97 1,089.8 98 1,645.5 99 1,141.2 00 935.7 Capital Expenditures, Investments and Acquisitions (millions of dollars) By Business Segment (millions of dollars) 2000 1999 1998 Energy Transportation 555.3 704.4 1,140.7 Energy Distribution 250.9 370.0 469.0 Energy Services 24.9 53.8 14.2 International  & Corporate 104.6 13.0 21.6 935.7 1,141.2 1,645.5 ENBRIDGE 2000 ANNU AL REPORT 26 LIQUIDITY AND CAPITAL RESOURCES Operating Activities Financing Activities Investing Activities $490.4 million for 1999 and 1998, respectively. The increase  is primarily a result of the full year operations of the Enbridge Athabasca System and Enbridge System expansions, as well  as the addition of tankage at the Athabasca facility. Operating cash flows in 1999 increased over 1998 levels primarily as a result of commissioning of additional liquids pipeline projects during the year. Additional funding requirements for operating assets and liabilities occurred in 2000 reflecting the expansion of business operations and higher costs associated with gas in storage. Such working capital changes were lower in 1999 when compared with 1998 due to the reduced level of investing activities. Cash used in investing activities for the year ended December 31, 2000 is $949.8 million compared with $1,205.7 million  in 1999. The major elements of the 2000 capital spending program were the continued growth of core businesses, operational efficiency, and integration along the energy value chain. Included in long-term investments were additional investments of $326.7 million in the Vector Pipeline (1999  — $24.6 million, 1998 — $23.0 million), $142.1 million  in the Alliance Pipeline (1999 — $138.0 million, 1998 — $105.4 million), and a $25.0 million investment in Global Thermoelectric. During 2000, the acquisition of an additional 7.2% in OCENSA and the remaining 50% of CITCOL ($77.2 million) was also completed. Enbridge is committed to achieving growth in its existing businesses and through development of complementary businesses. The Company has entered into a strategic alliance with Global Thermoelectric to develop and distribute natural gas- fuelled fuel cell products. Enbridge invested $25.0 million to fund further technology, design and product development work required to reach a commercial launch. This investment will provide Enbridge exclusive distribution rights in Canada for the residential units. Capital expenditures have decreased in 2000, reflecting the commissioning of recent pipeline expansions. In 1999, expenditures primarily related to system expansions in Energy Transportation, including construction of the Enbridge Athabasca System ($160.3 million), Phase I of the Terrace expansion ($119.4 million), and Line 9 Reversal ($18.0 million). Energy Distribution continued core maintenance and system expansion throughout the period 1998 to 2000. The Corporation’s cash generated from operations, access  to capital markets in Canada and the United States, and approximately $2.2 billion in unutilized credit facilities provide sufficient resources to finance growth opportunities, debt repayments and dividend distributions. Cash provided from operating activities before changes in operating assets and liabilities is $660.4 million for the year ended December 31, 2000, compared with $626.9 million and Over the three year period, the Corporation’s level of financing activities also reflected its growth and investment strategies. Funding sourced from debt or equity is determined primarily on the basis of the capital structure appropriate for each business. Certain of the Corporation’s regulated pipeline and gas distribution operations issue long-term debt to finance capital additions.