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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES CONSOLIDATED VARIABLE INTEREST ENTITIES Our consolidated VIEs consist of legal entities where we are the primary beneficiary. We are the primary beneficiary when our variable interest provides us with the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. We determine whether we are the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties. The following table includes assets only to be used to settle liabilities of our consolidated VIEs. The creditors of the liabilities of our consolidated VIEs do not have recourse to our general credit as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.
December 31, | 2024 | 2023
(millions of Canadian dollars) |  |
Assets |  |
Current assets |  |
Cash and cash equivalents | 448 |  | 442 |
Restricted cash | 11 |  | 9 |
Trade receivables and unbilled revenues | 138 |  | 144 |
Other current assets | 5 |  | 8 |
Accounts receivable from affiliates | 13 |  | 5 |
Inventory | 13 |  | 11 |
| 628 |  | 619 |
Property, plant and equipment, net | 6,934 |  | 7,105 |
Long-term investments | 20 |  | 14 |
Restricted long-term investments and cash | 141 |  | 106 |
Deferred amounts and other assets | 145 |  | 148 |
Intangible assets, net | 77 |  | 84 |
| 7,945 |  | 8,076 |
Liabilities |  |
Current liabilities |  |
Trade payables and accrued liabilities | 108 |  | 83 |
Other current liabilities | 124 |  | 145 |
Accounts payable to affiliates | 22 |  | 4 |
| 254 |  | 232 |
Long-term debt | — |  | 1 |
Other long-term liabilities | 1,133 |  | 971 |
Deferred income taxes | 6 |  | 5 |
| 1,393 |  | 1,209 |
| 6,552 |  | 6,867 |
We do not have obligations to provide additional financial support to any of our consolidated VIEs. UNCONSOLIDATED VARIABLE INTEREST ENTITIES We also hold interests in unconsolidated VIEs where we are not the primary beneficiary as we do not have the power to direct the activities of the VIEs that most significantly impact the entity's economic performance. These interests include investments in limited partnerships that are assessed to be VIEs due to the limited partners not having substantive participating rights or kick-out rights. The power to direct the activities of a majority of these unconsolidated limited partnership VIEs is shared amongst the partners. Each partner has representatives that make up an executive committee that makes significant decisions for the VIE and none of the partners may make significant decisions unilaterally. The carrying amount of these VIEs and our estimated maximum exposure to loss as at December 31, 2024 and 2023 are as follows:
| Carrying Amount of | Maximum Exposure to
December 31, 2024 | the VIE | Loss
(millions of Canadian dollars) |  |
Rampion Offshore Wind Limited 1 | 387 |  | 490 |
Vector Pipeline 2 | 193 |  | 314 |
Woodfibre LNG Limited Partnership 3 | 1,275 |  | 3,153 |
Whistler Parent JV 4 | 1,102 |  | 1,425 |
Other 3 | 168 |  | 501 |
| 3,125 |  | 5,883 |
| Carrying Amount of | Maximum Exposure to
December 31, 2023 | the VIE | Loss
(millions of Canadian dollars) |  |
Aux Sable Liquid Products L.P.5 | 105 |  | 130 |
Rampion Offshore Wind Limited 1 | 391 |  | 452 |
Vector Pipeline 2 | 191 |  | 320 |
Woodfibre LNG Limited Partnership 3 | 778 |  | 2,854 |
Fox Squirrel Solar LLC 6 | 312 |  | 661 |
Other 3 | 132 |  | 230 |
| 1,909 |  | 4,647 |
1 As at December 31, 2024 and 2023, our maximum exposure to loss includes parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE and the carrying value of an affiliate dividend receivable of $73 million and nil, respectively. 2 Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US. As at December 31, 2024 and 2023, our maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable of $16 million and $24 million, respectively, and our share of the VIE's available credit facility for $105 million. 3 As at December 31, 2024 and 2023, our maximum exposure to loss includes parental guarantees and funding obligations that have been committed in connection with the projects for which we would be liable in the event of default by the VIE(s). 4 In May 2024, Enbridge formed a joint venture (the Whistler Parent JV) in which we hold a 19.0% interest. Refer to Note 13 - Long-Term Investments. As at December 31, 2024, our maximum exposure to loss includes funding obligations that have been committed in project contracts in which we would be liable for in the event of default by the VIE. 5 In April 2024, Enbridge sold its interest in Aux Sable Liquid Products L.P. Refer to Note 13 - Long-Term Investments. As at December 31, 2023, our maximum exposure to loss included a guarantee by us for our respective share of the VIE's borrowing on a bank credit facility. 6 In November 2023, Enbridge acquired a 50.0% interest in Fox Squirrel Solar LLC. Refer to Note 13 - Long-Term Investments. As at December 31, 2024, Fox Squirrel Solar LLC no longer met the requirements of a VIE as a result of a VIE reconsideration event. As at December 31, 2023, our maximum exposure to loss included parental guarantees that had been committed in project contracts in which we would be liable for in the event of default by the VIE. We do not have an obligation to and did not provide any additional financial support to our unconsolidated VIEs during the years ended December 31, 2024 and 2023.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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