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v3.25.2

SEGMENTED INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENTED INFORMATION | 4. SEGMENTED INFORMATION
Three months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Total Reportable Segments |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Operating revenues 1 |  | 10,837 |  |  | 1,604 |  |  | 2,016 |  |  | 145 |  |  | 14,602 |
Commodity and gas distribution costs |  | (7,741 | ) |  | (16 | ) |  | (553 | ) |  | 1 |  |  | (8,309 | )
Operating and administrative |  | (1,032 | ) |  | (514 | ) |  | (688 | ) |  | (72 | ) |  | (2,306 | )
Impairment of long-lived assets 2 |  | — |  |  | — |  |  | (330 | ) |  | — |  |  | (330 | )
Income from equity investments |  | 245 |  |  | 241 |  |  | — |  |  | 27 |  |  | 513 |
Other income |  | 22 |  |  | 127 |  |  | 65 |  |  | 8 |  |  | 222 |
Earnings before interest, income taxes and depreciation and amortization |  | 2,331 |  |  | 1,442 |  |  | 510 |  |  | 109 |  |  | 4,392 |
Eliminations and Other |  |  |  |  |  |  |  |  |  | 1,167 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (1,391 | )
Interest expense |  |  |  |  |  |  |  |  |  | (1,181 | )
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 2,987 |
Three months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Total Reportable Segments |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Operating revenues 1 |  | 8,158 |  |  | 1,492 |  |  | 1,384 |  |  | 106 |  |  | 11,140 |
Commodity and gas distribution costs |  | (4,909 | ) |  | (41 | ) |  | (312 | ) |  | 2 |  |  | (5,260 | )
Operating and administrative |  | (1,100 | ) |  | (604 | ) |  | (528 | ) |  | (71 | ) |  | (2,303 | )
Income from equity investments |  | 284 |  |  | 164 |  |  | 1 |  |  | 45 |  |  | 494 |
Gain on disposition of equity investments (Note 6) |  | — |  |  | 1,063 |  |  | — |  |  | 28 |  |  | 1,091 |
Other income |  | 17 |  |  | 21 |  |  | 22 |  |  | 28 |  |  | 88 |
Earnings before interest, income taxes and depreciation and amortization |  | 2,450 |  |  | 2,095 |  |  | 567 |  |  | 138 |  |  | 5,250 |
Eliminations and Other |  |  |  |  |  |  |  |  |  | (155 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (1,273 | )
Interest expense |  |  |  |  |  |  |  |  |  | (1,082 | )
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 2,740 |
Six months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Total Reportable Segments |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Operating revenues 1 |  | 23,021 |  |  | 3,319 |  |  | 5,972 |  |  | 265 |  |  | 32,577 |
Commodity and gas distribution costs |  | (16,591 | ) |  | (27 | ) |  | (2,187 | ) |  | 4 |  |  | (18,801 | )
Operating and administrative |  | (2,160 | ) |  | (1,038 | ) |  | (1,460 | ) |  | (150 | ) |  | (4,808 | )
Impairment of long-lived assets 2 |  | — |  |  | — |  |  | (330 | ) |  | — |  |  | (330 | )
Income from equity investments |  | 613 |  |  | 473 |  |  | 1 |  |  | 159 |  |  | 1,246 |
Other income |  | 41 |  |  | 188 |  |  | 114 |  |  | 54 |  |  | 397 |
Earnings before interest, income taxes and depreciation and amortization |  | 4,924 |  |  | 2,915 |  |  | 2,110 |  |  | 332 |  |  | 10,281 |
Eliminations and Other |  |  |  |  |  |  |  |  |  | 1,207 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (2,799 | )
Interest expense |  |  |  |  |  |  |  |  |  | (2,515 | )
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 6,174 |
Six months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Total Reportable Segments |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Operating revenues 1 |  | 15,040 |  |  | 3,064 |  |  | 3,515 |  |  | 237 |  |  | 21,856 |
Commodity and gas distribution costs |  | (8,544 | ) |  | (88 | ) |  | (1,316 | ) |  | (1 | ) |  | (9,949 | )
Operating and administrative |  | (2,207 | ) |  | (1,165 | ) |  | (907 | ) |  | (140 | ) |  | (4,419 | )
Income from equity investments |  | 537 |  |  | 429 |  |  | 1 |  |  | 226 |  |  | 1,193 |
Gain on disposition of equity investments (Note 6) |  | — |  |  | 1,063 |  |  | — |  |  | 28 |  |  | 1,091 |
Other income |  | 28 |  |  | 57 |  |  | 39 |  |  | 45 |  |  | 169 |
Earnings before interest, income taxes and depreciation and amortization |  | 4,854 |  |  | 3,360 |  |  | 1,332 |  |  | 395 |  |  | 9,941 |
Eliminations and Other |  |  |  |  |  |  |  |  |  | (797 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (2,466 | )
Interest expense |  |  |  |  |  |  |  |  |  | (1,987 | )
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 4,691 |
1 Refer to Note 3 - Revenue for a reconciliation of segment Operating revenues to the Consolidated Statements of Earnings. 2 The Gas Distribution and Storage segment includes the impact of an impairment recognized for certain rate-regulated assets related to pension and other disallowances as a result of the Public Utilities Commission of Ohio's (Ohio Commission) June 2025 order related to Enbridge Gas Ohio's rate case. Capital Expenditures 1
| Three months ended June 30, |  | Six months ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |
Liquids Pipelines |  | 284 |  |  | 209 |  |  | 593 |  |  | 498 |
Gas Transmission |  | 691 |  |  | 666 |  |  | 1,295 |  |  | 1,161 |
Gas Distribution and Storage |  | 735 |  |  | 433 |  |  | 1,396 |  |  | 737 |
Renewable Power Generation |  | 214 |  |  | 48 |  |  | 359 |  |  | 117 |
Eliminations and Other |  | 16 |  |  | 8 |  |  | 51 |  |  | 51 |
|  | 1,940 |  |  | 1,364 |  |  | 3,694 |  |  | 2,564 |
1 Capital expenditures are cash basis plus equity component of the allowance for funds used during construction. Property, Plant and Equipment
| June 30, 2025 |  | December 31, 2024 |
(millions of Canadian dollars) |  |  |  |
Liquids Pipelines |  | 51,835 |  |  | 53,863 |
Gas Transmission |  | 33,981 |  |  | 34,683 |
Gas Distribution and Storage |  | 38,261 |  |  | 38,636 |
Renewable Power Generation |  | 3,781 |  |  | 3,612 |
Eliminations and Other |  | 321 |  |  | 310 |
|  | 128,179 |  |  | 131,104 |

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