Our consolidated VIEs consist of legal entities of which we are the primary beneficiary. We are the primary beneficiary when our variable interest(s) provide(s) us with (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (ii) 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 reward sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties.

Westcoast LP is a BC limited partnership which holds and operates our Westcoast BC Pipeline system, serving customers in western Canada and the US Pacific Northwest. The limited partners, Westcoast and the First Nations Partnership, hold 87.49% and 12.5% interests in Westcoast LP, respectively. The remaining 0.01% general partner interest is held by Westcoast Energy GP Inc., a wholly-owned subsidiary.

Westcoast LP is considered a VIE as its limited partners lack substantive participating rights and kick-out rights. In addition to having the obligation to absorb losses and the right to expected returns, we, through Westcoast’s direct interests and the operating agreement between Westcoast and Westcoast LP, have the ability to direct the activities of Westcoast LP's principal operations, thereby making us the primary beneficiary of the VIE.

The following table includes assets only to be used to settle the liabilities of Westcoast LP. The
creditors of the liabilities of Westcoast LP do not have recourse to us as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.


September 30,	2025
(millions of Canadian dollars)
Assets
Current assets
Cash and cash equivalents		152
Restricted cash		1
Trade receivables and unbilled revenues		68
Other current assets		35
Inventory		31
		287
Property, plant and equipment, net		5,571
Restricted long-term investments and cash		140
Deferred amounts and other assets		108
Intangible assets, net		11
		6,117
Liabilities
Current liabilities
Trade payables and accrued liabilities		119
Other current liabilities		50
		169
Other long-term liabilities		139
Deferred income taxes		2
		310
		5,807

On July 2, 2025, we entered into a credit agreement with Westcoast LP, pursuant to which we provided a one-year non-revolving term credit facility of up to $100 million. As at September 30, 2025, there have been no drawdowns on the credit facility. We did not provide any other financial support to Westcoast LP during the period ended September 30, 2025.