Pipeline options for Canadian crude oil to the US Gulf Coast Pipeline options for Canadian crude oil to the US Gulf Coast

Presentation to the Wyoming Pipeline Authority Presentation to the Wyoming Pipeline Authority

October 24, 2006October 24, 2006

Casper, WYCasper, WY

2

Forward Looking StatementsForward Looking Statements

Certain information provided in this presentation constitutes forward-looking statements. The words "anticipate", "expect", "project" and similar expressions are intended to identify such forward looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Enbridge assumes no obligation to publicly update or revise any forward looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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Rocky Mountain Issues

Expected growth from the WCSB

Enbridge pipeline transportation solutions1. Spearhead Pipeline

2. Southern Access

3. Alberta Clipper

4. Gateway

5. US Gulf Coast

AgendaAgenda

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Rocky Mountain Region Issues & SolutionsRocky Mountain Region Issues & Solutions

Guernsey, Wyoming hub has been oversupplied

Canadian production and Williston Basin production in Montana and North Dakota has increased dramatically

Oversupply has led to increased demand for transportation into other markets

Portions of the Enbridge North Dakota system have been prorated

Enbridge North Dakota has implemented Capacity Initiatives and Mainline Segment Expansions

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Expected growth from the WCSB:• Current production 2.4 MMbpd• 3.0 MMbpd by 2010, an increase of 25%• 4.0 MMbpd by 2015, an increase of 67%

Enbridge pipeline transportation solutions1. Spearhead Pipeline2. Southern Access Expansion3. Southern Access Extension4. Alberta Clipper

Access to new markets for WCSB production will be required.

Target: US Gulf CoastUS Gulf Coast

Supply Growth and Transportation SolutionsSupply Growth and Transportation Solutions

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Alberta Clipper and Southern Access Capacity ExpansionsAlberta Clipper and Southern Access Capacity Expansions

System capacity expansions to improve access from Hardisty

Southern Access Expansion – Approved & under construction

Southern Access Extension – Regulatory Application filed, pending approval

Alberta Clipper – Commercial Concept, Regulatory Application to be filed Q1 2007

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GatewayGateway

Oil pipeline 525 kbpd capacity

725 miles of 36” pipe

Condensate pipeline193 kbpd capacity725 miles of 20” pipe

Mainline Terminal5.5 MM bbl tankage (oil)1.5 MM bbl tankage

(Condensate)2 tanker berths

Finalizing Anchor ShippersQ4 2006 Regulatory filing

pending commercial certainty

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USGC Access USGC Access

USGC Proposed Pipeline Options:

1. Flanagan to Houston

2. Patoka to Beaumont

3. Patoka to St. James

4. Hardisty to Houston

Proposed options are all greenfield projects which Enbridge can develop independently and in a timely manner. Other options are being considered (i.e. utilizing existing pipelines owned by others) but are not addressed in this presentation.

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USGC MapUSGC Map

Key Points:

Gulf Coast, largest US refining area

Viable destination for Oilsands growth

Options 1-3 efficiently build upon proposed Clipper & S.A. projects

1

23

4

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USGC Summary of OptionsUSGC Summary of Options

Hardisty to USGC

Illustrative Toll (2011) ($US/bbl)

Estimated in-Service Date

Hardisty to USGC Approximate Transit Time

(Days)

Option 1

30” Flanagan to Cushing, 30” Cushing to Houston

4.30 2011 31

Option 2

30” Patoka to Beaumont 3.95 2011 29

Option 3

30” Patoka to St. James3.75 2011 27

Option 4

36” Hardisty to Houston 3.95 2011-12 33

* Tolls include power * Capacity 400 kbpd

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USGC Access Considerations as it Affects WyomingUSGC Access Considerations as it Affects Wyoming

Wyoming support may help accelerate ROW access in certain areas

Intermediate receipt or delivery points in Wyoming need to be examined

Access to Wyoming refineries

Pipeline operations, crude quality, tankage

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USGC Access Next Steps USGC Access Next Steps

Continue to define project scope through ongoing dialogue with interested shippers

Run further toll analysis as project scope and cost estimates are better defined

Continue to examine alternative options

Finalize scope: Q4/2006

Open Season: Q1/2007

Execute agreements: Q2/2007

Pipeline options for Canadian crude oil to the US Gulf Coast Pipeline options for Canadian crude oil to the US Gulf Coast

Presentation to the Wyoming Pipeline Authority Presentation to the Wyoming Pipeline Authority

October 24, 2006October 24, 2006

Casper, WYCasper, WY

14

Historical & Forecast SupplyMarket Unconstrained CaseHistorical & Forecast SupplyMarket Unconstrained Case

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

1998 2000 2002 2004 2006 2008 2010 2012 2014

(000 BPD)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

(000 BPD)

Conventional LightConventional Light

Synthetic LightSynthetic Light

Raw BitumenRaw Bitumen

Conventional HeavyConventional HeavyPentanes PlusPentanes Plus

Synthetic HeavySynthetic Heavy

ForecastHistorical

2006 Survey Potential

2006 Risked Supply

2006 CAPP Forecast 2006 NEB Forecast