Enbridge Reports Third Quarter Adjusted Earnings of $269

Enbridge Reports Third Quarter Adjusted Earnings of $269 Million or
$0.34 Per Common Share 
CALGARY, ALBERTA -- (Marketwire) -- 11/07/12 --  
HIGHLIGHTS  
(all financial figures are unaudited and presented in Canadian
dollars) 


 
--  Third quarter earnings were $189 million; nine month earnings were $464
    million including unrealized non-cash mark-to-market losses 
 
--  Third quarter and nine months adjusted earnings increased 13% to $269
    million and 11% to $922 million, respectively 
 
--  Al Monaco became President and Chief Executive Officer on October 1,
    2012 
 
--  Alberta Energy Resources Conservation Board approved $1.0 billion to
    $1.4 billion Woodland Pipeline Extension Project 
 
--  Enbridge signed agreement with Suncor Energy Inc. for $0.2 billion
    expansion of Athabasca terminal facilities 
 
--  Enbridge approved a $0.6 billion investment in Greater Toronto Area
    natural gas distribution infrastructure expansion 
 
--  Enbridge entered into a midstream services relationship with Encana
    Corporation to develop gas gathering and compression facilities in the
    Peace River Arch region; deferred commissioning of Phase 1 and
    construction of Phase 2 of Cabin Gas Plant development 
 
--  Enbridge continued the execution of its financing plan with the issuance
    of preference shares totaling gross proceeds of $850 million 
 
--  Enbridge continued the execution of its sponsored vehicle drop down
    strategy with an agreement to transfer $1.2 billion of assets to
    Enbridge Income Fund 
 
--  Enbridge selected to provide lateral pipeline for Heidelberg Gulf of
    Mexico offshore oil development 

 
Enbridge Inc. (TSX:ENB) (NYSE:ENB) - "As we approach the end of 2012
with nine-month adjusted earnings of $922 million, or $1.20 per
share, and a strong fourth quarter expected, we remain on track to
achieve full year adjusted earnings per share well within our
guidance range of $1.58 to $1.74," said Al Monaco, President and
Chief Executive Officer (CEO). "With $18 billion in corporate-wide
commercially secured growth projects today, we expect strong average
annual earnings per share growth of 10% to 2016. Further, an
additional $12 billion of highly probable, unsecured projects would
accelerate earnings per share
 growth to 12%-plus over the next five
years, with continued momentum into the latter part of the decade." 
"North America is undergoing a transformation in crude oil and
natural gas production, which is driving the need for significant new
energy infrastructure. Enbridge is in the middle of that
transformation and we're uniquely positioned to benefit from new and
emerging opportunities in energy infrastructure development. Our
plate is very full and we expect this activity will continue to drive
industry-leading growth. This exceptional array of attractive
investments, coupled with our access to low-cost capital, supports
our positive five-year growth outlook. Beyond that, we are gaining
confidence that we will be able to sustain that growth through to the
end of the decade given embedded growth in returns on secured
investment opportunities, and the expected contribution from our new
growth platforms, such as Canadian Midstream and electric power." 
2012 results reflected unrealized non-cash mark-to-market accounting
impacts related to the comprehensive long-term economic hedging
program Enbridge Inc. (Enbridge or the Company) has put in place to
mitigate exposures to interest rate variability and foreign exchange,
as well as commodity prices. These kinds of short-term non-cash
impacts to reported earnings result from Enbridge's hedging program,
which the Company believes over the long-term will support reliable
cash flows and dividend growth. 
Mr. Monaco became President and CEO October 1, 2012, succeeding
Patrick D. Daniel on his retirement. Mr. Monaco and the Enbridge
leadership team presented the Company's strategic plan and growth
outlook to the investment community in early October, outlining the
three priorities that underpin that plan. 
"Our first priority is to focus on the safety, reliability and
environmental sustainability of our systems. We are committed to
achieving industry leadership in all of these areas," said Mr.
Monaco. "Second is to execute our slate of growth projects on time
and on budget, adding value for our customers and delivering
significant earnings and dividends growth for our shareholders. Key
to achieving this priority will be to maintain our strong financial
position. With confidence in our growth rate for the medium term, our
third priority is to extend the growth rate beyond 2016 through our
existing and new business platforms." 
Over the third quarter of 2012, Enbridge continued to add to its
slate of growth opportunities. In Liquids Pipelines, Enbridge
received regulatory approval to construct the Woodland Pipeline
Extension project, a 36-inch diameter 385-kilometre (228-mile) line
that will effectively twin Enbridge's existing Waupisoo Pipeline. The
Woodland Pipeline Extension project is estimated to require, subject
to approval of final commercial arrangements, an investment of
approximately $1.0 billion to $1.4 billion for an initial capacity of
400,000 barrels per day (bpd), expandable to 800,000 bpd. Enbridge
also announced an agreement for a $0.2 billion expansion of the
existing infrastructure at its Athabasca Terminal to accommodate the
incremental bitumen volumes from Suncor Energy Inc.'s (Suncor)
Firebag 3 and 4 developments. 
"The scale and scope of our existing regional infrastructure enables
us to offer oil sands and Bakken producers cost-effective and timely
regional transportation and terminaling solutions," said Mr. Monaco.
"We also continue to work closely with our customers to meet their
needs for access to new downstream markets, notably through our Gulf
Coast Access and Eastern Access programs, and to enhance market
connectivity which will help address significant North American price
discounting." 
In September, the Joint Review Panel (JRP) hearings on the Northern
Gateway Pipeline project entered the formal questioning phase
allowing for registered intervenors and Northern Gateway panel
experts to be cross-examined on the project, under oath and in
public, to fully investigate issues related to the project. 
"The regulatory process is intended to consider all points of view
and address concerns," said Mr. Monaco. "All of Northern Gateway's
plans and assertions - whether environmental, social or economic -
are being fully tested. We remain confident the JRP will conclude
that Northern Gateway is in Canada's national interest." 
Enbridge announced in October that it has entered into a midstream
services relationship with Encana Corporation (Encana) to develop gas
gathering and compression facilities in the Peace River Arch (PRA)
region in northwest Alberta. Enbridge also announced it has agreed
with the other partners of the Cabin Gas Plant (Cabin) development to
defer the commissioning of Cabin Phase 1 and construction of Cabin
Phase 2. Starting in December 2012, Enbridge expects to begin
receiving fees for its investment made to date in Cabin, including
costs expended on Phase 2 of the plant facilities. 
"We expect our investment in Cabin and PRA will exceed the previous
level of capital committed to Cabin Phases 1 and 2," said Mr. Monaco.
"The investment has the same attractive commercial underpinning as
our original Cabin investment." 
On November 6, 2012, Enbridge announced it has been selected by
Anadarko Petrol
eum Corporation (Anadarko) to build, own and operate a
crude oil pipeline in the Gulf of Mexico to connect the proposed
Heidelburg development, operated by Anadarko, to an existing third
party pipeline system. Construction of the pipeline, which is
expected to be operational by 2016, is subject to finalization of
definitive agreements and sanction of the development by Anadarko and
its project co-owners. 
"Enbridge has a significant presence in the United States Gulf,
transporting approximately 40% of deepwater natural gas production.
The Heidelburg lateral pipeline will be our second crude oil pipeline
in the Gulf contributing to the diversification of our offshore
business," said Mr. Monaco. 
In Gas Distribution, Enbridge announced investment of up to $0.6
billion to expand Enbridge Gas Distribution's (EGD) natural gas
distribution system in the Greater Toronto Area (GTA) to accommodate
growth in the GTA, and continue the safe and reliable delivery of
natural gas to current and future customers. 
"Our proposed GTA project reflects the changing gas-supply landscape
and represents the most significant upgrade to our distribution
system in 20 years. The project will enable us to serve current and
anticipated growth in our customers' needs, enhance our flexibility
to avoid customer impacts due to disruption of physical supply, and
provide options to access additional supply sources for our
customers," said Mr. Monaco.  
Over the third quarter, Enbridge continued to build liquidity in
support of its five-year funding plan, issuing $850 million in
Preference Shares and a $100 million Century Bond with a term to
maturity of 100 years through its subsidiary, Enbridge Pipelines
Inc., the second Century Bond ever issued by a Canadian corporation. 
"We are the largest issuer of rate reset preference shares with $2.3
billion issued this year and $3.3 billion issued since July 2011.
With a 4% yield, this is a very low cost and attractive source of
capital for us," said Mr. Monaco. 
Enbridge also advanced its sponsored vehicle strategy announcing on
October 25, 2012 an agreement with Enbridge Income Fund (the Fund) to
transfer a group of crude oil storage, wind power and solar power
assets valued at $1.2 billion to the Fund. The transfer is subject to
approval by the public shareholders of Enbridge Income Fund Holdings
Inc. (ENF) at a meeting to be held December 7, 2012, and to the
closing of a $222 million public offering of subscription receipts by
ENF. 
"The Enbridge sponsored investments provide us with a supplementary
source of debt and equity funding," said Mr. Monaco. "With this
transfer, Enbridge will receive initial net cash proceeds from the
transaction of $222 million and a further $582 million when the Fund
raises additional public term debt to refinance a bridge loan
provided by Enbridge in connection with this transaction."  
THIRD QUARTER 2012 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 of $189 million for the
    third quarter of 2012 have increased compared with the third quarter of
    2011. This increase primarily reflected a significant reduction in the
    net unrealized fair value losses on financial derivatives recognized in
    the third quarter of 2012 compared with 2011. The most significant
    reductions were on derivatives related to foreign exchange risk
    management positions, partially offset by increased unrealized losses
    associated with the revaluation of financial derivatives used to risk
    manage the profitability of transportation and storage transactions.
    Continued favourable performance resulting from increased volumes for a
    number of the Liquids Pipelines assets also contributed to the increase
    in earnings. 
 
--  Enbridge's third quarter adjusted earnings increased 13% to $269 million
    primarily as a result of increased contributions from Canadian Mainline
    and Spearhead Pipeline, which benefited from strong volumes, as well as
    contribution from the Company's 50% interest in the Seaway Pipeline
    since the completion of the reversal in May 2012, partially offset by
    decreased earnings from Enbridge Gas New Brunswick and increased net
    Corporate segment costs. 
 
--  On November 6, 2012, Enbridge announced it will build, own and operate a
    crude oil pipeline in the Gulf of Mexico to connect the proposed
    Heidelberg development, operated by Anadarko, to an existing third-party
    system. The Heidelberg lateral, which will be 20 inches in diameter and
    approximately 55 kilometres (34 miles) in length, will originate in
    Green Canyon Block 860, approximately 320 kilometres (200 miles)
    southwest of New Orleans and in an estimated 1,600 metres (5,300 feet)
    of water. Subject to finalization of definitive agreements and sanction
    of the development by Anadarko and its project co-owners, the lateral
    pipeline is expected to be operational by 2016. 
 
--  On October 25, 2012, ENF and the Fund announced they had entered into an
    agreement with Enbridge pursuant to which Enbridge would transfer five
    entities, which comprise crude oil storage in Alberta and renewable
    energy assets in Ontario, to the Fund. The agreement contemplates that
    Hardisty Contract Terminal, Hardisty Storage Caverns, Greenwich Wind
    Project, and Amherstburg and Tilbury solar projects would be transferred
    for an aggregate price of approximately $1.2 billion, to be paid in part
    by the issuance of additional ordinary trust units of the Fund to ENF
    and additional Enbridge Commercial Trust preferred units to Enbridge.
    Under the agreement, Enbridge has agreed to provide bridge debt
    financing to the Fund for the balance of the price. The transaction is
    subject to all necessary approvals, including approval by the minority
    shareholders of ENF, as well as regulatory approval. If approved, and
    upon repayment of the bridge financing, the transaction is expected to
    provide Enbridge $0.8 billion of net funding for its large growth
    capital investment program. 
 
--  On October 22, 2012, the Company agreed, subject to finalization of
    definitive agreements, to acquire from Encana certain sour gas gathering
    and compression facilities. These facilities, which are either currently
    in service or under construction, are located in the PRA region of
    northwest Alberta. Closing of the transaction is scheduled for December
    2012. Following the completion of construction in 2013, Enbridge's
    investment in the PRA Gas Development is expected to be approximately
    $0.3 billion. Enbridge is also working exclusively with Encana on
    facility scoping for development of additional major midstream
    facilities in the liquids-rich PRA region, which is expected to grow
    significantly in the years to come. Financial terms of the PRA Gas
    Development are expected to parallel previously established terms of the
    Cabin development. Enbridge has also agreed with its Cabin partners to
    defer commissioning of Phase 1 of the plant and construction of Phase 2.
 
--  On September 27
, 2012, Enbridge announced that it had received approval
    from the Alberta Energy Resources Conservation Board to construct the
    Woodland Pipeline Extension Project. The project will involve
    construction of a 36-inch diameter line approximately 385 kilometres
    (228 miles) from Enbridge's Cheecham regional oil sands terminal to its
    mainline hub terminal at Edmonton, effectively twinning Enbridge's
    existing Waupisoo Pipeline. The project is estimated to require a total
    investment of approximately $1.0 billion to $1.4 billion for an initial
    capacity of 400,000 bpd, expandable to 800,000 bpd. The estimated
    investment remains subject to finalization of scope and a definitive
    cost estimate. The new line is expected to accommodate anticipated
    growth in production from the Kearl oil sands project, and is required
    for expected needs from other projects presently connected to or
    expected to be connected to Enbridge's regional oil sands system.
    Enbridge has not yet received final commercial approval from shippers to
    initiate field construction, but anticipates it will do so in time to
    achieve a 2015 in-service date. Pre-construction development costs are
    being backstopped by shippers pending final commercial approval. 
 
--  Also on September 27, 2012, Enbridge announced that it entered into an
    agreement with Suncor to expand the existing infrastructure at the
    Enbridge Athabasca Terminal to accommodate the incremental bitumen
    volumes from Suncor's Firebag 3 and 4 developments. The approximately
    $0.2 billion expansion is expected to be in-service in the second
    quarter 2013. Enbridge will construct a new 350,000 barrel tank as well
    as additional infrastructure including new booster pumps, meters and
    modifications to existing piping and manifolds. Suncor has agreed to
    underpin Enbridge's investment in these facilities through a long-term
    Services Agreement, under which Enbridge recovers all operating costs, a
    return on equity and all of its invested capital. 
 
--  On September 6, 2012, Enbridge announced plans to expand EGD's natural
    gas distribution system in the GTA to meet demands of growth in the GTA
    and continue the safe and reliable delivery of natural gas to current
    and future customers. At an expected cost of up to $0.6 billion, the
    proposed GTA project will consist of two segments of pipeline and
    related facilities to upgrade the existing distribution system that
    delivers natural gas to several municipalities in Ontario. Subject to
    Ontario Energy Board approval, construction is targeted to start in
    2014, with an expected completion date of early 2016. 
 
--  On July 27, 2012, a release of crude oil was detected on Line 14 of
    Enbridge Energy Partners, L.P.'s (EEP) Lakehead System near Grand Marsh,
    Wisconsin. The estimated volume of oil released was approximately 1,200
    barrels. EEP received a Corrective Action Order (CAO) from the Pipeline
    and Hazardous Materials Safety Administration (PHMSA) on July 30, 2012,
    followed by an amended CAO on August 1, 2012. The CAOs required EEP to
    take certain corrective actions, some of which have already been
    completed and some are still ongoing, as part of an overall plan for its
    Lakehead System. A notable part of the CAOs was to hire an independent
    third party pipeline expert to review and assess EEP's overall integrity
    program. An independent third party expert was contracted during the
    third quarter of 2012 and their work is currently ongoing. Upon restart
    of Line 14 on August 7, 2012, PHMSA restricted the operating pressure to
    80% of the pressure in place at the time immediately prior to the
    incident. The pressure restrictions will remain in place until such time
    EEP can demonstrate that the root cause of the incident has been
    remediated. 
    
    EEP has updated the disclosed estimate for repair and remediation
    related costs associated with this crude oil release to approximately
    US$12 million ($2 million after-tax attributable to Enbridge), inclusive
    of approximately US$2 million of lost revenue, and excluding any fines
    and penalties. Despite the efforts EEP has made to ensure the
    reasonableness of its estimate, changes to the estimated amounts
    associated with this release are possible as more reliable information
    becomes available. EEP will be pursuing claims under Enbridge's
    comprehensive insurance policy, although it does not expect any
    recoveries to be significant. 
 
--  On July 2, 2012, EEP received a Notice of Probable Violation from the
    PHMSA related to the July 26, 2010 Line 6B crude oil release, which
    resulted in payment of a US$3.7 million civil penalty in the third
    quarter of 2012. EEP included the amount of the penalty in its total
    estimated cost for the Line 6B crude oil release, which was increased
    from US$785 million ($131 million after-tax attributable to Enbridge) as
    at June 30, 2012 to US$810 million ($136 million after-tax attributable
    to Enbridge) as at September 30, 2012. In addition, on July 10, 2012 the
    National Transportation Safety Board presented the results of its
    investigation into the Line 6B crude oil release and subsequently
    publicly posted its final report on July 26, 2012. On October 3, 2012,
    EEP received a letter from the Environmental Protection Agency (EPA)
    regarding a Proposed Order for potential incremental containment and
    active recovery of submerged oil. EEP is in discussions with the EPA
    regarding the agency's intent with respect to certain elements of the
    Proposed Order and the appropriate scope of these activities. As such,
    EEP has not included significant additional costs related to this
    Proposed Order in its total incident cost accrual and it is
    impracticable to provide an estimate at this time. 
 
--  Since the end of the second quarter, the Company completed the following
    financing transactions: 
    --  On September 25, 2012, EEP completed the issuance of 16.1 million
        Class A Common Units for net proceeds of approximately US$447
        million. 
    --  On September 13, 2012, Enbridge completed an offering of 16 million
        Cumulative Redeemable Preference Shares, Series P for aggregate
        gross proceeds of $400 million. 
    --  On July 18, 2012, Enbridge issued a $100 million Century Bond with a
        term to maturity of 100 years through its subsidiary, Enbridge
        Pipelines Inc., the second Century Bond ever issued by a Canadian
        corporation. 
    --  On July 17, 2012, Enbridge completed an offering of 18 million
        Cumulative Redeemable Preference Shares, Series N for aggregate
        gross proceeds of $450 million. 
    --  On July 6, 2012, a new US$675 million of credit facility was secured
        by EEP, bringing Enbridge's enterprise-wide general purpose credit
        facilities to $11.6 billi
on. 

 
DIVIDEND DECLARATION  
On October 24, 2012, the Enbridge Board of Directors declared the
following quarterly dividends. All dividends are payable on December
1, 2012 to shareholders of record on November 15, 2012. 


 
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Common Shares                                                    $   0.28250
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(1)                                   $   0.37530
Preference Shares, Series P(2)                                   $   0.21640
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(1) This is the first dividend declared for Preference Shares, Series N.    
(2) This is the first dividend declared for Preference Shares, Series P.    

 
CONFERENCE CALL  
Enbridge will hold a conference call on Wednesday, November 7, 2012
at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to discuss the
third quarter 2012 results. Analysts, members of the media and other
interested parties can access the call at (617) 213-4850 or toll-free
at 1-888-679-8038 using the access code of 82312523. The call will be
audio webcast live at www.enbridge.com/InvestorRelations/Events.aspx.
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 at toll-free
1-888-286-8010 or (617) 801-6888 (access code 34744052) will be
available until November 14, 2012. 
The conference call will begin with presentations by the Company's
Chief Executive Officer and 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. 
The unaudited interim Consolidated Financial Statements and MD&A,
which contain additional notes and disclosures, are available on the
Enbridge website at www.enbridge.com/InvestorRelations.aspx. 
Enbridge Inc., a Canadian company, is a North American leader in
delivering energy and one of the Global 100 Most Sustainable
Corporations. As a transporter of energy, Enbridge operates, in
Canada and the United States, the world's longest crude oil and
liquids transportation system. The Company also has a significant and
growing involvement in the 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 close to
1,000 megawatts of renewable and alternative energy generating
capacity and is expanding its interest in wind and solar energy,
geothermal and hybrid fuel cells. Enbridge employs more than 10,000
people, primarily in Canada and the United States and is ranked as
one of Canada's Greenest Employers and one of Canada's Top 100
Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones
Sustainability World Index and the Dow Jones Sustainability North
America Index and is also a constituent of the 2012/2013 FTSE4Good
Index Series. Enbridge is also featured on the 2012 Carbon Disclosure
Leadership Index. Our United States affiliate, Enbridge Energy
Partners, is ranked as one of the 100 Most Trustworthy Companies in
America. 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 or adjusted earnings; expected earnings
or adjusted earnings per share; 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 that 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 and natural gas
liquids (NGL); prices of crude oil, natural gas and NGL; expected
exchange rates; inflation; interest rates; the availability and price
of labour and pipeline construction materials; operational
reliability; customer project 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 and NGL, 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, 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 or adjusted earnings 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, 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 Enbrid
ge 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
(earnings/(loss)) adjusted for unique or 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. Management believes that 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,
assess performance of the Company and set the Company's dividend
payout target. Adjusted earnings/(loss) and adjusted earnings/(loss)
for each of the segments are not measures that have a standardized
meaning prescribed by U.S. GAAP and are not considered GAAP measures;
therefore, these measures may not be comparable with similar measures
presented by other issuers. 


 
                                   Three months ended     Nine months ended 
                                        September 30,         September 30, 
                                      2012       2011       2012       2011 
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(unaudited; millions of Canadian                                            
 dollars, except per share                                                  
 amounts)                                                                   
Earnings attributable to common                                             
 shareholders                                                               
 Liquids Pipelines                     280        (31)       590        302 
 Gas Distribution                      (18)        (4)        80        138 
 Gas Pipelines, Processing and                                              
  Energy Services                     (201)        46       (426)       149 
 Sponsored Investments                  80         61        211        180 
 Corporate                              48        (77)         9       (108)
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                                       189         (5)       464        661 
 Earnings per common share            0.24      (0.01)      0.60       0.88 
 Diluted earnings per common                                                
  share                               0.24      (0.01)      0.59       0.87 
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Adjusted earnings(1)                                                        
 Liquids Pipelines                     191        150        501        410 
 Gas Distribution                      (18)        (4)       113        125 
 Gas Pipelines, Processing and                                              
  Energy Services                       36         41        117        122 
 Sponsored Investments                  69         61        196        170 
 Corporate                              (9)        (9)        (5)         - 
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                                       269        239        922        827 
 Adjusted earnings per common                                               
  share                               0.34       0.32       1.20       1.10 
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Cash flow data                                                              
 Cash provided by operating                                                 
  activities                           740        689      2,372      2,548 
 Cash used in investing                                                     
  activities                        (1,619)      (917)    (4,022)    (2,403)
 Cash provided by financing                                                 
  activities                         1,949        766      2,670        595 
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Dividends                                                                   
 Common share dividends declared       225        191        668        569 
 Dividends paid per common share    0.2825     0.2450     0.8475     0.7350 
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Shares outstanding (millions)                                               
 Weighted average common shares                                             
  outstanding                          780        750        769        751 
 Diluted weighted average common                                            
  shares outstanding                   792        761        781        760 
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Operating data                                                              
Liquids Pipelines - Average                                                 
 deliveries (thousands of                                                   
 barrels per day)                                                           
 Canadian Mainline(2)                1,617      1,565      1,654      1,541 
 Regional Oil Sands System(3)          387        360        390        327 
 Spearhead Pipeline                    155         56        157         91 
Gas Distribution - Enbridge Gas                                             
 Distribution (EGD)                                                         
 Volumes (billions of cubic                                                 
  feet)                                 45         43        272        311 
 Number of active customers                                                 
  (thousands)(4)                     2,007      1,973      2,007      1,973 
 Heating degree days(5)                                                     
  Actual                                83         55      1,989      2,506 
  Forecast based on normal                                                  
   weather                              80         82      2,328      2,379 
Gas Pipelines, Processing and                                               
 Energy Services - Average                                                  
 throughput volume (millions of                                             
 cubic feet per day)                                                        
                                                                            
 Alliance Pipeline US                1,448      1,495      1,555      1,562 
 Vector Pipeline                     1,384      1,359      1,519      1,500 
 Enbridge Offshore Pipelines         1,508      1,509      1,537      1,664 
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(1) Adjusted earnings represent earnings attributable to common             
shareholders adjusted for 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.                                    

Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
jennifer.varey@enbridge.com 
Enbridge Inc.
Jody Balko
Investment Community
(403) 231-5720
jody.balko@enbridge.com
 
 
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