ENBRIDGE INC
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-07.
0001193125-25-270991
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-213266
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 240 previous paragraphs and 153 current paragraphs.
71 unchanged; 53 reworded; 28 added; 113 removed; 3 previous and 1 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 (28)
Current report
Maritimes & Northeast
Current report
The toll settlement agreement for Maritimes & Northeast Pipeline Limited Partnership Canada (M&N Canada) expired in December 2025. M&N Canada reached a toll settlement with shippers for the effective period from January 1, 2026 to December 31, 2027. On December 15, 2025, M&N Canada filed the 2026–2027 toll settlement agreement with the Canada Energy Regulator (CER), which was approved on March 10, 2026, as filed.
Current report
In relation to Enbridge Gas Inc. (Enbridge Gas Ontario)'s application with the Ontario Energy Board (OEB) to establish a 2024-2028 Incentive Regulation rate setting framework, undertaken in three phases, Enbridge Gas Ontario continues to appeal the OEB's Phase 1 findings on depreciation, equity thickness, and undepreciated capital through Ontario courts, with hearing dates scheduled in 2026.
Current report
In March 2026, the OEB issued a decision approving the settlement proposal for Phase 3 of Enbridge Gas Ontario's application, which addressed cost allocation and the harmonization of rates, rate classes, and services. The remaining non-ratemaking Phase 3 matters will be addressed through a written hearing process, with a decision expected in 2026. The implementation of Phase 3, which is anticipated to occur in 2027, is not expected to impact earnings.
Current report
earnings attributable to noncontrolling interests of $84 million ($66 million after-tax) as a result of increased allocation of non-cash losses to our partner at the Chapman Ranch Wind Farm, reflecting the application of contractual arrangements.
Current report
lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, the absence in 2026 of equity earnings attributable to a litigation settlement, and lower contributions from the Flanagan South Pipeline; and
Current report
higher income tax expense, excluding tax on infrequent or non-operating factors discussed above, mainly due to the absence in 2026 of investment tax credits; partially offset by
Current report
higher contribution from our Gas Distribution and Storage segment due to higher distribution margin and higher storage optimization and pricing at Enbridge Gas Ontario, and higher base rates for Enbridge Gas Utah; and
Current report
higher contributions from our Gas Transmission segment primarily due to favorable contracting on US Gas Transmission assets and higher revenues from Aitken Creek Gas Storage Facility (Aitken Creek) and British Columbia (BC) Pipeline.
Current report
lower Mainline and Market Access contributions as a result of higher earnings sharing, lower Mainline tolls on Line 9 deliveries, and lower contributions from the Flanagan South Pipeline;
Current report
Three months ended March 31, 2026 compared with the three months ended March 31, 2025
Current report
EBITDA was positively impacted by $97 million, primarily explained by the following significant business factors:
Current report
EBITDA was positively impacted by $109 million, primarily explained by the following significant business factors:
Current report
higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases; partially offset by
Current report
EBITDA was negatively impacted by $35 million, primarily explained by the following significant business factors:
Current report
the absence in 2026 of equity earnings related to Fox Squirrel Solar investment tax credits; partially offset by
Current report
EBITDA was negatively impacted by $595 million due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $439 million in 2026, compared with a net unrealized gain of $109 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Current report
T-South Expansion (Sunrise) - In April 2026, the project received a positive decision from the Government of Canada’s Governor in Council and the CER issued a certificate for the project. Construction is expected to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions.
Current report
USGC Storage Growth Program - In addition to the expansions of our Egan Hub and Moss Bluff natural gas storage facilities in the US Gulf Coast, we sanctioned a 25 billion cubic foot expansion of our Tres Palacios Gas Storage facility. The development includes three new caverns and ancillary support infrastructure and is expected to enter service ratably from 2028 to 2030.
Current report
LINE 5 EASEMENT (BAD RIVER BAND)
Current report
This is a federal lawsuit in the US District Court for the Western District of Wisconsin (District Court) initiated by the Bad River Band of the Lake Superior Tribe of Chippewa Indians (the Band) in July 2019. The case concerns Enbridge’s continued operation of the Line 5 pipeline and right-of-way across the Bad River Reservation (the Reservation).
Current report
The Band asserts claims in trespass and public nuisance and seeks an order prohibiting Enbridge from operating Line 5 across the Reservation, along with monetary compensation for past and ongoing use of Reservation lands. Enbridge disputes the availability of shutdown and removal remedies and asserts, among other things, that federal pipeline safety law preempts such relief, that continued operations do not present an imminent threat, and that treaty‑and foreign‑affairs considerations limit the remedies available.
Current report
In August 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, expressing its concerns about the uninterrupted transmission of hydrocarbons through Line 5.
Current report
On September 7, 2022, the District Court issued a decision on cross-motions for summary judgment that resolved several claims and determined that Enbridge is in trespass on certain Reservation parcels, while declining to order an immediate shut-down or removal of the pipeline. A trial was held in October to November 2022 on the remaining issues, including nuisance, injunctive relief, and the appropriate monetary remedy for trespass.
Current report
In June 2023, the District Court issued a final order awarding US$5.1 million as compensation for past trespass, requiring ongoing quarterly payments while Line 5 operates without valid rights-of-way, imposing monitoring and shutdown requirements, and ordering Line 5 to cease operating on any parcel lacking a valid right-of-way by June 16, 2026.
Current report
Enbridge and the Band have filed a consolidated appeal and cross appeal in the US Court of Appeals for the Seventh Circuit (Seventh Circuit) addressing liability and remedies. Upon request by the Seventh
Current report
Circuit, the US Government filed a brief in the appeal as amicus curiae to address the effect of the 1977 Transit Pipelines Treaty. The District Court has stayed the June 2026 shutdown order pending the appellate decision by the Seventh Circuit, expected in 2026.
Current report
In December 2025, the US District Court entered judgment in Enbridge's favor and denied the Michigan State Officials motion to abstain or stay the federal action. In January 2026, the Michigan State Officials filed an appeal, and shortly thereafter in the Michigan Circuit Court, Enbridge and the Michigan Attorney General filed a stipulation to stay the Michigan Attorney General Lawsuit, pending the Sixth Circuit's decision. Briefing at the Sixth Circuit is scheduled to be completed in June 2026, followed by oral argument, with a decision expected later in 2026 or early 2027.
Removed paragraphs (113)
Previous report
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, rate classes and services and is anticipated to be completed in 2026.
Previous 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. Hearing dates in March 2026 have been scheduled for the hearing of the appeal and judicial review applications.
Previous report
In November 2024, the OEB issued its Decision approving the Phase 2 Partial Settlement Proposal (Phase 2 Settlement). The Phase 2 Settlement established 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 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 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 report
Enbridge Gas Ohio
Previous 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.
Previous report
In June 2025, the Ohio Commission ordered a decrease to annual revenue, compared to current rates, of US$26.3 million, utilizing 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), which were recognized for the period ended June 30, 2025.
Previous report
In July 2025, Enbridge Gas Ohio filed an application for rehearing regarding certain aspects of the Order. The Ohio Commission corrected some accounting errors in its Order addressing the rehearing application resulting in an additional US$12 million revenue requirement and a total annual revenue requirement of US$895 million. The Ohio Commission also required Enbridge Gas Ohio to make an additional cost of service filing reflecting the Ohio Commission’s decisions. The Ohio Commission approved Enbridge Gas Ohio’s filing on October 15, 2025. New rates were put into effect on November 1, 2025.
Previous report
Enbridge Gas North Carolina
Previous report
In April 2025, Enbridge Gas North Carolina filed its first rates application since 2021 with the North Carolina Utilities Commission. This rate case proposed the recovery of costs to deliver natural gas to customers and investments in infrastructure to support service reliability and customer growth. Enbridge Gas North Carolina proposed a total revenue requirement of US$854 million.
Previous report
In September 2025, a joint stipulation of settlement was filed and is pending approval by the North Carolina Utilities Commission. If approved, updated rates would be effective November 1, 2025 and would reflect a revenue increase of US$34 million and a total revenue requirement of US$801 million.
Previous report
Enbridge Gas Utah
Previous report
In May 2025, Enbridge Gas Utah filed its first rates application since 2022 with the Utah Public Service Commission. This rate case proposed the recovery of costs to deliver natural gas to customers and investments in infrastructure to support service reliability and customer growth. Enbridge Gas Utah proposed a total revenue requirement of US$657 million. On September 26, 2025, Enbridge Gas Utah filed a settlement reflecting a revenue increase of US$62 million and a total revenue requirement of US$604 million. A decision on the filing is expected before the end of the year with new rates expected to take effect on January 1, 2026.
Previous report
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 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.
Previous 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.
Previous 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 one-year term out provisions from July 2026.
Previous 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.
Previous report
In September 2025, Enbridge Gas Ontario closed a two-tranche offering consisting of 10-year medium-term notes and 30-year medium-term notes for an aggregate principal amount of $0.8 billion, which mature in September 2035 and September 2055, respectively.
Previous report
In September 2025, we closed an offering consisting of 30-year non-call 5.15% fixed-to-fixed subordinated notes for a principal amount of $1.0 billion, which mature in December 2055.
Previous report
As at September 30, 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 12. Risk Management and Financial Instrumentsfor more information on our interest rate hedging program.
Previous report
a non-cash, net unrealized derivative fair value loss of $394 million ($299 million after-tax) in 2025, compared with a net unrealized gain of $112 million ($92 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; and
Previous report
the absence in 2025 of a deferred tax recovery of $59 million due to a change in state apportionment as a result of the acquisition of Public Service Company of North Carolina, Incorporated (PSNC).
Previous report
higher interest expense primarily due to higher average debt balances principal outstanding;
Previous report
higher depreciation and amortization expense mainly driven by a full quarter ownership of Enbridge Gas North Carolina and other assets placed into service after Q3 2024; and
Previous report
lower contributions from the Flanagan South and Spearhead Pipelines of the Gulf Coast and Mid-Continent System in our Liquids Pipelines segment.
Previous report
The factors above were partially offset by:
Previous report
higher contributions from our Gas Transmission segment primarily due to recognition of increased revenue attributable to Algonquin and Texas Eastern rate case settlements, contributions from the Texas Eastern Venice Extension project, and favorable contracting and lower operating costs on our US Gas Transmission assets; and
Previous report
full-quarter contribution from the acquisition of Enbridge Gas North Carolina and increased revenue requirement from recovery of capital investments at Enbridge Gas Ohio both in our Gas Distribution and Storage segment.
Previous report
Earnings attributable to common shareholders were positively impacted by $300 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Previous report
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 report
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 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;
Previous 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
Previous report
the absence in 2025 of a deferred tax recovery of $141 million due to a change in state apportionment as a result of the Acquisitions.
Previous report
After taking into consideration the factors above, the remaining $260 million increase in earnings attributable to common shareholders is primarily explained by:
Previous report
three full quarters of contributions from the US Gas Utilities in our Gas Distribution and Storage segment;
Previous report
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;
Previous report
higher contributions from our Gas Transmission segment primarily due to the recognition of increased revenue attributable to Algonquin and Texas Eastern rate case settlements, favorable contracting in our US Gas Transmission assets, and contributions from the Texas Eastern Venice Extension project; and
Previous report
equity earnings related to a litigation settlement in our Liquids Pipelines segment.
Showing the first 40 of 113 passages. Open the source sections for the rest.
Reworded paragraphs (53)
Previous wording
East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the Federal Energy Regulatory Commission (FERC) issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee has made a motion filing to implement the rates to be effective November 1, 2025, subject to refund. Settlement discussions with shippers commenced in the third quarter of 2025.
Current wording
East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the Federal Energy Regulatory Commission (FERC) issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee made a filing to implement the rates to be effective November 1, 2025, subject to refund. On April 23, 2026, East Tennessee reached a settlement in principle with all parties in the proceeding. A settlement agreement is expected to be filed with the FERC during the second quarter of 2026 and will be subject to FERC approval.
Previous wording
Vector Pipeline L.P. (Vector) 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. Settlement discussions with shippers commenced in the third quarter of 2025.
Current wording
Vector Pipeline L.P. (Vector) 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. In compliance with the order, Vector placed the proposed tariff rates into effect on July 1, 2025. 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. In February 2026, Vector reached a settlement in principle with all active participants that resolves all issues in the consolidated rate case. On March 4, 2026, Vector filed a motion to place Phase 1 Settlement Rates into effect as of April 1, 2026, which was approved on March 5, 2026. On March 12, 2026, Vector filed the settlement agreement for the FERC's review and approval.
Previous 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.
Current wording
In February 2026, we closed a three-tranche offering consisting of five, ten and thirty-year medium-term notes, for an aggregate principal amount of $2.0 billion, which mature in February 2031, 2036, and 2056, respectively.
Previous wording
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 wording
In March 2026, we closed a two-tranche offering consisting of five and ten-year senior notes for an aggregate principal amount of US$2.0 billion, which mature in March 2031 and 2036, respectively.
Previous 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.
Current wording
These financing activities, in combination with the financing activities executed in 2025, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and other operating working capital requirements through potential periods of extended market disruption without requiring access to the capital markets, should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.
Previous wording
Earnings attributable to common shareholders were negatively impacted by $414 million due to certain infrequent or other non-operating factors, primarily explained by the following:
Current wording
Earnings attributable to common shareholders were negatively impacted by $478 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous wording
a non-cash, net unrealized derivative fair value gain of $944 million ($742 million after-tax) in 2025, compared with a net unrealized loss of $773 million ($586 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 wording
a non-cash, net unrealized derivative fair value loss of $743 million ($571 million after-tax) in 2026, compared with a net unrealized loss of $17 million ($13 million after-tax) in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks; partially offset by
Previous wording
After taking into consideration the factors above, the remaining $197 million decrease in earnings attributable to common shareholders is primarily explained by:
Current wording
After taking into consideration the factors above, the remaining $112 million decrease in earnings attributable to common shareholders is primarily explained by:
Previous wording
a non-cash, net unrealized gain of $54 million in 2025, compared with a net unrealized gain of $20 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks; partially offset by
Current wording
EBITDA was negatively impacted by $318 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized loss of $352 million in 2026, compared with a net unrealized gain of $6 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.
Previous wording
The remaining $51 million decrease is primarily explained by lower contributions from European offshore wind facilities, including weaker wind resources.
Current wording
After taking into consideration the factors above, the remaining $318 million decrease is primarily explained by the following significant business factors:
Previous wording
equity earnings attributable to a litigation settlement;
Current wording
the absence in 2026 of equity earnings attributable to a litigation settlement; and
Previous wording
favorable contracting on our US Gas Transmission assets;
Current wording
favorable contracting on our US Gas Transmission assets; and
Previous wording
higher revenues at Aitken Creek due to favorable storage spreads; and
Current wording
higher revenues from Aitken Creek and BC Pipeline due to favorable storage spreads and tolls, respectively; partially offset by
Previous wording
higher storage optimization and pricing at Enbridge Gas Ontario.
Current wording
higher distribution margin resulting from rate escalators and higher storage optimization and pricing at Enbridge Gas Ontario; and
Previous wording
Eliminations and Other includes operating and administrative costs that are not allocated to business segments, and the impact of foreign exchange hedge settlements and the activities of our wholly-owned captive insurance subsidiaries. Eliminations and Other also includes the impact of new business development activities, corporate investments, and natural gas and power marketing and logistical services to North American refiners, producers, and other customers.
Current wording
Eliminations and Other includes operating and administrative costs that are not allocated to business segments, and the impact of foreign exchange hedge settlements and the activities of our wholly-owned captive insurance subsidiary. Eliminations and Other also includes our natural gas and power marketing businesses and the impact of new business development activities and corporate investments.
Previous wording
After taking into consideration the non-operating factors above, the remaining $58 million decrease in EBITDA is primarily explained by higher realized foreign exchange losses on hedge settlements in 2025.
Current wording
After taking into consideration the non-operating factor above, the remaining $151 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.
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 September 30, 2025.
Current wording
Expenditures to date and status of the project are determined as at March 31, 2026.
Previous wording
3 Includes amounts for the construction of the Southern Illinois Connector Pipeline, which is expected to be 50% jointly-owned with Energy Transfer, costs to upgrade the Energy Transfer Crude Oil Pipeline, in which we have a 27.6% ownership interest, as well as amounts fully attributable to Enbridge.
Current wording
Includes amounts for the construction of the Southern Illinois Connector Pipeline, which is expected to be 50% jointly-owned with Energy Transfer, costs to upgrade the Energy Transfer Crude Oil Pipeline, in which we have a 27.6% ownership interest, as well as amounts fully attributable to Enbridge.
Previous wording
4 Our redeemable noncontrolling interest holder, Stonlasec8 Indigenous Investments Limited Partnership, will have the opportunity to participate in designated capital programs once they have been completed or substantially completed. As a result, our ownership interest in the program(s) may change in future periods. Refer to Part I. Item 1. Financial Statements - Note 9. Redeemable Noncontrolling Interest.
Current wording
Our redeemable noncontrolling interest holder, Stonlasec8 Indigenous Investments Limited Partnership, will have the opportunity to participate in designated capital programs once they have been completed or substantially completed. As a result, our ownership interest in the program(s) may change in future periods.
Previous wording
5 Our expected investment is approximately US$2.3 billion, with the remainder financed through non-recourse project level debt.
Current wording
Our expected investment is approximately US$2.3 billion, with the remainder financed through non-recourse project level debt.
Previous wording
6 Previously approved projects that were acquired by Enbridge through the acquisition of PSNC in the third quarter of 2024.
Current wording
Previously approved projects that were acquired by Enbridge through the acquisition of Public Service Company of North Carolina, Incorporated.
Previous wording
7 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 wording
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.
Previous wording
8 Our investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.
Current wording
Our investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.
Previous 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.
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, 2025. Material updates that have occurred since the date of filing of our Form 10-K are discussed below.
Previous wording
Clear Fork Solar - A 600-megawatt solar farm located near San Antonio, Texas, fully contracted under a long-term offtake agreement. The project has an expected in-service date in 2027.
Current wording
Cone - A 300-megawatt onshore wind project in the Southwest Power Pool market near Lubbock, Texas fully contracted under a long-term offtake agreement. This project will qualify for US tax credits and has an expected in-service date in 2027.
Previous wording
In the near term, we generally expect to utilize cash from operations together with commercial paper issuances and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures and acquisitions, fund debt retirements and pay common and preference share dividends. We target to maintain sufficient liquidity through securement of committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements for approximately one year without accessing the capital markets.
Current wording
In the near term, we generally expect to utilize cash from operations together with commercial paper issuances and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures and acquisitions and fund debt retirements. We target to maintain significant liquidity through securement of committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements through periods of extended market disruptions without accessing the capital markets.
Previous wording
We have signed capital obligation contracts for the purchase of services, pipe and other materials totaling approximately $4.4 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 $5.3 billion, which are expected to be paid over the next five years.
Previous wording
We facilitate 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 enable access to capital markets, subject to market conditions, through maintenance of shelf prospectuses in the US and Canada that allow for issuances of long-term debt, equity and other forms of long-term capital when market conditions are attractive.
Previous wording
To help 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 September 30, 2025:
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, 2026:
Previous wording
In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $994 million was unutilized as at September 30, 2025. As at December 31, 2024, we had $1.4 billion of uncommitted demand letter of credit facilities, of which $931 million was unutilized.
Current wording
In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $923 million was unutilized as at March 31, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.
Previous wording
As at September 30, 2025, our net available liquidity totaled $11.4 billion (December 31, 2024 - $14.4 billion), consisting of available credit facilities of $10.0 billion (December 31, 2024 - $12.6 billion) and unrestricted cash and cash equivalents of $1.4 billion (December 31, 2024 - $1.8 billion) as reported in the Consolidated Statements of Financial Position.
Current wording
As at March 31, 2026, our net available liquidity totaled $12.7 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $11.0 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $1.6 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.
Previous wording
During the nine months ended September 30, 2025, we completed the following long-term debt issuances totaling $4.6 billion and US$2.8 billion:
Current wording
During the three months ended March 31, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:
Previous wording
During the nine months ended September 30, 2025, we completed the following long-term debt repayments totaling US$3.0 billion, $2.0 billion and €21 million:
Current wording
During the three months ended March 31, 2026, we completed the following long-term debt repayment totaling US$50 million:
Previous wording
There are no material restrictions on our cash. Total restricted cash of $103 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.
Current wording
There are no material restrictions on our cash. Total restricted cash of $186 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.
Previous wording
Excluding current maturities of long-term debt, as at September 30, 2025 and December 31, 2024, we had negative working capital positions of $1.1 billion and $2.9 billion, respectively. During the nine months ended September 30, 2025, the major contributing factor to the negative working capital position was due to settlement of current liabilities, while during the year ended December 31, 2024, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.
Current wording
Excluding current maturities of long-term debt, as at March 31, 2026 and December 31, 2025, we had positive and negative working capital positions of $0.6 billion and $2.8 billion, respectively. During the three months ended March 31, 2026, the major contributing factor to the positive working capital position was an increase in receivables and unbilled revenues related to seasonal fluctuations, while during the year ended December 31, 2025, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.
Previous wording
Significant sources and uses of cash for the nine months ended September 30, 2025 and 2024 are summarized below:
Current wording
Significant sources and uses of cash for the three months ended March 31, 2026 and 2025 are summarized below:
Previous wording
Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The decrease in cash used in investing activities period-over-period was primarily due to the acquisitions of EOG, Questar, PSNC and Tomorrow RNG, as well as our contributions to acquire an equity interest in the Whistler Parent JV in 2024; partially offset by the absence of proceeds received from the disposition of our interests in the Alliance Pipeline, Aux Sable and NRGreen in 2024 and higher capital expenditures in 2025.
Current wording
Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures in 2026 when compared to the same period in 2025.
Previous wording
Cash used in financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances, and share redemptions. Cash used in financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests and redeemable noncontrolling interest. Factors impacting the increase in cash used in financing activities period-over-period primarily include:
Current wording
Cash provided by financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances, and share redemptions. Cash provided by financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests and redeemable noncontrolling interest. The increase in cash provided by financing activities period-over-period was primarily due to:
Previous wording
higher long-term debt repayments and lower long-term debt issuances in 2025 when compared to the same period in 2024.
Current wording
higher long-term debt issuances and lower long-term debt repayments in 2026 when compared to the same period in 2025; partially offset by
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
higher contributions from European offshore wind facilities due to stronger wind resources.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
After taking into consideration the non-operating factors above, the remaining $426 million decrease in EBITDA is primarily explained by:
Previous report — wording carried elsewhere
higher realized foreign exchange losses on hedge settlements in 2025; and
Previous report — wording carried elsewhere
On April 23, 2025, the Sixth Circuit affirmed the US District Court’s ruling and a petition for rehearing en banc was denied on June 16, 2025. On June 24, 2025, the case was administratively transferred back to the US District Court and Michigan State Officials filed their Answer to Enbridge’s complaint.