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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt |
December 31, | Weighted Average Interest Rate 8 | Maturity | 2024 | 2023
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. |  |  |  |
US dollar senior notes | 4.8 | % | 2025 - 2054 | 19,703 |  | 14,636 |
Medium-term notes | 4.5 | % | 2025 - 2064 | 9,900 |  | 8,598 |
Sustainability-linked bonds | 4.7 | % | 2032 - 2033 | 7,146 |  | 6,751 |
Fixed-to-fixed subordinated term notes 1 | 7.4 | % | 2054 - 2084 | 9,372 |  | 7,156 |
Fixed-to-floating rate subordinated term notes 2 | 5.8 | % | 2077 - 2078 | 6,139 |  | 5,828 |
Floating rate notes |  |  | — |  | 791 |
Fixed-to-floating non-call notes |  |  | — |  | 923 |
Commercial paper and credit facility draws | 3.7 | % | 2025 - 2029 | 5,843 |  | 3,177 |
Other 3 |  |  | 12 |  | 17 |
Enbridge (U.S.) Inc. |  |  |  |
Commercial paper and credit facility draws | 4.8 | % | 2026 - 2029 | 4,707 |  | 670 |
Other 3 |  |  | 276 |  | 263 |
Enbridge Energy Partners, L.P. |  |  |  |
Senior notes | 6.5 | % | 2025 - 2045 | 3,524 |  | 3,231 |
Enbridge Gas Inc. |  |  |  |
Medium-term notes | 4.1 | % | 2025 - 2053 | 9,970 |  | 10,185 |
Debentures | 8.7 | % | 2025 | 125 |  | 210 |
Commercial paper and credit facility draws | 3.4 | % | 2026 | 530 |  | 400 |
Other 3 |  |  | 1 |  | 2 |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |
Senior notes | 4.0 | % | 2040 | 736 |  | 791 |
Enbridge Pipelines Inc. |  |  |  |
Medium-term notes 4 | 4.2 | % | 2025 - 2053 | 5,425 |  | 5,425 |
Debentures |  |  | — |  | 200 |
Commercial paper and credit facility draws | 3.8 | % | 2026 | 509 |  | 449 |
Other 3 |  |  | 2 |  | 4 |
Enbridge Southern Lights LP |  |  |  |
Senior notes | 4.0 | % | 2040 | 183 |  | 214 |
Spectra Energy Capital, LLC |  |  |  |
Senior notes | 7.1 | % | 2032 - 2038 | 248 |  | 228 |
Algonquin Gas Transmission, LLC |  |  |  |
Senior notes | 4.4 | % | 2029 - 2034 | 1,222 |  | 1,121 |
East Tennessee Natural Gas, LLC |  |  |  |
Senior notes | 5.7 | % | 2034 | 662 |  | 251 |
Texas Eastern Transmission, LP |  |  |  |
Senior notes | 4.7 | % | 2028 - 2048 | 3,667 |  | 3,362 |
Spectra Energy Partners, LP |  |  |  |
Senior notes | 4.2 | % | 2025 - 2045 | 3,164 |  | 4,220 |
Blauracke GmbH |  |  |  |
Senior notes | 2.1 | % | 2032 | 471 |  | 521 |
The East Ohio Gas Company |  |  |  |
Senior notes | 3.1 | % | 2025 - 2052 | 3,308 |  | — |
Other 3 |  |  | 24 |  | — |
Questar Gas Company |  |  |  |
Senior notes | 4.2 | % | 2027 - 2052 | 2,028 |  | — |
Public Service Company of North Carolina, Incorporated |  |  |  |
Senior notes | 5.0 | % | 2026 - 2054 | 1,798 |  | — |
Enbridge Holdings (Tomorrow RNG), LLC |  |  |  |
Senior notes | 4.9 | % | 2025 | 817 |  | — |
Westcoast Energy Inc. |  |  |  |
Medium-term notes | 5.4 | % | 2025 - 2041 | 875 |  | 1,225 |
Debentures | 8.1 | % | 2025 - 2026 | 275 |  | 275 |
Fair value adjustment |  |  | (468) |  | 514 |
Other 5 |  |  | (522) |  | (439) |
Total debt 6 |  |  | 101,672 |  | 81,199 |
Current maturities |  |  | (7,729) |  | (6,084) |
Short-term borrowings 7 |  |  | (529) |  | (400) |
Long-term debt |  |  | 93,414 |  | 74,715 |
1 For an initial five, 5.5, 9.75 or 10 years, the notes carry a fixed interest rate. Subsequently, during each reset period the interest rate will be reset to equal to the Five-Year US Treasury rate or Five-Year Government of Canada bond yield plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events. 2 For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal to the Canadian Dollar Offered Rate or the Secured Overnight Financing Rate (SOFR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events. 3 Primarily finance lease obligations. 4 Included in medium-term notes is $100 million with a maturity date of 2112. 5 Primarily unamortized discounts, premiums and debt issuance costs. 6 2024 - $40 billion, US$43 billion and €316 million; 2023 - $37 billion, US$33 billion and €359 million. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment. 7 Weighted average interest rates on outstanding commercial paper were 3.4% as at December 31, 2024 (2023 - 5.2%). 8 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2024.
Schedule of Committed Credit Facilities | The following table provides details of our committed credit facilities as at December 31, 2024:
| Maturity 1 | Total Facilities | Draws 2 | Available
(millions of Canadian dollars) |  |  |  |
Enbridge Inc. | 2025-2049 | 8,840 |  | 5,843 |  | 2,997 |
Enbridge (U.S.) Inc. | 2026-2029 | 10,813 |  | 4,707 |  | 6,106 |
Enbridge Pipelines Inc. | 2026 | 2,000 |  | 509 |  | 1,491 |
Enbridge Gas Inc. | 2026 | 2,500 |  | 530 |  | 1,970 |
Total committed credit facilities |  | 24,153 |  | 11,589 |  | 12,564 |
1 Maturity date is inclusive of the one-year term out option for certain credit facilities. 2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.
Schedule of Long-term Debt Issuances | During the year ended December 31, 2024, we completed the following long-term debt issuances totaling US$5.7 billion and $1.8 billion:
Company | Issue Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated) |
Enbridge Inc.
| April 2024 | 5.25% | senior notes due April 2027 | US$750
| April 2024 | 5.30% | senior notes due April 2029 | US$750
| April 2024 | 5.63% | senior notes due April 2034 | US$1,200
| April 2024 | 5.95% | senior notes due April 2054 | US$800
| June 2024 | 7.38% | fixed-to-fixed subordinated notes due March 2055 1 | US$500
| June 2024 | 7.20% | fixed-to-fixed subordinated notes due June 2054 2 | US$700
| August 2024 | 4.21% | medium-term notes due February 2030 | $600
| August 2024 | 4.73% | medium-term notes due August 2034 | $800
| August 2024 | 5.32% | medium-term notes due August 2054 | $400
Algonquin Gas Transmission, LLC
| July 2024 | 5.95% | senior notes due July 2034 | US$350
East Tennessee Natural Gas, LLC
| December 2024 | 5.72% | senior notes due December 2034 | US$460
Questar Gas Company
| December 2024 | 5.33% | senior notes due December 2034 | US$200
1 For the initial 5.5 years, the notes carry a fixed interest rate. On March 15, 2030, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.12%. 2 For the initial 9.75 years, the notes carry a fixed interest rate. On June 27, 2034, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 2.97%.
Schedule of Long-Term Debt Repayments | During the year ended December 31, 2024, we completed the following long-term debt repayments totaling US$3.9 billion, $1.4 billion, and €43 million, respectively:
Company | Repayment Date |  |  | Principal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
| February 2024 | Floating rate notes 1 | US$600
| February 2024 | 2.15% | senior notes | US$400
| March 2024 | 5.97% | senior notes 2 | US$700
| June 2024 | 3.50% | senior notes | US$500
| November 2024 | 3.95% | medium-term notes | $500
Enbridge Gas Inc.
| August 2024 | 3.15% | medium-term notes | $215
| December 2024 | 9.85 | % | debentures | $85
Enbridge Pipelines (Southern Lights) L.L.C.
| June and December 2024 | 3.98% | senior notes | US$89
Enbridge Pipelines Inc.
| February 2024 | 8.20% | debentures | $200
Enbridge Southern Lights LP
| January, July and December 2024 | 4.01% | senior notes | $31
Westcoast Energy Inc.
| September 2024 | 3.43% | medium-term notes | $350
Spectra Energy Partners, LP
| March 2024 | 4.75% | senior notes | US$1,000
Blauracke GmbH
| April and October 2024 | 2.10% | senior notes | €43
Algonquin Gas Transmission, LLC
| July 2024 | 3.51% | senior notes | US$350
Questar Gas Company
| December 2024 | 2.98% | senior notes | US$40
East Tennessee Natural Gas, LLC
| December 2024 | 3.10% | senior notes | US$190
1 Notes carried an interest rate set to equal the SOFR plus a margin of 63 basis points. 2 The notes carried an original maturity date in March 2026, and were callable in March 2024, which was one year after their issuance.
Schedule of Maturities | As at December 31, 2024, we have commitments as detailed below:
| Total | Less than 1 year | 2 years | 3 years | 4 years | 5 years | Thereafter
(millions of Canadian dollars) |  |  |  |  |  |  |
Annual debt maturities 1 | 101,819 |  | 7,724 |  | 7,379 |  | 4,704 |  | 3,056 |  | 13,578 |  | 65,378 |
1 Includes debentures, term notes, commercial paper and credit facility draws based on the facility's maturity date and excludes short-term borrowings, debt discounts, debt issuance costs, finance lease obligations and fair value adjustment. We have the ability under certain debt facilities to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above.
Schedule of Interest Expense | INTEREST EXPENSE
Year ended December 31, | 2024 | 2023 | 2022
(millions of Canadian dollars) |  |  |
Debentures and term notes | 4,123 |  | 3,439 |  | 2,910 |
Commercial paper and credit facility draws | 439 |  | 519 |  | 388 |
Amortization of fair value adjustment | 18 |  | (45) |  | (45) |
Capitalized interest | (161) |  | (101) |  | (74) |
| 4,419 |  | 3,812 |  | 3,179 |

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