{"id":657960,"date":"2026-08-18T18:45:31","date_gmt":"2026-08-19T01:45:31","guid":{"rendered":"https:\/\/nai500.com\/?p=657960"},"modified":"2026-08-18T18:45:31","modified_gmt":"2026-08-19T01:45:31","slug":"%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e7%ae%a1%e9%81%93%e5%bb%ba%e8%a8%ad%e6%8f%90%e9%80%9f%ef%bc%8cenb%e3%80%81ppl%e3%80%81trp%e7%8f%be%e5%9c%a8%e8%83%bd%e4%b8%8a%e8%bb%8a%e5%97%8e%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/08\/%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e7%ae%a1%e9%81%93%e5%bb%ba%e8%a8%ad%e6%8f%90%e9%80%9f%ef%bc%8cenb%e3%80%81ppl%e3%80%81trp%e7%8f%be%e5%9c%a8%e8%83%bd%e4%b8%8a%e8%bb%8a%e5%97%8e%ef%bc%9f\/","title":{"rendered":"\u52a0\u62ff\u5927\u80fd\u6e90\u7ba1\u9053\u5efa\u8a2d\u63d0\u901f\uff0cENB\u3001PPL\u3001TRP\u73fe\u5728\u80fd\u4e0a\u8eca\u55ce\uff1f"},"content":{"rendered":"

\u52a0\u62ff\u5927\u4f5c\u70ba\u5168\u7403\u7b2c\u56db\u5927\u77f3\u6cb9\u751f\u7522\u570b\uff0c\u6b63\u5728\u63a8\u52d5\u81f3\u5c11\u516d\u500b\u80fd\u6e90\u51fa\u53e3\u7ba1\u9053\u9805\u76ee\u3002\u6839\u64da\u8def\u900f\u8a08\u7b97\uff0c\u9019\u4e9b\u9805\u76ee\u5408\u8a08\u52302035\u5e74\u53ef\u589e\u52a0225\u842c\u6876\/\u65e5\u7684\u51fa\u53e3\u7ba1\u9053\u904b\u529b\uff0c\u6709\u671b\u63d0\u5347\u52a0\u62ff\u5927\u77f3\u6cb9\u51fa\u53e3\u898f\u6a21\uff0c\u4e26\u63a8\u52d5\u7e3d\u7406\u99ac\u514b\u00b7\u5361\u5c3c\u63d0\u51fa\u7684\u201c\u80fd\u6e90\u8d85\u7d1a\u5927\u570b\u201d\u76ee\u6a19\u9010\u6b65\u843d\u5730\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0cEnbridge (TSX:ENB)<\/a>\u3001Pembina Pipeline (TSX:PPL)<\/a>\u548cTC Energy (TSX:TRP)<\/a>\u4e09\u5bb6\u80fd\u6e90\u57fa\u5efa\u516c\u53f8\u53d7\u5230\u5e02\u5834\u95dc\u6ce8\u3002<\/p>\n

\u6839\u64da\u62ab\u9732\u4fe1\u606f\uff0c\u516d\u500b\u5728\u5efa\u6216\u64ec\u8b70\u9805\u76ee\u5305\u62ec\uff1a<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u9805\u76ee\u540d\u7a31<\/td>\n\u65b0\u589e\u904b\u529b\uff08\u842c\u6876\/\u65e5\uff09<\/td>\n\u9805\u76ee\u72c0\u614b<\/td>\n\u76ee\u6a19\u6295\u904b\u6642\u9593<\/td>\n<\/tr>\n<\/thead>\n
Enbridge\u4e3b\u7dda\u4e00\u671f\u512a\u5316<\/td>\n15<\/td>\n\u5df2\u7372\u6279\u51c6<\/td>\n2027\u5e74<\/td>\n<\/tr>\n
Trans Mountain\u6e1b\u963b\u5291\u9805\u76ee<\/td>\n9<\/td>\n\u5df2\u7372\u6279\u51c6<\/td>\n2027\u5e74<\/td>\n<\/tr>\n
Enbridge\u4e3b\u7dda\u4e8c\u671f\u512a\u5316<\/td>\n25<\/td>\n\u64ec\u8b70\u968e\u6bb5<\/td>\n\u672a\u5b9a<\/td>\n<\/tr>\n
Trans Mountain\u4e3b\u7dda\u512a\u5316<\/td>\n21<\/td>\n\u64ec\u8b70\u968e\u6bb5<\/td>\n2028\u5e74<\/td>\n<\/tr>\n
South Bow\/Bridger Prairie\u9023\u63a5\u7dda<\/td>\n55<\/td>\n\u64ec\u8b70\u968e\u6bb5<\/td>\n2028\u5e74<\/td>\n<\/tr>\n
Alberta\u897f\u6d77\u5cb8\u7ba1\u9053<\/td>\n100<\/td>\n\u64ec\u8b70\u968e\u6bb5<\/td>\n2033\u5e74\u81f32034\u5e74<\/td>\n<\/tr>\n
\u5408\u8a08<\/strong><\/td>\n225<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Enbridge\uff1a\u5408\u540c\u6a21\u5f0f\u7a69\u56fa\uff0c\u9023\u7e8c31\u5e74\u4e0a\u8abf\u80a1\u606f<\/h2>\n

Enbridge\u5728TSX\u4e0a\u5e02\uff0c\u7d93\u71df\u8d85\u904e200\u500b\u5275\u6536\u8cc7\u7522\uff0c\u7d0498%\u7684\u6536\u76ca\u4f86\u81ea\u9577\u671f\u7167\u4ed8\u4e0d\u8b70\u5408\u540c\u548c\u53d7\u76e3\u7ba1\u8cc7\u7522\u3002\u516c\u53f8\u5927\u90e8\u5206\u6536\u76ca\u9084\u53d7\u5230\u901a\u8139\u806f\u52d5\u6a5f\u5236\u4fdd\u8b77\uff0c\u56e0\u6b64\u5728\u4e0d\u540c\u7d93\u6fdf\u74b0\u5883\u4e0b\u90fd\u80fd\u4fdd\u6301\u8f03\u70ba\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\u3002\u6191\u85c9\u9019\u7a2e\u8ca1\u52d9\u97cc\u6027\uff0cEnbridge\u5df2\u7d93\u9023\u7e8c\u652f\u4ed8\u80a1\u606f\u8d85\u904e70\u5e74\uff0c\u4e26\u9023\u7e8c31\u5e74\u63d0\u9ad8\u80a1\u606f\uff0c\u7576\u524d\u80a1\u606f\u7387\u70ba5.5%\u3002<\/p>\n

\u540c\u6642\uff0c\u516c\u53f8\u6b63\u5728\u63a8\u9032410\u5104\u52a0\u5143\u7684\u8cc7\u672c\u8a08\u5283\uff0c\u7528\u65bc\u64f4\u5927\u8cc7\u7522\u57fa\u790e\uff0c\u6eff\u8db3\u5317\u7f8e\u77f3\u6cb9\u548c\u5929\u7136\u6c23\u7522\u91cf\u589e\u9577\u5e36\u4f86\u7684\u80fd\u6e90\u57fa\u790e\u8a2d\u65bd\u9700\u6c42\u3002\u76f8\u95dc\u6295\u8cc7\u6709\u671b\u63d0\u5347\u73fe\u91d1\u6d41\uff0c\u800c\u7a69\u5065\u7684\u8ca1\u52d9\u72c0\u6cc1\u4e5f\u70ba\u80a1\u606f\u6301\u7e8c\u652f\u4ed8\u63d0\u4f9b\u652f\u6490\u3002<\/p>\n

Pembina Pipeline\uff1a\u5408\u540c\u6536\u5165\u8a17\u5e95\uff0c\u591a\u500b\u589e\u9577\u9805\u76ee\u63a8\u9032<\/h2>\n

Pembina Pipeline\u4e26\u4e0d\u6309\u6708\u652f\u4ed8\u80a1\u606f\uff0c\u4f46\u63094.4%\u7684\u80a1\u606f\u7387\u8a08\u7b97\uff0c5000\u52a0\u5143\u6295\u8cc7\u6bcf\u5b63\u5ea6\u53ef\u7372\u5f9753.66\u52a0\u5143\uff0c\u6298\u5408\u6708\u5747\u7d0417.88\u52a0\u5143\u3002\u516c\u53f8\u8cc7\u7522\u8ca0\u50b5\u8868\u7a69\u5065\uff0c\u540c\u6642\u64c1\u6709\u591a\u500b\u589e\u9577\u6a5f\u6703\uff0c\u5728\u52a0\u62ff\u5927\u897f\u90e8\u63d0\u4f9b\u95dc\u9375\u80fd\u6e90\u57fa\u790e\u8a2d\u65bd\u670d\u52d9\u3002Pembina\u7684\u5408\u540c\u6536\u5165\u5360\u6bd4\u9ad8\uff0c\u80fd\u5920\u8f03\u597d\u652f\u6301\u80a1\u606f\u3002\u672a\u4f86\u4e94\u5e74\uff0cLNG\u7d42\u7aef\u3001\u6578\u64da\u4e2d\u5fc3\u4f9b\u96fb\u3001\u4e59\u70f7\u63d0\u53d6\u7b49\u91cd\u5927\u9805\u76ee\u9810\u8a08\u5c07\u5e36\u4f86\u4e2d\u7b49\u500b\u4f4d\u6578\u589e\u9577\u3002\u516c\u53f8\u80a1\u50f9\u8fd1\u671f\u56de\u8abf\u7d046%\uff0c\u88ab\u90e8\u5206\u6295\u8cc7\u8005\u8996\u70ba\u958b\u59cb\u5efa\u5009\u7684\u6642\u6a5f\u3002<\/p>\n

TC Energy\uff1a\u5929\u7136\u6c23\u7ba1\u9053\u8207\u767c\u96fb\u7d44\u5408\uff0c2028\u5e74EBITDA\u76ee\u6a19\u660e\u78ba<\/h2>\n

TC Energy\u64c1\u6709\u4e26\u904b\u71df\u8986\u84cb\u5317\u7f8e\u7684\u5929\u7136\u6c23\u7ba1\u9053\u7db2\u7d61\uff0c\u4ee5\u53ca\u7d044.7\u5409\u74e6\u767c\u96fb\u5bb9\u91cf\u7d44\u5408\u3002\u7d0498%\u7684\u6536\u76ca\u4f86\u81ea\u53d7\u8cbb\u7387\u76e3\u7ba1\u8cc7\u7522\u548c\u9577\u671f\u7167\u4ed8\u4e0d\u8b70\u5408\u540c\uff0c\u8ca1\u52d9\u8868\u73fe\u53d7\u5546\u54c1\u50f9\u683c\u6ce2\u52d5\u548c\u5b8f\u89c0\u74b0\u5883\u8b8a\u5316\u7684\u5f71\u97ff\u76f8\u5c0d\u6709\u9650\u3002\u516c\u53f8\u5df2\u9023\u7e8c26\u5e74\u63d0\u9ad8\u80a1\u606f\uff0c\u7576\u524d\u9060\u671f\u6536\u76ca\u7387\u70ba3.96%\u3002<\/p>\n

\u5317\u7f8e\u5929\u7136\u6c23\u7522\u91cf\u6301\u7e8c\u4e0a\u5347\uff0c\u70baTC Energy\u7684\u57fa\u790e\u8a2d\u65bd\u5e36\u4f86\u9577\u671f\u9700\u6c42\u3002\u516c\u53f8\u6b63\u5728\u64f4\u5927\u8cc7\u7522\u57fa\u790e\uff0c\u5df2\u670920\u5104\u52a0\u5143\u9805\u76ee\u6295\u5165\u670d\u52d9\uff0c\u53e6\u670935\u5104\u52a0\u5143\u9805\u76ee\u9810\u8a08\u4eca\u5e74\u4e0a\u7dda\uff0c\u958b\u767c\u5132\u5099\u4e2d\u9084\u6709\u7d04200\u5104\u52a0\u5143\u9805\u76ee\u3002\u516c\u53f8\u9810\u8a08\u52302028\u5e74\u8abf\u6574\u5f8cEBITDA\u5c07\u9054\u5230126\u5104\u81f3131\u5104\u52a0\u5143\uff0c\u5340\u9593\u4e2d\u9ede\u5c0d\u61c9\u7684\u5e74\u5316\u589e\u9577\u7387\u70ba5.4%\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u52a0\u62ff\u5927\u4f5c\u70ba\u5168\u7403\u7b2c\u56db\u5927\u77f3\u6cb9\u751f\u7522\u570b\uff0c\u6b63\u5728\u63a8\u52d5\u81f3\u5c11\u516d\u500b\u80fd\u6e90\u51fa\u53e3\u7ba1\u9053\u9805\u76ee\u3002\u6839\u64da\u8def\u900f\u8a08\u7b97\uff0c\u9019\u4e9b\u9805\u76ee\u5408\u8a08\u52302035\u5e74\u53ef\u589e\u52a0 […]<\/p>\n","protected":false},"author":27,"featured_media":596271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[2147,589,568,1860],"class_list":{"0":"post-657960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-1522","8":"category-trends-strategies-zh-hant","9":"tag--zh-hant","10":"tag-589","11":"tag-zh-hant-blog-tag-","13":"sectors-oil-gas-zh-hant","14":"locations-canada-zh-hant","15":"exchange-tsx-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=657960"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657960\/revisions"}],"predecessor-version":[{"id":657963,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/657960\/revisions\/657963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/596271"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=657960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=657960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=657960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}