ENBRIDGE INC
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 1, 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 2025-03-31; filed 2025-05-09.
0000895728-25-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000950170-25-101102
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 202 previous paragraphs and 261 current paragraphs.
94 unchanged; 68 reworded; 84 added; 40 removed; 0 previous and 15 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 (84)
Current report
NONCONTROLLING INTEREST INVESTMENT
Current report
BC Pipeline System
Current report
On July 2, 2025, Stonlasec8 Indigenous Alliance Limited Partnership (the First Nations Partnership), an entity representing 38 First Nations in British Columbia (BC), invested approximately $736 million in our Westcoast Energy Inc. BC natural gas pipeline system, resulting in the First Nations Partnership owning a 12.5% interest in that system.
Current report
Subsequent to the First Nations Partnership's investment, we will hold an 87.5% controlling interest in these assets, which are included in our Gas Transmission segment, and continue to manage and operate the pipeline system.
Current report
East Tennessee
Current report
East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the FERC issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee intends to make a motion filing to implement the rates to be effective November 1, 2025, subject to refund. East Tennessee expects settlement discussions with shippers to commence in the third quarter of 2025.
Current report
Vector
Current report
On September 19, 2024, the FERC initiated a review of Vector Pipeline L.P.’s (Vector) rates. Vector subsequently filed a rate case on May 30, 2025. On June 30, 2025, the FERC issued an order accepting and suspending tariff records filed in this rate case, subject to refund and establishing hearing procedures. In compliance with the order, Vector placed the rate reductions into effect on July 1, 2025. Additionally, on July 1, 2025, the chief administrative law judge issued an order consolidating Vector’s outstanding review of rates initiated by the FERC in 2024 with Vector’s May 30, 2025 rate case filing. Vector expects settlement discussions with shippers to commence in the third quarter of 2025.
Current report
In December 2023, the OEB issued its Decision and Order on Phase 1 (Phase 1 Decision). Enbridge Gas Ontario initiated various appeals of select aspects of the Phase 1 Decision, including a review motion with the OEB that concluded in April 2025 with the OEB denying its motion to vary the Phase 1 Decision which disallowed recoverability of certain undepreciated capital. Enbridge Gas Ontario continues to pursue appeal and judicial review applications to the Ontario Divisional Court that challenge some of the OEB’s Phase 1 findings with respect to depreciation, equity thickness and undepreciated capital. These proceedings are at the stage of written submissions and no hearing dates have been scheduled yet.
Current report
In October 2023, Enbridge Gas Ohio filed its first rates application with the Public Utilities Commission of Ohio (Ohio Commission) since 2007 proposing a base rate annual revenue increase (compared to current rates) of US$212 million, 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, including an ROE of 10.40%. The application was subsequently amended to reduce the annual revenue increase from US$212 million to US$60 million.
Current report
In June 2025, the Ohio Commission issued an order approving an annual revenue decrease (compared to current rates) of US$26.3 million, including an ROE of 9.79%, an increase to the equity thickness to 51.9%, and the continuation of the Pipeline Infrastructure Replacement and Capital Expenditure Programs. The order also resulted in disallowances of $330 million (US$240 million) including regulatory assets related to pension balances of $280 million (US$204 million) and other disallowances of $50 million (US$36 million) and the subsequent impairments recognized for the period ended June 30, 2025.
Current report
In July 2025, Enbridge Gas Ohio filed an application for rehearing regarding certain aspects of the order and continues to assess legal options.
Current report
In June 2025, Enbridge Gas Ohio closed a two-tranche offering consisting of 10-year senior notes and 30-year senior notes for an aggregate principal amount of US$500 million, which mature in June 2035 and June 2055, respectively.
Current report
In June 2025, we closed a four-tranche offering consisting of three-year senior notes, five-year senior notes, 10-year senior notes and re-opened existing 30-year senior notes for an aggregate principal of US$2.3 billion, which mature in June 2028, June 2030, June 2035 and April 2054, respectively.
Current report
In July 2025, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2027, which includes a one-year term out provision from July 2026. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2030. Further, we extended the maturity dates of our three-year credit facilities to July 2028.
Current report
In July 2025, Enbridge Gas Ontario and Enbridge Pipelines Inc. extended the maturity dates of their $2.5 billion and $2.0 billion 364-day extendible credit facilities, respectively, to July 2027, which includes a one-year term out provision from July 2026.
Current report
On July 28, 2025, Enbridge Energy Partners, L.P. (EEP) redeemed at par all of the outstanding US$500 million 5.88% senior notes that carried an original maturity date in October 2025.
Current report
a non-cash, net unrealized derivative fair value gain of $1.4 billion ($1.0 billion after-tax) in 2025, compared with a net unrealized loss of $208 million ($160 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;
Current report
a net positive adjustment of $8 million ($6 million after-tax) in 2025 to the gas inventory at the Aitken Creek Gas Storage Facility (Aitken Creek), compared to a net negative adjustment of $29 million ($21 million after-tax) in 2024; and
Current report
the absence in 2025 of a loss of $25 million ($19 million after-tax) as a result of the contribution of our 100% interest in the Rio Bravo Pipeline project to a joint venture with WhiteWater/I Squared Capital and MPLX LP (the Whistler Parent JV); partially offset by
Current report
the absence in 2025 of a gain on sale of $1.1 billion ($765 million after-tax) on the disposition of interests in the Alliance Pipeline, 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 NRGreen Power Limited Partnership (NRGreen);
Current report
an impairment of $330 million ($261 million after-tax) of certain rate-regulated assets related to pension and other disallowances as a result of the Ohio Commission's June 2025 order related to Enbridge Gas Ohio's rate case;
Current report
the absence in 2025 of a deferred tax recovery of $82 million due to change in state apportionment as a result of the Acquisitions; and
Current report
$42 million ($33 million after-tax) of integration costs incurred related to the Acquisitions in 2025, as compared to $16 million ($13 million after-tax) of integration and transaction costs in 2024.
Current report
a non-cash, net unrealized derivative fair value gain of $1.3 billion ($1.0 billion after-tax) in 2025, compared with a net unrealized loss of $885 million ($678 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;
Current report
the absence in 2025 of a gain on sale of $1.1 billion ($765 million after-tax) on the disposition of interests in the Alliance Pipeline, Aux Sable and NRGreen;
Current report
an impairment of $330 million ($261 million after-tax) of certain rate-regulated assets related to pension and other disallowances as a result of the Ohio Commission's June 2025 order related to Enbridge Gas Ohio's rate case; and
Current report
the absence in 2025 of a deferred tax recovery of $82 million due to change in state apportionment as a result of the Acquisitions.
Current report
higher depreciation and amortization expense mainly driven by two full quarters' ownership of the acquired US Gas Utilities;
Current report
EBITDA was negatively impacted by $119 million, primarily explained by the following significant business factors:
Current report
lower contributions from the Bakken System due to lower volumes.
Current report
EBITDA was positively impacted by $29 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
a net negative adjustment to crude oil inventory of $6 million in 2025, compared with a net positive adjustment of $15 million in 2024.
Current report
After taking into consideration the factors above, the remaining $41 million increase is primarily explained by the following significant business factors:
Current report
higher Mainline System contributions as a result of annual escalators and surcharge effective July 1, 2024 and lower power costs from operational efficiencies and lower mill rates, net of lower demand; and
Current report
lower contributions from the Bakken System due to lower volumes.
Current report
EBITDA was negatively impacted by $955 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
the absence in 2025 of a gain on sale of $1.1 billion on the disposition of interests in the Alliance Pipeline and Aux Sable; partially offset by
Current report
a net positive adjustment of $8 million to the gas inventory at Aitken Creek in 2025, compared to a net negative adjustment of $29 million in 2024; and
Current report
the absence in 2025 of a loss of $25 million as a result of the contribution of our 100% interest in the Rio Bravo Pipeline project to the Whistler Parent JV.
Showing the first 40 of 84 passages. Open the source sections for the rest.
Removed paragraphs (40)
Previous report
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 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.
Previous report
•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 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
Previous 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.
Previous report
After taking into consideration the factors above, the remaining $161 million increase is primarily explained by the following significant business factors:
Previous report
•higher Mainline and Line 9 contributions due to higher throughput;
Previous report
EBITDA was positively impacted by $43 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous report
The remaining $165 million increase is primarily explained by the following significant business factors:
Previous report
EBITDA was positively impacted by $835 million primarily due to the following significant business factors:
Previous report
EBITDA was positively impacted by $4 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous report
•stronger wind resources at North American wind facilities.
Previous report
OTHER ANNOUNCED PROJECTS UNDER DEVELOPMENT
Previous report
LIQUIDS PIPELINES
Previous report
Mainline System Capital Investments
Previous 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.
Previous report
•increased common share dividend payments in 2025 primarily due to the increase in our common share dividend rate and a higher number of common shares outstanding.
Previous report
•lower long-term debt repayments and higher long-term debt issuances in 2025 when compared to the same period in 2024; and
Previous report
LINE 5 EASEMENT (BAD RIVER BAND)
Previous 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.
Previous report
On August 29, 2022, the Government of Canada released a statement formally invoking the dispute settlement provisions of the Agreement Between the US and Canada Concerning Transit Pipelines, 28 U.S.T. 7449 (1977) (1977 Transit Pipelines Treaty) in respect of this litigation, reiterating its concerns about the uninterrupted transmission of hydrocarbons through Line 5. On September 7, 2022, the Court issued a decision on cross-motions for summary judgment. The Court determined that the Band's nuisance claim raised factual issues that could not be resolved on summary judgment. The Court further determined that Enbridge is in trespass on 12 parcels on the Reservation and that the Band is entitled to some measure of profits-based damages and to an injunction, with the level of damages and scope of the injunction to be determined at trial, which occurred October 24 through November 1, 2022.
Previous report
On May 9, 2023, the Band filed an Emergency Motion for Injunctive Relief asking the Court to require Enbridge to purge and shutdown Line 5 on the Reservation due to significant erosion at the Meander. Enbridge responded and a hearing was held on May 18, 2023 in front of Judge Conley who indicated that he did not find the Band had proven imminence but that his final ruling on all issues would be provided soon.
Previous report
On June 26, 2023, the Court issued its Final Order ruling as follows: (1) Enbridge shall adopt and implement its 2022 Monitoring and Shutdown Plan with the Court's modifications by July 5, 2023; (2) Enbridge owes the Band $5,151,668 for past trespass on the 12 allotted parcels; (3) Enbridge must continue to pay money on a quarterly basis using the formula set in its Order as long as Line 5 operates in trespass on the 12 allotted parcels (approximately $400,000 per year); (4) Enbridge must cease operation of Line 5 on any parcel within the Band's tribal territory without a valid right of way by June 16, 2026 and thereafter arrange prompt, reasonable remediation at those sites; and (5) The Court declined to allow for the Wisconsin Relocation Project to be completed prior to having to cease operations. The Final Judgment was entered on June 29, 2023.
Previous report
Enbridge filed its Notice of Appeal on June 30, 2023 and the Band filed its Notice of Cross Appeal on July 27, 2023. On December 12, 2023, the 7 th Circuit Court of Appeals requested the US to file a brief in this appeal as amicus curiae to address the effect of 1977 Transit Pipelines Treaty, and any other issues that the US believes to be material. Subsequently, the US filed its brief on April 8, 2024. As invited by the Court of Appeals, Enbridge and the Band filed their respective responses to the US amicus brief on April 29, 2024. We anticipate the Court of Appeals will issue a decision in 2025.
Previous report
In March 2025, after receiving authorizations from tribal, federal, and state agencies, an erosion mitigation project was successfully installed at the Meander.
Previous report
On June 17, 2024, the 6 th Circuit Court of Appeals (6 th Circuit) overturned the US District Court’s decision and remanded the AG's lawsuit against Enbridge back to the Circuit Court. On July 15, 2024, Enbridge filed a petition for rehearing, which was denied on August 16, 2024.
Previous report
Oral argument took place before the Circuit Court judge on January 27, 2025, on cross motions for summary disposition which have been pending for almost four years. We anticipate a decision on the motions for summary disposition in 2025.
Previous report
On January 13, 2025, Enbridge filed a petition for certiorari with the US Supreme Court. The petition asks the US Supreme Court to review and reverse the June 2024 decision of the 6th Circuit remanding to state court the Michigan AG’s lawsuit against Enbridge seeking to shut down Line 5.
Previous report
The AG filed a response to Enbridge’s petition and a decision from the US Supreme Court on whether to grant the petition is anticipated by the third quarter of 2025.
Previous report
In January 2022, the State of Michigan Officials filed a motion to dismiss Enbridge's Complaint and Enbridge filed a motion for summary judgment. On July 5, 2024, the US District Court issued an Order denying the State of Michigan Officials' motion to dismiss Enbridge's Complaint, and the State of Michigan Officials filed for an immediate appeal to the 6 th Circuit. On August 29, 2024, the US District Court issued an Order staying the case, pending the 6 th Circuit’s decision. On April 23, 2025, the 6th Circuit affirmed the District Court’s denial of the Michigan Officials’ motion to dismiss the Enbridge’s Complaint on sovereign immunity grounds.
Previous report
Oral argument was held on March 18, 2025, and a decision from the 6 th Circuit is anticipated by the third quarter of 2025.
Previous report
On June 14, 2017, the District Court found the Army Corps' environmental review to be deficient and ordered the Army Corps to conduct further study concerning spill risks from DAPL.
Previous report
On March 25, 2020, in response to amended complaints from the Tribes, the District Court found that the Army Corps' subsequent environmental review completed in August 2018 was also deficient and ordered the Army Corps to prepare an Environmental Impact Statement (EIS) to address unresolved controversy pertaining to potential spill impacts resulting from DAPL. On July 6, 2020, the District Court issued an Order vacating the Army Corps' easement for DAPL and ordering that the pipeline be shut down by August 5, 2020. On that day, the US Court of Appeals for the District of Columbia Circuit stayed the District Court's July 6 order to shut down and empty the pipeline.
Previous report
On January 26, 2021, the US Court of Appeals affirmed the District Court's decision, holding that the Army Corps is required to prepare an EIS and that the Army Corps' easement for DAPL is vacated. The US Supreme Court subsequently denied the request of Dakota Access, LLC to review the decision that an EIS is required. The US Court of Appeals also determined that, absent an injunction proceeding, the District Court could not order DAPL's operations to cease. While not an issue before, the US Court of Appeals also recognized that the Army Corps could consider whether to allow DAPL to continue to operate in the absence of an easement. The Army Corps earlier indicated that it did not intend to exercise its authority to bar DAPL's continued operation, notwithstanding the absence of an easement.
Previous report
On September 8, 2023, the Army Corps issued its draft EIS, which assesses the impacts of DAPL under five alternative scenarios: denying the easement removing the pipeline; denying the easement and leaving the pipeline in place; granting the easement with the prior conditions (which allow for the ongoing operation, maintenance and ultimate removal of the pipeline and its related facilities); granting the easement with some new safety conditions; and rerouting the pipeline. The Army Corps did not identify a preferred alternative. The public comment period that commenced on the issuance of the draft EIS closed on December 13, 2023. The pipeline will remain operational while the environmental review process continues. The final EIS is expected to be issued in 2025.
Previous report
On October 15, 2024, the Standing Rock Sioux Tribe filed a complaint in the District Court against the Army Corps, among others, seeking a permanent injunction prohibiting the continued operation of DAPL. The main allegations of the complaint are that the Army Corps is unlawfully permitting DAPL to continue to operate without an easement and without a determination under the National Environmental Policy Act, and that the Army Corps has failed to require that a compliant Facility Response Plan be submitted. Several of the claims are similar to those in the litigation described above. Dakota Access, LLC and 13 states have intervened in the case in support of the Army Corps and continued operation of DAPL. Dakota Access, LLC filed an answer to the complaint on December 19, 2024. On January 17, 2025, the defendants, Dakota Access LLC, and the 13 States filed motions to dismiss the Standing Rock Sioux Tribe’s complaint. Also on January 17, 2025, the Standing Rock Sioux Tribe filed a motion for partial summary judgment on its claims.
Previous report
On March 28, 2025, the District Court granted the motion to dismiss the October 15, 2024 Complaint.
Previous report
The Tribes have until May 29, 2025 to file an appeal.
Previous report
TAX MATTERS
Previous report
We and our subsidiaries maintain tax liabilities related to uncertain tax positions. While fully supportable in our view, these tax positions, if challenged by tax authorities, may not be fully sustained on review.
Reworded paragraphs (68)
Previous wording
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 wording
Maritimes & Northeast Pipeline 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.
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 and is anticipated to be completed in 2025.
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 incentive rate-setting (Price Cap IR) 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 addresses cost allocation and the harmonization of rates and rate classes and is anticipated to be completed in 2025.
Previous wording
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 wording
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 mechanism to be used for determining rates for 2025-2028. The Price Cap IR 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 the OEB rendered its Decision in May 2025. Rates effective January 1, 2025 were set using the Price Cap IR mechanism.
Previous wording
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 wording
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 Decision. The OEB also revised the formula for calculating ROE by reducing flotation costs by 25 basis points. The new formula will be applicable to Enbridge Gas Ontario at its next rebasing expected in 2029. Until then, rates will continue to reflect the embedded 2024 ROE formula value of 9.21%.
Previous wording
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 wording
On April 1, 2025, Enbridge Gas North Carolina filed its first rates application 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.
Previous wording
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 wording
On May 1, 2025, Enbridge Gas Utah filed its first rates application 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.
Previous 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.
Current wording
As at June 30, 2025, after adjusting for the impact of floating-to-fixed interest rate swap hedges, approximately 7% of our total debt is exposed to floating rates. Refer to Part I. Item 1. Financial Statements -Note 10. Risk Management and Financial Instrumentsfor more information on our interest rate hedging program.
Previous wording
1 Non-GAAP financial measure. Refer to Non-GAAP and Other Financial Measures.
Current wording
Non-GAAP financial measure. Refer to Non-GAAP and Other Financial Measures.
Previous 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:
Current wording
Earnings attributable to common shareholders were positively impacted by $159 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Previous wording
After taking into consideration the factors above, the remaining $288 million increase in earnings attributable to common shareholders is primarily explained by:
Current wording
After taking into consideration the factors above, the remaining $170 million increase in earnings attributable to common shareholders is primarily explained by:
Previous wording
•higher income tax expense driven by higher earnings;
Current wording
lower income tax expense mainly driven by higher investment tax credits; and
Previous wording
•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 wording
positive earnings impact in Enbridge Gas Ontario in our Gas Distribution and Storage segment due to higher storage optimization and pricing, higher distribution margin, and colder weather in 2025 compared to a negative impact in 2024.
Previous wording
•higher depreciation and amortization expense mainly driven by a full quarter ownership of the Gas Utilities;
Current wording
higher depreciation and amortization expense mainly driven by a full quarter ownership of the acquired US Gas Utilities;
Previous 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.
Current wording
lower contributions from the Gulf Coast and Mid-Continent System in our Liquids Pipelines segment due to lower spot volumes on the Flanagan South and Spearhead Pipelines.
Previous 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;
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; and
Previous wording
•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 wording
equity earnings of $87 million ($65 million after-tax) from our investment in DCP Midstream, LP (DCP), as a result of DCP's gain on disposition from certain pipeline assets; partially offset by
Previous wording
•contributions from Enbridge Gas Ohio, Enbridge Gas Utah, and Enbridge Gas North Carolina in our Gas Distribution and Storage segment;
Current wording
two full-quarter contributions from the acquisitions of Enbridge Gas Ohio, Enbridge Gas Utah, and Enbridge Gas North Carolina in our Gas Distribution and Storage segment;
Previous wording
•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 wording
higher contributions from our Liquids Pipelines segment due to equity earnings related to a litigation settlement and higher contributions from Mainline System due to higher tolls and operational efficiencies; and
Previous 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
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.
Previous 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
Current wording
lower contributions from the Gas Transmission segment due to the sale of our interests in Alliance Pipeline and Aux Sable in April 2024.
Previous wording
•lower contributions from the Gulf Coast and Mid-Continent System due to lower volumes on the Flanagan South Pipeline and Spearhead Pipeline.
Current wording
lower contributions from the Gulf Coast and Mid-Continent System due to lower spot volumes on the Flanagan South Pipeline and Spearhead Pipeline; and
Previous 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.
Current wording
a non-cash, net unrealized gain of $38 million in 2025, compared with a net unrealized loss of $6 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks; partially offset by
Previous wording
•equity earnings attributable to a litigation settlement; and
Current wording
equity earnings attributable to a litigation settlement;
Previous 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.
Current wording
the absence in 2024 of a non-cash, net unrealized gain of $40 million, 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
•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 wording
contributions from the acquisition of equity interests in the Whistler Parent JV and in the Delaware Basin Residue in the second and fourth quarters of 2024, respectively;
Previous wording
•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 wording
equity earnings of $87 million from our investment in DCP, as a result of DCP's gain on disposition from certain pipeline assets;
Previous wording
•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 wording
when compared with the normal forecast embedded in rates, the positive impact of weather on EBITDA for Enbridge Gas Ontario was approximately $10 million in 2025, compared to a negative impact of approximately $28 million in the same period of 2024.
Previous wording
•full-quarter contributions from the Gas Utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina;
Current wording
two full quarters of contributions from the acquired US Gas Utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina;
Previous wording
•higher distribution charges resulting from increases in rates and customer base at Enbridge Gas Ontario.
Current wording
higher distribution margin resulting from increases in rates and customer base at Enbridge Gas Ontario.
Previous wording
The remaining $38 million decrease is primarily explained by:
Current wording
The remaining $27 million decrease is primarily explained by:
Previous wording
•weaker wind resources at European offshore wind facilities; partially offset by
Current wording
lower contributions from European offshore wind facilities.
Previous wording
•a $27 million gain on the disposition of our interest in East-West Tie; partially offset by
Current wording
a $27 million gain on the disposition of our interest in East-West Tie Limited Partnership; and
Previous wording
•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 wording
a realized loss of $139 million, partially offset by a non-cash, net unrealized gain of $108 million in 2025, compared with a net unrealized loss of $36 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks; partially offset by
Previous wording
EBITDA was positively impacted by $931 million, primarily due to certain infrequent or non-operating factors, explained by:
Current wording
EBITDA was positively impacted by $1.4 billion, primarily due to certain infrequent or non-operating factors, explained by:
Previous 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
Current wording
a non-cash, net unrealized gain of $1.4 billion in 2025, compared with a net unrealized loss of $951 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
•the absence in 2025 of severance costs of $105 million as a result of workforce reduction in February 2024.
Current wording
the absence in 2025 of severance costs of $105 million as a result of a workforce reduction in February 2024; partially offset by
Previous wording
After taking into consideration the non-operating factors above, we saw a $249 million decrease in EBITDA that is primarily explained by:
Current wording
After taking into consideration the non-operating factors above, the remaining $368 million decrease in EBITDA is primarily explained by:
Previous wording
1 These amounts are estimates and are subject to upward or downward adjustment based on various factors. Where appropriate, the amounts reflect our share of joint venture projects.
Current wording
These amounts are estimates and are subject to upward or downward adjustment based on various factors. Where appropriate, the amounts reflect our share of joint venture projects.
Previous wording
2 Expenditures to date and status of the project are determined as at March 31, 2025.
Current wording
Expenditures to date and status of the project are determined as at June 30, 2025.
Previous 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.
Current wording
Our expected investment is approximately US$2.3 billion, with the remainder financed through non-recourse project level debt.
Showing the first 40 of 68 pairs. Open the source sections for the rest.
Rearranged current paragraphs (15)
Current report — wording carried from elsewhere
full-quarter contributions from the acquisitions of Enbridge Gas Utah and Enbridge Gas North Carolina in our Gas Distribution and Storage segment;
Current report — wording carried from elsewhere
higher contributions from our Gas Transmission segment primarily due to favorable contracting and lower operating costs on our US Gas Transmission assets and recognition of increased revenue attributable to Algonquin and Texas Eastern rate case settlements;
Current report — wording carried from elsewhere
higher interest expense primarily due to higher average debt balances principal outstanding; and
Current report — wording carried from elsewhere
Earnings attributable to common shareholders were positively impacted by $714 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Current report — wording carried from elsewhere
After taking into consideration the factors above, the remaining $457 million increase in earnings attributable to common shareholders is primarily explained by:
Current report — wording carried from elsewhere
positive earnings impact in Enbridge Gas Ontario due to colder weather in 2025 compared to a negative impact in 2024, higher storage optimization and pricing, and higher distribution margin in our Gas Distribution and Storage segment;
Current report — wording carried from elsewhere
lower contributions from the Gulf Coast and Mid-Continent System in our Liquids Pipelines segment due to lower spot volumes on the Flanagan South and Spearhead Pipelines; and
Current report — wording carried from elsewhere
lower contributions from the Gulf Coast and Mid-Continent System due to lower spot volumes on the Flanagan South Pipeline and Spearhead Pipeline; and
Current report — wording carried from elsewhere
contributions from the Texas Eastern Venice Extension project since service commencement in late 2024;
Current report — wording carried from elsewhere
the recognition of increased revenues attributable to the Algonquin and Texas Eastern rate case settlements;
Current report — wording carried from elsewhere
contributions from the acquisition of equity interests in the Whistler Parent JV and in the Delaware Basin Residue in the second and fourth quarters of 2024, respectively;
Current report — wording carried from elsewhere
contributions from the Texas Eastern Venice Extension project since service commencement in late 2024;
Current report — wording carried from elsewhere
higher distribution margin resulting from increases in rates and customer base at Enbridge Gas Ontario; and
Current report — wording carried from elsewhere
when compared with the normal forecast embedded in rates, the positive impact of weather on EBITDA for Enbridge Gas Ontario was approximately $19 million in 2025 compared to a negative impact of approximately $106 million in the same period of 2024;
Current report — wording carried from elsewhere
EBITDA was positively impacted by $2.4 billion, primarily due to certain infrequent or non-operating factors, explained by: