<SEC-DOCUMENT>0001539041-25-000022.txt : 20250806
<SEC-HEADER>0001539041-25-000022.hdr.sgml : 20250806
<ACCEPTANCE-DATETIME>20250806162557
ACCESSION NUMBER:		0001539041-25-000022
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250806
DATE AS OF CHANGE:		20250806

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53559
		FILM NUMBER:		251190049

	BUSINESS ADDRESS:	
		STREET 1:		200 425 - 1ST STREET SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3L8
		BUSINESS PHONE:		403-231-3900

	MAIL ADDRESS:	
		STREET 1:		200 425 - 1ST STREET SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3L8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IPL ENERGY INC
		DATE OF NAME CHANGE:	19940616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PICTON MAHONEY ASSET MANAGEMENT
		CENTRAL INDEX KEY:			0001539041
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		33 YONGE STREET, SUITE 320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1G4
		BUSINESS PHONE:		416-955-4108

	MAIL ADDRESS:	
		STREET 1:		33 YONGE STREET, SUITE 320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1G4
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>SCHEDULE 13G/A</submissionType>
        <previousAccessionNumber/>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001539041</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>


        </filerInfo>
    </headerData>
    <formData>
        <coverPageHeader>
            <amendmentNo>1</amendmentNo>
            <securitiesClassTitle>Preferred Shares</securitiesClassTitle>
            <eventDateRequiresFilingThisStatement>05/30/2025</eventDateRequiresFilingThisStatement>
            <issuerInfo>
                <issuerCik>0000895728</issuerCik>
                <issuerName>Enbridge Inc.</issuerName>
                <issuerCusip>29250N790</issuerCusip>
                <issuerPrincipalExecutiveOfficeAddress>
                    <com:street1>425-1st Street SW</com:street1>
                    <com:city>Calgary</com:city>
                    <com:stateOrCountry>Z4</com:stateOrCountry>
                    <com:zipCode> T2P 3L8</com:zipCode>
                </issuerPrincipalExecutiveOfficeAddress>
            </issuerInfo>
            <designateRulesPursuantThisScheduleFiled>
                <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
            </designateRulesPursuantThisScheduleFiled>
        </coverPageHeader>
        <coverPageHeaderReportingPersonDetails>

            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
            <reportingPersonBeneficiallyOwnedNumberOfShares>
                <soleVotingPower>2000000</soleVotingPower>
                <sharedVotingPower>0</sharedVotingPower>
                <soleDispositivePower>2000000</soleDispositivePower>
                <sharedDispositivePower>0</sharedDispositivePower>
            </reportingPersonBeneficiallyOwnedNumberOfShares>
            <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2000000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
            <classPercent>7.54</classPercent>
            <typeOfReportingPerson>PN</typeOfReportingPerson>
            <comments>The percentages used herein are calculated based upon 16,000,000 Preferred shares outstanding as of June 4.,2025 as sourced from Bloomberg</comments>
        </coverPageHeaderReportingPersonDetails>
        <items>
            <item1>
                <issuerName>Enbridge Inc.</issuerName>
                <issuerPrincipalExecutiveOfficeAddress>425-1st Street SW, Calgary, CANADA (FEDERAL LEVEL),  T2P 3L8</issuerPrincipalExecutiveOfficeAddress>
            </item1>
            <item2>
                <filingPersonName>Picton Mahoney Asset Management</filingPersonName>
                <principalBusinessOfficeOrResidenceAddress>33 Yonge Street #320</principalBusinessOfficeOrResidenceAddress>
                <citizenship>CANADA</citizenship>
            </item2>
            <item3>
                <notApplicableFlag>N</notApplicableFlag>
                <typeOfPersonFiling>FI</typeOfPersonFiling>
                <otherTypeOfPersonFiling>Investment Fund Manager</otherTypeOfPersonFiling>
            </item3>
            <item4>
                <amountBeneficiallyOwned>1,029,400</amountBeneficiallyOwned>
                <classPercent>6.43</classPercent>
                <numberOfSharesPersonHas>
                    <solePowerOrDirectToVote>1,029,400</solePowerOrDirectToVote>
                    <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
                    <solePowerOrDirectToDispose>1,029,400</solePowerOrDirectToDispose>
                    <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
                </numberOfSharesPersonHas>
            </item4>
            <item5>
                <notApplicableFlag>Y</notApplicableFlag>
                <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
            </item5>
            <item6>
                <notApplicableFlag>Y</notApplicableFlag>
            </item6>
            <item7>
                <notApplicableFlag>Y</notApplicableFlag>
            </item7>
            <item8>
                <notApplicableFlag>Y</notApplicableFlag>
            </item8>
            <item9>
                <notApplicableFlag>Y</notApplicableFlag>
            </item9>
            <item10>
                <notApplicableFlag>N</notApplicableFlag>
                <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or infuencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</certifications>
            </item10>
        </items>
        <signatureInformation>
            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <signatureDetails>
                <signature>Catrina Duong</signature>
                <title>General Counsel and Chief Compliance Officer</title>
                <date>08/06/2025</date>
            </signatureDetails>
        </signatureInformation>
        <signatureComments>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</signatureComments>
    </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
