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REVENUE (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Major Products and Services | Major Products and Services
Three months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue |  | 2,895 |  |  | 1,349 |  |  | 65 |  |  | — |  |  | — |  |  | 4,309 |
Storage and other revenue |  | 75 |  |  | 162 |  |  | 152 |  |  | — |  |  | — |  |  | 389 |
Gas distribution sales |  | — |  |  | — |  |  | 1,745 |  |  | — |  |  | — |  |  | 1,745 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Commodity sales |  | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Total revenue from contracts with customers |  | 2,970 |  |  | 1,539 |  |  | 1,962 |  |  | 52 |  |  | — |  |  | 6,523 |
Commodity sales |  | 7,787 |  |  | 29 |  |  | — |  |  | — |  |  | 280 |  |  | 8,096 |
Other revenue 1,2 |  | 80 |  |  | 32 |  |  | 55 |  |  | 90 |  |  | — |  |  | 257 |
Intersegment revenue |  | — |  |  | 4 |  |  | (1 | ) |  | 3 |  |  | (6 | ) |  | — |
Total revenue |  | 10,837 |  |  | 1,604 |  |  | 2,016 |  |  | 145 |  |  | 274 |  |  | 14,876 |
Three months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue 3 |  | 2,986 |  |  | 1,290 |  |  | 42 |  |  | — |  |  | — |  |  | 4,318 |
Storage and other revenue |  | 65 |  |  | 135 |  |  | 127 |  |  | — |  |  | — |  |  | 327 |
Gas distribution sales 3 |  | — |  |  | — |  |  | 1,200 |  |  | — |  |  | — |  |  | 1,200 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | 44 |
Commodity sales |  | — |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Total revenue from contracts with customers |  | 3,051 |  |  | 1,463 |  |  | 1,369 |  |  | 44 |  |  | — |  |  | 5,927 |
Commodity sales |  | 5,036 |  |  | 11 |  |  | — |  |  | — |  |  | 206 |  |  | 5,253 |
Other revenue 1,2 |  | 71 |  |  | 13 |  |  | 13 |  |  | 59 |  |  | — |  |  | 156 |
Intersegment revenue |  | — |  |  | 5 |  |  | 2 |  |  | 3 |  |  | (10 | ) |  | — |
Total revenue |  | 8,158 |  |  | 1,492 |  |  | 1,384 |  |  | 106 |  |  | 196 |  |  | 11,336 |
Six months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue |  | 6,000 |  |  | 2,829 |  |  | 155 |  |  | — |  |  | — |  |  | 8,984 |
Storage and other revenue |  | 143 |  |  | 335 |  |  | 309 |  |  | — |  |  | — |  |  | 787 |
Gas distribution sales |  | — |  |  | — |  |  | 5,415 |  |  | — |  |  | — |  |  | 5,415 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 94 |
Commodity sales |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | 52 |
Total revenue from contracts with customers |  | 6,143 |  |  | 3,216 |  |  | 5,879 |  |  | 94 |  |  | — |  |  | 15,332 |
Commodity sales |  | 16,721 |  |  | 66 |  |  | — |  |  | — |  |  | 834 |  |  | 17,621 |
Other revenue 1,2 |  | 157 |  |  | 25 |  |  | 76 |  |  | 167 |  |  | — |  |  | 425 |
Intersegment revenue |  | — |  |  | 12 |  |  | 17 |  |  | 4 |  |  | (33 | ) |  | — |
Total revenue |  | 23,021 |  |  | 3,319 |  |  | 5,972 |  |  | 265 |  |  | 801 |  |  | 33,378 |
Six months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue 3 |  | 6,010 |  |  | 2,631 |  |  | 135 |  |  | — |  |  | — |  |  | 8,776 |
Storage and other revenue |  | 127 |  |  | 273 |  |  | 226 |  |  | — |  |  | — |  |  | 626 |
Gas distribution sales 3 |  | — |  |  | — |  |  | 3,124 |  |  | — |  |  | — |  |  | 3,124 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 101 |  |  | — |  |  | 101 |
Commodity sales |  | — |  |  | 78 |  |  | — |  |  | — |  |  | — |  |  | 78 |
Total revenue from contracts with customers |  | 6,137 |  |  | 2,982 |  |  | 3,485 |  |  | 101 |  |  | — |  |  | 12,705 |
Commodity sales |  | 8,769 |  |  | 52 |  |  | — |  |  | — |  |  | 537 |  |  | 9,358 |
Other revenue 1,2 |  | 134 |  |  | 19 |  |  | 26 |  |  | 132 |  |  | — |  |  | 311 |
Intersegment revenue |  | — |  |  | 11 |  |  | 4 |  |  | 4 |  |  | (19 | ) |  | — |
Total revenue |  | 15,040 |  |  | 3,064 |  |  | 3,515 |  |  | 237 |  |  | 518 |  |  | 22,374 |
1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2025 were a net $33 million gain (2024 - $17 million loss) and for the six months ended June 30, 2025 were a net $132 million gain (2024 - $39 million loss). 2 Includes revenues from lease contracts for the three months ended June 30, 2025 and 2024 of $141 million and $142 million, respectively, and for the six months ended June 30, 2025 and 2024 of $299 million and $282 million, respectively. 3 These balances reflect a transfer from Transportation revenue to Gas distribution sales of $427 million and $685 million for the three and six months ended June 30, 2024, respectively. Recognition and Measurement of Revenues
Three months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 28 |  |  | 31 |  |  | — |  |  | 59 |
Revenues from products and services transferred over time 1 |  | 2,970 |  |  | 1,511 |  |  | 1,931 |  |  | 52 |  |  | 6,464 |
Total revenue from contracts with customers |  | 2,970 |  |  | 1,539 |  |  | 1,962 |  |  | 52 |  |  | 6,523 |
Three months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 38 |  |  | 33 |  |  | — |  |  | 71 |
Revenues from products and services transferred over time 1 |  | 3,051 |  |  | 1,425 |  |  | 1,336 |  |  | 44 |  |  | 5,856 |
Total revenue from contracts with customers |  | 3,051 |  |  | 1,463 |  |  | 1,369 |  |  | 44 |  |  | 5,927 |
Six months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 52 |  |  | 67 |  |  | — |  |  | 119 |
Revenues from products and services transferred over time 1 |  | 6,143 |  |  | 3,164 |  |  | 5,812 |  |  | 94 |  |  | 15,213 |
Total revenue from contracts with customers |  | 6,143 |  |  | 3,216 |  |  | 5,879 |  |  | 94 |  |  | 15,332 |
Six months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 78 |  |  | 62 |  |  | — |  |  | 140 |
Revenues from products and services transferred over time 1 |  | 6,137 |  |  | 2,904 |  |  | 3,423 |  |  | 101 |  |  | 12,565 |
Total revenue from contracts with customers |  | 6,137 |  |  | 2,982 |  |  | 3,485 |  |  | 101 |  |  | 12,705 |
1 Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.
Schedule of Contract Balances | Contract Balances
| Contract Receivables |  | Contract Assets |  | Contract Liabilities |
(millions of Canadian dollars) |  |  |  |  |  |
Balance as at June 30, 2025 |  | 2,859 |  |  | 302 |  |  | 2,672 |
Balance as at December 31, 2024 |  | 3,764 |  |  | 330 |  |  | 2,828 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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