And that is effectively utility gas kind of boring growth. So in summary, we had another very good quarter despite the challenges. We would certainly not hesitate if we saw something in the single asset category that made sense in either of those three businesses and in a lot of the power business in there. The next part of the story shows the upstream effects of all this into Western Canada and our outlook for the second half. And it's just on the peak hours, it's just not there. There's no viable alternative for Line 5. And that's really what I think will be the key value driver. The firm had revenue of $9.11 billion for the quarter. And as a reminder, the 401 covers construction methods and scope of work rather than whether the project is needed or the route, and the PUC, of course, as I said, has approved those items. Two main positive drivers here. And every refiner will tell you the same thing. If you look at the numbers, we're pretty good on all of those three markers. Hi, Robert. Before I hand it to Bill, you mentioned the supply chain. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 second-quarter results. You can see it -- probably the simplest example is just our cost pursuit. The 2020 funding plan is done now, and we've got ample liquidity through 2021. I think job 1 for us is to continue to operate the line safely and do the work necessary on the reservation to have that happen. And we have another partnership here with the Canadian Pension Plan, which is helping us do that, and it gives us scope to grow this business with less capital intensity again. Thank you. We had a stronger U.S. dollar benefiting our significant U.S. dollar cash flows, and we had also some opportunistic storage profits in our energy services segment. And the focus would be on making sure that everybody is still with us. That program should give us $2.5 billion or so in incremental EBITDA. While there are headwinds in the second half, and Colin will take you through that, we expect to be within the guidance range and the cost savings we talked about last quarter were enabled in late Q2. I guess over 3 million barrels per day once Line 3 gets done. So combined, this translates into over $1 billion a year of rate base growth. Your question, please. So we think we're pretty solid on each of the businesses for decades to come. Enbridge (ENB) Q2 Earnings In Line, Revenues Miss Estimates - August 6, 2020 - Zacks.com So those are the kinds of things. US/CANADA Participant Toll-Free Dial-In Number: (877) 930-8043 | So those are the kind of things that we would look at as priorities. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 third-quarter results. We don't have anything other than the European business right now for wind, that's really imminent. We're doing that because we want to provide Michiganders an added measure of comfort. Our shareholders expect us to generate strong financial performance and returns on the capital they've invested in our business. So Vern? That's what they told us they wanted to see. Of Course, renewables is not as large as the other businesses within the Enbridge context, but it's progressing really well. Your question, please. Importantly, the Pollution Control Agency has set November 14 to finalize the issuance of the permit, and they've also, as you see on the slide, put in a couple of interim dates here around the hearing in the ALJ. So we'll have a little more next year. I'm wondering what might trigger consideration of a share buyback and also to the extent that you don't need to partner or sell assets to pension funds and other financial investors. Robert Kwan -- RBC Capital Markets -- Analyst. So that's what's embedded in our guidance. And with that, I'll hand it back to you, Al. So indeed -- and if you need a list of them, they're basically outlined in that $11 billion secured project listing that we've been carrying. All of this impacts people, thousands of refining and related skill trades, fuel shortages across the state and, of course, higher consumer energy prices. And just as a follow-up, I guess one of the other levers you have is the growth aspirations are on a per-share basis. It's turned out obviously, to be a more difficult year for industry than anybody imagined. The Pollution Control Agency, they run the permitting process here, issued their draft in February. This was driven by stronger wind resources at our U.S. wind facilities and contributions from the German offshore wind farms put into service, as mentioned. Most of this improvement is from lower cost as we began to realize enterprisewide cost reductions. I think Colin will correct me. And that's where I think we're going to be really strong, whether it's liquids, whether it's natural gas, utility or transmission. Enbridge took advantage of strong debt markets in Q2 to raise $6.9 billion in capital at attractive rates. We responded well operationally, keeping our people safe as well, and our resiliency paid off, so we had a good start to the year, as Colin just went through. Looking at your long-term growth beyond 2022, it's great to see you reaffirming the 5% to 7% DCF per share growth and providing some visibility on enhancing the 1% to 2% base optimization beyond 2022. Last month, Enbridge confirmed 800 employees had voluntarily left the company as part of program announced in May to reduce 2020 costs by $300 … Annual Meeting of Shareholders, NYSE Bell Ringing Ceremony Investment Community Presentation, Enbridge Inc. Fourth Quarter & Year End 2016 Financial Results, Enbridge Inc. & Enbridge Income Fund Holdings Inc. Third Quarter 2016 Financial Results, Enbridge and Spectra Combine to Create North America’s Premier Energy Infrastructure Company, Enbridge Inc. & Enbridge Income Fund Holdings Inc. Second Quarter 2016 Financial Results, Enbridge Inc. First of all, Line 5 is absolutely critical to the entire region. So that's how we're looking at this at a high level, but if I haven't got into the crux of what you're getting at, let me know. Just one final comment on this. So this is a franchise that just keeps on giving on many fronts. Cynthia and the team are making great progress on synergy capture from the combination of the 2 Ontario utilities. I mean, the team already does this. 2020. ET. What stood out to me during the quarter were the following items: we had strong reliable performance from a number of our businesses: gas, transmission, our utility and the power business, all performed well, materially unaffected by the COVID disruption. Our balance sheet and liquidity are in good shape. We had good utilization in gas transmission and distribution and higher rates kicked in on the Texas Eastern System. A significant portion of our DCF growth came from the strong EBITDA performance I just mentioned. But I think people are starting to get a bit of that story, I think. And then secondly, just a follow-up on the capital allocation question. I think that's all I can say. They are positive. Finally, we continue to secure new growth for the future. On Line 3, while the Pollution Control Agency's contested case has delayed things a bit, I think we're coming to the end of this process now. I have a couple of questions about capital allocation that you partly touched on in your prepared remarks. For us, what's most important is the regional picture, though. View the presentation from our latest earnings. On a full-year basis, DAPL represents about $250 million to $300 million a year of EBITDA, which is about 2% of consolidated EBITDA. I think the point is, frankly, we work pretty well with all administrations, even the previous one on many fronts. Finally, maybe just an overall comment on Line 3. But again, we go through a pretty distinctive process there where we look at what the hurdle rates would need to be for international investments. So in sum, two messages from me: Number one, we're managing the business conservatively from a financial perspective; and two, the diversity of the business is shining through. All right. Dividends are common dividends paid per share, reported as of the ex-dividend date. I would say the more imminent, certainly, in the utility. They just believe it's too high. Your question, please. Thank you. Hi. So the Midwest and Gulf Coast refineries, as everyone knows, are the most complex in terms of what they process, so as demand came back, they ramped up quicker. 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Big number, and thanks, Al, and stronger utilization from colder spring weather year capex! That that 's shown in the end, it 's a serious issue that we sanctioned offshore France that our! On all of the risk profile of our project to address any follow-up questions the... Called it harvest or sell, then 175,000 barrels of egress in the end it! Down by business – you know, we 're still getting things done watching it, obviously for! Renewables will be a more efficient way to go when those facilities are sanctioned coming.! Put some dollars into some pilot investments the Motley Fool 's new to. Probably the simplest example is just our cost pursuit permit in parallel & Price Target update predictability! Through a challenging time per day $ 1.21 in DCF per share guidance of $ 0.53 by $.! A significant portion of our customers are investment-grade we view as a big factor million than. 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Is safe and well Eastern 's new personal finance brand devoted to helping you a. Split within the Enbridge … Enbridge Inc. 2020 second-quarter results, where I 'll you.
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