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LONG-TERM INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS
| Ownership |  |
December 31, | Interest | 2023 | 2022
(millions of Canadian dollars) |  |  |
EQUITY INVESTMENTS |  |  |
Liquids Pipelines |  |  |
MarEn Bakken Company LLC 1 | 75.0 | % | 1,819 |  | 1,968 |
DCP Midstream, LLC (Class B Units)2 | 90.0 | % | 1,486 |  | 1,394 |
Seaway Crude Holdings LLC | 50.0 | % | 2,661 |  | 2,744 |
Illinois Extension Pipeline Company, L.L.C.3 | 65.0 | % | 584 |  | 622 |
Cactus II Pipeline LLC 4 | 30.0 | % | 618 |  | 658 |
Other | 30.0% - 43.8% | 84 |  | 76 |
Gas Transmission and Midstream |  |  |
Alliance Pipeline 5, 7 | 50.0 | % | 359 |  | 430 |
Aux Sable 6, 7 | 42.7% - 50.0% | 229 |  | 214 |
DCP Midstream, LLC (Class A Units)8 | 23.4 | % | 367 |  | 317 |
Gulfstream Natural Gas System, L.L.C. | 50.0 | % | 1,224 |  | 1,274 |
NEXUS Gas Transmission, LLC | 50.0 | % | 1,220 |  | 1,813 |
Sabal Trail Transmission, LLC | 50.0 | % | 1,467 |  | 1,535 |
Southeast Supply Header, LLC | 50.0 | % | 80 |  | 86 |
Steckman Ridge, LP | 50.0 | % | 87 |  | 91 |
Vector Pipeline 9 | 60.0 | % | 191 |  | 195 |
Woodfibre LNG Limited Partnership 10 | 30.0 | % | 777 |  | 635 |
Offshore - various joint ventures | 22.0% - 74.3% | 217 |  | 314 |
Gas Distribution and Storage |  |  |
Other | 30.0% - 50.0% | 22 |  | 20 |
Renewable Power Generation |  |  |
EIH S.à r.l.11 | 51.0 | % | 52 |  | 37 |
Hohe See and Albatros Offshore Wind Facilities | 49.9 | % | 1,701 |  | 163 |
Rampion Offshore Wind Limited | 24.9 | % | 391 |  | 413 |
East-West Tie Limited Partnership | 24.1 | % | 132 |  | 241 |
Fox Squirrel Solar LLC | 50.0 | % | 312 |  | — |
Other | 16.4% - 50.0% | 110 |  | 107 |
OTHER LONG-TERM INVESTMENTS |  |  |
Gas Transmission and Midstream |  |  |
Ara Divert HoldCo, Inc. |  | 106 |  | — |
Other |  | 22 |  | 22 |
Gas Distribution and Storage |  |  |
Other |  | 24 |  | 48 |
Renewable Power Generation |  |  |
Other |  | 21 |  | 31 |
Eliminations and Other |  |  |
Other 12 |  | 430 |  | 488 |
|  | 16,793 |  | 15,936 |
1 Owns a 49.0% interest in Bakken Pipeline Investments LLC. Bakken Pipeline Investments LLC owns 75.0% of the Bakken Pipeline System, resulting in a 27.6% effective interest in the Bakken Pipeline System by us. 2 We own 90.0% of the Class B units of DCP Midstream, LLC. These units track to a 65.0% ownership in Gray Oak Pipeline, LLC (Gray Oak), resulting in a 58.5% effective interest in Gray Oak by us. On January 9, 2023, we acquired an additional 10.0% direct interest in Gray Oak for cash consideration of $230 million (US$172 million), bringing our effective interest to 68.5%. 3 Owns the Southern Access Extension Project. 4 On October 12, 2021, we acquired a 20.0% equity interest in Cactus II through the Moda Acquisition (Note 8). On November 2, 2022, we acquired an additional 10.0% ownership in Cactus II for cash consideration of $241 million (US$177 million), bringing our total non-operating ownership to 30.0%. 5 Includes Alliance Pipeline Limited Partnership in Canada and Alliance Pipeline L.P. in the US. 6 Includes Aux Sable Canada LP in Canada and Aux Sable Liquid Products L.P. and Aux Sable Midstream LLC in the US. 7 On December 13, 2023, we announced that Enbridge had entered into a definitive agreement to sell its 50.0% interest in the Alliance Pipeline and interest in Aux Sable to Pembina Pipeline Corporation for $3.1 billion, including approximately $0.3 billion of non-recourse debt, subject to customary closing adjustments. 8 We own 23.4% of the Class A units of DCP Midstream, LLC. These units track to a 56.5% ownership in DCP Midstream, LP (DCP), resulting in a 13.2% effective interest in DCP by us. 9 Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US. 10 On November 29, 2022, we acquired an effective 30.0% interest in Woodfibre LNG Limited Partnership (Woodfibre) for cash consideration of $533 million (US$392 million). Woodfibre will operate a LNG export facility in BC being constructed by us and our partners. 11 Owns a 50.0% interest in Éolien Maritime France SAS (EMF). Through our investment in EMF, we own equity interests in three French offshore wind projects, including effective interests in Saint-Nazaire (25.5%), Fécamp (17.9%) and Calvados (21.7%). 12 Consists of investments in exchange-traded funds and debt securities held by our wholly-owned captive insurance subsidiaries. Refer to Note 23 - Risk Management and Financial Instruments. Equity investments include the unamortized excess of the purchase price over the underlying net book value of the investees' assets at the purchase date. As at December 31, 2023, this basis difference was $3.5 billion (2022 - $3.4 billion), of which $1.7 billion (2022 - $1.5 billion) was amortizable. For the years ended December 31, 2023, 2022 and 2021, distributions received from equity investments were $3.1 billion, $2.6 billion and $2.2 billion, respectively. Summarized combined financial information of our unconsolidated equity investments (presented at 100%) is as follows:
Year ended December 31, | 2023 | 2022 1 | 2021 1
(millions of Canadian dollars) |  |  |
Operating revenues | 22,586 |  | 30,026 |  | 22,551 |
Operating expenses | 17,111 |  | 23,835 |  | 17,446 |
Earnings | 4,818 |  | 5,123 |  | 3,656 |
Earnings attributable to Enbridge | 1,816 |  | 2,056 |  | 1,600 |
December 31, | 2023 | 2022 1
(millions of Canadian dollars) |  |
Current assets | 5,842 |  | 5,328 |
Non-current assets | 61,141 |  | 61,393 |
Current liabilities | 6,194 |  | 5,631 |
Non-current liabilities | 23,957 |  | 23,208 |
Noncontrolling interests | 4,124 |  | 4,640 |
1 Balances have been updated to reflect the impact of revisions made to conform to the current year's presentation. These revisions do not have an effect on our previously reported consolidated statements of earnings, comprehensive income, changes in equity, cash flows or financial position. OTHER EQUITY INVESTMENT TRANSACTIONS Fox Squirrel Solar LLC On November 15, 2023, we acquired a 50% interest in a newly formed partnership with EDF Renewables North America to participate in the initial phase of a solar power facility in Ohio. Cash consideration includes an upfront payment of $157 million (US$115 million) and subsequent capital commitments up to $398 million (US$291 million). Investments past the first phase are contingent on certain conditions being met. An additional payment of $164 million (US$123 million) was made at Phase 1 in-service in December 2023. Hohe See and Albatros Offshore Wind Facilities On November 3, 2023, we acquired an additional 24.45% interest in the Hohe See Offshore Wind Facilities and Albatros Offshore Wind Facilities (the Offshore Wind Facilities), through the acquisition of a 49% interest in Enbridge Renewable Infrastructure Investments S.à r.l (ERII), for $391 million (€267 million) of cash and assumed debt of $524 million (€358 million), bringing our interest in the Offshore Wind Facilities to 49.9%. The Hohe See Offshore Wind Facilities and Albatros Offshore Wind Facilities are located approximately 100 kilometers off the northern coast of Germany and came into service in 2019 and 2020, respectively. Subsequent to the purchase, our interest in ERII is consolidated and our interest in the Offshore Wind Facilities will continue to be accounted for as an equity method investment included in the Renewable Power Generation segment. DCP Midstream, LLC On August 17, 2022, we completed a joint venture merger transaction with Phillips 66 resulting in a single joint venture, DCP Midstream, LLC, holding both our and Phillips 66's indirect ownership interests in Gray Oak and DCP. Our ownership in DCP Midstream, LLC consists of Class A and Class B Interests which track to our investments in DCP, included in the Gas Transmission and Midstream segment, and Gray Oak, included in the Liquids Pipelines segment, respectively. Through our investment in DCP Midstream, LLC, we increased our effective economic interest in Gray Oak to 58.5% from 22.8% and reduced our effective economic interest in DCP to 13.2% from 28.3%. As a result of the transaction, Enbridge assumed operatorship of Gray Oak in the second quarter of 2023. We determined the fair value of our decrease in economic interest in DCP based on the unadjusted quoted market price of DCP's publicly traded common units on the transaction closing date. The fair value of our increased economic interest in Gray Oak was determined using the fair value prescribed to the change in our economic interest in DCP. As a result of the merger transaction and the realignment of our economic interests in DCP and Gray Oak, we also received cash consideration of approximately $522 million (US$404 million) and recorded an accounting gain of $1.1 billion (US$832 million) to Gain on joint venture merger transaction in the Consolidated Statements of Earnings. Both DCP and Gray Oak continue to be accounted for as equity method investments. Noverco Inc. On June 7, 2021, IPL System Inc., a wholly-owned subsidiary of Enbridge, entered into a purchase and sale agreement to sell its 38.9% common share and preferred share interest in Noverco to Trencap L.P. On December 30, 2021, we closed the sale of Noverco for cash proceeds of $1.1 billion. After closing adjustments, a gain on disposal of $303 million before tax was included in Other income/(expense) in the Consolidated Statements of Earnings for the year ended December 31, 2021. Noverco was previously included in our Gas Distribution and Storage segment. IMPAIRMENT OF EQUITY INVESTMENTS PennEast Pipeline Company, LLC PennEast Pipeline Company, LLC (PennEast) is a joint venture formed to develop a natural gas transmission pipeline to serve local distribution companies and power generators in southeastern Pennsylvania and New Jersey, is owned 20.0% by Enbridge, and is recorded as an equity method investment. In the third quarter of 2021, PennEast determined further development of the project was no longer viable and development of the project was ceased. As a result, we recorded an other-than-temporary impairment loss of $111 million on our investment for the year ended December 31, 2021 based on the estimated fair value of our share of the net assets. The carrying value of this investment was nil as at December 31, 2023 and 2022. Our investment in PennEast formed part of our Gas Transmission and Midstream segment. The impairment loss was recorded within Income from equity investments in the Consolidated Statements of Earnings.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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