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REGULATORY MATTERS (Tables) | 12 Months Ended
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Dec. 31, 2023
Regulated Operations [Abstract] |
Schedule of Regulatory Assets | Accounting for rate-regulated activities has resulted in the recognition of the following regulatory assets and liabilities in the Consolidated Statements of Financial Position.
December 31, | 2023 | 2022 | Recovery/Refund Period Ends
(millions of Canadian dollars) |  |  |
Current regulatory assets |  |  |
Purchase gas variance | 15 |  | 190 |  | 2024
Under-recovery of fuel costs | 75 |  | 109 |  | 2024
Other current regulatory assets | 380 |  | 305 |  | 2024
Total current regulatory assets 1 (Note 9) | 470 |  | 604 |  |
Long-term regulatory assets |  |  |
Deferred income taxes 2 | 4,456 |  | 4,473 |  | Various
Long-term debt 3 | 348 |  | 378 |  | 2032-2046
Negative salvage 4 | 180 |  | 265 |  | Various
Purchase gas variance | — |  | 244 |  | 2024
Accounting policy changes 5 | — |  | 219 |  | 2024
Pension plan receivable 6 | 1 |  | 40 |  | Various
Other long-term regulatory assets | 252 |  | 244 |  | Various
Total long-term regulatory assets 1 | 5,237 |  | 5,863 |  |
Total regulatory assets | 5,707 |  | 6,467 |  |
Current regulatory liabilities |  |  |
Purchase gas variance | 31 |  | — |  | 2024
Other current regulatory liabilities | 276 |  | 167 |  | 2024
Total current regulatory liabilities 7 | 307 |  | 167 |  |
Long-term regulatory liabilities |  |  |
Future removal and site restoration reserves 8 | 1,693 |  | 1,615 |  | Various
Regulatory liability related to US income taxes 9 | 854 |  | 918 |  | 2050-2072
Pipeline future abandonment costs (Note 23) | 745 |  | 610 |  | Various
Pension plan payable 6 | 143 |  | 231 |  | Various
Other long-term regulatory liabilities | 86 |  | 250 |  | Various
Total long-term regulatory liabilities 7 | 3,521 |  | 3,624 |  |
Total regulatory liabilities | 3,828 |  | 3,791 |  |
1 Current regulatory assets are included in Other current assets, while long-term regulatory assets are included in Deferred amounts and other assets. 2 Represents the regulatory offset to deferred income tax liabilities to the extent that it is expected to be included in future regulator-approved rates and recovered from customers. The recovery period depends on the timing of the reversal of temporary differences. In the absence of rate-regulated accounting, this regulatory balance and the related earnings impact would not be recorded. The balance as at December 31, 2023 is net of regulatory deferred tax write-offs. 3 Represents our regulatory offset to the fair value adjustment to debt acquired in our merger with Spectra Energy Corp. (Spectra Energy). The offset is viewed as a proxy for the regulatory asset that would be recorded in the event such debt was extinguished at an amount higher than the carrying value. 4 The negative salvage balance represents the recovery in future rates of the actual cost of removal of previously retired or decommissioned plant assets, as approved by the FERC. 5 In 2022, this deferral primarily consisted of unamortized accumulated actuarial gains/losses and past service costs incurred by Union Gas Limited, relating to the period up to our merger with Spectra Energy, which were previously recorded in AOCI. The amortization of this balance is recognized as a component of accrual-based pension expenses, which are included in Other income/(expense) and recovered in rates, as previously approved by the OEB. The Phase 1 Decision disallowed recovery of the remaining balance related to pre-2017 pension amounts and was impaired with a nil balance as at December 31, 2023. The residual balance in this account pertains to the impact of other accounting changes during the deferred rebasing period and were approved for disposition in 2024 in the Phase 1 Decision and subsequently transferred to Other current regulatory assets as at December 31, 2023. 6 Represents the regulatory offset to our pension liability to the extent that it is expected to be included in regulator-approved future rates and recovered from customers. The settlement period for this balance is not determinable. In the absence of rate-regulated accounting, this regulatory balance and the related pension expense would be recorded in earnings and OCI. 7 Current regulatory liabilities are included in Other current liabilities, while long-term regulatory liabilities are included in Other long-term liabilities. 8 Future removal and site restoration reserves consists of amounts collected from customers, with the approval of the OEB, to fund future costs of removal and site restoration relating to property, plant and equipment. These costs are collected as part of the depreciation expense charged on property, plant and equipment that is reflected in rates. The settlement of this balance will occur over the long-term as costs are incurred. In the absence of rate-regulated accounting, depreciation rates would not include a charge for removal and site restoration and costs would be charged to earnings as incurred with recognition of revenue for amounts previously collected. 9 The regulatory liability related to US income taxes resulted from the US tax reform legislation dated December 22, 2017. These balances will be refunded to customers in accordance with the respective rate settlements approved by the FERC.
Schedule of Regulatory Liabilities | Accounting for rate-regulated activities has resulted in the recognition of the following regulatory assets and liabilities in the Consolidated Statements of Financial Position.
December 31, | 2023 | 2022 | Recovery/Refund Period Ends
(millions of Canadian dollars) |  |  |
Current regulatory assets |  |  |
Purchase gas variance | 15 |  | 190 |  | 2024
Under-recovery of fuel costs | 75 |  | 109 |  | 2024
Other current regulatory assets | 380 |  | 305 |  | 2024
Total current regulatory assets 1 (Note 9) | 470 |  | 604 |  |
Long-term regulatory assets |  |  |
Deferred income taxes 2 | 4,456 |  | 4,473 |  | Various
Long-term debt 3 | 348 |  | 378 |  | 2032-2046
Negative salvage 4 | 180 |  | 265 |  | Various
Purchase gas variance | — |  | 244 |  | 2024
Accounting policy changes 5 | — |  | 219 |  | 2024
Pension plan receivable 6 | 1 |  | 40 |  | Various
Other long-term regulatory assets | 252 |  | 244 |  | Various
Total long-term regulatory assets 1 | 5,237 |  | 5,863 |  |
Total regulatory assets | 5,707 |  | 6,467 |  |
Current regulatory liabilities |  |  |
Purchase gas variance | 31 |  | — |  | 2024
Other current regulatory liabilities | 276 |  | 167 |  | 2024
Total current regulatory liabilities 7 | 307 |  | 167 |  |
Long-term regulatory liabilities |  |  |
Future removal and site restoration reserves 8 | 1,693 |  | 1,615 |  | Various
Regulatory liability related to US income taxes 9 | 854 |  | 918 |  | 2050-2072
Pipeline future abandonment costs (Note 23) | 745 |  | 610 |  | Various
Pension plan payable 6 | 143 |  | 231 |  | Various
Other long-term regulatory liabilities | 86 |  | 250 |  | Various
Total long-term regulatory liabilities 7 | 3,521 |  | 3,624 |  |
Total regulatory liabilities | 3,828 |  | 3,791 |  |
1 Current regulatory assets are included in Other current assets, while long-term regulatory assets are included in Deferred amounts and other assets. 2 Represents the regulatory offset to deferred income tax liabilities to the extent that it is expected to be included in future regulator-approved rates and recovered from customers. The recovery period depends on the timing of the reversal of temporary differences. In the absence of rate-regulated accounting, this regulatory balance and the related earnings impact would not be recorded. The balance as at December 31, 2023 is net of regulatory deferred tax write-offs. 3 Represents our regulatory offset to the fair value adjustment to debt acquired in our merger with Spectra Energy Corp. (Spectra Energy). The offset is viewed as a proxy for the regulatory asset that would be recorded in the event such debt was extinguished at an amount higher than the carrying value. 4 The negative salvage balance represents the recovery in future rates of the actual cost of removal of previously retired or decommissioned plant assets, as approved by the FERC. 5 In 2022, this deferral primarily consisted of unamortized accumulated actuarial gains/losses and past service costs incurred by Union Gas Limited, relating to the period up to our merger with Spectra Energy, which were previously recorded in AOCI. The amortization of this balance is recognized as a component of accrual-based pension expenses, which are included in Other income/(expense) and recovered in rates, as previously approved by the OEB. The Phase 1 Decision disallowed recovery of the remaining balance related to pre-2017 pension amounts and was impaired with a nil balance as at December 31, 2023. The residual balance in this account pertains to the impact of other accounting changes during the deferred rebasing period and were approved for disposition in 2024 in the Phase 1 Decision and subsequently transferred to Other current regulatory assets as at December 31, 2023. 6 Represents the regulatory offset to our pension liability to the extent that it is expected to be included in regulator-approved future rates and recovered from customers. The settlement period for this balance is not determinable. In the absence of rate-regulated accounting, this regulatory balance and the related pension expense would be recorded in earnings and OCI. 7 Current regulatory liabilities are included in Other current liabilities, while long-term regulatory liabilities are included in Other long-term liabilities. 8 Future removal and site restoration reserves consists of amounts collected from customers, with the approval of the OEB, to fund future costs of removal and site restoration relating to property, plant and equipment. These costs are collected as part of the depreciation expense charged on property, plant and equipment that is reflected in rates. The settlement of this balance will occur over the long-term as costs are incurred. In the absence of rate-regulated accounting, depreciation rates would not include a charge for removal and site restoration and costs would be charged to earnings as incurred with recognition of revenue for amounts previously collected. 9 The regulatory liability related to US income taxes resulted from the US tax reform legislation dated December 22, 2017. These balances will be refunded to customers in accordance with the respective rate settlements approved by the FERC.

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