares, Series J                                       US$0.25000
Preference Shares, Series L                                       US$0.25000
Preference Shares, Series N                                         $0.25000
Preference Shares, Series P                                         $0.25000
Preference Shares, Series R                                         $0.25000
Preference Shares, Series 1                                       US$0.25000
Preference Shares, Series 3                                         $0.25000
Preference Shares, Series 5                                       US$0.27500
Preference Shares, Series 7                                         $0.27500
Preference Shares, Series 9                                         $0.27500
Preference Shares, Series 11(1)                                     $0.30740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1  This first dividend declared for the Preference Shares, Series 11
   includes accrued dividends from May 22, 2014, the date the shares were
   issued. The regular quarterly dividend of $0.275 per share will take
   effect on December 1, 2014.

CONFERENCE CALL

Enbridge will hold a conference call on Friday, August 1, 2014 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to discuss the second quarter 2014 results. Analysts, members of the media and other interested parties can access the call toll-free at 1-800-708-4540 from within North America and outside North America at 1-847-619-6397, using the access code of 37572724#. The call will be audio webcast live at http://www.media-server.com/m/p/86coq5ug. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. The replay will be available toll-free at 1-888-843-7419 within North America and outside North America at 1-630-652-3042 (access code 37572724#) until August 8, 2014.

The conference call will begin with presentations by the Company's President and Chief Executive Officer and the Chief Financial Officer, followed by a question and answer period for investment analysts. A question and answer period for members of the media will then immediately follow.

Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2014. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com. None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise part of this news release.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide the Company's shareholders and potential investors with information about the Company and its subsidiaries and affiliates, including management's assessment of Enbridge's 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" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to: expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; 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; and expected costs related to leak remediation and potential insurance recoveries.

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 expected supply and demand for crude oil, natural gas, NGL and renewable energy; prices of crude oil, natural gas, NGL and renewable energy; expected exchange rates; inflation; interest rates; the availability and price of labour 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; and weather. Assumptions regarding the expected supply and demand of 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) or adjusted earnings/(loss) and associated per share amounts, or estimated future dividends. The most relevant assumptions associated with forward-looking statements on projects under construction, including estimated in-service date and expected capital expenditures include: 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; and the impact of weather and customer and regulatory approvals on construction schedules.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, changes in tax law and tax rate increases, exchange rates, interest rates, commodity prices and supply and demand for commodities, 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 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.

NON-GAAP MEASURES

This news release contains references to adjusted earnings/(loss), which represent earnings or loss attributable to common shareholders adjusted for unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. These factors, referred to as adjusting items, are reconciled and discussed in the financial results sections for the affected business segments in the Company's MD&A. Adjusting items referred to as changes in unrealized derivative fair value gains or loss are presented net of amounts realized on the settlement of derivative contracts during the applicable period. Management believes the presentation of adjusted earnings/(loss) provides useful information to investors and shareholders as it provides increased transparency and predictive value. Management uses adjusted earnings/(loss) to set targets, including setting the Company's dividend payout target, and to assess the performance of the Company. Adjusted earnings/(loss) and adjusted earnings/(loss) for each of the segments are not measures that have a standardized meaning prescribed by accounting principles generally accepted in the United States of America (U.S. GAAP) and are not considered GAAP measures; therefore, these measures may not be comparable with similar measures presented by other issuers. See Non-GAAP Reconciliations for a reconciliation of the GAAP and non-GAAP measures.

NON-GAAP RECONCILIATIONS


                               Three months ended       Six months ended
                                    June 30,                June 30,
                            ----------------------- ------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
(millions of Canadian
 dollars)
Earnings attributable to
 common shareholders                756          42       1,146         292
Adjusting items:
Liquids Pipelines
  Canadian Mainline -
   changes in unrealized
   derivative fair value
   (gains)/loss(1)                 (211)        186         (39)        258
  Canadian Mainline - Line
   9B costs incurred during
   reversal                           4           -           4           -
  Regional Oil Sands System
   - make-up rights
   adjustment                        (2)          -           -           -
  Regional Oil Sands System
   - leak insurance
   recoveries                        (4)          -          (4)          -
  Regional Oil Sands System
   - leak remediation and
   long-term pipeline
   stabilization costs                -          40           -          40
  Spearhead Pipeline - make-
   up rights adjustment               1           -           1           -
  Feeder Pipelines and Other
   - make-up rights
   adjustment                        (2)          -          (2)          -
  Feeder Pipelines and Other
   - project development
   costs                              3           -           3           -
Gas Distribution
  EGD - warmer/(colder) than
   normal weather                    (4)         (2)        (37)          4
Gas Pipelines, Processing
 and Energy Services
  Energy Services - changes
   in unrealized derivative
   fair value gains(1)              (81)       (143)       (217)       (113)
  Offshore - gain on sale of
   non-core assets                    -           -         (43)          -
  Other - changes in
   unrealized derivative
   fair value loss(1)                 1          56           2          56
Sponsored Investments
  EEP - changes in
   unrealized derivative
   fair value
   (gains)/loss(1)                    3          (4)          3          (3)
  EEP - make-up rights
   adjustment                         1           -           1           -
  EEP - leak remediation
   costs                              5           6           5          30
  EEP - leak insurance
   recoveries                         -          (6)          -          (6)
  EEP - tax rate
   differences/changes                -           3           -           3
Corporate
  Noverco - changes in
   unrealized derivative
   fair value loss(1)                 1           2           5           1
  Other Corporate - changes
   in unrealized derivative
   fair value
   (gains)/loss(1)                 (143)        149           6         254
  Other Corporate - gain on
   sale of investment                 -           -         (14)          -
  Other Corporate - foreign
   tax recovery                       -           -           -          (4)
  Other Corporate - impact
   of tax rate changes                -         (23)          -         (18)
----------------------------------------------------------------------------
Adjusted earnings                   328         306         820         794
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1  Changes in unrealized derivative fair value gains and losses are
   presented net of amounts realized on the settlement of derivative
   contracts during the applicable period.

HIGHLIGHTS
                               Three months ended       Six months ended
                                    June 30,                June 30,
                            ----------------------- ------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
(millions of Canadian
 dollars, except per share
 amounts)
Earnings attributable to
 common shareholders
  Liquids Pipelines                 431         (67)        475          80
  Gas Distribution                   19          27         155         134
  Gas Pipelines, Processing
   and Energy Services              107         160         298         189
  Sponsored Investments              87          72         171         114
  Corporate                         112        (150)          1        (225)
----------------------------------------------------------------------------
  Earnings attributable to
   common shareholders from
   continuing operations            756          42       1,100         292
  Discontinued operations -
   Gas Pipelines, Processing
   and Energy Services                -           -          46           -
----------------------------------------------------------------------------
                                    756          42       1,146         292
  Earnings per common share        0.92        0.05        1.39        0.37
  Diluted earnings per
   common share                    0.91        0.05        1.38        0.36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted earnings(1)
  Liquids Pipelines                 220         159         438         378
  Gas Distribution                   15          25         118         138
  Gas Pipelines, Processing
   and Energy Services               27          73          86         132
  Sponsored Investments              96          71         180         138
  Corporate                         (30)        (22)         (2)          8
----------------------------------------------------------------------------
                                    328         306         820         794
  Adjusted earnings per
   common share(1)                 0.40        0.38        1.00        1.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flow data
  Cash provided by operating
   activities                       812         937       1,145       1,730
  Cash used in investing
   activities                    (2,886)     (1,949)     (5,629)     (3,592)
  Cash provided by financing
   activities                     2,490         731       4,955       1,151
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends
  Common share dividends
   declared                         293         259         584         513
  Dividends paid per common
   share                         0.3500      0.3150      0.7000      0.6300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Shares outstanding
 (millions)
  Weighted average common
   shares outstanding               824         806         822         797
  Diluted weighted average
   common shares outstanding        834         817         832         809
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating data
Liquids Pipelines - Average
 deliveries (thousands of
 barrels per day)
  Canadian Mainline(2)            1,968       1,604       1,936       1,693
  Regional Oil Sands
   System(3)                        690         402         680         440
  Spearhead Pipeline                196         184         190         175
Gas Distribution - Enbridge
 Gas Distribution (EGD)
  Volumes (billions of cubic
   feet)                             76          74         288         255
  Number of active customers
   (thousands)(4)                 2,071       2,035       2,071       2,035
  Heating degree days(5)
    Actual                          493         491       2,699       2,289
    Forecast based on normal
     weather                        461         495       2,238       2,366
Gas Pipelines, Processing
 and Energy Services -
 Average throughput volume
 (millions of cubic feet per
 day)
    Alliance Pipeline US          1,662       1,554       1,695       1,593
    Vector Pipeline               1,326       1,408       1,553       1,563
    Enbridge Offshore
     Pipelines                    1,590       1,351       1,477       1,401
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1  Adjusted earnings represent earnings attributable to common shareholders
   adjusted for unusual, non-recurring or non-operating factors. Adjusted
   earnings and adjusted earnings per common share are non-GAAP measures
   that do not have any standardized meaning prescribed by GAAP.
2  Canadian Mainline includes deliveries ex-Gretna, Manitoba which is made
   up of United States and eastern Canada deliveries originating from
   western Canada.
3  Volumes are for the Athabasca mainline and Waupisoo Pipeline and exclude
   laterals on the Regional Oil Sands System.
4  Number of active customers is the number of natural gas consuming EGD
   customers at the end of the period.
5  Heating degree days is a measure of coldness that is indicative of
   volumetric requirements for natural gas utilized for heating purposes in
   EGD's franchise area. It is calculated by accumulating, for the fiscal
   period, the total number of degrees each day by which the daily mean
   temperature falls below 18 degrees Celsius. The figures given are those
   accumulated in the Greater Toronto Area.

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