Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 195

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 195
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 a joint venture in which we manage and operate a 51% interest. One of our US solar projects is held within a separate joint venture in which we hold a 50% interest.

We also own interests in European offshore wind facilities through the following joint ventures:

•a 24.9% interest in Rampion Offshore Wind, located in the United Kingdom;

•a 49.9% interest in Hohe See and Albatros Offshore Wind, located in Germany;

•a 25.5% interest in the Saint-Nazaire Offshore Wind Project, located in France;

•a 25% interest in the Provence Grand Large Floating Offshore Wind Project, located in France;

•a 17.9% interest in the Fécamp Offshore Wind Project, located in France; and

•a 21.7% interest in the Calvados Offshore Wind Project, under construction in France.

COMPETITION

Renewable Power Generation operates in the North American and European power markets, which are subject to competition and supply and demand fundamentals for power in the jurisdictions in which it operates. The majority of our revenue is generated from long-term PPAs (or has been substantially hedged). As such, financial performance is not significantly impacted by fluctuating power prices arising from supply/demand imbalances or the actions of competing facilities during the term of the applicable contracts. However, the renewable energy sector includes large utilities, small independent power producers and private equity investors, which are expected to aggressively compete for new project development opportunities and for the right to supply customers when contracts expire.

To grow in an environment of heightened competition, we strategically target regions with commercial constructs consistent with our low risk business model. In addition, we leverage our expertise in developing and constructing large-scale infrastructure projects.

SUPPLY AND DEMAND

Renewable power generation in North America and Europe is expected to grow significantly over the next 20 years due to growing power demand and the replacement of retiring fossil fuel-based sources of electricity generation.

Strong load growth across North America is anticipated, driven by growing data center power demand and other large industrial load, as well as the continued electrification within the residential, transportation and industrial sectors. Furthermore, voluntary GHG emissions reduction targets are becoming increasingly expected by stakeholders, which is driving significant demand from corporate electricity end-users for cleaner electricity and environmental attributes.

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In response to the growing demand outlook, North America requires significant new generation capacity from preferred technologies. Gas-fired and renewable energy facilities, including solar and wind