ENBRIDGE INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-07-31.
0001193125-26-326752
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450714
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 184 previous paragraphs and 205 current paragraphs.
101 unchanged; 54 reworded; 47 added; 28 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 15 previous and 16 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 (47)
Current report
ACQUISITIONS
Current report
Tallgrass Energy Crude Acquisition
Current report
On September 9, 2026, Enbridge announced that, through a wholly-owned subsidiary, we entered into a definitive agreement with wholly-owned subsidiaries of Tallgrass Energy, LP (Tallgrass) to acquire its crude oil business for total cash consideration of approximately $3.62 billion (US$2.55 billion), subject to customary closing adjustments (the Tallgrass Crude Acquisition). The business comprises a 75% interest in Pony Express Pipeline (Pony Express), a 51% interest in the Powder River Gateway system, approximately 8.4 million barrels of crude oil storage capacity across nine terminals and 100% of Stanchion Energy, a crude marketing business. The transaction includes the PXP2 growth project, an approximately $0.4 billion (US$0.3 billion) expansion of Pony Express expected to increase the system's transportation capacity. The PXP2 project is expected to enter service in 2027. The Tallgrass Crude Acquisition will expand our presence in the Bakken, Powder River and Denver-Julesburg basins through Cushing, Oklahoma, complementing our Express-Platte and Seaway pipeline systems. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Current report
Salt Creek Midstream Crude Acquisition
Current report
On October 9, 2026, through a wholly-owned subsidiary, we acquired from Salt Creek Midstream (Salt Creek) all of the membership interests of FS Crude Holdings, LLC (FS Crude) for total cash consideration of approximately $892 million (US$625 million) (the Salt Creek Crude Acquisition). FS Crude owns 100% of the Orla and Wink North systems and 50% of the Delaware Crossing system, which combined include approximately 500 miles of crude oil gathering infrastructure located in the Delaware Basin. The Salt Creek Crude Acquisition is expected to strengthen our crude oil value chain in the Permian Basin by providing a strategic connection between crude oil production and our Gray Oak and Cactus II Pipeline systems, as well as our Enbridge Ingleside Energy Center.
Current report
Wexpro Gas Supply Acquisition
Current report
On August 25, 2026, we entered into a definitive agreement to acquire substantially all of the assets of Laramie Energy, LLC (Laramie) for cash consideration of approximately $689 million (US$485 million) plus up to approximately $92 million (US$65 million) in contingent payments. The acquisition will expand Wexpro's natural gas production platform and provide stable, cost-of-service natural gas supply for Enbridge Gas Utah. Upon closing, the transaction is expected to increase Wexpro's contribution to Enbridge Gas Utah's supply portfolio and support long-term customer affordability and reliability. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Current report
NONCONTROLLING INTEREST INVESTMENT
Current report
BC Pipeline System
Current report
On September 3, 2026, KKR & Co. Inc. (KKR), in collaboration with funds and affiliates managed by Apollo, invested $729 million in Westcoast Expansion Financing Limited Partnership (Westcoast Expansion) in respect of expenditures previously funded by Westcoast Energy LP Inc. Westcoast Expansion holds an ownership interest in Westcoast Energy Limited Partnership, which owns and operates our Westcoast Energy Inc. British Columbia (BC) Pipeline system. In addition to the initial cash consideration, KKR has committed to contribute approximately $2.0 billion to fund the Aspen Point and Sunrise Expansion Programs.
Current report
Subsequent to this investment, we hold a controlling interest in these assets, which are included in our Gas Transmission segment, and continue to manage and operate the pipeline system. Upon the Sunrise Expansion Program entering service, KKR and Apollo are expected to hold a 29% indirect, cumulative interest in the BC Pipeline system.
Current report
BC Pipeline System
Current report
The 2022-2026 toll settlement agreement for our BC Pipeline system is expiring in December 2026. We anticipate a settlement will be finalized early in 2027. We expect to file interim tolls for our BC Pipeline system with the Canada Energy Regulator (CER) in the fourth quarter of 2026, with interim tolls effective January 1, 2027, pending regulatory approval.
Current report
Enbridge Gas Ohio
Current report
In September 2026, Enbridge Gas Ohio filed a stipulation addressing the issues raised in its December 2025 rate case, which proposed a rate increase to recover Enbridge Gas Ohio's investment in distribution infrastructure and other costs to serve. The stipulation provides for a revised annual revenue increase of US$145 million, with a return on equity of 9.59% and equity thickness of 52.87%. The stipulation supports continued investment in the safety, reliability and modernization of our system. It also provides an increased contribution to the low-income energy assistance fund and contains multiple commitments to expand Enbridge Gas Ohio’s customer outreach and affordability support initiatives.
Current report
A decision on the filing is expected in or before the first quarter of 2027, with new rates expected to be effective on March 1, 2027.
Current report
We completed long-term debt issuances totaling $3.0 billion and US$2.0 billion during the nine months ended September 30, 2026. Refer to Liquidity and Capital Resources.
Current report
During our annual renewal process, we renewed and extended approximately $22.3 billion of our credit facilities with maturities ranging from 2027-2031.
Current report
On September 14, 2026, we closed a public offering of 44,735,000 common shares of Enbridge at a price of $66.85 per share for gross proceeds of $3.0 billion. Net proceeds from the sale of common shares will be used to partially fund the Tallgrass Crude and Salt Creek Crude Acquisitions, with the remaining proceeds available to fund future growth opportunities. Refer to Part I. Item 1. Financial Statements - Note 6 - Acquisitions and Dispositions.
Current report
Earnings attributable to common shareholders were positively impacted by $529 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
higher depreciation and amortization expense due to projects and capital placed into service since the third quarter of 2025.
Current report
higher depreciation and amortization expense due to projects and capital placed into service since the third quarter of 2025;
Current report
EBITDA was negatively impacted by $49 million due to certain infrequent or other non-operating factors, primarily explained by:
Current report
lower contributions from Market Access due to underutilized contracts to the US Gulf Coast; partially offset by
Current report
the favorable effect of translating US dollar earnings at a higher average exchange rate in 2026, compared to the same period in 2025.
Current report
EBITDA was negatively impacted by $80 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized loss of $29 million in 2026, compared with a net unrealized gain of $54 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.
Current report
lower contributions from Market Access volumes to the US Gulf Coast;
Current report
the unfavorable effect of translating US dollar earnings at a lower average exchange rate in 2026, compared to the same period in 2025.
Current report
EBITDA was positively impacted by $188 million, primarily explained by the following significant business factors:
Current report
higher allowance for equity funds used during construction from increased spend on growth projects; and
Current report
the favorable effect of translating US dollar earnings at a higher average exchange rate in 2026, compared to the same period in 2025.
Current report
EBITDA was positively impacted by $276 million, primarily explained by the following significant business factors:
Current report
higher allowance for equity funds used during construction from increased spend on growth projects; partially offset by
Current report
the unfavorable effect of translating US dollar earnings at a lower average exchange rate in 2026, compared to the same period in 2025.
Current report
EBITDA was positively impacted by $105 million, primarily explained by the following significant business factors:
Current report
higher distribution margin from higher rates and customer growth, net of earnings sharing, at Enbridge Gas Ontario.
Current report
After taking into consideration the non-operating factor above, the remaining $252 million increase is primarily explained by the following significant business factors:
Current report
EBITDA was positively impacted by $24 million, largely driven by contributions from Sequoia Solar Phase 1, which was placed in service in December 2025.
Current report
higher European wind resources; and
Current report
contributions from Sequoia Solar Phase 1 in 2026; offset by
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (28)
Previous report
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. On May 29, 2026, East Tennessee filed the settlement agreement for the FERC’s review and approval.
Previous report
Vector
Previous report
In July 2026, we renewed our 364-day extendible credit facilities, extending the maturity dates to July 2028, which includes a one-year term out provision from July 2027. We also renewed our five-year credit facilities, extending the maturity dates to July 2031. Further, we extended the maturity dates of our three-year credit facilities to July 2029.
Previous report
lower 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.
Previous report
EBITDA was positively impacted by $287 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous report
After taking into consideration the factors above, the remaining $5 million increase is primarily explained by the following significant business factors:
Previous report
higher Mainline volumes, net of earnings sharing, higher Line 9 volumes, and benefits from system optimization initiatives; and
Previous report
higher equity earnings from Seaway Pipeline due to higher spot volumes; partially offset by
Previous report
lower revenue from Southern Lights following expiry of cost of service agreements on June 30, 2025.
Previous report
EBITDA was negatively impacted by $31 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous report
a non-cash, net unrealized gain of $80 million in 2026, compared with a net unrealized gain of $38 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.
Previous report
EBITDA was negatively impacted by $46 million due to certain infrequent or other non-operating factors primarily explained by a non-cash, net unrealized gain of $17 million in 2026, compared with a net unrealized gain of $40 million in 2025, 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 report
After taking into consideration the factors above, the remaining $37 million increase is primarily explained by the following significant business factors:
Previous report
lower equity earnings from our investment in DCP Midstream, LP (DCP).
Previous report
EBITDA was negatively impacted by $28 million due to certain infrequent or other non-operating factors primarily explained by the following:
Previous report
the absence in 2026 of 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
Previous report
a non-cash, net unrealized gain of $36 million in 2026, compared with a net unrealized loss of $21 million in 2025, 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 report
After taking into consideration the factors above, the remaining $116 million increase is primarily explained by the following significant business factors:
Previous report
higher revenues from Aitken Creek due to favorable storage spreads; partially offset by
Previous report
lower equity earnings from our investment in DCP; and
Previous report
The remaining $147 million increase is primarily explained by the following significant business factors:
Previous report
EBITDA was negatively impacted by $26 million, primarily explained by the following significant business factors:
Previous report
higher contributions from European offshore wind facilities due to stronger wind resources.
Previous report
OTHER ANNOUNCED PROJECTS UNDER DEVELOPMENT
Previous report
LIQUIDS PIPELINES
Previous report
Line 5 Relocation Project
Previous report
During the quarter, we sanctioned and began construction on the Line 5 Relocation Project in Wisconsin, which involves a 41-mile re-route of the existing pipeline system. Upon entering service, Recoverable Line 5 Capital will be added to the Mainline System's rate base. All key state and federal permits have been secured, including right-of-way agreements and the US Army Corps of Engineers (Army Corps)Clean Water Act permit. The project is expected to cost approximately US$1.0 billion and is targeted to enter service in early 2027. Refer to Legal and Other Updates for more information on this project.
Previous report
In July 2026, we renewed our 364-day extendible credit facilities, extending the maturity dates to July 2028, which includes a one-year term out provision from July 2027. We also renewed our five-year credit facilities, extending the maturity dates to July 2031. Further, we extended the maturity dates of our three-year credit facilities to July 2029.
Reworded paragraphs (54)
Previous wording
Vector Pipeline L.P. (Vector) filed a rate case on May 30, 2025 and a settlement in principle was reached with all active participants in February 2026. The Stipulation and Agreement was approved by the FERC on May 26, 2026 with rates effective April 1, 2026.
Current wording
East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025 and a settlement in principle was reached with all active participants in April 2026. The settlement agreement was filed in May 2026 and approved by the Federal Energy Regulatory Commission on August 3, 2026 with rates effective retroactively to November 1, 2025.
Previous wording
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. The Phase 1 judicial review and appeal hearing took place in the second quarter of 2026, and a decision is expected before the end of the year.
Current wording
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 the Ontario courts. The Phase 1 judicial review and appeal hearing took place in the second quarter of 2026.
Previous wording
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 are being 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 wording
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 were addressed through a written hearing process, with a decision expected in the fourth quarter of 2026.
Previous 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.
Current wording
In October 2026, Public Service Company of North Carolina, Incorporated (Enbridge Gas North Carolina) closed a two-tranche offering consisting of ten-year and thirty-year senior notes for an aggregate principal amount of US$500 million which mature in October 2036 and October 2056, respectively.
Previous wording
Earnings attributable to common shareholders were negatively impacted by $745 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized derivative fair value gain of $308 million ($232 million after-tax) in 2026, compared with a net unrealized gain of $1.4 billion ($1.0 billion 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.
Current wording
a non-cash, net unrealized derivative fair value gain of $245 million ($193 million after-tax) in 2026, compared with a net unrealized loss of $394 million ($299 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; and
Previous wording
a net negative adjustment to crude oil inventory of $88 million in 2026, compared with a net negative adjustment of $6 million in 2025; partially offset by
Current wording
a net positive adjustment to crude oil inventory of $66 million ($51 million after-tax) in 2026, compared with a net negative adjustment of $7 million ($5 million after-tax) in 2025.
Previous wording
After taking into consideration the factors above, the remaining $148 million decrease in earnings attributable to common shareholders is primarily explained by:
Current wording
After taking into consideration the non-operating factors above, the remaining $77 million increase in earnings attributable to common shareholders is primarily explained by:
Previous wording
higher contribution from our Gas Transmission segment primarily due to East Tennessee rate case settlement and Texas Eastern Transmission, LP (Texas Eastern) previously approved rate increase; and
Current wording
higher contribution from our Gas Transmission segment primarily due to the East Tennessee rate case settlement and the Texas Eastern Transmission, LP (Texas Eastern) previously approved rate increase; and
Previous wording
higher contribution from our Gas Distribution and Storage segment primarily due to higher base rates for Enbridge Gas Utah.
Current wording
higher contribution from our Gas Distribution and Storage segment primarily due to higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina; partially offset by
Previous wording
lower Mainline tolls on Line 9 deliveries; and
Current wording
lower contribution from our Liquids Pipelines segment primarily due to lower Mainline tolls on Line 9 deliveries and lower contributions from Market Access volumes to the US Gulf Coast; and
Previous wording
Earnings attributable to common shareholders were negatively impacted by $1.2 billion due to certain infrequent or other non-operating factors, primarily explained by:
Current wording
Earnings attributable to common shareholders were negatively impacted by $694 million due to certain infrequent or other non-operating factors, primarily explained by:
Previous wording
a non-cash, net unrealized derivative fair value loss of $434 million ($339 million after-tax) in 2026, compared with a net unrealized gain of $1.4 billion ($1.0 billion 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
Current wording
a non-cash, net unrealized derivative fair value loss of $189 million ($146 million after-tax) in 2026, compared with a net unrealized gain of $944 million ($742 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
EBITDA was positively impacted by $330 million due to the absence in 2026 of an impairment of certain rate-regulated assets in 2025 related to Enbridge Gas Ohio's rate case.
Current wording
the absence in 2026 of 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 Public Utilities Commission of Ohio's June 2025 order related to Enbridge Gas Ohio's rate case.
Previous wording
After taking into consideration the factors above, the remaining $36 million decrease in earnings attributable to common shareholders is primarily explained by:
Current wording
After taking into consideration the non-operating factors above, the remaining $71 million decrease in earnings attributable to common shareholders is primarily explained by:
Previous wording
lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, and the absence in 2026 of equity earnings attributable to a litigation settlement; and
Current wording
lower contribution from our Liquids Pipelines segment as a result of lower Mainline volumes, net of earnings sharing, lower Mainline tolls on Line 9 deliveries, and the absence in 2026 of equity earnings attributable to a litigation settlement;
Previous wording
higher contribution from our Gas Distribution and Storage segment due to higher rate escalators, customer growth and higher storage pricing at Enbridge Gas Ontario, as well as higher base rates for Enbridge Gas Utah; and
Current wording
higher contribution from our Gas Distribution and Storage segment due to higher rates, customer growth and higher storage and transportation pricing and sales at Enbridge Gas Ontario, as well as higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina; and
Previous wording
higher contributions from our Gas Transmission segment primarily due to East Tennessee rate case settlement and Texas Eastern previously approved rate increase.
Current wording
higher contributions from our Gas Transmission segment primarily due to the East Tennessee rate case settlement and the Texas Eastern previously approved rate increase.
Previous wording
a non-cash, net unrealized gain of $432 million in 2026, compared with a net unrealized gain of $33 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks; partially offset by
Current wording
a non-cash, net unrealized loss of $109 million in 2026, compared with a net unrealized gain of $16 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks; partially offset by
Previous wording
a net negative adjustment to crude oil inventory of $121 million in 2026, compared with a net negative adjustment of $6 million in 2025.
Current wording
a net positive adjustment to crude oil inventory of $66 million in 2026, compared with a net negative adjustment of $7 million in 2025.
Previous wording
After taking into consideration the factors above, the remaining $313 million decrease is primarily explained by the following significant business factors:
Current wording
After taking into consideration the non-operating factors above, the remaining $101 million decrease is primarily explained by the following significant business factors:
Previous wording
higher Mainline earnings sharing and lower Mainline tolls on Line 9 deliveries;
Current wording
lower Mainline volumes, net of earnings sharing and lower Mainline tolls on Line 9 deliveries;
Previous wording
increased revenues attributable to East Tennessee rate case settlement and Texas Eastern previously approved rate increase; partially offset by
Current wording
increased revenues attributable to the East Tennessee rate case settlement, the Texas Eastern previously approved rate increase and favorable Texas Eastern contracting;
Previous wording
Six months ended June 30, 2026 compared with the six months ended June 30, 2025
Current wording
Nine months ended September 30, 2026 compared with the nine months ended September 30, 2025
Previous wording
increased revenues attributable to East Tennessee rate case settlement, Texas Eastern previously approved rate increase and favorable Texas Eastern contracting; and
Current wording
increased revenues attributable to the East Tennessee rate case settlement, the Texas Eastern previously approved rate increase and favorable Texas Eastern contracting; and
Previous wording
The remaining $38 million increase is primarily explained by higher base rates for Enbridge Gas Utah due to recent rate cases.
Current wording
higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases; and
Previous wording
higher distribution margin from rate escalators, customer growth and higher storage pricing and short-term sales at Enbridge Gas Ontario; and
Current wording
higher distribution margin from higher rates and customer growth, net of earnings sharing, and higher storage pricing and short-term sales at Enbridge Gas Ontario; and
Previous wording
higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases; partially offset by
Current wording
higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases.
Previous wording
EBITDA was comparable period-over-period.
Current wording
EBITDA was comparable period-over-period, primarily explained by:
Previous wording
the absence in 2026 of equity earnings related to investment tax credits from Fox Squirrel Solar, which came into service in 2025; partially offset by
Current wording
the absence in 2026 of equity earnings related to investment tax credits from Fox Squirrel Solar, which came into service in 2025.
Previous wording
EBITDA was negatively impacted by $2.0 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $612 million in 2026, compared with a net unrealized gain of $1.4 billion in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Current wording
EBITDA was positively impacted by $457 million due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized gain of $84 million in 2026, compared with a net unrealized loss of $397 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Previous wording
After taking into consideration the non-operating factor above, the remaining $192 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.
Current wording
After taking into consideration the non-operating factor above, the remaining $29 million decrease in EBITDA is primarily explained by higher realized foreign exchange losses on hedge settlements in 2026.
Previous wording
EBITDA was negatively impacted by $1.4 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $173 million in 2026, compared with a net unrealized gain of $1.3 billion in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Current wording
EBITDA was negatively impacted by $1.6 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $528 million in 2026, compared with a net unrealized gain of $962 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.
Previous wording
After taking into consideration the non-operating factor above, the remaining $41 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.
Current wording
After taking into consideration the non-operating factor above, the remaining $163 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.
Previous wording
Previously approved projects that were acquired by Enbridge through the acquisition of Public Service Company of North Carolina, Incorporated.
Current wording
Previously approved projects that were acquired by Enbridge through the acquisition of Enbridge Gas North Carolina.
Previous wording
Our investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.
Current wording
10 Our investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.
Previous wording
T-South Expansion (Sunrise) - In April 2026, the project received a positive decision from the Government of Canada’s Governor in Council and the Canada Energy Regulator issued a certificate for the project. Construction on certain facilities has commenced and we expect pipeline construction activities to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions.
Current wording
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. Facilities and pipeline construction activities commenced in the third quarter of 2026 and are ongoing.
Previous wording
We have signed contracts committing to the purchase of services, pipe and other materials totaling approximately $6.3 billion, which are expected to be paid over the next five years.
Current wording
We have signed contracts committing to the purchase of services, pipe and other materials totaling approximately $5.7 billion, which are expected to be paid over the next five years.
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 $885 million was unutilized as at June 30, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.
Current wording
In addition to the committed credit facilities noted above, we maintain $1.5 billion of uncommitted demand letter of credit facilities, of which $776 million was unutilized as at September 30, 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 June 30, 2026, our net available liquidity totaled $10.9 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $8.9 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $2.0 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.
Current wording
As at September 30, 2026, our net available liquidity totaled $11.8 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $6.9 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $4.9 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.
Previous wording
During the six months ended June 30, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:
Current wording
During the nine months ended September 30, 2026, we completed the following long-term debt issuances totaling $3.0 billion and US$2.0 billion:
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
lower Mainline volumes, net of earnings sharing and lower Mainline tolls on Line 9 deliveries; and
Current report — wording carried from elsewhere
After taking into consideration the non-operating factor above, the remaining $414 million decrease is primarily explained by the following significant business factors:
Current report — wording carried from elsewhere
Our redeemable noncontrolling interest holder, KKR, will 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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
higher interest expense mainly due to incremental long-term debt issuances (net of lower interest on short-term borrowings); partially offset by