Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 15

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 15
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 its assets;                                                                                             |

| · | the present fair saleable value of its assets was less than the amount that would be required to pay its 
 probable liability, including contingent liabilities, as they became absolute and mature; or             |

| · | it could not pay its debts as they became due. |

The guarantee for the Notes
will contain a provision intended to limit the Guarantors’ liability to the maximum amount that they could incur without causing
the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer under U.S. federal or state law.
This provision may not be effective to protect the guarantee from being voided under fraudulent transfer law.

We cannot provide assurance that an active trading market will develop for any series of the Notes.

The 2028 Notes, the 2030
Notes and the 2035 Notes are each a new issue of securities and, even though the New 2054 Notes will trade interchangeably with the US$800,000,000
aggregate principal amount of the Existing 2054 Notes, no established trading market exists for any of the Notes. The underwriters have
advised us that they currently make a market in the Existing 2054 Notes and that they intend to make a market in the Notes as permitted
by applicable laws and regulations; however, the underwriters are not obligated to make a market in the Notes, and they may discontinue
their market-making activities at any time without notice. Therefore, we cannot assure you that an active market for any series of the
Notes will develop or, if developed, that it will continue. We cannot 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.

| S-9 |

<div align='center'>Consolidated Capitalization</div>

The following table summarizes
our consolidated capitalization as of March 31, 2025 on:

| · | an actual basis; and |

| · | an as adjusted