Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 15

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 15
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 assure you that the market, if any, for any
series of the Notes will be free from disruptions that may adversely affect the price at which you may sell such Notes. Future trading
prices of the Notes will also depend on many other factors, including, among other things, prevailing interest rates, the market for similar
securities, our financial performance and other factors. Generally, the liquidity of, and trading market for, the Notes may also be materially
and adversely affected by declines in the market for similar debt securities. Such a decline may materially and adversely affect that
liquidity and trading independent of our financial performance and prospects.

<div align='center'>S-8

Consolidated Capitalization</div>

The following table summarizes
our consolidated capitalization as of September 30, 2025 on:

| · | an actual basis; and |

| · | an as adjusted basis to give effect to the issuance and sale of the Notes described in this prospectus                     
 supplement, without giving effect to the application of the net proceeds thereof. See “Use of Proceeds” in this prospectus 
 supplement.                                                                                                                |

You should read this table together with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, the audited consolidated financial statements for the year ended December 31, 2024 and the related notes thereto in our 2024 Annual Report and the unaudited consolidated financial statements for the quarter ended September 30, 2025 and the related notes thereto in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are incorporated by reference
in this prospectus supplement and the accompanying prospectus. All U.S. dollar amounts in the following table have been converted to Canadian
dollars using the exchange rate on September 30, 2025 of US$1.00 per $1.3920 as published by Bloomberg L.P.

|                                                  |     | As of September 30, 2025 |         |   |     |             |         |   |
|:-------------------------------------------------|:----|:-------------------------|--------:|:--|:----|:------------|--------:|:--|
|                                                  |     | Actual                   |         |   |     | As Adjusted |         |   |
|                                                  |     | -millions of dollars     |         |   |     |             |         |   |
| Cash and cash equivalents(1)                     |     | $                        |