ENBRIDGE INC
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
ENB$46.89-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0000895728-24-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000895728-25-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 292 previous paragraphs and 202 current paragraphs.
82 unchanged; 66 reworded; 52 added; 138 removed; 6 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (52)
Current report
Maritimes & Northeast Pipeline (M&N) US filed a rate case on May 30, 2024 and a settlement in principle was reached with customers in December 2024. A Stipulation and Agreement was approved by the FERC on April 25, 2025 with rates effective January 1, 2025.
Current report
Enbridge Gas Ontario
Current report
In November 2024, the OEB issued its Decision approving the Phase 2 Partial Settlement Proposal (Phase 2 Settlement). The Phase 2 Settlement establishes a price cap IR rate setting mechanism to be used for determining rates for 2025-2028. The price cap mechanism includes the continuation and establishment of certain deferral and variance accounts, as well as an earnings sharing mechanism that requires Enbridge Gas Ontario to share equally with customers any earnings in excess of 100 basis points over the allowed return on equity (ROE), and 90% of any earnings in excess of 300 basis points over the allowed ROE. Issues not addressed as part of the Phase 2 Settlement proceeded to hearing in December 2024 and a decision is expected in the second quarter of 2025.
Current report
In March 2025, the OEB released its decision in the Generic Cost of Capital proceeding. The OEB determined that Enbridge Gas Ontario’s equity thickness would remain at 38% as approved in the Phase 1 Rebasing decision. The OEB also revised the formula for calculating ROE by reducing flotation costs by 25 basis points. The new formula will be implemented at the next rebasing proceeding.
Current report
Enbridge Gas Ohio
Current report
In October 2023, Enbridge Gas Ohio filed its base rate case and schedules with the Ohio Commission. Enbridge Gas Ohio proposed a non-fuel, base rate annual revenue increase of $212 million, projected to be effective January 2025. The base rate increase was proposed to recover the significant investment in distribution infrastructure for the benefit of Ohio customers. The proposed rates would have provided for an ROE of 10.40% compared to the currently authorized ROE of 10.38%. In addition, Enbridge Gas Ohio requested approval for an alternative rate plan for the continuation and modification of certain programs, including Pipeline Infrastructure Replacement and Capital Expenditure Program. On December 18, 2024, Enbridge Gas Ohio filed a Notice of Intent to Modify Filed Positions. The Notice of Intent indicated a willingness to accept a reduced annual revenue requirement increase (from $212 million to $60 million) and, if the reduced position were adopted, to forgo filing a new base rate case until October 31, 2027. The hearing began on January 13, 2025 and was completed in February 2025. Enbridge Gas Ohio filed initial briefs on March 26, 2025 and reply briefs were filed on April 30, 2025. An order is expected in the third quarter of 2025.
Current report
Enbridge Gas North Carolina
Current report
On April 1, 2025, Enbridge Gas North Carolina filed its first rate review and adjustment since 2021 with the North Carolina Utilities Commission. This rate case aims to reflect the costs of delivering natural gas to customers and recover investments in infrastructure to support service reliability and customer growth. Enbridge Gas North Carolina is proposing a 12% increase to its residential natural gas rates.
Current report
Enbridge Gas Utah
Current report
On May 1, 2025, Enbridge Gas Utah filed its first rate review and adjustment since 2022 with the Utah Public Service Commission. This rate case aims to reflect the costs of delivering natural gas to customers and recover investments in infrastructure to support service reliability and customer growth. Enbridge Gas Utah is proposing a 9.5% increase to its residential natural gas rates.
Current report
•equity investment income of $87 million ($65 million after-tax) from our investment in DCP Midstream, LP (DCP), as a result of DCP's disposition of certain pipeline assets; and
Current report
•a $27 million gain ($25 million after-tax) on disposition of our interest in the East-West Tie Limited Partnership (East-West Tie); partially offset by
Current report
•a $139 million realized loss and a $105 million unrealized gain (together resulted in a $26 million loss after-tax) from a hedge settlement in our Renewable Power Generation segment. Earnings attributable to noncontrolling interests of $72 million ($55 million after-tax) was recognized as a result of accounting for the settlement under the hypothetical liquidation at book value method.
Current report
•positive earnings impact in Enbridge Gas Ontario due to colder weather in 2025 compared to a negative impact in 2024 in our Gas Distribution and Storage segment;
Current report
•higher contributions from our Liquids Pipelines segment due to stronger Mainline and Line 9 performance and higher equity earnings due to a litigation settlement;
Current report
•higher realized foreign exchange losses on hedge settlements in Eliminations and Other;
Current report
After taking into consideration the factors above, the remaining $161 million increase is primarily explained by the following significant business factors:
Current report
•higher Mainline and Line 9 contributions due to higher throughput;
Current report
•equity earnings attributable to a litigation settlement; and
Current report
EBITDA was positively impacted by $43 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
•equity earnings of $87 million from our investment in DCP, as a result of DCP's gain on disposition from certain pipeline assets; partially offset by
Current report
The remaining $165 million increase is primarily explained by the following significant business factors:
Current report
•favorable contracting on our US Gas Transmission assets;
Current report
•contributions from the acquisitions of an interest in the Whistler Parent JV with WhiteWater/I Squared Capital and MPLX LP and in the Delaware Basin Residue in the second and fourth quarters of 2024, respectively, and from the Texas Eastern Venice Extension project since service commencement in late 2024; and
Current report
EBITDA was positively impacted by $835 million primarily due to the following significant business factors:
Current report
•When compared with the normal forecast embedded in rates, the positive impact of weather on EBITDA for Enbridge Gas Ontario was approximately $9 million in 2025 compared to a negative impact of approximately $78 million in the same period of 2024; and
Current report
•higher distribution charges resulting from increases in rates and customer base at Enbridge Gas Ontario.
Current report
EBITDA was positively impacted by $4 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
•a $27 million gain on the disposition of our interest in East-West Tie; partially offset by
Current report
•a realized loss of $139 million, partially offset by a non-cash, net unrealized gain of $105 million in 2025, compared with a net unrealized loss of $11 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Current report
•stronger wind resources at North American wind facilities.
Current report
•lower investment income in 2025 compared to 2024 from investing cash sources from the pre-funding of the Acquisitions.
Current report
5 Includes approved capital costs for the second phase of the project which involves installation of additional compression to add capacity and is expected to go into service in 2028.
Current report
•T-North Expansion (Birch Grove) - An expansion of our British Columbia (BC) Pipeline in northern BC that includes pipeline looping and ancillary station modifications to support 178 million cubic feet per day of additional capacity. The project is underpinned by a cost-of-service commercial model with a target in-service date in the third quarter of 2028. This expansion is driven by the need for natural gas producers in northeastern BC to access markets for their growing production, mainly from the prolific Montney formation.
Current report
OTHER ANNOUNCED PROJECTS UNDER DEVELOPMENT
Current report
LIQUIDS PIPELINES
Current report
Mainline System Capital Investments
Current report
On March 4, 2025, we announced plans to invest up to $2.0 billion in our Mainline System through 2028. These investments are expected to earn a return through the Mainline Tolling Settlement and will be focused on extending the service life of the underlying assets, as well as further enhancing reliability and efficiency given continuing demands on the system.
Current report
LINE 5 EASEMENT (BAD RIVER BAND)
Current report
On July 23, 2019, the Bad River Band of the Lake Superior Tribe of Chippewa Indians (the Band) filed a complaint in the US District Court for the Western District of Wisconsin (the Court) over our Line 5 pipeline and right-of-way across the Bad River Reservation (the Reservation). Only a small portion of the total easements across 12 miles of the Reservation are at issue. The Band alleges that our continued use of Line 5 to transport crude oil and related liquids across the Reservation is a public nuisance under federal and state law and that the pipeline is in trespass on certain tracts of land in which the Band possesses ownership interests. The complaint seeks an Order prohibiting us from using Line 5 to transport crude oil and related liquids across the Reservation and requiring removal of the pipeline from the Reservation. Subsequently amended versions of the complaint also seek recovery of profits-based damages based on an unjust enrichment theory. Enbridge has responded to each claim in the initial and amended complaints with an answer, defenses and counterclaims.
Showing the first 40 of 52 passages. Open the source sections for the rest.
Removed paragraphs (138)
Previous report
ACQUISITIONS
Previous report
US Gas Utilities
Previous report
On September 5, 2023, Enbridge Inc. (Enbridge) entered into three separate definitive agreements with Dominion Energy, Inc. to acquire The East Ohio Gas Company (EOG), Questar Gas Company (Questar) and its related Wexpro companies (Wexpro), and Public Service Company of North Carolina, Incorporated (PSNC) (together, the Acquisitions). The Acquisitions further diversify, and are complementary to, our existing gas distribution operations.
Previous report
On September 30, 2024, through a wholly-owned US subsidiary, we acquired PSNC for cash consideration of $2.7 billion (US$2.0 billion) (the PSNC Acquisition). PSNC is a public utility primarily engaged in the purchase, sale, transportation and distribution of natural gas to residential, commercial and industrial customers in North Carolina. PSNC operates under rates approved by the North Carolina Utilities Commission. Going forward, PSNC will conduct business as Enbridge Gas North Carolina.
Previous report
On May 31, 2024, through a wholly-owned US subsidiary, we acquired Questar and Wexpro for cash consideration of $4.1 billion (US$3.0 billion) (the Questar Acquisition). Questar is a public natural gas utility providing distribution, storage and transmission services to residential, commercial and industrial customers in Utah, southwestern Wyoming and southeastern Idaho. The Public Utilities Commissions of Utah, Wyoming and Idaho have granted Questar the necessary regulatory approvals to serve these areas. Wexpro develops and produces cost-of-service gas reserves for Questar and operates under agreements with the states of Utah and Wyoming. Questar conducts business as Enbridge Gas Utah, Enbridge Gas Wyoming and Enbridge Gas Idaho in those respective states.
Previous report
On March 6, 2024, through a wholly-owned US subsidiary, we acquired EOG for cash consideration of $5.8 billion (US$4.3 billion) (the EOG Acquisition). EOG is a public natural gas utility providing distribution, storage and transmission services to residential, commercial and industrial customers in Ohio and is regulated by the Public Utilities Commission of Ohio. EOG conducts business as Enbridge Gas Ohio.
Previous report
Joint Venture with WhiteWater/I Squared and MPLX
Previous report
On May 29, 2024, through a wholly-owned US subsidiary, we formed a joint venture (the Whistler Parent JV) with WhiteWater/I Squared Capital (WhiteWater/I Squared) and MPLX LP (MPLX) that will develop, construct, own and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing liquefied natural gas (LNG) and other US Gulf Coast demand.The Whistler Parent JV is owned by WhiteWater/I Squared (50.6%), MPLX (30.4%) and Enbridge (19.0%) and owns the following assets:
Previous report
•a 100% interest in the Whistler Pipeline, a 450-mile intrastate pipeline transporting natural gas from the Waha Header in the Permian Basin to Agua Dulce, Texas;
Previous report
•a 100% interest in the Rio Bravo Pipeline project, two new parallel 137-mile pipelines transporting natural gas from the Agua Dulce supply area to NextDecade's Rio Grande LNG project in Brownsville, Texas;
Previous report
•a 70% interest in the ADCC Pipeline, a new 40-mile pipeline which was placed into service in July 2024 and is designed to transport 1.7 billion cubic feet per day (bcf/d) of natural gas from the terminus of the Whistler Pipeline in Agua Dulce, Texas to Cheniere's Corpus Christi LNG export facility; and
Previous report
•a 50% interest in Waha Gas Storage, a 2.0 bcf gas storage cavern facility connecting to key Permian egress pipelines including the Whistler Pipeline.
Previous report
In connection with the formation of the Whistler Parent JV, we contributed our 100% interest in the Rio Bravo Pipeline project and $487 million (US$357 million) of cash to the Whistler Parent JV. In addition to our 19.0% equity interest in the Whistler Parent JV, we received a special equity interest in the Whistler Parent JV which provides for a 25.0% economic interest in the Rio Bravo Pipeline project. This interest is subject to certain redemption rights held by Whitewater/I Squared and MPLX. After the closing on May 29, 2024, we accrued for our share of the post-closing mandatory capital expenditures of approximately US$150 million for the Rio Bravo Pipeline project. Additional capital expenditures to complete the Rio Bravo Pipeline project will be proportionate to our economic interest.
Previous report
ASSET MONETIZATION
Previous report
Disposition of Alliance Pipeline and Aux Sable Interests
Previous report
On April 1, 2024, we closed the sale of our 50.0% interest in the Alliance Pipeline, our interest in Aux Sable (including a 42.7% interest in Aux Sable Midstream LLC and Aux Sable Liquid Products L.P., and a 50.0% interest in Aux Sable Canada LP) and our interest in NRGreen Power Limited Partnership (NRGreen) to Pembina Pipeline Corporation (Pembina) for $3.1 billion, including $327 million of non-recourse debt, subject to customary closing adjustments. A gain on disposal of $1.1 billion before tax, which is net of $1.0 billion of the goodwill from our Gas Transmission segment allocated to the disposal group, is included in Gain on disposition of equity investments in the Consolidated Statements of Earnings for the nine months ended September 30, 2024.
Previous report
Texas Eastern
Previous report
Algonquin Gas Transmission, LLC (Algonquin) filed a rate case on May 30, 2024. On June 28, 2024, the FERC issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, Algonquin will make a motion filing to implement the rates to be effective December 1, 2024, subject to refund. Settlement negotiations with shippers have commenced.
Previous report
Maritimes & Northeast Pipeline (M&N) US filed a rate case on May 30, 2024. On June 27, 2024, the FERC issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, M&N US will make a motion filing to implement the rates to be effective December 1, 2024, subject to refund. Settlement negotiations with shippers have commenced.
Previous report
Incentive Regulation Rate Application
Previous report
On February 24, 2024, the Government of Ontario introduced Bill 165, the Keeping Energy Costs Down Act (the Act). The Act gives the Government of Ontario time-limited authority to set the revenue horizon for small volume customers, effectively reversing that aspect of the OEB's Phase 1 Decision. The Act proceeded to and passed a final vote in the provincial legislature on May 15, 2024 and received royal assent on May 16, 2024. Regulations are now in place setting the revenue horizon for new customer connections to 40 years.
Previous report
The Phase 1 Decision resulted in interim 2024 rates, pending Phase 2 of the proceeding and resolution of the Amended Motion. An updated Draft Interim Rate Order reflecting the Phase 1 Decision was filed on March 15, 2024 and subsequently approved by the OEB on April 11, 2024. The Interim Rate Order implemented 2024 rates on May 1, 2024, with an effective date of January 1, 2024.
Previous report
Enbridge Gas Ontario filed its Phase 2 evidence on April 26, 2024. Phase 2 will establish the incentive rate mechanism for 2025-2028, and will also address unregulated storage cost allocation and new energy transition proposals. Phase 3 is anticipated to be completed in 2025.
Previous report
In March 2024, we entered into a delayed-draw term loan facility in support of sustainable retrofit projects for large buildings using decarbonization solutions for $200 million which matures in March 2049.
Previous report
In April 2024, we closed a four-tranche offering consisting of three-year senior notes, five-year senior notes, 10-year senior notes, and 30-year senior notes for an aggregate principal amount of US$3.5 billion, which mature in April 2027, April 2029, April 2034 and April 2054, respectively.
Previous report
On May 15, 2024, we established an at-the-market equity issuance program (ATM Program) which provided us with additional flexibility to partially fund the Acquisitions. From May 15, 2024 to July 31, 2024, 51,298,629 common shares were issued on Canadian and US exchanges at average prices of CAD$48.72 and US$35.77 per common share for aggregate gross proceeds of $2.5 billion. On August 1, 2024, we terminated the ATM Program. Net proceeds from sales of common shares under the ATM Program were used to partially fund the Questar Acquisition and PSNC Acquisition and to pay related fees and expenses.
Previous report
In June 2024, we closed an offering consisting of a tranche of 30.75-year non-call 5.5-year fixed-to-fixed subordinated notes and a tranche of 30-year non-call 9.75-year fixed-to-fixed subordinated notes, for an aggregate principal amount of US$1.2 billion, which mature in March 2055 and June 2054, respectively.
Previous report
In June 2024, we entered into a five-year, non-revolving term loan facility of US$250 million which matures in June 2029.
Previous report
In July 2024, Algonquin closed an offering of 10-year senior notes for US$350 million which mature in July 2034.
Previous report
In July 2024, Enbridge Gas Ontario extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025.
Previous report
In July 2024, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025.
Previous report
In July 2024, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2026, which includes a one-year term out provision from July 2025. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2029. Further, we extended the maturity dates of our three-year credit facilities to July 2027.
Previous report
Change in Reportable Segments
Previous report
Effective January 1, 2024, to better align how the chief operating decision-maker reviews operating performance and resource allocation across operating segments, we transferred our Canadian and US crude oil marketing businesses from the Energy Services segment to the Liquids Pipelines segment. As a result, the Energy Services segment ceased to exist and the remainder of the business, comprising natural gas and power marketing, are now reported in the Eliminations and Other segment. Beginning in the first quarter of 2024, prior period comparable results for segmented information have been recast to reflect the change in reportable segments. This segment reporting change does not have an impact on our consolidated results.
Previous report
•a non-cash, net unrealized derivative fair value gain of $112 million ($92 million after-tax) in 2024, compared with a net unrealized loss of $782 million ($591 million after-tax) in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks;
Previous report
•the absence in 2024 of a provision adjustment of $124 million ($95 million after-tax) related to a litigation matter;
Previous report
•a deferred tax recovery of $59 million in 2024 due to change in state apportionment as a result of the Acquisitions; and
Previous report
•a non-cash, net unrealized gain of $14 million ($13 million after-tax) in 2024, compared with a net loss of $8 million ($7 million after-tax) in 2023, reflecting changes in the fair value of investments held by our captive insurance subsidiaries; partially offset by
Previous report
•a non-cash revaluation loss of $18 million in 2024 ($13 million after-tax) to the gas inventory at our Aitken Creek Gas Storage Facility (Aitken Creek).
Previous report
•full-quarter contributions from Enbridge Gas Ohio and Enbridge Gas Utah, and higher distribution charges resulting from increases in rates and customer base from Enbridge Gas Ontario in our Gas Distribution and Storage segment;
Showing the first 40 of 138 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
In May 2024, Texas Eastern Transmission, LP (Texas Eastern) reached a negotiated settlement with customers to increase rates starting October 1, 2024 and filed a Stipulation and Agreement with the Federal Energy Regulatory Commission (FERC) on June 3, 2024. Texas Eastern received approval on July 31, 2024 from the FERC of its uncontested settlement with customers.
Current wording
Algonquin Gas Transmission, LLC (Algonquin) filed a rate case on May 30, 2024 and a settlement in principle was reached with customers in December 2024. A Stipulation and Agreement was approved by the Federal Energy Regulatory Commission (FERC) on April 25, 2025 with rates effective December 1, 2024.
Previous wording
In October 2022, Enbridge Gas Inc. (Enbridge Gas Ontario) filed its application with the Ontario Energy Board (OEB) to establish a 2024 through 2028 Incentive Regulation (IR) rate setting framework. The application initially sought approval in two phases to establish 2024 base rates (Phase 1) on a cost-of-service basis and to establish a price cap rate setting mechanism (Phase 2) to be used for the remainder of the IR term (2025–2028). A third phase (Phase 3) was established with the OEB in 2023. Phase 3 will address cost allocation and the harmonization of rates and rate classes between legacy rate zones.
Current wording
In October 2022, Enbridge Gas Inc. (Enbridge Gas Ontario) filed its application with the Ontario Energy Board (OEB) to establish a 2024 through 2028 Incentive Regulation (IR) rate setting framework. The application initially sought approval in two phases to establish 2024 base rates (Phase 1) on a cost-of-service basis and to establish a price cap rate setting mechanism (Phase 2) to be used for the remainder of the IR term (2025–2028). A third phase (Phase 3) was established with the OEB in 2023. Phase 3 will address cost allocation and the harmonization of rates and rate classes and is anticipated to be completed in 2025.
Previous wording
On December 21, 2023, the OEB issued its Decision and Order on Phase 1 (Phase 1 Decision). Enbridge Gas Ontario filed a Notice of Appeal with the Ontario Divisional Court on January 22, 2024 regarding various aspects of the Phase 1 Decision. On January 29, 2024, Enbridge Gas Ontario also filed a Notice of Motion with the OEB requesting the OEB to review and vary the Phase 1 Decision. Our Notice of Motion was subsequently amended on May 29, 2024 (Amended Motion). The Amended Motion focused on two aspects of the Phase 1 Decision: asset class average useful lives for depreciation purposes and the recoverability of integration capital. On October 8, 2024, the OEB issued a decision on the Amended Motion and determined that the asset class average useful lives issue did not meet the threshold to warrant a review, however the issue of integration capital did meet the threshold to warrant a review. After it receives written submissions on the issue of integration capital, the OEB will make a determination on whether there will be an oral hearing. The outcome and timing of a decision on the matter of integration capital is uncertain.
Current wording
In December 2023, the OEB issued its Decision and Order on Phase 1 (Phase 1 Decision). Enbridge Gas Ontario filed a motion requesting the OEB review and vary the Phase 1 Decision with respect to two aspects: asset class average useful lives for depreciation purposes and the recoverability of integration capital. In October 2024, the OEB issued a decision on Enbridge Gas Ontario's motion and determined that only the issue of integration capital met the threshold to warrant a review. In April 2025 the OEB issued a decision denying Enbridge Gas Ontario's motion to vary the Phase 1 Decision which had disallowed recoverability of undepreciated integration capital. In January 2024, Enbridge Gas Ontario also filed a Notice of Appeal with the Ontario Divisional Court regarding various aspects of the Phase 1 Decision, followed by its written submissions in March 2025. The OEB and any other intervening parties have 60 days to file their responding factums, after which the Ontario Divisional Court will schedule an oral hearing.
Previous wording
On the March 8, 2024 call date, we redeemed at par all of the outstanding US$700 million three-year callable, 5.97% senior notes that carried an original maturity date in March 2026.
Current wording
On February 25, 2025, Enbridge Pipelines Inc. redeemed below par all of the outstanding $100 million 4.10% medium-term notes that carried an original maturity date in July 2112.
Previous wording
In August 2024, we closed a three-tranche offering consisting of 5.5-year medium-term notes, 10-year medium-term notes, and 30-year medium-term notes for an aggregate principal of $1.8 billion, which mature in February 2030, August 2034, and August 2054, respectively.
Current wording
In February 2025, we closed a five-tranche offering consisting of three-year floating medium-term notes, three-year medium-term notes, five-year medium-term notes, 10-year medium-term notes, and re-opened existing 30-year medium-term notes for an aggregate principal amount of $2.8 billion, which mature in February 2028, February 2028, February 2030, February 2035, and August 2054, respectively.
Previous wording
These financing activities, in combination with the financing activities executed in 2023, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and acquisitions without requiring access to the capital markets for the next 12 months, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.
Current wording
These financing activities, in combination with the financing activities executed in 2024, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and other operating working capital requirements without requiring access to the capital markets for the next 12 months, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.
Previous wording
As at September 30, 2024, after adjusting for the impact of floating-to-fixed interest rate swap hedges, less than 5% of our total debt is exposed to floating rates. Refer to Part I. Item 1. Financial Statements - Note 10 - Risk Management and Financial Instruments for more information on our interest rate hedging program.
Current wording
As at March 31, 2025, after adjusting for the impact of floating-to-fixed interest rate swap hedges, approximately 8% of our total debt is exposed to floating rates. Refer to Part I. Item 1. Financial Statements - Note 9 - Risk Management and Financial Instruments for more information on our interest rate hedging program.
Previous wording
Earnings attributable to common shareholders were positively impacted by $841 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Current wording
Earnings attributable to common shareholders were positively impacted by $554 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Previous wording
•a non-cash, net unrealized derivative fair value loss of $773 million ($586 million after-tax) in 2024, compared with a net unrealized gain of $363 million ($277 million after-tax) in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks;
Current wording
•a non-cash, net unrealized derivative fair value loss of $17 million ($13 million after-tax) in 2025, compared with a net unrealized loss of $677 million ($518 million after-tax) in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks;
Previous wording
•severance costs of $105 million ($79 million after-tax) as a result of a workforce reduction in February 2024;
Current wording
•the absence in 2025 of severance costs of $105 million ($79 million after-tax) as a result of a workforce reduction in February 2024;
Previous wording
After taking into consideration the factors above, the remaining $80 million decrease in earnings attributable to common shareholders is primarily explained by:
Current wording
After taking into consideration the factors above, the remaining $288 million increase in earnings attributable to common shareholders is primarily explained by:
Previous wording
•contributions from Enbridge Gas Ohio and Enbridge Gas Utah, and higher distribution charges resulting from increases in rates and customer base from Enbridge Gas Ontario in our Gas Distribution and Storage segment;
Current wording
•contributions from Enbridge Gas Ohio, Enbridge Gas Utah, and Enbridge Gas North Carolina in our Gas Distribution and Storage segment;
Previous wording
•higher contributions from our Gas Transmission segment primarily due to favorable contracting and lower operating costs in our US Gas Transmission assets, and acquisitions completed after September 2023;
Current wording
•higher contributions from our Gas Transmission segment primarily due to favorable contracting in our US Gas Transmission assets, and the recognition of increased revenue attributable to Algonquin and Texas Eastern rate case settlements; and
Previous wording
•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2024, as compared to 2023; partially offset by
Current wording
•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024.
Previous wording
•higher interest expense primarily due to higher interest rates and higher average principal outstanding;
Current wording
•higher interest expense primarily due to higher average debt balances principal outstanding;
Previous wording
•higher depreciation and amortization expense mainly driven by the Acquisitions completed in 2024; and
Current wording
•higher depreciation and amortization expense mainly driven by a full quarter ownership of the Gas Utilities;
Previous wording
•higher income tax expense largely driven by higher US minimum tax, changes to the state apportionment and the effects of rate-regulated accounting for income taxes;
Current wording
•higher income tax expense driven by higher earnings;
Previous wording
•lower contributions from our Gas Transmission segment due to the sale of our interests in the Alliance Pipeline and Aux Sable in April 2024; and
Current wording
•the absence of contributions from Alliance Pipeline and Aux Sable in our Gas Transmission segment due to the sale of our interests in these investments in April 2024; and
Previous wording
•higher contributions from the Gulf Coast and Mid-Continent System due primarily to higher volumes on the Flanagan South Pipeline driven by the open season commitments that commenced in the first quarter of 2024, and the Enbridge Ingleside Energy Center due to higher demand;
Current wording
•lower contributions from the Gulf Coast and Mid-Continent System in our Liquids Pipelines segment due to lower volumes on the Flanagan South and Spearhead Pipelines.
Previous wording
EBITDA was positively impacted by $105 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized gain of $28 million in 2024, compared with a net unrealized loss of $83 million in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Current wording
EBITDA was positively impacted by $28 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized gain of $6 million in 2025, compared with a net unrealized loss of $35 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.
Previous wording
•a non-cash, net unrealized gain of $20 million in 2024, compared with a net unrealized gain of $555 million in 2023, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks; and
Current wording
•a non-cash, net unrealized loss of $61 million in 2025, compared with a net unrealized loss of $17 million in 2024, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.
Previous wording
•the absence in 2024 of recognition of revenues attributable to the Texas Eastern 2022 rate case settlement.
Current wording
•the recognition of increased revenues attributable to the Algonquin and Texas Eastern rate case settlements;
Previous wording
•the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments to Pembina in April 2024.
Current wording
•the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments in April 2024.
Previous wording
•full-quarter contributions from Enbridge Gas Ohio and Enbridge Gas Utah; and
Current wording
•full-quarter contributions from the Gas Utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina;
Previous wording
The remaining $33 million decrease is primarily explained by:
Current wording
The remaining $38 million decrease is primarily explained by:
Previous wording
•stronger wind resources at European offshore wind facilities; partially offset by
Current wording
•weaker wind resources at European offshore wind facilities; partially offset by
Previous wording
EBITDA was positively impacted by $897 million, primarily due to certain infrequent or non-operating factors, explained by:
Current wording
EBITDA was positively impacted by $931 million, primarily due to certain infrequent or non-operating factors, explained by:
Previous wording
•a non-cash, net unrealized gain of $206 million in 2024, compared with a net loss of $661 million in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risk; and
Current wording
•a non-cash, net unrealized gain of $109 million in 2025, compared with a net unrealized loss of $722 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risk; and
Previous wording
•severance costs of $105 million as a result of a workforce reduction in February 2024; and
Current wording
•the absence in 2025 of severance costs of $105 million as a result of workforce reduction in February 2024.
Previous wording
After taking into consideration the non-operating factors above, the remaining $136 million increase is primarily explained by:
Current wording
After taking into consideration the non-operating factors above, we saw a $249 million decrease in EBITDA that is primarily explained by:
Previous wording
•realized foreign exchange loss on hedge settlements in 2024, compared to a gain in 2023.
Current wording
•higher realized foreign exchange losses on hedge settlements in 2025; and
Previous wording
The following table summarizes the status of our significant commercially secured projects, organized by business segment:
Current wording
The following table summarizes the status of our material commercially secured projects, organized by business segment:
Previous wording
4 Our equity contribution is approximately US$893 million, with the remainder financed through non-recourse project level debt. Capital cost estimates will be updated prior to the 60% engineering milestone, at which point Enbridge's preferred return will be set.
Current wording
3 Our equity contribution is approximately US$0.9 billion, with the remainder financed through non-recourse project level debt. Capital cost estimates will be updated in 2025, at which point Enbridge's preferred return will be set.
Previous wording
5 Previously approved PSNC projects that were acquired by Enbridge through the PSNC Acquisition.
Current wording
4 Previously approved projects that were acquired by Enbridge through the acquisition of Public Service Company of North Carolina, Incorporated in the third quarter of 2024.
Previous wording
7 Our equity contribution is $181 million, with the remainder financed through non-recourse project level debt.
Current wording
6 Our equity contribution is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.
Previous wording
A full description of each of our projects is provided in our annual report on Form 10-K for the year ended December 31, 2023. Significant updates that have occurred since the date of filing of our Form 10-K are discussed below.
Current wording
A full description of each of our material projects is provided in our annual report on Form 10-K for the year ended December 31, 2024. Significant updates that have occurred since the date of filing of our Form 10-K are discussed below.
Previous wording
We have signed capital obligation contracts for the purchase of services, pipe and other materials totaling approximately $2.6 billion, which are expected to be paid over the next five years.
Current wording
We have signed capital obligation contracts for the purchase of services, pipe and other materials totaling approximately $3.1 billion, which are expected to be paid over the next five years.
Previous wording
We ensure ready access to capital markets, subject to market conditions, through maintenance of shelf prospectuses that allow for issuances of long-term debt, equity and other forms of long-term capital when market conditions are attractive.
Current wording
We ensure access to capital markets, subject to market conditions, through maintenance of shelf prospectuses that allow for issuances of long-term debt, equity and other forms of long-term capital when market conditions are attractive.
Previous wording
To ensure ongoing liquidity and to mitigate the risk of capital market disruption, we maintain ready access to funds through committed bank credit facilities and actively manage our bank funding sources to optimize pricing and other terms. The following table provides details of our committed credit facilities as at September 30, 2024:
Current wording
To ensure ongoing liquidity and to mitigate the risk of capital market disruption, we maintain access to funds through committed bank credit facilities and actively manage our bank funding sources to optimize pricing and other terms. The following table provides details of our committed credit facilities as at March 31, 2025:
Previous wording
In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $859 million was unutilized as at September 30, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 million was unutilized.
Current wording
In addition to the committed credit facilities noted above, we maintain $1.5 billion of uncommitted demand letter of credit facilities, of which $882 million was unutilized as at March 31, 2025. As at December 31, 2024, we had $1.4 billion of uncommitted demand letter of credit facilities, of which $931 million was unutilized.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•lower contributions from the Gulf Coast and Mid-Continent System due to lower volumes on the Flanagan South Pipeline and Spearhead Pipeline.
Current report — wording carried from elsewhere
•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024; partially offset by
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•absence of contributions from our Gas Transmission segment due to the sale of our interests in the Alliance Pipeline and Aux Sable in April 2024; partially offset by
Previous report — wording carried elsewhere
Earnings attributable to common shareholders were positively impacted by $430 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Previous report — wording carried elsewhere
After taking into consideration the factors above, the remaining $17 million increase in earnings attributable to common shareholders is primarily explained by the following significant business factors:
Previous report — wording carried elsewhere
•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2024, compared to the same period in 2023; and
Previous report — wording carried elsewhere
•lower contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments to Pembina in April 2024; and
Previous report — wording carried elsewhere
on December 13, 2023. The pipeline remains operational while the environmental review process continues.