0000895728false2021FYhttp://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613Member33.33130.043.842.750.022.074.347.65012.050.042.750.02.503.403.104.100.551.603.402.353.202.824.202.50P3Y1.0one year3.08.0P5Y10.0364P1YP3Y1.0two50075010-year4.263.164.202.764.773.983.984.014.014.603.882.4P4Y303.92.030http://fasb.org/us-gaap/2021-01-31#DeferredCostsAndOtherAssetshttp://fasb.org/us-gaap/2021-01-31#DeferredCostsAndOtherAssetshttp://fasb.org/us-gaap/2021-01-31#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2021-01-31#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent00008957282021-01-012021-12-310000895728us-gaap:CommonStockMember2021-01-012021-12-310000895728enb:A6.375FixedtoFloatingRateSubordinatedNotesSeries2018BDue2078Member2021-01-012021-12-3100008957282021-06-30iso4217:USD00008957282022-02-04xbrli:shares0000895728enb:CommoditySalesMember2021-01-012021-12-31iso4217:CAD0000895728enb:CommoditySalesMember2020-01-012020-12-310000895728enb:CommoditySalesMember2019-01-012019-12-310000895728enb:GasDistributionServiceMember2021-01-012021-12-310000895728enb:GasDistributionServiceMember2020-01-012020-12-310000895728enb:GasDistributionServiceMember2019-01-012019-12-310000895728enb:TransportationAndOtherServicesMember2021-01-012021-12-310000895728enb:TransportationAndOtherServicesMember2020-01-012020-12-310000895728enb:TransportationAndOtherServicesMember2019-01-012019-12-3100008957282020-01-012020-12-3100008957282019-01-012019-12-31iso4217:CADxbrli:shares0000895728us-gaap:PreferredStockMember2020-12-310000895728us-gaap:PreferredStockMember2019-12-310000895728us-gaap:PreferredStockMember2018-12-310000895728us-gaap:CommonStockMember2020-12-310000895728us-gaap:CommonStockMember2019-12-310000895728us-gaap:CommonStockMember2018-12-310000895728us-gaap:CommonStockMember2021-01-012021-12-310000895728us-gaap:CommonStockMember2020-01-012020-12-310000895728us-gaap:CommonStockMember2019-01-012019-12-310000895728us-gaap:CommonStockMember2021-12-310000895728us-gaap:AdditionalPaidInCapitalMember2020-12-310000895728us-gaap:AdditionalPaidInCapitalMember2019-12-310000895728us-gaap:AdditionalPaidInCapitalMember2018-12-310000895728us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000895728us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000895728us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000895728us-gaap:AdditionalPaidInCapitalMember2021-12-310000895728us-gaap:RetainedEarningsMember2020-12-310000895728us-gaap:RetainedEarningsMember2019-12-310000895728us-gaap:RetainedEarningsMember2018-12-310000895728us-gaap:RetainedEarningsMember2021-01-012021-12-310000895728us-gaap:RetainedEarningsMember2020-01-012020-12-310000895728us-gaap:RetainedEarningsMember2019-01-012019-12-310000895728us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000895728us-gaap:RetainedEarningsMember2021-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000895728us-gaap:TreasuryStockMember2020-12-310000895728us-gaap:TreasuryStockMember2019-12-310000895728us-gaap:TreasuryStockMember2018-12-310000895728us-gaap:TreasuryStockMember2021-01-012021-12-310000895728us-gaap:TreasuryStockMember2020-01-012020-12-310000895728us-gaap:TreasuryStockMember2019-01-012019-12-310000895728us-gaap:TreasuryStockMember2021-12-310000895728us-gaap:ParentMember2021-12-310000895728us-gaap:ParentMember2020-12-310000895728us-gaap:ParentMember2019-12-310000895728us-gaap:NoncontrollingInterestMember2020-12-310000895728us-gaap:NoncontrollingInterestMember2019-12-310000895728us-gaap:NoncontrollingInterestMember2018-12-310000895728us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:NoncontrollingInterestMember2021-12-3100008957282021-12-3100008957282020-12-3100008957282019-12-3100008957282018-12-31enb:segment0000895728enb:DeferralForNegotiatedDepreciationRatesForPhaseInPlansMember2021-12-310000895728enb:TransportationRevenueMember2021-01-012021-12-310000895728enb:TransportationRevenueMember2020-01-012020-12-310000895728enb:TransportationRevenueMember2019-01-012019-12-310000895728us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberenb:LargestNonAffiliatedCustomerMember2021-01-012021-12-31xbrli:pure0000895728us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberenb:LargestNonAffiliatedCustomerMember2020-01-012020-12-31enb:depreciation_method0000895728us-gaap:PerformanceSharesMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:TransportationRevenueMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMemberenb:TransportationRevenueMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:TransportationRevenueMember2021-01-012021-12-310000895728enb:TransportationRevenueMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:StorageandOtherRevenueMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:GasGatheringandProcessingRevenueMember2021-01-012021-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:EnergyServicesSegmentMemberenb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:GasDistributionServiceMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:ElectricityandTransmissionRevenueMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:CommoditySalesMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:CommoditySalesMember2021-01-012021-12-310000895728enb:CommoditySalesMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728enb:EnergyServicesSegmentMemberenb:OtherRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000895728enb:OtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2021-01-012021-12-310000895728enb:OtherRevenueMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMemberenb:EnergyServicesSegmentMember2021-01-012021-12-310000895728us-gaap:IntersegmentEliminationMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:TransportationRevenueMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMemberenb:TransportationRevenueMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:TransportationRevenueMember2020-01-012020-12-310000895728enb:TransportationRevenueMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:StorageandOtherRevenueMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:GasGatheringandProcessingRevenueMember2020-01-012020-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:EnergyServicesSegmentMemberenb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:GasDistributionServiceMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:ElectricityandTransmissionRevenueMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:CommoditySalesMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:CommoditySalesMember2020-01-012020-12-310000895728enb:CommoditySalesMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728enb:EnergyServicesSegmentMemberenb:OtherRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000895728enb:OtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2020-01-012020-12-310000895728enb:OtherRevenueMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMemberenb:EnergyServicesSegmentMember2020-01-012020-12-310000895728us-gaap:IntersegmentEliminationMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:TransportationRevenueMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMemberenb:TransportationRevenueMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:TransportationRevenueMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:TransportationRevenueMember2019-01-012019-12-310000895728enb:TransportationRevenueMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:StorageandOtherRevenueMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:GasGatheringandProcessingRevenueMember2019-01-012019-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:EnergyServicesSegmentMemberenb:GasDistributionServiceMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:GasDistributionServiceMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:ElectricityandTransmissionRevenueMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMemberenb:CommoditySalesMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:CommoditySalesMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMemberenb:CommoditySalesMember2019-01-012019-12-310000895728enb:CommoditySalesMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:EnergyServicesSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:OtherRevenueMemberus-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728enb:EnergyServicesSegmentMemberenb:OtherRevenueMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000895728enb:OtherRevenueMemberenb:EliminationsAndReconcilingItemsMember2019-01-012019-12-310000895728enb:OtherRevenueMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMemberenb:EnergyServicesSegmentMember2019-01-012019-12-310000895728us-gaap:IntersegmentEliminationMember2019-01-012019-12-3100008957282022-01-012021-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728us-gaap:TransferredAtPointInTimeMember2021-01-012021-12-310000895728us-gaap:TransferredOverTimeMemberenb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredOverTimeMember2021-01-012021-12-310000895728enb:GasDistributionandStorageSegmentMemberus-gaap:TransferredOverTimeMember2021-01-012021-12-310000895728us-gaap:TransferredOverTimeMemberenb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728us-gaap:TransferredOverTimeMember2021-01-012021-12-310000895728enb:LiquidsPipelinesSegmentMember2021-01-012021-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2021-01-012021-12-310000895728enb:GasDistributionandStorageSegmentMember2021-01-012021-12-310000895728enb:RenewablePowerGenerationSegmentMember2021-01-012021-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728us-gaap:TransferredAtPointInTimeMember2020-01-012020-12-310000895728us-gaap:TransferredOverTimeMemberenb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredOverTimeMember2020-01-012020-12-310000895728enb:GasDistributionandStorageSegmentMemberus-gaap:TransferredOverTimeMember2020-01-012020-12-310000895728us-gaap:TransferredOverTimeMemberenb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728us-gaap:TransferredOverTimeMember2020-01-012020-12-310000895728enb:LiquidsPipelinesSegmentMember2020-01-012020-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2020-01-012020-12-310000895728enb:GasDistributionandStorageSegmentMember2020-01-012020-12-310000895728enb:RenewablePowerGenerationSegmentMember2020-01-012020-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728us-gaap:TransferredAtPointInTimeMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728us-gaap:TransferredAtPointInTimeMember2019-01-012019-12-310000895728us-gaap:TransferredOverTimeMemberenb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:GasTransmissionandMidstreamSegmentMemberus-gaap:TransferredOverTimeMember2019-01-012019-12-310000895728enb:GasDistributionandStorageSegmentMemberus-gaap:TransferredOverTimeMember2019-01-012019-12-310000895728us-gaap:TransferredOverTimeMemberenb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728us-gaap:TransferredOverTimeMember2019-01-012019-12-310000895728enb:LiquidsPipelinesSegmentMember2019-01-012019-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2019-01-012019-12-310000895728enb:GasDistributionandStorageSegmentMember2019-01-012019-12-310000895728enb:RenewablePowerGenerationSegmentMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2021-01-012021-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2021-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2021-12-310000895728enb:EliminationsAndReconcilingItemsMember2021-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2020-01-012020-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2020-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2020-12-310000895728enb:EliminationsAndReconcilingItemsMember2020-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2019-01-012019-12-310000895728us-gaap:OperatingSegmentsMemberenb:LiquidsPipelinesSegmentMember2019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasPipelinesAndProcessingMember2019-12-310000895728us-gaap:OperatingSegmentsMemberenb:GasDistributionandStorageSegmentMember2019-12-310000895728us-gaap:OperatingSegmentsMemberenb:RenewablePowerGenerationSegmentMember2019-12-310000895728us-gaap:OperatingSegmentsMemberenb:EnergyServicesConsolidateMember2019-12-310000895728enb:EliminationsAndReconcilingItemsMember2019-12-310000895728country:CA2021-01-012021-12-310000895728country:CA2020-01-012020-12-310000895728country:CA2019-01-012019-12-310000895728country:US2021-01-012021-12-310000895728country:US2020-01-012020-12-310000895728country:US2019-01-012019-12-310000895728country:CA2021-12-310000895728country:CA2020-12-310000895728country:US2021-12-310000895728country:US2020-12-310000895728enb:CanadianMainlineMember2021-01-012021-12-310000895728enb:CanadianMainlineMember2021-12-310000895728enb:CanadianMainlineMember2020-12-310000895728enb:SouthernLightsMember2021-01-012021-12-310000895728enb:EnbridgeGasDistributionMember2021-01-012021-12-310000895728enb:RegulatoryAssetsLiabilitiesUnderRecoveryOfFuelCostsMember2021-12-310000895728enb:RegulatoryAssetsLiabilitiesUnderRecoveryOfFuelCostsMember2020-12-310000895728us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-12-310000895728us-gaap:OtherRegulatoryAssetsLiabilitiesMember2020-12-310000895728us-gaap:DeferredIncomeTaxChargesMember2021-12-310000895728us-gaap:DeferredIncomeTaxChargesMember2020-12-310000895728enb:RegulatoryAssetsLiabilitiesLongTermDebtMember2021-12-310000895728enb:RegulatoryAssetsLiabilitiesLongTermDebtMember2020-12-310000895728enb:RegulatoryAssetNegativeSalvageMember2021-12-310000895728enb:RegulatoryAssetNegativeSalvageMember2020-12-310000895728enb:RegulatoryAssetsLiabilitiesPurchaseGasVarianceMember2021-12-310000895728enb:RegulatoryAssetsLiabilitiesPurchaseGasVarianceMember2020-12-310000895728enb:RegulatoryAssetsLiabilitiesAccountingPolicyChangesMember2021-12-310000895728enb:RegulatoryAssetsLiabilitiesAccountingPolicyChangesMember2020-12-310000895728us-gaap:PensionAndOtherPostretirementPlansCostsMember2021-12-310000895728us-gaap:PensionAndOtherPostretirementPlansCostsMember2020-12-310000895728enb:PurchasedGasVarianceMember2021-12-310000895728enb:PurchasedGasVarianceMember2020-12-310000895728us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-12-310000895728us-gaap:OtherRegulatoryAssetsLiabilitiesMember2020-12-310000895728us-gaap:RemovalCostsMember2021-12-310000895728us-gaap:RemovalCostsMember2020-12-310000895728enb:RegulatoryAssetsLiabilitiesUSIncomeTaxesMember2021-12-310000895728enb:RegulatoryAssetsLiabilitiesUSIncomeTaxesMember2020-12-310000895728us-gaap:EnvironmentalRestorationCostsMember2021-12-310000895728us-gaap:EnvironmentalRestorationCostsMember2020-12-310000895728enb:ModaMidstreamOperatingLLCModaMember2021-10-122021-10-120000895728enb:ModaMidstreamOperatingLLCModaMember2021-10-120000895728enb:ModaMidstreamOperatingLLCModaMember2021-01-012021-12-310000895728enb:ModaMidstreamOperatingLLCModaMember2021-10-122021-12-310000895728enb:ModaMidstreamOperatingLLCModaMember2020-01-012020-12-310000895728enb:ModaMidstreamOperatingLLCModaMember2021-12-310000895728enb:Line10CrudeOilMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-06-012020-06-010000895728enb:MontanaAlbertaTieLineMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2019-01-012019-12-310000895728enb:MontanaAlbertaTieLineMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-05-012020-05-010000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:AssetsOfOzarkPipelineMember2020-04-012020-04-010000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:CanadianNaturalGasGatheringandProcessingBusinessMember2018-07-040000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:FederallyRegulatedFacilitiesMember2019-12-312019-12-310000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:FederallyRegulatedFacilitiesMember2019-01-012019-12-310000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:St.LawrenceGasCompanyMember2019-11-012019-11-010000895728us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberenb:St.LawrenceGasCompanyMember2019-01-012019-12-310000895728enb:EnbridgeGasNewBrunswickMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-10-012019-10-010000895728enb:EnbridgeGasNewBrunswickMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-01-012019-12-310000895728enb:EnbridgeGasNewBrunswickMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-10-010000895728us-gaap:PipelinesMember2021-01-012021-12-310000895728us-gaap:PipelinesMember2021-12-310000895728us-gaap:PipelinesMember2020-12-310000895728enb:PumpingEquipmentBuildingTanksAndOtherMember2021-01-012021-12-310000895728enb:PumpingEquipmentBuildingTanksAndOtherMember2021-12-310000895728enb:PumpingEquipmentBuildingTanksAndOtherMember2020-12-310000895728enb:LandAndRightOfWayMember2021-01-012021-12-310000895728enb:LandAndRightOfWayMember2021-12-310000895728enb:LandAndRightOfWayMember2020-12-310000895728enb:GasMainsServicesAndOtherMember2021-01-012021-12-310000895728enb:GasMainsServicesAndOtherMember2021-12-310000895728enb:GasMainsServicesAndOtherMember2020-12-310000895728enb:CompressorsMetersAndOtherOperatingEquipmentMember2021-01-012021-12-310000895728enb:CompressorsMetersAndOtherOperatingEquipmentMember2021-12-310000895728enb:CompressorsMetersAndOtherOperatingEquipmentMember2020-12-310000895728enb:ProcessingAndTreatingPlantsMember2021-01-012021-12-310000895728enb:ProcessingAndTreatingPlantsMember2021-12-310000895728enb:ProcessingAndTreatingPlantsMember2020-12-310000895728enb:StorageMember2021-01-012021-12-310000895728enb:StorageMember2021-12-310000895728enb:StorageMember2020-12-310000895728enb:WindTurbinesSolarPanelsAndOtherMember2021-01-012021-12-310000895728enb:WindTurbinesSolarPanelsAndOtherMember2021-12-310000895728enb:WindTurbinesSolarPanelsAndOtherMember2020-12-310000895728enb:AccessNortheastProjectMember2019-01-012019-12-310000895728us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000895728us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000895728enb:AuxSableLiquidsNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000895728enb:EolienMaritimeFranceSasNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:EnbridgeRenewableInfrastructureInvestmentsS.a.r.l.ERIIMember2021-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:RampionOffshoreWindLimitedNotPrimaryBeneficiaryMember2021-12-310000895728enb:VectorPipelineLPNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:OtherNotPrimaryBeneficiaryMember2021-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000895728enb:AuxSableLiquidsNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310000895728enb:EolienMaritimeFranceSasNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:EnbridgeRenewableInfrastructureInvestmentsS.a.r.l.ERIIMember2020-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:PenneastPipelineCompanyLLCMember2020-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:RampionOffshoreWindLimitedNotPrimaryBeneficiaryMember2020-12-310000895728enb:VectorPipelineLPNotPrimaryBeneficiaryMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberenb:OtherNotPrimaryBeneficiaryMember2020-12-310000895728us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310000895728enb:EIHSarlMember2018-03-182018-03-180000895728enb:EIHSarlMember2021-01-012021-12-310000895728enb:MaRenBakkenCompanyLLCMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:MaRenBakkenCompanyLLCMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:GrayOakHoldingsLLCMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:GrayOakHoldingsLLCMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:SeawayPipelineMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:SeawayPipelineMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:IllinoisExtensionPipelineCompanyLLCNotPrimaryBeneficiaryMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:IllinoisExtensionPipelineCompanyLLCNotPrimaryBeneficiaryMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:CactusIIPipelineLLCMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:CactusIIPipelineLLCMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:OtherEquityInvesteeMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:OtherEquityInvesteeMemberenb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:AlliancePipelineCanadaAndUsMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:AlliancePipelineCanadaAndUsMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:AuxSableMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:AuxSableMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:DCPMidstreamLLCMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:DCPMidstreamLLCMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:GulfstreamNaturalGasSystemLLCMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:GulfstreamNaturalGasSystemLLCMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:NexusGasTransmissionLLCMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:NexusGasTransmissionLLCMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:GasPipelinesAndProcessingMemberenb:PenneastPipelineCompanyLLCMember2021-12-310000895728enb:GasPipelinesAndProcessingMemberenb:PenneastPipelineCompanyLLCMember2020-12-310000895728enb:GasPipelinesAndProcessingMemberenb:SabalTrailTransmissionLLCMember2021-12-310000895728enb:GasPipelinesAndProcessingMemberenb:SabalTrailTransmissionLLCMember2020-12-310000895728enb:SoutheatSupplyHeaderLLCMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:SoutheatSupplyHeaderLLCMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:SteckmanRidgeLPMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:SteckmanRidgeLPMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:VectorPipelineMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:VectorPipelineMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:OffshoreJointVenturesMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:OffshoreJointVenturesMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728enb:OtherEquityInvesteeMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728enb:OtherEquityInvesteeMemberenb:GasPipelinesAndProcessingMember2020-12-310000895728us-gaap:CommonStockMemberenb:NovercoIncMemberenb:GasDistributionandStorageSegmentMember2021-12-310000895728us-gaap:CommonStockMemberenb:NovercoIncMemberenb:GasDistributionandStorageSegmentMember2020-12-310000895728us-gaap:CommonStockMemberenb:OtherEquityInvesteeMemberenb:GasDistributionandStorageSegmentMember2021-12-310000895728us-gaap:CommonStockMemberenb:OtherEquityInvesteeMemberenb:GasDistributionandStorageSegmentMember2020-12-310000895728enb:EIHSarlMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:EIHSarlMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:EnbridgeRenewableInfrastructureInvestmentsS.a.r.l.ERIIMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:EnbridgeRenewableInfrastructureInvestmentsS.a.r.l.ERIIMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:RampionOffshoreWindProjectMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:RampionOffshoreWindProjectMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:NextBridgeInfrastructureLPMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:NextBridgeInfrastructureLPMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:OtherEquityInvesteeMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:OtherEquityInvesteeMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:OtherEquityInvesteeMemberenb:EliminationAndOtherMember2021-12-310000895728enb:OtherEquityInvesteeMemberenb:EliminationAndOtherMember2020-12-310000895728us-gaap:PreferredStockMemberenb:GasDistributionandStorageSegmentMemberenb:NovercoIncMember2021-12-310000895728us-gaap:PreferredStockMemberenb:GasDistributionandStorageSegmentMemberenb:NovercoIncMember2020-12-310000895728enb:EmergingTechnologiesAndOtherMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728enb:EmergingTechnologiesAndOtherMemberenb:RenewablePowerGenerationSegmentMember2020-12-310000895728enb:OtherEntityMemberenb:EliminationAndOtherMember2021-12-310000895728enb:OtherEntityMemberenb:EliminationAndOtherMember2020-12-310000895728enb:MaRenBakkenCompanyLLCMemberenb:BakkenPipelineInvestmentsLLCMember2021-12-310000895728enb:BakkenPipelineInvestmentsLLCMemberenb:BakkenPipelineSystemMember2021-12-310000895728enb:MaRenBakkenCompanyLLCMemberenb:BakkenPipelineSystemMember2021-12-310000895728enb:GrayOakHoldingsLLCMember2021-12-310000895728enb:GrayOakHoldingsLLCMemberenb:GrayOakHoldingsLLCMember2021-12-310000895728enb:CactusIIPipelineLLCMemberenb:LiquidsPipelinesSegmentMember2021-10-310000895728enb:DCPMidstreamLLCMemberenb:DCPMidstreamLPMember2021-12-310000895728enb:NovercoIncMember2021-06-060000895728enb:EIHSarlMember2021-03-180000895728enb:EolienMaritimeFranceSasMember2021-03-1800008957282021-03-180000895728enb:SaintNazaireMember2021-03-180000895728enb:FcampMember2021-03-180000895728enb:CalvadosMember2021-03-180000895728us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-12-310000895728us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-12-310000895728us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-01-012019-12-310000895728us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-12-310000895728us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-12-310000895728enb:NovercoIncMember2021-06-062021-06-060000895728enb:NovercoIncMember2021-12-302021-12-300000895728enb:PenneastPipelineCompanyLLCMember2021-12-310000895728enb:PenneastPipelineCompanyLLCMember2021-01-012021-12-310000895728enb:PenneastPipelineCompanyLLCMember2020-12-310000895728enb:SteckmanRidgeLPMember2020-12-310000895728enb:SteckmanRidgeLPMember2020-01-012020-12-310000895728enb:SteckmanRidgeLPMember2021-12-310000895728enb:SoutheastSupplyHeaderLLCMember2020-12-310000895728enb:SoutheastSupplyHeaderLLCMember2020-01-012020-12-310000895728enb:SoutheastSupplyHeaderLLCMember2021-12-310000895728enb:DCPMidstreamLLCMember2021-12-310000895728enb:DCPMidstreamLLCMember2020-01-012020-12-310000895728enb:DCPMidstreamLLCMember2021-01-012021-12-310000895728enb:DCPMidstreamLLCMember2020-12-310000895728srt:MinimumMemberenb:OtherEquityInvesteeMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728srt:MaximumMemberenb:OtherEquityInvesteeMemberenb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:AuxSableMembersrt:MinimumMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728srt:MaximumMemberenb:AuxSableMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728srt:MinimumMemberenb:OffshoreJointVenturesMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728srt:MaximumMemberenb:OffshoreJointVenturesMemberenb:GasPipelinesAndProcessingMember2021-12-310000895728us-gaap:CommonStockMembersrt:MinimumMemberenb:OtherEquityInvesteeMemberenb:GasDistributionandStorageSegmentMember2021-12-310000895728us-gaap:CommonStockMembersrt:MaximumMemberenb:OtherEquityInvesteeMemberenb:GasDistributionandStorageSegmentMember2021-12-310000895728srt:MinimumMemberenb:OtherEquityInvesteeMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728srt:MaximumMemberenb:OtherEquityInvesteeMemberenb:RenewablePowerGenerationSegmentMember2021-12-310000895728srt:MinimumMemberenb:OtherEquityInvesteeMemberenb:EliminationAndOtherMember2021-12-310000895728srt:MaximumMemberenb:OtherEquityInvesteeMemberenb:EliminationAndOtherMember2021-12-310000895728us-gaap:CustomerRelationshipsMember2021-12-310000895728enb:PowerPurchaseAgreementsMember2021-12-310000895728enb:ProjectAgreementsMember2021-12-310000895728us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-12-310000895728us-gaap:OtherIntangibleAssetsMember2021-12-310000895728us-gaap:InProcessResearchAndDevelopmentMember2021-12-310000895728us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2020-12-310000895728enb:PowerPurchaseAgreementsMember2020-12-310000895728enb:ProjectAgreementsMember2020-12-310000895728us-gaap:CustomerRelationshipsMember2020-12-310000895728us-gaap:OtherIntangibleAssetsMember2020-12-310000895728us-gaap:InProcessResearchAndDevelopmentMember2020-12-310000895728enb:LiquidsPipelinesSegmentMember2019-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2019-12-310000895728enb:GasDistributionandStorageSegmentMember2019-12-310000895728enb:EnergyServicesSegmentMember2019-12-310000895728enb:EnergyServicesSegmentMember2020-01-012020-12-310000895728enb:LiquidsPipelinesSegmentMember2020-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2020-12-310000895728enb:GasDistributionandStorageSegmentMember2020-12-310000895728enb:EnergyServicesSegmentMember2020-12-310000895728enb:EnergyServicesSegmentMember2021-01-012021-12-310000895728enb:LiquidsPipelinesSegmentMember2021-12-310000895728enb:GasTransmissionandMidstreamSegmentMember2021-12-310000895728enb:GasDistributionandStorageSegmentMember2021-12-310000895728enb:EnergyServicesSegmentMember2021-12-310000895728enb:TermLoanMembersrt:ParentCompanyMember2021-12-310000895728enb:TermLoanMembersrt:ParentCompanyMember2020-12-310000895728us-gaap:MediumTermNotesMembersrt:ParentCompanyMember2021-12-310000895728us-gaap:MediumTermNotesMembersrt:ParentCompanyMember2020-12-310000895728enb:SustainabilityLinkedBondsMembersrt:ParentCompanyMember2021-12-310000895728enb:SustainabilityLinkedBondsMembersrt:ParentCompanyMember2020-12-310000895728enb:FixedToFixedTermSubordinatedTermNotesMembersrt:ParentCompanyMember2021-12-310000895728enb:FixedToFixedTermSubordinatedTermNotesMembersrt:ParentCompanyMember2020-12-310000895728enb:FixedToFloatingSubordinatedTermNotesMembersrt:ParentCompanyMember2021-12-310000895728enb:FixedToFloatingSubordinatedTermNotesMembersrt:ParentCompanyMember2020-12-310000895728enb:FloatingRateNoteMembersrt:ParentCompanyMember2021-12-310000895728enb:FloatingRateNoteMembersrt:ParentCompanyMember2020-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMembersrt:ParentCompanyMember2021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMembersrt:ParentCompanyMember2020-12-310000895728srt:ParentCompanyMemberus-gaap:CapitalLeaseObligationsMember2021-12-310000895728srt:ParentCompanyMemberus-gaap:CapitalLeaseObligationsMember2020-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMemberenb:EnbridgeUSIncMember2021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMemberenb:EnbridgeUSIncMember2020-12-310000895728enb:EnbridgeUSIncMemberus-gaap:CapitalLeaseObligationsMember2021-12-310000895728enb:EnbridgeUSIncMemberus-gaap:CapitalLeaseObligationsMember2020-12-310000895728enb:EnbridgeEnergyPartnersLpMemberus-gaap:SeniorNotesMember2021-12-310000895728enb:EnbridgeEnergyPartnersLpMemberus-gaap:SeniorNotesMember2020-12-310000895728us-gaap:MediumTermNotesMemberenb:EnbridgeGasInc.Member2021-12-310000895728us-gaap:MediumTermNotesMemberenb:EnbridgeGasInc.Member2020-12-310000895728enb:DebenturesMemberenb:EnbridgeGasInc.Member2021-12-310000895728enb:DebenturesMemberenb:EnbridgeGasInc.Member2020-12-310000895728enb:EnbridgeGasInc.Memberenb:CommercialPaperAndCreditFacilityDrawsMember2021-12-310000895728enb:EnbridgeGasInc.Memberenb:CommercialPaperAndCreditFacilityDrawsMember2020-12-310000895728enb:EnbridgePipelinesSouthernLightsLLCMemberus-gaap:SeniorNotesMember2021-12-310000895728enb:EnbridgePipelinesSouthernLightsLLCMemberus-gaap:SeniorNotesMember2020-12-310000895728us-gaap:MediumTermNotesMemberenb:EnbridgePipelinesIncMember2021-12-310000895728us-gaap:MediumTermNotesMemberenb:EnbridgePipelinesIncMember2020-12-310000895728enb:DebenturesMemberenb:EnbridgePipelinesIncMember2021-12-310000895728enb:DebenturesMemberenb:EnbridgePipelinesIncMember2020-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMemberenb:EnbridgePipelinesIncMember2021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMemberenb:EnbridgePipelinesIncMember2020-12-310000895728enb:EnbridgeSouthernLightsLPMemberus-gaap:SeniorNotesMember2021-12-310000895728enb:EnbridgeSouthernLightsLPMemberus-gaap:SeniorNotesMember2020-12-310000895728enb:SpectraEnergyCorpMemberus-gaap:SeniorNotesMember2021-12-310000895728enb:SpectraEnergyCorpMemberus-gaap:SeniorNotesMember2020-12-310000895728enb:SpectraEnergyPartnersLPMemberus-gaap:SeniorNotesMember2021-12-310000895728enb:SpectraEnergyPartnersLPMemberus-gaap:SeniorNotesMember2020-12-310000895728us-gaap:MediumTermNotesMemberenb:WestcoastEnergyIncMember2021-12-310000895728us-gaap:MediumTermNotesMemberenb:WestcoastEnergyIncMember2020-12-310000895728enb:WestcoastEnergyIncMemberenb:DebenturesMember2021-12-310000895728enb:WestcoastEnergyIncMemberenb:DebenturesMember2020-12-310000895728enb:FixedToFixedTermSubordinatedTermNotesMembersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:FixedToFixedTermSubordinatedTermNotesMemberus-gaap:UsTreasuryUstInterestRateMembersrt:ParentCompanyMemberenb:DebtInstrumentInterestRateTermsPeriodOneMember2021-01-012021-12-310000895728enb:FixedToFixedTermSubordinatedTermNotesMemberus-gaap:UsTreasuryUstInterestRateMemberenb:DebtInstrumentInterestRateTermsPeriodTwoMembersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:FixedToFloatingSubordinatedTermNotesMembersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:FloatingRateNoteMembersrt:ParentCompanyMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310000895728enb:FloatingRateNoteMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:ParentCompanyMember2021-01-012021-12-310000895728srt:ParentCompanyMember2021-12-310000895728enb:EnbridgeUSIncMember2021-12-310000895728enb:EnbridgePipelinesIncMember2021-12-310000895728enb:UnionGasLimitedMember2021-12-310000895728enb:CommittedCreditFacilityMember2021-12-310000895728us-gaap:SubsequentEventMember2022-02-100000895728enb:UncommittedCreditFacilityMember2021-12-310000895728enb:UncommittedCreditFacilityMember2020-12-310000895728enb:UncommittedCreditFacilityMember2021-01-012021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMember2021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMember2020-12-310000895728enb:FloatingRateNotesDueFebruary2023Membersrt:ParentCompanyMember2021-12-310000895728enb:A250SustainabilityLinkedSeniorNotesDueAugust2033Membersrt:ParentCompanyMember2021-12-310000895728enb:A340SeniorNotesDueAugust2051Membersrt:ParentCompanyMember2021-12-310000895728enb:A310SustainabilityLinkedMediumTermNotesDueSeptember2033Membersrt:ParentCompanyMember2021-12-310000895728enb:A410MediumTermNotesDueSeptember2051Membersrt:ParentCompanyMember2021-12-310000895728enb:A055SeniorTermNotesDueOctober2023Membersrt:ParentCompanyMember2021-12-310000895728srt:ParentCompanyMemberenb:A160SeniorTermNotesDueOctober2026Member2021-12-310000895728srt:ParentCompanyMemberenb:A340SeniorTermNotesDueAugust2051Member2021-12-310000895728enb:EnbridgeGasInc.Memberenb:A235MediumTermNotesDueSeptember2031Member2021-12-310000895728enb:A320MediumTermNotesDueSeptember2051Memberenb:EnbridgeGasInc.Member2021-12-310000895728enb:EnbridgePipelinesIncMemberenb:A282MediumTermNotesDueMay2031Member2021-12-310000895728enb:A420MediumTermNotesDueMay2051Memberenb:EnbridgePipelinesIncMember2021-12-310000895728enb:SpectraEnergyPartnersLPMemberenb:A250SeniorNotesDueSeptember2031Member2021-12-310000895728us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberenb:FloatingRateNotesDueFebruary2023Membersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:A426MediumTermNotesFebruary2021Membersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:A316MediumTermNotesMarch2021Membersrt:ParentCompanyMember2021-01-012021-12-310000895728enb:EnbridgeEnergyPartnersLpMemberenb:A420SeniorNotesJune2021Member2021-01-012021-12-310000895728enb:A276MediumTermNotesMay2021Memberenb:EnbridgeGasInc.Member2021-01-012021-12-310000895728enb:EnbridgeGasInc.Memberenb:A477MediumTermNotesDecember2021Member2021-01-012021-12-310000895728enb:EnbridgePipelinesSouthernLightsLLCMemberenb:A398SeniorNotesJuneAndDecember2021Member2021-01-012021-12-310000895728enb:A401SeniorNotesJuneAndDecember2021Memberenb:EnbridgeSouthernLightsLPMember2021-01-012021-12-310000895728enb:A460SeniorNotesMarch2021Memberenb:SpectraEnergyPartnersLPMember2021-01-012021-12-310000895728enb:WestcoastEnergyIncMemberenb:A388MediumTermNotesOctober2021Member2021-01-012021-12-310000895728enb:DebenturesAndTermNotesMember2021-01-012021-12-310000895728enb:DebenturesAndTermNotesMember2020-01-012020-12-310000895728enb:DebenturesAndTermNotesMember2019-01-012019-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMember2021-01-012021-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMember2020-01-012020-12-310000895728enb:CommercialPaperAndCreditFacilityDrawsMember2019-01-012019-12-310000895728enb:SpectraEnergyCorpMember2021-01-012021-12-310000895728enb:SpectraEnergyCorpMember2020-01-012020-12-310000895728enb:SpectraEnergyCorpMember2019-01-012019-12-310000895728enb:A250SustainabilityLinkedSeniorNotesDueAugust2033Membersrt:ParentCompanyMember2021-06-300000895728enb:A340SeniorNotesDueAugust2051Membersrt:ParentCompanyMember2021-06-300000895728enb:A310SustainabilityLinkedMediumTermNotesDueSeptember2033Membersrt:ParentCompanyMember2021-09-300000895728enb:A410MediumTermNotesDueSeptember2051Membersrt:ParentCompanyMember2021-09-300000895728enb:A055SeniorTermNotesDueOctober2023Membersrt:ParentCompanyMember2021-10-310000895728srt:ParentCompanyMemberenb:A160SeniorTermNotesDueOctober2026Member2021-10-310000895728srt:ParentCompanyMemberenb:A340SeniorTermNotesDueAugust2051Member2021-10-310000895728enb:EnbridgeGasInc.Memberenb:A235MediumTermNotesDueSeptember2031Member2021-09-300000895728enb:A320MediumTermNotesDueSeptember2051Memberenb:EnbridgeGasInc.Member2021-09-300000895728enb:EnbridgePipelinesIncMemberenb:A282MediumTermNotesDueMay2031Member2021-05-310000895728enb:A420MediumTermNotesDueMay2051Memberenb:EnbridgePipelinesIncMember2021-05-310000895728enb:SpectraEnergyPartnersLPMemberenb:A250SeniorNotesDueSeptember2031Member2021-09-300000895728us-gaap:RevolvingCreditFacilityMemberenb:SustainabilityLinkedCreditFacilityMember2021-02-102021-02-100000895728us-gaap:RevolvingCreditFacilityMemberenb:SustainabilityLinkedCreditFacilityMember2021-02-100000895728enb:SyndicatedCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-02-102021-02-100000895728enb:FiveYearCreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2021-07-230000895728enb:FiveYearCreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2021-07-222021-07-230000895728enb:A364DayExtendibleCreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2021-07-230000895728enb:A364DayExtendibleCreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2021-07-222021-07-230000895728us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberenb:SustainabilityLinkedCreditFacilityMember2022-02-102022-02-100000895728us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberenb:SustainabilityLinkedCreditFacilityMember2022-02-100000895728enb:TermLoanMember2021-02-25enb:loan0000895728enb:TermLoanMember2021-02-252021-02-250000895728us-gaap:SubsequentEventMemberenb:A10YearFixedToFixedSubordinatedNotesMemberus-gaap:SubordinatedDebtMember2022-01-190000895728us-gaap:SubsequentEventMemberenb:A10YearFixedToFixedSubordinatedNotesMemberus-gaap:SubordinatedDebtMember2022-01-192022-01-190000895728enb:A426MediumTermNotesFebruary2021Membersrt:ParentCompanyMember2021-02-280000895728enb:A316MediumTermNotesMarch2021Membersrt:ParentCompanyMember2021-03-310000895728enb:EnbridgeEnergyPartnersLpMemberenb:A420SeniorNotesJune2021Member2021-06-300000895728enb:A276MediumTermNotesMay2021Memberenb:EnbridgeGasInc.Member2021-05-310000895728enb:EnbridgeGasInc.Memberenb:A477MediumTermNotesDecember2021Member2021-12-310000895728enb:EnbridgePipelinesSouthernLightsLLCMemberenb:A398SeniorNotesJuneAndDecember2021Member2021-06-300000895728enb:EnbridgePipelinesSouthernLightsLLCMemberenb:A398SeniorNotesJuneAndDecember2021Member2021-12-310000895728enb:A401SeniorNotesJuneAndDecember2021Memberenb:EnbridgeSouthernLightsLPMember2021-12-310000895728enb:A401SeniorNotesJuneAndDecember2021Memberenb:EnbridgeSouthernLightsLPMember2021-06-300000895728enb:A460SeniorNotesMarch2021Memberenb:SpectraEnergyPartnersLPMember2021-03-310000895728enb:WestcoastEnergyIncMemberenb:A388MediumTermNotesOctober2021Member2021-10-310000895728srt:MinimumMember2021-01-012021-12-310000895728srt:MaximumMember2021-01-012021-12-310000895728srt:MinimumMember2020-01-012020-12-310000895728srt:MaximumMember2020-01-012020-12-310000895728enb:AlgonquinGasTransmissionLLCMember2021-12-310000895728enb:AlgonquinGasTransmissionLLCMember2020-12-310000895728enb:MaritimesandNortheastPipelineMember2021-12-310000895728enb:MaritimesandNortheastPipelineMember2020-12-310000895728enb:RenewableEnergyAssetsMember2021-12-310000895728enb:RenewableEnergyAssetsMember2020-12-310000895728enb:WestcoastEnergyIncMember2021-12-310000895728enb:WestcoastEnergyIncMember2020-12-310000895728enb:WestcoastEnergyIncMemberus-gaap:PreferredStockMemberenb:CumulativeRedeemablePreferredStockMember2021-12-310000895728enb:WestcoastEnergyIncMemberus-gaap:PreferredStockMemberenb:CumulativeRedeemablePreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2019-03-202019-03-200000895728us-gaap:PreferredStockMemberenb:Series8PreferredStockMember2019-03-202019-03-200000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2019-03-200000895728us-gaap:PreferredStockMemberenb:Series8PreferredStockMember2019-03-2000008957282019-03-202019-03-200000895728us-gaap:PreferredStockMember2019-03-202019-03-200000895728enb:WestcoastEnergyIncMemberenb:Series10PreferredStockMemberus-gaap:PreferredStockMember2021-01-152021-01-150000895728enb:WestcoastEnergyIncMemberenb:Series10PreferredStockMemberus-gaap:PreferredStockMember2021-01-150000895728enb:WestcoastEnergyIncMemberenb:Series10PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:WestcoastEnergyIncMemberus-gaap:PreferredStockMemberenb:Series12PreferredStockMember2021-10-152021-10-150000895728enb:WestcoastEnergyIncMemberus-gaap:PreferredStockMemberenb:Series12PreferredStockMember2021-10-150000895728enb:WestcoastEnergyIncMemberus-gaap:PreferredStockMemberenb:Series12PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2019-12-310000895728us-gaap:SeriesBPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728us-gaap:SeriesBPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728us-gaap:SeriesBPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:SeriesLPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:SeriesLPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:SeriesLPreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:SeriesNPreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesNPreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:SeriesNPreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:SeriesPPreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesPPreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:SeriesPPreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:SeriesRPreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesRPreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:SeriesRPreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:Series1PreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:Series1PreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:Series1PreferredStockMember2019-12-310000895728enb:Series3PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series3PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series3PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:Series5PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series5PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series5PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2019-12-310000895728enb:Series9PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series9PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series9PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:PreferredStockMemberenb:Series11PreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberenb:Series11PreferredStockMember2020-12-310000895728us-gaap:PreferredStockMemberenb:Series11PreferredStockMember2019-12-310000895728enb:Series13PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series13PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series13PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:Series15PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series15PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series15PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:Series17PreferredStockMemberus-gaap:PreferredStockMember2021-12-310000895728enb:Series17PreferredStockMemberus-gaap:PreferredStockMember2020-12-310000895728enb:Series17PreferredStockMemberus-gaap:PreferredStockMember2019-12-310000895728enb:PreferenceSharesSeries19Memberus-gaap:PreferredStockMember2021-12-310000895728enb:PreferenceSharesSeries19Memberus-gaap:PreferredStockMember2020-12-310000895728enb:PreferenceSharesSeries19Memberus-gaap:PreferredStockMember2019-12-310000895728us-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMember2020-01-012020-12-310000895728us-gaap:PreferredStockMember2019-01-012019-12-310000895728us-gaap:PreferredStockMember2021-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesBPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-31iso4217:USDxbrli:shares0000895728enb:SeriesLPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesNPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesPPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesRPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series1PreferredStockMember2021-01-012021-12-310000895728enb:Series3PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:Series5PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series7PreferredStockMember2021-01-012021-12-310000895728enb:Series9PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series11PreferredStockMember2021-01-012021-12-310000895728enb:Series13PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:Series15PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:Series17PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:PreferenceSharesSeries19Memberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:PreferredStockExcludingSeriesMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesIPreferredStockMember2021-01-012021-12-310000895728enb:SeriesOPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:SeriesQPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesSPreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series4PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series8PreferredStockMember2021-01-012021-12-310000895728enb:Series10PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series12PreferredStockMember2021-01-012021-12-310000895728enb:Series14PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series16PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series18PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series20PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:SeriesKPreferredStockMember2021-01-012021-12-310000895728enb:SeriesMPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728enb:Series2PreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310000895728us-gaap:PreferredStockMemberenb:Series6PreferredStockMember2021-01-012021-12-310000895728us-gaap:SeriesCPreferredStockMember2021-03-012021-03-010000895728us-gaap:SeriesCPreferredStockMember2021-02-282021-02-280000895728us-gaap:SeriesCPreferredStockMember2021-06-012021-06-010000895728us-gaap:SeriesCPreferredStockMember2021-09-012021-09-010000895728us-gaap:SeriesCPreferredStockMember2021-12-012021-12-010000895728us-gaap:SeriesCPreferredStockMemberus-gaap:UsTreasuryUstInterestRateMemberus-gaap:PreferredStockMember2021-12-31enb:compensationPlan0000895728enb:IncentiveStockOptionsMember2021-01-012021-12-310000895728enb:IncentiveStockOptionsMember2020-12-310000895728enb:IncentiveStockOptionsMember2021-12-310000895728enb:IncentiveStockOptionsMember2020-01-012020-12-310000895728enb:IncentiveStockOptionsMember2019-01-012019-12-310000895728enb:IncentiveStockOptionsMember2019-12-310000895728enb:CanadianEmployeesMemberenb:IncentiveStockOptionsMember2021-12-310000895728enb:CanadianEmployeesMemberenb:IncentiveStockOptionsMember2020-12-310000895728enb:CanadianEmployeesMemberenb:IncentiveStockOptionsMember2019-12-310000895728enb:UnitedStatesEmployeesMemberenb:IncentiveStockOptionsMember2021-12-310000895728enb:UnitedStatesEmployeesMemberenb:IncentiveStockOptionsMember2020-12-310000895728enb:UnitedStatesEmployeesMemberenb:IncentiveStockOptionsMember2019-12-310000895728enb:RetirementEligibleEmployeesMemberenb:IncentiveStockOptionsMember2021-01-012021-12-310000895728srt:MinimumMemberus-gaap:PerformanceSharesMember2021-12-310000895728srt:MaximumMemberus-gaap:PerformanceSharesMember2021-12-310000895728us-gaap:PerformanceSharesMember2021-12-310000895728us-gaap:PerformanceSharesMember2020-12-310000895728us-gaap:PerformanceSharesMember2019-12-310000895728us-gaap:PerformanceSharesMember2020-01-012020-12-310000895728us-gaap:PerformanceSharesMember2019-01-012019-12-310000895728us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000895728us-gaap:RestrictedStockUnitsRSUMember2020-12-310000895728us-gaap:RestrictedStockUnitsRSUMember2021-12-310000895728us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000895728us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2020-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000895728us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2021-01-012021-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMember2021-01-012021-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-12-310000895728us-gaap:OtherContractMember2021-01-012021-12-310000895728enb:EquityInvestmentDisposalMember2021-01-012021-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2021-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000895728us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2019-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310000895728us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2020-01-012020-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:InterestRateContractMember2020-01-012020-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-12-310000895728us-gaap:OtherContractMember2020-01-012020-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2018-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2018-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310000895728us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-01-012019-12-310000895728enb:AccumulatedNetGainLossNetInvestmentHedgeIncludingNoncontollingInterestMemberMember2019-01-012019-12-310000895728us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:InterestRateContractMember2019-01-012019-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-01-012019-12-310000895728us-gaap:OtherContractMember2019-01-012019-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMemberus-gaap:CommodityContractMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2021-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2021-12-310000895728enb:AccountsReceivableAndOtherMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:CommodityContractMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:OtherContractMemberenb:DeferredAmountsAndOtherMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMember2021-12-310000895728enb:DeferredAmountsAndOtherMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728enb:AccountsPayableAndOtherMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2021-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsPayableAndOtherMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMember2021-12-310000895728enb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2021-12-310000895728us-gaap:OtherContractMemberenb:AccountsPayableAndOtherMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2021-12-310000895728enb:AccountsPayableAndOtherMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:OtherLiabilitiesMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:InterestRateContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-12-310000895728us-gaap:CommodityContractMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMember2021-12-310000895728us-gaap:OtherContractMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-12-310000895728us-gaap:NondesignatedMember2021-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsReceivableAndOtherMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMemberus-gaap:CommodityContractMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2020-12-310000895728us-gaap:OtherContractMemberenb:AccountsReceivableAndOtherMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728enb:AccountsReceivableAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsReceivableAndOtherMember2020-12-310000895728enb:AccountsReceivableAndOtherMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:DeferredAmountsAndOtherMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:CommodityContractMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:OtherContractMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:OtherContractMemberenb:DeferredAmountsAndOtherMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728enb:DeferredAmountsAndOtherMemberus-gaap:NondesignatedMember2020-12-310000895728enb:DeferredAmountsAndOtherMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728enb:AccountsPayableAndOtherMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2020-12-310000895728us-gaap:InterestRateContractMemberenb:AccountsPayableAndOtherMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMember2020-12-310000895728enb:AccountsPayableAndOtherMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2020-12-310000895728us-gaap:OtherContractMemberenb:AccountsPayableAndOtherMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberenb:AccountsPayableAndOtherMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:NondesignatedMemberenb:AccountsPayableAndOtherMember2020-12-310000895728enb:AccountsPayableAndOtherMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:OtherContractMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:OtherLiabilitiesMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:InterestRateContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:CommodityContractMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMember2020-12-310000895728us-gaap:OtherContractMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310000895728us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310000895728us-gaap:NondesignatedMember2020-12-310000895728enb:ForeignExchangeForwardPurchaseContractMember2021-12-310000895728enb:ForeignExchangeForwardPurchaseContractMember2020-12-310000895728enb:ForeignExchangeForwardSellContractMember2021-12-310000895728enb:ForeignExchangeForwardSellContractMember2020-12-31iso4217:GBPiso4217:EURiso4217:JPY0000895728enb:InterestRateContractForShortTermBorrowingsMember2021-12-310000895728enb:InterestRateContractForShortTermBorrowingsMember2020-12-310000895728enb:InterestRateContractForLongTermBorrowingsPayFixedRateMember2021-12-310000895728enb:InterestRateContractForLongTermBorrowingsPayFixedRateMember2020-12-310000895728us-gaap:EquityContractMember2021-12-310000895728us-gaap:EquityContractMember2020-12-310000895728srt:NaturalGasReservesMemberus-gaap:CommodityContractMember2021-12-31utr:Bcf0000895728srt:NaturalGasReservesMemberus-gaap:CommodityContractMember2020-12-310000895728srt:CrudeOilMemberus-gaap:CommodityContractMember2021-12-31utr:MMBbls0000895728srt:CrudeOilMemberus-gaap:CommodityContractMember2020-12-310000895728enb:PowerMemberus-gaap:ShortMemberus-gaap:CommodityContractMember2021-12-31utr:MWh0000895728enb:PowerMemberus-gaap:ShortMemberus-gaap:CommodityContractMember2020-12-310000895728us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2021-01-012021-12-310000895728us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-12-310000895728us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2019-01-012019-12-310000895728us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2019-01-012019-12-310000895728us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2021-01-012021-12-310000895728us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-12-310000895728us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2019-01-012019-12-310000895728us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2021-01-012021-12-310000895728us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-12-310000895728us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2019-01-012019-12-310000895728us-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:CashFlowHedgingMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-01-012021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-01-012020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMember2021-01-012021-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMember2020-01-012020-12-310000895728us-gaap:OtherContractMemberus-gaap:NondesignatedMember2019-01-012019-12-310000895728us-gaap:NondesignatedMember2021-01-012021-12-310000895728us-gaap:NondesignatedMember2020-01-012020-12-310000895728us-gaap:NondesignatedMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:OtherIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:OtherIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:OtherIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:TransportationAndOtherServicesMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:CommoditySalesMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:CommoditySalesMemberus-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:CommoditySalesMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:CommodityCostsMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:CommodityCostsMemberus-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:CommodityCostsMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728us-gaap:NondesignatedMemberenb:OperatingAndAdministrativeExpenseMemberus-gaap:CommodityContractMember2021-01-012021-12-310000895728us-gaap:NondesignatedMemberenb:OperatingAndAdministrativeExpenseMemberus-gaap:CommodityContractMember2020-01-012020-12-310000895728us-gaap:NondesignatedMemberenb:OperatingAndAdministrativeExpenseMemberus-gaap:CommodityContractMember2019-01-012019-12-310000895728enb:CanadianFinancialInstitutionsMemberus-gaap:DerivativeMember2021-01-012021-12-310000895728enb:CanadianFinancialInstitutionsMemberus-gaap:DerivativeMember2020-01-012020-12-310000895728enb:USFinancialInstitutionsMemberus-gaap:DerivativeMember2021-01-012021-12-310000895728enb:USFinancialInstitutionsMemberus-gaap:DerivativeMember2020-01-012020-12-310000895728enb:EuropeanFinancialInstitutionsMemberus-gaap:DerivativeMember2021-01-012021-12-310000895728enb:EuropeanFinancialInstitutionsMemberus-gaap:DerivativeMember2020-01-012020-12-310000895728enb:AsianFinancialInstitutionsMemberus-gaap:DerivativeMember2021-01-012021-12-310000895728enb:AsianFinancialInstitutionsMemberus-gaap:DerivativeMember2020-01-012020-12-310000895728enb:OtherCounterpartiesMemberus-gaap:DerivativeMember2021-01-012021-12-310000895728enb:OtherCounterpartiesMemberus-gaap:DerivativeMember2020-01-012020-12-310000895728us-gaap:DerivativeMember2021-01-012021-12-310000895728us-gaap:DerivativeMember2020-01-012020-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:OtherContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:OtherContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMember2021-12-31iso4217:CADenb:MillionsofBTU-MMBTU0000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMember2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMembersrt:CrudeOilMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMembersrt:CrudeOilMember2021-12-31iso4217:CADutr:bbl0000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMembersrt:CrudeOilMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMembersrt:CrudeOilMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMemberenb:PowerMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMemberenb:PowerMember2021-12-31iso4217:CADutr:MWh0000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMemberenb:PowerMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberenb:FinancialForwardCommodityContractMemberenb:PowerMember2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728srt:NaturalGasReservesMemberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2021-12-310000895728us-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMemberenb:PhysicalForwardCommodityContractMemberus-gaap:FairValueInputsLevel3Membersrt:CrudeOilMember2021-12-310000895728us-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000895728us-gaap:NetInvestmentHedgingMember2020-01-012020-12-310000895728us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000895728us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000895728srt:MaximumMember2021-12-310000895728us-gaap:InterestRateSwaptionMember2021-12-310000895728enb:InterestRateContractForLongTermBorrowingsMember2021-12-310000895728enb:OtherCountriesMember2021-01-012021-12-310000895728enb:OtherCountriesMember2020-01-012020-12-310000895728enb:OtherCountriesMember2019-01-012019-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2021-01-012021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2020-01-012020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895728us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMembercountry:CA2021-12-310000895728us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2020-12-310000895728country:CA2021-12-310000895728country:CA2020-12-310000895728us-gaap:ForeignPlanMember2021-12-310000895728us-gaap:ForeignPlanMember2020-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CA2019-01-012019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000895728country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000895728us-gaap:ForeignPlanMember2021-01-012021-12-310000895728us-gaap:ForeignPlanMember2020-01-012020-12-310000895728country:CAus-gaap:DefinedBenefitPlanEquitySecuritiesMember2021-12-310000895728country:CAus-gaap:DefinedBenefitPlanEquitySecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2020-12-310000895728country:CAus-gaap:FixedIncomeSecuritiesMember2021-12-310000895728country:CAus-gaap:FixedIncomeSecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FixedIncomeSecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000895728enb:OtherPlanAssetsMembercountry:CA2021-12-310000895728enb:OtherPlanAssetsMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberenb:OtherPlanAssetsMember2021-12-310000895728us-gaap:ForeignPlanMemberenb:OtherPlanAssetsMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2021-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CA2021-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2021-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Membercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Membercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Membercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Membercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMembercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignExchangeContractMember2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CA2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2020-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CA2020-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2020-12-310000895728us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DefinedBenefitPlanEquitySecuritiesGlobalMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Membercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Membercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberenb:DomesticGovernmentBondsMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Membercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Membercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMembercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CAus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CAus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignExchangeContractMember2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercountry:CA2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMembercountry:CAus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2021-01-012021-12-310000895728us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Membercountry:CA2020-01-012020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberenb:DomesticGovernmentBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:RealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000895728us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000895728us-gaap:ForeignPlanMember2019-01-012019-12-310000895728srt:MinimumMember2021-12-310000895728srt:AffiliatedEntityMember2021-12-310000895728srt:AffiliatedEntityMember2020-12-310000895728us-gaap:InvesteeMember2021-01-012021-12-310000895728us-gaap:InvesteeMember2020-01-012020-12-310000895728us-gaap:InvesteeMember2019-01-012019-12-310000895728enb:SeawayCrudePipelineSystemMember2021-01-012021-12-310000895728enb:SeawayCrudePipelineSystemMember2020-01-012020-12-310000895728enb:SeawayCrudePipelineSystemMember2019-01-012019-12-310000895728enb:AuxSableCanadaLPMember2021-01-012021-12-310000895728enb:AuxSableCanadaLPMember2020-01-012020-12-310000895728enb:AuxSableCanadaLPMember2019-01-012019-12-3100008957282021-01-012021-03-3100008957282021-04-012021-06-3000008957282021-07-012021-09-3000008957282021-10-012021-12-3100008957282020-01-012020-03-3100008957282020-04-012020-06-3000008957282020-07-012020-09-3000008957282020-10-012020-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-K
_______________________________
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission file number 1-10934
_______________________________
ENBRIDGE INC.
(Exact Name of Registrant as Specified in Its Charter)
_______________________________
Canada
 
98-0377957
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
200, 425 - 1st Street S.W.
Calgary, Alberta, Canada T2P 3L8
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (403) 231-3900
_______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares
ENB
New York Stock Exchange
6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078
ENBA
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
_______________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
  Accelerated Filer
Non-Accelerated Filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The aggregate market value of the registrant’s common shares held by non-affiliates computed by reference to the price at which the common equity was last sold on June 30, 2021, was approximately US$77.7 billion.
As at February 4, 2022, the registrant had 2,026,274,277 common shares outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:
Not applicable.



EXPLANATORY NOTE

Enbridge Inc., a corporation existing under the Canada Business Corporations Act, qualifies as a foreign private issuer in the United States of America (US) for purposes of the Securities Exchange Act of 1934, as amended (the Exchange Act). Although, as a foreign private issuer, Enbridge Inc. is not required to do so, Enbridge Inc. currently files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the Securities and Exchange Commission (SEC) instead of filing the reporting forms available to foreign private issuers.

Enbridge Inc. intends to prepare and file a management proxy circular and related material under Canadian requirements. As Enbridge Inc.’s management proxy circular is not filed pursuant to Regulation 14A, Enbridge Inc. may not incorporate by reference information required by Part III of this Form 10-K from its management proxy circular. Accordingly, in reliance upon and as permitted by Instruction G(3) to Form 10-K, Enbridge Inc. will be filing an amendment to this Form 10-K containing the Part III information no later than 120 days after the end of the fiscal year covered by this Form 10-K.

2


Page
PART I   
Item 1.
8
Item 1A.
42
Item 1B.
54
Item 2.
55
Item 3.
55
Item 4.
55
PART II
Item 5.
56
Item 6.
57
Item 7.
58
Item 7A.
90
Item 8.
93
Item 9.
179
Item 9A.
179
Item 9B.
180
Item 9C.
180
PART III
Item 10.
181
Item 11.
181
Item 12.
181
Item 13.
181
Item 14.
181
PART IV
Item 15.
182
Item 16.
182
183
Signatures
189
3


GLOSSARY
AFUDC Allowance for funds used during construction
AOCI Accumulated other comprehensive income/(loss)
ARO Asset retirement obligations
ASC Accounting Standards Codification
ASU Accounting Standards Update
BC British Columbia
bcf/d   Billion cubic feet per day
bpd   Barrels per day
CCS Carbon capture and storage
CER Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019
CPP Investments Canada Pension Plan Investment Board
CTS   Competitive Toll Settlement
DAPL Dakota Access Pipeline
Dawn
An extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub
DCP Midstream DCP Midstream, LLC
EBITDA   Earnings before interest, income taxes and depreciation and amortization
EEP   Enbridge Energy Partners, L.P.
EIEC Enbridge Ingleside Energy Center
EIS Environmental Impact Statement
EMF Éolien Maritime France SAS
Enbridge   Enbridge Inc.
Enbridge Gas Enbridge Gas Inc.
ESG   Environment, Social and Governance
FERC   Federal Energy Regulatory Commission
Flanagan South   Flanagan South Pipeline
GHG   Greenhouse gas
H2 Hydrogen gas
IJT   International Joint Tariff
ISO Incentive Stock Options
kbpd Thousand barrels per day
LMCI Land Matters Consultation Initiative
LNG   Liquefied natural gas
MATL Montana-Alberta Tie-Line
MD&A   Management’s Discussion and Analysis
Moda
Moda Midstream Operating, LLC
4


MW   Megawatts
NCIB Normal course issuer bid
NGLs   Natural gas liquids
Noverco   Noverco Inc.
NYSE New York Stock Exchange
OBPS Output-based pricing system
OCI Other comprehensive income/(loss)
OEB   Ontario Energy Board
OPEB Other postretirement benefit obligations
PHMSA Pipeline and Hazardous Materials Safety Administration
PSU Performance Stock Units
RNG Renewable natural gas
ROU Right-of-use
RSU Restricted Stock Units
Sabal Trail Sabal Trail Transmission, LLC
Seaway Pipeline   Seaway Crude Pipeline System
SEP Spectra Energy Partners, LP
Spectra Energy   Spectra Energy Corp
SPOT Sea Port Oil Terminal
Texas Eastern Texas Eastern Transmission, L.P.
TSX Toronto Stock Exchange
US United States of America
US GAAP   Generally accepted accounting principles in the United States of America
US L3R Program   United States portion of the Line 3 Replacement Program
VIE Variable interest entities
Westcoast Westcoast Energy Inc.

5


CONVENTIONS
The terms "we", "our", "us" and "Enbridge" as used in this report refer collectively to Enbridge Inc. and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within Enbridge.

Unless otherwise specified, all dollar amounts are expressed in Canadian dollars, all references to “dollars” or “$” are to Canadian dollars and all references to “US$” are to US dollars. All amounts are provided on a before tax basis, unless otherwise stated.

FORWARD-LOOKING INFORMATION
Forward-looking information, or forward-looking statements, have been included in this Annual Report on Form 10-K to provide information about us and our subsidiaries and affiliates, including management’s assessment of our and our subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ‘‘anticipate”, “believe”, “estimate”, “expect”, “forecast”, “intend”, “likely”, “plan”, “project”, “target” and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including strategic priorities and enablers; the COVID-19 pandemic and the duration and impact thereof; energy intensity and emissions reduction targets and related Environment, Social and Governance (ESG) matters; diversity and inclusion goals; expected supply of, demand for, and prices of crude oil, natural gas, natural gas liquids (NGLs), liquified natural gas and renewable energy; energy transition; anticipated utilization of our existing assets; expected earnings before interest, income taxes and depreciation and amortization (EBITDA); expected earnings/(loss); expected future cash flows and distributable cash flow; dividend growth and payout policy; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected strategic priorities and performance of the Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation and Energy Services businesses; expected costs related to announced projects and projects under construction and for maintenance; expected in-service dates for announced projects and projects under construction and for maintenance; expected capital expenditures, investment capacity and capital allocation priorities; expected equity funding requirements for our commercially secured growth program; expected future growth and expansion opportunities; expectations about our joint venture partners’ ability to complete and finance projects under construction; expected closing of acquisitions and dispositions and the timing thereof; expected benefits of transactions, including the realization of efficiencies, synergies and cost savings; expected future actions of regulators and courts; toll and rate cases discussions and filings, including Mainline System contracting; anticipated competition; United States Line 3 Replacement Program (US L3R Program), including anticipated in-service dates and capital costs; and Line 5 dual pipelines and related litigation and other matters.

Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, NGL and renewable energy; prices of crude oil, natural gas, NGLs and renewable energy; anticipated utilization of assets; exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; anticipated in-service dates; weather; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of transactions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash flows; our credit ratings; capital project funding; hedging program; expected EBITDA; expected earnings/(loss); expected future cash flows; and expected distributable cash flow. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGLs and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-
6


looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected earnings/(loss), expected future cash flows, expected distributable cash flow or estimated future dividends. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather, customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.

Our forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities, operating performance, legislative and regulatory parameters; litigation, including with respect to the Dakota Access Pipeline (DAPL) and the Line 5 dual pipelines; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; our dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; interest rates; commodity prices; political decisions; the supply of, demand for and prices of commodities; and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this Annual Report on Form 10-K and in our other filings with Canadian and US securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this Annual Report on Form 10-K or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

NON-GAAP AND OTHER FINANCIAL MEASURES
Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in this Annual Report on Form 10-K makes reference to non-GAAP and other financial measures, including EBITDA. EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. Management uses EBITDA to assess performance of Enbridge and to set targets. Management believes the presentation of EBITDA gives useful information to investors as it provides increased transparency and insight into the performance of Enbridge.

The non-GAAP and other financial measures described above are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (US GAAP) and are not US GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP and other financial measures to the most directly comparable GAAP measures is set out in this MD&A and is available on our website. Additional information on non-GAAP and other financial measures may be found on our website, www.sedar.com or www.sec.gov.

7


PART I

ITEM 1. BUSINESS

We are a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 30% of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20% of the natural gas consumed in the US; Gas Distribution and Storage, which serves approximately 75% of Ontario residents via approximately 3.8 million meter connections; and Renewable Power Generation, which generates approximately 1,766 megawatts (MW) of net renewable power in North America and Europe. Our common shares trade on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol ENB. We were incorporated on April 13, 1970 under the Companies Ordinance of the Northwest Territories and were continued under the Canada Business Corporations Act on December 15, 1987.

A more detailed description of each of our businesses and underlying assets is provided below under Business Segments.

CORPORATE VISION AND STRATEGY

VISION
Our primary purpose as a company is to fuel quality of life by providing the energy people need and want, in a safe, clean and socially responsible way. Our vision to be the leading energy infrastructure company in North America supports this purpose. In pursuing this vision, we play a critical role in enabling the economic and social well-being of people in the areas we serve who depend on access to affordable and reliable energy of all types. Our infrastructure franchises transport, distribute, and generate energy including liquids, natural gas, renewable power, and low-carbon fuels like Renewable Natural Gas (RNG). We recognize that the energy system is changing, and we aim to bridge to that cleaner energy future by investing in low-carbon platforms while ensuring the continuity and stability that the world requires through the transition.

Our investor value proposition is founded on our ability to deliver predictable cash flows and a growing stream of dividends year-over-year through investment in, and efficient operation of, energy infrastructure assets that are strategically positioned between key supply basins and strong demand-pull markets. Our assets are underpinned by long-term contracts, regulated cost-of-service tolling frameworks, power purchase agreements, and other low-risk commercial arrangements.

We strive to be a leader in ESG; worker and public safety; emissions reduction; stakeholder relations; customer service; community investment; and employee engagement and satisfaction.

STRATEGY
An in-depth understanding of energy supply and demand fundamentals coupled with disciplined capital allocation principles has helped us become an industry leader supported by a diverse set of assets across the energy system. Our assets have reliably generated low-risk, resilient cash flows through many commodity and economic cycles, including the COVID-19 pandemic and the ensuing volatile economic recovery.

8


To ensure we continue to be an industry leader and value creator going forward, we maintain a robust strategic planning approach. We regularly conduct scenario and resiliency analysis on both our assets and on our business strategy. We test various value enhancement and maximization options, and we engage regularly with our Board of Directors (Board) to ensure alignment and maintain active oversight. This Board participation includes updates and discussions throughout the year and a dedicated session to Strategy Planning annually. This comprehensive approach will continue to guide investment decisions moving forward.

Predictable growth is a hallmark of our investor value proposition. We see a 5-7% compound annual growth rate in distributable cash flow per share through 2024, relative to 2021, underpinned by opportunities to advance returns in our base business and grow organically through disciplined capital allocation. Our diversified footprint allows for selective investment in both our core businesses and in emerging low carbon energy platforms such as carbon capture and storage (CCS), hydrogen gas (H2), and RNG.

In 2021, we progressed several of our strategic priorities. For example:

Our Liquids Pipelines team delivered record mainline throughput, placed $5.6 billion of capital into service (Line 3 Replacement, Southern Access), added 90 kbpd of system expansions into Petroleum Administration for Defense Districts (PADD) III, and acquired the Ingleside Energy Center in Corpus Christi and related assets which extends our reach into global light-oil export markets.

Our Gas Transmission and Midstream business successfully placed $3.1 billion of capital into service, completed favorable rate settlements, which added $150 million of incremental EBITDA, and continued to advance more than $2 billion of expansion opportunities.

Our Gas Distribution and Storage utility provided uninterrupted services during the ongoing pandemic, added over 40 thousand new customers, completed 190 modernization projects, placed two RNG projects into service, and completed an H2 blending pilot.

In Europe, Renewable Power Generation advanced construction of the 480 MW Saint Nazaire project, the 500 MW Fécamp project, and the 448 MW Calvados project, and sanctioned the Provence Grand Large floating offshore wind facility.

We advanced our self-power strategy and commissioned two projects, Alberta Solar One on our Liquids Pipeline system and Heidlersberg on our Gas Transmission system. Ten additional self-power facilities (~100MW) were approved for future development.

We established our New Energy Technologies team to advance our low-carbon strategy. Through several strategic partnerships, we are working to develop solutions in RNG, H2 and CCS and to accelerate global and industry-specific low-carbon objectives.

We continued to make meaningful progress towards our ESG goals that include a 35% reduction in greenhouse gas (GHG) emissions intensity from our operations by 2030 (net zero GHG emissions by 2050) and increased representation of diverse groups within our workforce and the Board of Directors by 2025.

We sold $1.2 billion of assets at attractive valuations, further strengthening our financial flexibility. In addition, we continued to reduce our operating costs ($1.2 billion since 2017), increasing our profitability and competitiveness.

9


These achievements are discussed in further detail in Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Looking ahead, our near-term strategic priorities remain similar to years past. As always, proactively advancing the safety of communities and assets, protecting the environment, and maintaining reliability will always be our top priorities. We are focused on enhancing the value of our existing assets in Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation.

We will continue to enhance base business returns, capitalize on our advantaged liquids and natural gas pipeline infrastructure, emphasizing export-driven opportunities and in-franchise organic growth, and developing low-carbon opportunities across our business.

Our key strategic priorities are summarized below:

Ensure Safe Reliable Operations
Safety and operational reliability remain the foundation of our strategy. Our commitment to safety and operational reliability means achieving and maintaining industry leadership in safety (process, public and personal) and ensuring the reliability and integrity of the systems we operate, in order to generate, transport and deliver energy while protecting people and the environment.

Enhance Returns from our Base Businesses
A key priority is to drive growth through an ongoing focus on optimization, productivity, and efficiency across all our businesses. Examples include: the application of drag-reducing agents and pump station horsepower additions to optimize throughput on our liquids system, the execution of toll settlements and rate case filings to optimize revenue within our gas transmission franchises, the expansion of low-carbon gas offerings to modernize and integrate value chains at our gas utility, and more generally, and the creation of sustainable cost savings across the organization through process improvement and/or system enhancements.

Execute the Capital Program and Grow Core Business
Successful project execution is integral to our financial performance and to the strategic positioning of our business over the long term. Our ongoing objective is to deliver our slate of secured projects (currently $9 billion through 2024) at the lowest practical cost while maintaining the highest standards for safety, quality, customer satisfaction and environmental and regulatory compliance. For a discussion of our current portfolio of capital projects, refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Growth Projects - Commercially Secured Projects.

In seeking to extend growth, we expect to have sufficient self-funding capacity of about $5 to $6 billion per year to invest in new organic growth capital without issuing any additional common equity and maintaining key credit metrics. We will remain disciplined and deploy capital towards the best uses, prioritizing balance sheet strength, investment in low capital intensity growth and regulated utility or utility-like projects. We will carefully assess our remaining investable capacity, deploying capital to the most value-enhancing opportunities available to us, including further organic growth, asset acquisitions, and share buybacks, or further deleveraging our balance sheet.

Looking ahead, we see strong utilization of our existing network and opportunities for future growth within each of our businesses. For example:

Our liquids pipelines infrastructure will remain a vital connection between key supply basins and demand-pull markets such as the refinery hubs in the US Midwest, Eastern Canada, and the US Gulf Coast. The emergence of CCS offers the potential to provide new growth opportunities over the long term.

10


Our natural gas pipelines business will seek extension and expansion opportunities driven by new load demand from gas-fired power generation, industrial growth, and coastal liquefied natural gas (LNG) plants. Looking forward, blending RNG and H2 production projects into our system will enhance asset longevity and enable us to offer a differentiated low-carbon service to customers.

Our gas distribution utility will continue to grow through customer additions, productivity enhancements, modernization investments and facilities that blend H2 and RNG into gas supply, and expansion of our demand-side management and distributed energy programs.

Our mature capabilities in the offshore and onshore wind sector position us well to compete for new projects across the development cycle in Europe and North America, while our multi-year program to self-power existing pipeline compressor stations represents highly visible and scalable growth.

Maintain Financial Strength and Flexibility
The maintenance of our financial strength is critical to our strategy. Our financing strategies are designed to retain strong investment-grade credit ratings to ensure that we have the financial capacity to meet our capital funding needs and the flexibility to manage capital market disruptions. Our current secured capital program, which extends to 2024, can be readily financed through internally generated cash flow and available balance sheet capacity without issuance of additional common equity and we will seek to secure new growth within our “self-funded” equity model. In addition, we continue to look at opportunities to monetize non-core assets at attractive valuations. For further discussion on our financing strategies, refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.

Disciplined Capital Allocation
We assess the latest fundamental trends, monitor the business landscape and proactively conduct business development activities with the goal of identifying an industry-leading opportunity set for capital deployment. Opportunities are screened, analyzed and assessed using a disciplined investment framework with the objective of ensuring effective deployment of capital to achieve attractive risk-adjusted returns, while maintaining our low-risk “utility-like” business model.

All investment opportunities are evaluated based on their potential to advance our strategy, mitigate risk, support our ESG goals, and create additional financial flexibility. Our primary emphasis in the near term is on low capital-intensive opportunities to enhance returns in existing businesses (organic expansions and optimizations), modernization of our systems and utility rate-based investments. Execution risk remains high for large scale, long-duration development projects and, therefore, our focus will be on projects where we can carefully manage at-risk capital during the permitting and construction phases.

In evaluating typical investment opportunities, we also consider other potential capital allocation alternatives. Other alternatives for capital deployment depend on our current outlook and include further dividend increases, further debt reduction, and/or share re-purchases.

Adapt to Energy Transition Over Time
As the global population grows and standards of living continue to improve around the world, more energy will be needed. At the same time, our society increasingly recognizes the impacts of greenhouse gas emissions on the world’s climate. Accordingly, energy systems are being reshaped as industry participants, regulators and consumers seek to lower emissions. As a diversified energy infrastructure company, we are well positioned to play a key role in the transition to a low-emissions economy by leading the development of the future energy systems and partnering with customers on their low-carbon strategies, while at the same time working to reduce our own emissions. Furthermore, we have tested our assets for various energy transition scenarios and concluded that they are highly resilient and can be relied upon for stable cash flow generation well into the future.

11


We believe that diversification and innovation will play a significant role in the transition to a low-carbon future. To date, we have made large investments in natural gas infrastructure and continue to see significant opportunity in renewable energy. Our focus areas in renewable energy remain in offshore wind and utility-scale onshore projects. We are also taking a leadership role in other low-carbon platforms like CCS, H2 and RNG where we can leverage our infrastructure capability and stakeholder relationships to accelerate growth and extend the value of our existing assets. Additionally, all new investments that we make will need to have a clear path to achieve net zero emissions.

We recognize our customer's expectations of a transition to a lower-carbon economy and are working actively to be a differentiated service provider by leveraging our ESG leadership and world-class execution capabilities.

STRATEGIC ENABLERS
Our success in executing on our strategic priorities is enabled by our commitment to ESG, the quality and capabilities of our people, and the extent to which we embrace technology and innovation as a competitive advantage.

ESG
Sustainability is integral to our ability to safely and reliably deliver the energy people need and want. How well we perform as a steward of our environment; as a safe operator of essential energy infrastructure; as a diverse and inclusive employer; and as a responsible corporate citizen is inextricably linked to our ability to achieve our strategic priorities and create long-term value for all stakeholders.

Our commitment to strong ESG practices and performance has long been core to how we do business and we are proud to be recognized as a leader amongst our peers. In 2020, we set out ambitious goals1 including:

Net zero GHG emissions by 2050 with an interim target to reduce GHG emissions intensity 35% by 2030 compared to the 2018 baseline.

Increased representation of diverse groups within our workforce by 2025, including representation goals of 40% women and 28% racial and ethnic groups, along with new initiatives to enhance supplier diversity.

Strengthening diversity on our Board with representation goals of 40% women and 20% racial and ethnic groups by 2025.

Annual safety and reliability targets that drive continuous improvement towards our goal of zero incidents, injuries, and implementation of robust cyber defense programs.

Beginning in 2021, we began linking ESG performance to incentive compensation and are making meaningful progress toward these targets by executing on specific action plans. In addition, we issued our first sustainability-linked loan and sustainability-linked bond that ties our financing to our ESG goals.

1 All percentages or specific goals regarding inclusion, diversity, equity and accessibility are aspirational goals which we intend to achieve in a manner compliant with state, local, provincial and federal law, including, but not limited to, US federal regulations, Equal Employment Opportunity Commission, Department of Labor and Office of Federal Contract Compliance Programs.
12


Enbridge aims to continuously strengthen its approach to emissions reporting and reduction and is expanding its approach to include the following additional actions:

Ensure that investment decision making aligns with Enbridge’s interim and long-term emissions reduction goals.

Continue to proactively work with the organizations developing science-based guidelines for emissions targets in the midstream sector.

Work with key suppliers to support the further reduction of Scope 3 emissions.

Further develop low carbon energy partnerships to drive innovation across our business, with a focus on renewable power, renewable natural gas, hydrogen and carbon capture.

Achieving our goals will put us in a better position to successfully transition to a low-carbon, more diverse, and inclusive future.

People
Our employees are essential to our long-term success and enhancing the capability of our people to maximize their potential is a key area of focus. We value diversity, and diverse thought, and have embedded inclusive practices in our programs and approach to people management. Furthermore, we strive to maintain industry competitive compensation, flexibility, and retention programs that provide both short-term and long-term performance incentives.

Technology
Given the competitive climate of today’s energy sector, we recognize the vital role technology can play in helping to achieve our strategic objectives. We’re committed to pursuing innovation and technology solutions that further improve our safety performance, maximize revenues, improve efficiencies, and enable transition to new, cleaner energy solutions. Our two Technology and Innovation labs, located in Calgary and Houston, embody our commitment to technology enabled business solutions. Leveraging the benefits of technology to contribute to safety, reliability and the profitability of assets has become entrenched in our everyday operations.

We provide annual progress updates related to the above initiatives, along with our assumptions and other relevant information, in our annual Sustainability Report which can be found at https://www.enbridge.com/sustainability-reports. Unless otherwise specifically stated, none of the information contained on, or connected to, the Enbridge website, including our annual Sustainability Report, is incorporated by reference in, or otherwise part of, this Annual Report on Form 10-K.

BUSINESS SEGMENTS

Our activities are carried out through five business segments: Liquids Pipelines; Gas Transmission and Midstream; Gas Distribution and Storage; Renewable Power Generation; and Energy Services, as discussed below.

13


LIQUIDS PIPELINES

Liquids Pipelines consists of pipelines and terminals in Canada and the US that transport and export various grades of crude oil and other liquid hydrocarbons.

ENB-20211231_G1.JPG

14


MAINLINE SYSTEM
The Mainline System is comprised of the Canadian Mainline and the Lakehead System. The Canadian Mainline is a common carrier pipeline system which transports various grades of crude oil and other liquid hydrocarbons within western Canada and from western Canada to the Canada/US border near Gretna, Manitoba and Neche, North Dakota and from the US/Canada border near Port Huron, Michigan and Sarnia, Ontario to eastern Canada and the northeastern US. The Canadian Mainline includes six adjacent pipelines with a combined operating capacity of approximately 3.1 million barrels per day (mmbpd) that connect with the Lakehead System at the Canada/US border, as well as five pipelines that deliver crude oil and refined products into eastern Canada and the northeastern US. We have operated, and frequently expanded, the Canadian Mainline since 1949. The Lakehead System is the portion of the Mainline System in the US. It is an interstate common carrier pipeline system regulated by the Federal Energy Regulatory Commission (FERC) and is the primary transporter of crude oil and liquid petroleum from western Canada to the US.

Tolling Framework
The Competitive Toll Settlement (CTS) which governed tolls paid for products shipped on the Canadian Mainline, with the exception of Lines 8 and 9 which are tolled on a separate basis, expired on June 30, 2021. The CTS was a 10-year negotiated agreement and provided for a Canadian Local Toll (CLT) for deliveries within western Canada, as well as an International Joint Tariff (IJT) for crude oil shipments originating in western Canada, on the Canadian Mainline, and delivered into the US, via the Lakehead System, and into eastern Canada. The IJT tolls were denominated in US dollars.

On December 19, 2019, we submitted an application to the Canada Energy Regulator (CER) to implement contracting on our Canadian Mainline System. On November 26, 2021, the CER denied the application on the basis that, among other things, contracting as proposed would result in a significant change to access the Canadian Mainline and potentially inequitable outcomes to some shippers and non-shippers without a compelling justification.

Effective July 1, 2021, the Mainline System is on Interim Tolls which will remain in effect until new tolls are approved by the CER. In accordance with the terms of the CTS, Interim Tolls are equal to the CTS exit tolls on June 30, 2021 and are subject to finalization and adjustment applicable to the interim period, if any. We are currently exploring, with customers and other stakeholders, alternatives that may include: a modified and extended CTS, a new incentive rate-making agreement, or a cost-of-service rate-making structure. Any negotiated settlement would require CER approval before implementation. New tolling framework clarity is expected by 2023.

Shippers continue to nominate volumes on a monthly basis and we continue to allocate capacity to maximize the efficiency of the Mainline System.

Local tolls for service on the Lakehead System are not affected by Interim Tolls and continue to be established pursuant to the Lakehead System’s existing toll agreements, as described below. Under Interim Tolls, the Canadian Mainline’s share of the toll relating to pipeline transportation of a batch from any western Canada receipt point to the US border is equal to the toll applicable to that batch’s US delivery point less the Lakehead System’s local toll to that delivery point. While on Interim Tolls, we will continue to refer to this amount as the Canadian Mainline IJT Residual Benchmark Toll which is denominated in US dollars.

15


Lakehead System Local Tolls
Transportation rates are governed by the FERC for deliveries from the Canada/US border near Neche, North Dakota, Clearbrook, Minnesota and other points to principal delivery points on the Lakehead System. The Lakehead System periodically adjusts these transportation rates as allowed under the FERC’s index methodology and tariff agreements, the main components of which are index rates and the Facilities Surcharge Mechanism. Index rates, the base portion of the transportation rates for the Lakehead System, are subject to an annual inflationary adjustment which cannot exceed established ceiling rates as approved by the FERC. The Facilities Surcharge Mechanism allows the Lakehead System to recover costs associated with certain shipper-requested projects through an incremental surcharge in addition to the existing base rates and is subject to annual adjustment on April 1 of each year. To the extent that the Lakehead System transportation rates materially under-recover the Lakehead System cost of service, an application can be made with the FERC to seek approval to increase the rates in order to bring recoveries in-line with costs.

On May 21, 2021, we filed a cost-of-service application to raise our base rates effective July 1, 2021. On June 30, 2021, the FERC issued an order to accept the rates subject to refund. This matter is currently in the FERC settlement process.

REGIONAL OIL SANDS SYSTEM
The Regional Oil Sands System includes five intra-Alberta long-haul pipelines; the Athabasca Pipeline, Waupisoo Pipeline, Woodland Pipeline, Wood Buffalo Extension/Athabasca Twin pipeline system and the Norlite Pipeline System (Norlite), as well as two large terminals: the Athabasca Terminal located north of Fort McMurray, Alberta and the Cheecham Terminal, located south of Fort McMurray, Alberta. The Regional Oil Sands System also includes numerous laterals and related facilities which currently provide access for oil sands production from twelve producing oil sands projects.

The combined capacity of the intra-Alberta long-haul pipelines is approximately 1,090 kbpd to Edmonton and 1,370 kbpd into Hardisty, with Norlite providing approximately 218 kbpd of diluent capacity into the Fort McMurray region. We have a 50% interest in the Woodland Pipeline and a 70% interest in Norlite. The Regional Oil Sands System is anchored by long-term agreements with multiple oil sands producers that provide cash flow stability and also include provisions for the recovery of some of the operating costs of this system.

GULF COAST AND MID-CONTINENT
Gulf Coast includes Seaway Crude Pipeline System (Seaway Pipeline), Flanagan South Pipeline (Flanagan South), Spearhead Pipeline, Gray Oak Pipeline and the Enbridge Ingleside Energy Center (EIEC), as well as the Mid-Continent System (Cushing Terminal).

We have a 50% interest in the 1,078-kilometer (670-mile) Seaway Pipeline, including the 805-kilometer (500-mile), 30-inch diameter long-haul system between Cushing, Oklahoma and Freeport, Texas, as well as the Texas City Terminal and Distribution System which serve refineries in the Houston and Texas City areas. Total aggregate capacity on the Seaway Pipeline system is approximately 950 kbpd. Seaway Pipeline also includes 8.8 million barrels of crude oil storage tank capacity on the Texas Gulf Coast.

Flanagan South is a 950-kilometer (590-mile), 36-inch diameter interstate crude oil pipeline that originates at our terminal at Flanagan, Illinois, a delivery point on the Lakehead System, and terminates in Cushing, Oklahoma. Flanagan South has a capacity of approximately 600 kbpd.

Spearhead Pipeline is a long-haul pipeline that delivers crude oil from Flanagan, Illinois, a delivery point on the Lakehead System, to Cushing, Oklahoma. The Spearhead pipeline has a capacity of approximately 193 kbpd.

16


The Gray Oak pipeline is a 1,368-kilometer (850-mile) crude oil system, which runs from the Permian Basin in West Texas to the US Gulf Coast. The Gray Oak pipeline has an expected average annual capacity of 900 kbpd and transports light crude oil. We have an effective 22.8% interest in the pipeline. Initial in-service for the pipeline commenced in November 2019 with full service achieved in the second quarter of 2020.

The Mid-Continent System is comprised of storage terminals at Cushing, Oklahoma (Cushing Terminal), consisting of over 80 individual storage tanks ranging in size from 78 to 570 thousand barrels. Total storage shell capacity of Cushing Terminal is approximately 20 million barrels. A portion of the storage facilities are used for operational purposes, while the remainder are contracted to various crude oil market participants for their term storage requirements. Contract fees include fixed monthly storage fees, throughput fees for receiving and delivering crude to and from connecting pipelines and terminals, as well as blending fees.

In October 2021, we acquired a 100 percent operating interest in the Ingleside Energy Center (renamed the Enbridge Ingleside Energy Center (EIEC)), located near Corpus Christi, Texas. This terminal is comprised of 15.6 million barrels of storage and 1.5 million barrels per day of export capacity. We also acquired a 20% interest in the 670-kbpd Cactus II Pipeline, a 100% interest in the 300-kbpd Viola pipeline, and a 100% interest in the 350-thousand-barrel Taft Terminal.

OTHER
Other includes Southern Lights Pipeline, Express-Platte System, Bakken System and Feeder Pipelines and Other.

Southern Lights Pipeline is a single stream 180 kbpd 16/18/20-inch diameter pipeline that ships diluent from the Manhattan Terminal near Chicago, Illinois to three western Canadian delivery facilities, located at the Edmonton and Hardisty terminals in Alberta and the Kerrobert terminal in Saskatchewan. Both the Canadian portion of Southern Lights Pipeline and the US portion of Southern Lights Pipeline receive tariff revenues under long-term contracts with committed shippers. Southern Lights Pipeline capacity is 90% contracted with the remaining 10% of the capacity assigned for shippers to ship uncommitted volumes.

The Express-Platte System consists of the Express pipeline and the Platte pipeline, and crude oil storage of approximately 5.6 million barrels. It is an approximate 2,736-kilometer (1,700-mile) long crude oil transportation system, which begins at Hardisty, Alberta, and terminates at Wood River, Illinois. The 310 kbpd Express pipeline carries crude oil to US refining markets in the Rocky Mountains area, including Montana, Wyoming, Colorado and Utah. The 145 to 164 kbpd Platte pipeline, which interconnects with the Express pipeline at Casper, Wyoming, transports crude oil predominantly from the Bakken shale and western Canada to refineries in the midwest. Express pipeline capacity is typically committed under long-term take-or-pay contracts with shippers. A small portion of Express pipeline capacity and all of the Platte pipeline capacity is used by uncommitted shippers who pay only for the pipeline capacity they actually use in a given month.

The Bakken System consists of the North Dakota System and the Bakken Pipeline System. The North Dakota System services the Bakken in North Dakota and is comprised of a crude oil gathering and interstate pipeline transportation system. The gathering system provides delivery to Clearbrook, Minnesota for service on the Lakehead system or a variety of interconnecting pipeline and rail export facilities. The interstate portion of the system has both US and Canadian components that extend from Berthold, North Dakota into Cromer, Manitoba.

Tariffs on the US portion of the North Dakota System are governed by the FERC. The Canadian portion is categorized as a Group 2 pipeline, and as such, its tolls are regulated by the CER on a complaint basis. Tolls on the interstate pipeline system are based on long-term take-or-pay agreements with anchor shippers.

17


We have an effective 27.6% interest in the Bakken Pipeline System, which connects the Bakken formation in North Dakota to markets in eastern PADD II and the US Gulf Coast. The Bakken Pipeline System consists of the DAPL from the Bakken area in North Dakota to Patoka, Illinois, and the Energy Transfer Crude Oil Pipeline from Patoka, Illinois to Nederland, Texas. Current capacity is 750 kbpd of crude oil with the potential to be expanded through additional pumping horsepower. The Bakken Pipeline System is anchored by long-term throughput commitments from a number of producers.

Feeder Pipelines and Other includes a number of liquids storage assets and pipeline systems in Canada and the US.

Key assets included in Feeder Pipelines and Other are the Hardisty Contract Terminal and Hardisty Storage Caverns located near Hardisty, Alberta, a key crude oil pipeline hub in western Canada and the Southern Access Extension (SAX) pipeline which originates in Flanagan, Illinois and delivers to Patoka, Illinois. We have an effective 65% interest in the 300 kbpd SAX pipeline of which the majority of its capacity is commercially secured under long-term take-or-pay contracts with shippers.

Feeder Pipelines and Other also includes Patoka Storage, the Toledo pipeline system and the Norman Wells (NW) System. Patoka Storage is comprised of four storage tanks with 480 thousand barrels of shell capacity located in Patoka, Illinois. The 101 kbpd Toledo pipeline system connects with the Lakehead System and delivers to Ohio and Michigan. The 45 kbpd NW System transports crude oil from Norman Wells in the Northwest Territories to Zama, Alberta and has a cost-of-service rate structure based on established terms with shippers.

COMPETITION
Competition to our liquids pipelines network comes primarily from infrastructure or logistics alternatives that transport liquid hydrocarbons from production basins in, which we operate, to markets in Canada, the US and internationally. Competition from existing and proposed pipelines is based primarily on access to supply, end use markets, the cost of transportation, contract structure and the quality and reliability of service. Additionally, volatile crude price differentials and insufficient pipeline capacity on either our or competitors' pipelines can make transportation of crude oil by rail competitive, particularly to markets not currently served by pipelines.

We believe that our liquids pipelines systems will continue to provide competitive and attractive options to producers in the Western Canadian Sedimentary Basin (WCSB), North Dakota, and more recently the Permian Basin, due to our market access, competitive tolls and flexibility through our multiple delivery and storage points. We also employ long-term agreements with shippers, which mitigates competition risk by ensuring consistent supply to our liquids pipelines network. Our current complement of growth projects to expand market access and to enhance capacity on our pipeline system will provide additional competitive solutions for liquids transportation. We have a proven track record of successfully executing projects to meet the needs of our customers.

SUPPLY AND DEMAND
We have an established and successful history of being the largest transporter of crude oil to the US, the world’s largest market for crude oil. While US demand for Canadian crude oil production will support the use of our infrastructure for the foreseeable future, North American and global crude oil supply and demand fundamentals are shifting, and we have a role to play in this transition by developing long-term transportation options that enable the efficient flow of crude oil from supply regions to end-user markets, both domestic and global.

The COVID-19 pandemic had a significant negative impact on the crude oil market in 2020 with decreased demand from the economic slowdown and government imposed mobility restrictions. However, 2021 has seen global crude oil demand recover to levels close to pre-pandemic highs. International prices have strengthened to multi-year highs as global demand has outpaced the return of supply as publicly traded producers have adopted a more disciplined approach to capital allocation for new drilling.
18


Our Mainline System throughput, as measured at the Canada/US border at Gretna, Manitoba ended the year delivering 3.1 million barrels per day, as the Line 3 Replacement program has come into service. Refinery demand in the upper Midwest PADD II market has been strong given the economic recovery and enhanced mobility demand. On the US Gulf Coast, lower supply of heavy crude from Latin America and the Middle East is driving increased demand for Canadian heavy crude.
Global crude oil demand in most base case forecasts is expected to grow into the next decade, primarily driven by emerging economies in regions outside the Organization for Economic Cooperation and Development (OECD), such as India and China. In North America, demand growth for transportation fuels is expected to moderate over time due to vehicle fuel efficiency improvement and increasing sales of electric vehicles.

New supply to meet this growing demand will primarily come from Organization of the Petroleum Exporting Countries (OPEC) countries and North America. Growth in supply from OPEC will be led by Saudi Arabia and the United Arab Emirates with their significant low cost reserves and could be supplemented by the return of sanctioned Iranian production. Growth in North America will be driven by the Permian Basin which is a large and cost competitive light crude oil resource base. In addition, heavy crude oil growth is expected from the WCSB as additional egress availability will support expansion of existing projects and some potential new greenfield facilities.

The combination of long term demand growth in non-OECD nations, domestic demand contraction over time, and continued production growth in the Permian Basin and WCSB highlights the importance of our strategic asset footprint and reinforces the need for additional export oriented infrastructure. We are well positioned to meet these evolving supply and demand fundamentals through expansion of system capacity for incremental access to the US Gulf Coast, and through further development of our new Enbridge Ingleside Energy Center in Corpus Christi, the largest crude oil export facility in North America.

Opposition to fossil fuel development in conjunction with evolving consumer preferences and new technology could underpin accelerated energy transition scenarios impacting long term supply and demand of crude oil. We continue to closely monitor the evolution of all of these factors to be able to pro-actively adapt our business to help meet our customers’ and society’s energy needs.

Progress on the development and construction of our commercially secured growth projects is discussed in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Growth Projects - Commercially Secured Projects.

19


GAS TRANSMISSION AND MIDSTREAM

Gas Transmission and Midstream consists of our investments in natural gas pipelines and gathering and processing facilities in Canada and the US, including US Gas Transmission, Canadian Gas Transmission, US Midstream and other assets.
ENB-20211231_G2.JPG

20


US GAS TRANSMISSION
US Gas Transmission includes ownership interests in Texas Eastern Transmission, L.P. (Texas Eastern), Algonquin Gas Transmission, LLC (Algonquin), Maritimes & Northeast (M&N) (US and Canada), East Tennessee Natural Gas, LLC (East Tennessee), Gulfstream Natural Gas System, L.L.C. (Gulfstream), Sabal Trail Transmission (Sabal Trail), NEXUS Gas Transmission Pipeline (NEXUS), Valley Crossing Pipeline, LLC. (Valley Crossing), Southeast Supply Header (SESH), Vector Pipeline L.P. (Vector) and certain other gas pipeline and storage assets. The US Gas Transmission business primarily provides transmission and storage of natural gas through interstate pipeline systems for customers in various regions of the northeastern, southern and midwestern US.

The Texas Eastern natural gas transmission system extends from supply and demand centers in the Gulf Coast region of Texas and Louisiana to supply and demand centers in Ohio, Pennsylvania, New Jersey and New York. Texas Eastern's onshore system has a peak day capacity of 13.09 billion cubic feet per day (bcf/d) of natural gas on approximately 13,807-kilometers (8,579-miles) of pipeline and associated compressor stations. Texas Eastern is also connected to four affiliated storage facilities that are partially or wholly-owned by other entities within the US Gas Transmission business.

The Algonquin natural gas transmission system connects with Texas Eastern’s facilities in New Jersey and extends through New Jersey, New York, Connecticut, Rhode Island and Massachusetts where it connects to M&N US. The system has a peak day capacity of 3.09 bcf/d of natural gas on approximately 1,820-kilometers (1,131-miles) of pipeline with associated compressor stations.

M&N US has a peak day capacity of 0.83 bcf/d of natural gas on approximately 552-kilometers (343-miles) of mainline interstate natural gas transmission system, including associated compressor stations, which extends from northeastern Massachusetts to the border of Canada near Baileyville, Maine. M&N Canada has a peak day capacity 0.55 bcf/d on approximately 885-kilometers (550-miles) of interprovincial natural gas transmission mainline system that extends from Goldboro, Nova Scotia to the US border near Baileyville, Maine. We have a 78% interest in M&N US and M&N Canada.

East Tennessee’s natural gas transmission system has a peak day capacity of 1.86 bcf/d of natural gas, crosses Texas Eastern’s system at two locations in Tennessee and consists of two mainline systems totaling approximately 2,456-kilometers (1,526-miles) of pipeline in Tennessee, Georgia, North Carolina and Virginia, with associated compressor stations. East Tennessee has a LNG storage facility in Tennessee and also connects to the Saltville storage facilities in Virginia.

Gulfstream is an approximately 1,199-kilometer (745-mile) interstate natural gas transmission system with associated compressor stations. Gulfstream has a peak day capacity of 1.31 bcf/d of natural gas from Mississippi, Alabama, Louisiana and Texas, crossing the Gulf of Mexico to markets in central and southern Florida. We have a 50% interest in Gulfstream.

Sabal Trail is an approximately 832-kilometer (517-mile) pipeline that provides firm natural gas transportation. Facilities include a pipeline, laterals and various compressor stations. The pipeline infrastructure is located in Alabama, Georgia and Florida, and adds approximately 1.0 bcf/d of capacity enabling the access of onshore gas supplies. We have a 50% interest in Sabal Trail.

NEXUS is an approximately 414-kilometer (257-mile) interstate natural gas transmission system with associated compressor stations. NEXUS transports natural gas from our Texas Eastern system in Ohio to our Vector interstate pipeline in Michigan, with peak day capacity of 1.4 bcf/d. Through its interconnect with Vector, NEXUS provides a connection to Dawn Hub, the largest integrated underground storage facility in Canada and one of the largest in North America, located in southwestern Ontario adjacent to the Greater Toronto Area. We have a 50% interest in NEXUS.

21


Valley Crossing is an approximately 285-kilometer (177-mile) intrastate natural gas transmission system, with associated compressor stations. The pipeline infrastructure is located in Texas and provides market access of up to 2.6 bcf/d of design capacity to the Comisión Federal de Electricidad, Mexico’s state-owned utility.

SESH is an approximately 462-kilometer (287-mile) natural gas transmission system with associated compressor stations. SESH extends from the Perryville Hub in northeastern Louisiana where the shale gas production of eastern Texas, northern Louisiana and Arkansas, along with conventional production, is reached from six major interconnections. SESH extends to Alabama, interconnecting with 14 major north-south pipelines and three high-deliverability storage facilities and has a peak day capacity of 1.1 bcf/d of natural gas. We have a 50% interest in SESH.

Vector is an approximately 560-kilometer (348-mile) pipeline travelling between Joliet, Illinois in the Chicago area and Ontario. Vector can deliver 1.745 bcf/d of natural gas, of which 455 million cubic feet per day (mmcf/d) is leased to NEXUS. We have a 60% interest in Vector.

Transmission and storage services are generally provided under firm agreements where customers reserve capacity in pipelines and storage facilities. The vast majority of these agreements provide for fixed reservation charges that are paid monthly regardless of the actual volumes transported on the pipelines, plus a small variable component that is based on volumes transported, injected or withdrawn, which is intended to recover variable costs.

Interruptible transmission and storage services are also available where customers can use capacity if it exists at the time of the request and are generally at a higher toll than long-term contracted rates. Interruptible revenues depend on the amount of volumes transported or stored and the associated rates for this service. Storage operations also provide a variety of other value-added services including natural gas parking, loaning and balancing services to meet customers’ needs.

CANADIAN GAS TRANSMISSION
Canadian Gas Transmission is comprised of Westcoast Energy Inc.’s (Westcoast) British Columbia (BC) Pipeline, Alliance Pipeline and other minor midstream gas gathering pipelines.

BC Pipeline has a peak day capacity of 3.6 bcf/d of natural gas on approximately 2,950-kilometers (1,833-miles) of transmission pipeline in BC and Alberta that includes associated mainline compressor stations. It provides cost-of-service based natural gas transmission services.

Alliance Pipeline is an approximately 3,000-kilometer (1,864-mile) integrated, high-pressure natural gas transmission pipeline with approximately 860-kilometers (534-miles) of lateral pipelines and related infrastructure. It transports liquids-rich natural gas from northeast BC, northwest Alberta and the Bakken area in North Dakota to the Alliance Chicago gas exchange hub downstream of the Aux Sable NGL extraction and fractionation plant at Channahon, Illinois. The system has a peak day capacity of 1.8 bcf/d of natural gas. We have a 50% interest in Alliance Pipeline.

The majority of transportation services provided by Canadian Gas Transmission are under firm agreements, which provide for fixed reservation charges that are paid monthly regardless of actual volumes transported on the pipeline, plus a small variable component that is based on volumes transported to recover variable costs. Canadian Gas Transmission also provides interruptible transmission services where customers can use capacity if it is available at the time of request. Payments under these services are based on volumes transported.

22


US MIDSTREAM
US Midstream includes a 42.7% interest in each of Aux Sable Liquid Products LP and Aux Sable Midstream LLC, and a 50% interest in Aux Sable Canada LP (collectively, Aux Sable). Aux Sable Liquid Products LP owns and operates an NGL extraction and fractionation plant at Channahon, Illinois, outside Chicago, near the terminus of Alliance Pipeline. Aux Sable also owns facilities connected to Alliance Pipeline that facilitate delivery of liquids-rich natural gas for processing at the Aux Sable plant. These facilities include the Palermo Conditioning Plant and the Prairie Rose Pipeline in the Bakken area of North Dakota, owned and operated by Aux Sable Midstream US; and Aux Sable Canada’s interests in the Montney area of BC, comprising the Septimus Pipeline. Aux Sable Canada also owns a facility which processes refinery/upgrader offgas in Fort Saskatchewan, Alberta.

US Midstream also includes a 50% investment in DCP Midstream, LLC (DCP Midstream), which indirectly owns approximately 57% of DCP Midstream, LP, including limited partner and general partner interests. DCP Midstream, LP is a master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs; and recovering and selling condensate. DCP Midstream, LP owns and operates more than 36 plants and approximately 90,123-kilometers (56,000-miles) of natural gas and natural gas liquids pipelines, with operations in nine states across major producing regions.

OTHER
Other consists primarily of our offshore assets. Enbridge Offshore Pipelines is comprised of 11 natural gas gathering and FERC regulated transmission pipelines and four oil pipelines. These pipelines are located in four major corridors in the Gulf of Mexico, extending to deepwater developments, and include almost 2,100-kilometers (1,300-miles) of underwater pipe and onshore facilities with total capacity of approximately 6.5 bcf/d.

COMPETITION
Our natural gas transmission and storage businesses compete with similar facilities that serve our supply and market areas in the transmission and storage of natural gas. The principal elements of competition are location, rates, terms of service, flexibility and reliability of service.

The natural gas transported in our business competes with other forms of energy available to our customers and end-users, including electricity, coal, propane, fuel oils, nuclear and renewable energy. Factors that influence the demand for natural gas include price changes, the availability of natural gas and other forms of energy, levels of business activity, long-term economic conditions, conservation, legislation, governmental regulations, the ability to convert to alternative fuels, weather and other factors.

Competition exists in all markets that our businesses serve. Competitors include interstate/interprovincial and intrastate/intraprovincial pipelines or their affiliates and other midstream businesses that transport, gather, treat, process and market natural gas or NGLs. Because pipelines are generally the most efficient mode of transportation for natural gas over land, the most significant competitors of our natural gas pipelines are other pipeline companies.

SUPPLY AND DEMAND
Our gas transmission assets make up one of the largest natural gas transportation networks in North America, driving connectivity between prolific supply basins and major demand centers within the continent. Our systems have been integral to the transition in supply and demand markets over the last decade and will continue to play a part as the energy landscape evolves.

23


In 2010, natural gas production in each of the Appalachian and Permian basins were less than 5.0 bcf/d each. Today, these regions produce more than 47.5 bcf/d of natural gas on a combined basis. Improved technology and increased shale gas drilling have increased the supply of low-cost natural gas. As well, there has been and continues to be a corresponding increase in demand for our natural gas infrastructure in North America. Through a series of expansions and reversals on our core systems, combined with the execution of greenfield projects and strategic acquisitions, we have been able to meet the needs of producers and consumers alike. Our US Gas Transmission systems were initially designed to transport natural gas from the Gulf Coast to the supply starved northeast markets. Our asset base now has the capability to transport diverse bi-directional supply to the northeast, southeast, midwest, Gulf Coast and LNG markets on a fully subscribed and highly utilized basis.

The northeast market continues its role as a predominantly supply constrained region with steady demand. The bi-directional capabilities offered by our US Gas Transmission system allows us to deliver in an efficient manner to our regional customers. The region has seen an increase in natural gas supply due to the development of the Marcellus and Utica shales in the Appalachia region.

The southeast market is linked to multiple, highly liquid supply pools that include the Marcellus and Utica shale developments, offering consistent supply and stable pricing to a growing population of end-use customers across our multiple systems under long term, utility-like arrangements.

With connectivity to Appalachian and western Canadian supply through our systems, the midwest market has access to two of the lowest cost gas producing regions on the continent. As demand in the region is expected to continue to grow by approximately 2.0 bcf/d over the next two decades, maintaining this link will remain important. Flexibility in supply for this market is especially critical to maintaining liquidity and price stability as natural gas continues to replace coal-fired generation.

Gulf Coast demand growth is being driven by an increase in the volume of LNG exports, an ongoing wave of gas-intensive petrochemical facilities, along with power generation and additional pipeline exports to Mexico. Demand to these markets in the region is anticipated to grow by more than 23.0 bcf/d through 2040. The Gulf Coast market has been the beneficiary of low cost capacity on our assets as the relationship between supply and market centers has shifted. Such cost-effective capacity is difficult to access or replicate, offering existing shippers and transporters stability of capacity and utilization. Tide-water market access and proximity to Mexico continue to make this region a platform of global trade as pipeline and LNG exports continue their growth trajectory. The US exported over 11 bcf/d of natural gas to LNG markets, primarily from the Gulf Coast region, at the end of 2021.

Western Canada, not unlike other supply hubs, is a source of low-cost supply seeking access to premium markets in North America and globally. One of the few vital links to demand centers in the pacific northwest are our own systems in the region, which are highly utilized.

Global energy demand is expected to increase approximately 27% by 2040, according to the International Energy Agency, driven primarily by economic growth in non-OECD countries. Natural gas will play an important role in meeting this energy demand as gas consumption is anticipated to grow by approximately 23% during this period as one of the world’s fastest growing energy sources. North American exports will play a significant part in meeting global demand, underscoring the ability of our assets to remain highly utilized by shippers, and highlighting the need for incremental transportation solutions across North America. In response to these global fundamentals, we believe we are well positioned to provide value-added solutions to shippers. Opposition to natural gas development, including new pipeline projects, has been increasing in recent years. This may challenge continued growth of the North American gas market and the ability to efficiently connect supply and demand. We are responding to the need for regional infrastructure with additional investments in Canadian and US gas transportation facilities. Progress on the development and construction of our commercially secured growth projects is discussed in Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Growth Projects - Commercially Secured Projects.

24


GAS DISTRIBUTION AND STORAGE

Gas Distribution and Storage consists of our natural gas utility operations, the core of which is Enbridge Gas Inc. (Enbridge Gas), which serves residential, commercial and industrial customers throughout Ontario. This business segment also includes natural gas distribution activities in Québec and previously included an investment in Noverco Inc. (Noverco) which was sold on December 30, 2021. Please refer to Part II. Item 8. Financial Statements and Supplementary data - Note 8 - Acquisitions and Dispositions for further details.

ENB-20211231_G3.JPG

ENBRIDGE GAS
Enbridge Gas is a rate-regulated natural gas distribution utility with storage and transmission services that has been in operation for 173 years. Enbridge Gas serves approximately 75% of Ontario residents via approximately 3.8 million residential, commercial and industrial meter connections.

There are three principal interrelated aspects of the natural gas distribution business in which Enbridge Gas is directly involved: Distribution, Transportation and Storage.

In 2021, Enbridge Gas implemented a voluntary RNG pilot program, whereby customers can voluntarily contribute towards the incremental cost of low carbon RNG to displace regular natural gas, and a pilot project which allows regular natural gas to be blended with H2, in an isolated portion of the existing distribution system, in an effort to gain insight into the use of H2 as a method for decarbonizing natural gas for the purpose of reducing GHG emissions.

25


Distribution
Enbridge Gas’ principal source of revenue arises from distribution of natural gas to customers. The services provided to residential, small commercial and industrial heating customers are primarily on a general service basis, without a specific fixed term or fixed price contract. The services provided to larger commercial and industrial customers are usually on an annual contract basis under firm or interruptible service contracts. Under a firm contract, Enbridge Gas is obligated to deliver natural gas to the customer up to a maximum daily volume. The service provided under an interruptible contract is similar to that of a firm contract, except that it allows for service interruption at Enbridge Gas’ option primarily to meet seasonal or peak demands. The Ontario Energy Board (OEB) approves rates for both contract and general services. The distribution system consists of approximately 147,000-kilometers (91,342-miles) of pipelines that carry natural gas from the point of local supply to customers.

Customers have a choice with respect to natural gas supply. Customers may purchase and deliver their own natural gas to points upstream of the distribution system or directly into Enbridge Gas’ distribution system, or, alternatively, they may choose a system supply option, whereby customers purchase natural gas from Enbridge Gas’ supply portfolio. To acquire the necessary volume of natural gas to serve its customers, Enbridge Gas maintains a diversified natural gas supply portfolio, acquiring supplies on a delivered basis in Ontario, as well as acquiring supply from multiple supply basins across North America.

Transportation
Enbridge Gas contracts for firm transportation service, primarily with TransCanada Pipelines Limited (TransCanada), Vector and NEXUS, to meet its annual natural gas supply requirements. The transportation service contracts are not directly linked with any particular source of natural gas supply. Separating transportation contracts from natural gas supply allows Enbridge Gas flexibility in obtaining its own natural gas supply and accommodating the requests of its direct purchase customers for assignment of TransCanada capacity. Enbridge Gas forecasts the natural gas supply needs of its customers, including the associated transportation and storage requirements.

In addition to contracting for transportation service, Enbridge Gas offers firm and interruptible transportation services on its own Dawn-Parkway pipeline system. Enbridge Gas’ transmission system consists of approximately 5,500-kilometers (3,418-miles) of high-pressure pipeline and five mainline compressor stations and has an effective peak daily demand capacity of 7.6 bcf/d. Enbridge Gas’ transmission system also links an extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub (collectively, Dawn) to major Canadian and US markets, and forms an important link in moving natural gas from western Canada and US supply basins to central Canadian and northeastern US markets.

As the supply of natural gas in areas close to Ontario continues to grow, there is an increased demand to access these diverse supplies at Dawn and transport them along the Dawn-Parkway pipeline system to markets in Ontario, eastern Canada and the northeastern US. Enbridge Gas delivered 1,943 bcf of gas through its distribution and transmission system in 2021. A substantial amount of Enbridge Gas’ transportation revenue is generated by fixed annual demand charges, with the average length of a long-term contract being approximately 15 years and the longest remaining contract term being 19 years.

Storage
Enbridge Gas’ business is highly seasonal as daily market demand for natural gas fluctuates with changes in weather, with peak consumption occurring in the winter months. Utilization of storage facilities permits Enbridge Gas to take delivery of natural gas on favorable terms during off-peak summer periods for subsequent use during the winter heating season. This practice permits Enbridge Gas to minimize the annual cost of transportation of natural gas from its supply basins, assists in reducing its overall cost of natural gas supply and adds a measure of security in the event of any short-term interruption of transportation of natural gas to Enbridge Gas’ franchise areas.

26


Enbridge Gas’ storage facility at Dawn is located in southwestern Ontario, and has a total working capacity of approximately 281 bcf in 34 underground facilities located in depleted gas fields. Dawn is the largest integrated underground storage facility in Canada and one of the largest in North America. Approximately 180 bcf of the total working capacity is available to Enbridge Gas for utility operations. Enbridge Gas also has storage contracts with third parties for 21 bcf of storage capacity.

Dawn offers customers an important link in the movement of natural gas from western Canadian and US supply basins to markets in central Canada and the northeast US. Dawn's configuration provides flexibility for injections, withdrawals and cycling. Customers can purchase both firm and interruptible storage services at Dawn. Dawn offers customers a wide range of market choices and options with easy access to upstream and downstream markets. During 2021, Dawn provided services such as storage, balancing, gas loans, transport, exchange and peaking services to over 200 counterparties.

A substantial amount of Enbridge Gas’ storage revenue is generated by fixed annual demand charges, with the average length of a long-term contract being approximately four years and the longest remaining contract term being 15 years.

NOVERCO
Noverco is a holding company that wholly-owns Énergir, LP (Énergir), formerly known as Gaz Metro Limited Partnership, a natural gas distribution company operating in Québec, with interests in subsidiary companies operating gas transmission, gas distribution and power distribution businesses in Québec and Vermont. Énergir serves approximately 525,000 residential and industrial customers and is regulated by the Québec Régie de l’énergie and the Vermont Public Utility Commission. Noverco also holds an investment in our common shares. We owned an equity interest in Noverco through ownership of 38.9% of its common shares and an investment in its preferred shares. On December 30, 2021, we sold our 38.9% non-operating minority ownership interest in Noverco to Trencap L.P. for $1.1 billion in cash.

GAZIFÈRE
We wholly own Gazifère, a natural gas distribution company that serves approximately 44,000 customers in western Québec, a market not served by Énergir. Gazifère is regulated by the Québec Régie de l’énergie.

COMPETITION
Enbridge Gas’ distribution system is regulated by the OEB and is subject to regulation in a number of areas, including rates. Enbridge Gas is not generally subject to third-party distribution competition within its franchise areas.

Enbridge Gas competes with other forms of energy available to its customers and end-users, including electricity, coal, propane and fuel oils. Factors that influence the demand for natural gas include weather, price changes, the availability of natural gas and other forms of energy, the level of business activity, conservation, legislation including the federal carbon pricing law, governmental regulations, the ability to convert to alternative fuels and other factors.

SUPPLY AND DEMAND
We expect that demand for natural gas in North America will continue to see steady annual growth over the long term with continued growth in peak day demands, however there are risks to the natural gas market that may challenge its growth prospects. Evolving customer preferences for lower-carbon fuels and more efficient technologies, combined with increasing opposition to natural gas development in North America, may reduce the markets’ ability to efficiently deploy capital to connect supply and demand. We monitor these factors closely to be able to develop our business strategy to align with shifts in customer preferences.

27


We expect demand for natural gas connections in Ontario to maintain its recent growth profile due to continued population growth and with competitively priced natural gas expected to continue to provide a significant price advantage relative to alternate energy options, even with increasing carbon charges. Specific interest in natural gas connections is expected to come from communities that are not currently serviced by natural gas in Ontario.

Enbridge Gas continues to focus on promoting conservation and energy efficiency by undertaking activities focused on reducing natural gas consumption through various demand side management programs offered across all markets and sourcing supply with a smaller carbon footprint. In addition to our existing RNG programs, we are also expanding our efforts in other low-carbon supply sourcing such as Responsibly Sourced Natural Gas, and Hydrogen Gas.

The storage and transportation marketplace continues to respond to changing natural gas supply dynamics, including a recovering supply environment which was negatively impacted by the global pandemic.

Over the past decade, growth in the North American gas supply landscape, driven mainly by the development of unconventional gas resources in the Montney, Permian, Marcellus and Utica supply basins, has resulted in lower annual commodity prices and narrower seasonal price spreads. Unregulated storage values are primarily determined by the difference in value between winter and summer natural gas prices. Storage values have been relatively stable as North American natural gas supply and demand slowly returned to a more balanced position.

28


RENEWABLE POWER GENERATION

Renewable Power Generation consists primarily of investments in wind and solar assets, as well as geothermal, waste heat recovery, and transmission assets. In North America, assets are primarily located in the provinces of Alberta, Saskatchewan, Ontario, and Québec and in the states of Colorado, Texas, Indiana and West Virginia. We are also developing several solar self-power projects along our oil and gas rights-of-way in North America. In Europe, we hold equity interests in operating offshore wind facilities in the coastal waters of the United Kingdom and Germany, as well as interests in several offshore wind projects under construction and active development in France. Further, we are pursuing new European offshore wind development opportunities through Maple Power Ltd., a joint venture in which we hold a 50% interest.

ENB-20211231_G4.JPG

29


Combined Renewable Power Generation investments represent approximately 2,178 MW of net generation capacity. Of this amount, approximately:
1,392 MW is generated by North American wind facilities;
255 MW is generated by European offshore wind facilities;
309 MW will be generated by the Saint-Nazaire, Fécamp and Calvados Offshore Wind projects, all of which are currently under construction;
6 MW will be generated by the Provence Grand Large Floating Offshore Wind project, which secured funding in 2021 and continues to prepare onshore construction; and
93 MW is generated by North American solar facilities in operation, with an additional 97 MW in projects in early construction and under-construction.

The vast majority of the power produced from these facilities is sold under long-term Power Purchase Agreements (PPAs).

Renewable Power Generation also includes our 25% interest in the East-West Tie, a 450-MW transmission line in northwestern Ontario, which is currently under construction and is expected to reach commercial operation in the first half of 2022.

JOINT VENTURES / EQUITY INVESTMENTS
The investments in the Canadian wind and solar assets (excluding self-power) and two of the US renewable assets are held within a joint venture in which we maintain a 51% interest and which we manage and operate.

We also own interests in European offshore wind facilities through the following joint ventures:
a 24.9% interest in Rampion Offshore Wind, located in the United Kingdom;
a 25.4% interest in Hohe See Offshore and its subsequent expansion, located in Germany;
a 25.5% interest in the Saint-Nazaire Offshore Wind project, under construction in France;
a 25% interest in the Provence Grande Large Floating Offshore Wind project, in pre-construction in France;
a 17.9% interest in the Fécamp Offshore Wind project, under construction in France; and
a 21.7% interest in the Calvados Offshore Wind project, in pre-construction in France.

The ownership interest percentages in the Saint-Nazaire, Fécamp, and Calvados Offshore Wind projects reflect the sale of 49% of an entity that holds our 50% interest in Éolien Maritime France SAS (EMF) to the Canada Pension Plan Investment Board (CPP Investments) which closed in the first half of 2021.

COMPETITION
Renewable Power Generation operates in the North American and European power markets, which are subject to competition and supply and demand fundamentals for power in the jurisdictions in which they operate. The majority of revenue is generated pursuant to long-term PPAs (or has been substantially hedged). As such, the financial performance is not significantly impacted by fluctuating power prices arising from supply/demand imbalances or the actions of competing facilities during the term of the applicable contracts. However, the renewable energy sector includes large utilities, small independent power producers and private equity investors, which are expected to aggressively compete for new project development opportunities and for the right to supply customers when contracts expire.

To grow in an environment of heightened competition, we strategically seek opportunities to collaborate with well-established renewable power developers and financial partners and to target regions with commercial constructs consistent with our low risk business model. In addition, we bring to bear the expertise of completing and delivering large scale infrastructure projects.

30


SUPPLY AND DEMAND
The renewable power generation network in North America and Europe is expected to grow significantly over the next 20 years due to the replacement of older fossil fuel-based sources of electricity generation in support of announced governmental carbon emissions reduction targets. Any additional governmental actions toward reducing emissions and/or increasing electrification will further accelerate renewable electricity demand growth and electrification across all sectors.

On the demand side, North American economic growth over the longer term and the continued electrification and transition to low-carbon strategies within the residential, transportation and industrial sectors are expected to drive growing electricity demand. Furthermore, voluntary GHG emissions targets are becoming increasingly expected by stakeholders, which is driving significant demand from corporate electricity end-users for clean electricity and environmental attributes. However, continued efficiency gains are expected to make the economy less energy-intensive and temper overall demand growth.

On the supply side in North America, legislation is accelerating the retirement of aging coal-fired generation, while generation from conventional nuclear power is also forecast to decline. As a result, North America requires significant new generation capacity from preferred technologies. Gas-fired and renewable energy facilities, including solar and wind (which make up the bulk of our renewable power assets), are generally the preferred sources to replace coal-fired generation due to their low carbon intensities.

The falling capital and operating costs of wind and solar, combined with their improving capacity factors, are expected to continue the ongoing trend of making renewable energy more competitive and support investment over the long-term, regardless of available government incentives. Generation from renewable sources is expected to double over the next two decades in North America. Aside from the construction of new wind and solar facilities, other growth opportunities include repowering projects to increase output from, and extending the project-life of, our existing facilities.

In Europe, the renewable energy outlook is robust. Demand for electricity is expected to gradually increase over the next two decades, driven by electrification of transportation and buildings. Energy efficiency gains will temper, but not eliminate, demand growth. Renewable power will play a significant role in the United Kingdom’s ability to meet their aggressive low-carbon and renewable energy targets, particularly offshore wind.

On the supply side, the International Energy Agency expects coal to fall by more than 90% from 2020 levels, while nuclear falls by one-third, by 2040. Over the same period, it anticipates power generation from renewable sources will more than double, including installed (onshore and offshore) wind more than doubling and photovoltaics solar power nearly tripling. We, through our European joint ventures, continue to invest in offshore wind projects in the United Kingdom, France and Germany, and to explore opportunities, to meet the growing demand.

ENERGY SERVICES

The Energy Services businesses in Canada and the US provide physical commodity marketing and logistical services to North American refiners, producers, and other customers.

Energy Services is primarily focused on servicing customers across the value chain and capturing value from quality, time, and location price differentials when opportunities arise. To execute these strategies, Energy Services transports and stores on both Enbridge-owned and third party assets using a combination of contracted long-term and short-term pipeline, storage, railcar, and truck capacity agreements.

31


COMPETITION
Energy Services’ earnings are primarily generated from arbitrage opportunities which, by their nature, can be replicated by competitors. An increase in market participants entering into similar arbitrage strategies could have an impact on our earnings. Efforts to mitigate competition risk include diversification of the marketing business by transacting at the majority of major hubs in North America and establishing long-term relationships with clients and pipelines.

ELIMINATIONS AND OTHER

Eliminations and Other includes operating and administrative costs that are not allocated to business segments and the impact of foreign exchange hedge settlements. Eliminations and Other also includes new business development activities and corporate investments.

REGULATION

GOVERNMENT REGULATION
Pipeline Regulation
Our Liquids Pipelines and Gas Transmission and Midstream assets are subject to numerous operational rules and regulations mandated by governments or applicable regulatory authorities, breaches of which could result in fines, penalties, operating restrictions and an overall increase in operating and compliance costs.

In the US, our interstate pipeline operations are subject to pipeline safety laws and regulations administered by the Pipeline and Hazardous Materials Safety Administration (PHMSA), an agency within the United States Department of Transportation. These laws and regulations require us to comply with a significant set of requirements for the design, construction, maintenance and operation of our interstate pipelines. These laws and regulations, among other things, include requirements to monitor and maintain the integrity of our pipelines and to operate them at permissible pressures.

PHMSA continues to review existing regulations and establish new regulations to support safety standards that are designed to improve and expand operations integrity management processes. There remains uncertainty as to how these standards will be implemented, but it is expected that the changes will impose additional costs on new pipeline projects as well as on existing operations. In this climate of increasingly stringent regulation, pipeline failure or failures to comply with applicable regulations could result in reduction of allowable operating pressures as authorized by PHMSA, which would reduce available capacity on our pipelines. Should any of these risks materialize, it may have an adverse effect on our operations, capital expenditures, earnings, cash flows, financial condition and competitive advantage.

Our ability to establish transportation and storage rates on our US interstate natural gas facilities are subject to regulation by the FERC, whose rulings and policies could have an adverse impact on the ability of such pipeline and storage assets to recover their respective full cost of operating, including a reasonable rate of return. Regulatory or administrative actions by FERC such as rate proceedings, applications to certify construction of new facilities, and depreciation and amortization policies can affect our business, including decreasing tariff rates and revenues and increasing our costs of doing business.

In Canada, our pipeline operations are subject to pipeline safety regulations administered by the CER or provincial regulators. Applicable legislation and regulations require us to comply with a significant set of requirements for the design, construction, maintenance and operation of our pipelines. Among other obligations, this regulatory framework imposes requirements to monitor and maintain the integrity of our pipelines.

32


As in the US, several legislative changes addressing pipeline safety in Canada have recently been enacted. The changes evidence an increased focus on the implementation of management systems to address key areas such as emergency management, integrity management, safety, security and environmental protection. Other legislative changes have created authority for the CER to impose administrative monetary penalties for non-compliance with the regulatory regime it administers, as well as to impose financial requirements for future abandonment and major pipeline releases.

A key component of pipeline safety and reliability is the approach to integrity management that uses reliability targets and safety case assessments. A long history of extensive inline inspection has provided detailed knowledge of the assets in our pipeline systems. Our pipelines are assessed and maintained, in a proactive manner, such that the probability of a release is sufficiently low and that our reliability targets are met. Furthermore, the integrity management program has an independent step to check the results of our integrity assessments to validate the effectiveness of the program and to ensure that the operational risk remains as low as reasonably practicable throughout the integrity inspection and assessment cycle. As inspection technology, pipeline materials and construction practices improve with time, and new data on threats and pipeline condition are gathered, our methods of maintaining fitness for service evolves, with a strong focus on continual improvement in every aspect of integrity management.

Our pipelines also face economic regulation risk. Broadly defined, economic regulation risk is the risk that governments or regulatory agencies change or reject proposed or existing commercial arrangements or policies, including permits and regulatory approvals for both new and existing projects or agreements, upon which future and current operations are dependent. Our Mainline System and other liquids pipelines and gas transmission facilities are subject to the actions of various regulators, including the CER and the FERC, with respect to the tariffs and tolls of those pipelines. The changing or rejecting of commercial arrangements, including decisions by regulators on the applicable permits and tariff structure or changes in interpretations of existing regulations by courts or regulators, could have an adverse effect on our revenues and earnings.

Gas Distribution and Storage
Our gas distribution and storage utility operations are regulated by the OEB and the Québec Régie de l’énergie, among others. To the extent that the regulators’ future actions are different from current expectations, the timing and amount of recovery or refund of amounts recorded on the Consolidated Statements of Financial Position, or amounts that would have been recorded on the Consolidated Statements of Financial Position in the absence of the effects of regulation, could be different from the amounts that are eventually recovered or refunded.

Enbridge Gas' distribution rates, commencing in 2019, are set under a five-year incentive regulation (IR) framework using a price cap mechanism. The price cap mechanism establishes new rates each year through an annual base rate escalation at inflation less a 0.3% productivity factor, annual updates for certain costs to be passed through to customers, and where applicable, the recovery of material discrete incremental capital investments beyond those that can be funded through base rates. The IR framework includes the continuation and establishment of certain deferral and variance accounts, as well as an earnings sharing mechanism that requires Enbridge Gas to share equally with customers any earnings in excess of 150 basis points over the annual OEB approved return on equity (ROE).

We retain dedicated professional staff and maintain strong relationships with customers, intervenors and regulators. This strong regulatory relationship continued in 2021 following OEB Decisions and Orders approving Phase 2 of Enbridge Gas’ application for 2021 rates and Phase 1 of Enbridge Gas’ application for 2022 rates. The Phase 2 Decision and Order approved the funding of $124 million in 2021 discrete incremental capital investment requested through the incremental capital module, while the Phase 1 Decision and Order approved 2022 base rate escalation under the price cap mechanism.

33


Enbridge Gas continues to develop opportunities to support a low-carbon future in Ontario. In 2021, we received OEB approval of an Integrated Resource Planning (IRP) framework. The framework requires Enbridge Gas to consider facility and non-pipe demand and/or supply side alternatives (IRP alternatives) to address systems needs of its regulated operations, where certain parameters have been met. The framework will also allow Enbridge Gas to pursue an IRP alternative (or combination of IRP and facility alternative) where it is found to be in the best interest of Enbridge Gas and its customers, taking into account reliability and safety, cost-effectiveness, public policy, optimized scoping, and risk management.

Renewable Power Generation
Renewable Power Generation is subject to numerous operational rules and regulations mandated by governments or applicable regulatory authorities, breaches of which could result in fines, penalties, operating restrictions and an overall increase in operating and compliance costs.

The North American Reliability Council (NERC) is an international regulatory authority responsible for establishing and enforcing Reliability Standards to reduce risks to the reliability and security of the grid in Canada, the United States, and Mexico. It is subject to oversight from the FERC and provincial governments in Canada. The FERC has authority over many markets in the US and is tasked with ensuring safe, reliable, and secure interstate transmission of electricity, natural gas, and oil. This includes establishing reliability standards and determining certain pricing aspects of transmission development and access, among others. NERC and FERC standards and pricing decisions are also updated from time to time and could impact our operations, capital expenditures, earnings, and cash flows, though some of these impacts could be positive for our business.

At the US federal level, our Renewable Power Generation assets are subject to legislation overseen by the US Fish and Wildlife Service, which is aimed at reducing the impact of development and human activity on wildlife, along with other federal environmental permitting legislation. These federal environmental laws are subject to change from time to time which could require Enbridge to obtain new permits, update practices, or amend operations and operating expenditures.

In Canada, the Federal Government does not generally regulate the electricity sector though it has imposed a federal carbon price on other sectors via its output-based pricing system (OBPS) and may seek to impose emissions standards on the electricity sector in the future.

Our Renewable Power Generation assets in France and Germany each have federal policies in place and are subject to directives and regulations established and enforced by the European Union (EU). These include the Renewable Energy Directive (RED II most recently passed set targets through 2030), the European Green Deal, and ongoing work on financing mechanisms and transmission directives and programs. The EU is also responsible for establishing environmental protection rules and permitting standards. All of these are subject to change from time to time, which could impact our operations and related expenditures; however the EU’s general direction is to facilitate increased renewable power integration to its grid.

The United Kingdom (UK) government is responsible for establishing renewable energy and carbon pricing policies for the entire UK, as well as long-term electricity sector planning and procurement mechanisms and structure for auctions that are administered at the national level, e.g., England, Scotland, within the UK. Each country within the UK is also responsible for establishing its own environmental and permitting regulations. This process is still ongoing following Brexit and in some cases continues to result in more volatile merchant power prices; however, expanded interconnectors to Europe and policies aimed at increasing domestic renewable capacity are in progress.

34


Energy Services
Energy Services is regulated by government authorities in the areas of commodity trading, import and export compliance and the transportation of commodities. Non-compliance with governing rules and regulations could result in fines, penalties and operating restrictions. These consequences would have an adverse effect on operations, earnings, cash flows, financial condition and competitive advantage. Energy Services retains dedicated professional staff and has a robust regulatory compliance program to mitigate these potential risks associated with the business.

In the US, commodity marketing is regulated by the Commodity Futures Trading Commission, the SEC, the Federal Trade Commission, the various commodity exchanges, the US Department of Justice and state regulators. The interstate marketing of electricity and natural gas is also regulated by the FERC. The provincial and territorial securities regulators similarly regulate commodity marketing within Canada and are members of the Canadian Securities Administrators. In addition, the Regional Transmission Organizations and Independent System Operators in both US and Canada regulate commodity marketing. These various regulators enforce, among other things, the prohibition of market manipulation, fraud and disruptive trading. To mitigate risks related to commodity trading, Energy Services has implemented a robust regulatory compliance program that includes targeted training.

The export of natural gas out of Alberta is regulated by the Alberta Energy Regulator. The import and export of commodities between Canada and the US is subject to regulation by the CER and the US Department of Energy, as well as customs authorities. In particular, import and export permits are required, with associated regular reporting requirements. Breaches of such import and export rules could result in an inability to perform day to day operations, and therein negatively impact the earnings of the business.

The transportation of crude oil and natural gas liquids by railcar or truck is regulated by the US Department of Transportation, Transport Canada and provincial regulation. Each jurisdiction requires compliance with security, safety, emergency management, and environmental laws and regulations related to ground transportation of commodities. Risks associated with transportation of crude or natural gas liquids include unplanned releases. In the event of a release, remediation of the affected area would be required. Energy Services engages third parties, such as the Emergency Response Assistance Canada, Chemical Transportation Emergency Center and Canadian Transport Emergency Center to assist in such remediation.

ENVIRONMENTAL REGULATION
Pipeline Regulation
Our Liquids Pipelines and Gas Transmission and Midstream assets are subject to numerous federal, state and provincial environmental laws and regulations affecting many aspects of our present and future operations, including air emissions, water quality, water discharge and waste. These laws and regulations generally require us to obtain and comply with a wide variety of environmental licenses, permits and other approvals.

In particular, in the US, compliance with major Clean Air Act regulatory programs is likely to cause us to incur significant capital expenditures to obtain permits, evaluate off-site impacts of our operations, install pollution control equipment, and otherwise assure compliance. Some states in which we operate are implementing new emissions limits to comply with 2008 ozone standards regulated under the National Ambient Air Quality Standards. In 2015, the ozone standards were lowered even further from 75 parts per billion (ppb) to 70 ppb, which may require states to implement additional emissions regulations. The precise nature of these compliance obligations at each of our facilities has not been finally determined and may depend in part on future regulatory changes. In addition, compliance with new and emerging environmental regulatory programs may significantly increase our operating costs compared to historical levels.

35


In the US, climate change action is evolving at federal, state and regional levels. The Supreme Court decision in Massachusetts v. Environmental Protection Agency in 2007 established that GHG emissions were pollutants subject to regulation under the Clean Air Act. Pursuant to federal regulations, we are currently subject to an obligation to report our GHG emissions at our largest emitting facilities but are not generally subject to limits on emissions of GHGs. The new US presidential administration has also announced that policies designed to combat climate change and reduce GHG emissions will be a key legislative and regulatory priority, and thus stricter emissions limits and air quality enforcement actions are likely. In addition, a number of states have joined regional GHG initiatives, and a number are developing their own programs that would mandate reductions in GHG emissions. Public interest groups and regulatory agencies are increasingly focusing on the emission of methane associated with natural gas development and transmission as a source of GHG emissions. However, as the key details of future GHG restrictions and compliance mechanisms remain undefined, the likely future effects on our business are highly uncertain.

For its part, Canada has reaffirmed its strong preference for a harmonized approach on climate action with that of the US. In 2019, the Government of Canada implemented a federal system of carbon pricing. The pricing applies to provinces and territories that do not have a carbon pricing system in place that meets the federal benchmark. The Canadian Net-Zero Emissions Accountability Act, which received royal assent in April 2021, requires national targets for the reduction of GHG emissions in Canada be set, with the objective of attaining net-zero emissions by 2050. As of April 2021, the federal carbon price was raised to $40 per tonne. This will increase to $65 per tonne in 2023 and rise to $170 per tonne of carbon dioxide equivalent in 2030.

Due to the speculative outlook regarding any US federal and state policies, we cannot estimate the potential effect of proposed GHG policies on our future consolidated results of operations, financial position or cash flows. However, such legislation or regulation could materially increase our operating costs, require material capital expenditures or create additional permitting, which could delay proposed construction projects.

Gas Distribution and Storage
Our Gas Distribution and Storage operations, facilities and workers are subject to municipal, provincial and federal legislation which regulate the protection of the environment and the health and safety of workers. Environmental legislation primarily includes regulation of spills and emissions to air, land and water; hazardous waste management; the assessment and management of contaminated sites; protection of environmentally sensitive areas, and species at risk and their habitat; and the reporting and reduction of GHG emissions.

Gas distribution system operation, as with any industrial operation, has the potential risk of abnormal or emergency conditions, or other unplanned events that could result in releases or emissions exceeding permitted levels. These events could result in injuries to workers or the public, adverse impacts to the environment, property damage and/or regulatory infractions including orders and fines. We could also incur future liability for soil and groundwater contamination associated with past and present site activities.

In addition to gas distribution, we also operate storage facilities and a small volume of oil and brine production in southwestern Ontario. Environmental risk associated with these facilities has the potential for unplanned releases. In the event of a release, remediation of the affected area would be required. There would also be potential for fines, orders or charges under environmental legislation, and potential third-party liability claims by any affected landowners.

36


The gas distribution system and our other operations must maintain environmental approvals and permits from regulators to operate. As a result, these assets and facilities are subject to periodic inspections and/or audits. Annual reports, such as Annual Written Summary Reports for Environmental Compliance Approvals (ECAs) are submitted to the Ontario Ministry of the Environment, Conservation and Parks (MECP) and other regulators to demonstrate we are in good standing with our environmental requirements. Failure to maintain regulatory compliance could result in operational interruptions, fines, and/or orders for additional pollution control technology or environmental mitigation. As environmental requirements and regulations become more stringent, the cost to maintain compliance and the time required to obtain approvals is expected to increase.

As in previous years, in 2021, we reported operational GHG emissions, including emissions from stationary combustion, flaring, venting and fugitive sources to Environment and Climate Change Canada (ECCC), the Ontario MECP, and a number of voluntary reporting programs. In accordance with the provincial GHG regulations, stationary combustion and flaring emissions related to storage and transmission operations were verified in detail by a third-party accredited verifier with no material discrepancies found.

Enbridge Gas utilizes emissions data management processes and systems to help with the data capture and mandatory and voluntary reporting needs. Quantification methodologies and emission factors will continually be updated in our systems as required. Enbridge Gas continues to work with industry associations to refine quantification methodologies and emissions factors, as well as best management practices to minimize emissions.

In October 2018, the federal government confirmed that Ontario is subject to the federal government’s carbon pricing program, otherwise known as the Federal Carbon Pricing Backstop Program. This program consists of two components: a carbon charge levied on fossil fuels, including natural gas, and an OBPS.

The federal carbon charge took effect on April 1, 2019 at a rate of 3.91 cents/cubic meter (m3) of natural gas and is applicable to the majority of customers. Enbridge Gas is registered as a natural gas distributor with the Canada Revenue Agency and remits the federal carbon charge on a monthly basis. The charge increases annually on April 1 of each year by 1.96 cents/m3, rising up to 9.79 cents/m3 in 2022. In December 2020, the federal government announced plans to increase the federal carbon price by $15 per tonne each year in 2023, rising to $170 per tonne of carbon dioxide equivalent in 2030. Enbridge Gas estimates that this will equate to a federal carbon charge on natural gas of approximately 33.31 cents/m3 in 2030. Enbridge Gas applies for approval from the OEB on an annual basis to pass through federal carbon charges.

The OBPS component came into effect on January 1, 2019. Under OBPS, a registered facility has a compliance obligation for the portion of their emissions that exceeds their annual facility emissions limit, which is calculated based on the sector specific output-based standard and annual production. Enbridge Gas is registered with ECCC as an emitter in the OBPS program and has an annual compliance obligation associated with the combustion and flaring emissions associated with its natural gas pipeline transmission system. As a registered facility under OBPS, Enbridge Gas submitted an annual report along with the required verification report from an accredited third-party verifier who found no material misstatements. Enbridge Gas is required to remit payment for facility emissions that exceed its annual facility emissions limit. Due to COVID-19, ECCC delayed the payment deadline for the 2019 compliance obligation from December 15, 2020 to April 15, 2021. Enbridge Gas made payment for the 2019 compliance obligation in March 2021 and for the 2020 compliance obligation in November 2021.

37


In September 2020, Ontario and the federal government announced that the federal government has accepted that Ontario’s Emission Performance Standards (EPS) will replace the federal OBPS for industrial facilities. In March 2021, the federal government announced that the federal OBPS will stand down in Ontario at the end of 2021 and Ontario will transition to the EPS effective January 1, 2022. In September 2021, the Greenhouse Gas Pollution Pricing Act was amended to remove Ontario as a covered province effective January 1, 2022. Beginning January 1, 2022, Enbridge Gas will have a compliance obligation under the EPS program for its facility-related emissions, as well as the federal carbon charge for its customer-related emissions.

HUMAN CAPITAL RESOURCES

WORKFORCE SIZE AND COMPOSITION
As at December 31, 2021, we had approximately 10,900 regular employees, including approximately 1,500 unionized employees across our North American operations. This total rises to nearly 13,000 if temporary employees and contractors are included. We have a strong preference for direct employment relationships but where we have collectively bargained-for employees, we have mature working relationships with our labor unions and the parties have traditionally committed themselves to the achievement of renewal agreements without a work stoppage.

SAFETY
We believe all injuries, incidents and occupational illnesses are preventable. Our overall focus on employee and contractor safety, including through the COVID-19 pandemic, continues to result in strong performance compared against industry benchmarks and we are actively engaged in continuous improvement exercises as we pursue our goal of zero incidents.

DIVERSITY AND INCLUSION
To ensure our workforce is reflective of the communities where we operate, we have pursued efforts to increase the representation of women, underrepresented ethnic and racial groups, people with disabilities and veterans. In 2021 we set diversity representation goals and shared these goals with employees and external stakeholders. Consistent with our culture, we remain committed to open, two-way dialogue related to our goals, enhancing transparency and accountability for all stakeholders.

ENB-20211231_G5.JPG

In 2021, we added Inclusion to our core values of Safety, Integrity and Respect to demonstrate this commitment. We are building an organization where people feel safe and welcome and have the opportunity to thrive and grow based on merit. As part of our evolving ESG strategy, we created a tighter link between our success and the workforce related ESG measures – including safety, emissions reduction efforts and diversity & inclusion – that enable it. As a result, beginning in 2021, key metrics in these areas are embedded in our scorecards and directly impact compensation.

38


PRODUCTIVITY AND DEVELOPMENT
We continually invest in our people’s personal and professional development because we recognize their success is our success. Every year, employees are provided access to a range of development and re-skilling opportunities through a variety of channels, including: extensive catalog of self-directed learning (10,000+ external courses plus proprietary Enbridge University courses); on-the-job learning opportunities and rotational assignments; curated leadership development programs; educational reimbursement; and developmental relationships with mentors through our formal mentor-protégé matching program.

EXECUTIVE OFFICERS

The following table sets forth information regarding our executive officers as at February 11, 2022:
Name Age Position
Al Monaco 62 President & Chief Executive Officer
Vern D. Yu 55 Executive Vice President & Chief Financial Officer
Colin K. Gruending 52 Executive Vice President & President, Liquids Pipelines
Cynthia L. Hansen 57 Executive Vice President & President, Gas Distribution and Storage
Byron C. Neiles 56 Executive Vice President, Corporate Services
Robert R. Rooney 65 Executive Vice President & Chief Legal Officer
William T. Yardley 57 Executive Vice President & President, Gas Transmission and Midstream
Matthew Akman 54 Senior Vice President, Strategy, Power & New Energy Technologies
Allen C. Capps 51 Senior Vice President, Corporate Development & Energy Services

Al Monaco was appointed President and Chief Executive Officer on October 1, 2012. Mr. Monaco is also a member of the Enbridge Board of Directors.

Vern D. Yu was appointed Executive Vice President and Chief Financial Officer on October 1, 2021, with oversight for all of Enbridge’s financial affairs including investor relations, financial reporting, financial planning, treasury, tax, insurance, risk and audit management functions as well as implementation of our ERP transformation system. Previously, Mr. Yu served as Executive Vice President and President, Liquids Pipelines and prior to that served as President and Chief Operating Officer for Liquids Pipelines and as Executive Vice President and Chief Development Officer. Effective March 1, 2022, Mr. Yu will be appointed as Executive Vice President, Corporate Development and Chief Financial Officer.

Colin K. Gruending was appointed Executive Vice President and President, Liquids Pipelines on October 1, 2021. Mr. Gruending is responsible for the overall leadership and operations of Enbridge’s Liquids Pipelines business. Previously, he served as our Executive Vice President and Chief Financial Officer and as Senior Vice President, Corporate Development and Investment Review.

Cynthia L. Hansen was appointed Executive Vice President and President, Gas Distribution and Storage, on June 1, 2019. Ms. Hansen is responsible for the overall leadership and operations of Enbridge Gas, following the amalgamation of Enbridge Gas Distribution Inc. (EGD) and Union Gas Limited (Union Gas), as well as Gazifère. Previously, our Executive Vice President, Utilities and Power Operations, Ms. Hansen is also the Executive Sponsor for Asset and Work Management Transformation across Enbridge, working with other business unit leaders. Effective March 1, 2022, Ms. Hansen will be appointed as the Executive Vice President and President of Gas Transmission and Midstream and Michele E. Harradence will be appointed as Senior Vice President and President, Gas Distribution and Storage. Ms. Harradence most recently held the role of Senior Vice President and Chief Operations Officer, Gas Transmission and Midstream.

39


Byron C. Neiles was appointed Executive Vice President, Corporate Services on May 2, 2016. Mr. Neiles has oversight of our information technology, human resources, real estate, supply chain management, safety, environment, land & right-of-way, and public affairs, communications and sustainability functions.

Robert R. Rooney was appointed Executive Vice President and Chief Legal Officer on February 1, 2017. Mr. Rooney leads our legal, ethics and compliance, security and aviation teams across the organization.

William T. Yardley was named Executive Vice President and President, Gas Transmission and Midstream on February 27, 2017. Mr. Yardley was previously President of Spectra Energy Corp's (Spectra Energy) US Transmission and Storage business, leading the business development, project execution, operations and environment, health and safety efforts associated with Spectra Energy’s US portfolio of assets. Mr. Yardley will retire on May 31, 2022.

Matthew Akman was appointed Senior Vice President, Strategy & Power on June 1, 2019 and he is currently Senior Vice President, Strategy, Power & New Energy Technologies. He is responsible for the corporate strategic planning process and all renewable power operations and development globally, as well as for our New Energy Technologies team formed in 2021. Mr. Akman joined Enbridge in early 2016 as our head of Corporate Strategy and also previously held responsibilities for Corporate Development and Investor Relations.

Allen C. Capps was appointed Senior Vice President, Corporate Development and Energy Services in September 2020. He is responsible for capital allocation, investment review, corporate business development including Mergers & Acquisitions and Energy Services. Prior to assuming his current role, Mr. Capps served as Senior Vice President, Corporate Development and Investment Review. Mr. Capps has also served as Senior Vice President and Chief Accounting Officer and before that Vice President and Controller of Spectra Energy. Effective March 1, 2022, Mr. Capps will be appointed as the Senior Vice President and Chief Commercial Officer of Gas Transmission & Midstream.

ADDITIONAL INFORMATION

Additional information about us is available on our website at www.enbridge.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The aforementioned information is made available in accordance with legal requirements and is not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K. We make available free of charge, through our website, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Reports, proxy statements and other information filed with the SEC may also be obtained through the SEC’s website (www.sec.gov).

ENBRIDGE GAS INC.
Additional information about Enbridge Gas can be found in its annual information form, financial statements and management's discussion and analysis (MD&A) for the year ended December 31, 2021, which have been filed with the securities commissions or similar authorities in each of the provinces of Canada. These documents contain detailed disclosure with respect to Enbridge Gas and are publicly available on SEDAR at www.sedar.com. These documents are not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

40


ENBRIDGE PIPELINES INC.
Additional information about Enbridge Pipelines Inc. (EPI) can be found in its annual information form, financial statements and MD&A for the year ended December 31, 2021, which have been filed with the securities commissions or similar authorities in each of the provinces of Canada. These documents contain detailed disclosure with respect to EPI and are publicly available on SEDAR at www.sedar.com. These documents are not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

WESTCOAST ENERGY INC.
Additional information about Westcoast can be found in its annual information form, financial statements and MD&A for the year ended December 31, 2021, which have been filed with the securities commissions or similar authorities in each of the provinces of Canada. These documents contain detailed disclosure with respect to Westcoast and are publicly available on SEDAR at www.sedar.com. These documents are not, unless otherwise specifically stated, incorporated by reference into this Annual Report on Form 10-K.

41


ITEM 1A. RISK FACTORS

The following risk factors could materially and adversely affect our business, operations, financial results, market price or value of our securities. This list is not exhaustive, and we place no priority or likelihood based on order of presentation or grouping under sub-captions.

RISKS RELATED TO CLIMATE CHANGE

Climate change risks could adversely affect our business, operations and financial results, and these effects could be material.
Climate change presents both physical and transition risks to our organization. A summary of these risks is discussed below. Given the interconnected nature of climate impacts, however, we also discuss these risks within the context of other risks impacting Enbridge throughout Item 1A - Risk Factors. Climate change and its associated impacts may increase our exposure to, and magnitude of, the other risks identified in Item 1A - Risk Factors. Our business, financial condition, results of operations, cash flows, reputation, access to and cost of capital or insurance, business plans or strategy may all be adversely impacted as a result of climate change and its associated impacts.

PHYSICAL RISKS
Physical risks relate to the physical impacts of climate change. These risks could damage our assets or affect the safety and reliability of our operations.

Climate change could result in extreme variability in weather patterns, such as increased frequency and severity of extreme weather events, heavy snowfall, heavy rainfall, floods, landslides, fires, hurricanes, tropical storms, ice storms, rising mean temperature and sea levels, and long-term changes in precipitation patterns. Our assets and operations are exposed to potential interruption or damage from these kinds of events, and we may also experience reduced access to our assets or increased risk of loss of life or injury or damage to property and the environment. We have experienced operational interruptions and damage to our assets from such weather events in the past, and we expect to experience climate related physical risks in the future, potentially with increasing frequency or severity. Operational risk is intensified by changing climate and more extreme weather events. Any of these physical risks could result in substantial losses for which our insurance may not be sufficient or available and for which we may bear a part or all of the cost.

TRANSITION RISKS
Transition risks relate to the transition to a lower-emission economy, which may increase our cost of operations, impact our business plans, and influence stakeholder decisions about our company, each of which could adversely impact our strategic plan, business, operations or financial results. These transition risks include:

Policy and legal risks
Foreign and domestic governments continue to evaluate and implement policy, legislation, and regulations focused on reducing GHG emissions, promoting adaptation to climate change, transitioning to a low-carbon economy, and disclosure of climate-related matters. Such policies, laws and regulations vary at the federal, state, provincial and municipal levels in which Enbridge operates and can be highly variable and subject to change. It is expected that further investments will be required to meet new regulatory requirements. In addition, in recent years there has been an increase in climate and disclosure-related litigation against governments as well as companies involved in the energy industry. There is no assurance that our company will not be impacted by such litigation.

42


Technology risks
Our success in executing our strategic plan, including our role in the transition to a lower-carbon economy, and attaining our GHG emissions reduction goals and targets, depends, in part, on technology (including technology still under development), innovation and continued diversification with renewable power and other low carbon energy infrastructure as well as modernization of our infrastructure to reduce GHG emissions. Achieving our GHG emissions reductions goals and targets could require significant capital expenditures and resources, with the potential that the costs required to achieve our goals and targets materially differ from our original estimates and expectations. Similarly, there is a risk that emissions reduction technology – like battery storage, CCS or direct air capture – do not materialize as expected, making it more difficult to reduce emissions.

Market risks
Climate change concerns, increase in demand for low-carbon and zero-emissions energy, alternative and new energy sources and technologies, changing customer behavior and reduced energy consumption could impact the demand for our services or securities. The pace and scale of the transition to a lower carbon economy may pose a climate-related transition risk if Enbridge diversifies either too quickly or too slowly. Similarly, uncertainty in market signals, such as abrupt and unexpected shifts in energy costs and demands, including due to climate change concerns, can impact revenue through reduced throughput volumes on our pipeline transportation systems.

Reputational risks
We have long been committed to strong ESG practices and performance, and in November 2020, we introduced a set of ESG goals to strengthen transparency and accountability. We have set GHG emissions reduction goals and a strategic priority to adapt to the energy transition over time. If we are not able to achieve our GHG emissions reduction goals, we are not able to meet future climate, emissions or other reporting requirements of regulators, or we are not able to meet or manage current and future expectations and issues important to investors or other stakeholders, including those related to climate change, it could negatively impact our reputation and our business, operations or financial results.

RISKS RELATED TO OPERATIONAL DISRUPTION OR CATASTROPHIC EVENTS

Pipeline operations involve numerous risks that may adversely affect our business, financial results and the environment.
Operation of complex pipeline systems, gathering, treating, storing and processing operations involves many risks, hazards and uncertainties.

These operational risks include adverse weather conditions, natural disasters, accidents, the breakdown or failure of equipment or processes, and the performance of the facilities below expected levels of capacity and efficiency and catastrophic events. Climate change presents physical risks relating to the physical impacts of climate change, which can affect the safety and reliability of our operations. Climate change could result in extreme variability in weather patterns, such as increased frequency and severity of extreme weather events, extreme hot and cold weather, heavy snowfall, heavy rainfall, floods, landslides, fires, hurricanes, tropical storms, ice storms, rising mean temperature and sea levels, and long-term changes in precipitation patterns.

Our assets and operations are exposed to potential interruption or damage from these kinds of events, and we may also experience reduced access to our assets, increased risk of loss of life or injury, damage to our property and our assets, environmental pollution or impairment of our operations. These kinds of events could also result in rupture or release of product from our pipeline systems and facilities. Such events could result in substantial losses for which insurance may not be sufficient or available and for which we may bear a part or all of the cost. Operational risk is also intensified by changing climate and more extreme weather events.

43


An environmental incident is an event that may cause environmental harm and could lead to an increased cost of operating and insuring our assets, thereby negatively impacting earnings. An environmental incident could have lasting reputational impacts and could impact our ability to work with various stakeholders. For pipeline and storage assets located near populated areas, including residential communities, commercial business centers, industrial sites and other public gathering locations, the level of damage resulting from these events could be greater.

We have experienced such events in the past, including in 2010 on Lines 6A and 6B of the Lakehead System; in October 2018 at the BC Pipeline T-South system; in January 2019, August 2019 and May 2020 at the Texas Eastern Pipeline; impacts from the winter storm in February 2021 in Texas and from wildfires in July 2021 and flooding in November 2021 in BC. We have incurred and expect to continue to incur significant costs in preparing for or responding to operational risks and events. We expect to continue to experience climate related physical risks, potentially with increasing frequency and severity, and we cannot guarantee that we will not experience catastrophic or other events in the future. In addition, we could be subject to litigation and significant fines and penalties from regulators in connection with any such events.

A service interruption could have a significant impact on our operations, and negatively impact financial results, relationships with stakeholders and our reputation.
A service interruption due to a major power disruption, curtailment of commodity supply, operational incident, availability of gas supply or distribution or other reasons could have a significant impact on our operations and negatively impact financial results, relationships with stakeholders, our reputation or the safety of our end customers. Service interruptions that impact our crude oil and natural gas transportation services can negatively impact shippers’ operations and earnings as they are dependent on our services to move their product to market or fulfill their own contractual arrangements. We have experienced, and may again experience, service interruptions including in connection with the kinds of operational incidents referred to in the previous risk factor.

Our operations involve safety risks to the public and to our workers and contractors.
Several of our pipelines and distribution systems and related assets are operated in close proximity to populated areas and a major incident could result in injury or loss of life to members of the public. In addition, given the natural hazards inherent in our operations, our workers and contractors are subject to personal safety risks. A public safety incident or an injury or loss of life to our workers or contractors, which we have experienced in the past and, despite the precautions we take, may experience in the future, could result in reputational damage to us, material repair costs or increased costs of operating and insuring our assets.

Cyber-attacks or security breaches could adversely affect our business, operations or financial results.
Our business is dependent upon information systems and other digital technologies for controlling our plants, pipelines and other assets, processing transactions and summarizing and reporting results of operations. The secure processing, maintenance and transmission of information is critical to our operations. A security breach of our network or systems, or the network or systems of our third-party vendors, could result in improper operation of our assets, potentially including delays in the delivery or availability of our customers’ products, contamination or degradation of the products we transport, store and distribute, or releases of hydrocarbon products for which we could be held liable. Furthermore, we and some of our vendors collect and store sensitive data in the ordinary course of our business, including personal information of our employees and residential gas distribution customers as well as our proprietary business information and that of our customers, suppliers, investors and other stakeholders.

44


Cybersecurity risks have increased in recent years as a result of the proliferation of new technologies and the increased sophistication, magnitude and frequency of cyber-attacks and data security breaches, as well as due to international and national political factors. Because of the critical nature of our infrastructure and our use of information systems and other digital technologies to control our assets, we face a heightened risk of cyber-attacks. New cybersecurity regulations have been recently implemented resulting in additional regulatory oversight and compliance requirements.

During the normal course of business, we have experienced and expect to continue to experience attempts to gain unauthorized access, compromise our information systems or to disrupt our operations through cyber-attacks or security breaches, although none to our knowledge have had a material adverse effect on our business, operations or financial results. Despite our security measures, our information systems or those of our vendors are expected to become the target of further cyber-attacks or security breaches which could compromise our systems, affect our ability to correctly record, process and report transactions, result in the loss of information, or cause operational disruption. As a result of a cyber-attack or security breach, we could also be liable under laws that protect the privacy of personal information, subject to regulatory penalties, incur additional costs for remediation, litigation or other costs, all of which could materially adversely affect our reputation, business, operations or financial results.

Pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, may adversely affect local and global economies and our business, operations or financial results.
Disruptions caused by pandemics, epidemics or disease outbreaks, in locations in which we operate or globally, could materially adversely affect our business, operations, financial results and forward-looking expectations.

In response to the rapid global spread of COVID-19, governments continue to enact emergency measures to combat the spread of the virus. These measures include restrictions on business activity and travel, as well as requirements to isolate or quarantine. Certain of our operations and projects have been deemed essential services in critical infrastructure sectors and are currently exempt from certain business activity restrictions. COVID-19 and government responses have interrupted business activities and supply chains, disrupted travel, and contributed to significant volatility in the financial and commodity markets.

Given the ongoing and dynamic nature of the COVID-19 pandemic, further impacts will depend on future developments and factors outside of our control, which are uncertain, evolving and cannot be predicted, including new information which may emerge concerning the severity or duration of this pandemic (including new COVID-19 strains and the efficacy of vaccines) and actions taken by governments and others to contain or end the COVID-19 pandemic or its impact. Such developments include disruptions, which have had or may have an adverse effect on our customers, suppliers, regulators, business, operations and financial results.

There can be no assurance that our strategies to address potential disruptions will mitigate these risks or the adverse impacts to our business, operations and financial results. In addition, disruptions related to the COVID-19 pandemic have had, or could continue to have, the effect of heightening many of the other risks described in this Item 1A. Risk Factors.

45


Terrorist attacks and threats, escalation of military activity in response to these attacks or acts of war, and other civil unrest or activism could adversely affect our business, operations or financial results.
Terrorist attacks and threats (which may take the form of cyber-attacks), escalation of military activity or acts of war, or other civil unrest or activism may have significant effects on general economic conditions and may cause fluctuations in consumer confidence and spending and market liquidity, each of which could adversely affect our business. Future terrorist attacks, rumors or threats of war, actual conflicts involving the US, or Canada, or military or trade disruptions may significantly affect our operations and those of our customers. Strategic targets, such as energy related assets, may be at greater risk of future attacks than other targets in the US and Canada. In addition, increased environmental activism against pipeline construction and operation could potentially result in work delays, reduced demand for our products and services, increased legislation or denial or delay of permits and rights-of-way. Finally, the disruption or a significant increase in energy prices could result in government-imposed price controls. It is possible that any of these occurrences, or a combination of them, could adversely affect our business, operations or financial results.

RISKS RELATED TO OUR BUSINESS AND INDUSTRY

There are utilization risks with respect to our assets.
With respect to our Liquids Pipelines assets, we may be exposed to throughput risk on the Canadian Mainline depending upon the tolling framework we adopt for that system, and we are exposed to throughput risk under certain tolling agreements applicable to other liquids pipelines assets, such as the Lakehead System. A decrease in volumes transported can directly and adversely affect our revenues and earnings. Factors such as changing market fundamentals, capacity bottlenecks, regulatory restrictions, maintenance and operational incidents on our system and upstream or downstream facilities and increased competition can all impact the utilization of our assets. Market fundamentals, such as commodity prices and price differentials, weather, gasoline price and consumption, alternative and new energy sources and technologies, and global supply disruptions outside of our control can impact both the supply of and demand for crude oil and other liquid hydrocarbons transported on our pipelines.

With respect to our Gas Transmission and Midstream assets, gas supply and demand dynamics continue to change due to shifts in regional production and consumption. These shifts can lead to fluctuations in commodity prices and price differentials, resulting in oversupply of pipeline takeaway capacity in some areas and an adverse effect to the utilization of our systems. Other factors affecting system utilization include operational incidents, regulatory restrictions, system maintenance, and increased competition.

With respect to our Gas Distribution and Storage assets, customers are billed on both a fixed charge and volumetric basis and our ability to collect the total revenue requirement (the cost of providing service, including a reasonable return to the utility) depends on achieving the forecast distribution volume established in the rate-making process. The probability of realizing such volume is contingent upon four key forecast variables: weather, economic conditions, pricing of competitive energy sources and growth in the number of customers. Weather is a significant driver of delivery volumes, given that a significant portion of our Gas Distribution customer base uses natural gas for space heating. Distribution volume may also be impacted by the increased adoption of energy efficient technologies, along with more efficient building construction, that continue to place downward pressure on consumption. In addition, conservation efforts by customers may further contribute to a decline in annual average consumption. Sales and transportation service to large volume commercial and industrial customers is more susceptible to prevailing economic conditions. As well, the pricing of competitive energy sources affects volume distributed to these sectors as some customers have the ability to switch to an alternate fuel. Even in those circumstances where we attain our respective total forecast distribution volume, our Gas Distribution business may not earn its expected ROE due to other forecast variables, such as the mix between the higher margin residential and commercial sectors and the lower margin industrial sector. Our Gas Distribution business remains at risk for the actual versus forecast large volume contract commercial and industrial volumes.

46


With respect to our Renewable Power Generation assets, earnings from these assets are highly dependent on weather and atmospheric conditions as well as continued operational availability of these energy producing assets. While the expected energy yields for Renewable Power Generation projects are predicted using long-term historical data, wind and solar resources are subject to natural variation from year-to-year and from season-to-season. Any prolonged reduction in wind or solar resources at any of the Renewable Power Generation facilities could lead to decreased earnings and cash flows for us. Additionally, inefficiencies or interruptions of Renewable Power Generation facilities due to operational disturbances or outages resulting from weather conditions or other factors, could also impact earnings.

Our assets vary in age and were constructed over many decades which may cause our inspection, maintenance or repair costs to increase in the future.
Our pipelines vary in age and were constructed over many decades. Pipelines are generally long-lived assets, and pipeline construction and coating techniques have changed over time. Depending on the era of construction, some assets require more frequent inspections, which could result in increased maintenance or repair expenditures in the future. Any significant increase in these expenditures could adversely affect our business, operations or financial results.

Competition may result in a reduction in demand for our services, fewer project opportunities or assumption of risk that results in weaker or more volatile financial performance than expected.
We face competition from competing carriers available to ship western Canadian liquid hydrocarbons to markets in Canada, the US and internationally and from proposed pipelines that seek to access markets currently served by our liquids pipelines. Competition among existing pipelines is based primarily on the cost of transportation, access to supply, the quality and reliability of service, contract carrier alternatives and proximity to markets. We also face competition from alternative storage facilities. Our natural gas transmission and storage businesses compete with similar facilities that serve our supply and market areas in the transmission and storage of natural gas. The natural gas transported in our business competes with other forms of energy available to our customers and end-users, including electricity, coal, propane, fuel oils, and renewable energy. Renewable Power Generation business faces competition in the procurement of long-term power purchase agreements and from other fuel sources in the markets in which we operate. Competition in all of our businesses, including competition for new project development opportunities, could have a negative impact on our business, financial condition or results of operations.

Execution of our projects subjects us to various regulatory, operational and market risks that may affect our financial results.
Our ability to successfully bring our secured capital growth program into service is exposed to risks including:

the ability to obtain or amend necessary approvals and permits from governments and regulatory agencies on a timely basis and with acceptable terms and conditions and to maintain those issued approvals and permits and satisfy the terms and conditions imposed therein;
opposition by third parties, physical protests, interference with or damage to our property or infrastructure, litigation or increased execution and stakeholder engagement complexity;
new or incremental changes in federal, state, provincial and local laws and regulations after projects are sanctioned;
inflationary pressures on labor, materials and equipment, which have decreased price predictability;
bottlenecked global supply chains and logistics, which have increased delivery times of materials and equipment;
timely acquisition or renewal of rights-of-way or land rights with acceptable terms and conditions;
extreme weather events (e.g. hurricanes, forest fires, floods); or
contractor or supplier non-performance, weather, geological or other factors beyond our control.

47


Any of these risks could prevent a project from proceeding, delay its completion or increase its anticipated cost.

New projects may not achieve their expected investment return, which could affect our financial results, reputation and hinder our ability to secure future projects. Recent projects that have experienced various degrees of impacts include the US L3R Program that was placed into service in the third quarter of 2021, Line 5 projects (tunnel and reroute), Texas Eastern Modernization, East-West Tie and Offshore Wind. For additional discussion of specific proceedings that could affect our operations and financial results, refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates.

Changing expectations from stakeholders regarding ESG practices and climate change or erosion of stakeholder trust or confidence could damage our reputation and influence actions or decisions about our company and industry and have negative impacts on our business, operations or financial results.
Companies across all sectors and industries are facing changing expectations or increasing scrutiny from stakeholders related to their approach to ESG matters of greatest relevance to their business and to their stakeholders. For energy companies, climate change, safety, stakeholder and Indigenous relations remain primary focus areas, while other environmental elements such as biodiversity are ascendant; changing expectations of our practices and performance across these and other ESG areas may impose additional costs or create exposure to new or additional risks.

Our operations, projects and growth opportunities require us to have strong relationships with key stakeholders, including local communities, Indigenous groups and communities and other groups directly impacted by our activities, as well as governments and government agencies, investor advocacy groups, institutional investors, investment funds, financial institutions, insurers and others, which are increasingly focused on ESG practices.

Enhanced public awareness of climate change has driven an increase in demand for low-carbon and zero-emissions energy. Enbridge has a long history of diversifying its portfolio of businesses to align with the mix of energy that people need and want. However, the pace and scale of the transition to a lower emissions economy may pose a climate-related transition risk if Enbridge diversifies either too quickly or too slowly. Similarly, unexpected shifts in energy demands, including due to climate changes concerns, can impact revenue through reduced throughput volumes on our pipeline transportation system.

We have long been committed to strong ESG practices, performance and reporting, and in late 2020 introduced a set of ESG goals to strengthen transparency and accountability. The goals include increasing diversity and inclusion within our organization and reducing emissions from our operations to net zero by 2050, with corporate and business unit action plans aligned to our strategic priority to adapt to the energy transition over time. Given elevated long-term risks associated with climate change, there have also been efforts in recent years by the investment community, including increased engagement with companies on climate change and decreasing the carbon intensity of their portfolios. If we are not able to achieve our GHG emissions reduction goals, are not able to meet future climate, emissions or other reporting requirements of regulators, or are not able to meet or manage current and future expectations or issues important to investors or other stakeholders including those related to climate change, it could negatively impact stakeholder trust and confidence, our reputation, and our business, operations or financial results, including:

loss of business;
loss of ability to secure growth opportunities;
delays in project execution;
legal action, such as the legal challenges to the operation of Line 5 in Michigan and Wisconsin;
increased regulatory oversight;
loss of ability to obtain and maintain necessary approvals and permits from governments and regulatory agencies on a timely basis and on acceptable terms;
48


impediments on our ability to acquire or renew rights-of-way or land rights on a timely basis and on acceptable terms;
changing investor sentiment regarding investment in the oil and gas industry or our company;
restricted access to and cost of capital and insurance; and
loss of ability to hire and retain top talent.

We are also exposed to the risk of higher costs, delays, project cancellations, new restrictions or the cessation of operations of existing pipelines due to increasing pressure on governments and regulators. Recent judicial decisions have increased the ability of groups to make claims and oppose projects in regulatory and legal forums. In addition to issues raised by groups focused on particular project impacts, we and others in the energy and pipeline businesses are facing organized opposition to oil and gas extraction and shipment of oil and gas products.

Our forecasted assumptions may not materialize as expected, including on our expansion projects, acquisitions and divestitures.
We evaluate expansion projects, acquisitions and divestitures on an ongoing basis. Planning and investment analysis is highly dependent on accurate forecasting assumptions and to the extent that these assumptions do not materialize, financial performance may be lower or more volatile than expected. Volatility and unpredictability in the economy, both locally and globally, and changes in cost estimates, project scoping and risk assessment could result in a loss of our profits.Similarly, uncertainty in market signals, such as abrupt and unexpected shifts in energy costs and demands, as we saw in 2020 resulting from the COVID-19 pandemic, have impacted, and may in the future impact, revenue through reduced throughput volumes on our pipeline transportation system.

Our insurance coverage may not be sufficient to cover our losses in the event of an accident, natural disaster or other hazardous event.
Our operations are subject to many hazards inherent in our industry. Our assets may experience physical damage as a result of an accident or natural disaster. These hazards can also cause, and in some cases have caused, personal injury and loss of life, severe damage to and destruction of property and equipment, pollution or environmental damage, and suspension of operations. We maintain a comprehensive insurance program for us, our subsidiaries and certain of our affiliates to mitigate the financial impacts arising from these hazards. This program includes insurance coverage in types and amounts and with terms and conditions that are generally consistent with coverage customary for our industry; however, insurance does not cover all events in all circumstances.

In the unlikely event that multiple insurable incidents that in the aggregate exceed coverage limits occur within the same insurance period, the total insurance coverage will be allocated among our entities on an equitable basis based on an insurance allocation agreement among us and our subsidiaries. Additionally, even with insurance, if any natural disaster or other hazardous event leads to a catastrophic interruption in operations, we may not be able to restore operations without significant interruption.

We are exposed to the credit risk of our customers.
We are exposed to the credit risk of our customers in the ordinary course of our business. Generally, our customers are rated investment-grade, are otherwise considered creditworthy or provide us security to satisfy credit concerns. However, we cannot predict to what extent our business would be impacted by deteriorating conditions in the economy, including possible declines in our customers’ creditworthiness. It is possible that customer payment defaults, if significant, could adversely affect our earnings and cash flows.

49


Our risk management policies cannot eliminate all risks. In addition, any non-compliance with our risk management policies could adversely affect our business, operations or financial results.
We use financial derivatives to manage risks associated with changes in foreign exchange rates, interest rates, commodity prices and our share price to reduce volatility of our cash flows. Based on our risk management policies, all of our financial derivatives are associated with an underlying asset, liability and/or forecasted transaction and not intended for speculative purposes.

These policies cannot, however, eliminate all risk including unauthorized trading. Although this activity is monitored independently by our risk management function, we can provide no assurance that we will detect and prevent all unauthorized trading and other violations, particularly if deception, collusion or other intentional misconduct is involved, and any such violations could adversely affect our business, operations or financial results.

Our business requires the retention and recruitment of a skilled and diverse workforce, and difficulties in recruiting and retaining our workforce could result in a failure to implement our business plans.
Our operations and management require the retention and recruitment of a skilled and diverse workforce, including engineers, technical personnel and other professionals. We and our affiliates compete with other companies in the energy industry, and for some jobs the broader labor market, for this skilled workforce. If we are unable to retain current employees and/or recruit new employees of comparable knowledge and experience, our business could be negatively impacted. In addition, we could experience increased costs to retain and recruit these professionals.

Our transformation projects may fail to fully deliver anticipated results.
We launched projects starting in 2016 to transform various processes, capabilities and reporting systems infrastructure to continuously improve effectiveness and efficiency across the organization and are subject to transformation project risk with respect to these projects. Such projects, some of which will continue beyond 2022, are subject to transformation project risk. Transformation project risk is the risk that modernization projects carried out by us and our subsidiaries do not fully deliver anticipated results due to insufficiently addressing the risks associated with project execution and change management. This could result in negative financial, operational and reputational impacts.

Our business is undergoing significant changes driven by technological advancements and the energy transition, which could impact our strategic plan, business, operations or financial results.
Our success in executing our strategic plan, including our role in the transition to a low-carbon economy, and attaining our GHG emissions reduction goals and targets depends, in part, on technology (including technology still under development), innovation and continued diversification with renewable power and other low carbon energy infrastructure as well as modernization of our infrastructure to reduce GHG emissions, all of which could require significant capital expenditures and resources. Public policy relating to climate change can drive investment in lower-emissions technologies which could impact both the supply of and demand for crude oil and other liquid hydrocarbons transported on our pipelines.

Our Liquids Pipelines growth rate and results may be directly and indirectly affected by commodity prices and government policy.
This intervention had a negligible impact on the Mainline System throughput, as enough inventory existed to meet refinery customer needs and service our favorable markets. Wide commodity price basis between Western Canada and global tidewater markets have negatively impacted producer netbacks and margins in the past years that largely resulted from pipeline infrastructure takeaway capacity from producing regions in Western Canada and North Dakota which are operating at capacity. A protracted long-term outlook for low crude oil prices could result in delay or cancellation of future projects. Effective December 31, 2021, the Government of Alberta lifted the oil production curtailment that was imposed in December 2018.

50


The tight conventional oil plays of Western Canada, the Permian basin, and the Bakken region of North Dakota have short cycle break-even time horizons, typically less than 24 months, and high decline rates that can be well managed through active hedging programs and are positioned to react quickly to market signals. Accordingly, during periods of comparatively low prices, drilling programs, unsupported by hedging programs, will be reduced and as such supply growth from tight oil basins may be lower, which may impact volumes on our pipeline systems.

Our Energy Services and Gas Transmission and Midstream results may be adversely affected by commodity price volatility.
Within our US Midstream assets, through our investments in DCP Midstream and Aux Sable, we are engaged in the businesses of gathering, treating and processing natural gas and natural gas liquids. The financial results of these businesses are directly impacted by changes in commodity prices.

Energy Services generates margin by capitalizing on quality, time and location differentials when opportunities arise. Lower commodity prices due to changing market conditions could limit margin opportunities and impede Energy Services' ability to cover capacity commitments.

We rely on access to short-term and long-term capital markets to finance capital requirements and support liquidity needs, and cost effective access to those markets can be affected, particularly if we or our rated subsidiaries are unable to maintain an investment-grade credit rating.
A significant portion of our consolidated asset base is financed with debt. The maturity and repayment profile of debt used to finance investments often does not correlate to cash flows from assets. Accordingly, we rely on access to both short-term and long-term capital markets as a source of liquidity for capital requirements not satisfied by cash flows from operations and to fund investments originally financed through debt. Our senior unsecured long-term debt is currently rated investment-grade by various rating agencies. If the rating agencies were to rate us or our rated subsidiaries below investment-grade, our borrowing costs would increase, perhaps significantly. Consequently, we would likely be required to pay a higher interest rate in future financings and our potential pool of investors and funding sources could decrease.

We maintain revolving credit facilities to provide back-up for commercial paper programs for borrowings and/or letters of credit at various entities. These facilities typically include financial covenants and failure to maintain these covenants at a particular entity could preclude that entity from issuing commercial paper or letters of credit or borrowing under the revolving credit facility, which could affect cash flows or restrict business. Furthermore, if our short-term debt rating were to be downgraded, access to the commercial paper market could be significantly limited. Although this would not affect our ability to draw under our credit facilities, borrowing costs could be significantly higher.

If we are not able to access capital at competitive rates, our ability to finance operations and implement our strategy may be affected. An inability to access capital may limit our ability to pursue enhancements or acquisitions that we may otherwise rely on for future growth. Any downgrade or other event negatively affecting the credit ratings of our subsidiaries could make their costs of borrowing higher or access to funding sources more limited, which in turn could increase our need to provide liquidity in the form of capital contributions or loans to such subsidiaries, thus reducing the liquidity and borrowing availability of the consolidated group.

RISKS RELATED TO GOVERNMENT REGULATION AND LEGAL RISKS

Many of our operations are regulated and failure to secure timely regulatory approval for our proposed projects, or loss of required approvals for our existing operations, could have a negative impact on our business, operations or financial results.
The nature and degree of regulation and legislation affecting energy companies in Canada and the US have changed significantly in recent years.

51


In Canada, the passing of the Canadian Energy Regulator Act and the Impact Assessment Act under Bill C-69, which came into force on August 28, 2019, adds steps in the regulatory process and extends overall timelines associated with regulatory approvals for new projects which trigger a federal impact assessment. Changes to the BC regulatory framework have also been made, including a new Environmental Assessment Act, which came into force in December 2019, affecting provincially-regulated projects in a similar manner as those that are federally-regulated. Within the US and in Canada, pipelines companies continue to face opposition from anti-pipeline activists, Indigenous and tribal groups and communities, citizens, environmental groups and politicians concerned with either the safety of pipelines or environmental effects. In the US, several federal agencies made changes to regulations that were designed to streamline permitting, including changes that the Environmental Protection Agency made in June 2020 to regulations implementing Section 401 of the Clean Water Act and the July 2020 Council on Environmental Quality revisions to regulations implementing the National Environmental Policy Act. These and many other regulations adopted during the previous US presidential administration are not only being challenged in multiple courts, but have now been expressly targeted for rollback by the new US administration, which is expected to modify or reverse the regulations.

These actions could adversely impact permitting of a wide range of energy projects. We may not be able to obtain or maintain all required regulatory approvals for our operating assets or development projects. If there is a delay in obtaining any required regulatory approvals, if we fail to obtain or comply with them, or if laws or regulations change or are administered in a more stringent manner, the operations of facilities or the development of new facilities could be prevented, delayed or become subject to additional costs.

Our operations are subject to numerous environmental laws and regulations, including those relating to climate change and GHG emissions and climate-related disclosure, as well as internal initiatives to reduce GHG emissions, compliance with which may require significant capital expenditures, increase our cost of operations and affect or limit our business plans, or expose us to environmental liabilities.
We are subject to numerous environmental laws and regulations affecting many aspects of our present and future operations, including air emissions, water quality, wastewater discharges, solid waste and hazardous waste.

Foreign and domestic governments continue to evaluate and implement policy, legislation, and regulations focused on restricting GHG emissions, promoting adaptation to climate change and the transition to a low-carbon economy, and disclosure of climate-related matters. Such policies, laws and regulations vary at the federal, state, and provincial levels in which Enbridge operates and can be highly variable and subject to change. International multilateral agreements, the obligations adopted thereunder, increasing physical impacts of climate change, changing political and public opinion and legal challenges concerning the adequacy of climate-related policy brought against governments and corporations, among other factors, are expected to accelerate the implementation of these measures.

Enbridge is required to adhere to a number of implicit and explicit carbon-pricing mechanisms. These mechanisms may present climate-related transition risk to our business strategy, impacting both commodity demand and the overall energy mix we deliver.

Failure to comply with environmental laws and regulations and failure to secure permits necessary for our operations may result in the imposition of fines, penalties and injunctive measures affecting our operating assets. In addition, changes in environmental laws and regulations or the enactment of new environmental laws or regulations, including those related to climate change and GHG emissions, could result in a material increase in our cost of compliance with such laws and regulations, such as costs to monitor and report our emissions and install new emission controls to reduce emissions. We may not be able to include some or all of such increased costs in the rates charged by our pipelines or other facilities. Efforts to regulate or restrict GHG emissions could also drive down demand for the products we transport.

52


We may not be able to obtain or maintain all required environmental regulatory approvals and permits for our operating assets or development projects. If there is a delay in obtaining any required environmental regulatory approvals or permits, if we fail to obtain or comply with them, or if environmental laws or regulations change or are administered in a more stringent manner, the operations of facilities or the development of new facilities could be prevented, delayed or become subject to additional costs. We expect that costs we incur to comply with environmental regulations in the future may have a significant effect on our earnings and cash flows.

In November 2020, we set new ESG goals for the future related to GHG emissions reduction. Our ability to achieve these goals depends on many factors, including our ability to reduce emissions from our operations through modernization and innovation, reduce the emissions intensity of the electricity we buy, invest in renewables and low carbon energy and balance residual emissions through carbon offset credits. The cost associated with our GHG emissions reduction goals could be significant. There is also a risk that some or all of the expected benefits and opportunities of achieving the various GHG emissions reduction and energy transition goals may fail to materialize, may cost more to achieve or may not occur within the anticipated time periods. Similarly, there is a risk that emissions reduction technology – like battery storage or direct air capture – do not materialize as expected making it more difficult to reduce emissions. Failure to achieve our emissions targets could result in reputational harm, changing investor sentiment regarding investment in Enbridge or a negative impact on access to and cost of capital, including penalties associated with our sustainability-linked bond offerings.

Our operations are subject to operational regulation and other requirements, including compliance with easements and other land tenure documents, and failure to comply with applicable regulations and other requirements could have a negative impact on our reputation, business, operations or financial results.
Operational risks relate to compliance with applicable operational rules and regulations mandated by governments, applicable regulatory authorities, or other requirements that may be found in easements or other agreements that provide a legal basis for our operations, breaches of which could result in fines, penalties, awards of damages, operating restrictions (including shutdown of lines) and an overall increase in operating and compliance costs. We do not own all of the land on which our pipelines, facilities and other assets are located and we obtain the rights to construct and operate our pipelines and other assets from third parties or government entities. In addition, some of our pipelines, facilities and other assets cross Indigenous lands pursuant to rights-of-way or other land tenure interests. Our loss of these rights could have an adverse effect on our reputation, operations and financial results. Regulator scrutiny over our assets and operations has the potential to increase operating costs or limit future projects. Regulatory enforcement actions issued by regulators for non-compliant findings can increase operating costs and negatively impact reputation. Potential regulatory changes and legal challenges could have an impact on our future earnings from existing operations and the cost related to the construction of new projects. Regulators' future actions may differ from current expectations, or future legislative changes may impact the regulatory environments in which we operate. While we seek to mitigate operational regulation risk by actively monitoring and consulting on potential regulatory requirement changes with the respective regulators directly, or through industry associations, and by developing response plans to regulatory changes or enforcement actions, such mitigation efforts may be ineffective or insufficient. While we believe the safe and reliable operation of our assets and adherence to existing regulations is the best approach to managing operational regulatory risk, the potential remains for regulators or other government officials to make unilateral decisions that could disrupt our operations or have an adverse financial impact on us.

53


Our operations are subject to economic regulation and failure to secure regulatory approval for our proposed or existing commercial arrangements could have a negative impact on our business, operations or financial results.
Our liquids pipelines, gas transmission and gas distribution assets face economic regulation risk. Broadly defined, economic regulation risk is the risk that governments or regulatory agencies change or reject proposed or existing commercial arrangements or policies, including permits and regulatory approvals for both new and existing projects or agreements, upon which future and current operations are dependent. Our Mainline System, other liquids pipelines and gas transmission assets are subject to the actions of various regulators, including the CER and the FERC, with respect to the tariffs and tolls of those pipelines. The changing or rejecting of commercial arrangements, including decisions by regulators on the applicable permits and tariff structure or changes in interpretations of existing regulations by courts or regulators such as with respect to Mainline Contrating, could have an adverse effect on our revenues and earnings.

We could be subject to changes in our tax rates, the adoption of new US, Canadian or international tax legislation or exposure to additional tax liabilities.
We are subject to taxes in the US, Canada and numerous foreign jurisdictions. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation. In particular, we are anticipating interest deductibility rules to be tabled in Canada, possible new tax legislation to be passed in the US and a minimum tax rate to be introduced on a global basis for OECD countries. All of these measures could cause our effective tax rate to increase.

We are also subject to the examination of our tax returns and other tax matters by the US Internal Revenue Service, the Canada Revenue Agency and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations. If our effective tax rates were to increase, particularly in the US or Canada, or if the ultimate determination of our taxes owed is for an amount in excess of amounts previously accrued, our financial condition and operating results could be materially adversely affected.

We are involved in numerous legal proceedings, the outcomes of which are uncertain, and resolutions adverse to us could adversely affect our financial results.
We are subject to numerous legal proceedings. In recent years there has been an increase in climate and disclosure-related litigation against governments as well as companies involved in the energy industry. There is no assurance that we will not be impacted by such litigation. Litigation is subject to many uncertainties, and we cannot predict the outcome of individual matters with assurance. It is reasonably possible that the final resolution of some of the matters in which we are involved could require additional expenditures, in excess of established reserves, over an extended period of time and in a range of amounts that could adversely affect our financial results or affect our reputation. Refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates for a discussion of certain legal proceedings with recent developments.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

54


ITEM 2. PROPERTIES

Descriptions of our properties and maps depicting the locations of our liquids and natural gas systems are included in Part 1. Item 1. Business.

In general, our systems are located on land owned by others and are operated under easements and rights-of-way, licenses, leases or permits that have been granted by private land-owners, First Nations, Native American Tribes, public authorities, railways or public utilities. Our liquids pipeline systems have pumping stations, tanks, terminals and certain other facilities that are located on land that is owned by us and/or used by us under easements, licenses, leases or permits. Additionally, our natural gas pipeline systems have natural gas compressor stations, of which the vast majority are located on land that is owned by us, with the remainder used by us under easements, leases or permits.

Titles to Enbridge owned properties or affiliate entities may be subject to encumbrances in some cases. We believe that none of these burdens should materially detract from the value of these properties or materially interfere with their use in the operation of our business.

ITEM 3. LEGAL PROCEEDINGS

We are involved in various legal and administrative proceedings and litigation arising in the ordinary course of business. The outcome of these matters is not predictable at this time. However, we believe that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, results of operations or cash flows in future periods. Refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates for discussion of certain legal proceedings with recent developments.

SEC regulations require the disclosure of any proceeding under environmental laws to which a governmental authority is a party unless the registrant reasonably believes it will not result in monetary sanctions over a certain threshold. Given the size of our operations, we have elected to use a threshold of US$1 million for the purposes of determining proceedings requiring disclosure.

The Minnesota Department of Natural Resources (DNR) issued an Administrative Penalty Order on September 16, 2021 due to an uncontrolled groundwater flow at Clearbrook. The groundwater flow was stopped in January 2022 after diligently implementing the steps required under the remedial action plan. We have also provided all required information to date. A contested case was not sought in this matter; instead, the penalty and mitigation amounts will be paid as directed for the Clearbrook site. A separate US$2.75 million escrow account is being established for any potential future monitoring and mitigation. In total, Enbridge will direct US$3.3 million to address this matter. With work complete at Clearbrook and a second site, Enbridge continues to work with the DNR towards a corrective action plan for the final location, including ongoing restoration, monitoring, and mitigation for all three sites.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.
55


PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock
Enbridge common stock is traded on the TSX and NYSE under the symbol “ENB.” As at February 4, 2022, there were 80,754 registered shareholders of record of Enbridge common stock. A substantially greater number of holders of Enbridge common stock are "street name" or beneficial holders, whose shares are held by banks, brokers and other financial institutions.

Securities Authorized for Issuance Under Equity Compensation Plans
The information required by this Item will be contained in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021.

Recent Sales of Unregistered Equity Securities
None.

Issuer Purchases of Equity Securities
None.

Total Shareholder Return
The following graph reflects the comparative changes in the value from January 1, 2017 through December 31, 2021 of $100 invested in (1) Enbridge Inc.’s common shares traded on the TSX, (2) the S&P/TSX Composite index, (3) the S&P 500 index, (4) our US peer group (comprising CNP, D, DTE, DUK, EPD, ET, KMI, MMP, NEE, NI, OKE, PAA, PCG, SO, SRE and WMB) and (5) our Canadian peer group (comprising CU, FTS, PPL and TRP). The amounts included in the table were calculated assuming the reinvestment of dividends at the time dividends were paid.

ENB-20211231_G6.JPG

56


  January 1,
2017
December 31,
  2017 2018 2019 2020 2021
Enbridge Inc. 100.00  91.20  83.64  108.32  91.84  119.50 
S&P/TSX Composite 100.00  109.10  99.40  122.14  128.98  161.34 
S&P 500 Index 100.00  121.83  116.49  153.17  181.35  233.41 
US Peers1
100.00  103.37  99.41  121.77  107.12  131.86 
Canadian Peers 100.00  110.39  101.93  133.27  110.56  138.14 
1For the purpose of the graph, it was assumed that CAD:US dollar conversion ratio remained at 1:1 for the years presented.

ITEM 6. [Reserved]


57


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with "Forward-Looking Information" and "Non-GAAP and Other Financial Measures", Part I. Item 1A. Risk Factors and our consolidated financial statements and the accompanying notes included in Part II. Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

This section of our Annual Report on Form 10-K discusses 2021 and 2020 items and year-over-year comparisons between 2021 and 2020. For discussion of 2019 items and year-over-year comparisons between 2020 and 2019, refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2020.

RECENT DEVELOPMENTS

ACQUISITION OF MODA MIDSTREAM OPERATING, LLC

On October 12, 2021, we acquired Moda Midstream Operating, LLC (Moda) for $3.7 billion (US$3.0 billion) of cash plus potential contingent payments dependent on performance of the assets (the Acquisition). Moda owns and operates a vertically-integrated crude export system of pipeline and storage assets on the US Gulf Coast, including the EIEC located near Corpus Christi, Texas. EIEC, North America's largest crude export terminal, controls 15.6 million barrels of storage and 1.6 million barrels per day (mmbpd) of export capacity and volumes are underpinned by 925- thousand barrels per day (kbpd) of long-term take-or-pay vessel loading contracts and 15.3 million barrels of long-term storage contracts. The Acquisition aligns with and advances our US Gulf Coast export strategy and connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins.

NORMAL COURSE ISSUER BID

On December 31, 2021, we announced that the Toronto Stock Exchange (TSX) had approved our normal course issuer bid (NCIB) to purchase, for cancellation, up to 31,062,331 of the outstanding common shares of Enbridge to an aggregate amount of up to $1.5 billion, subject to certain restrictions on the number of common shares that may be purchased on a single day.

Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and other designated exchanges and alternative trading systems, commencing on January 5, 2022 and continuing until January 4, 2023, when the bid expires, or such earlier date on which Enbridge has either acquired the maximum number of common shares allowable under the NCIB or otherwise decide not to make any further repurchases under the NCIB. The maximum number of common shares that Enbridge may repurchase for cancellation represents approximately 1.53% of the 2,026,085,179 common shares issued and outstanding as at December 22, 2021.

58


MAINLINE SYSTEM CONTRACTING

On December 19, 2019, we submitted an application to the Canada Energy Regulator (CER) to implement contracting on our Canadian Mainline System. On November 26, 2021, the CER denied the application on the basis that, among other things, contracting as proposed would result in a significant change to access the Canadian Mainline and potentially inequitable outcomes to some shippers and non-shippers without a compelling justification.

We are currently exploring with customers and other stakeholders alternatives that may include: a modified and extended Competitive toll Settlement (CTS), a new incentive rate-making agreement or a cost-of-service rate-making structure. Any negotiated settlement would require CER approval before implementation.

In accordance with the terms of the CTS, which expired on June 30, 2021, the tolls in place on June 30, 2021 will continue on an interim basis, subject to finalization and adjustment applicable to the interim period, if any.

GAS TRANSMISSION AND MIDSTREAM RATE PROCEEDINGS

Texas Eastern Transmission
Texas Eastern Transmission, LP (Texas Eastern) filed a rate case on July 30, 2021. On August 31, 2021 the Federal Energy Regulatory Commission (FERC) issued an order rejecting the July 30, 2021 filing in its entirety noting the proposed US federal income tax rate in the filing was not known and measurable (“August 2021 Order”). Additionally, the August 31, 2021 order directed Texas Eastern to show cause that its reservation charge crediting process is in accordance with FERC policy.

In response to the August 2021 Order, on September 30, 2021 Texas Eastern responded to the show cause directive and filed a new rate case using the current US federal income tax rate. On October 29, 2021, the FERC issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures for the new rate case filed on September 30, 2021.

Texas Eastern also filed for rehearing of the August 2021 Order. On January 20, 2022 the FERC issued an “Order Addressing Arguments Raised On Rehearing And Setting Aside Prior Order, In Part” (“January 2022 Order”). The January 2022 Order set aside the August 2021 Order, and accepted and suspended Texas Eastern’s proposed rates from its initial rate case filing to be effective upon motion on February 1, 2022, subject to refund, conditions, and the outcome of hearing proceedings. In addition, the January 2022 Order directed Texas Eastern to remove its proposed income tax adjustment and include the actual tax rate in the computation of its rates when it files to motion the suspended rates into effect.

Finally, the FERC left to the discretion of the Chief Administrative Law Judge whether to consolidate the two rate case proceedings.

East Tennessee
East Tennessee Natural Gas, LLC (ETNG) filed a rate case in the second quarter of 2020 and an agreement in principle was reached with shippers in April 2021. A Stipulation and Agreement was filed on May 21, 2021, approved by the FERC on September 10, 2021 and was effective on November 1, 2021.

Maritimes & Northeast Pipeline
The US portion of Maritimes & Northeast Pipeline filed a rate case in the second quarter of 2020 and an agreement in principle was reached with shippers in December 2020. A Stipulation and Agreement was filed on February 17, 2021, approved by the FERC on April 30, 2021 and was effective on June 1, 2021. In December 2021, the CER approved interim rates for the Canadian portion of Maritimes & Northeast Pipeline effective January 1, 2022, which were based on the negotiated 2022 rates in the 2022-2023 settlement agreement and unanimously supported by shippers. A decision from the CER on the 2022-2023 settlement agreement is expected in the first quarter of 2022.

59


Alliance Pipeline
The US portion of Alliance Pipeline filed a rate case in the second quarter of 2020 and an agreement in principle was reached with shippers in January 2021. A Stipulation and Agreement was filed on March 31, 2021, approved by the FERC on July 15, 2021 and was effective on September 1, 2021.

British Columbia (BC) Pipeline
The settlement agreement for our BC Pipeline system expired in December 2021. The CER has approved 2022 interim tolls for BC Pipeline and settlement agreement negotiations are ongoing, with an expected agreement to be reached in the first half of 2022.

GAS DISTRIBUTION AND STORAGE RATE APPLICATIONS

2021 Rate Application
Enbridge Gas Inc.'s (Enbridge Gas) rate applications are filed in two phases. As part of an Ontario Energy Board (OEB) Decision and Order issued in November 2020, Phase 1 of the application for 2021 rates (the 2021 Application), exclusive of 2021 capital investment funding requested through the incremental capital module (ICM) mechanism, was approved on an interim basis effective January 1, 2021. Through a subsequent OEB Rate Order issued in June 2021, Phase 2 of the 2021 Application, inclusive of funding for $124 million of requested 2021 ICM amounts, was approved effective July 1, 2021, and interim rates in effect for 2021 were made final. The 2021 Application, which represented the third year of a five-year term, was filed in accordance with the parameters of the Enbridge Gas OEB approved Price Cap Incentive Regulation (IR) rate setting mechanism.

2022 Rate Application
In June 2021, Enbridge Gas filed Phase 1 of the application with the OEB for the setting of rates for 2022 (the 2022 Application). The 2022 Application was filed in accordance with the parameters of the Enbridge Gas OEB approved Price Cap IR rate setting mechanism which represents the fourth year of a five-year term. In October 2021, the OEB approved a Phase 1 Settlement Proposal and Interim Rate Order effective January 1, 2022. Phase 2 of the 2022 Application addressing ICM funding requirements was filed in October 2021, with a decision from the OEB expected in the second quarter of 2022.

FINANCING UPDATE

We completed long-term debt issuances totaling US$3.9 billion and $3.2 billion during the year ended December 31, 2021, including an inaugural US$1.0 billion 12-year sustainability-linked senior notes issuance in June 2021 and an inaugural $1.1 billion Canadian 12-year sustainability-linked medium-term notes issuance in September 2021. We renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023.

Our 2021 financing activities, in combination with the asset monetization activities noted below, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects without requiring access to the capital markets for the next 12 months should market access be restricted or pricing is unattractive. Refer to Liquidity and Capital Resources.

On January 19, 2022, we closed a $750 million private placement offering of non-call 10-year fixed-to-fixed subordinated notes which mature on January 19, 2082. The net proceeds from the offering will be used to redeem the Preference Shares, Series 17 at par on March 1, 2022.

On February 10, 2022 we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025.

60


Credit Rating Action
On June 1, 2021, Moody's Investors Service (Moody's) upgraded the credit ratings of Enbridge Inc., including our senior unsecured and issuer ratings, to Baa1 from Baa2. Moody's also upgraded the credit ratings of our subsidiaries: Enbridge Energy Partners, L.P. (EEP), Enbridge Energy Limited Partnership (EELP), Spectra Energy Partners, LP (SEP) and Texas Eastern. The outlooks of all five entities are stable.

ENERGY TRANSITION

Given the priority we are placing on low carbon investments and energy transition, we have established a dedicated New Energy Technologies team. This team will extend the capabilities we have built over the last 20 years of renewable investments and will establish priorities and co-ordinate strategy across our business units. The team will also develop new partnerships to enable access to new technology, complementary assets and skills.

During 2021, the Alberta Solar One and Heidlersburg solar self-power projects were placed into service. We also started the construction process on 10 additional solar self-power projects in Wisconsin, Illinois, Pennsylvania, Kentucky, Ohio and Minnesota, together capable of generating more than 97 megawatts (MW) MW of emissions-free electricity. These projects will provide clean power to our liquids and natural gas pipeline right-of-way and support scope 1 and 2 emission targets.

ASSET MONETIZATION

Éolien Maritime France SAS
On March 18, 2021, we sold 49% of an entity that holds our 50% interest in Éolien Maritime France SAS (EMF) to the Canada Pension Plan Investment Board (CPP Investments). CPP Investments will fund their 49% share of all ongoing future development capital. Through our investment in EMF, we own equity interests in three French offshore wind projects, including Saint-Nazaire (25.5%), Fécamp (17.9%) and Calvados (21.7%). The Calvados Offshore Wind Project reached a positive final investment decision in February 2021 and all three projects are now considered commercially secured and are under construction.

Noverco Inc.
On December 30, 2021, we sold our 38.9% non-operating minority ownership interest in Noverco Inc. (Noverco) to Trencap L.P. for $1.1 billion in cash.

61


RESULTS OF OPERATIONS
Year ended December 31,
  2021 2020 2019
(millions of Canadian dollars, except per share amounts)      
Segment earnings before interest, income taxes and depreciation and amortization1
     
Liquids Pipelines 7,897  7,683  7,681 
Gas Transmission and Midstream 3,671  1,087  3,371 
Gas Distribution and Storage 2,117  1,748  1,747 
Renewable Power Generation 508  523  111 
Energy Services (313) (236) 250 
Eliminations and Other 356  (113) 429 
Earnings before interest, income taxes and depreciation and amortization1
14,236  10,692  13,589 
Depreciation and amortization (3,852) (3,712) (3,391)
Interest expense (2,655) (2,790) (2,663)
Income tax expense (1,415) (774) (1,708)
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests
(125) (53) (122)
Preference share dividends (373) (380) (383)
Earnings attributable to common shareholders 5,816  2,983  5,322 
Earnings per common share 2.87  1.48  2.64 
Diluted earnings per common share 2.87  1.48  2.63 
1Non-GAAP financial measures.

EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS

Year ended December 31, 2021 compared with year ended December 31, 2020

Earnings Attributable to Common Shareholders increased by $2.2 billion due to certain unusual, infrequent or other non-operating factors, primarily explained by the following:
a non-cash, unrealized net gain of $53 million ($40 million after-tax) in 2021, compared with an unrealized net loss of $122 million ($92 million after-tax) in 2020 reflecting the revaluation of derivatives used to manage the profitability of transportation and storage transactions, as well as manage the exposure to movements in commodity prices;
an impairment loss of $111 million ($83 million after-tax) in 2021 to our investment in the PennEast pipeline project after a decision by project partners to cease development, compared to a combined impairment loss of $615 million ($452 million after-tax) in 2020 to our investments in Southeast Supply Header (SESH) and Steckman Ridge, LP (Steckman);
a gain of $303 million ($298 million after-tax) resulting from the sale of our investment in Noverco;
employee severance, transition and transformation costs of $147 million ($112 million after-tax) in 2021, compared to $339 million ($256 million after-tax) in 2020 primarily related to our voluntary workforce reduction program offered in the second quarter of 2020;
the absence in 2021 of a non-cash impairment to the carrying value of our investment in DCP Midstream, LLC (DCP Midstream) of $1.7 billion ($1.3 billion after-tax) and a $324 million loss ($244 million after-tax) resulting from our share of asset and goodwill impairments recognized by DCP Midstream, both recognized in 2020; and
62


the absence in 2021 of a $159 million loss ($119 million after-tax) recorded in 2020 to reflect the Texas Eastern rate case settlement that re-established the Excess Accumulated Deferred Income Tax (EDIT) regulated liability that was previously eliminated in December 2018; partially offset by
a non-cash, unrealized derivative fair value net gain of $197 million ($150 million after-tax) in 2021, compared with a net gain of $856 million ($646 million after-tax) in 2020, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange risks.

The non-cash, unrealized derivative fair value gains and losses discussed above generally arise as a result of a comprehensive long-term economic hedging program to mitigate interest rate, foreign exchange and commodity price risks. This program creates volatility in reported short-term earnings through the recognition of unrealized non-cash gains and losses on financial derivative instruments used to hedge these risks. Over the long-term, we believe our hedging program supports the reliable cash flows and dividend growth upon which our investor value proposition is based.

After taking into consideration the factors above, the remaining $657 million increase in earnings attributable to common shareholders is primarily explained by the following significant business factors:
stronger contributions from our Liquids Pipelines segment due to increased volumes enabled by incremental Line 3 capacity placed into service in the fourth quarter of 2021 and a higher Mainline International Joint Tariff (IJT) Benchmark Toll, partially offset by the recognition of a provision against the interim Mainline IJT for barrels shipped between July 1, 2021 and December 31, 2021;
increased earnings from our Gas Distribution and Storage segment due to increased rates and customer base;
higher equity earnings from our Aux Sable and DCP Midstream joint ventures in our Gas Transmission and Midstream; and
lower interest expense for the first nine months of 2021 due to favourable interest rates on short-term borrowings, and the impact of a weaker US dollar currency that positively impacted the translation of interest payments on US dollar denominated debt.

The business factors above were partially offset by the following:
decreased earnings from our Energy Services segment due to the significant compression of location and quality differentials in certain markets, fewer storage opportunities due to market backwardation, adverse impacts from the major winter storm experienced across the US Midwest during February 2021 and fewer opportunities to achieve profitable transportation margins on facilities in which Energy Services holds capacity obligations;
the net unfavorable effect of translating US dollar EBITDA to Canadian dollars at a lower average exchange rate in 2021 compared to the same period in 2020;
the absence in 2021 of the recognition of revenue in 2020 from a rate settlement on Texas Eastern, partially offset by increased revenue due to the absence of pressure restrictions that existed on the Texas Eastern system in 2020; and
higher depreciation expense on new assets placed into service throughout 2021, including the US L3R Program, placed into service early in the fourth quarter and the EIEC, acquired in mid-October.

REVENUES
We generate revenues from three primary sources: transportation and other services, gas distribution sales and commodity sales.

63


Transportation and other services revenues of $16.2 billion, $16.2 billion and $16.6 billion for the years ended December 31, 2021, 2020 and 2019, respectively, were earned from our crude oil and natural gas pipeline transportation businesses and also include power generation revenues from our portfolio of renewable and power generation assets. For our transportation assets operating under market-based arrangements, revenues are driven by volumes transported and the corresponding tolls for transportation services. For assets operating under take-or-pay contracts, revenues reflect the terms of the underlying contract for services or capacity. For rate-regulated assets, revenues are charged in accordance with tolls established by the regulator and, in most cost-of-service based arrangements, are reflective of our cost to provide the service plus a regulator-approved rate of return.

Gas distribution sales revenues of $4.0 billion, $3.7 billion and $4.2 billion for the years ended December 31, 2021, 2020 and 2019, respectively, were recognized in a manner consistent with the underlying rate-setting mechanism mandated by the regulator. Revenues generated by the gas distribution businesses are primarily driven by volumes delivered, which vary with weather and customer composition and utilization, as well as regulator-approved rates. The cost of natural gas is passed through to customers through rates and does not ultimately impact earnings due to its flow-through nature.

Commodity sales revenues of $26.9 billion, $19.3 billion and $29.3 billion for the years ended December 31, 2021, 2020 and 2019, respectively, were generated primarily through our Energy Services operations. Energy Services includes the contemporaneous purchase and sale of crude oil, natural gas, power and Natural Gas Liquids (NGLs) to generate a margin, which is typically a small fraction of gross revenue. While sales revenue generated from these operations are impacted by commodity prices, net margins and earnings are relatively insensitive to commodity prices and reflect activity levels which are driven by differences in commodity prices between locations, grades and points in time, rather than on absolute prices. Any residual commodity margin risk is closely monitored and managed. Revenues from these operations depend on activity levels, which vary from year-to-year depending on market conditions and commodity prices.

Our revenues also include changes in unrealized derivative fair value gains and losses related to foreign exchange and commodity price contracts used to manage exposures from movements in foreign exchange rates and commodity prices. The mark-to-market accounting creates volatility and impacts the comparability of revenues in the short-term, but we believe over the long-term, the economic hedging program supports reliable cash flows.

BUSINESS SEGMENTS

LIQUIDS PIPELINES
  2021 2020 2019
(millions of Canadian dollars)      
Earnings before interest, income taxes and depreciation and
amortization1
7,897  7,683  7,681 
1Non-GAAP financial measure.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was negatively impacted by $335 million due to certain unusual, infrequent or other non-operating factors, primarily explained by a non-cash, unrealized gain of $120 million in 2021 compared with an unrealized gain of $545 million in 2020 reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange risks.

64


The factor above was partially offset by the following:
a property tax settlement receipt of $57 million in 2021 related to the resolution of Minnesota property tax appeals for the tax years 2012 through 2018; and
the absence in 2021 of $30 million of asset impairment losses recognized in 2020.

After taking into consideration the factors above, the remaining $549 million increase is primarily explained by the following factors:
higher Mainline system ex-Gretna average throughput of 2.8 million barrels per day (mmbpd) in 2021 as compared to 2.6 mmbpd in 2020 driven by the rebounding demand for crude oil and related products as economies continue to recover from the impacts of the COVID-19 pandemic;
incremental L3R capacity that came into service October 2021 further supporting demand growth and the implementation of full L3R surcharge of US$0.93 per barrel beginning October 2021 compared to the Canadian L3R program US$0.20 per barrel;
a higher average IJT Benchmark Toll on our Mainline System of US$4.27 in 2021, compared with US$4.24 in 2020;
a higher foreign exchange hedge rate used to lock-in US dollar denominated Canadian Mainline revenue; and
higher equity income from our investment in the Seaway Crude Pipeline System driven by increased volumes.

The positive business factors above were partially offset by the following:
the recognition of a provision in the fourth quarter against the interim Mainline IJT for barrels shipped between July 1, 2021 and December 31, 2021; and
the net unfavorable effect of translating US dollar EBITDA to Canadian dollars at a lower average exchange rate in 2021 versus 2020.

GAS TRANSMISSION AND MIDSTREAM
  2021 2020 2019
(millions of Canadian dollars)      
Earnings before interest, income taxes and depreciation and amortization1
3,671  1,087  3,371 
1Non-GAAP financial measure.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was positively impacted by $2.6 billion due to certain unusual, infrequent or other non-operating factors primarily explained by the following:
an impairment loss of $111 million in 2021 to our investment in the PennEast pipeline project after a decision by project partners to cease development, compared to a combined impairment loss of $615 million in 2020 to our investments in SESH and Steckman;
the absence in 2021 of a $1.7 billion non-cash impairment to the carrying value of our investment in DCP Midstream and a $324 million loss resulting from our share of asset and goodwill impairments recognized by DCP Midstream, both recognized in 2020;
the absence in 2021 of a $159 million loss recorded in 2020 to reflect the Texas Eastern rate case settlement that re-established the EDIT regulated liability that was previously eliminated in December 2018; partially offset by
a negative impact in equity earnings of $44 million in 2021, compared with a positive impact of $22 million in 2020 relating to changes in the mark-to-market value of derivative financial instruments within our equity method investee, DCP Midstream.

65


After taking into consideration the factors above, we saw a $45 million decrease to EBITDA that is primarily explained by the following business factors:
the net unfavorable effect of translating US dollar EBITDA at a lower Canadian to US dollar average exchange rate in 2021, compared to the same period in 2020; and
the absence in 2021 of the recognition of revenue in 2020 that related to the settlement of interim rates collected from shippers on Texas Eastern, retroactive to June 1, 2019.

The factors above were partially offset by the following positive factors:
higher commodity prices benefiting equity earnings from our Aux Sable and DCP Midstream joint ventures;
increased revenue due to the absence of pressure restrictions that existed on the Texas Eastern system in 2020; and
a full year of contributions from the Atlantic Bridge Phase III project after it commenced service in January of 2021.

GAS DISTRIBUTION AND STORAGE
  2021 2020 2019
(millions of Canadian dollars)      
Earnings before interest, income taxes and depreciation and amortization1
2,117  1,748  1,747 
1Non-GAAP financial measure.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was positively impacted by $338 million due to certain unusual, infrequent or other non-operating factors primarily explained by the following:
a gain of $303 million resulting from the sale of our investment in Noverco; and
a non-cash, unrealized gain of $14 million in 2021, compared with a loss of $10 million in 2020, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange risks.

After taking into consideration the positive factors above, the remaining $31 million increase is primarily explained by the following significant business factors:
higher distribution charges resulting from increases in rates and customer base; and
higher storage revenue, mainly relating to storage optimization activities.

The positive business factors above were partially offset by the following factors:
higher operating and administrative costs largely related to operational, pipeline integrity and safety costs; and
when compared with the normal weather forecast embedded in rates, weather was warmer in both 2021 and 2020, negatively impacting EBITDA in both years. Warmer than normal weather in 2021 negatively impacted 2021 EBITDA by approximately $55 million, while the warmer than normal weather in 2020 negatively impacted 2020 EBITDA by approximately $33 million.

66


RENEWABLE POWER GENERATION

  2021 2020 2019
(millions of Canadian dollars)      
Earnings before interest, income taxes and depreciation and amortization1
508  523  111 
1Non-GAAP financial measure.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was negatively impacted by $15 million primarily explained by the following significant business factors:
weaker wind resources at Canadian and United States wind facilities and the effects from the Texas winter storm in February 2021; and
the absence in 2021 of reimbursements received in 2020 at certain Canadian wind facilities resulting from a change in operator; partially offset by
the sale of a 49% interest of an entity that holds our 50% interest in EMF.

ENERGY SERVICES
  2021 2020 2019
(millions of Canadian dollars)      
Earnings/(loss) before interest, income taxes and depreciation and amortization1
(313) (236) 250 
1Non-GAAP financial measure.

EBITDA from Energy Services is dependent on market conditions and results achieved in one period may not be indicative of results to be achieved in future periods.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was positively impacted by $164 million due to certain unusual, infrequent or other non-operating factors, primarily explained by a non-cash, unrealized net gain of $53 million in 2021, compared with a loss of $122 million in 2020, reflecting the revaluation of derivatives used to manage the profitability of transportation and storage transactions, as well as manage the exposure to movements in commodity prices.

After taking into consideration the positive factors above, the remaining $241 million decrease is primarily explained by the following significant business factors:
significant compression of location and quality differentials in certain markets;
limited storage opportunities in 2021 due to market backwardation compared to favorable storage opportunities in 2020;
fewer opportunities to achieve profitable transportation margins on facilities in which Energy Services holds capacity obligations; and
adverse impacts from the major winter storm experienced across the US Midwest during February 2021.

67


ELIMINATIONS AND OTHER
 
  2021 2020 2019
(millions of Canadian dollars)      
Earnings/(loss) before interest, income taxes and depreciation and amortization1
356  (113) 429 
1Non-GAAP financial measure.

Eliminations and Other includes operating and administrative costs which are not allocated to business segments and the impact of foreign exchange hedge settlements. Eliminations and Other also includes the impact of new business development activities and corporate investments.

Year ended December 31, 2021 compared with year ended December 31, 2020

EBITDA was positively impacted by $24 million due to certain unusual, infrequent or other non-operating factors, primarily explained by the following:
employee severance, transition and transformation costs of $87 million in 2021 compared with $279 million in 2020 primarily related to our voluntary workforce reduction program offered in the second quarter of 2020;
the absence in 2021 of a non-cash loss of $74 million in 2020 relating to the recognition of a corporate guarantee obligation; and
the absence in 2021 of a loss of $43 million in 2020 relating to the write-down of certain investments in emerging energy and other technologies; partially offset by
a non-cash, unrealized gain of $55 million in 2021 compared with a gain of $318 million in 2020 reflecting net fair value gains and losses arising from the change in the mark-to-market value of derivative financial instruments used to manage foreign exchange risk.

After taking into consideration the factors above, the remaining $445 million increase is primarily explained by realized gains related to settlements under our enterprise-wide foreign exchange risk management program which substantially offset the foreign currency exposures realized within our business segments’ results.

68


GROWTH PROJECTS – COMMERCIALLY SECURED PROJECTS
 
The following table summarizes the status of our commercially secured projects, organized by business segment:
Enbridge's Ownership Interest
Estimated
Capital
Cost1
Expenditures
to Date
2
Status2
Expected
In-Service
Date
(Canadian dollars, unless stated otherwise)
LIQUIDS PIPELINES
1. US Line 3 Replacement Program 100  % US$4.0 billion US$4.1 billion Complete In-service
2. Southern Access Expansion 100  % US$0.5 billion US$0.5 billion Complete In-service
3. Other - US 100  % US$0.1 billion US$0.1 billion Complete In-service
GAS TRANSMISSION AND MIDSTREAM
4. T-South Reliability & Expansion Program 100  % $1.0 billion $0.9 billion Complete In-service
5. Spruce Ridge Project 100  % $0.4 billion $0.4 billion Complete In-service
6.
Texas Eastern Modernization
100  % US$0.4 billion No significant expenditures to date Pre-construction 2024 - 2026
7. Appalachia to Market II 100  % US$0.1 billion No significant expenditures to date Pre-construction 2025
8.
Other - US3
Various US$0.6 billion US$0.4 billion Various stages 2021 - 2023
GAS DISTRIBUTION AND STORAGE
9.
System Enhancement Projects4
100  % $0.4 billion $0.1 billion Various stages 2021 - 2023
10. Storage Enhancements 100  % $0.1 billion No significant expenditures to date Under construction 2H - 2022
11.
Natural Gas Expansion Program5
100  % $0.1 billion No significant expenditures to date Pre-construction 2022 - 2027
RENEWABLE POWER GENERATION
12.
East-West Tie Line
25.0  % $0.2 billion $0.2 billion Under construction 1H - 2022
13.
Solar Self-Power Projects6
100  % US$0.2 billion No significant expenditures to date Pre-construction 2022 - 2023
14.
Saint-Nazaire France Offshore Wind Project7
25.5  % $0.9 billion $0.5 billion Under construction 2H - 2022
(€0.6 billion) (€0.3 billion)
15.
Provence Grand Large Floating Offshore Wind Project8
25.0  % $0.1 billion No significant expenditures to date Pre-construction 2023
(€0.1 billion)
16.
Fécamp Offshore Wind Project9
17.9  % $0.7 billion $0.3 billion Under construction 2023
(€0.5 billion) (€0.2 billion)
17.
Calvados Offshore Wind Project9
21.7  % $0.9 billion $0.1 billion Pre-construction 2024
(€0.6 billion) (€0.1 billion)
1These amounts are estimates and are subject to upward or downward adjustment based on various factors. Where appropriate, the amounts reflect our share of joint venture projects.
2Expenditures to date reflect total cumulative expenditures incurred from inception of the project up to December 31, 2021.
3Includes the US$0.1 billion Texas Eastern Middlesex Extension placed into service in September of 2021 and the US$0.1 billion Cameron Extension Project placed into service in November of 2021.
69


4Includes the $0.1 billion London Line Replacement Project placed into service in December of 2021. Total estimated capital cost consists of site restoration work expected to be completed in 2022.
5Represents Phase 2 of the Natural Gas Expansion Program (the Program) and the estimated capital cost is presented net of the maximum funding assistance we expect to receive from the Government of Ontario. The expected in-service dates represent the expected completion dates of the leave to construct requirements.
6Self-Power Projects consists of solar self-power projects along our liquids and gas transmission systems. All 10 projects will be located at existing pump and/or compressor stations.
7Reflects the sale of 49% of an entity that holds our 50% interest in EMF to CPP Investments that closed in the first quarter of 2021. Our equity contribution is $0.15 billion, with the remainder of the project financed through non-recourse project level debt.
8Reflects the sale of 50% of an entity that holds our 50% interest in Provence Grand Large to CPP Investments. Our equity contribution is $0.05 billion, with the remainder of the project financed through non-recourse project level debt for each project.
9Each project reflects the sale of 49% of an entity that holds our 50% interest in EMF to CPP Investments that closed in the first quarter of 2021. Our equity contribution is $0.1 billion, with the remainder of the project financed through non-recourse project level debt.

Risks related to the development and completion of growth projects are described under Part I. Item 1A. Risk Factors.

LIQUIDS PIPELINES

The following commercially secured growth projects were placed into service in 2021:

United States Line 3 Replacement Program – replacement of the existing Line 3 crude oil pipeline between Neche, North Dakota and Superior, Wisconsin is now complete and in-service. The US L3R Program supports the safety and operational reliability of the Mainline System, enhances system flexibility and allows us to optimize throughput on the mainline. The US L3R Program restored the original capacity of 760 kbpd and brought the total Mainline System operating capacity to approximately 3.1 mmbpd.

Southern Access Expansion – expansion of our existing Southern Access crude oil pipeline from 996 kbpd to approximately 1,200 kbpd.

GAS TRANSMISSION AND MIDSTREAM

The following commercially secured growth projects were placed into service in 2021:

Atlantic Bridge Phase III – an expansion of the Algonquin natural gas transmission systems which transports 133 million cubic feet per day (mmcf/d) of natural gas to the New England region. The third and final phase of Atlantic Bridge fully commenced service in January 2021 with the Weymouth compressor station being brought online.

T-South Reliability & Expansion Program – a natural gas pipeline expansion of Westcoast's BC Pipeline in southern BC that provides improved compressor reliability and additional capacity of approximately 190 mmcf/d into the Huntington/Sumas market at the US/Canada border.

Spruce Ridge Project – a natural gas pipeline expansion of Westcoast's BC Pipeline in northern BC. The project provides additional capacity of up to 402 mmcf/d.

The following commercially secured growth projects are currently in pre-construction stages:

Texas Eastern Modernization Phase II – this program is the modernization of compression facilities in Pennsylvania and New Jersey to increase safety and reliability and reduce associated greenhouse gas emissions at multiple sites on our Texas Eastern system. The program will be completed in stages over a period of years beginning in 2024.

70


Appalachia to Market II - the expansion is designed to deliver 55 MDth per day on the Texas Eastern pipeline from the Appalachia supply basin in Southwest Pennsylvania to existing local distribution company customers in New Jersey beginning in late 2025. The project is a brown-field expansion and upgrade of existing Texas Eastern facilities in Pennsylvania.

GAS DISTRIBUTION AND STORAGE

The following commercially secured growth project was placed into service in 2021:

System Enhancement Projects – The London Line Replacement Project replaced two existing pipelines known collectively as the London Line and included the construction of approximately 90.5- kilometers of natural gas pipeline and ancillary facilities in southern Ontario.

The following commercially secured growth projects are currently in various stages of construction:

System Enhancement Project – The Lake Shore Kipling Oshawa Loop (KOL) Replacement Project is a replacement of approximately 4.5-kilometers of natural gas pipeline and ancillary facilities of the Cherry to Bathurst segment of the KOL along Lake Shore Boulevard in the City of Toronto. The St. Laurent Ottawa North Replacement Project is a replacement of approximately 16-kilometers of natural gas pipeline in the City of Ottawa. The first two phases of this project have already been completed. Phases 3 and 4 represent approximately 11.4-kilometers of pipeline.

Storage Enhancements – Storage Enhancements are part of a larger delta pressuring project to increase deliverability and storage capacity at Enbridge Gas' storage facilities. The additional deliverability and storage capacity will be sold as part of Enbridge Gas' unregulated storage portfolio.

Natural Gas Expansion Program – The Program was created under the Access to Natural Gas Act, 2018 to help expand access to natural gas to areas of Ontario that currently do not have access to the natural gas distribution system. Under Phase 2 of the Program, we will be provided up to $214 million in funding assistance to deliver 25 community expansion and two economic development projects throughout Ontario.

RENEWABLE POWER GENERATION

The following commercially secured growth projects are currently in various stages of construction:

East-West Tie Line – a transmission project that will parallel an existing double-circuit, 230 kilovolt transmission line that connects the Wawa Transformer Station to the Lakehead Transformer Station near Thunder Bay, Ontario, including a connection midway in Marathon, Ontario.

Solar Self-Power Projects – 10 solar self-power projects under development in Wisconsin, Illinois, Pennsylvania, Kentucky, Ohio and Minnesota, with a combined estimate of 97 MW of emissions-free generating capacity. These projects will provide clean power directly to our liquids and natural gas pipeline rights-of-way.

Saint-Nazaire France Offshore Wind Project – a wind project located off the west coast of France that is expected to generate approximately 480-MW. Project revenues are backed by a 20-year fixed price power purchase agreement (PPA) with added power production protection.

Provence Grand Large Floating Offshore Wind Project – a floating offshore wind facility off the southern coast of France that secured funding in 2021 and continues to prepare onshore construction and is expected to generate approximately 24-MW. Project revenues are underpinned by a 20-year fixed price PPA.

71


Fécamp Offshore Wind Project an offshore wind project located off the northwest coast of France and is expected to generate approximately 500-MW. Project revenues are underpinned by a 20-year fixed price PPA.

Calvados Offshore Wind Project an offshore wind project located off the northwest coast of France that is expected to generate approximately 448-MW. Project revenues are underpinned by a 20-year fixed price power purchase agreement.

OTHER ANNOUNCED PROJECTS UNDER DEVELOPMENT
 
The following projects have been announced by us, but have not yet met our criteria to be classified as commercially secured:

LIQUIDS PIPELINES

Sea Port Oil Terminal Project – the Sea Port Oil Terminal (SPOT) project consists of onshore and offshore facilities, including a fixed platform located approximately 30 miles off the coast of Brazoria County, Texas. SPOT is designed to load very large crude carriers at rates of approximately 85,000 barrels per hour, or up to approximately 2 million bpd. Along with Enterprise Products Partners, L.P., we announced our intent to jointly develop and market SPOT, and we will work to finalize an equity participation agreement. The agreement will allow us to purchase an ownership interest in SPOT, subject to SPOT receiving a deep-water port license.

Enbridge Houston Oil Terminal – the terminal is expected to have an ultimate capability of up to 15 million barrels of storage, access to crude oil from all major North American production basins and will be fully integrated with the Seaway Crude Pipeline System to allow for access to Houston-area refineries, existing export facilities, the SPOT project and other facilities in the future.

GAS TRANSMISSION AND MIDSTREAM

Rio Bravo Pipeline – the Rio Bravo Pipeline is designed to transport up to 4.5 billion cubic feet per day (bcf/d) of natural gas from the Agua Dulce supply area to NextDecade Corporation's (NextDecade) Rio Grande liquefied natural gas (LNG) export facility in the Port of Brownsville, Texas. We have executed a precedent agreement with NextDecade under which we will provide firm transportation capacity on the Rio Bravo Pipeline to NextDecade's Rio Grande LNG export facility for a term of at least 20 years. Construction of the pipeline will be subject to the Rio Grande LNG export facility reaching a final investment decision.

72


Ridgeline Expansion Project Opportunity We are working on a potential expansion of the ETNG system which would provide additional natural gas for the Tennessee Valley Authority (TVA) to support the replacement of an existing coal-fired power plant as it continues to transition its generation mix towards lower-carbon fuels. The TVA environmental review scoping process has begun for this proposed plant; TVA published a Notice of Intent on the Federal Register on June 15, 2021 to initiate their review process. Several options to replace the retiring coal-fired generation would be assessed in TVA’s Environmental Impact Statement (EIS). Should the onsite natural gas option of building a combined cycle plant be selected through TVA’s review, we would deliver on the required expansion of the East Tennessee system. ETNG’s proposed project would consist of the installation of additional pipeline primarily along the ETNG system, the installation of one electric-powered compressor station and solar facilities behind the meter, as well as other design features all contributing to minimizing greenhouse gas emissions. Should TVA’s environmental assessment determine that the natural gas solution of building an onsite combined cycle plant is the optimal supply source, and pending the approval and receipt of all necessary permits, construction of the pipeline would begin in 2025 with a target in-service date of fall 2026.

Valley Crossing Expansion Project On January 10, 2022, we executed a precedent agreement with Texas LNG Brownsville LLC (Texas LNG) under which, via an expansion of our Valley Crossing Pipeline, we will provide 0.72 bcf/d firm transportation capacity to Texas LNG’s proposed LNG liquefaction and export facility in the Port of Brownsville, Texas for a term of at least 20 years. Expansion of the pipeline will be subject to Texas LNG’s export facility reaching a final investment decision.

Texas Eastern Venice Extension Project - a reversal and expansion of Texas Eastern’s Line 40 from its existing New Roads compressor station to a new delivery point with the proposed Gator Express pipeline just south of Texas Eastern’s Larose compressor station. The project is expected to deliver 1.26 bcf/d of feed gas to Venture Global’s proposed Plaquemines LNG export facility located in Plaquemine Parish, Louisiana. The expansion will be subject to the Plaquemines LNG export facility reaching a final investment decision.

We also have a portfolio of additional projects under development that have not yet progressed to the point of securement.

LIQUIDITY AND CAPITAL RESOURCES

The maintenance of financial strength and flexibility is fundamental to our growth strategy, particularly in light of the significant number and size of capital projects currently secured or under development. Access to timely funding from capital markets could be limited by factors outside our control including, but not limited to, financial market volatility resulting from economic and political events both inside and outside North America. To mitigate such risks, we actively manage financial plans and strategies to ensure we maintain sufficient liquidity to meet routine operating and future capital requirements. In the near term, we generally expect to utilize cash from operations together with commercial paper issuance and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures, fund debt retirements and pay common and preference share dividends. We target to maintain sufficient liquidity through securement of committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements for approximately one year without accessing the capital markets.

Material contractual obligations arising in the normal course of business primarily consist of long-term contracts, annual debt maturities and related interest obligations, rights-of-way and leases. See Part II. Item 8. Financial Statements and Supplementary data - Note 18 - Debt and Note 27 - Leases for amounts outstanding at December 31, 2021, related to debt and leases.

73


Long-term contracts are contracts that we have signed for the purchase of services, pipe and other materials totaling $5.9 billion which are expected to be paid over the next five years. Long-term contracts also consists of the following purchase obligations: gas transportation and storage contracts, firm capacity payments and gas purchase commitments, transportation, service and product purchase obligations, and power commitments.

Our financing plan is regularly updated to reflect evolving capital requirements and financial market conditions and identifies a variety of potential sources of debt and equity funding alternatives. Our current financing plan does not include any issuances of additional common equity. On January 19, 2022, we closed a $750 million private placement offering of non-call 10-year fixed-to-fixed subordinated notes which mature on January 19, 2082. The net proceeds from the offering will be used to redeem the Preference Shares, Series 17 at par on March 1, 2022.

CAPITAL MARKET ACCESS
We ensure ready access to capital markets, subject to market conditions, through maintenance of shelf prospectuses that allow for issuance of long-term debt, equity and other forms of long-term capital when market conditions are attractive. In accordance with our funding plan, we completed the following long-term debt issuances totaling US$3.9 billion and $3.2 billion in 2021:

Entity Issuance Date Type of Issuance Amount
(in millions of Canadian dollars, unless stated otherwise)  
Enbridge Inc. February 2021 Floating rate senior-notes US$500
Enbridge Inc. June 2021 Sustainability-linked senior notes US$1,000
Enbridge Inc. June, October 2021 Senior notes US$2,000
Enbridge Inc. September 2021 Medium-term notes $1,100
Enbridge Inc. September 2021 Sustainability-linked medium-term notes $400
Enbridge Gas Inc. September 2021 Medium-term notes $900
Enbridge Pipelines Inc. May 2021 Medium-term notes $800
Spectra Energy Partners, LP1
September 2021 Senior notes US$400
1Issued through Texas Eastern, a wholly-owned operating subsidiary of SEP.

Credit Facilities, Ratings and Liquidity
To ensure ongoing liquidity and to mitigate the risk of capital market disruption, we maintain ready access to funds through committed bank credit facilities and actively manage our bank funding sources to optimize pricing and other terms. The following table provides details of our committed credit facilities at December 31, 2021:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)        
Enbridge Inc. 2022-2026 9,137  7,837  1,300 
Enbridge (U.S.) Inc. 2023-2026 6,948  4,845  2,103 
Enbridge Pipelines Inc. 2023 3,000  667  2,333 
Enbridge Gas Inc. 2023 2,000  1,515  485 
Total committed credit facilities   21,085  14,864  6,221 
1Maturity date is inclusive of the one-year term out option for certain credit facilities.
2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.

On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability-linked credit facility for $1.0 billion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 billion.

74


On July 22 and 23, 2021, we renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023.

On February 10, 2022 we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $854 million was unutilized as at December 31, 2021. As at December 31, 2020, we had $849 million of uncommitted demand letter of credit facilities, of which $533 million was unutilized.

As at December 31, 2021, our net available liquidity totaled $6.5 billion (2020 - $12.7 billion), consisting of available credit facilities of $6.2 billion (2020 - $12.3 billion) and unrestricted Cash and cash equivalents of $286 million (2020 - $452 million) as reported in the Consolidated Statements of Financial Position.

Our credit facility agreements and term debt indentures include standard events of default and covenant provisions, whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at December 31, 2021, we were in compliance with all debt covenants and expect to continue to comply with such covenants.
 
Cash flow growth, proceeds from non-core asset dispositions, ready access to liquidity from diversified sources and a stable business model have enabled us to manage our credit profile. We actively monitor and manage key financial metrics with the objective of sustaining investment grade credit ratings from the major credit rating agencies and ongoing access to bank funding and term debt capital on attractive terms. Key measures of financial strength that are closely managed include the ability to service debt obligations from operating cash flow and the ratio of debt to EBITDA.
 
On June 1, 2021, Moody's upgraded the credit ratings of Enbridge Inc., including our senior unsecured and issuer ratings, to Baa1 from Baa2. Moody's also upgraded the credit ratings of our subsidiaries: EEP, EELP, SEP and Texas Eastern. The outlooks of all five entities are stable.

There are no material restrictions on our cash. Total Restricted cash of $34 million, as reported on the Consolidated Statements of Financial Position, primarily includes cash collateral and future pipeline abandonment costs collected and held in trust. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative use by us.

Excluding current maturities of long-term debt, as at December 31, 2021 and 2020, we had a negative working capital position of $3.1 billion and $3.7 billion, respectively. In both periods, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.
 
To address this negative working capital position, we maintain significant liquidity in the form of committed credit facilities and other sources as previously discussed, which enable the funding of liabilities as they become due.
 
75


SOURCES AND USES OF CASH

Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Operating activities 9,256  9,781  9,398 
Investing activities (10,657) (5,177) (4,658)
Financing activities 1,236  (4,770) (4,745)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash (5) (20) 44 
Net increase/(decrease) in cash and cash equivalents and restricted cash
(170) (186) 39 
 
Significant sources and uses of cash for the years ended December 31, 2021 and 2020 are summarized below:

Operating Activities
Typically, the primary factors impacting cash flow from operating activities year-over-year include changes in our operating assets and liabilities in the normal course due to various factors, including the impact of fluctuations in commodity prices and activity levels on working capital within our business segments, the timing of tax payments, as well as timing of cash receipts and payments generally. Refer to Part II. Item 8. Financial Statements and Supplementary Data - Note 28. Changes in Operating Assets and Liabilities. Cash provided by operating activities is also impacted by changes in earnings and certain unusual, infrequent and other non-operating factors, as discussed under Results of Operations.

Investing Activities
We continue with the execution of our growth capital program which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements.

A summary of additions to property, plant and equipment for the years ended December 31, 2021, 2020 and 2019 is set out below:

Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Liquids Pipelines 4,051  2,032  2,548 
Gas Transmission and Midstream 2,353  2,066  1,695 
Gas Distribution and Storage 1,343  1,134  1,100 
Renewable Power Generation 16  81  23 
Energy Services 1 
Eliminations and Other 54  90  124 
Total capital expenditures 7,818  5,405  5,492 

2021
The increase in cash used in investing activities primarily resulted from the following factors:
Our acquisition of Moda on October 12, 2021 and higher capital expenditures related to the completion of the US L3R Program, partially offset by higher proceeds received from dispositions in 2021 compared with 2020 due to the sale of our interest in Noverco on December 30, 2021.

2020
The increase in cash used in investing activities primarily resulted from the following factors:
Lower proceeds from asset dispositions in 2020 compared with 2019, primarily due to the sale of the federally regulated portion of our Canadian natural gas gathering and processing businesses assets on December 31, 2019.
76


The factor above was partially offset by lower contributions to the Gray Oak Holdings LLC equity investment in 2020, higher return of capital primarily from equity investments in Seaway Crude Holdings LLC, MarEn Bakken Company LLC, Gray Oak Holdings LLC and Enbridge Renewable Infrastructure Investments S.a.r.l., and lower net cash invested in affiliate loans in 2020 compared with 2019.

Financing Activities
Cash provided by and used in financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances and share redemptions. Cash from financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests.

2021
The increase in cash provided by financing activities primarily resulted from the following factors:
Increased issuances of long-term debt, commercial paper and credit facility draws and short-term borrowings, along with lower repayments of long-term debt in 2021 compared to 2020.
The factors above were partially offset by the redemption of Westcoast Energy Inc.'s (Westcoast) preferred shares in 2021 and increased common share dividend payments primarily due to the increase in our common share dividend rate.

2020
Cash used in financing activities in 2020 was consistent with 2019 due to the following factors:
Increased commercial paper and credit facility draws, increased short-term borrowings and lower repayments of long-term debt in 2020 compared with 2019, partially offset by lower issuances of long-term debt.
•    The absence in 2020 of the redemption of Westcoast's preferred shares in 2019.
•    The above factors were partially offset by increased common share dividend payments primarily due to the increase in our common share dividend rate.

OFF-BALANCE SHEET ARRANGEMENTS
We enter into guarantee arrangements in the normal course of business to facilitate commercial transactions with third parties. These arrangements include financial guarantees, stand-by letters of credit, debt guarantees, surety bonds and indemnifications. See Part II. Item 8. Financial Statements and Supplementary Data - Note 31 Guarantees for further discussion of guarantee arrangements.

Most of the guarantee arrangements that we enter into enhance the credit standings of certain subsidiaries, non-consolidated entities or less than 100%-owned entities, enabling them to conduct business. As such, these guarantee arrangements involve elements of performance and credit risk which are not included on our Consolidated Statements of Financial Position. The possibility of us having to honor our contingencies is largely dependent upon the future operations of our subsidiaries, investees and other third parties, or the occurrence of certain future events. Issuance of these guarantee arrangements is not required for the majority of our operations.

We do not have material off-balance sheet financing entities or structures, except for guarantee arrangements and financings entered into by our equity investments. For additional information on these commitments, see Part II. Item 8. Financial Statements and Supplementary Data - Note 30 Commitments and Contingencies and Note 31 Guarantees.

We do not have material off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

77


Preference Share Issuances
Since July 2011, we have issued 315 million preference shares for gross proceeds of approximately $7.9 billion with the following characteristics:
Gross Proceeds Dividend Rate
Dividend1
Per Share
Base
Redemption
Value2
Redemption
and Conversion
Option Date2,3
Right to
Convert
Into3,4
(Canadian dollars, unless otherwise stated)        
Series A $125 million 5.50  % $1.37500 $25 —  — 
Series B $457 million 3.42  % $0.85360 $25 June 1, 2022 Series C
Series C5
$43 million 3-month treasury bill plus 2.40% —  $25 June 1, 2022 Series B
Series D $450 million 4.46  % $1.11500 $25 March 1, 2023 Series E
Series F $500 million 4.69  % $1.17224 $25 June 1, 2023 Series G
Series H $350 million 4.38  % $1.09400 $25 September 1, 2023 Series I
Series J US$200 million 4.89  % US$1.22160 US$25 June 1, 2022 Series K
Series L US$400 million 4.96  % US$1.23972 US$25 September 1, 2022 Series M
Series N $450 million 5.09  % $1.27152 $25 December 1, 2023 Series O
Series P $400 million 4.38  % $1.09476 $25 March 1, 2024 Series Q
Series R $400 million 4.07  % $1.01825 $25 June 1, 2024 Series S
Series 1 US$400 million 5.95  % US$1.48728 US$25 June 1, 2023 Series 2
Series 3 $600 million 3.74  % $0.93425 $25 September 1, 2024 Series 4
Series 5 US$200 million 5.38  % US$1.34383 US$25 March 1, 2024 Series 6
Series 7 $250 million 4.45  % $1.11224 $25 March 1, 2024 Series 8
Series 9 $275 million 4.10  % $1.02424 $25 December 1, 2024 Series 10
Series 11 $500 million 3.94  % $0.98452 $25 March 1, 2025 Series 12
Series 13 $350 million 3.04  % $0.76076 $25 June 1, 2025 Series 14
Series 15 $275 million 2.98  % $0.74576 $25 September 1, 2025 Series 16
Series 17 $750 million 5.15  % $1.28750 $25 March 1, 2022 Series 18
Series 19 $500 million 4.90  % $1.22500 $25 March 1, 2023 Series 20
1The holder is entitled to receive a fixed, cumulative, quarterly preferential dividend, as declared by the Board of Directors. With the exception of Series A and Series C Preference Shares, such fixed dividend rate resets every five years beginning on the initial redemption and conversion option date. The Series 17 and Series 19 Preference Shares contain a feature where the fixed dividend rate, when reset every five years, will not be less than 5.15% and 4.90%, respectively. No other series of Preference Shares has this feature.
2Series A Preference Shares may be redeemed any time at our option. For all other series of Preference Shares, we may at our option, redeem all or a portion of the outstanding Preference Shares for the Base Redemption Value per share plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter.
3The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Base Redemption Value.
4With the exception of Series A Preference Shares, after the redemption and conversion option dates, holders may elect to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/number of days in a year) x three-month Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14), 2.7% (Series 16), 4.1% (Series 18) or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in a year) x three-month US Government treasury bill rate + 3.1% (Series K), 3.2% (Series M), 3.1% (Series 2) or 2.8% (Series 6).
5The floating quarterly dividend amount for the Series C Preference Shares was increased to $0.15501 from $0.15349 on March 1, 2021, was increased to $0.15753 from $0.15501 on June 1, 2021, was increased to $0.16081 from $0.15753 on September 1, 2021 and was decreased to $0.15719 from $0.16081 on December 1, 2021, due to reset on a quarterly basis following the issuance thereof.

PREFERENCE SHARE REDEMPTION
We intend to exercise our right to redeem all of our outstanding cumulative redeemable minimum rate reset preference shares, Series 17, on March 1, 2022 at a price of $25 per Series 17 share, together with all accrued and unpaid dividends, if any.

78


Dividends
We have paid common share dividends in every year since we became a publicly traded company in 1953. In December 2021, we announced a 3% increase in our quarterly dividend to $0.86 per common share, or $3.44 annualized, effective with the dividend payable on March 1, 2022, thereby making a dividend increase for 27 straight years.

For the years ended December 31, 2021 and 2020, total dividends paid were $6.8 billion and $6.6 billion, respectively, all of which were paid in cash and reflected in financing activities.

On December 6, 2021, our Board of Directors declared the following quarterly dividends. All dividends are payable on March 1, 2022 to shareholders of record on February 15, 2022.
Dividend per share
Common Shares1
$0.86000 
Preference Shares, Series A $0.34375 
Preference Shares, Series B $0.21340 
Preference Shares, Series C2
$0.15719 
Preference Shares, Series D $0.27875 
Preference Shares, Series F $0.29306 
Preference Shares, Series H $0.27350 
Preference Shares, Series J US$0.30540 
Preference Shares, Series L US$0.30993 
Preference Shares, Series N $0.31788 
Preference Shares, Series P $0.27369 
Preference Shares, Series R $0.25456 
Preference Shares, Series 1 US$0.37182 
Preference Shares, Series 3 $0.23356 
Preference Shares, Series 5 US$0.33596 
Preference Shares, Series 7 $0.27806 
Preference Shares, Series 9 $0.25606 
Preference Shares, Series 11 $0.24613 
Preference Shares, Series 13 $0.19019 
Preference Shares, Series 15 $0.18644 
Preference Shares, Series 17 $0.32188 
Preference Shares, Series 19 $0.30625 
1    The quarterly dividend per common share was increased 3% to $0.86 from $0.835, effective March 1, 2022.
2    The quarterly dividend per share paid on Series C was increased to $0.15501 from $0.15349 on March 1, 2021, was increased to $0.15753 from $0.15501 on June 1, 2021, was increased to $0.16081 from $0.15753 on September 1, 2021 and was decreased to $0.15719 from $0.16081 on December 1, 2021, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares.

79


SUMMARIZED FINANCIAL INFORMATION

On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, SEP and EEP (the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they fully and unconditionally guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. The Partnerships have also entered into supplemental indentures with Enbridge pursuant to which the Partnerships have issued full and unconditional guarantees, on a senior unsecured basis, of senior notes issued by Enbridge subsequent to January 22, 2019. As a result of the guarantees, holders of any of the outstanding guaranteed notes of the Partnerships (the Guaranteed Partnership Notes) are in the same position with respect to the net assets, income and cash flows of Enbridge as holders of Enbridge's outstanding guaranteed notes (the Guaranteed Enbridge Notes), and vice versa. Other than the Partnerships, Enbridge subsidiaries (including the subsidiaries of the Partnerships, collectively, the Subsidiary Non-Guarantors), are not parties to the subsidiary guarantee agreement and have not otherwise guaranteed any of Enbridge's outstanding series of senior notes.

Consenting SEP notes and EEP notes under Guarantee

SEP Notes1
EEP Notes2
4.750% Senior Notes due 2024 5.875% Notes due 2025
3.500% Senior Notes due 2025 5.950% Notes due 2033
3.375% Senior Notes due 2026 6.300% Notes due 2034
5.950% Senior Notes due 2043 7.500% Notes due 2038
4.500% Senior Notes due 2045 5.500% Notes due 2040
7.375% Notes due 2045
1As at December 31, 2021, the aggregate outstanding principal amount of SEP notes was approximately US$3.2 billion.
2As at December 31, 2021, the aggregate outstanding principal amount of EEP notes was approximately US$2.4 billion.

80


Enbridge Notes under Guarantees
US Dollar Denominated1
Canadian Dollar Denominated2
Floating Rate Senior Notes due 2022 4.850% Senior Notes due 2022
Floating Rate Senior Notes due 2023 3.190% Senior Notes due 2022
2.900% Senior Notes due 2022 3.940% Senior Notes due 2023
4.000% Senior Notes due 2023 3.940% Senior Notes due 2023
0.550% Senior Notes due 2023 3.950% Senior Notes due 2024
3.500% Senior Notes due 2024 2.440% Senior Notes due 2025
2.500% Senior Notes due 2025 3.200% Senior Notes due 2027
4.250% Senior Notes due 2026 6.100% Senior Notes due 2028
1.600% Senior Notes due 2026 2.990% Senior Notes due 2029
3.700% Senior Notes due 2027 7.220% Senior Notes due 2030
3.125% Senior Notes due 2029 7.200% Senior Notes due 2032
2.500% Sustainability-linked Senior Notes due 2033 3.100% Sustainability-linked Senior Notes due 2033
4.500% Senior Notes due 2044 5.570% Senior Notes due 2035
5.500% Senior Notes due 2046 5.750% Senior Notes due 2039
4.000% Senior Notes due 2049 5.120% Senior Notes due 2040
3.400% Senior Notes due 2051 4.240% Senior Notes due 2042
4.570% Senior Notes due 2044
4.870% Senior Notes due 2044
4.100% Senior Notes due 2051
4.560% Senior Notes due 2064
1As at December 31, 2021, the aggregate outstanding principal amount of the Enbridge US dollar denominated notes was approximately US$11 billion.
2As at December 31, 2021, the aggregate outstanding principal amount of the Enbridge Canadian dollar denominated notes was approximately $9.2 billion.

Rule 3-10 of the US Securities and Exchange Commission's (SEC) Regulation S-X provides an exemption from the reporting requirements of the Securities Exchange Act of 1934, as amended (Exchange Act) for fully consolidated subsidiary issuers of guaranteed securities and subsidiary guarantors and allows for summarized financial information in lieu of filing separate financial statements for each of the Partnerships.

The following Summarized Combined Statement of Earnings and the Summarized Combined Statements of Financial Position combines the balances of EEP, SEP and Enbridge.

Summarized Combined Statement of Earnings
Year ended December 31, 2021
(millions of Canadian dollars)
Operating loss (64)
Earnings 4,970 
Earnings attributable to common shareholders 4,604 

81


Summarized Combined Statements of Financial Position
December 31, 2021 December 31, 2020
(millions of Canadian dollars)
Accounts receivable from affiliates 3,442  2,108
Short-term loans receivable from affiliates 4,947  4,926
Other current assets 605  375
Long-term loans receivable from affiliates 51,983  43,217
Other long-term assets 3,732  4,237
Accounts payable to affiliates 1,982  1,267
Short-term loans payable to affiliates 2,891  4,117
Other current liabilities 8,110  5,628
Long-term loans payable to affiliates 41,370  32,035
Other long-term liabilities 41,353  41,353

The Guaranteed Enbridge Notes and the Guaranteed Partnership Notes are structurally subordinated to the indebtedness of the Subsidiary Non-Guarantors in respect of the assets of those Subsidiary Non-Guarantors.

Under US bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims may be subordinated to all other debts of that guarantor if, among other things, the guarantor, at the time the indebtedness evidenced by its guarantee or, in some states, when payments become due under the guarantee:

received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and was insolvent or rendered insolvent by reason of such incurrence;
was engaged in a business or transaction for which the guarantor’s remaining assets constituted unreasonably small capital; or
intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

The guarantees of the Guaranteed Enbridge Notes contain provisions to limit the maximum amount of liability that the Partnerships could incur without causing the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer under US federal or state law.

Each of the Partnerships is entitled to a right of contribution from the other Partnership for 50% of all payments, damages and expenses incurred by that Partnership in discharging its obligations under the guarantees for the Guaranteed Enbridge Notes.

Under the terms of the guarantee agreement and applicable supplemental indentures, the guarantees of either of the Partnerships of any Guaranteed Enbridge Notes will be unconditionally released and discharged automatically upon the occurrence of any of the following events:

any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of equity interests or otherwise, to any person that is not an affiliate of Enbridge, of any of Enbridge’s direct or indirect limited partnership of other equity interests in that Partnership as a result of which the Partnership ceases to be a consolidated subsidiary of Enbridge;
the merger of that Partnership into Enbridge or the other Partnership or the liquidation and dissolution of that Partnership;
the repayment in full or discharge or defeasance of those Guaranteed Enbridge Notes, as contemplated by the applicable indenture or guarantee agreement;
82


with respect to EEP, the repayment in full or discharge or defeasance of each of the consenting EEP notes listed above;
with respect to SEP, the repayment in full or discharge or defeasance of each of the consenting SEP notes listed above; or
with respect to any series of Guaranteed Enbridge Notes, with the consent of holders of at least a majority of the outstanding principal amount of that series of Guaranteed Enbridge Notes.

The guarantee obligations of Enbridge of the Guaranteed Partnership Notes will terminate with respect to any series of Guaranteed Partnership Notes if that series is discharged or defeased.

The Partnerships also guarantee the obligations of Enbridge under its existing credit facilities.

LEGAL AND OTHER UPDATES

LIQUIDS PIPELINES

Michigan Line 5 Dual Pipelines - Straits of Mackinac Easement
In 2019, the Michigan Attorney General filed a complaint in the Michigan Ingham County Circuit Court (the Court) that requests the Court to declare the easement granted in 1953 that we have for the operation of Line 5 in the Straits of Mackinac (the Straits) to be invalid and to prohibit continued operation of Line 5 in the Straits “as soon as possible after a reasonable notice period to allow orderly adjustments by affected parties”. On December 15, 2021, we removed the case to the US District Court in the Western District of Michigan (US District Court), where it was assigned to Judge Janet T. Neff. The removal of the Attorney General’s case to federal court follows a November 16, 2021 ruling (further described below) which held that the similar (and now dismissed) 2020 lawsuit brought by the Governor to force Line 5’s shutdown raised important federal issues that should be heard in federal court. On December 21, 2021, the Attorney General made a request to file a remand motion and on December 28, 2021, we responded to her request to file that motion. On January 5, 2022, the court issued an Order allowing the Attorney General to file a motion to remand the 2019 case. The Attorney General’s motion and brief was filed on January 14, 2022, and our response is due on February 11, 2022. The motion is expected to be fully briefed by March 2022.

On November 13, 2020, the Governor of Michigan and the Director of the Michigan Department of Natural Resources notified us that the State of Michigan (the State) was revoking and terminating the easement granted in 1953 that allows Line 5 to operate across the Straits. The notice demanded that the portion of Line 5 that crosses the Straits must be shut down by May 2021. On November 24, 2020, we filed in the US District Court for the Western District of Michigan a Notice of Removal, which removed the State’s November Complaint to federal court, and a Complaint for Declaratory and Injunctive Relief that requests the US District Court to enjoin the Governor from taking any action to prevent or impede the operation of Line 5. US District Court Judge Neff was assigned to the cases and on November 16, 2021, Judge Neff issued an order denying the State’s motion to remand its 2020 case back to Ingham County Circuit Court ,finding that the case should remain in federal court. Judge Neff also ruled in our favor on our motion for additional briefing and granted the Government of Canada’s motion to file a supplemental brief, which reiterated that the 1977 Transit Pipelines Treaty between the US and Canada had been invoked in October and that the matter is of great importance to Canada. Subsequently, the Governor voluntarily dismissed the State’s lawsuit on November 30, 2021.

Our lawsuit to prohibit the Governor of Michigan and Director of the Michigan Department of Natural Resources from interfering with the operation of Line 5, remains in federal court. On November 30, 2021 the State made a request to Judge Neff to file a motion to dismiss the complaint. On the same date, we made a request to file a motion for summary judgment. Briefing on these motions began on January 18, 2022 and is scheduled to be complete by April 2022.

83


In 2021, we completed the engineering and design phase of the Great Lakes Tunnel Project and we have begun the process of hiring a contractor to construct the tunnel. We continue to actively pursue state and federal regulatory permits from the US Army Corps of Engineers (Army Corps), the Michigan Department of Environment, Great Lakes & Energy (EGLE) and the Michigan Public Service Commission (MPSC). The EGLE permits were granted in the first quarter of 2021; one of the EGLE permits was challenged by the Bay Mills Indian Community. Dispositive motions are fully briefed and with the Administrative Law Judge for decision.

On June 23, 2021, the Army Corps announced they would proceed with an EIS for the Great Lakes Tunnel Project to replace Line 5 at the Straits. On June 23, 2021, we issued a statement stating that construction on this project would be delayed due to the EIS.

In the MPSC contested case proceeding, testimony has been filed, and the hearing took place during January 2022, with briefing scheduled to be complete by March 2022.

Dakota Access Pipeline
We own an effective interest of 27.6% in the Bakken Pipeline System, which is inclusive of DAPL. The Standing Rock Sioux Tribe and the Cheyenne River Sioux Tribe filed lawsuits in 2016 with the US Court for the District of Columbia (the District Court) contesting the lawfulness of the Army Corps easement for DAPL, including the adequacy of the Army Corps’ environmental review and tribal consultation process. The Oglala Sioux and Yankton Sioux Tribes also filed lawsuits alleging similar claims in 2018.

On June 14, 2017, the District Court found the Army Corps’ environmental review to be deficient and ordered the Army Corps to conduct further study concerning spill risks from DAPL. In August 2018, the Army Corps completed on remand the further environmental review ordered by the District Court and reaffirmed the issuance of the easement for DAPL. All four plaintiff Tribes subsequently amended their complaints to include claims challenging the adequacy of the Army Corps’ August 2018 remand decision.

On March 25, 2020, in response to amended complaints from the Tribes, the District Court found the Army Corps’ environmental review on remand was deficient and ordered the Army Corps to prepare an EIS to address unresolved controversy pertaining to potential spill impacts resulting from DAPL. On July 6, 2020, the District Court issued an order vacating the Army Corps’ easement for DAPL and ordering that the pipeline be shut down by August 5, 2020. Dakota Access, LLC and the Army Corps appealed the decision and filed a motion for a stay pending appeal with the US Court of Appeals for the District of Columbia Circuit. On August 5, 2020, the US Court of Appeals stayed the District Court’s July 6 order to shut down and empty the pipeline, but did not stay the District Court’s March 25 order requiring the Army Corps to prepare an EIS or the District Court’s July 6 order vacating the DAPL easement.

On January 26, 2021, the US Court of Appeals affirmed the District Court’s decision, holding that the Army Corps is required to prepare an EIS and that the Army Corps’ easement for DAPL is vacated. Dakota Access, LLC has since filed a petition asking the US Supreme Court to review the decision that an EIS is required. The US Court of Appeals also determined that, absent considering the closure of DAPL in the context of an injunction proceeding, the District Court could not order DAPL’s operations to cease. While not an issue before the US Court of Appeals, the US Court of Appeals also recognized that the Army Corps could consider whether to allow DAPL to continue to operate in the absence of an easement. On September 20, 2021, DAPL requested that the US Supreme Court review the US Court of Appeals decision. That request, opposed by the US Government and the Tribes, remands pending.
On May 21, 2021, the District Court dismissed the plaintiff Tribes’ request for an injunction enjoining DAPL from operating until the Army Corps has completed its EIS. The right of the plaintiff Tribes to appeal the denial of the injunction request expired on July 20, 2021. The Army Corps earlier indicated that it did not intend, at that time, to exercise its authority to bar DAPL’s continued operation, notwithstanding the absence of an easement and that it anticipates completing its EIS by March 2022.

84


On July 22, 2021, the Army Corps filed a notice with the District Court advising that the Pipeline and Hazardous Materials Safety Administration (PHMSA) issued a notice asserting violations of federal safety regulations resulting from the operation of DAPL. The Army Corps stated that it would consider PHMSA’s notice as part of its ongoing consideration of whether and how the Army Corps will enforce its rights on property crossed by the pipeline and in the context of the ongoing EIS. The Army Corps also granted the request from the Tribes to extend the EIS completion date to September 2022.

OTHER LITIGATION
We and our subsidiaries are involved in various other legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our consolidated financial position or results of operations.

TAX MATTERS
We and our subsidiaries maintain tax liabilities related to uncertain tax positions. While fully supportable in our view, these tax positions, if challenged by tax authorities, may not be fully sustained on review.

CRITICAL ACCOUNTING ESTIMATES

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP), which require management to make estimates, judgments and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. In making judgments and estimates, management relies on external information and observable conditions, where possible, supplemented by internal analysis as required. We believe our most critical accounting policies and estimates discussed below have an impact across the various segments of our business.

Business Combinations
We apply the provisions of Accounting Standards Codification (ASC) 805 Business Combinations in accounting for our acquisitions. The acquired long-lived assets, intangible assets and assumed liabilities are recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the date of acquisition, as well as any contingent consideration, our estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

Accounting for business combinations requires significant judgment, estimates and assumptions at the acquisition date. In developing estimates of fair values at the acquisition date, we utilize a variety of factors including market data, historical and future expected cash flows, growth rates and discount rates. The subjective nature of our assumptions increases the risk associated with estimates surrounding the projected performance of the acquired entity.

Goodwill Impairment
Goodwill represents the excess of the purchase price over the fair value of net identifiable assets on acquisition of a business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired.

85


We perform our impairment assessment annually on April 1 at the reporting unit level. Reporting units are determined by assessing whether the components of our operating segments constitute businesses for which discrete information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar.

We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment assessment. When performing a qualitative assessment, we determine the drivers of fair value for each reporting unit and evaluate whether those drivers have been positively or negatively affected by relevant events and circumstances since the last fair value assessment. Our evaluation includes, but is not limited to, assessment of macroeconomic trends, regulatory environments, capital accessibility, operating income trends, and industry conditions. Based on our assessment of the qualitative factors, if we determine it is more likely than not that the fair value of the reporting unit is less than it’s carrying amount, a quantitative goodwill impairment assessment is performed.

The quantitative goodwill impairment assessment involves determining the fair value of our reporting units and comparing those values to the carrying value of each corresponding reporting unit. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value, goodwill impairment is measured at the amount by which the reporting unit’s carrying value exceeds its fair value. This amount should not exceed the carrying amount of goodwill. Fair value of our reporting units is estimated using a combination of discounted cash flow models and earnings multiples techniques. The determination of fair value using the discounted cash flow model technique requires the use of estimates and assumptions related to discount rates, projected operating income, terminal value growth rates, capital expenditures and working capital levels. The cash flow projections include significant judgments and assumptions relating to discount rates and expected future capital expenditures. The determination of fair value using the earnings multiples technique requires assumptions to be made in relation to maintainable earnings and earnings multipliers for reporting units.

Our most recent annual assessment of the goodwill balance was performed on April 1, 2021. As at April 1, 2021, our reporting units were equivalent to our reportable segments. We performed a quantitative goodwill impairment assessment for the Gas Transmission and Midstream reporting unit and qualitative assessments for the Liquids Pipelines and Gas Distribution and Storage reporting units. Our goodwill impairment assessments did not result in an impairment charge. Also, we did not identify any indicators of goodwill impairment during the remainder of 2021.

Asset Impairment
We evaluate the recoverability of our property, plant and equipment when events or circumstances such as economic obsolescence, business climate, legal or regulatory changes, or other factors indicate we may not recover the carrying amount of our assets. We continually monitor our businesses, the market and business environments to identify indicators that could suggest an asset may not be recoverable. If it is determined that the carrying value of an asset exceeds the undiscounted cash flows expected from the asset, we will assess the fair value of the asset. An impairment loss is recognized when the carrying amount of the asset exceeds its fair value.

With respect to equity method investments, we assess at each balance sheet date whether there is objective evidence that the investment is impaired by completing a quantitative or qualitative analysis of factors impacting the investment. If there is objective evidence of impairment, we determine whether the decline below carrying value is other than temporary. If the decline is determined to be other than temporary, an impairment charge is recorded in earnings with an offsetting reduction to the carrying value of the investment.

86


Asset fair value is determined by quoted market prices in active markets or present value techniques. The determination of the fair value using present value techniques requires the use of projections and assumptions regarding future cash flows and weighted average cost of capital. Any changes to these projections and assumptions could result in revisions to the evaluation of the recoverability of the asset and the recognition of an impairment loss in the Consolidated Statements of Earnings.

Assets Held for Sale
We classify assets as held for sale when management commits to a formal plan to actively market an asset or a group of assets and when management believes it is probable the sale of the assets will occur within one year. We measure assets classified as held for sale at the lower of their carrying value and their estimated fair value less costs to sell.

Regulatory Accounting
Certain of our businesses are subject to regulation by various authorities, including but not limited to, the CER, the FERC, the Alberta Energy Regulator, La Régie de l’energie du Québec and the OEB. Regulatory bodies exercise statutory authority over matters such as construction, rates and ratemaking and agreements with customers. To recognize the economic effects of the actions of the regulator, the timing of recognition of certain revenues and expenses in these operations may differ from that otherwise expected under US GAAP for non-rate-regulated entities. Key determinants in the ratemaking process are:
Costs of providing service, including operating costs, capital invested, depreciation expense and taxes;
Allowed rate of return, including the equity component of the capital structure and related income taxes;
Interest costs on the debt component of the capital structure; and
Contract and volume throughput assumptions.

The allowed rate of return is determined in accordance with the applicable regulatory model and may impact our profitability. The rates for a number of our projects are based on a cost-of-service recovery model that follows the regulators’ authoritative guidance. Under the cost-of-service tolling methodology, we calculate tolls based on forecast volumes and cost. A difference between forecast and actual results causes an over or under recovery in any given year. Regulatory assets represent amounts that are expected to be recovered from customers in future periods through rates. Regulatory liabilities represent amounts that are expected to be refunded to customers in future periods through rates or expected to be paid to cover future abandonment costs in relation to the CER’s Land Matters Consultation Initiative (LMCI) and for future removal and site restoration costs as approved by the OEB.

To the extent that the regulator’s actions differ from our expectations, the timing and amount of recovery or settlement of regulatory balances could differ significantly from those recorded. In the absence of rate regulation, we would generally not recognize regulatory assets or liabilities and the earnings impact would be recorded in the period the expenses are incurred or revenues are earned. A regulatory asset or liability is recognized in respect of deferred income taxes when it is expected the amounts will be recovered or settled through future regulator-approved rates.

As at December 31, 2021 and 2020, our regulatory assets totaled $5.9 billion and $5.6 billion, respectively, and regulatory liabilities totaled $3.4 billion and $3.4 billion, respectively.

87


Depreciation
Depreciation of property, plant and equipment, our largest asset with a net book value at December 31, 2021 and 2020, of $100.1 billion and $94.6 billion, respectively, is charged in accordance with two primary methods. For distinct assets, depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets commencing when the asset is placed in service. For largely homogeneous groups of assets with comparable useful lives, the pool method of accounting is followed whereby similar assets are grouped and depreciated as a pool. When group assets are retired or otherwise disposed of, gains and losses are not reflected in earnings but are booked as an adjustment to accumulated depreciation.

When it is determined that the estimated service life of an asset no longer reflects the expected remaining period of benefit, prospective changes are made to the estimated service life. Estimates of useful lives are based on third party engineering studies, experience and/or industry practice. There are a number of assumptions inherent in estimating the service lives of our assets including the level of development, exploration, drilling, reserves and production of crude oil and natural gas in the supply areas served by our pipelines as well as the demand for crude oil and natural gas and the integrity of our systems. Changes in these assumptions could result in adjustments to the estimated service lives, which could result in material changes to depreciation expense in future periods in any of our business segments. For certain rate-regulated operations, depreciation rates are approved by the regulator and the regulator may require periodic studies or technical updates on useful lives which may change depreciation rates.

Pension and Other Postretirement Benefits
We use certain assumptions relating to the calculation of defined benefit pension and other postretirement liabilities and net periodic benefit costs. These assumptions comprise management’s best estimates of expected return on plan assets, future salary levels, other cost escalations, retirement ages of employees and other actuarial factors including discount rates and mortality. We determine discount rates by reference to rates of high-quality long-term corporate bonds with maturities that approximate the timing of future payments anticipated to be made under each of the respective plans. The expected return on plan assets is determined using market-related values and assumptions on the asset mix consistent with the investment policy relating to the assets and their projected returns. The assumptions are reviewed annually by our independent actuaries. Actual results that differ from results based on assumptions are amortized over future periods and, therefore, could materially affect the expense recognized and the recorded obligation in future periods.

The following sensitivity analysis identifies the impact on the December 31, 2021 Consolidated Financial Statements of a 0.5% change in key pension and other postretirement benefit obligations (OPEB) assumptions:
  Canada United States
  Obligation Expense Obligation Expense
(millions of Canadian dollars)        
Pension
Decrease in discount rate 378  31  70 
Decrease in expected return on assets —  21  — 
Decrease in rate of salary increase (71) (15) (6) (2)
OPEB
Decrease in discount rate 21  — 
Decrease in expected return on assets  N/A  N/A — 

88


Contingent Liabilities
Provisions for claims filed against us are determined on a case-by-case basis. Case estimates are reviewed on a regular basis and are updated as new information is received. The process of evaluating claims involves the use of estimates and a high degree of management judgment. Claims outstanding, the final determination of which could have a material impact on our financial results and certain subsidiaries and investments are detailed in Part II. Item 8. Financial Statements and Supplementary Data - Note 30. Commitments and Contingencies. In addition, any unasserted claims that later may become evident could have a material impact on our financial results and certain subsidiaries and investments.

Asset Retirement Obligations
Asset Retirement Obligations (ARO) associated with the retirement of long-lived assets are measured at fair value and recognized as Accounts payable and other or Other long-term liabilities in the period in which they can be reasonably determined. The fair value approximates the cost a third party would charge to perform the tasks necessary to retire such assets and is recognized at the present value of expected future cash flows. The discount rates used to estimate the present value of the expected future cash flows for the year ended December 31, 2021 ranged from 0.9% to 9.0% (2020 - 1.8% to 9.0%). ARO is added to the carrying value of the associated asset and depreciated over the asset’s useful life. The corresponding liability is accreted over time through charges to earnings and is reduced by actual costs of decommissioning and reclamation. Our estimates of retirement costs could change as a result of changes in cost estimates and regulatory requirements. Currently, for the majority of our assets, there is insufficient data or information to reasonably determine the timing of settlement for estimating the fair value of the ARO. In these cases, the ARO cost is considered indeterminate for accounting purposes, as there is no data or information that can be derived from past practice, industry practice or the estimated economic life of the asset.

In 2009, the CER issued a decision related to the LMCI, which required holders of an authorization to operate a pipeline under the CER Act to file a proposed process and mechanism to set aside funds to pay for future abandonment costs in respect of the sites in Canada used for the operation of a pipeline. The CER's decision stated that while pipeline companies are ultimately responsible for the full costs of abandoning pipelines, abandonment costs are a legitimate cost of providing service and are recoverable from the users of the pipeline upon approval by the CER. Following the CER's final approval of the collection mechanism and the set-aside mechanism for LMCI, we began collecting and setting aside funds to cover future abandonment costs effective January 1, 2015. The funds collected are held in trust in accordance with the CER decision. The funds collected from shippers are reported within Transportation and other services revenues and Restricted long-term investments. Concurrently, we reflect the future abandonment cost as an increase to Operating and administrative expense and Other long-term liabilities.

The Minnesota Public Utilities Commission (MPUC), in its June 28, 2018 decision granting the Line 3 Replacement Project’s Certificate of Need, required Enbridge to establish and fund a decommissioning trust (Decommissioning Trust Fund) for the purpose of funding the cost of retiring Line 3 Replacement Project assets at the end of their useful lives. Further to the Certificate of Need decision, in late 2021 the MPUC established a process for the purpose of determining the terms and conditions of the Decommissioning Trust Fund. Enbridge anticipates this MPUC process to be completed in 2022, with a decision from the MPUC in the second half of 2022. Enbridge expects to recover contributions necessary to fund the Decommissioning Trust Fund from its shippers through rates.

CHANGES IN ACCOUNTING POLICIES

Refer to Part II. Item 8. Financial Statements and Supplementary Data - Note 3. Changes in Accounting Policies.

89


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our earnings, cash flows and other comprehensive income (OCI) are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price.

The following summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below.
 
Foreign Exchange Risk
We generate certain revenues, incur expenses and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dollars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability.
 
We employ financial derivative instruments to hedge foreign currency denominated earnings exposure. A combination of qualifying and non-qualifying derivative instruments is used to hedge anticipated foreign currency denominated revenues and expenses and to manage variability in cash flows. We hedge certain net investments in US dollar denominated investments and subsidiaries using foreign currency derivatives and US dollar denominated debt.
 
Interest Rate Risk
Our earnings and cash flows are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. We monitor our debt portfolio mix of fixed and variable rate debt instruments to manage a consolidated portfolio of floating rate debt within the Board of Directors approved policy limit of a maximum of 30% of floating rate debt as a percentage of total debt outstanding. We primarily use qualifying derivative instruments to manage interest rate risk. Pay fixed-receive floating interest rate swaps may be used to hedge against the effect of future interest rate movements. We have implemented a program to mitigate the impact of short-term interest rate volatility on interest expense via execution of floating to fixed interest rate swaps with an average swap rate of 3.9%.

We are exposed to changes in the fair value of fixed rate debt that arise as a result of changes in market interest rates. Pay floating-receive fixed interest rate swaps are used, when applicable, to hedge against future changes to the fair value of fixed rate debt which mitigates the impact of fluctuations in fair value via execution of fixed to floating interest rate swaps. As at December 31, 2021, we do not have any pay floating-receive fixed interest rate swaps outstanding.

Our earnings and cash flows are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. Forward starting interest rate swaps are used to hedge against the effect of future interest rate movements. We have established a program including some of our subsidiaries to mitigate our exposure to long-term interest rate variability on select forecast term debt issuances via execution of floating to fixed interest rate swaps with an average swap rate of 2.0%.
 
Commodity Price Risk
Our earnings and cash flows are exposed to changes in commodity prices as a result of our ownership interests in certain assets and investments, as well as through the activities of our energy services subsidiaries. These commodities include natural gas, crude oil, power and NGL. We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use primarily non-qualifying derivative instruments to manage commodity price risk.
 
90


Equity Price Risk
Equity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through revaluation of the outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, restricted share units. We use a combination of qualifying and non-qualifying derivative instruments to manage equity price risk.

Market Risk Management
We have a Risk Policy to minimize the likelihood that adverse cash flow impacts arising from movements in market prices will exceed a defined risk tolerance. We identify and measure all material market risks including commodity price risks, interest rate risks, foreign exchange risk and equity price risk using a standardized measurement methodology. Our market risk metric consolidates the exposure after accounting for the impact of offsetting risks and limits the consolidated cash flow volatility arising from market related risks to an acceptable approved risk tolerance threshold. Our market risk metric is Cash Flow at Risk (CFaR).

CFaR is a statistically derived measurement used to measure the maximum cash flow loss that could potentially result from adverse market price movements over a one month holding period for price sensitive non-derivative exposures and for derivative instruments we hold or issue as recorded on the Consolidated Statements of Financial Position as at December 31, 2021. CFaR assumes that no further mitigating actions are taken to hedge or otherwise minimize exposures and the selection of a one month holding period reflects the mix of price risk sensitive assets at Enbridge. As a practical matter, a large portion of Enbridge’s exposure could be hedged or unwound in a much shorter period if required to mitigate the risks.

The consolidated CFaR policy limit for Enbridge is 3.5% of its forward 12 month normalized cash flow. At December 31, 2021 and 2020 CFaR was $103 million and $128 million or 0.9% and 1.2%, respectively, of estimated 12 month forward normalized cash flow.

LIQUIDITY RISK
Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12 month rolling time period to determine whether sufficient funds will be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. We also maintain current shelf prospectuses with securities regulators which enables ready access to either the Canadian or US public capital markets, subject to market conditions. In addition, we maintain sufficient liquidity through committed credit facilities with a diversified group of banks and institutions which, if necessary, enables us to fund all anticipated requirements for approximately one year without accessing the capital markets. We are in compliance with all the terms and conditions of our committed credit facility agreements and term debt indentures as at December 31, 2021. As a result, all credit facilities are available to us and the banks are obligated to fund and have been funding us under the terms of the facilities.
 
CREDIT RISK
Entering into derivative instruments may result in exposure to credit risk from the possibility that a counterparty will default on its contractual obligations. In order to mitigate this risk, we enter into risk management transactions primarily with institutions that possess strong investment grade credit ratings. Credit risk relating to derivative counterparties is mitigated through maintenance and monitoring of credit exposure limits and contractual requirements, netting arrangements, and ongoing monitoring of counterparty credit exposure using external credit rating services and other analytical tools.
 
91


We generally have a policy of entering into individual International Swaps and Derivatives Association, Inc. agreements, or other similar derivative agreements, with the majority of our financial derivative counterparties. These agreements provide for the net settlement of derivative instruments outstanding with specific counterparties in the event of bankruptcy or other significant credit events and reduce our credit risk exposure on financial derivative asset positions outstanding with the counterparties in those circumstances.

FAIR VALUE MEASUREMENTS
Our financial assets and liabilities measured at fair value on a recurring basis include derivative instruments. We also disclose the fair value of other financial instruments not measured at fair value. The fair value of financial instruments reflects our best estimates of market value based on generally accepted valuation techniques or models and is supported by observable market prices and rates. When such values are not available, we use discounted cash flow analysis from applicable yield curves based on observable market inputs to estimate fair value.

92


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Enbridge Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated statements of financial position of Enbridge Inc. and its subsidiaries (together, the Company) as of December 31, 2021 and 2020, and the related consolidated statements of earnings, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2021, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

93


Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
94


Goodwill impairment assessment
As described in Notes 2 and 16 to the consolidated financial statements, the Company’s goodwill balance was $32,775 million at December 31, 2021. As disclosed by management, an annual goodwill impairment assessment is performed at the reporting unit level as of April 1 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. Management has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment assessment. In making the qualitative assessment, management considers macroeconomic trends, changes to regulatory environments, capital accessibility, operating income trends, and changes to industry conditions. The quantitative goodwill impairment assessment involves determining the fair value of the Company’s reporting units and comparing those values to the carrying value of each reporting unit, including goodwill. Fair value is estimated using a combination of discounted cash flow and earnings multiples techniques. The determination of fair value using the discounted cash flow technique requires the use of estimates and assumptions related to discount rates, projected operating income, terminal value growth rates, expected future capital expenditures and working capital levels. The determination of fair value using the earnings multiples technique requires assumptions to be made in relation to maintainable earnings and earnings multipliers for reporting units. In the current year, the quantitative goodwill impairment assessment was performed for the Gas Transmission and Midstream (Gas Transmission) reporting unit, while the qualitative goodwill impairment assessments were performed for the Liquids Pipelines and Gas Distribution and Storage reporting units.
The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment is a critical audit matter are the significant judgment required by management when (i) developing the significant assumptions related to operating income trends used in the qualitative assessment for all reporting units outside of the Gas Transmission reporting unit, and (ii) developing such significant assumptions as discount rates, projected operating income, expected future capital expenditures and earnings multipliers used to estimate the fair value of the Gas Transmission reporting unit. This led to a high degree of auditor judgment, effort and subjectivity in performing procedures to evaluate the reasonableness of management’s significant assumptions used in the qualitative assessment and the quantitative assessment of the Gas Transmission reporting unit. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing the procedures and evaluating the audit evidence obtained over the quantitative assessment.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over (i) the development of significant assumptions related to operating income trends used in the qualitative assessment and (ii) the determination of the fair value estimate of the Gas Transmission reporting unit. These procedures also included, among others (i) evaluating the reasonableness of significant assumptions used by management in the qualitative assessment of the Company’s reporting units, specifically those related to operating income trends and (ii) testing management’s process for developing the fair value estimate of the Gas Transmission reporting unit. Testing management’s process for developing the fair value estimate of the Gas Transmission reporting unit included evaluating the appropriateness of the discounted cash flow and the earnings multiples models; testing the completeness, accuracy, and relevance of underlying data used in the models; and evaluating the reasonableness of significant assumptions used by management in determining the fair value estimate including discount rates, projected operating income, expected future capital expenditures and earnings multipliers.
95


Assessing the reasonableness of projected operating income and its trends, and expected future capital expenditures, involved evaluating whether these significant assumptions were reasonable considering the current and past performance of the Company’s reporting units, external industry data, and evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of management’s discounted cash flow and earnings multiples models and evaluating the reasonableness of assumptions used in the models, specifically discount rates and earnings multipliers.

/s/PricewaterhouseCoopers LLP
Chartered Professional Accountants
Calgary, Canada
February 11, 2022
We have served as the Company's auditor since 1949.












96


ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars, except per share amounts)
Operating revenues
Commodity sales 26,873  19,259  29,309 
Gas distribution sales 4,026  3,663  4,205 
Transportation and other services 16,172  16,165  16,555 
Total operating revenues (Note 4)
47,071  39,087  50,069 
Operating expenses
Commodity costs 26,608  18,890  28,802 
Gas distribution costs 2,094  1,779  2,202 
Operating and administrative 6,712  6,749  6,991 
Depreciation and amortization 3,852  3,712  3,391 
Impairment of long-lived assets   —  423 
Total operating expenses 39,266  31,130  41,809 
Operating income 7,805  7,957  8,260 
Income from equity investments (Note 13)
1,711  1,136  1,503 
Impairment of equity investments (Note 13)
(111) (2,351) — 
Other income/(expense)
Net foreign currency gain 286  181  477 
Gain/(loss) on dispositions 319  (17) (300)
Other 374  74  258 
Interest expense (Note 18)
(2,655) (2,790) (2,663)
Earnings before income taxes 7,729  4,190  7,535 
Income tax expense (Note 25)
(1,415) (774) (1,708)
Earnings
6,314  3,416  5,827 
Earnings attributable to noncontrolling interests (125) (53) (122)
Earnings attributable to controlling interests
6,189  3,363  5,705 
Preference share dividends (373) (380) (383)
Earnings attributable to common shareholders
5,816  2,983  5,322 
Earnings per common share attributable to common shareholders (Note 6)
2.87  1.48  2.64 
Diluted earnings per common share attributable to common shareholders (Note 6)
2.87  1.48  2.63 
 
The accompanying notes are an integral part of these consolidated financial statements.
97


ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)
Earnings 6,314  3,416  5,827 
Other comprehensive income/(loss), net of tax
Change in unrealized gain/(loss) on cash flow hedges 162  (457) (437)
Change in unrealized gain on net investment hedges 49  102  281 
Other comprehensive income/(loss) from equity investees (12) (1) 40 
Excluded components of fair value hedges (5) — 
Reclassification to earnings of loss on cash flow hedges 235  198  127 
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts 21  13  13 
Reclassification to earnings of gain on equity investees (62) —  — 
Actuarial gain/(loss) on pension and OPEB 394  (167) (96)
Foreign currency translation adjustments (507) (853) (3,035)
Other comprehensive income/(loss), net of tax 275  (1,160) (3,107)
Comprehensive income 6,589  2,256  2,720 
Comprehensive income attributable to noncontrolling interests (95) (22) (7)
Comprehensive income attributable to controlling interests 6,494  2,234  2,713 
Preference share dividends (373) (380) (383)
Comprehensive income attributable to common shareholders 6,121  1,854  2,330 
 
The accompanying notes are an integral part of these consolidated financial statements.

98


ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars, except per share amounts)
Preference shares (Note 21)
     
Balance at beginning and end of year 7,747  7,747  7,747 
Common shares (Note 21)
Balance at beginning of year 64,768  64,746  64,677 
Shares issued on exercise of stock options 31  22  69 
Balance at end of year 64,799  64,768  64,746 
Additional paid-in capital
Balance at beginning of year 277  187  — 
Stock-based compensation 28  30  34 
Repurchase of noncontrolling interest   —  65 
Options exercised (23) (21) (61)
Change in reciprocal interest 98  76  117 
Other (15) 32 
Balance at end of year 365  277  187 
Deficit      
Balance at beginning of year (9,995) (6,314) (5,538)
Earnings attributable to controlling interests 6,189  3,363  5,705 
Preference share dividends (373) (380) (383)
Common share dividends declared (6,818) (6,612) (6,125)
Dividends paid to reciprocal shareholder 8  17  18 
Modified retrospective adoption of ASU 2016-13 Financial Instruments - Credit Losses
  (66) — 
Other   (3)
Balance at end of year (10,989) (9,995) (6,314)
Accumulated other comprehensive income/(loss) (Note 23)
Balance at beginning of year (1,401) (272) 2,672 
Other comprehensive income/(loss) attributable to common shareholders, net of tax 305  (1,129) (2,992)
Other   —  48 
Balance at end of year (1,096) (1,401) (272)
Reciprocal shareholding
Balance at beginning of year (29) (51) (88)
Change in reciprocal interest 29  22  37 
Balance at end of year   (29) (51)
Total Enbridge Inc. shareholders’ equity 60,826  61,367  66,043 
Noncontrolling interests (Note 20)
     
Balance at beginning of year 2,996  3,364  3,965 
Earnings attributable to noncontrolling interests 125  53  122 
Other comprehensive loss attributable to noncontrolling interests, net of tax
Change in unrealized loss on cash flow hedges (15) (6) (7)
Foreign currency translation adjustments (15) (25) (108)
  (30) (31) (115)
Comprehensive income attributable to noncontrolling interests 95  22 
Distributions (271) (300) (254)
Contributions 15  23  12 
Redemption of noncontrolling interests (293) (112) (300)
Repurchase of noncontrolling interest   —  (65)
Other   (1) (1)
Balance at end of year 2,542  2,996  3,364 
Total equity 63,368  64,363  69,407 
Dividends paid per common share 3.34  3.24  2.95 
 The accompanying notes are an integral part of these consolidated financial statements.

99


ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)
Operating activities      
Earnings 6,314  3,416  5,827 
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization 3,852  3,712  3,391 
Deferred income tax expense (Note 25)
1,091  447  1,156 
Unrealized derivative fair value gain, net (Note 24)
(173) (756) (1,751)
Income from equity investments (1,711) (1,136) (1,503)
Distributions from equity investments 1,630  1,392  1,804 
Impairment of long-lived assets   —  423 
Impairment of equity investments 111  2,351  — 
(Gain)/loss on dispositions (319) (6) 254 
Other 77  268  56 
Changes in operating assets and liabilities (Note 28)
(1,616) 93  (259)
Net cash provided by operating activities 9,256  9,781  9,398 
Investing activities      
Capital expenditures (7,818) (5,405) (5,492)
Long-term investments and restricted long-term investments (640) (487) (1,159)
Distributions from equity investments in excess of cumulative earnings 533  705  417 
Additions to intangible assets (275) (215) (200)
Acquisitions (3,785) (24) — 
Proceeds from dispositions 1,263  265  2,110 
Affiliate loans, net 65  (16) (314)
Other   —  (20)
Net cash used in investing activities (10,657) (5,177) (4,658)
Financing activities
Net change in short-term borrowings 394  223  (127)
Net change in commercial paper and credit facility draws 2,960  1,542  825 
Debenture and term note issues, net of issue costs 8,032  5,230  6,176 
Debenture and term note repayments (2,264) (4,463) (4,668)
Contributions from noncontrolling interests 15  23  12 
Distributions to noncontrolling interests (271) (300) (254)
Common shares issued 5  18 
Preference share dividends (367) (380) (383)
Common share dividends (6,766) (6,560) (5,973)
Redemption of preferred shares held by subsidiary (Note 20)
(415) —  (300)
Other (87) (90) (71)
Net cash provided by/(used in) financing activities 1,236  (4,770) (4,745)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash (5) (20) 44 
Net increase/(decrease) in cash and cash equivalents and restricted cash (170) (186) 39 
Cash and cash equivalents and restricted cash at beginning of year 490  676  637 
Cash and cash equivalents and restricted cash at end of year 320  490  676 
Supplementary cash flow information    
Cash paid for income taxes 489  524  571 
Cash paid for interest, net of amount capitalized 2,427  2,538  2,738 
Property, plant and equipment non-cash accruals 831  801  730 
The accompanying notes are an integral part of these consolidated financial statements.

100


ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2021 2020
(millions of Canadian dollars; number of shares in millions)
Assets    
Current assets    
Cash and cash equivalents 286  452 
Restricted cash 34  38 
Accounts receivable and other (Note 9)
6,862  5,258 
Accounts receivable from affiliates 107  66 
Inventory (Note 10)
1,670  1,536 
  8,959  7,350 
Property, plant and equipment, net (Note 11)
100,067  94,571 
Long-term investments (Note 13)
13,324  13,818 
Restricted long-term investments (Note 14)
630  553 
Deferred amounts and other assets 8,613  8,446 
Intangible assets, net (Note 15)
4,008  2,080 
Goodwill (Note 16)
32,775  32,688 
Deferred income taxes (Note 25)
488  770 
Total assets 168,864  160,276 
Liabilities and equity    
Current liabilities    
Short-term borrowings (Note 18)
1,515  1,121 
Accounts payable and other (Note 17)
9,767  9,228 
Accounts payable to affiliates 90  22 
Interest payable 693  651 
Current portion of long-term debt (Note 18)
6,164  2,957 
  18,229  13,979 
Long-term debt (Note 18)
67,961  62,819 
Other long-term liabilities 7,617  8,783 
Deferred income taxes (Note 25)
11,689  10,332 
105,496  95,913 
Commitments and contingencies (Note 30)
Equity
Share capital (Note 21)
Preference shares 7,747  7,747 
Common shares (2,026 outstanding at December 31, 2021 and 2020)
64,799  64,768 
Additional paid-in capital 365  277 
Deficit (10,989) (9,995)
Accumulated other comprehensive loss (Note 23)
(1,096) (1,401)
Reciprocal shareholding   (29)
Total Enbridge Inc. shareholders’ equity 60,826  61,367 
Noncontrolling interests (Note 20)
2,542  2,996 
  63,368  64,363 
Total liabilities and equity 168,864  160,276 
 
Variable Interest Entities (VIE) (Note 12)
The accompanying notes are an integral part of these consolidated financial statements.

101


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INDEX
    Page
1. Business Overview
103
2. Significant Accounting Policies
104
3. Changes in Accounting Policies
115
4. Revenue
116
5. Segmented Information
121
6. Earnings per Common Share
123
7. Regulatory Matters
123
8. Acquisitions and Dispositions
126
9. Accounts Receivable and Other
129
10. Inventory
129
11. Property, Plant and Equipment
129
12. Variable Interest Entities
130
13. Long-Term Investments
133
14. Restricted Long-Term Investments
135
15. Intangible Assets
136
16. Goodwill
137
17. Accounts Payable and Other
137
18. Debt
138
19. Asset Retirement Obligations
141
20. Noncontrolling Interests
142
21. Share Capital
142
22. Stock Option and Stock Unit Plans
145
23. Components of Accumulated Other Comprehensive Income/(Loss)
148
24. Risk Management and Financial Instruments
149
25. Income Taxes
161
26. Pension and Other Postretirement Benefits
164
27. Leases
173
28. Changes in Operating Assets and Liabilities
175
29. Related Party Transactions
175
30. Commitments and Contingencies
176
31. Guarantees
177
32. Quarterly Financial Data (Unaudited)
178

102


1. BUSINESS OVERVIEW

The terms "we," "our," "us" and "Enbridge" as used in this report refer collectively to Enbridge Inc. and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within Enbridge.
 
Enbridge is a publicly traded energy transportation and distribution company. We conduct our business through five business segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. These reporting segments are strategic business units established by senior management to facilitate the achievement of our long-term objectives, to aid in resource allocation decisions and to assess operational performance.

LIQUIDS PIPELINES
Liquids Pipelines consists of pipelines and terminals in Canada and the United States (US) that transport various grades of crude oil and other liquid hydrocarbons, including the Mainline System, Regional Oil Sands System, Gulf Coast and Mid-Continent, Southern Lights Pipeline, Express-Platte System, Bakken System, and Feeder Pipelines and Other. This segment also includes Moda Midstream Operating, LLC (Moda) which was acquired on October 12, 2021 (Note 8) and is a component of Gulf Coast and Mid-Continent.

GAS TRANSMISSION AND MIDSTREAM
Gas Transmission and Midstream consists of our investments in natural gas pipelines and gathering and processing facilities in Canada and the US, including US Gas Transmission, Canadian Gas Transmission, US Midstream and Other.

GAS DISTRIBUTION AND STORAGE
Gas Distribution and Storage consists of our natural gas utility operations, the core of which is Enbridge Gas Inc. (Enbridge Gas), which serves residential, commercial and industrial customers located throughout Ontario. This business segment also includes natural gas distribution activities in Québec and an investment in Noverco Inc. (Noverco). We sold our investment in Noverco to Trencap L.P. on December 30, 2021 (Note 13).

RENEWABLE POWER GENERATION
Renewable Power Generation consists primarily of investments in wind and solar assets, as well as geothermal, waste heat recovery and transmission assets. In North America, assets are primarily located in the provinces of Alberta, Saskatchewan, Ontario and Québec, and in the states of Colorado, Texas, Indiana and West Virginia. We also have offshore wind assets in operation and under development in the United Kingdom, Germany and France.

ENERGY SERVICES
Our Energy Services businesses in Canada and the US undertake physical commodity marketing activity and logistical services to manage our volume commitments on various pipeline systems. Energy Services also provides energy marketing services to North American refiners, producers and other customers.

ELIMINATIONS AND OTHER
In addition to the business segments noted above, Eliminations and Other includes operating and administrative costs that are not allocated to business segments as well as a foreign exchange hedging program. Eliminations and Other also includes new business development activities and corporate investments.

103


2. SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). Amounts are stated in Canadian dollars unless otherwise noted. As a Securities and Exchange Commission (SEC) registrant, we are permitted to use US GAAP for the purposes of meeting both our Canadian and US continuous disclosure requirements.

BASIS OF PRESENTATION AND USE OF ESTIMATES
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities in the consolidated financial statements. Significant estimates and assumptions used in the preparation of the consolidated financial statements include, but are not limited to: variable consideration included in revenue (Note 4); carrying values of regulatory assets and liabilities (Note 7); purchase price allocations (Note 8); unbilled revenues; expected credit losses; depreciation rates and carrying value of property, plant and equipment (Note 11); amortization rates and carrying value of intangible assets (Note 15); measurement of goodwill (Note 16); fair value of asset retirement obligations (ARO) (Note 19); valuation of stock-based compensation (Note 22); fair value of financial instruments (Note 24); provisions for income taxes (Note 25); assumptions used to measure retirement benefits and OPEB (Note 26); commitments and contingencies (Note 30); and estimates of losses related to environmental remediation obligations (Note 30). Actual results could differ from these estimates.

Certain comparative figures in our consolidated financial statements have been reclassified to conform to the current year's presentation.

PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include our accounts and accounts of our subsidiaries and VIEs for which we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Upon inception of a contractual agreement, we perform an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a VIE. The primary beneficiary has both 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 entity that could potentially be significant to the VIE. Where we conclude that we are the primary beneficiary of a VIE, we consolidate the accounts of that VIE. We assess all variable interests in the entity and use our judgment when determining if we are the primary beneficiary. Other qualitative factors that are considered include 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. We assess the primary beneficiary determination for a VIE on an ongoing basis if there are changes in the facts and circumstances related to a VIE. If an entity is determined to not be a VIE, the voting interest entity model is applied, where an investor holding the majority voting rights consolidates the entity. The consolidated financial statements also include the accounts of any limited partnerships where we represent the general partner and, based on all facts and circumstances, control such limited partnerships, unless the limited partner has substantive participating rights or substantive kick-out rights. For certain investments where we retain an undivided interest in assets and liabilities, we record our proportionate share of assets, liabilities, revenues and expenses.

104


All significant intercompany accounts and transactions are eliminated upon consolidation. Ownership interests in subsidiaries represented by other parties that do not control the entity are presented in the consolidated financial statements as activities and balances attributable to noncontrolling interests. Investments and entities over which we exercise significant influence are accounted for using the equity method.

REGULATION
Certain parts of our businesses are subject to regulation by various authorities including, but not limited to, the Canada Energy Regulator (CER), the Federal Energy Regulatory Commission (FERC), the Alberta Energy Regulator, the Ontario Energy Board (OEB) and La Régie de l’energie du Québec. Regulatory bodies exercise statutory authority over matters such as construction, rates and ratemaking and agreements with customers. To recognize the economic effects of the actions of the regulator, the timing of recognition of certain revenues and expenses in these operations may differ from that otherwise expected under US GAAP for non-rate-regulated entities.

Regulatory assets represent amounts that are expected to be recovered from customers in future periods through rates. Regulatory liabilities represent amounts that are expected to be refunded to customers in future periods through rates or expected to be paid to cover future abandonment costs in relation to the CER’s Land Matters Consultation Initiative (LMCI). Regulatory assets are assessed for impairment if we identify an event indicative of possible impairment. The recognition of regulatory assets and liabilities is based on the actions, or expected future actions, of the regulator. To the extent that the regulator’s actions differ from our expectations, the timing and amount of recovery or settlement of regulatory balances could differ significantly from those recorded. In the absence of rate regulation, we would generally not recognize regulatory assets or liabilities and the earnings impact would be recorded in the period the expenses are incurred or revenues are earned. A regulatory asset or liability is recognized in respect of deferred income taxes when it is expected the amounts will be recovered or settled through future regulator-approved rates. We believe that the recovery of our regulatory assets as at December 31, 2021 is probable over the periods described in Note 7 - Regulatory Matters.

Allowance for funds used during construction (AFUDC) is included in the cost of property, plant and equipment and is depreciated over future periods as part of the total cost of the related asset. AFUDC includes both an interest component and, if approved by the regulator, a cost of equity component, which are both capitalized based on rates set out in a regulatory agreement. The corresponding impact on earnings is included in Interest expense for the interest component and Other income/(expense) for the equity component. In the absence of rate regulation, we would capitalize interest using a capitalization rate based on our cost of borrowing, whereas the capitalized equity component, the corresponding earnings during the construction phase and the subsequent depreciation relating to the equity component would not be recognized.

Under the pool method prescribed by certain regulators, it is not possible to identify the carrying value of the equity component of AFUDC or its effect on depreciation. Similarly, gains and losses on the retirement of certain specific fixed assets in any given year cannot be identified or quantified.

With the approval of regulators, certain operations capitalize a percentage of specified operating costs. These operations are authorized to charge depreciation and earn a return on the net book value of such capitalized costs in future years. In the absence of rate regulation, a portion of such operating costs would be charged to earnings in the year incurred.

For certain regulated operations to which US GAAP guidance for phase-in plans applies, negotiated depreciation rates recovered in transportation tolls may be less than the depreciation expense calculated in accordance with US GAAP in early years of long-term contracts but recovered in future periods when tolls exceed depreciation. Depreciation expense on such assets is recorded in accordance with US GAAP and no regulatory asset is recorded.

105


REVENUE RECOGNITION
For businesses that are not rate-regulated, revenues are recorded when products have been delivered or services have been performed, the amount of revenue can be reliably measured and collectability is reasonably assured. Customer creditworthiness is assessed prior to agreement signing, as well as throughout the contract duration. Certain revenues from liquids and gas pipeline businesses are recognized under the terms of committed delivery contracts rather than the cash tolls received.

Long-term take-or-pay contracts, under which shippers are obligated to pay fixed amounts ratably over the contract period regardless of volumes shipped, may contain make-up rights. Make-up rights are earned by shippers when minimum volume commitments are not utilized during the period but under certain circumstances can be used to offset overages in future periods, subject to expiry. We recognize revenues associated with make-up rights at the earlier of when the make-up volume is shipped, the make-up right expires or when it is determined that the likelihood that the shipper will utilize the make-up right is remote.

Certain offshore pipeline transportation contracts require us to provide transportation services for the life of the underlying producing fields. Under these arrangements, shippers pay us a fixed monthly toll for a defined period of time which may be shorter than the estimated reserve life of the underlying producing fields, resulting in a contract period which extends past the period of cash collection. Fixed monthly toll revenues are recognized ratably over the committed volume made available to shippers throughout the contract period, regardless of when cash is received.

For the years ended December 31, 2021, 2020 and 2019, cash received net of revenue recognized for contracts under make-up rights and similar deferred revenue arrangements was $127 million, $292 million and $169 million, respectively.

For rate-regulated businesses, revenues are recognized in a manner that is consistent with the underlying agreements as approved by the regulators. Natural gas utility revenues are recorded based on regular meter readings and estimates of customer usage from the last meter reading to the end of the reporting period. Estimates are based on historical consumption patterns and heating degree days experienced. Heating degree days is a measure of coldness that is indicative of volumetric requirements for natural gas utilized for heating purposes in our distribution franchise areas.

Our Energy Services segment enters into commodity purchase and sale arrangements that are recorded on a gross basis as the related contracts are not held for trading purposes and we are acting as the principal in the transactions.

Our largest non-affiliated customer accounted for approximately 13.5% of our third-party revenues for the year ended December 31, 2021 and 13.6% for the year ended December 31, 2020. No non-affiliated customer exceeded 10% of our third-party revenues for the year ended December 31, 2019.
 
DERIVATIVE INSTRUMENTS AND HEDGING
Non-qualifying Derivatives
Non-qualifying derivative instruments are used primarily to economically hedge foreign exchange, interest rate and commodity price earnings exposure. Non-qualifying derivatives are measured at fair value with changes in fair value recognized in earnings in Commodity sales, Transportation and other services revenue, Commodity costs, Operating and administrative expense, Net foreign currency gain/(loss) and Interest expense.

106


Derivatives in Qualifying Hedging Relationships
We use derivative financial instruments to manage our exposure to changes in commodity prices, foreign exchange rates, interest rates and certain compensation tied to our share price. Hedge accounting is optional and requires us to document the hedging relationship and test the hedging item’s effectiveness in offsetting changes in fair values or cash flows of the underlying hedged item on an ongoing basis. We present the earnings effects of hedging items with the hedged transaction. Derivatives in qualifying hedging relationships are categorized as cash flow hedges, fair value hedges or net investment hedges.

Cash Flow Hedges
We use cash flow hedges to manage our exposure to changes in commodity prices, foreign exchange rates, interest rates and certain compensation tied to our share price. The change in the fair value of a cash flow hedging instrument is recorded in Other comprehensive income/(loss) (OCI) and is reclassified to earnings when the hedged item impacts earnings.

If a derivative instrument designated as a cash flow hedge ceases to be effective or is terminated, hedge accounting is discontinued and the gain or loss at that date is deferred in OCI and recognized in earnings concurrently with the related transaction. If an anticipated hedged transaction is no longer probable, the gain or loss is recognized immediately in earnings. Subsequent gains and losses from derivative instruments for which hedge accounting has been discontinued are recognized in earnings in the period in which they occur.

Fair Value Hedges
We may use fair value hedges to hedge the fair value of debt instruments. The change in the fair value of the hedging instrument is recorded in earnings with changes in the fair value of the hedged risk of the asset or liability that is designated as part of the hedging relationship. If a fair value hedge is discontinued or ceases to be effective, the hedged risk of the asset or liability ceases to be remeasured at fair value and the cumulative fair value adjustment to the carrying value of the hedged item is recognized in earnings over the remaining life of the hedged item.

Net Investment Hedges
Gains and losses arising from the translation of our net investment in foreign operations from their functional currencies to Enbridge’s Canadian dollar presentation currency are included in cumulative translation adjustments (CTA), a component of OCI. We currently have designated a portion of our US dollar denominated debt, as well as a portfolio of foreign exchange forward contracts in prior periods, as a hedge of our net investment in US dollar denominated investments and subsidiaries. As a result, the change in fair value of the foreign currency derivatives as well as the translation of US dollar denominated debt are reflected in OCI. Amounts recognized previously in Accumulated other comprehensive income/(loss) (AOCI) are reclassified to earnings when there is a reduction of the hedged net investment resulting from the disposal of a foreign operation.

Classification of Derivatives
We recognize the fair value of derivative instruments in the Consolidated Statements of Financial Position as current and non-current assets or liabilities depending on the timing of settlements and the resulting cash flows associated with the instruments. Fair value amounts related to cash flows occurring beyond one year are classified as non-current.

Cash inflows and outflows related to derivative instruments are classified as Operating activities in the Consolidated Statements of Cash Flows.

Balance Sheet Offset
Assets and liabilities arising from derivative instruments may be offset in the Consolidated Statements of Financial Position when we have the legal right and intention to settle them on a net basis.

107


Transaction Costs
Transaction costs are incremental costs directly related to the acquisition of a financial asset or the issuance of a financial liability. We incur transaction costs primarily from the issuance of debt and account for these costs as a reduction to Long-term debt in the Consolidated Statements of Financial Position. These costs are amortized using the effective interest rate method over the term of the related debt instrument and are recorded in Interest expense.

EQUITY INVESTMENTS
Equity investments over which we exercise significant influence, but do not have controlling financial interests, are accounted for using the equity method. Equity investments are initially measured at cost and are adjusted for our proportionate share of undistributed equity earnings or loss. Equity investments are increased for contributions made to, and decreased for distributions received from, the investee. To the extent an equity investee undertakes activities necessary to commence its planned principal operations, we capitalize interest costs associated with the investment during such period.

RESTRICTED LONG-TERM INVESTMENTS
Long-term investments that are restricted as to withdrawal or usage, for the purposes of the CER’s LMCI, are presented as Restricted long-term investments in the Consolidated Statements of Financial Position.

OTHER INVESTMENTS
Generally, we classify equity investments in entities over which we do not exercise significant influence and that do not have readily determinable fair values as other investments measured using the fair value measurement alternative (FVMA). These investments are recorded at cost minus impairment, if any, plus or minus the impact of observable price changes occurring in orderly transactions for an identical or similar investment of the same issuer. Investments in equity securities measured using the FVMA are reviewed for impairment each reporting period and written down to their fair value if objective evidence of impairment is identified. Equity investments with readily determinable fair values are measured at fair value through earnings. Dividends received from investments in equity securities are recognized in earnings when the right to receive payment is established.

Investments in debt securities are classified as available-for-sale and measured at fair value through OCI.

NONCONTROLLING INTERESTS
Noncontrolling interests represent ownership interests attributable to third parties in certain consolidated subsidiaries. The portion of equity not owned by us in such entities is reflected as Noncontrolling interests within the equity section of the Consolidated Statements of Financial Position.

INCOME TAXES
Income taxes are accounted for using the liability method. Deferred income tax assets and liabilities are recorded based on temporary differences between the tax bases of assets and liabilities and their carrying values for accounting purposes. Deferred income tax assets and liabilities are measured using the tax rate that is expected to apply when the temporary differences reverse. For our regulated operations, a deferred income tax liability or asset is recognized with a corresponding regulatory asset or liability, respectively, to the extent that taxes can be recovered through rates. Any interest and/or penalty incurred related to tax is reflected in Income tax expense.

108


FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
Foreign currency transactions are those transactions whose terms are denominated in a currency other than the currency of the primary economic environment in which Enbridge or a reporting subsidiary operates, referred to as the functional currency. Transactions denominated in foreign currencies are translated to the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rate in effect as at the balance sheet date. Exchange gains and losses resulting from the translation of monetary assets and liabilities are included in the Consolidated Statements of Earnings in the period in which they arise.

Gains and losses arising from the translation of foreign operations' functional currencies to our Canadian dollar presentation currency are included in the CTA component of AOCI and are recognized in earnings upon sale of the foreign operation. Asset and liability accounts are translated at the exchange rates in effect as at the balance sheet date, while revenues and expenses are translated using monthly average exchange rates.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents include short-term investments with a term to maturity of three months or less when purchased.

RESTRICTED CASH
Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific commercial arrangements, are presented as Restricted cash in the Consolidated Statements of Financial Position.

LOANS AND RECEIVABLES
Affiliate long-term notes receivable are measured at amortized cost using the effective interest rate method, net of any impairment losses recognized. Accounts receivable and other are measured at cost. Interest income is recognized in earnings as it is earned with the passage of time.

CURRENT EXPECTED CREDIT LOSSES
For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations. Other loan receivables and applicable off-balance sheet commitments utilize a discounted cash flow methodology which calculates the current expected credit losses based on historical default probability rates associated with the credit rating of the counterparty and the related term of the loan or commitment, adjusted for forward-looking information and management expectations.

NATURAL GAS IMBALANCES
The Consolidated Statements of Financial Position include balances as a result of differences in gas volumes received from, and delivered for, customers. As settlement of certain imbalances is in-kind, changes in the balances do not have an effect on our Consolidated Statements of Earnings or Consolidated Statements of Cash Flows. Most natural gas volumes owed to or by us are valued at natural gas market index prices as at the balance sheet dates.

109


INVENTORY
Inventory is comprised of natural gas held in storage by Enbridge Gas, crude oil and natural gas held primarily by businesses in the Energy Services segment and materials and supplies. Natural gas held in storage by Enbridge Gas is recorded at the quarterly prices approved by the OEB in the determination of distribution rates. The actual price of gas purchased may differ from the OEB approved price. The difference between the approved price and the actual cost of gas purchased is deferred as a liability for future refund, or as an asset for collection as approved by the OEB. Other inventory is recorded at the lower of cost, as determined on a weighted average basis, or market value. Upon disposition, other commodities inventory is recorded to Commodity costs in the Consolidated Statements of Earnings at the weighted average cost of inventory, including any adjustments recorded to reduce inventory to market value. Materials and supplies inventory is recorded at the lower of average cost or net realizable value.

PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is recorded at historical cost. Expenditures for construction, expansion, major renewals and betterments are capitalized. Maintenance and repair costs are expensed as incurred. Expenditures for project development are capitalized if they are expected to have future benefit. We capitalize interest incurred during construction for non-rate-regulated assets. For rate-regulated assets, AFUDC is included in the cost of property, plant and equipment and is depreciated over future periods as part of the total cost of the related asset. AFUDC includes both an interest component and, if approved by the regulator, a cost of equity component.
 
Two primary methods of depreciation are utilized. For distinct assets, depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets commencing when the asset is placed in-service. For largely homogeneous groups of assets with comparable useful lives, the pool method of accounting for property, plant and equipment is followed whereby similar assets are grouped and depreciated as a pool. When group assets are retired or otherwise disposed of, gains and losses are generally not reflected in earnings but are booked as an adjustment to accumulated depreciation.

LEASES
We recognize an arrangement as a lease when a customer has the right to obtain substantially all of the economic benefits from the use of an asset, as well as the right to direct the use of the asset. We recognize right-of-use (ROU) assets and the related lease liabilities in the Consolidated Statements of Financial Position for operating lease arrangements with a term of 12 months or longer. We do not separate non-lease components from the associated lease components of our lessee contracts and account for both components as a single lease component. We combine lease and non-lease components within a contract for operating lessor leases when certain conditions are met. ROU assets are assessed for impairment using the same approach applied for other long-lived assets.

Lease liabilities and ROU assets require the use of judgment and estimates which are applied in determining the term of a lease, appropriate discount rates, whether an arrangement contains a lease, whether there are any indicators of impairment for ROU assets and whether any ROU assets should be grouped with other long-lived assets for impairment testing.

DEFERRED AMOUNTS AND OTHER ASSETS
Deferred amounts and other assets primarily consists of costs that regulatory authorities have permitted, or are expected to permit, to be recovered through future rates, including: deferred income taxes; the fair value adjustment to long-term debt; actual cost of removal of previously retired or decommissioned plant assets; and actuarial gains and losses arising from defined benefit pension plans.

110


INTANGIBLE ASSETS
Intangible assets consist primarily of certain software costs, customer relationships and emission allowances. We capitalize costs incurred during the application development stage of internal use software projects. Customer relationships represent the underlying relationship from long-term agreements with customers that are capitalized upon acquisition. Intangible assets are generally amortized on a straight-line basis over their expected lives, commencing when the asset is available for use, with the exception of emission allowances, which are not amortized as they will be used to satisfy compliance obligations as they come due.

GOODWILL
Goodwill represents the excess of the purchase price over the fair value of net identifiable assets upon acquisition of a business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired. We perform our annual review of the goodwill balance on April 1.

We perform our annual review for impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar.

We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment assessment. When performing a qualitative assessment, we determine the drivers of fair value for each reporting unit and evaluate whether those drivers have been positively or negatively affected by relevant events and circumstances since the last fair value assessment. Our evaluation includes, but is not limited to, the assessment of macroeconomic trends, regulatory environments, capital accessibility, operating income trends and industry conditions. Based on our assessment of qualitative factors, if we determine it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative goodwill impairment assessment is performed.

The quantitative goodwill impairment assessment involves determining the fair value of our reporting units and comparing those values to the carrying value of each reporting unit. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value, goodwill impairment is measured at the amount by which the reporting unit’s carrying value exceeds its fair value. This amount should not exceed the carrying amount of goodwill. The fair value of our reporting units is estimated using a combination of discounted cash flow and earnings multiples techniques. The determination of fair value using the discounted cash flow technique requires the use of estimates and assumptions related to discount rates, projected operating income, terminal value growth rates, capital expenditures and working capital levels. Cash flow projections include significant judgments and assumptions relating to discount rates and expected future capital expenditures. The determination of fair value using the earnings multiples technique requires assumptions to be made in relation to maintainable earnings and earnings multipliers for reporting units.

The allocation of goodwill to held-for-sale and disposed businesses is based on the relative fair value of businesses included in the relevant reporting unit.

On April 1, 2021, we performed a quantitative goodwill impairment assessment for the Gas Transmission and Midstream reporting unit and qualitative assessments for the Liquids Pipelines and Gas Distribution and Storage reporting units. Our goodwill impairment assessments did not result in an impairment charge. Also, we did not identify any indicators of goodwill impairment during the remainder of 2021.

111


IMPAIRMENT
We review the carrying values of our long-lived assets as events or changes in circumstances warrant. If it is determined that the carrying value of an asset exceeds its expected undiscounted cash flows, we will calculate fair value based on the discounted cash flows and write the asset down to the extent that the carrying value exceeds the fair value.

With respect to investments in debt securities and equity investments, we assess at each balance sheet date whether there is objective evidence that a financial asset is impaired by completing a quantitative or qualitative analysis of factors impacting the investment. If there is objective evidence of impairment, we value the expected discounted cash flows using observable market inputs. We determine whether the decline below carrying value is other-than-temporary for equity method investments or is due to a credit loss for investments in debt securities. If the decline is determined to be other-than-temporary for equity method investments or is due to a credit loss for investments in debt securities, an impairment charge is recorded in earnings with an offsetting reduction to the carrying value of the asset.

ASSET RETIREMENT OBLIGATIONS
ARO associated with the retirement of long-lived assets are measured at fair value and recognized as Accounts payable and other or Other long-term liabilities in the period in which they can be reasonably determined. Fair value approximates the cost a third party would charge to perform the tasks necessary to retire such assets and is recognized at the present value of expected future cash flows. ARO are added to the carrying value of the associated asset and depreciated over the asset’s useful life. The corresponding liability is accreted over time through charges to earnings and is reduced by actual costs of decommissioning and reclamation. Our estimates of retirement costs could change as a result of changes in cost estimates and regulatory requirements. Currently, for the majority of our assets, it is not possible to make a reasonable estimate of ARO due to the indeterminate timing and scope of the asset retirements.

PENSION AND OTHER POSTRETIREMENT BENEFITS
We sponsor defined benefit and defined contribution pension plans, and defined benefit OPEB plans, which provide group health care, life insurance benefits and other postretirement benefits.

Defined benefit pension obligation and net periodic benefit cost are estimated using the projected unit credit method, which incorporates management’s best estimates of future salary levels, other cost escalations, retirement ages of employees and other actuarial factors, including discount rates and mortality. The OPEB benefit obligation and net periodic benefit cost are estimated using the projected unit credit method, where benefits are attributed to years of service, taking into consideration projection of benefit costs.

We use mortality tables issued by the Society of Actuaries in the US (revised in 2021) and the Canadian Institute of Actuaries (revised in 2014) to measure the benefit obligations of our US pension plans (the US Plans) and our Canadian pension plans (the Canadian Plans), respectively.

We determine discount rates by reference to rates of high-quality long-term corporate bonds with maturities that approximate the timing of future payments we anticipate making under each of the respective plans.

Funded pension and OPEB plan assets are measured at fair value. The expected return on funded pension and OPEB plan assets is determined using market-related values and assumptions on the invested asset mix consistent with the investment policies relating to the plan assets. The market-related values reflect estimated return on investments consistent with long-term historical averages for similar assets.

112


Actuarial gains and losses arise from the difference between the actual and expected rate of return on plan assets for that period (for funded pension and OPEB plans) or from changes in actuarial assumptions used to determine the accrued benefit obligation, including discount rate, changes in headcount and salary inflation experience.

The excess of the fair value of a plan’s assets over the fair value of a plan’s benefit obligation is recognized as Deferred amounts and other assets in the Consolidated Statements of Financial Position. The excess of the fair value of a plan’s benefit obligation over the fair value of a plan’s assets is recognized as Accounts payable and other and Other long-term liabilities in the Consolidated Statements of Financial Position.

Net periodic benefit cost is charged to earnings and includes:
cost of benefits provided in exchange for employee services rendered during the year (current service cost);
interest cost of plan obligations;
expected return on plan assets (for funded pension and OPEB plans);
amortization of prior service costs on a straight-line basis over the expected average remaining service period of the active employee group covered by the plans; and
amortization of cumulative unrecognized net actuarial gains and losses in excess of 10% of the greater of the accrued benefit obligation or the fair value of plan assets, over the expected average remaining service life of the active employee group covered by the plans.

Cumulative unrecognized net actuarial gains and losses and prior service costs arising from defined benefit pension plans for our non-utility operations and from defined benefit OPEB plans are presented as a component of AOCI in the Consolidated Statements of Changes in Equity. Any unrecognized actuarial gains and losses and prior service costs and credits related to those plans that arise during the period are recognized as a component of OCI, net of tax. Cumulative unrecognized net actuarial gains and losses and prior service costs arising from defined benefit pension plans for our utility operations, which have been permitted or are expected to be permitted by the regulators, to be recovered through future rates, are presented as a component of Deferred amounts and other assets in the Consolidated Statements of
Financial Position.

Our utility operations also record regulatory adjustments to reflect the difference between certain net periodic benefit costs for accounting purposes and net periodic benefit costs for ratemaking purposes. Offsetting regulatory assets or liabilities are recorded to the extent net periodic benefit costs are expected to be collected from or refunded to customers, respectively, in future rates. In the absence of rate regulation, regulatory assets or liabilities would not be recorded and net periodic benefit costs would be charged to earnings and OCI on an accrual basis.

For defined contribution plans, contributions made by us are expensed in the period in which the contribution occurs.

STOCK-BASED COMPENSATION
Incentive Stock Options (ISO) granted are recorded using the fair value method. Under this method, compensation expense is measured at the grant date based on the fair value of the ISO granted as calculated by the Black-Scholes-Merton model and is recognized on a straight-line basis over the shorter of the vesting period or the period to early retirement eligibility, with a corresponding credit to Additional paid-in capital. Balances in Additional paid-in capital are transferred to Share capital when the options are exercised.

113


Performance Stock Units (PSU) and Restricted Stock Units (RSU) are cash settled awards for which the related liability is remeasured each reporting period. PSUs vest at the completion of a three-year term and RSUs vest one-third annually from the grant date. During the vesting term, compensation expense is recorded based on the number of units outstanding and the current market price of Enbridge’s shares with an offset to Accounts payable and other or to Other long-term liabilities. The value of the PSUs is also dependent on our performance relative to performance targets set out under the plan.

COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES
We expense or capitalize, as appropriate, expenditures for ongoing compliance with environmental regulations that relate to past or current operations. We expense costs incurred for remediation of existing environmental contamination caused by past operations that do not benefit future periods by preventing or eliminating future contamination. We record liabilities for environmental matters when assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. Estimates of environmental liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of inflation and other factors. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by government organizations. Our estimates are subject to revision in future periods based on actual costs or new information and are included in Accounts payable and other and Other long-term liabilities in the Consolidated Statements of Financial Position at their undiscounted amounts. There is always a potential of incurring additional costs in connection with environmental liabilities due to variations in any or all of the categories described above, including modified or revised requirements from regulatory agencies, in addition to fines and penalties, as well as expenditures associated with litigation and settlement of claims. We evaluate recoveries from insurance coverage separately from the liability and, when recovery is probable, we record and report an asset separately from the associated liability in the Consolidated Statements of Financial Position.

Liabilities for other commitments and contingencies are recognized when, after fully analyzing available information, we determine it is either probable that an asset has been impaired, or that a liability has been incurred, and the amount of impairment or loss can be reasonably estimated. When a range of probable loss can be estimated, we recognize the most likely amount, or if no amount is more likely than another, the minimum of the range of probable loss is accrued. We expense legal costs associated with loss contingencies as such costs are incurred.

114


3.  CHANGES IN ACCOUNTING POLICIES

CHANGES IN ACCOUNTING POLICIES
There were no changes in accounting policies during the year ended December 31, 2021.

ADOPTION OF NEW ACCOUNTING STANDARDS
Accounting for Contract Assets and Liabilities from Contracts with Customers in a Business Combination
Effective November 1, 2021, we adopted Accounting Standards Update (ASU) 2021-08 on a retrospective basis beginning January 1, 2021. The new standard was issued in October 2021 to amend business combination accounting specific to contract assets and contract liabilities resulting from contracts with customers, requiring measurement in accordance with Accounting Standards Codification (ASC) 606. The ASU is also applicable to contract assets and contract liabilities from other contracts to which ASC 606 applies, such as contract liabilities from the sale of nonfinancial assets within the scope of ASC 610-20. The adoption of this ASU did not have a material impact on our consolidated financial statements.

Reference Rate Reform
For eligible hedging relationships existing as at January 1, 2021 and prospectively, we have applied the optional expedient in ASU 2020-04 whereby the modification of the hedging instrument does not result in an automatic hedging relationship de-designation. The adoption of this ASU did not have a material impact on our consolidated financial statements.

Clarifying Interaction Between Equity Securities, Equity Method Investments and Derivatives
Effective January 1, 2021, we adopted ASU 2020-01 on a prospective basis. The new standard was issued in January 2020 and clarifies that observable transactions should be considered for the purpose of applying the measurement alternative in accordance with ASC 321 Investments - Equity Securities immediately before the application or upon discontinuance of the equity method of accounting. Furthermore, the ASU clarifies that forward contracts or purchased options on equity securities are not out of scope of ASC 815 Derivatives and Hedging guidance only because, upon the contracts' exercise, the equity securities could be accounted for under the equity method of accounting or fair value option. The adoption of this ASU did not have a material impact on our consolidated financial statements.

Accounting for Income Taxes
Effective January 1, 2021, we adopted ASU 2019-12 on a prospective basis. The new standard was issued in December 2019 with the intent of simplifying the accounting for income taxes. The accounting update removes certain exceptions to the general principles in ASC 740 Income Taxes as well as provides simplification by clarifying and amending existing guidance. The adoption of this ASU did not have a material impact on our consolidated financial statements.

FUTURE ACCOUNTING POLICY CHANGES
Disclosures About Government Assistance
ASU 2021-10 was issued in November 2021 to increase the transparency of government assistance to business entities. The ASU adds new disclosure requirements for transactions with government that are accounted for using a grant or contribution accounting model by analogy. The required disclosures include information about the nature of transactions, accounting policy applied, impacted financial statement line items and significant terms and conditions. ASU 2021-10 is effective January 1, 2022 and can be applied either prospectively or retrospectively with early adoption permitted. The adoption of ASU 2021-10 is not expected to have a material impact on our consolidated financial statements.

115


Accounting for Certain Lessor Leases with Variable Lease Payments
ASU 2021-05 was issued in July 2021 to amend lessor accounting for certain leases with variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a loss at lease commencement if classified as a sales-type or a direct financing lease. The ASU amends the classification requirements of such leases for lessors to result in an operating lease classification. ASU 2021-05 is effective January 1, 2022 and can be applied either retrospectively or prospectively with early adoption permitted. The adoption of ASU 2021-05 is not expected to have a material impact on our consolidated financial statements.

Accounting for Modifications or Exchanges of Certain Equity-Classified Contracts
ASU 2021-04 was issued in May 2021 to clarify issuer accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The ASU requires an issuer to determine the accounting for the modification or exchange based on the economic substance of the modification or exchange. ASU 2021-04 is effective January 1, 2022 and should be applied prospectively. The adoption of ASU 2021-04 is not expected to have a material impact on our consolidated financial statements.

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
ASU 2020-06 was issued in August 2020 to simplify accounting for certain financial instruments. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for all convertible instruments and an update for instruments that can be settled in either cash or shares. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis. The adoption of ASU 2020-06 is not expected to have a material impact on our consolidated financial statements.

4. REVENUE

REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated
Year ended December 31, 2021
(millions of Canadian dollars)              
Transportation revenue 9,492  4,364  676        14,532 
Storage and other revenue 147  255  246        648 
Gas gathering and processing revenue
  49          49 
Gas distribution revenue     4,026        4,026 
Electricity and transmission revenue
      177      177 
Total revenue from contracts with customers
9,639  4,668  4,948  177      19,432 
Commodity sales         26,873    26,873 
Other revenue1,2
375  42  13  336      766 
Intersegment revenue 567  1  19  (1) 44  (630)  
Total revenue 10,581  4,711  4,980  512  26,917  (630) 47,071 

116


Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated
Year ended December 31, 2020
(millions of Canadian dollars)              
Transportation revenue 9,161  4,523  674  —  —  —  14,358 
Storage and other revenue 94  274  203  —  —  —  571 
Gas gathering and processing revenue
—  27  —  —  —  —  27 
Gas distribution revenue —  —  3,663  —  —  —  3,663 
Electricity and transmission revenue       198  —  —  198 
Total revenue from contracts with customers
9,255  4,824  4,540  198  —  —  18,817 
Commodity sales —  —  —  —  19,259  —  19,259 
Other revenue1,2
584  44  17  389  —  (23) 1,011 
Intersegment revenue 584  12  —  24  (622) — 
Total revenue 10,423  4,870  4,569  587  19,283  (645) 39,087 

Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated
Year ended December 31, 2019
(millions of Canadian dollars)              
Transportation revenue 9,082  4,477  743  —  —  —  14,302 
Storage and other revenue 109  268  201  —  —  —  578 
Gas gathering and processing revenue
—  423  —  —  —  —  423 
Gas distribution revenue —  —  4,210  —  —  —  4,210 
Electricity and transmission revenue
—  —  —  180  —  —  180 
Commodity sales —  —  —  —  — 
Total revenue from contracts with customers
9,191  5,172  5,154  180  —  —  19,697 
Commodity sales —  —  —  —  29,305  —  29,305 
Other revenue1,2
659  30  387  (2) (16) 1,067 
Intersegment revenue 369  16  —  71  (461) — 
Total revenue 10,219  5,207  5,179  567  29,374  (477) 50,069 
1     Includes mark-to-market gains from our hedging program for the year ended December 31, 2021 of $59 million, (2020 - $265 million, 2019 - $346 million).
2     Includes revenues from lease contracts. Refer to Note 27 - Leases.

We disaggregate revenue into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.

Contract Balances
Contract Receivables Contract Assets Contract Liabilities
(millions of Canadian dollars)
Balance as at December 31, 2021 2,369  213  1,898 
Balance as at December 31, 2020 2,042  226  1,815 

Contract receivables represent the amount of receivables derived from contracts with customers.

117


Contract assets represent the amount of revenue which has been recognized in advance of payments received for performance obligations we have fulfilled (or partially fulfilled) and prior to the point in time at which our right to the payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenue. Revenue recognized during the year ended December 31, 2021 included in contract liabilities at the beginning of the period is $305 million. Increases in contract liabilities from cash received, net of amounts recognized as revenue during the year ended December 31, 2021 were $397 million.

Performance Obligations

Segment Nature of Performance Obligation
Liquids Pipelines
Transportation and storage of crude oil and natural gas liquids (NGLs)
Gas Transmission and Midstream
Transportation, storage, gathering, compression and treating of natural gas
Transportation of NGLs
Sale of crude oil, natural gas and NGLs
Gas Distribution and Storage
Supply and delivery of natural gas
Transportation of natural gas
Storage of natural gas
Renewable Power Generation
Generation and transmission of electricity
Delivery of electricity from renewable energy generation facilities

There was no material revenue recognized in the year ended December 31, 2021 from performance obligations satisfied in previous periods.

Payment Terms
Payments are received monthly from customers under long-term transportation, commodity sales, and gas gathering and processing contracts. Payments from Gas Distribution and Storage customers are received on a continuous basis based on established billing cycles.

Certain contracts in the US offshore business provide for us to receive a series of fixed monthly payments (FMPs) for a specified period which is less than the period during which the performance obligations are satisfied. As a result, a portion of the FMPs are recorded as contract liabilities. The FMPs are not considered to be a financing arrangement because the payments are scheduled to match the production profiles of offshore oil and gas fields, which generate greater revenue in the initial years of their productive lives.

Revenue to be Recognized from Unfulfilled Performance Obligations
Total revenue from performance obligations expected to be fulfilled in future periods is $59.8 billion, of which $7.4 billion is expected to be recognized during the year ended December 31, 2022.

118


The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts of revenue to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

SIGNIFICANT JUDGMENTS MADE IN RECOGNIZING REVENUE
Long-Term Transportation Agreements
For long-term transportation agreements, significant judgments pertain to the period over which revenue is recognized and whether the agreement provides for make-up rights for the shippers. Transportation revenue earned from firm contracted capacity arrangements is recognized ratably over the contract period. Transportation revenue from interruptible or volumetric-based arrangements is recognized when services are performed.

Variable Consideration
Revenue from arrangements subject to variable consideration is recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Uncertainties associated with variable consideration relate principally to differences between estimated and actual volumes and prices. These uncertainties are resolved each month when actual volumes are sold or transported and actual tolls and prices are determined.

During the year ended December 31, 2021, revenue for the Canadian Mainline has been recognized in accordance with the terms of the Competitive Tolling Settlement (CTS), which expired on June 30, 2021. The tolls in place on June 30, 2021 continue on an interim basis until a new commercial arrangement is implemented and are subject to finalization and adjustment applicable to the interim period, if any. Due to the uncertainty of adjustment to tolling pursuant to a CER decision and potential customer negotiations, interim toll revenue recognized during the year ended December 31, 2021 is considered variable consideration.

Recognition and Measurement of Revenue
Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated
Year ended December 31, 2021
(millions of Canadian dollars)        
Revenue from products transferred at a point in time
    70    70 
Revenue from products and services transferred over time1
9,639  4,668  4,878  177  19,362 
Total revenue from contracts with customers
9,639  4,668  4,948  177  19,432 
119


Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated
Year ended December 31, 2020
(millions of Canadian dollars)        
Revenue from products transferred at a point in time —  —  60  —  60 
Revenue from products and services transferred over time1
9,255  4,824  4,480  198  18,757 
Total revenue from contracts with customers
9,255  4,824  4,540  198  18,817 
Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated
Year ended December 31, 2019
(millions of Canadian dollars)        
Revenue from products transferred at a point in time —  65  —  69 
Revenue from products and services transferred over time1
9,191  5,168  5,089  180  19,628 
Total revenue from contracts with customers
9,191  5,172  5,154  180  19,697 
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.

Performance Obligations Satisfied Over Time
For arrangements involving the transportation and sale of petroleum products and natural gas where the transportation services or commodities are simultaneously received and consumed by the shipper or customer, we recognize revenue over time using an output method based on volumes of commodities delivered or transported. The measurement of the volumes transported or delivered corresponds directly to the benefits received by the shippers or customers during that period.

Determination of Transaction Prices
Prices for transportation and gas processing services are determined based on the capital cost of the facilities, pipelines and associated infrastructure required to provide such services plus a rate of return on capital invested that is determined either through negotiations with customers or through regulatory processes for those operations that are subject to rate regulation.
Prices for commodities sold are determined by reference to market price indices plus or minus a negotiated differential and in certain cases a marketing fee.
Prices for natural gas sold and distribution services provided by regulated natural gas distribution operations are prescribed by regulation.

120


5.  SEGMENTED INFORMATION
 
Segmented information for the years ended December 31, 2021, 2020 and 2019 is as follows:
Year ended December 31, 2021
Liquids Pipelines
Gas Transmission and Midstream
Gas Distribution and Storage
Renewable Power Generation
Energy Services
Eliminations and Other
Consolidated
(millions of Canadian dollars)
             
Revenues
10,581  4,711  4,980  512  26,917  (630) 47,071 
Commodity and gas distribution costs
(25)   (2,147)   (27,174) 644  (28,702)
Operating and administrative
(3,431) (1,877) (1,143) (180) (48) (33) (6,712)
Income/(loss) from equity investments
759  813  42  101    (4) 1,711 
Impairment of equity investments   (111)         (111)
Other income/(expense)
13  135  385  75  (8) 379  979 
Earnings/(loss) before interest, income tax expense and depreciation and amortization 7,897  3,671  2,117  508  (313) 356  14,236 
Depreciation and amortization (3,852)
Interest expense
 
 
 
 
 
 
(2,655)
Income tax expense
 
 
 
 
 
 
(1,415)
Earnings
            6,314 
Capital expenditures1
4,051  2,420  1,343  16  1  54  7,885 
Total property, plant and equipment, net
52,530  27,028  16,904  3,315  23  267  100,067 
Year ended December 31, 2020 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated
(millions of Canadian dollars)              
Revenues 10,423  4,870  4,569  587  19,283  (645) 39,087 
Commodity and gas distribution costs
(20) —  (1,810) (2) (19,450) 613  (20,669)
Operating and administrative (3,331) (1,859) (1,091) (191) (67) (210) (6,749)
Income/(loss) from equity investments
558  479  94  (3) (1) 1,136 
Impairment of equity investments —  (2,351) —  —  —  —  (2,351)
Other income/(expense) 53  (52) 71  35  130  238 
Earnings/(loss) before interest, income tax expense and depreciation and amortization 7,683  1,087  1,748  523  (236) (113) 10,692 
Depreciation and amortization (3,712)
Interest expense
 
 
 
 
 
 
(2,790)
Income tax expense
 
 
 
 
 
 
(774)
Earnings             3,416 
Capital expenditures1
2,033  2,130  1,134  81  90  5,470 
Total property, plant and equipment, net 48,799  25,745  16,079  3,495  24  429  94,571 

121


Year ended December 31, 2019 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated
(millions of Canadian dollars)              
Revenues 10,219  5,207  5,179  567  29,374  (477) 50,069 
Commodity and gas distribution costs
(29) —  (2,354) (2) (29,091) 472  (31,004)
Operating and administrative (3,298) (2,232) (1,149) (189) (44) (79) (6,991)
Impairment of long-lived assets (21) (105) —  (297) —  —  (423)
Income/(loss) from equity investments
780  682  31  (2) 1,503 
Other income/(expense) 30  (181) 67  515  435 
Earnings before interest, income tax expense and depreciation and amortization 7,681  3,371  1,747  111  250  429  13,589 
Depreciation and amortization (3,391)
Interest expense (2,663)
Income tax expense (1,708)
Earnings 5,827 
Capital expenditures1
2,548  1,753  1,100  23  124  5,550 
Total property, plant and equipment, net 48,783  25,268  15,622  3,658  24  368  93,723 
1Includes allowance for equity funds used during construction.

The measurement basis for preparation of segmented information is consistent with the significant accounting policies (Note 2).

GEOGRAPHIC INFORMATION
Revenues1
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Canada 20,474  16,453  19,954 
US 26,597  22,634  30,115 
  47,071  39,087  50,069 
1     Revenues are based on the country of origin of the product or service sold.
 
Property, Plant and Equipment1
December 31, 2021 2020
(millions of Canadian dollars)    
Canada 47,102  46,499 
US 52,965  48,072 
  100,067  94,571 
1     Amounts are based on the location where the assets are held.

122


6.  EARNINGS PER COMMON SHARE

BASIC
Earnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding has been reduced by our pro-rata weighted average interest in our own common shares of approximately 2 million as at December 31, 2021, 5 million as at December 31, 2020, and 6 million as at December 31, 2019, resulting from our reciprocal investment in Noverco. On December 30, 2021, we closed the sale of our non-operating minority ownership of Noverco. Refer to Note 13 - Long-term Investments for more information.

DILUTED
The treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options would be used to purchase common shares at the average market price during the period.

Weighted average shares outstanding used to calculate basic and diluted earnings per share are as follows:
December 31, 2021 2020 2019
(number of shares in millions)      
Weighted average shares outstanding 2,023  2,020  2,017 
Effect of dilutive options 2 
Diluted weighted average shares outstanding 2,025  2,021  2,020 
 
For the years ended December 31, 2021, 2020 and 2019, 18.6 million, 29.8 million and 17.8 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $52.89, $51.42 and $53.56, respectively, were excluded from the diluted earnings per common share calculation.

7. REGULATORY MATTERS

We record assets and liabilities that result from regulated ratemaking processes that would not be recorded under US GAAP for non-regulated entities. See Note 2 - Significant Accounting Policies for further discussion. Our significant regulated businesses and the related accounting impacts are described below.

Under the current authorized rate structure for certain operations, income tax costs are recovered in rates based on the current income tax payable and do not include accruals for deferred income tax. However, as income taxes become payable as a result of the reversal of temporary differences that created the deferred income taxes, it is expected that rates will be adjusted to recover these taxes. Since most of these temporary differences are related to property, plant and equipment costs, this recovery is expected to occur over the life of the related assets.

123


LIQUIDS PIPELINES
Canadian Mainline
Canadian Mainline includes the Canadian portion of our mainline system and is subject to regulation by the CER. Tolls, excluding Lines 8 and 9, are governed by the 10-year CTS which expired on June 30, 2021 (Note 4). The CTS established a Canadian Local Toll for all volumes shipped on the Canadian Mainline and an International Joint Tariff for all volumes shipped from western Canadian receipt points to delivery points on our Lakehead System. Under the CTS, we have recognized a regulatory asset of $2.1 billion as at December 31, 2021 (2020 - $1.9 billion) to offset deferred income taxes, as a CER rate order governing flow-through income tax treatment permits future recovery. No other material regulatory assets or liabilities are recognized under the terms of the CTS.

Southern Lights Pipeline
The US and Canadian portions of the Southern Lights Pipeline are regulated by the FERC and CER, respectively. Shippers on the Southern Lights Pipeline are subject to long-term transportation contracts under a cost-of-service toll methodology. Toll adjustments are filed annually with the regulators and provide for the recovery of allowable operating and debt financing costs, plus a pre-determined after-tax return on equity (ROE) of 10%.

GAS TRANSMISSION AND MIDSTREAM
British Columbia Pipeline and Maritimes & Northeast Canada
British Columbia (BC) Pipeline and Maritimes & Northeast (M&N) Canada are regulated by the CER. Rates are approved by the CER through negotiated toll settlement agreements based on cost-of-service. Both our BC Pipeline and M&N Canada systems operate under the terms of their respective negotiated toll settlements, which stipulate an allowable ROE and the continuation and establishment of certain deferral and variance accounts. As both settlement agreements expired in December 2021, we are currently operating under CER-approved interim tolls and negotiating the terms of new toll settlements for periods beginning in 2022.

US Gas Transmission
Most of our US gas transmission and storage services are regulated by the FERC and may also be subject to the jurisdiction of various other federal, state and local agencies. The FERC regulates natural gas transmission in US interstate commerce including the establishment of rates for services, while rates for intrastate commerce and/or gathering services are regulated by the state gas commissions. Cost-of-service is the basis for the calculation of regulated tariff rates, although the FERC also allows the use of negotiated and discounted rates within contracts with shippers that may result in a rate that is above or below the FERC-regulated recourse rate for that service.

GAS DISTRIBUTION AND STORAGE
Enbridge Gas
Enbridge Gas' distribution rates, commencing in 2019, are set under a five-year Incentive Regulation (IR) framework using a price cap mechanism. The price cap mechanism establishes new rates each year through an annual base rate escalation at inflation less a 0.3% stretch factor, annual updates for certain costs to be passed through to customers, and where applicable, the recovery of material discrete incremental capital investments beyond those that can be funded through base rates. The IR framework includes the continuation and establishment of certain deferral and variance accounts, as well as an earnings sharing mechanism that requires Enbridge Gas to share equally with customers any earnings in excess of 150 basis points over the annual OEB approved ROE.

124


FINANCIAL STATEMENT EFFECTS
Accounting for rate-regulated activities has resulted in the recognition of the following regulatory assets and liabilities in the Consolidated Statements of Financial Position:
December 31, 2021 2020 Recovery/Refund
Period Ends
(millions of Canadian dollars)
Current regulatory assets
   Under-recovery of fuel costs 114  86  2022
   Other current regulatory assets 145  146  2022
Total current regulatory assets1 (Note 9)
259  232 
Long-term regulatory assets
   Deferred income taxes2
4,176  3,890  Various
   Long-term debt3
398  429  2023-2046
Negative salvage4
243  246  Various
   Purchase gas variance 215  —  2023
   Accounting policy changes5
157  169  Various
   Pension plan receivable6
78  402  Various
   Other long-term regulatory assets 339  261  Various
Total long-term regulatory assets1
5,606  5,397 
Total regulatory assets 5,865  5,629 
Current regulatory liabilities
   Purchase gas variance   153  2021
   Other current regulatory liabilities 106  117  2022
Total current regulatory liabilities7
106  270 
Long-term regulatory liabilities
   Future removal and site restoration reserves8
1,543  1,455  Various
   Regulatory liability related to US income taxes9
895  941  2050-2072
   Pipeline future abandonment costs (Note 14)
649  578  Various
   Other long-term regulatory liabilities 234  150  Various
Total long-term regulatory liabilities7
3,321  3,124 
Total regulatory liabilities 3,427  3,394 

1 Current regulatory assets are included in Accounts receivable and other, while long-term regulatory assets are included in Deferred amounts and other assets.
2 Represents the regulatory offset to deferred income tax liabilities to the extent that it is expected to be included in future regulator-approved rates and recovered from customers. The recovery period depends on the timing of the reversal of temporary differences. In the absence of rate-regulated accounting, this regulatory balance and the related earnings impact would not be recorded.
3 Represents our regulatory offset to the fair value adjustment to debt acquired in our merger with Spectra Energy Corp. (Spectra Energy). The offset is viewed as a proxy for the regulatory asset that would be recorded in the event such debt was extinguished at an amount higher than the carrying value.
4 The negative salvage balance represents the recovery in future rates of the actual cost of removal of previously retired or decommissioned plant assets, as approved by the FERC.
5 This deferral reflects unamortized accumulated actuarial gains/losses and past service costs incurred by Union Gas Limited, relating to the period up to our merger with Spectra Energy, which were previously recorded in AOCI. The amortization of this balance is recognized as a component of accrual-based pension expenses, which are included in Other income/(expense) and recovered in rates, as previously approved by the OEB.
6 Represents the regulatory offset to our pension liability to the extent that it is expected to be included in regulator-approved future rates and recovered from customers. The settlement period for this balance is not determinable. In the absence of rate-regulated accounting, this regulatory balance and the related pension expense would be recorded in earnings and OCI.
7 Current regulatory liabilities are included in Accounts payable and other, while long-term regulatory liabilities are included in Other long-term liabilities.
8 Future removal and site restoration reserves consists of amounts collected from customers, with the approval of the OEB, to fund future costs of removal and site restoration relating to property, plant and equipment. These costs are collected as part of the depreciation expense charged on property, plant and equipment that is reflected in rates. The settlement of this balance will occur over the long-term as costs are incurred. In the absence of rate-regulated accounting, depreciation rates would not include a charge for removal and site restoration and costs would be charged to earnings as incurred with recognition of revenue for amounts previously collected.
125


9 The regulatory liability related to US income taxes resulted from the US tax reform legislation dated December 22, 2017. These balances will be refunded to customers in accordance with the respective rate settlements approved by the FERC.

8.  ACQUISITIONS AND DISPOSITIONS

ACQUISITION
Moda Midstream Operating, LLC
On October 12, 2021, through a wholly-owned US subsidiary, we acquired all of the outstanding membership interests in Moda for $3.7 billion (US$3.0 billion) of cash plus potential contingent payments of up to US$150 million dependent on performance of the assets (the Acquisition). The Acquisition is also subject to customary closing and working capital adjustments. Moda owns and operates a light crude export platform with very large crude carrier capability. The Acquisition aligns with and advances our US Gulf Coast export strategy and enables connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins.

We accounted for the Acquisition using the acquisition method as prescribed by ASC 805 Business Combinations. In accordance with valuation methodologies described in ASC 820 Fair Value Measurements, the acquired assets and assumed liabilities were recorded at their estimated fair values as at the date of acquisition.

The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Moda:
October 12, 2021
(millions of Canadian dollars)
Fair value of net assets acquired:
Current assets 62 
Property, plant and equipment (a) 1,480 
Long-term investments (b) 427 
Intangible assets (c) 1,781 
Current liabilities 59 
Long-term liabilities 17 
Goodwill (d) 268 
Purchase price:
Cash 3,755 
Contingent consideration (e) 187 
3,942 

a) Due to the specialized nature of Moda's property, plant and equipment, which includes groups of assets configured for use as storage facilities, pipelines and export terminals, the depreciated replacement cost approach was adopted as the primary valuation methodology. In determining replacement cost, both indirect costing using relevant inflation indices and direct costing using relevant market quotes were utilized. Adjustments were then applied for physical deterioration as well as functional and economic obsolescence. The fair value of land was determined using a market approach, which is based on rents and offerings for comparable properties.

b) Long-term investments represent Moda's 20% equity interest in Cactus II Pipeline, LLC (Cactus II). The fair value of Cactus II was determined using the discounted cash flow method. The discounted cash flow method is an income-based approach to valuation which estimates the present value of future projected benefits from the investment.

126


c) Intangible assets consist primarily of customer relationships associated with long-term take-or-pay contracts. Fair value was determined using an income-based approach by estimating the present value of the after-tax earnings attributable to the contracts, including earnings associated with expected renewal terms, and will be amortized on a straight-line basis over an expected useful life of 10 years.

d) Goodwill is primarily attributable to uncontracted future revenues, existing assembled assets that cannot be duplicated at the same cost by a new entrant, and enhanced scale and geographic diversity which provide greater optionality and platforms for future growth. The goodwill balance recognized has been assigned to our Liquids Pipelines segment and is tax deductible over 15 years.

e) We agreed to pay additional contingent consideration of up to US$150 million to Moda's former membership interest holders if Moda's monthly volumes of crude oil loaded onto a vessel equal or exceed specified throughput levels. These performance requirements terminate the earlier of December 31, 2023 or the date the final contingent payment is made. The US$150 million of contingent consideration recognized in the purchase price represents the fair value of contingent consideration at the date of acquisition. As at December 31, 2021, there were no changes to the amount of contingent consideration recognized.

Acquisition-related expenses incurred were approximately $21 million for the year ended December 31, 2021 and are included in Operating and administrative expense in the Consolidated Statements of Earnings.

Upon completion of the Acquisition, we began consolidating Moda. For the period beginning October 12, 2021 through to December 31, 2021, Moda generated approximately $80 million in operating revenues and $9 million in earnings attributable to common shareholders.

Our supplemental pro forma consolidated financial information for the years ended December 31, 2021 and 2020, including the results of operations for Moda as if the Acquisition had been completed on January 1, 2020, are as follows:

Year ended December 31, 2021 2020
(unaudited; millions of Canadian dollars)
Operating revenues 47,339  39,435 
Earnings attributable to common shareholders1,2
5,771  2,938 
1 Acquisition-related expenses of $21 million (after-tax $16 million) were excluded from earnings attributable to common shareholders for the year ended December 31 2021 and deducted for the year ended December 31, 2020.
2 Includes the amortization of fair value adjustments recorded for acquired property, plant and equipment, long-term investments and intangible assets of $193 million and $207 million (after-tax of $145 million and $155 million) for the years ended December 31, 2021 and 2020, respectively.

DISPOSITIONS
Line 10 Crude Oil Pipeline
In the first quarter of 2018, we satisfied the condition as set out in our agreements for the sale of our Line 10 crude oil pipeline (Line 10), which originates near Hamilton, Ontario and terminates at West Seneca, New York. Our subsidiaries, Enbridge Pipelines Inc. and Enbridge Energy Partners, L.P. (EEP), owned the Canadian and US portions of Line 10, respectively, and the related assets were included in our Liquids Pipelines segment. The transaction closed on June 1, 2020. No gain or loss on disposition was recorded.

127


Montana-Alberta Tie Line
In the fourth quarter of 2019, we committed to a plan to sell the Montana-Alberta Tie Line (MATL) transmission asset, a 345 kilometer transmission line from Great Falls, Montana to Lethbridge, Alberta. MATL was included in our Renewable Power Generation segment. The purchase and sale agreement was signed in January 2020.

Upon the reclassification and subsequent remeasurement of MATL assets as held for sale, a loss of $297 million was included within Impairment of long-lived assets in the Consolidated Statements of Earnings for the year ended December 31, 2019.

On May 1, 2020, we closed the sale of MATL for cash proceeds of approximately $189 million. After closing adjustments, a gain on disposal of $4 million was included in Other income/(expense) in the Consolidated Statements of Earnings.

Ozark Gas Transmission
In the first quarter of 2020, we agreed to sell our Ozark Gas Transmission and Ozark Gas Gathering assets (Ozark assets). The Ozark assets are composed of a transmission system that extends from southeastern Oklahoma through Arkansas to southeastern Missouri, and a fee-based gathering system that accesses Fayetteville Shale and Arkoma production. These assets were included in our Gas Transmission and Midstream segment.

On April 1, 2020, we closed the sale of the Ozark assets for cash proceeds of approximately $63 million. After closing adjustments, a gain on disposal of $1 million was included in Other income/(expense) in the Consolidated Statements of Earnings.

Canadian Natural Gas Gathering and Processing Businesses
On July 4, 2018, we entered into agreements to sell our Canadian natural gas gathering and processing businesses to Brookfield Infrastructure Partners L.P. and its institutional partners for a cash purchase price of approximately $4.3 billion, subject to customary closing adjustments. Separate agreements were entered into for those facilities currently governed by provincial regulations and those governed by federal regulations (collectively, Canadian Natural Gas Gathering and Processing Businesses assets); these assets were part of our Gas Transmission and Midstream segment.

On October 1, 2018, we closed the sale of the provincially regulated facilities. On December 31, 2019, we closed the sale of the federally regulated facilities for proceeds of approximately $1.7 billion. After closing adjustments, a loss on disposal of $268 million before tax was included in Other income/(expense) in the Consolidated Statements of Earnings for the year ended December 31, 2019. As these assets represented a portion of a reporting unit, we allocated a portion of the goodwill of the reporting unit to these assets using a relative fair value approach.

St. Lawrence Gas Company, Inc.
In August 2017, we entered into an agreement to sell the issued and outstanding shares of St. Lawrence Gas Company, Inc. (St. Lawrence Gas). St. Lawrence Gas assets were included in the Gas Distribution and Storage segment. On November 1, 2019, we closed the sale of St. Lawrence Gas for cash proceeds of approximately $72 million. After closing adjustments, a loss on disposal of $10 million was included in Other income/(expense) in the Consolidated Statements of Earnings for the year ended December 31, 2019.

128


Enbridge Gas New Brunswick
In December 2018, we entered into an agreement for the sale of Enbridge Gas New Brunswick Limited Partnership and Enbridge Gas New Brunswick Inc. (collectively, EGNB). EGNB assets were a part of our Gas Distribution and Storage segment. On October 1, 2019, we closed the sale of EGNB to Liberty Utilities (Canada) LP, a wholly-owned subsidiary of Algonquin Power and Utilities Corp., for cash proceeds of approximately $331 million. After closing adjustments, a loss on disposal of $3 million was included in Other income/(expense) in the Consolidated Statements of Earnings for the year ended December 31, 2019.

As EGNB assets represented a portion of a reporting unit, we allocated a portion of the goodwill of the reporting unit to these assets using a relative fair value approach. As such, allocated goodwill of $133 million was included in assets subsequently disposed.

9.  ACCOUNTS RECEIVABLE AND OTHER

December 31, 2021 2020
(millions of Canadian dollars)
Trade receivables and unbilled revenues1
4,957  3,923 
Short-term portion of derivative assets (Note 24)
529  323 
Regulatory assets (Note 7)
259  232 
Taxes receivable 407  374 
Other 710  406 
  6,862  5,258 
1 Net of allowance for expected credit losses of $87 million as at December 31, 2021 and $70 million as at December 31, 2020.

10.  INVENTORY
December 31, 2021 2020
(millions of Canadian dollars)    
Natural gas 953  710 
Crude oil 624  744 
Other 93  82 
  1,670  1,536 

11.  PROPERTY, PLANT AND EQUIPMENT
  Weighted Average    
December 31, Depreciation Rate 2021 2020
(millions of Canadian dollars)      
Pipelines 2.8  % 62,997  57,459 
Facilities and equipment 3.1  % 34,331  30,149 
Land and right-of-way1
2.3  % 3,320  2,896 
Gas mains, services and other 2.7  % 13,606  12,813 
Storage 2.4  % 3,099  2,936 
Wind turbines, solar panels and other 4.0  % 4,912  4,877 
Other 8.2  % 1,507  1,558 
Under construction —  % 2,268  5,762 
Total property, plant and equipment   126,040  118,450 
Total accumulated depreciation (25,973) (23,879)
Property, plant and equipment, net   100,067  94,571 
1 The measurement of weighted average depreciation rate excludes non-depreciable assets.

129


Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $3.5 billion, $3.4 billion and $3.0 billion, respectively.

IMPAIRMENT
Access Northeast Project
In 2019, we announced that we terminated the agreements with Eversource Energy and National Grid USA Service Company, Inc. related to the Access Northeast project. As a result, we recognized an impairment loss of $105 million for the year ended December 31, 2019, which is included in Impairment of long-lived assets in the Consolidated Statements of Earnings. Access Northeast is part of our Gas Transmission and Midstream segment.

Impairment charges were based on the amount by which the carrying values of the assets exceeded fair value, determined using expected discounted future cash flows.

12.  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(s) provide us with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE 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 to be used to settle liabilities of our consolidated VIEs and liabilities of our consolidated VIEs for which creditors 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,
20211
20201
(millions of Canadian dollars)    
Assets    
Cash and cash equivalents 247  215 
Restricted cash 4 
Accounts receivable and other 99  65 
Inventory 9 
  359  288 
Property, plant and equipment, net 3,052  3,201 
Long-term investments 16  14 
Restricted long-term investments 101  84 
Deferred amounts and other assets 2 
Intangible assets, net 108  115 
  3,638  3,705 
Liabilities    
Accounts payable and other 84  52 
Other long-term liabilities 182  175 
Deferred income taxes 5 
  271  232 
3,367  3,473 
1 Excludes assets and liabilities of EEP and Spectra Energy Partners, L.P. (SEP) following the subsidiary guarantees agreement entered on January 22, 2019. See Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Summarized Financial Information.
 
130


We do not have obligations to provide additional financial support to any of our consolidated VIEs.
 
UNCONSOLIDATED VARIABLE INTEREST ENTITIES
We currently hold interests in several non-consolidated 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 VIEs' economic performance. These interests include investments in limited partnerships that are assessed to be VIEs due to the limited partners not having substantive kick-out rights or participating rights. The power to direct the activities of a majority of these non-consolidated 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, 2021 and 2020 are presented below:
Carrying
Amount of

Maximum
Exposure to
December 31, 2021 the VIE Loss
(millions of Canadian dollars)    
Aux Sable Liquid Products L.P.1
113  195 
EIH S.á r.l.2, 8
38  664 
Enbridge Renewable Infrastructure Investments S.á r.l.3
54  2,121 
Rampion Offshore Wind Limited5
450  508 
Vector Pipeline L.P.6
189  374 
Other4,7
210  426 
  1,054  4,288 
131


Carrying
Amount of

Maximum
Exposure to
December 31, 2020 the VIE Loss
(millions of Canadian dollars)    
Aux Sable Liquid Products L.P.1
106  187 
Éolien Maritime France SAS2, 8
96  949 
Enbridge Renewable Infrastructure Investments S.á r.l.3
100  2,516 
PennEast Pipeline Company, LLC4
116  371 
Rampion Offshore Wind Limited5
599  650 
Vector Pipeline L.P.6
201  390 
Other7
133  361 
1,351  5,424 
1At December 31, 2021 and 2020, the maximum exposure to loss includes guarantees by us for our respective share of the VIE’s borrowing on a bank credit facility.
2At December 31, 2021, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the three French offshore wind projects for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $73 million held by us as at December 31, 2021. On March 18, 2021, Enbridge Renewable Infrastructure Holdings S.á r.l. (ERIH) closed the sale of 49% of its interest in EIH S.á r.l. to the Canada Pension Plan Investment Board (CPP Investments).
3At December 31, 2021 and 2020, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $807 million and $904 million held by us as at December 31, 2021 and 2020, respectively.
4At December 31, 2021, the maximum exposure to loss is limited to our equity investment and at December 31, 2020, the maximum exposure to loss includes the remaining expected contributions to the joint venture.
5At December 31, 2021 and 2020, the maximum exposure to loss includes our parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE.
6At December 31, 2021 and 2020, the maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable for $80 million and $84 million held by us as at December 31, 2021 and 2020, respectively, and an outstanding credit facility for $105 million as at December 31, 2021 and 2020.
7At December 31, 2021, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable in the event of default by the VIE.
8At December 31, 2020, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable for in the event of default by the VIE and an outstanding affiliate loan receivable for $132 million held by us as at December 31, 2020. In relation to the sale of 49% of EIH S.á r.l.'s interest to CPP Investments, Eolien Maritime France SAS is now reported under EIH S.á r.l. in 2021.

We do not have an obligation to and did not provide any additional financial support to the VIEs during the years ended December 31, 2021 and 2020.

132


13.  LONG-TERM INVESTMENTS
  Ownership    
December 31, Interest 2021 2020
(millions of Canadian dollars)      
EQUITY INVESTMENTS      
Liquids Pipelines      
MarEn Bakken Company LLC1
75.0  % 1,728  1,795 
Gray Oak Holdings LLC2
35.0  % 469  502 
Seaway Crude Holdings LLC 50.0  % 2,634  2,668 
Illinois Extension Pipeline Company, L.L.C.3
65.0  % 593  623 
Cactus II Pipeline, LLC4
20.0  % 434  — 
Other 30.0% - 43.8% 71  73 
Gas Transmission and Midstream
Alliance Pipeline5
50.0  % 504  269 
Aux Sable6
42.7% - 50.0% 238  251 
DCP Midstream, LLC7
50.0  % 397  331 
Gulfstream Natural Gas System, L.L.C. 50.0  % 1,180  1,175 
Nexus Gas Transmission, LLC 50.0  % 1,724  1,745 
PennEast Pipeline Company, LLC 20.0  % 12  116 
Sabal Trail Transmission, LLC 50.0  % 1,464  1,510 
Southeast Supply Header, LLC 50.0  % 82  84 
Steckman Ridge, LP 50.0  % 88  90 
Vector Pipeline8
60.0  % 189  201 
Offshore - various joint ventures 22.0% - 74.3% 309  338 
Other 33.3% 2 
Gas Distribution and Storage
Noverco Common Shares9
38.9  %   156 
Other 47.6% - 50% 20  13 
Renewable Power Generation
EIH S.a.r.l.10
51.0  % 38  96 
Enbridge Renewable Infrastructure Investments S.a.r.l. 51.0  % 54  100 
Rampion Offshore Wind Limited 24.9  % 450  599 
NextBridge Infrastructure LP 25.0  % 186  122 
Other 12.0% - 50.0% 93  74 
Eliminations and Other
Other 42.7% - 50.0% 23  32 
OTHER LONG-TERM INVESTMENTS
Gas Distribution and Storage
Noverco Preferred Shares9
  567 
Renewable Power Generation
Emerging Technologies and Other 32  32 
Eliminations and Other
Other11
310  252 
    13,324  13,818 
1Owns 49% interest in Bakken Pipeline Investments L.L.C., which owns 75% of the Bakken Pipeline System resulting in a 27.6% effective interest in the Bakken Pipeline System.
2Owns 65% interest in Gray Oak Pipeline, LLC resulting in a 22.8% effective interest in Gray Oak Pipeline, LLC.
3Owns the Southern Access Extension Project.
4In October 2021 we acquired an effective 20.0% interest in Cactus II Pipeline, LLC through the acquisition of Moda Midstream Operating, LLC. See Note 8 - Acquisitions and Dispositions for further discussion.
5Includes Alliance Pipeline Limited Partnership in Canada and Alliance Pipeline L.P. in the US.
6Includes Aux Sable Canada LP in Canada and Aux Sable Liquid Products LP and Aux Sable Midstream LLC in the US.
133


7Our ownership in DCP Midstream, LLC (DCP Midstream) holds an interest of 56.5% in DCP Midstream, LP.
8Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US.
9On December 30, 2021, we sold our 38.9% common share and preferred share interest of Noverco Inc.
10 On March 18, 2021, we sold 49% of EIH S.a.r.l., an entity that holds our 50% interest in Éolien Maritime France SAS (EMF), to the CPP Investments. This resulted in a 25.5% effective interest in EMF. Through our investment in EMF, we own equity interests in three French offshore wind projects, including Saint-Nazaire (25.5%), Fécamp (17.9%) and Calvados (21.7%).
11 Includes investments held and valued at fair value through net income.

Equity investments include the unamortized excess of the purchase price over the underlying net book value of the investees' assets at the purchase date. As at December 31, 2021, this basis difference was $2.5 billion (2020 - $2.4 billion), of which $730 million (2020 - $657 million) was amortizable.

For the years ended December 31, 2021, 2020 and 2019, distributions received from equity investments were $2.2 billion, $2.1 billion and $2.2 billion, respectively.

Summarized combined financial information of our interest in unconsolidated equity investments (presented at 100%) is as follows:
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)
Operating revenues 19,891  13,987  15,687 
Operating expenses 16,514  12,223  13,153 
Earnings 2,952  2,306  3,016 
Earnings attributable to Enbridge 1,711  1,136  1,503 
December 31, 2021 2020
(millions of Canadian dollars)
Current assets 3,581  3,136 
Non-current assets 44,497  45,955 
Current liabilities 3,678  3,539 
Non-current liabilities 16,950  19,639 
Noncontrolling interests 3,786  3,810 
Noverco Inc.
On June 7, 2021, IPL System Inc., a wholly owned subsidiary of Enbridge, entered into a purchase and sale agreement to sell its 38.9% common share and preferred share interest in Noverco to Trencap L.P. for $1.1 billion in cash.

On December 30, 2021, we closed the sale of Noverco for cash proceeds of $1.1 billion. After closing adjustments, a gain on disposal of $303 million before tax was included in Other income/(expense) in the Consolidated Statements of Earnings for the year ended December 31, 2021. Noverco was previously included in our Gas Distribution and Storage segment.

IMPAIRMENT OF EQUITY INVESTMENTS
PennEast Pipeline Company, LLC
PennEast Pipeline Company, LLC (PennEast) is a joint venture formed to develop a natural gas transmission pipeline to serve local distribution companies and power generators in Southeastern Pennsylvania and New Jersey, is owned 20% by Enbridge, and is recorded as an equity method investment. In the third quarter of 2021, PennEast determined further development of the project was no longer viable and development of the project was ceased. As a result, we recorded an other-than-temporary impairment loss of $111 million on our investment for the year ended December 31, 2021 based on the estimated fair value of our share of the net assets. The carrying value of this investment as at December 31, 2021 and 2020 was $12 million and $116 million, respectively.

134


Steckman Ridge, LP
Steckman Ridge, LP (Steckman Ridge) is engaged in the storage of natural gas, is owned 50% by Enbridge and is recorded as an equity method investment. During the year ended December 31, 2020, Steckman Ridge’s forecasted performance was adjusted for the expectation that future available capacity will be re-contracted at lower than expected rates and an other than temporary impairment loss on our investment of $221 million for the year ended December 31, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at December 31, 2021 and 2020 was $88 million and $90 million, respectively.

Southeast Supply Header, L.L.C.
Southeast Supply Header, L.L.C. (SESH) provides natural gas transmission services from east Texas and northern Louisiana to the southeast markets of the Gulf Coast. SESH is owned 50% by Enbridge and is recorded as an equity method investment. The forecasted performance of SESH was revised during the year ended December 31, 2020 to reflect downward revisions to future negotiated rates as well as higher than expected available capacity levels, caused primarily by a significant contract expiry. An other than temporary impairment loss on our investment of $394 million for the year ended December 31, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at December 31, 2021 and 2020 was $82 million and $84 million, respectively.

DCP Midstream, LLC
DCP Midstream, a 50% owned equity method investment of Enbridge, holds an equity interest in DCP Midstream, LP. A decline in the market price of DCP Midstream, LP’s publicly traded units during the first quarter of 2020 resulted in an other than temporary impairment loss on our investment in DCP Midstream of $1.7 billion for the year ended December 31, 2020. In addition, we incurred losses of $324 million through our equity earnings pick up in relation to asset and goodwill impairment losses recorded by DCP Midstream, LP. The carrying value of our investment in DCP Midstream as at December 31, 2021 and 2020 was $397 million and $331 million, respectively.

Our investments in PennEast, Steckman, SESH and DCP Midstream form part of our Gas Transmission and Midstream segment. The impairment losses were recorded within Impairment of Equity Investments in the Consolidated Statements of Earnings.

14.  RESTRICTED LONG-TERM INVESTMENTS
 
Effective January 1, 2015, we began collecting and setting aside funds to cover future pipeline abandonment costs for all CER regulated pipelines as a result of the CER’s regulatory requirements under LMCI. The funds collected are held in trusts in accordance with the CER decision. The funds collected from shippers are reported within Transportation and other services revenues on the Consolidated Statements of Earnings and Restricted long-term investments on the Consolidated Statements of Financial Position. Concurrently, we reflect the future abandonment cost as an increase to Operating and administrative expense on the Consolidated Statements of Earnings and Other long-term liabilities on the Consolidated Statements of Financial Position.

135


We routinely invest excess cash and various restricted balances in securities such as commercial paper, bankers acceptances, corporate debt securities, Canadian equity securities, treasury bills and money market securities in the US and Canada.

As at December 31, 2021 and 2020, we had restricted long-term investments held in trust and classified as available-for-sale of $630 million and $553 million, respectively. The cost basis of our debt securities classified as available-for-sale and recorded as part of our restricted long-term investment balance was $383 million and $322 million as at December 31, 2021 and 2020, respectively. Within Other long-term liabilities we had estimated future abandonment costs related to LMCI of $649 million and $578 million as at December 31, 2021 and 2020, respectively (Note 7).

15.  INTANGIBLE ASSETS
  Weighted Average   Accumulated  
December 31, 2021 Amortization Rate Cost  Amortization Net
(millions of Canadian dollars)        
Software 12.0  % 2,067  (1,148) 919 
Power purchase agreements 4.5  % 63  (21) 42 
Project agreement1
4.0  % 152  (27) 125 
Customer relationships 8.5  % 2,532  (215) 2,317 
Other intangible assets 3.9  % 475  (116) 359 
Under development —  % 246    246 
    5,535  (1,527) 4,008 

 
Weighted Average
 
Accumulated
 
December 31, 2020
Amortization Rate
Cost 
Amortization
Net
(millions of Canadian dollars)
       
Software 10.5  % 2,043  (1,299) 744 
Power purchase agreements 4.5  % 63  (18) 45 
Project agreement1
4.0  % 153  (21) 132 
Customer relationships 5.0  % 724  (139) 585 
Other intangible assets 2.7  % 456  (96) 360 
Under development —  % 214  —  214 
    3,653  (1,573) 2,080 
1Represents a project agreement acquired from the merger of Enbridge and Spectra Energy.

For the years ended December 31, 2021, 2020 and 2019, our amortization expense related to intangible assets totaled $348 million, $294 million and $296 million, respectively. Our expected amortization expense associated with existing intangible assets for each of the years 2022 to 2026 is $492 million.

136


16.  GOODWILL
Liquids
Pipelines
Gas
Transmission and Midstream
Gas
Distribution and Storage
Energy
Services
Consolidated
(millions of Canadian dollars)
Balance at January 1, 2020 7,951  19,844  5,356  33,153 
Foreign exchange and other (123) (364) —  —  (487)
Acquisition —  —  22  —  22 
Balance at December 31, 20201,2
7,828  19,480  5,378  32,688 
Foreign exchange and other (55) (145)     (200)
Acquisition3
268    19    287 
Balance at December 31, 20211,2
8,041  19,335  5,397  2  32,775 
1 Gross cost of goodwill as at December 31, 2021 and 2020 was $34.4 billion and $34.3 billion, respectively.
2 Accumulated impairment as at December 31, 2021 and 2020 was $1.6 billion.
3 In 2021, we recorded $268 million of goodwill related to the acquisition of Moda. See Note 8 - Acquisitions and Dispositions for further discussion.

17.  ACCOUNTS PAYABLE AND OTHER

December 31, 2021 2020
(millions of Canadian dollars)
Trade payables and operating accrued liabilities 4,470  3,497 
Dividends payable 1,773  1,728 
Current deferred credits 853  978 
Construction payables and contractor holdbacks 844  855 
Current derivative liabilities (Note 24)
717  896 
Taxes payable 478  622 
Other 632  652 
9,767  9,228 

137


18.  DEBT
December 31,
Weighted Average Interest Rate9
Maturity 2021 2020
(millions of Canadian dollars)        
Enbridge Inc.        
US dollar senior notes 3.2  % 2022 - 2051 10,992  8,536 
Medium-term notes
3.9  % 2022 - 2064 8,123  8,323 
Sustainability-linked bonds 1.1  % 2033 2,363  — 
Fixed-to-fixed subordinated term notes1
5.8  % 2080 1,263  1,274 
Fixed-to-floating rate subordinated term notes2
5.8  % 2023 - 2028 6,442  6,477 
Floating rate notes3
2022 - 2023 1,579  956 
Commercial paper and credit facility draws 1.0  % 2022 - 2026 7,837  8,719 
Other4
5 
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws 0.4  % 2023 - 2026 4,845  492 
Other4
7 
Enbridge Energy Partners, L.P.
Senior notes 6.5  % 2025 - 2045 3,095  3,886 
Enbridge Gas Inc.
Medium-term notes
3.8  % 2022 - 2051 9,010  8,485 
Debentures
9.1  % 2024 - 2025 210  210 
Commercial paper and credit facility draws
0.5  % 2023 1,515  1,121 
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes 4.0  % 2040 949  1,038 
Enbridge Pipelines Inc.
Medium-term notes5
4.0  % 2022 - 2051 5,575  4,775 
Debentures
8.2  % 2024 200  200 
Commercial paper and credit facility draws 0.7  % 2023 667  1,278 
Enbridge Southern Lights LP
Senior notes
4.0  % 2040 240  257 
Spectra Energy Capital, LLC
Senior notes
7.0  % 2032 - 2038 218  220 
Spectra Energy Partners, LP
Senior notes 3.9  % 2022 - 2048 8,451  8,332 
Westcoast Energy Inc.
Medium-term notes
4.5  % 2022 - 2041 1,475  1,625 
Debentures
8.1  % 2025 - 2026 275  275 
Fair value adjustment 667  750 
Other6
(363) (344)
Total debt7
    75,640  66,897 
Current maturities     (6,164) (2,957)
Short-term borrowings8
    (1,515) (1,121)
Long-term debt     67,961  62,819 
1For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be set to equal to the Five-Year US Treasury Rate plus a margin of 5.31% from years 10 to 30 and a margin of 6.06% from years 30 to 60.
2For the initial 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 (CDOR) or the London Interbank Offered Rate (LIBOR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
3The notes carry an interest rate equal to the three-month LIBOR plus a margin of 50 basis points and Secured Overnight Financing Rate (SOFR) plus a margin of 40 basis points.
4Primarily finance lease obligations.
5Included in medium-term notes is $100 million with a maturity date of 2112.
6Primarily unamortized discounts, premiums and debt issuance costs.
72021 - $36 billion and US$31 billion; 2020 - $35 billion and US$24 billion. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment.
8Weighted average interest rates on outstanding commercial paper were 0.5% as at December 31, 2021 (2020 - 0.3%).
9Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2021.

As at December 31, 2021, all outstanding debt was unsecured.

138


CREDIT FACILITIES
The following table provides details of our committed credit facilities as at December 31, 2021:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)        
Enbridge Inc. 2022-2026 9,137  7,837  1,300 
Enbridge (U.S.) Inc. 2023-2026 6,948  4,845  2,103 
Enbridge Pipelines Inc. 2023 3,000  667  2,333 
Enbridge Gas Inc. 2023 2,000  1,515  485 
Total committed credit facilities   21,085  14,864  6,221 
1Maturity date is inclusive of the one-year term out option for certain credit facilities.
2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.
 

On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability-linked credit facility for $1.0 billion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 billion.

On February 25, 2021, two term loans with an aggregate total of US$500 million were repaid with proceeds from a floating rate notes issuance.

On July 22 and 23, 2021, we renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023.

On February 10, 2022 we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025.

In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $854 million was unutilized as at December 31, 2021. As at December 31, 2020, we had $849 million of uncommitted demand letter of credit facilities, of which $533 million was unutilized.

Our credit facilities carry a weighted average standby fee of 0.1% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2022 to 2026.

As at December 31, 2021 and 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $11.3 billion and $9.9 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt.

139


LONG-TERM DEBT ISSUANCES
During the year ended December 31, 2021, we completed the following long-term debt issuances totaling US$3.9 billion and $3.2 billion:
Company Issue Date Principal Amount
(millions of Canadian dollars unless otherwise stated)  
Enbridge Inc.
February 2021
Floating rate senior-notes due February 20231
US$500
June 2021 2.50% Sustainability-linked senior notes due August 2033 US$1,000
June 2021 3.40% senior notes due August 2051 US$500
September 2021
3.10% Sustainability-linked medium-term notes due September 2033
$1,100
September 2021 4.10% medium-term notes due September 2051 $400
October 2021 0.55% senior notes due October 2023 US$500
October 2021 1.60% senior notes due October 2026 US$500
October 2021 3.40% senior notes due August 2051 US$500
Enbridge Gas Inc.
September 2021 2.35% medium-term notes due September 2031 $475
September 2021 3.20% medium-term notes due September 2051 $425
Enbridge Pipelines Inc.
May 2021 2.82% medium-term notes due May 2031 $400
May 2021 4.20% medium-term notes due May 2051 $400
Spectra Energy Partners, LP
September 2021
2.50% senior notes due September 20312
US$400
1Notes carry an interest rate equal to the SOFR plus a margin of 40 basis points.
2Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of SEP. 

On January 19, 2022, we closed a $750 million private placement offering of non-call 10-year fixed-to-fixed subordinated notes which mature on January 19, 2082. The net proceeds from the offering will be used to redeem the Preference Shares, Series 17 at par on March 1, 2022.

LONG-TERM DEBT REPAYMENTS
During the year ended December 31, 2021, we completed the following long-term debt repayments totaling $1.1 billion and US$914 million, respectively:
Company Repayment Date Principal Amount
(millions of Canadian dollars unless otherwise stated)
Enbridge Inc.
February 2021 4.26% medium-term notes $200
March 2021 3.16% medium-term notes $400
Enbridge Energy Partners, L.P.
June 2021 4.20% senior notes US$600
Enbridge Gas Inc.
May 2021 2.76% medium-term notes $200
December 2021 4.77% medium-term notes $175
Enbridge Pipelines (Southern Lights) L.L.C.
June and December 2021 3.98% senior notes US$64
Enbridge Southern Lights LP
June and December 2021 4.01% senior notes $16
Spectra Energy Partners, LP
March 2021 4.60% senior notes US$250
Westcoast Energy Inc.
October 2021 3.88% medium-term notes $150

140


DEBT COVENANTS
Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at December 31, 2021, we were in compliance with all debt covenants.

INTEREST EXPENSE
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Debentures and term notes 2,850  2,913  2,783 
Commercial paper and credit facility draws 70  123  273 
Amortization of fair value adjustment (50) (54) (67)
Capitalized interest (215) (192) (326)
  2,655  2,790  2,663 

19.  ASSET RETIREMENT OBLIGATIONS
 
Our ARO relate mostly to the retirement of pipelines, renewable power generation assets and obligations related to right-of way agreements and contractual leases for land use.

The discount rates used to estimate the present value of the expected future cash flows for the year ended December 31, 2021 ranged from 0.9% to 9.0% (2020 - 1.8% to 9.0%).

A reconciliation of movements in our ARO liabilities is as follows:
December 31, 2021 2020
(millions of Canadian dollars)
Obligations at beginning of year 496  520 
Liabilities disposed   — 
Liabilities incurred   — 
Liabilities settled (67) (30)
Change in estimate and other 70  — 
Foreign currency translation adjustment (3) (6)
Accretion expense 6  12 
Obligations at end of year 502  496 
Presented as follows:
Accounts payable and other
160  56 
Other long-term liabilities
342  440 
502  496 

141


20.  NONCONTROLLING INTERESTS
 
NONCONTROLLING INTERESTS
The following table provides additional information regarding Noncontrolling interests as presented in our Consolidated Statements of Financial Position:
December 31, 2021 2020
(millions of Canadian dollars)
Algonquin Gas Transmission, L.L.C 377  384 
Maritimes & Northeast Pipeline, L.L.C 546  558 
Renewable energy assets 1,503  1,646 
Westcoast Energy Inc.1
116  408 
2,542  2,996 
1Includes nil and 12 million cumulative redeemable preferred shares as at December 31, 2021 and 2020, respectively.

Westcoast Energy Inc. Preferred Shares Redemption
On March 20, 2019, Westcoast Energy Inc. (Westcoast) exercised its right to redeem all of its outstanding 5.5% Cumulative Redeemable First Preferred Shares, Series 7 (Series 7 Shares) and all of its outstanding 5.6% Cumulative Redeemable First Preferred Shares, Series 8 (Series 8 Shares) at a price of $25 per Series 7 Share and $25 per Series 8 Share, respectively, for a total payment of $300 million. In addition, payment of $4 million was made for all accrued and unpaid dividends. As a result, we recorded a $300 million decrease in Noncontrolling interests for the year ended December 31, 2019.

On January 15, 2021, Westcoast redeemed its Cumulative Five-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 10 with a par value of $115 million. The par value of $115 million was included in Accounts payable and other in the Consolidated Statements of Financial Position as at December 31, 2020.

On October 15, 2021, Westcoast redeemed its Cumulative Five-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 with a par value of $300 million. As a result, we recorded a decrease of $293 million, which represents the par value less related issuance costs, in Noncontrolling interests for the year ended December 31, 2021.

21.  SHARE CAPITAL
 
Our authorized share capital consists of an unlimited number of common shares with no par value and an unlimited number of preference shares.

COMMON SHARES
2021 2020 2019
Number Number Number
December 31, of Shares Amount of Shares Amount of Shares Amount
(millions of Canadian dollars; number of shares in millions)
Balance at beginning of year 2,026  64,768  2,025  64,746  2,022  64,677 
Shares issued on exercise of stock options
  31  22  69 
Balance at end of year 2,026  64,799  2,026  64,768  2,025  64,746 
 

142


PREFERENCE SHARES
2021 2020 2019
Number Number Number
December 31, of Shares Amount of Shares Amount of Shares Amount
(millions of Canadian dollars; number of shares in millions)
Preference Shares, Series A 5  125  125  125 
Preference Shares, Series B 18  457  18  457  18  457 
Preference Shares, Series C 2  43  43  43 
Preference Shares, Series D 18  450  18  450  18  450 
Preference Shares, Series F 20  500  20  500  20  500 
Preference Shares, Series H 14  350  14  350  14  350 
Preference Shares, Series J 8  199  199  199 
Preference Shares, Series L 16  411  16  411  16  411 
Preference Shares, Series N 18  450  18  450  18  450 
Preference Shares, Series P 16  400  16  400  16  400 
Preference Shares, Series R 16  400  16  400  16  400 
Preference Shares, Series 1 16  411  16  411  16  411 
Preference Shares, Series 3 24  600  24  600  24  600 
Preference Shares, Series 5 8  206  206  206 
Preference Shares, Series 7 10  250  10  250  10  250 
Preference Shares, Series 9 11  275  11  275  11  275 
Preference Shares, Series 11 20  500  20  500  20  500 
Preference Shares, Series 13 14  350  14  350  14  350 
Preference Shares, Series 15 11  275  11  275  11  275 
Preference Shares, Series 17 30  750  30  750  30  750 
Preference Shares, Series 19 20  500  20  500  20  500 
Issuance costs (155) (155) (155)
Balance at end of year   7,747  7,747  7,747 

143


Characteristics of the preference shares are as follows:
Dividend Rate
Dividend1
Per Share Base
Redemption
Value2
Redemption and
Conversion
Option Date2,3
Right to
Convert
Into3,4
(Canadian dollars unless otherwise stated)
Preference Shares, Series A 5.50  % $1.37500 $25 —  — 
Preference Shares, Series B 3.42  % $0.85360 $25 June 1, 2022 Series C
Preference Shares, Series C5
3-month treasury bill plus 2.40% —  $25 June 1, 2022 Series B
Preference Shares, Series D 4.46  % $1.11500 $25 March 1, 2023 Series E
Preference Shares, Series F 4.69  % $1.17224 $25 June 1, 2023 Series G
Preference Shares, Series H 4.38  % $1.09400 $25 September 1, 2023 Series I
Preference Shares, Series J 4.89  % US$1.22160 US$25 June 1, 2022 Series K
Preference Shares, Series L 4.96  % US$1.23972 US$25 September 1, 2022 Series M
Preference Shares, Series N 5.09  % $1.27152 $25 December 1, 2023 Series O
Preference Shares, Series P 4.38  % $1.09476 $25 March 1, 2024 Series Q
Preference Shares, Series R 4.07  % $1.01825 $25 June 1, 2024 Series S
Preference Shares, Series 1 5.95  % US$1.48728 US$25 June 1, 2023 Series 2
Preference Shares, Series 3 3.74  % $0.93425 $25 September 1, 2024 Series 4
Preference Shares, Series 5 5.38  % US$1.34383 US$25 March 1, 2024 Series 6
Preference Shares, Series 7 4.45  % $1.11224 $25 March 1, 2024 Series 8
Preference Shares, Series 9 4.10  % $1.02424 $25 December 1, 2024 Series 10
Preference Shares, Series 11 3.94  % $0.98452 $25 March 1, 2025 Series 12
Preference Shares, Series 13 3.04  % $0.76076 $25 June 1, 2025 Series 14
Preference Shares, Series 15 2.98  % $0.74576 $25 September 1, 2025 Series 16
Preference Shares, Series 17 5.15  % $1.28750 $25 March 1, 2022 Series 18
Preference Shares, Series 19 4.90  % $1.22500 $25 March 1, 2023 Series 20
1The holder is entitled to receive a fixed, cumulative, quarterly preferential dividend, as declared by the Board of Directors. With the exception of Series A and Series C Preference Shares, such fixed dividend rate resets every five years beginning on the initial redemption and conversion option date. The Series 17 and Series 19 Preference Shares contain a feature where the fixed dividend rate, when reset every five years, will not be less than 5.15% and 4.90%, respectively. No other series of Preference Shares has this feature.
2Series A Preference Shares may be redeemed any time at our option. For all other series of Preference Shares, we may at our option, redeem all or a portion of the outstanding Preference Shares for the Base Redemption Value per share plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter.
3The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Base Redemption Value.
4With the exception of Series A Preference Shares, after the redemption and conversion option dates, holders may elect to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/number of days in a year) x three-month Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14), 2.7% (Series 16), 4.1% (Series 18) or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in a year) x three-month US Government treasury bill rate + 3.1% (Series K), 3.2% (Series M), 3.1% (Series 2) or 2.8% (Series 6).
5The floating quarterly dividend amount for the Series C Preference Shares was increased to $0.15501 from $0.15349 on March 1, 2021, was increased to $0.15753 from $0.15501 on June 1, 2021, was increased to $0.16081 from $0.15753 on September 1, 2021 and was decreased to $0.15719 from $0.16081 on December 1, 2021, due to reset on a quarterly basis following the issuance thereof.

PREFERENCE SHARE REDEMPTION
We intend to exercise our right to redeem all of our outstanding cumulative redeemable minimum rate reset preference shares, Series 17, on March 1, 2022 at a price of $25 per Series 17 share, together with all accrued and unpaid dividends, if any.

144


SHAREHOLDER RIGHTS PLAN
The Shareholder Rights Plan is designed to encourage the fair treatment of our shareholders in connection with any takeover offer. Rights issued under the plan become exercisable when a person and any related parties acquires or announces its intention to acquire 20% or more of our outstanding common shares without complying with certain provisions set out in the plan or without approval of our Board of Directors. Should such an acquisition occur, each rights holder, other than the acquiring person and related parties, will have the right to purchase our common shares at a 50% discount to the market price at that time.

22.  STOCK OPTION AND STOCK UNIT PLANS

We maintain three long-term incentive compensation plans: the ISO Plan, the PSU Plan and the RSU Plan. Total stock-based compensation expense recorded for the years ended December 31, 2021, 2020 and 2019 was $157 million, $145 million and $117 million, respectively. Disclosure of activity and assumptions for material stock-based compensation plans are included below.
 
INCENTIVE STOCK OPTIONS
Certain key employees are granted ISOs to purchase common shares at the grant date market price. ISOs vest in equal annual installments over a four-year period and expire 10 years after the issue date.
December 31, 2021 Number
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (years)
Aggregate
Intrinsic
Value
(options in thousands; intrinsic value in millions of Canadian dollars; weighted average exercise price in Canadian dollars)        
Options outstanding at beginning of year 35,494  48.65     
Options granted 4,072  43.86     
Options exercised1
(4,142) 41.85     
Options cancelled or expired (1,407) 50.74     
Options outstanding at end of year 34,017  49.28  5.7 128 
Options vested at end of year2
22,029  49.84  4.5 64 
1The total intrinsic value of ISOs exercised during the years ended December 31, 2021, 2020 and 2019 was $24 million, $13 million and $58 million, respectively, and cash received on exercise was $2 million, $4 million and $1 million, respectively.
2The total fair value of ISOs exercised during the years ended December 31, 2021, 2020 and 2019 was $25 million, $30 million and $32 million, respectively.

145


Weighted average assumptions used to determine the fair value of ISOs granted using the Black-Scholes-Merton option pricing model are as follows:
Year ended December 31, 2021 2020 2019
Fair value per option (Canadian dollars)1
4.10  4.01  4.37 
Valuation assumptions
Expected option term (years)2
6 6 5
Expected volatility3
25.5  % 18.3  % 19.9  %
Expected dividend yield4
7.6  % 5.9  % 6.1  %
Risk-free interest rate5
0.7  % 1.3  % 2.0  %
1Options granted to US employees are based on NYSE prices. The option value and assumptions shown are based on a weighted average of the US and the Canadian options. The fair values per option for the years ended December 31, 2021, 2020 and 2019 were $3.91, $3.75 and $4.04, respectively, for Canadian employees and US$3.65, US$3.62 and US$4.09, respectively, for US employees.
2The expected option term is six years based on historical exercise practice and five years for retirement eligible employees.
3Expected volatility is determined with reference to historic daily share price volatility and consideration of the implied volatility observable in call option values near the grant date.
4The expected dividend yield is the current annual dividend at the grant date divided by the current stock price.
5The risk-free interest rate is based on the Government of Canada’s Canadian Bond Yields and the US Treasury Bond Yields.

Compensation expense recorded for the years ended December 31, 2021, 2020 and 2019 for ISOs was $16 million, $24 million and $32 million, respectively. As at December 31, 2021, unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the ISO Plan was $11 million. The expense is expected to be fully recognized over a weighted average period of approximately two years.
 
PERFORMANCE STOCK UNITS
Under PSU awards for certain key employees, cash awards are paid following a three-year performance cycle. Awards are calculated by multiplying the number of units outstanding at the end of the performance period by Enbridge's weighted average share price for 20 days prior to the maturity of the grant and by a performance multiplier. The performance multiplier ranges from zero, if our performance fails to meet threshold performance levels, to a maximum of two if we perform within the highest range of the performance targets. The performance multiplier is derived through a calculation of our Total Shareholder Return percentile rank, in each case relative to a specified peer group of companies and our distributable cash flow per share, adjusted for unusual, non-operating or non-recurring items, relative to targets established at the time of grant. To calculate the 2021 expense, a multiplier of 0.5 was used for 2021 PSU grants, 0.5 for 2020 PSU grants and 1.3 for the 2019 PSU grants.
December 31, 2021 Number
Weighted
Average
Remaining
Contractual
Life (years)
Aggregate
Intrinsic
Value
(units in thousands; intrinsic value in millions of Canadian dollars)      
Units outstanding at beginning of year 3,056 
Units granted 1,895 
Units cancelled (76)
Units matured1
(1,664)
Dividend reinvestment 218 
Units outstanding at end of year 3,429  1.1 181 
1The total amount paid during the years ended December 31, 2021, 2020 and 2019 for PSUs was $70 million, $14 million and $19 million, respectively.
146


Compensation expense recorded for the years ended December 31, 2021, 2020 and 2019 for PSUs was $56 million, $76 million and $40 million, respectively. As at December 31, 2021, unrecognized compensation expense related to non-vested PSUs was $31 million. The expense is expected to be fully recognized over a weighted average period of approximately two years.

RESTRICTED STOCK UNITS
Under RSU awards, cash awards are paid to certain of our employees vesting in equal installments on each of the first, second and third anniversaries of the grant date. Share settled awards are given to certain senior management employees following a three year maturity period. RSU holders receive cash or shares equal to our weighted average share price for 20 days prior to the maturity of the grant multiplied by the units outstanding on the maturity date.
December 31, 2021 Number
Weighted
Average
Remaining
Contractual Life (years)
Aggregate
Intrinsic Value
(units in thousands; intrinsic value in millions of Canadian dollars)
Units outstanding at beginning of year 2,453     
Units granted 1,514     
Units cancelled (75)    
Units matured1
(1,433)    
Dividend reinvestment 246     
Units outstanding at end of year 2,705  1.1 129 
1The total amount paid during the years ended December 31, 2021, 2020 and 2019 for RSUs was $72 million, $27 million and $34 million, respectively.
 
Compensation expense recorded for the years ended December 31, 2021, 2020 and 2019 for RSUs was $85 million, $44 million and $41 million, respectively. As at December 31, 2021, unrecognized compensation expense related to non-vested RSUs was $62 million. The expense is expected to be fully recognized over a weighted average period of approximately two years.

147


23.  COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 
Changes in AOCI attributable to our common shareholders for the years ended December 31, 2021, 2020 and 2019 are as follows:
Cash Flow
Hedges
Excluded
Components
of Fair Value
Hedges
Net
Investment
Hedges
Cumulative
Translation
Adjustment
Equity
Investees
Pension and
OPEB
Adjustment
Total
(millions of Canadian dollars)            
Balance at January 1, 2021 (1,326) 5  (215) 568  66  (499) (1,401)
Other comprehensive income/(loss) retained in AOCI
238  (5) 49  (492) (12) 520  298 
Other comprehensive (income)/loss reclassified to earnings            
Interest rate contracts1
296            296 
Commodity contracts2
1            1 
Foreign exchange contracts3
5            5 
Other contracts4
2            2 
Equity investment disposal         (66)   (66)
 Amortization of pension and OPEB actuarial loss and prior service costs5
          28  28 
Other 17      (20) 3     
  559  (5) 49  (512) (75) 548  564 
Tax impact            
Income tax on amounts retained in AOCI (61)         (126) (187)
Income tax on amounts reclassified to earnings (69)       4  (7) (72)
  (130)       4  (133) (259)
Balance at December 31, 2021 (897)   (166) 56  (5) (84) (1,096)
Cash Flow
Hedges
Excluded
Components
of Fair Value
Hedges
Net
Investment
Hedges
Cumulative
Translation
Adjustment
Equity
Investees
Pension and
OPEB
Adjustment
Total
(millions of Canadian dollars)
Balance at January 1, 2020 (1,073) —  (317) 1,396  67  (345) (272)
Other comprehensive income/(loss) retained in AOCI
(591) 115  (828) (2) (221) (1,522)
Other comprehensive (income)/loss reclassified to earnings
Interest rate contracts1
253  —  —  —  —  —  253 
Foreign exchange contracts3
—  —  —  —  — 
Other contracts4
(2) —  —  —  —  —  (2)
 Amortization of pension and OPEB actuarial loss and prior service costs5
—  —  —  —  —  17  17 
(335) 115  (828) (2) (204) (1,249)
Tax impact
Income tax on amounts retained in AOCI 140  —  (13) —  54  182 
Income tax on amounts reclassified to earnings (58) —  —  —  —  (4) (62)
82  —  (13) —  50  120 
Balance at December 31, 2020 (1,326) (215) 568  66  (499) (1,401)
 
148


Cash Flow
Hedges
Net
Investment
Hedges
Cumulative
Translation
Adjustment
Equity
Investees
Pension and
OPEB
Adjustment
Total
(millions of Canadian dollars)
Balance at January 1, 2019 (770) (598) 4,323  34  (317) 2,672 
Other comprehensive income/(loss) retained in AOCI
(599) 320  (2,927) 34  (124) (3,296)
Other comprehensive (income)/loss reclassified to earnings
Interest rate contracts1
157  —  —  —  —  157 
Commodity contracts2
(1) —  —  —  —  (1)
Foreign exchange contracts3
—  —  —  — 
Other contracts4
(3) —  —  —  —  (3)
 Amortization of pension and OPEB actuarial loss and prior service costs5
—  —  —  —  17  17 
(441) 320  (2,927) 34  (107) (3,121)
Tax impact
Income tax on amounts retained in AOCI 169  (39) —  28  164 
Income tax on amounts reclassified to earnings (31) —  —  —  (4) (35)
138  (39) —  24  129 
Other —  —  —  (7) 55  48 
Balance at December 31, 2019 (1,073) (317) 1,396  67  (345) (272)
1Reported within Interest expense in the Consolidated Statements of Earnings.
2Reported within Transportation and other services revenue, Commodity sales revenue, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings.
3Reported within Transportation and other services revenue and Net foreign currency gain in the Consolidated Statements of Earnings.
4Reported within Operating and administrative expense in the Consolidated Statements of Earnings.
5These components are included in the computation of net benefit costs and are reported within Other income/(expense) in the Consolidated Statements of Earnings.

24.  RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
 
MARKET RISK
Our earnings, cash flows and OCI are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price (collectively, market risks). Formal risk management policies, processes and systems have been designed to mitigate these risks.
 
The following summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below.
 
Foreign Exchange Risk
We generate certain revenues, incur expenses and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dollars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability.
 
We employ financial derivative instruments to hedge foreign currency denominated earnings exposure. A combination of qualifying and non-qualifying derivative instruments is used to hedge anticipated foreign currency denominated revenues and expenses and to manage variability in cash flows. We hedge certain net investments in US dollar denominated investments and subsidiaries using foreign currency derivatives and US dollar denominated debt.
 
149


Interest Rate Risk
Our earnings and cash flows are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. We monitor our debt portfolio mix of fixed and variable rate debt instruments to manage a consolidated portfolio of floating rate debt within the Board of Directors approved policy limit of a maximum of 30% of floating rate debt as a percentage of total debt outstanding. We primarily use qualifying derivative instruments to manage interest rate risk. Pay fixed-receive floating interest rate swaps may be used to hedge against the effect of future interest rate movements. We have implemented a program to mitigate the impact of short-term interest rate volatility on interest expense via execution of floating to fixed interest rate swaps with an average swap rate of 3.9%.

We are exposed to changes in the fair value of fixed rate debt that arise as a result of changes in market interest rates. Pay floating-receive fixed interest rate swaps are used, when applicable, to hedge against future changes to the fair value of fixed rate debt which mitigates the impact of fluctuations in fair value via execution of fixed to floating interest rate swaps. As at December 31, 2021, we do not have any pay floating-receive fixed interest rate swaps outstanding.
 
Our earnings and cash flows are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. Forward starting interest rate swaps are used to hedge against the effect of future interest rate movements. We have established a program including some of our subsidiaries to mitigate our exposure to long-term interest rate variability on select forecast term debt issuances via execution of floating to fixed interest rate swaps with an average swap rate of 2.0%.
 
Commodity Price Risk
Our earnings and cash flows are exposed to changes in commodity prices as a result of our ownership interests in certain assets and investments, as well as through the activities of our energy services subsidiaries. These commodities include natural gas, crude oil, power and NGL. We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use primarily non-qualifying derivative instruments to manage commodity price risk.
 
Equity Price Risk
Equity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through revaluation of the outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, restricted share units. We use a combination of qualifying and non-qualifying derivative instruments to manage equity price risk.

TOTAL DERIVATIVE INSTRUMENTS
The following table summarizes the Consolidated Statements of Financial Position location and carrying value of our derivative instruments.
 
We generally have a policy of entering into individual International Swaps and Derivatives Association, Inc. agreements, or other similar derivative agreements, with the majority of our financial derivative counterparties. These agreements provide for the net settlement of derivative instruments outstanding with specific counterparties in the event of bankruptcy or other significant credit events and reduce our credit risk exposure on financial derivative asset positions outstanding with the counterparties in those circumstances.

150


The following table summarizes the maximum potential settlement amounts in the event of these specific circumstances. All amounts are presented gross in the Consolidated Statements of Financial Position.

December 31, 2021
Derivative
Instruments
Used as
Cash Flow Hedges
Derivative
Instruments
Used as Net
Investment Hedges
Derivative
Instruments
Used as
Fair Value Hedges
Non-
Qualifying
Derivative Instruments
Total Gross
Derivative
Instruments as Presented
Amounts
Available for Offset
Total Net
Derivative Instruments
(millions of Canadian dollars)            
Accounts receivable and other            
Foreign exchange contracts       259  259  (41) 218 
Interest rate contracts 64        64    64 
Commodity contracts       204  204  (129) 75 
Other contracts       2  2    2 
  64      465  529  (170) 359 
Deferred amounts and other assets        
Foreign exchange contracts       240  240  (61) 179 
Interest rate contracts 88        88  (1) 87 
Commodity contracts       29  29  (13) 16 
Other contracts       3  3    3 
  88      272  360  (75) 285 
Accounts payable and other        
Foreign exchange contracts (15)   (112) (176) (303) 41  (262)
Interest rate contracts (150)       (150)   (150)
Commodity contracts (14)     (250) (264) 129  (135)
Other contracts              
(179)   (112) (426) (717) 170  (547)
Other long-term liabilities        
Foreign exchange contracts       (423) (423) 61  (362)
Interest rate contracts (1)     (23) (24) 1  (23)
Commodity contracts (17)     (67) (84) 13  (71)
Other contracts              
(18)     (513) (531) 75  (456)
Total net derivative asset/(liability)        
Foreign exchange contracts (15)   (112) (100) (227)   (227)
Interest rate contracts 1      (23) (22)   (22)
Commodity contracts (31)     (84) (115)   (115)
Other contracts       5  5    5 
  (45)   (112) (202) (359)   (359)
151


December 31, 2020 Derivative
Instruments
Used as
Cash Flow Hedges
Derivative
Instruments
Used as Net Investment Hedges
Derivative
Instruments
Used as Fair Value Hedges
Non-
Qualifying
Derivative Instruments
Total Gross
Derivative
Instruments as Presented
Amounts
Available for Offset
Total Net
Derivative Instruments
(millions of Canadian dollars)            
Accounts receivable and other            
Foreign exchange contracts —  —  —  180  180  (28) 152 
Interest rate contracts —  —  —  —  —  —  — 
Commodity contracts —  —  —  143  143  (81) 62 
Other contracts —  —  —  —  —  —  — 
  —  —  —  323  323  (109) 214 
Deferred amounts and other assets        
   Foreign exchange contracts 14  —  —  452  466  (218) 248 
   Interest rate contracts 56  —  —  —  56  (25) 31 
   Commodity contracts —  —  —  39  39  (9) 30 
   Other contracts —  —  —  —  —  —  — 
  70  —  —  491  561  (252) 309 
Accounts payable and other        
   Foreign exchange contracts (5) —  (29) (151) (185) 28  (157)
   Interest rate contracts (423) —  —  (2) (425) —  (425)
   Commodity contracts (2) —  —  (278) (280) 81  (199)
   Other contracts (1) —  —  (3) (4) —  (4)
  (431) —  (29) (434) (894) 109  (785)
Other long-term liabilities        
   Foreign exchange contracts —  —  (87) (673) (760) 218  (542)
   Interest rate contracts (218) —  —  (23) (241) 25  (216)
   Commodity contracts (1) —  —  (57) (58) (49)
Other contracts —  —  —  —  —  —  — 
  (219) —  (87) (753) (1,059) 252  (807)
Total net derivative asset/(liability)        
   Foreign exchange contracts —  (116) (192) (299) —  (299)
   Interest rate contracts (585) —  —  (25) (610) —  (610)
   Commodity contracts (3) —  —  (153) (156) —  (156)
   Other contracts (1) —  —  (3) (4) —  (4)
  (580) —  (116) (373) (1,069) —  (1,069)
 
152


The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments.
2021 2020
As at December 31, 2022 2023 2024 2025 2026 Thereafter Total Total
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars)
2,508            2,508  3,522 
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars)
9,245  5,596  4,346  3,174  2,574  492  25,427  17,859 
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP)
28  29  30  30  28  32  177  265 
Foreign exchange contracts - Euro forwards - sell (millions of Euro)
104  92  91  86  85  343  801  885 
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen)
72,500            72,500  72,500 
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars)
395  47  35  30  26  64  597  4,635 
Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars)
2,363  1,784  1,132        5,279  5,396 
Equity contracts (millions of Canadian dollars)
20  26  21        67  62 
Commodity contracts - natural gas (billions of cubic feet)
165  18  5  11      199  173 
Commodity contracts - crude oil (millions of barrels)
12            12  15 
Commodity contracts - power (megawatt per hour (MW/H)
(43) (43) (43) (43)     (43) 1 (35) 1
1Total is an average net purchase/(sell) of power.

153


The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income
 
The following table presents the effect of cash flow hedges and net investment hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes:
  2021 2020 2019
(millions of Canadian dollars)      
Amount of unrealized gain/(loss) recognized in OCI
 
 
 
Cash flow hedges
 
 
 
Foreign exchange contracts (29) (1) (19)
Interest rate contracts 252  (595) (559)
Commodity contracts (28) (25)
Other contracts 1  (3) 10 
Fair value hedges
Foreign exchange contracts (5) — 
Net investment hedges
 
 
 
Foreign exchange contracts   13 
  191  (579) (591)
Amount of (gain)/loss reclassified from AOCI to earnings      
Foreign exchange contracts1
5 
Interest rate contracts2
296  253  157 
Commodity contracts3
1  —  (1)
Other contracts4
2  (2) (3)
  304  256  158 
1Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings.
2Reported within Interest expense in the Consolidated Statements of Earnings.
3Reported within Transportation and other services revenue, Commodity sales revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings.
4Reported within Operating and administrative expenses in the Consolidated Statements of Earnings.
 
We estimate that a loss of $47 million from AOCI related to cash flow hedges will be reclassified to earnings in the next 12 months. Actual amounts reclassified to earnings depend on the foreign exchange rates, interest rates and commodity prices in effect when derivative contracts that are currently outstanding mature. For all forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is 36 months as at December 31, 2021.

Fair Value Derivatives
For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is included in Interest expense in the Consolidated Statements of Earnings.

Year ended December 31, 2021 2020
(millions of Canadian dollars)
Unrealized gain/(loss) on derivative 8  (116)
Unrealized gain/(loss) on hedged item (15) 133 
Realized loss on derivative (41) (12)
Realized gain on hedged item 45  — 

154


Non-Qualifying Derivatives
The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Foreign exchange contracts1
92  902  1,626 
Interest rate contracts2
2  (25) 178 
Commodity contracts3
71  (114) (62)
Other contracts4
8  (7)
Total unrealized derivative fair value gain/(loss), net 173  756  1,751 
1For the respective annual periods, reported within Transportation and other services revenue (2021 - $98 million gain; 2020 - $533 million gain; 2019 - $930 million gain) and Net foreign currency gain/(loss) (2021 - $6 million loss; 2020 - $369 million gain; 2019 - $696 million gain) in the Consolidated Statements of Earnings.
2Reported as an increase within Interest expense in the Consolidated Statements of Earnings.
3For the respective annual periods, reported within Transportation and other services revenue (2021 - $9 million gain; 2020 - $2 million loss; 2019 - $26 million loss), Commodity sales (2021 - $160 million gain; 2020 - $321 million loss; 2019 - $544 million loss), Commodity costs (2021 - $105 million loss; 2020 - $207 million gain; 2019 - $459 million gain) and Operating and administrative expense (2021 - $7 million gain; 2020 - $2 million gain; 2019 - $49 million gain) in the Consolidated Statements of Earnings.
4Reported within Operating and administrative expense in the Consolidated Statements of Earnings.
 
LIQUIDITY RISK
Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12-month rolling time period to determine whether sufficient funds will be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. We also maintain current shelf prospectuses with securities regulators which enables ready access to either the Canadian or US public capital markets, subject to market conditions. In addition, we maintain sufficient liquidity through committed credit facilities with a diversified group of banks and institutions which, if necessary, enables us to fund all anticipated requirements for approximately one year without accessing the capital markets. We are in compliance with all the terms and conditions of our committed credit facility agreements and term debt indentures as at December 31, 2021. As a result, all credit facilities are available to us and the banks are obligated to fund and have been funding us under the terms of the facilities.

CREDIT RISK
Entering into derivative instruments may result in exposure to credit risk from the possibility that a counterparty will default on its contractual obligations. In order to mitigate this risk, we enter into risk management transactions primarily with institutions that possess strong investment grade credit ratings. Credit risk relating to derivative counterparties is mitigated through maintenance and monitoring of credit exposure limits and contractual requirements, netting arrangements, and ongoing monitoring of counterparty credit exposure using external credit rating services and other analytical tools.

155


We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments:
December 31, 2021 2020
(millions of Canadian dollars)    
Canadian financial institutions 424  481 
US financial institutions 130  99 
European financial institutions 181  28 
Asian financial institutions 30  167 
Other1
122  97 
  887  872 
1Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties.
 
As at December 31, 2021, we provided letters of credit totaling nil in lieu of providing cash collateral to our counterparties pursuant to the terms of the relevant International Swaps and Derivatives Association agreements. We held no cash collateral on derivative asset exposures as at December 31, 2021 and December 31, 2020.
 
Gross derivative balances have been presented without the effects of collateral posted. Derivative assets are adjusted for non-performance risk of our counterparties using their credit default swap spread rates, and are reflected at fair value. For derivative liabilities, our non-performance risk is considered in the valuation.
 
Credit risk also arises from trade and other long-term receivables, and is mitigated through credit exposure limits and contractual requirements, assessment of credit ratings and netting arrangements. Within Enbridge Gas, credit risk is mitigated by the utilities' large and diversified customer base and the ability to recover an estimate for doubtful accounts through the ratemaking process. We actively monitor the financial strength of large industrial customers and, in select cases, have obtained additional security to minimize the risk of default on receivables. Generally, we classify and provide for receivables older than 30 days as past due. The maximum exposure to credit risk related to non-derivative financial assets is their carrying value.
 
FAIR VALUE MEASUREMENTS
Our financial assets and liabilities measured at fair value on a recurring basis include derivative instruments. We also disclose the fair value of other financial instruments not measured at fair value. The fair value of financial instruments reflects our best estimates of market value based on generally accepted valuation techniques or models and is supported by observable market prices and rates. When such values are not available, we use discounted cash flow analysis from applicable yield curves based on observable market inputs to estimate fair value.
 
FAIR VALUE OF FINANCIAL INSTRUMENTS
We categorize our derivative instruments measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.
 
Level 1
Level 1 includes derivatives measured at fair value based on unadjusted quoted prices for identical assets and liabilities in active markets that are accessible at the measurement date. An active market for a derivative is considered to be a market where transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 instruments consist primarily of exchange traded derivatives used to mitigate the risk of crude oil price fluctuations.
 
156


Level 2
Level 2 includes derivative valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Derivatives in this category are valued using models or other industry standard valuation techniques derived from observable market data. Such valuation techniques include inputs such as quoted forward prices, time value, volatility factors and broker quotes that can be observed or corroborated in the market for the entire duration of the derivative. Derivatives valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter foreign exchange forward and cross currency swap contracts, interest rate swaps, physical forward commodity contracts, as well as commodity swaps for which observable inputs can be obtained.

We have also categorized the fair value of our held to maturity preferred share investment and long-term debt as Level 2. The fair value of our held to maturity preferred share investment is primarily based on the yield of certain Government of Canada bonds. The fair value of our long-term debt is based on quoted market prices for instruments of similar yield, credit risk and tenor.
 
Level 3
Level 3 includes derivative valuations based on inputs which are less observable, unavailable or where the observable data does not support a significant portion of the derivatives’ fair value. Generally, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on extrapolation of observable future prices and rates. Derivatives valued using Level 3 inputs primarily include long-dated derivative power contracts and NGL and natural gas contracts, basis swaps, commodity swaps, power and energy swaps, as well as physical forward commodity contracts. We do not have any other financial instruments categorized in Level 3.

We use the most observable inputs available to estimate the fair value of our derivatives. When possible, we estimate the fair value of our derivatives based on quoted market prices. If quoted market prices are not available, we use estimates from third party brokers. For non-exchange traded derivatives classified in Levels 2 and 3, we use standard valuation techniques to calculate the estimated fair value. These methods include discounted cash flows for forwards and swaps and Black-Scholes-Merton pricing models for options. Depending on the type of derivative and nature of the underlying risk, we use observable market prices (interest, foreign exchange, commodity and share price) and volatility as primary inputs to these valuation techniques. Finally, we consider our own credit default swap spread as well as the credit default swap spreads associated with our counterparties in our estimation of fair value.

157


We have categorized our derivative assets and liabilities measured at fair value as follows:
December 31, 2021 Level 1 Level 2 Level 3 Total Gross Derivative Instruments
(millions of Canadian dollars)        
Financial assets        
Current derivative assets        
Foreign exchange contracts   259    259 
Interest rate contracts   64    64 
Commodity contracts 38  71  95  204 
Other contracts   2    2 
  38  396  95  529 
Long-term derivative assets      
Foreign exchange contracts   240    240 
Interest rate contracts   88    88 
Commodity contracts   21  8  29 
Other contracts   3    3 
    352  8  360 
Financial liabilities      
Current derivative liabilities      
Foreign exchange contracts   (303)   (303)
Interest rate contracts   (150)   (150)
Commodity contracts (52) (66) (146) (264)
Other contracts        
  (52) (519) (146) (717)
Long-term derivative liabilities      
Foreign exchange contracts   (423)   (423)
Interest rate contracts   (24)   (24)
Commodity contracts   (19) (65) (84)
Other contracts        
    (466) (65) (531)
Total net financial asset/(liability)      
Foreign exchange contracts   (227)   (227)
Interest rate contracts   (22)   (22)
Commodity contracts (14) 7  (108) (115)
Other contracts   5    5 
  (14) (237) (108) (359)
158


December 31, 2020 Level 1 Level 2 Level 3 Total Gross Derivative Instruments
(millions of Canadian dollars)        
Financial assets        
Current derivative assets        
Foreign exchange contracts —  180  —  180 
Interest rate contracts —  —  —  — 
Commodity contracts 43  33  67  143 
Other contracts —  —  —  — 
  43  213  67  323 
Long-term derivative assets      
Foreign exchange contracts —  466  —  466 
Interest rate contracts —  56  —  56 
Commodity contracts 24  14  39 
Other contracts —  —  —  — 
  546  14  561 
Financial liabilities      
Current derivative liabilities      
Foreign exchange contracts —  (185) —  (185)
Interest rate contracts —  (425) —  (425)
Commodity contracts (39) (18) (223) (280)
Other contracts —  (4) —  (4)
  (39) (632) (223) (894)
Long-term derivative liabilities      
Foreign exchange contracts —  (760) —  (760)
Interest rate contracts —  (241) —  (241)
Commodity contracts (1) (8) (49) (58)
Other contracts —  —  —  — 
  (1) (1,009) (49) (1,059)
Total net financial asset/(liability)      
Foreign exchange contracts —  (299) —  (299)
Interest rate contracts —  (610) —  (610)
Commodity contracts 31  (191) (156)
Other contracts —  (4) —  (4)
  (882) (191) (1,069)
 
The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows:
December 31, 2021 Fair Value Unobservable Input Minimum Price Maximum Price Weighted Average Price Unit of Measurement
(fair value in millions of Canadian dollars)            
Commodity contracts - financial1
           
Natural gas (19) Forward gas price 3.12 9.05 4.49
$/mmbtu2
Crude 3  Forward crude price 76.02 98.99 91.73 $/barrel
Power (60) Forward power price 31.00 125.13 76.23 $/MW/H
Commodity contracts - physical1
           
Natural gas (56) Forward gas price 2.65 9.25 4.63
$/mmbtu2
Crude 24  Forward crude price 68.66 97.00 87.97 $/barrel
  (108)          
1Financial and physical forward commodity contracts are valued using a market approach valuation technique.
2One million British thermal units (mmbtu).
 
159


If adjusted, the significant unobservable inputs disclosed in the table above would have a direct impact on the fair value of our Level 3 derivative instruments. The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments include forward commodity prices, and for option contracts, price volatility. Changes in forward commodity prices could result in significantly different fair values for our Level 3 derivatives. Changes in price volatility would change the value of the option contracts. Generally, a change in the estimate of forward commodity prices is unrelated to a change in the estimate of price volatility.

Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows:
Year ended December 31, 2021 2020
(millions of Canadian dollars)    
Level 3 net derivative liability at beginning of period (191) (69)
Total gain/(loss)    
Included in earnings1
(39) (123)
Included in OCI (29)
Settlements 151  (1)
Level 3 net derivative liability at end of period (108) (191)
1Reported within Transportation and other services revenue, Commodity costs and Operating and administrative expenses in the Consolidated Statements of Earnings.
 
There were no transfers into or out of Level 3 as at December 31, 2021 or 2020.

NET INVESTMENT HEDGES
We have designated a portion of our US dollar denominated debt, as well as a portfolio of foreign exchange forward contracts, as a hedge of our net investment in US dollar denominated investments and subsidiaries.
 
During the years ended December 31, 2021 and 2020, we recognized unrealized foreign exchange gains of $49 million and $117 million, respectively, on the translation of US dollar denominated debt and an unrealized gain on the change in fair value of our outstanding foreign exchange forward contracts of nil and $13 million, respectively, in OCI. During the years ended December 31, 2021 and 2020, we recognized a realized loss of nil and $15 million, respectively, in OCI associated with the settlement of foreign exchange forward contracts. No realized gains or losses associated with the settlement of US dollar denominated debt that had matured during the period were recognized in OCI during the years ended December 31, 2021 and 2020.

FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS
Certain long-term investments in other entities with no actively quoted prices are classified as FVMA investments and are recorded at cost less impairment. The carrying value of FVMA investments totaled $52 million as at December 31, 2021 and 2020.

We have Restricted long-term investments held in trust totaling $630 million and $553 million as at December 31, 2021 and 2020, respectively, which are recognized at fair value.
 
As at December 31, 2021 and 2020, our long-term debt had a carrying value of $74.4 billion and $66.1 billion, respectively, before debt issuance costs and a fair value of $82.0 billion and $75.1 billion, respectively. We also have non-current notes receivable carried at book value and recorded in Deferred amounts and other assets in the Consolidated Statements of Financial Position. As at December 31, 2021 and 2020, the non-current notes receivable had a carrying value of $1.0 billion and $1.1 billion, respectively, which also approximates their fair value.

160


The fair value of other financial assets and liabilities other than derivative instruments, other long-term investments, restricted long-term investments and long-term debt approximate their cost due to the short period to maturity.

25. INCOME TAXES

INCOME TAX RATE RECONCILIATION
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Earnings before income taxes 7,729 4,190  7,535 
Canadian federal statutory income tax rate 15  % 15  % 15  %
Expected federal taxes at statutory rate 1,159 629  1,130 
Increase/(decrease) resulting from:      
Provincial and state income taxes1
228  288  415 
Foreign and other statutory rate differentials2
134  (53) 129 
Effects of rate-regulated accounting3
(139) (145) (63)
Foreign allowable interest deductions4
  (4) (29)
Part VI.1 tax, net of federal Part I deduction5
73  76  78 
US Minimum Tax6
  44  67 
Non-taxable portion of gain on sale of investment7
(23) —  — 
Valuation allowance8
5  (6) 26 
Intercorporate investments9
  —  (14)
Noncontrolling interests (17) (8) (13)
Other (5) (47) (18)
Income tax expense 1,415  774  1,708 
Effective income tax rate 18.3% 18.5% 22.7%
1 The change in provincial and state income taxes from 2020 to 2021 reflects the 2020 impact of state tax apportionment and rate changes in both the US and Canada offset by the increase in earnings from US and Canadian operations in 2021.
2 The change in foreign and other statutory rate differentials from 2020 to 2021 reflects the increase in earnings from US operations partially offset by higher rate benefits from foreign operations.
3 The amount in 2019 included the federal component of the tax benefit of the write-off of regulatory assets.
4 The decrease in foreign allowable interest deductions from 2019 to 2021 was due to changes in the related loan portfolio.
5 Part VI.1 tax is a tax levied on preferred share dividends paid in Canada.
6 There was no US Minimum Tax in 2021 as a result of tax losses from bonus tax depreciation.
7 The amount in 2021 relates to the federal impact of the gain on sale of the investment in Noverco.
8 The increase in 2021 is due to the federal component of the tax effect of a valuation allowance on additional deferred tax assets that are not more likely than not to be realized.
9 The amount in 2019 relates to the federal component of changes in assertions regarding the manner of recovery of intercorporate investments such that deferred tax related to outside basis temporary differences was required to be recorded for MATL.
161


COMPONENTS OF PRETAX EARNINGS AND INCOME TAXES
Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Earnings before income taxes      
Canada 3,399  2,789  3,560 
US 3,336  407  3,115 
Other 994  994  860 
  7,729  4,190  7,535 
Current income taxes      
Canada 162  165  347 
US 80  64  107 
Other 82  98  98 
  324  327  552 
Deferred income taxes      
Canada 344  378  490 
US 741  66  672 
Other 6  (6)
  1,091  447  1,156 
Income tax expense 1,415  774  1,708 

COMPONENTS OF DEFERRED INCOME TAXES
Deferred income tax assets and liabilities are recognized for the future tax consequences of differences between carrying amounts of assets and liabilities and their respective tax bases. Major components of deferred income tax assets and liabilities are as follows:

December 31, 2021 2020
(millions of Canadian dollars)    
Deferred income tax liabilities    
Property, plant and equipment (8,721) (7,786)
Investments (6,097) (4,649)
Regulatory assets (1,245) (1,156)
Other (208) (127)
Total deferred income tax liabilities (16,271) (13,718)
Deferred income tax assets    
Financial instruments 315  518 
Pension and OPEB plans 110  251 
Loss carryforwards 3,081  2,005 
Other 1,648  1,461 
Total deferred income tax assets 5,154  4,235 
Less valuation allowance (84) (79)
Total deferred income tax assets, net 5,070  4,156 
Net deferred income tax liabilities (11,201) (9,562)
Presented as follows:
Total deferred income tax assets 488  770 
Total deferred income tax liabilities (11,689) (10,332)
Net deferred income tax liabilities (11,201) (9,562)

A valuation allowance has been established for certain loss and credit carryforwards, and outside basis temporary differences on investments that reduce deferred income tax assets to an amount that will more likely than not be realized.
 
162


As at December 31, 2021, we recognized the benefit of unused tax loss carryforwards of $1.9 billion (2020 - $2.6 billion) in Canada which expire in 2026 and beyond.

As at December 31, 2021, we recognized the benefit of unused tax loss carryforwards of $11.0 billion (2020 - $5.8 billion) in the US. Unused tax loss carryforwards of $3.5 billion (2020 - $2.4 billion) begin to expire in 2023, and unused tax loss carryforwards of $7.5 billion (2020 - $3.4 billion) have no expiration.

We have not provided for deferred income taxes on the difference between the carrying value of substantially all of our foreign subsidiaries and their corresponding tax basis as the earnings of those subsidiaries are intended to be permanently reinvested in their operations. As such, these investments are not anticipated to give rise to income taxes in the foreseeable future. The difference between the carrying values of the investments and their tax bases is largely a result of unremitted earnings and currency translation adjustments. The unremitted earnings and currency translation adjustment for which no deferred taxes have been recognized in respect of foreign subsidiaries were $4.3 billion and $5.5 billion for the periods December 31, 2021 and 2020, respectively. If such earnings are remitted, in the form of dividends or otherwise, we may be subject to income taxes and foreign withholding taxes. The determination of the amount of unrecognized deferred income tax liabilities on such amounts is not practicable.

Enbridge and certain of our subsidiaries are subject to taxation in Canada, the US and other foreign jurisdictions. The material jurisdictions in which we are subject to potential examinations include the US (Federal) and Canada (Federal, Alberta and Ontario). We are open to examination by Canadian tax authorities for the 2012 to 2021 tax years and by US tax authorities for the 2018 to 2021 tax years. We are currently under examination for income tax matters in Canada for the 2014 to 2018 tax years. We are not currently under examination for income tax matters in any other material jurisdiction where we are subject to income tax.

UNRECOGNIZED TAX BENEFITS
Year ended December 31, 2021 2020
(millions of Canadian dollars)
Unrecognized tax benefits at beginning of year 121  129 
Gross increases for tax positions of current year 1 
Gross decreases for tax positions of prior year (26) (1)
Change in translation of foreign currency (1) (3)
Lapses of statute of limitations (19) (5)
Unrecognized tax benefits at end of year 76  121 
 
The unrecognized tax benefits as at December 31, 2021, if recognized, would impact our effective income tax rate. We do not anticipate further adjustments to the unrecognized tax benefits during the next 12 months that would have a material impact on our consolidated financial statements.

We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income taxes. Interest and penalties included in income taxes for the years ended December 31, 2021 and 2020 were a $5 million recovery and $3 million expense, respectively. As at December 31, 2021 and 2020, interest and penalties of $12 million and $17 million, respectively, have been accrued.

163


26.  PENSION AND OTHER POSTRETIREMENT BENEFITS
 
PENSION PLANS
We sponsor Canadian and US contributory and non-contributory registered defined benefit and defined contribution pension plans, which provide benefits covering substantially all employees. The Canadian Plans provide defined benefit and defined contribution pension benefits to our Canadian employees. The US Plans provide defined benefit pension benefits to our US employees. We also sponsor supplemental non-contributory defined benefit pension plans, which provide non-registered benefits for certain employees in Canada and the US.

Defined Benefit Pension Plan Benefits
Benefits payable from the defined benefit pension plans are based on each plan participant’s years of service and final average remuneration. Some benefits are partially inflation-indexed after a plan participant’s retirement. Our contributions are made in accordance with independent actuarial valuations. Participant contributions to contributory defined benefit pension plans are based upon each plan participant’s current eligible remuneration.

Defined Contribution Pension Plan Benefits
Our contributions are based on each plan participant’s current eligible remuneration. Our contributions for some defined contribution pension plans are also based on age and years of service. Our defined contribution pension benefit costs are equal to the amount of contributions required to be made by us.
164


Benefit Obligations, Plan Assets and Funded Status
The following table details the changes in the projected benefit obligation, the fair value of plan assets and the recorded assets or liabilities for our defined benefit pension plans:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)        
Change in projected benefit obligation        
Projected benefit obligation at beginning of year 4,855  4,446  1,243  1,230 
Service cost 139  148  44  44 
Interest cost 101  128  17  31 
Participant contributions 28  31    — 
Actuarial (gain)/loss1
(329) 292  (21) 95 
Benefits paid (194) (190) (84) (128)
Foreign currency exchange rate changes   —  (11) (23)
Other   —  (4) (6)
Projected benefit obligation at end of year2
4,600  4,855  1,184  1,243 
Change in plan assets
Fair value of plan assets at beginning of year 4,077  3,827  1,062  1,104 
Actual return on plan assets 505  288  151  83 
Employer contributions 120  121  43  27 
Participant contributions 28  31    — 
Benefits paid (194) (190) (84) (128)
Foreign currency exchange rate changes   —  (8) (18)
Other   —  (4) (6)
Fair value of plan assets at end of year3
4,536  4,077  1,160  1,062 
Underfunded status at end of year (64) (778) (24) (181)
Presented as follows:
Deferred amounts and other assets 250  35  98  — 
Accounts payable and other (9) (9) (4) (3)
Other long-term liabilities (305) (804) (118) (178)
  (64) (778) (24) (181)
1Primarily due to increase in the discount rate used to measure the benefit obligations (2020 - primarily due to decrease in the discount rate used to measure the benefit obligations).                            
2The accumulated benefit obligation for our Canadian pension plans was $4.3 billion and $4.5 billion as at December 31, 2021 and 2020, respectively. The accumulated benefit obligation for our US pension plans was $1.1 billion and $1.2 billion as at December 31, 2021 and 2020, respectively.
3Assets in the amount of $13 million (2020 - $11 million) and $84 million (2020 - $59 million), related to our Canadian and United States non-registered supplemental pension plan obligations, are held in grantor trusts and rabbi trusts that, in accordance with federal tax regulations, are not restricted from creditors. These assets are committed for the future settlement of benefit obligations included in the underfunded status as at the end of the year, however they are excluded from plan assets for accounting purposes.

165


Certain of our pension plans have accumulated benefit obligations in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and fair value of plan assets were as follows:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)
Accumulated benefit obligation 440  4,094  115  1,207 
Fair value of plan assets 247  3,621    1,062 

Certain of our pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligation and fair value of plan assets were as follows:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)
Projected benefit obligation 1,272  4,434  121  1,243 
Fair value of plan assets 1,020  3,621    1,062 

Amount Recognized in Accumulated Other Comprehensive Income
The amount of pre-tax AOCI relating to our pension plans are as follows:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)        
Net actuarial loss 226  542  92  233 
Prior service credit   —  (1) (1)
Total amount recognized in AOCI1
226  542  91  232 
1 Excludes amounts related to cumulative translation adjustment.

Net Periodic Benefit Cost and Other Amounts Recognized in Comprehensive Income
The components of net periodic benefit cost and other amounts recognized in pre-tax Comprehensive income related to our pension plans are as follows:
Canada US
Year ended December 31, 2021 2020 2019 2021 2020 2019
(millions of Canadian dollars)
Service cost 139  148  149  44  44  45 
Interest cost1
101  128  139  17  31  41 
Expected return on plan assets1
(252) (260) (245) (73) (88) (78)
Amortization/settlement of net actuarial loss1
54  42  41  11 
Amortization/curtailment of prior service credit1
  —  —    (1) (1)
Net periodic benefit (credit)/cost 42  58  84  (1) (13)
Defined contribution benefit cost 7    —  — 
Net pension (credit)/cost recognized in Earnings 49  64  92  (1) (13)
Amount recognized in OCI:
Effect of plan combination   —  —    —  (6)
  Amortization/settlement of net actuarial loss (25) (21) (26) (11) (1) (2)
Amortization/curtailment of prior service credit   —  —   
Net actuarial (gain)/loss arising during the year (291) 118  115  (99) 100 
Total amount recognized in OCI (316) 97  89  (110) 100 
Total amount recognized in Comprehensive income (267) 161  181  (111) 87  10 
1 Reported within Other income/(expense) in the Consolidated Statements of Earnings.

166


Actuarial Assumptions
The weighted average assumptions made in the measurement of the projected benefit obligation and net periodic benefit cost of our pension plans are as follows:
  Canada US
2021 2020 2019 2021 2020 2019
Projected benefit obligation
Discount rate 3.2  % 2.6  % 3.0  % 2.6  % 2.2  % 3.0  %
Rate of salary increase 2.9  % 2.3  % 3.2  % 2.8  % 2.7  % 2.9  %
Cash balance interest credit rate N/A N/A N/A 4.3  % 4.3  % 4.5  %
Net periodic benefit cost
Discount rate 2.6  % 3.0  % 3.8  % 2.2  % 3.0  % 3.9  %
Rate of return on plan assets 6.2  % 6.8  % 7.0  % 7.3  % 7.9  % 8.0  %
Rate of salary increase 2.3  % 3.2  % 3.2  % 2.7  % 2.9  % 2.9  %
Cash balance interest credit rate N/A N/A N/A 4.3  % 4.5  % 4.5  %

OTHER POSTRETIREMENT BENEFIT PLANS
We sponsor funded and unfunded defined benefit OPEB Plans, which provide non-contributory supplemental health, dental, life and health spending account benefit coverage for certain qualifying retired employees.

167


Benefit Obligations, Plan Assets and Funded Status
The following table details the changes in the accumulated postretirement benefit obligation, the fair value of plan assets and the recorded assets or liabilities for our defined benefit OPEB plans:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)        
Change in accumulated postretirement benefit obligation
       
Accumulated postretirement benefit obligation at beginning of year
321  293  254  288 
Service cost 6  1 
Interest cost 7  3 
Participant contributions   —  8 
Actuarial (gain)/loss1
(51) 21  (69) 17 
Benefits paid (9) (6) (22) (28)
Plan amendments   —    (33)
Foreign currency exchange rate changes   —  (3) (4)
Other   —  1 
Accumulated postretirement benefit obligation at end of year
274  321  173  254 
Change in plan assets
Fair value of plan assets at beginning of year   —  188  188 
Actual return on plan assets   —  22  14 
Employer contributions 9  6  12 
Participant contributions   —  8 
Benefits paid (9) (6) (22) (28)
Foreign currency exchange rate changes   —  (3) (3)
Other   —  2 
Fair value of plan assets at end of year   —  201  188 
Overfunded/(underfunded) status at end of year (274) (321) 28  (66)
Presented as follows:
Deferred amounts and other assets   —  71  19 
Accounts payable and other (12) (13)   (6)
Other long-term liabilities (262) (308) (43) (79)
  (274) (321) 28  (66)
1 Primarily due to increase in the discount rate used to measure the benefit obligations (2020 - primarily due to decrease in the discount rate used to measure the benefit obligations).

168


Certain of our OPEB plans have accumulated benefit obligations in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and fair value of plan assets were as follows:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)
Accumulated benefit obligation 274  321  94  191 
Fair value of plan assets   —  51  106 

Amount Recognized in Accumulated Other Comprehensive Income
The amount of pre-tax AOCI relating to our OPEB plans are as follows:
  Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)        
Net actuarial (gain)/loss (35) 15  (104) (7)
Prior service credit (1) (1) (37) (44)
Total amount recognized in AOCI1
(36) 14  (141) (51)
1 Excludes amounts related to cumulative translation adjustment.

Net Periodic Benefit Cost and Other Amounts Recognized in Comprehensive Income
The components of net periodic benefit cost and other amounts recognized in pre-tax Comprehensive income related to our OPEB plans are as follows:
  Canada US
Year ended December 31, 2021 2020 2019 2021 2020 2019
(millions of Canadian dollars)            
Service cost 6  1 
Interest cost1
7  10  3  10 
Expected return on plan assets1
  —  —  (10) (12) (12)
Amortization/settlement of net actuarial gain1
  (1) (7) (1) (1) — 
Amortization/curtailment of prior service credit1
  —  (1) (7) (2) (2)
Net periodic benefit (credit)/cost recognized in Earnings 13  12  (14) (6) (2)
Amount recognized in OCI:
Amortization/settlement of net actuarial gain   1  — 
Amortization/curtailment of prior service credit   —  7 
Net actuarial (gain)/loss arising during the year (50) 21  15  (80) 15  (8)
Prior service credit   —  —    (33) — 
Total amount recognized in OCI (50) 22  23  (72) (15) (6)
Total amount recognized in Comprehensive income (37) 34  30  (86) (21) (8)
1 Reported within Other income/(expense) in the Consolidated Statements of Earnings.

169


Actuarial Assumptions
The weighted average assumptions made in the measurement of the accumulated postretirement benefit obligation and net periodic benefit cost of our OPEB plans are as follows:
  Canada US
2021 2020 2019 2021 2020 2019
Accumulated postretirement benefit obligation
Discount rate 3.2  % 2.6  % 3.1  % 2.4  % 2.0  % 2.8  %
Net periodic benefit cost
Discount rate 2.6  % 3.1  % 3.8  % 2.0  % 2.8  % 4.0  %
Rate of return on plan assets N/A N/A N/A 6.0  % 6.7  % 6.7  %

Assumed Health Care Cost Trend Rates
The assumed rates for the next year used to measure the expected cost of benefits are as follows:
Canada US
2021 2020 2021 2020
Health care cost trend rate assumed for next year 4.0  % 4.0  % 7.0  % 6.8  %
Rate to which the cost trend is assumed to decline (ultimate trend rate)
4.0  % 4.0  % 4.5  % 4.5  %
Year that the rate reaches the ultimate trend rate N/A N/A 2037 2037

PLAN ASSETS
We manage the investment risk of our pension funds by setting a long-term asset mix policy for each plan after consideration of: (i) the nature of pension plan liabilities; (ii) the investment horizon of the plan; (iii) the going concern and solvency funded status and cash flow requirements of the plan; (iv) our operating environment and financial situation and our ability to withstand fluctuations in pension contributions; and (v) the future economic and capital markets outlook with respect to investment returns, volatility of returns and correlation between assets.

The overall expected rate of return on plan assets is based on the asset allocation targets with estimates for returns based on long-term expectations.

The asset allocation targets and major categories of plan assets are as follows:
  Canada US
Target December 31, Target December 31,
Asset Category Allocation 2021 2020 Allocation 2021 2020
Equity securities 43.8  % 46.7  % 47.2  % 45.0  % 52.5  % 55.6  %
Fixed income securities 28.9  % 29.8  % 29.6  % 20.1  % 18.4  % 17.2  %
Alternatives1
27.3  % 23.5  % 23.2  % 34.9  % 29.1  % 27.2  %
1Alternatives include investments in private debt, private equity, infrastructure and real estate funds. Fund values are based on the net asset value of the funds that invest directly in the aforementioned underlying investments. The values of the investments have been estimated using the capital accounts representing the plan's ownership interest in the funds.

170


Pension Plans
The following table summarizes the fair value of plan assets for our pension plans recorded at each fair value hierarchy level:
  Canada US
Level 11
Level 22
Level 33
Total
Level 11
Level 22
Level 33
Total
(millions of Canadian dollars)                
December 31, 2021
Cash and cash equivalents 180      180  10      10 
Equity securities
Canada 198  228    426         
US 1      1         
Global   1,693    1,693    609    609 
Fixed income securities
Government 258  459    717    86    86 
Corporate   453    453    118    118 
Alternatives4
    1,064  1,064      337  337 
Forward currency contracts   2    2         
Total pension plan assets at fair value
637  2,835  1,064  4,536  10  813  337  1,160 
December 31, 2020
Cash and cash equivalents 213  —  —  213  —  — 
Equity securities
Canada 178  188  —  366  —  —  —  — 
US —  —  —  —  —  — 
Global —  1,556  —  1,556  —  590  —  590 
Fixed income securities
Government 207  378  —  585  —  75  —  75 
Corporate —  410  —  410  —  103  —  103 
Alternatives4
—  —  912  912  —  —  289  289 
Forward currency contracts —  33  —  33  —  —  —  — 
Total pension plan assets at fair value
600  2,565  912  4,077  768  289  1,062 
1Level 1 assets include assets with quoted prices in active markets for identical assets.
2Level 2 assets include assets with significant observable inputs.
3Level 3 assets include assets with significant unobservable inputs.
4Alternatives include investments in private debt, private equity, infrastructure and real estate funds.

Changes in the net fair value of pension plan assets classified as Level 3 in the fair value hierarchy were as follows:
Canada US
December 31, 2021 2020 2021 2020
(millions of Canadian dollars)      
Balance at beginning of year 912  852  289  276 
Unrealized and realized gains/(losses) 77  (27) 38 
Purchases and settlements, net 75  87  10 
Balance at end of year 1,064  912  337  289 

171


OPEB Plans
The following table summarizes the fair value of plan assets for our US funded OPEB plans recorded at each fair value hierarchy level:
Level 11
Level 22
Level 33
Total
(millions of Canadian dollars)        
December 31, 2021
Cash and cash equivalents 4      4 
Equity securities
US   39    39 
Global   75    75 
Fixed income securities
Government 47  6    53 
Corporate   8    8 
Alternatives4
    22  22 
Total OPEB plan assets at fair value 51  128  22  201 
December 31, 2020
Equity securities
US —  35  —  35 
Global —  79  —  79 
Fixed income securities
Government 38  —  44 
Corporate —  — 
Alternatives4
—  —  22  22 
Total OPEB plan assets at fair value 38  128  22  188 
1Level 1 assets include assets with quoted prices in active markets for identical assets.
2Level 2 assets include assets with significant observable inputs.
3Level 3 assets include assets with significant unobservable inputs.
4Alternatives includes investments in private debt, private equity, infrastructure and real estate.

Changes in the net fair value of US funded OPEB plan assets classified as Level 3 in the fair value hierarchy were as follows:
December 31, 2021 2020
(millions of Canadian dollars)
Balance at beginning of year 22  18 
Unrealized and realized gains 2 
Purchases and settlements, net (2)
Balance at end of year 22  22 

EXPECTED BENEFIT PAYMENTS
Year ending December 31, 2022 2023 2024 2025 2026 2027-2031
(millions of Canadian dollars)            
Pension
Canada
197  203  208  212  217  1,163 
US 80  78  78  76  77  374 
OPEB
Canada
12  12  12  13  13  67 
US 17  15  14  13  12  51 
 
172


EXPECTED EMPLOYER CONTRIBUTIONS
In 2022, we expect to contribute approximately $110 million and $4 million to the Canadian and US pension plans, respectively, and $12 million and $6 million to the Canadian and US OPEB plans, respectively.

RETIREMENT SAVINGS PLANS
In addition to the pension and OPEB plans discussed above, we also have defined contribution employee savings plans available to US employees. Employees may participate in a matching contribution where we match a certain percentage of before-tax employee contributions of up to 6.0% of eligible pay per pay period. For the years ended December 31, 2021, 2020 and 2019, pre-tax employer matching contribution costs were $27 million each year, respectively.

27. LEASES

LESSEE
We incur operating lease expenses related primarily to real estate, pipelines, storage and equipment. Our operating leases have remaining lease terms of 5 months to 25 years as at December 31, 2021.

For the years ended December 31, 2021 and 2020, we incurred operating lease expenses of $95 million and $107 million, respectively. Operating lease expenses are reported under Operating and administrative expense in the Consolidated Statements of Earnings.

For the years ended December 31, 2021 and 2020, operating lease payments to settle lease liabilities were $118 million and $133 million, respectively. Operating lease payments are reported under Operating activities in the Consolidated Statements of Cash Flows.

173


Supplemental Statements of Financial Position Information
December 31, 2021 December 31,
2020
(millions of Canadian dollars, except lease term and discount rate)
Operating leases1
Operating lease right-of-use assets, net2
645 708
Operating lease liabilities - current3
92 80
Operating lease liabilities - long-term3
612 681
Total operating lease liabilities 704 761
Finance leases
Finance lease right-of-use assets, net4
49 57
Finance lease liabilities - current5
13 11
Finance lease liabilities - long-term3
33 42
Total finance lease liabilities 46 53
Weighted average remaining lease term
Operating leases 12 years 13 years
Finance leases 7 years 7 years
Weighted average discount rate
Operating leases 4.1  % 4.1  %
Finance leases 3.8  % 3.8  %
1Affiliate right-of-use assets, current lease liabilities and long-term lease liabilities as at December 31, 2021 were $51 million (December 31, 2020 - $65 million), $5 million (December 31, 2020 - $5 million) and $47 million (December 31, 2020 - $52 million), respectively.
2Operating lease right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position.
3Current operating lease liabilities and long-term operating and finance lease liabilities are reported under Accounts payable and other and Other long-term liabilities, respectively, in the Consolidated Statements of Financial Position.
4Finance lease right-of-use assets are reported under Property, plant and equipment, net in the Consolidated Statements of Financial Position.
5Current finance lease liabilities are reported under Current portion of long-term debt in the Consolidated Statements of Financial Position.

As at December 31, 2021, our operating and finance lease liabilities are expected to mature as follows:
Operating leases Finance leases
(millions of Canadian dollars)
2022 117  15 
2023 98  13 
2024 91  9 
2025 84  2 
2026 72  1 
Thereafter 455  11 
Total undiscounted lease payments 917  51 
Less imputed interest (213) (5)
Total 704  46 

174


LESSOR
We receive revenues from operating leases primarily related to natural gas and crude oil storage and processing facilities, rail cars, and wind power generation assets. Our operating leases have remaining lease terms of 1 month to 30 years as at December 31, 2021.
Year ended December 31, 2021 2020
(millions of Canadian dollars)
Operating lease income 263  265 
Variable lease income 333  361 
Total lease income1
596  626 
1Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings.

As at December 31, 2021, the following table sets out future lease payments to be received under operating lease contracts where we are the lessor:
Operating leases
(millions of Canadian dollars)
2022 235 
2023 215 
2024 205 
2025 196 
2026 191 
Thereafter 1,938 
Future lease payments 2,980 

28. CHANGES IN OPERATING ASSETS AND LIABILITIES

Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)      
Accounts receivable and other (1,228) 1,546  (547)
Accounts receivable from affiliates (38)
Inventory (118) (254) (24)
Deferred amounts and other assets (195) (586) 133 
Accounts payable and other (63) (770) 63 
Accounts payable to affiliates 52  (24)
Interest payable 43  31  (41)
Other long-term liabilities (69) 117  175 
  (1,616) 93  (259)

29. RELATED PARTY TRANSACTIONS
 
Related party transactions are conducted in the normal course of business and, unless otherwise noted, are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

We provide transportation services to several significantly influenced investees which we record as transportation and other services revenue. We also purchase and sell natural gas and crude oil with several of our significantly influenced investees. These revenues and costs are recorded as commodity sales and commodity costs. We contract for firm transportation services to meet our annual natural gas supply requirements which we record as gas distribution costs.

175


Our transactions with significantly influenced investees are as follows:

Year ended December 31, 2021 2020 2019
(millions of Canadian dollars)
Transportation and other services 149  133  140 
Commodity sales 20  21  107 
Operating and administrative1
292  252  241 
Commodity costs2
790  518  773 
Gas distribution costs 131  135  133 
1During the years December 31, 2021, 2020 and 2019, we had Operating and administrative costs from the Seaway Crude Pipeline System of $389 million, $342 million and $327 million, respectively. These costs are a result of an operational contract where we utilize capacity on Seaway Crude Pipeline System assets for use in our Liquids Pipelines business. The costs are offset by recoveries recorded on expenses incurred by us on behalf of our significantly influenced investees of $104 million, $94 million and $86 million for the years ended December 31, 2021, 2020 and 2019.
2During the years December 31, 2021, 2020 and 2019, we had Commodity costs from the Aux Sable Canada LP. of $447 million, $91 million and $272 million, respectively.

LONG-TERM NOTES RECEIVABLE FROM AFFILIATES
As at December 31, 2021, amounts receivable from affiliates include a series of loans totaling $954 million ($1,108 million as at December 31, 2020), which require quarterly or semi-annual interest payments at annual interest rates ranging from 3% to 8%. Interest income recognized from these notes totaled $39 million, $44 million and $40 million for the years ended December 31, 2021, 2020 and 2019, respectively. The amounts receivable from affiliates are included in Deferred amounts and other assets in the Consolidated Statements of Financial position.

30.  COMMITMENTS AND CONTINGENCIES

COMMITMENTS
As at December 31, 2021, 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 maturities1
73,809  6,164  7,910  4,559  4,357  11,007  39,812 
Interest obligations2
36,044  2,531  2,389  2,229  2,073  1,925  24,897 
Purchase of services, pipe and other materials, including transportation3
7,876  2,945  1,010  736  561  607  2,017 
Maintenance agreements 346  41  20  20  21  21  223 
Right-of-ways commitments 1,249  35  35  35  36  37  1,071 
Total 119,324  11,716  11,364  7,579  7,048  13,597  68,020 
1Includes 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.
2Includes debentures and term notes bearing interest at fixed, floating and fixed-to-floating rates.
3Includes capital and operating commitments. Consists primarily of gas transportation and storage contracts, firm capacity payments and gas purchase commitments, transportation, service and product purchase obligations, and power commitments.

176


ENVIRONMENTAL
We are subject to various Canadian and US federal, state and local laws relating to the protection of the environment. These laws and regulations can change from time to time, imposing new obligations on us.

Environmental risk is inherent to liquid hydrocarbon and natural gas pipeline operations, and Enbridge and its affiliates are, at times, subject to environmental remediation at various sites where we operate. We manage this environmental risk through appropriate environmental policies, programs and practices to minimize any impact our operations may have on the environment. To the extent that we are unable to recover payment for environmental liabilities from insurance or other potentially responsible parties, we will be responsible for payment of liabilities arising from environmental incidents associated with our operating activities.

AUX SABLE
On October 14, 2016, an amended claim was filed against Aux Sable by a counterparty to an NGL supply agreement. On January 5, 2017, Aux Sable filed a Statement of Defence with respect to this claim.

On November 27, 2019, the counterparty filed an amended amended claim providing further particulars of its claim against Aux Sable, increasing its damages claimed, and adding defendants Aux Sable Liquid Products Inc. and Aux Sable Extraction LLC (general partners of the previously existing defendants). Aux Sable filed an amended Statement of Defence responding to the amended amended claim on January 31, 2020.

While the final outcome of this action cannot be predicted with certainty, at this time management believes that the ultimate resolution of this action will not have a material impact on our consolidated financial position or results of operations.

TAX MATTERS
We and our subsidiaries maintain tax liabilities related to uncertain tax positions. While fully supportable in our view, these tax positions, if challenged by tax authorities, may not be fully sustained on review.

OTHER LITIGATION
We and our subsidiaries are involved in various other legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our consolidated financial position or results of operations.

31.  GUARANTEES
 
In the normal course of conducting business, we may enter into agreements which indemnify third parties and affiliates. We may also be a party to agreements with subsidiaries, jointly owned entities, unconsolidated entities such as equity method investees, or entities with other ownership arrangements that require us to provide financial and performance guarantees. Financial guarantees include stand-by letters of credit, debt guarantees, surety bonds and indemnifications. To varying degrees, these guarantees involve elements of performance and credit risk, which are not included on our Consolidated Statements of Financial Position. Performance guarantees require us to make payments to a third party if the guaranteed entity does not perform on its contractual obligations, such as debt agreements, purchase or sale agreements, and construction contracts and leases.

177


We typically enter into these arrangements to facilitate commercial transactions with third parties. Examples include indemnifying counterparties pursuant to sale agreements for assets or businesses in matters such as breaches of representations, warranties or covenants, loss or damages to property, environmental liabilities, and litigation and contingent liabilities. We may indemnify third parties for certain liabilities relating to environmental matters arising from operations prior to the purchase or transfer of certain assets and interests. Similarly, we may indemnify the purchaser of assets for certain tax liabilities incurred while we owned the assets, a misrepresentation related to taxes that result in a loss to the purchaser or other certain tax liabilities related to those assets.

The likelihood of having to perform under these guarantees and indemnifications is largely dependent upon future operations of various subsidiaries, investees and other third parties, or the occurrence of certain future events. We cannot reasonably estimate the total maximum potential amounts that could become payable to third parties and affiliates under such agreements described above; however, historically, we have not made any significant payments under guarantee or indemnification provisions. While these agreements may specify a maximum potential exposure, or a specified duration to the guarantee or indemnification obligation, there are circumstances where the amount and duration are unlimited. As at December 31, 2021 guarantees and indemnifications have not had, and are not reasonably likely to have, a material effect on our financial condition, changes in financial condition, earnings, liquidity, capital expenditures or capital resources.

32.  QUARTERLY FINANCIAL DATA (UNAUDITED)
Q1 Q2 Q3 Q4 Total
(unaudited; millions of Canadian dollars, except per share amounts)
2021
Operating revenues 12,187  10,948  11,466  12,470  47,071 
Operating income 2,548  1,816  1,388  2,053  7,805 
Earnings 2,014  1,521  814  1,965  6,314 
Earnings attributable to controlling interests 1,992  1,484  780  1,933  6,189 
Earnings attributable to common shareholders 1,900  1,394  682  1,840  5,816 
Earnings per common share
Basic 0.94  0.69  0.34  0.91  2.87 
Diluted 0.94  0.69  0.34  0.91  2.87 
2020
Operating revenues 12,013  7,956  9,110  10,008  39,087 
Operating income 1,513  2,098  2,095  2,251  7,957 
Earnings/(loss) (1,364) 1,777  1,104  1,899  3,416 
Earnings/(loss) attributable to controlling interests (1,333) 1,741  1,084  1,871  3,363 
Earnings/(loss) attributable to common shareholders (1,429) 1,647  990  1,775  2,983 
Earnings/(loss) per common share
Basic (0.71) 0.82  0.49  0.88  1.48 
Diluted (0.71) 0.82  0.49  0.88  1.48 

178


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES
 
DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in reports filed with, or submitted to, securities regulatory authorities is recorded, processed, summarized and reported within the time periods specified under Canadian and US securities law. As at December 31, 2021, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in reports that we file with or submit to the SEC and the Canadian Securities Administrators is recorded, processed, summarized and reported within the time periods required.

INTERNAL CONTROL OVER FINANCIAL REPORTING
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in the rules of the SEC and the Canadian Securities Administrators. Our internal control over financial reporting is a process designed under the supervision and with the participation of executive and financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with US GAAP.

Our internal control over financial reporting includes policies and procedures that:
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with US GAAP; and
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
 
Our internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with our policies and procedures.
 
Our management assessed the effectiveness of our internal control over financial reporting as at December 31, 2021, based on the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, our management concluded that we maintained effective internal control over financial reporting as at December 31, 2021.

179


The effectiveness of our internal control over financial reporting as at December 31, 2021 has been audited by PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm appointed by our shareholders. As stated in their Report of Independent Registered Public Accounting Firm which appears in Item 8. Financial Statements and Supplementary Data, they expressed an unqualified opinion on the effectiveness of our internal control over financial reporting as at December 31, 2021.

Changes in Internal Control Over Financial Reporting
During the three months ended December 31, 2021, there has been no material change in our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

NORMAL COURSE ISSUER BID

On December 31, 2021, we announced that the TSX had approved our NCIB to purchase, for cancellation, up to 31,062,331 of the outstanding common shares of Enbridge to an aggregate amount of up to $1.5 billion, subject to certain restrictions on the number of common shares that may be purchased on a single day.

Purchases under the NCIB may be made through the facilities of the TSX, the NYSE and other designated exchanges and alternative trading systems, commencing on January 5, 2022 and continuing until January 4, 2023, when the bid expires, or such earlier date on which Enbridge has either acquired the maximum number of common shares allowable under the NCIB or otherwise decide not to make any further repurchases under the NCIB. The maximum number of common shares that Enbridge may repurchase for cancellation represents approximately 1.53% of the 2,026,085,179 common shares issued and outstanding as at December 22, 2021.

A copy of our notice of intention to make a normal course issuer bid may be obtained, free of charge, by contacting Investor Relations by email, phone or mail at:

Email: investor.relations@enbridge.com
Phone Within North America: 1-800-481-2804
Phone Outside North America: 1-403-231-3960
Mail: Enbridge Inc. Investor Relations, 200, 425 – 1st Street S.W., Calgary, Alberta, Canada T2P 3L8

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.
180


PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors of Registrant
The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

Executive Officers of Registrant
The information regarding executive officers is included in Part I. Item 1. Business - Executive Officers.

Code of Ethics for Chief Executive Officer and Senior Financial Officers
The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item will be disclosed in our Form 10-K/A, which will be filed no later than 120 days after December 31, 2021. This information will also be disclosed in the management proxy information that we prepare in accordance with Canadian corporate and securities law requirements.

181


PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Consolidated Financial Statements, Supplemental Financial Data and Supplemental Schedules included in Part II of this annual report are as follows:

Enbridge Inc.:

    Report of Independent Registered Public Accounting Firm (PCAOB ID 271)
    Consolidated Statements of Earnings
    Consolidated Statements of Comprehensive Income
    Consolidated Statements of Changes in Equity
    Consolidated Statements of Cash Flows
    Consolidated Statements of Financial Position
    Notes to the Consolidated Financial Statements

All schedules are omitted because they are not required or because the required information is included in the Consolidated Financial Statements or Notes.

(b) Exhibits:

Reference is made to the “Index of Exhibits” following Item 16. Form 10-K Summary, which is hereby incorporated into this Item.

ITEM 16. FORM 10-K SUMMARY

Not applicable.

182


INDEX OF EXHIBITS

Each exhibit identified below is included as a part of this annual report. Exhibits included in this filing are designated by an asterisk (“*”); all exhibits not so designated are incorporated by reference to a prior filing as indicated. Exhibits designated with a “+” constitute a management contract or compensatory plan arrangement.
Exhibit No. Name of Exhibit
3.1  Articles of Continuance of the Corporation, dated December 15, 1987 (incorporated by reference to Exhibit 2.1(a) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.2  Certificate of Amendment, dated August 2, 1989, to the Articles of the Corporation (incorporated by reference to Exhibit 2.1(b) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.3  Articles of Amendment of the Corporation, dated April 30, 1992 (incorporated by reference to Exhibit 2.1(c) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.4  Articles of Amendment of the Corporation, dated July 2, 1992 (incorporated by reference to Exhibit 2.1(d) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.5  Articles of Amendment of the Corporation, dated August 6, 1992 (incorporated by reference to Exhibit 2.1(e) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.6  Articles of Arrangement of the Corporation dated December 18, 1992, attaching the Arrangement Agreement, dated December 15, 1992 (incorporated by reference to Exhibit 2.1(f) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.7  Certificate of Amendment of the Corporation (notarial certified copy), dated December 18, 1992 (incorporated by reference to Exhibit 2.1(g) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.8  Articles of Amendment of the Corporation, dated May 5, 1994 (incorporated by reference to Exhibit 2.1(h) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.9  Certificate of Amendment, dated October 7, 1998 (incorporated by reference to Exhibit 2.1(i) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.10  Certificate of Amendment, dated November 24, 1998 (incorporated by reference to Exhibit 2.1(j) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
3.11  Certificate of Amendment, dated April 29, 1999 (incorporated by reference to Exhibit 2.1(k) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001)
183


*
184


4.1
4.2
4.3
4.4
4.5
4.6
4.7

4.8
4.9
Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.
185


+
+
+
+
+
+

+
+
+
+
+

+

186


+

+
+
+
+
+
+
+
+
+
+
+
+
+
+
187


+
+
+
+
+
+
+
*
*
*
*
*
*
*
101  *
Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II. Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K
104  *
Cover Page Interactive Date File – the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101).

188


SIGNATURES
 
POWER OF ATTORNEY
Each person whose signature appears below appoints Robert R. Rooney, Vern D. Yu and Karen K. L. Uehara, and each of them, any of whom may act without the joinder of the other, as their true and lawful attorneys-in-fact and agents, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report of Enbridge on Form 10-K, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or would do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his or her substitute and substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
    ENBRIDGE INC.
    (Registrant)
       
Date: February 11, 2022 By: /s/ Al Monaco
      Al Monaco
      President and Chief Executive Officer

189


Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 11, 2022 by the following persons on behalf of the registrant and in the capacities indicated.

/s/ Al Monaco   /s/ Vern D. Yu
Al Monaco
President, Chief Executive Officer and Director
(Principal Executive Officer)
Vern D. Yu
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
/s/ Patrick R. Murray /s/ Gregory L. Ebel
Patrick R. Murray
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
Gregory L. Ebel
Chairman of the Board of Directors
/s/ Mayank (Mike) M. Ashar   /s/ Gaurdie E. Banister
Mayank (Mike) M. Ashar
Director
Gaurdie E. Banister
Director
/s/ Pamela L. Carter   /s/ Susan M. Cunningham
Pamela L. Carter
Director
Susan M. Cunningham
Director
/s/ J. Herb England   /s/ Teresa S. Madden
J. Herb England
Director
Teresa S. Madden
Director
/s/ Stephen S. Poloz   /s/ S. Jane Rowe
Stephen S. Poloz
Director
S. Jane Rowe
Director
/s/ Dan C. Tutcher
Dan C. Tutcher
Director

190
Exhibit 3.40
ENBRIDGE INC.
(the “Corporation”)

GENERAL BY-LAW NO. 1
A BY-LAW TO REGULATE THE BUSINESS AND AFFAIRS
OF THE CORPORATION
BE IT ENACTED AND IT IS HEREBY ENACTED as a by-law of the Corporation as follows:
INTERPRETATION
1.In this by-law unless the context otherwise requires, words importing the singular number only shall include the plural, gender shall include the masculine, feminine and neuter genders; words importing persons shall include an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, and any number or aggregate of persons. Terms used in this by-law that are defined in the Canada Business Corporations Act shall have the meanings given to those terms in that Act.
REGISTERED OFFICE
2.The registered office of the Corporation shall be at such place in the City of Calgary, in the Province of Alberta, as the board of directors may from time to time by resolution determine.
CORPORATE SEAL
3.The corporate seal of the Corporation shall be in such form as the board of directors may from time to time determine.
MEETINGS OF SHAREHOLDERS
4.Annual Meeting. An annual meeting of shareholders of the Corporation shall be held at such place in Canada and at such time in each year as the board of directors may from time to time by resolution determine.
5.Special Meetings. Special meetings of shareholders of the Corporation may be called by the board of directors at any time to be held at such place in Canada as the board may by resolution determine for the transaction of such business as is specified in the notice of meeting. A special meeting of shareholders may also be called on the requisition of the shareholders as provided by the Canada Business Corporations Act.
6.Notice of Meeting. Notice of the time and place of each meeting of shareholders shall be given by sending the notice to each shareholder entitled to vote at the meeting, not less than twenty-one (21) nor more than sixty (60) days before the date of the meeting.
7.Record Date for Meeting. The board of directors may by resolution fix a record date for determining the shareholders who will be entitled to receive notice of, attend and vote at a meeting of shareholders which date shall not be less than twenty-one (21) days nor more than sixty (60) days before the date of such meeting.



8.Chair and Secretary. The chair of the board of directors, if any, or in his or her absence, the president, or in their absence, a director of the Corporation, shall be chair of any meeting of shareholders. If none of the said officers or directors be present within fifteen (15) minutes after the time fixed for holding the meeting, the shareholders present in person or by proxy and entitled to vote shall choose one of the shareholders present in person to be chair.
(a)The secretary, or in his or her absence, an assistant secretary of the Corporation, shall be secretary of any meeting of shareholders. In their absence, the chair shall appoint some person who need not be a shareholder to act as secretary of the meeting.
9.Scrutineers. At any meeting of the shareholders, the chair may appoint one or more scrutineers, who need not be shareholders, to report on the number of shares represented at the meeting in person and by proxy, conduct polls, distribute and count ballots, and prepare certificates as to the result of any vote. No candidate for the office of director shall be appointed a scrutineer at any meeting at which directors are to be elected.
10.Persons Entitled to be Present; Attendance.
(a)The only persons entitled to attend a meeting of shareholders shall be those entitled to vote thereat, the directors and auditors of the Corporation, and others who, although not entitled to vote, are entitled by law to be present. Any other person may be admitted with the consent of the meeting or on the invitation of the board of directors or of the chair of the meeting.
(b)Any person entitled to attend a meeting of shareholders may participate in the meeting by means of a telephonic, electronic or other communication facility, including by way of teleconference, video conference, computer link, webcast or other similar means, provided that the chair is satisfied that all participants will be able to communicate adequately with each other during such meeting and the Corporation makes such a communication facility available. For greater certainty, the board may determine that a meeting of shareholders shall be held entirely by telephonic, electronic or other communication facility provided that the foregoing requirements are met. Any person participating in a meeting by telephonic, electronic or other communication facility shall be deemed to be present at the meeting for all purposes.
11.Quorum. Three persons present and holding, or representing by proxy, at least twenty-five percent of the issued and outstanding shares having the right to vote at the meeting shall constitute a quorum for the transaction of business at any meeting of shareholders. In the absence of a quorum for the transaction of business at any such meeting or any adjournment or adjournments thereof, those present and entitled to vote may adjourn the meeting to a fixed time and place.
12.Right to Vote. At any meeting of shareholders, every shareholder who is the holder of record on the applicable record date of one or more shares carrying the right to vote shall, subject to the provisions of the articles and the Canada Business Corporations Act, be entitled to vote at such meeting.



13.Personal Representatives. If a shareholder of record of the Corporation is deceased, his or her personal representative, upon filing with the secretary of the Corporation, at least forty-eight (48) hours prior to the time of holding the meeting, proof of his or her appointment satisfactory to the secretary shall be entitled to exercise the same voting rights at any meeting of shareholders as the shareholder of record would have been entitled to exercise if he or she were living and for the purpose of the meeting shall be considered a shareholder. If there is more than one personal representative, the provisions of this by-law respecting joint shareholders shall apply as if such personal representatives were joint shareholders.
14.Proxies.
(a)A shareholder entitled to vote at a meeting of shareholders may by means of a proxy appoint a proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.
(b)The directors may specify in a notice calling a meeting of shareholders a time not exceeding forty-eight (48) hours, excluding Saturdays and holidays, preceding the meeting or an adjournment thereof before which time proxies to be used at the meeting must be deposited with the Corporation or its agent.
15.Votes to Govern. At any meeting of shareholders, all questions proposed for the consideration of the shareholders shall, unless otherwise required by the articles or by-laws of the Corporation or by law, be determined by the majority of the votes duly cast on the question, and the chair presiding at such meeting shall not be entitled to a second or casting vote in the case of an equality of votes, either upon a show of hands or upon a poll.
16.Show of Hands. Subject to the provisions of the Canada Business Corporations Act, any question at a meeting of shareholders shall be decided by a show of hands unless a ballot thereon is required or demanded as hereinafter provided. Upon a show of hands, every person who is present and entitled to vote shall have one vote. Unless a ballot be so required or demanded, a declaration by the chair presiding at such meeting that a matter has been carried, carried by a particular majority, or not carried, and an entry made to that effect in the minutes of the proceedings at the meeting, shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favor of or against such matter.
17.Ballots.
(a)On any question proposed for consideration at a meeting of shareholders, the chair may require, or any shareholder present in person or by proxy and entitled to vote may demand, a ballot either before or after any vote by a show of hands. A ballot so required or demanded shall be taken in such manner as the chair presiding at such meeting shall direct. A requirement or a demand for a ballot may be withdrawn at any time prior to the taking of the ballot with the consent of the meeting.



(b)Subject to the provisions of the articles, upon a ballot each shareholder present in person or represented by proxy shall be entitled to one vote for each share in respect of which he or she is entitled to vote at the meeting, and the result of the ballot shall be the decision of the meeting. The requirement of or demand for a ballot shall not prevent the continuation of the meeting for the transaction of any business other than that on which such ballot has been required or demanded.
18.Joint Shareholders. If shares are held jointly by two or more persons, any one of them present in person or represented by proxy at a meeting of shareholders may, in the absence of the other or others, vote such shares; but in case more than one of them be present in person or represented by proxy they shall vote together on the shares jointly held.
19.Adjournment. The chair of any meeting of shareholders may, and if directed by the meeting the chair shall, adjourn the meeting from time to time and from place to place as the chair or meeting, as the case may be, may determine. If the meeting of the shareholders is adjourned for less than thirty (30) days it shall not be necessary to give notice of the adjourned meeting, other than by announcement at the meeting that it is adjourned. If a meeting of shareholders is adjourned by one or more adjournments for an aggregate of thirty (30) days or more, notice of the adjourned meeting shall be given as for an original meeting in accordance with the provisions of the Canada Business Corporations Act.
DIRECTORS
20.Directors. The board of directors shall consist of such number of directors as shall be set out in the articles of the Corporation. A majority of directors shall constitute a quorum for the transaction of business at any meeting of the board.
21.Chair of the Board. The board of directors may elect from among themselves a chair. The chair of the board of directors, if any, or in his or her absence, the president who is a director, shall be chair of any meeting of directors, and if neither of them are present, the directors present shall choose one of their number to be chair of the meeting.
22.Duties of Chair of the Board. The chair of the board, if any, shall have such powers and discharge such duties as are from time to time conferred on the chair by the board of directors
23.Qualification. Subject to the provisions of the Canada Business Corporations Act and the articles, any person may be elected a director of the Corporation if he or she, or any other body corporate of which he or she is an officer or director, is the holder of fully paid shares in the capital stock of the Corporation. At least twenty-five percent (25%) of the directors of the Corporation shall be resident Canadians and directors shall not transact business at a meeting of directors unless at least twenty-five percent (25%) of the directors present are resident Canadians.
24.Election and Term. Subject to clause 26, directors of the Corporation shall be elected at the annual meeting of shareholders or at a special meeting of shareholders called for such purpose and shall hold office until the close of the next annual meeting of shareholders or until their successors are elected. If an election of directors is not held at the proper time, the directors shall continue in office until their successors are elected.



25.Removal from Office. The shareholders may, subject to the provisions of the Canada Business Corporations Act, with or without cause, remove any director from office at any time by a resolution passed at a special meeting of shareholders called for that purpose, and at any such meeting may elect any qualified person to fill the vacancy so caused.
26.Vacancies. Subject to the Canada Business Corporations Act, vacancies in the board of directors may be filled for the remainder of its term of office from among persons qualified for election by the remaining directors if constituting a quorum; otherwise such vacancies shall be filled at the next annual meeting of shareholders at which directors for the ensuing year are to be elected or at a special meeting of shareholders called for that purpose. If at any time the directors in office do not constitute a quorum the remaining director or directors shall forthwith call a special meeting of shareholders to fill such vacancies in the board.
27.Calling of Meetings. Meetings of the board of directors shall be held from time to time at such place, at such time, and on such day as the chair of the board, or the president, or a vice-president who is a director, or any two directors may determine, and the secretary shall call meetings when so authorized and directed.
28.Notice of Meetings.
(a)Notice of the time and place of each meeting of the board of directors shall be given to each director not less than two (2) days before the day on which the meeting is to be held; provided that a meeting may be held without formal notice if all the directors are present or if those absent waive formal notice. A notice of a meeting of directors need not specify the purpose of the business to be transacted at the meeting except where the Canada Business Corporations Act requires such purpose to be specified.
(b)Provided a quorum of directors is present, each newly elected board may without notice hold its first meeting immediately following the meeting of shareholders at which such board is elected.
(c)The board may appoint a day or days in any month or months for regular meetings at a place and hour to be named. A copy of any resolution of the board fixing the place and time of regular meetings of the board shall be sent to each director forthwith after being passed, but no other notice shall be required for any such regular meeting except where the Canada Business Corporations Act requires the purpose of the business to be transacted thereat to be specified.
29.Votes to Govern. Except where a greater vote is specified elsewhere in these by-laws, at all meetings of the board of directors every question shall be decided by a majority of the votes cast on the question, and in the case of an equality of votes, the chair presiding at such meeting shall not be entitled to a second or casting vote.
30.Remuneration of Directors. The directors of the Corporation shall be paid such remuneration as the board of directors may by resolution from time to time determine. Unless the board otherwise directs, such remuneration shall be in addition to the salary paid to any officer or employee of the Corporation who is also a member of the board of directors. The directors shall also be reimbursed for their travelling and other expenses properly incurred by them in connection with the business and affairs of the Corporation.



31.Interest of Directors or Officers in Contracts. A director or officer who is party to, or who is a director or officer of or has a material interest in any person who is a party to, a material contract or transaction or proposed material contract or transaction with the Corporation shall disclose the nature and extent of his or her interest at the time and in the manner provided by the Canada Business Corporations Act and shall not vote on any resolution to approve the same except as provided by the Act.
32.Audit     Committee. The board of directors shall elect annually from among its number an audit committee to be composed of not fewer than three (3) directors, none of whom shall be officers or employees of the Corporation or any of its affiliates. The audit committee shall have the powers and duties provided in the Canada Business Corporations Act and such further powers and duties as may be specified by the board.
33.Protection of Directors, Officers and Others. Subject to the Canada Business Corporations Act, every director and officer of the Corporation in exercising his or her powers and discharging his or her duties shall act honestly and in good faith with a view to the best interests of the Corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Subject to the foregoing, no director or officer shall be liable for the acts, receipts, neglects or defaults of any other director, officer or employee, or for joining in any receipt or other act for conformity, or for any loss, damage or expense happening to the Corporation through the insufficiency or deficiency of title to any property acquired for or on behalf of the Corporation, or for the insufficiency or deficiency of any security in or upon which any of the monies of the Corporation shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or tortious acts of any person with whom any of the monies, securities or effects of the Corporation shall be deposited, or for any loss occasioned by any error of judgment or oversight on his or her part, or for any other loss, damage or misfortune whatever which shall happen in the execution of the duties of his or her office or in relation thereto.
34.Indemnity of Directors, Officers and Others. Subject to the limitations contained in the Canada Business Corporations Act but without limit to the right of the Corporation to indemnify as provided for in the Act, the Corporation shall indemnify a director or officer, a former director or officer, or another individual who acts or acted at the Corporation’s request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity, if the individual:
(a)acted honestly and in good faith with a view to the best interests of the Corporation or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the Corporation's request; and
(b)in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that the individual's conduct was lawful.



35.Insurance. The Corporation may purchase and maintain insurance for the benefit of any individual referred to in clause 33 against such liabilities and in such amounts as the board may from time to time determine and are permitted by the Canada Business Corporations Act.
OFFICERS
36.Appointment of Officers. The board of directors may from time to time appoint one or more officers of the Corporation, none of whom need be a director. Subject to the Canada Business Corporations Act, the board may by resolution designate, vary, add to or limit the duties and powers of any officer. In the absence of such designation of duties and powers, such duties and powers will be those usually incidental to such office.
37.Term of Office and Remuneration. The terms of employment and the remuneration of all officers elected or appointed by the board of directors shall be determined from time to time by the board of directors. All officers, in the absence of agreements to the contrary, shall be subject to removal by the board at any time, with or without cause, provided that a majority of the board shall vote in favor thereof.
38.Delegation of Duties. In case of the absence or inability to act of any officer of the Corporation, or for any other reason the board of directors may deem sufficient, the board may delegate all or any of the powers or duties of such officer to any other officer or to any director for the time being.
39.Agents and Attorneys. The board of directors may from time to time by resolution appoint agents or attorneys for the Corporation in or out of Canada for such purposes and with such authority and power (including the power to subdelegate) as may be thought fit.
SHARES
40.Issuance. Subject to the provisions of the Canada Business Corporations Act, the board of directors may issue shares of the Corporation at such times and to such persons and for such considerations as the board shall determine.
41.Share Certificates. Every shareholder of the Corporation shall be entitled at their option to a share certificate that complies with the Canada Business Corporations Act or a non-transferable written acknowledgement of their right to obtain such a certificate from the Corporation in respect of the shares held by them. Unless otherwise ordered by the board, share certificates shall be signed by the proper signing officers of the Corporation and need not be under the corporate seal. A share certificate executed as aforesaid shall be valid notwithstanding that any one or more of the officers whose facsimile signatures appear thereon no longer hold office at the date of issue of the certificate.
42.Replacement of Share Certificate. Subject to the provisions of the Canada Business Corporations Act:
(a)If any share certificate has been worn out or defaced, upon surrender thereof the board of directors may order the same to be cancelled, and upon the fulfillment of such conditions as the board may determine, issue a new certificate in lieu thereof.



(b)In case of the loss, theft, or destruction of a certificate for shares held by a shareholder, the fact of such loss, theft, or destruction shall be reported by such shareholder or his agent or personal representative to the Corporation or the transfer agent, if any, with a statement verified by oath or statutory declaration as to the loss, theft, or destruction and the circumstances concerning the same and with a request for the issuance of a new certificate to replace the one so lost, stolen, or destroyed. Upon the giving to the Corporation (or if there be a transfer agent and registrar then to the Corporation and such transfer agent and registrar) of a bond of a surety company licensed to do business in the jurisdiction in which the bond is to be written, or other security approved by the Corporation and in such form as is approved by the Corporation, indemnifying the Corporation (and its transfer agent and registrar, if any) against all loss, damage or expense to which the Corporation and/or the transfer agent and registrar may be put or be liable by reason of the issuance of a new certificate to such shareholder, a new certificate may be issued in replacement of the one lost, stolen, or destroyed if such issuance is ordered by the secretary and/or the treasurer or by any other officer of the Corporation duly authorized to do so by the board.
43.Transfer and Registration.
(a)The board of directors may from time to time appoint such transfer agent or transfer agents and registrar or registrars as may be required to maintain, in respect of the securities of the Corporation issued by it in registered form, a central securities register and one or more branch securities registers. The board may provide for and establish the duties, responsibilities and compensation of any such transfer agent or registrar and/or may delegate to the officers of the Corporation the power to make on behalf of the Corporation any necessary agreements with any such transfer agent or registrar with regard to the foregoing matters.
(b)Subject to the provisions of the Canada Business Corporations Act, no transfer of a security in registered form shall be registered in a securities register except upon presentation of such security for transfer with an endorsement, which complies with such Act, made thereon or delivered therewith duly executed by an appropriate person as provided by such Act, together with such reasonable assurance that the endorsement is genuine and effective as the Corporation may from time to time prescribe, upon payment of all applicable taxes and any fees prescribed by the board, and upon compliance with such restrictions on transfer as may be authorized by the articles. The transfer may, however, be made in case of a lost, stolen, or destroyed certificate, as provided in these by-laws. No director shall be liable to the Corporation for any loss which may be sustained in the case where a transfer shall have been procured by forgery or mistake.
EXECUTION OF INSTRUMENTS
44.All cheques, bills, notes, acceptances and orders for the payment of money to be signed, drawn, accepted or endorsed by or on behalf of the Corporation shall be signed, drawn, accepted or endorsed by such person or persons and in such manner as the board of directors may from time to time designate, appoint or authorize by resolution.



45.All contracts, deeds and other documents and instruments required to be executed by the Corporation, whether under the corporate seal or not, may be signed by and on behalf of the Corporation by any one officer of the Corporation, or by any other person or persons that the board of directors may from time to time by resolution designate.
46.Copies of by-laws, resolutions and other proceedings of the board or shareholders of the Corporation may be certified under the corporate seal of the Corporation by the secretary or an assistant secretary or by any other officer of the Corporation so appointed by resolution of the board.
FINANCIAL
47.Financial Year. The financial year of the Corporation shall end on the 31st day of December in each year or on such other day in each year as the board of directors may by resolution determine.
48.Borrowing of Money.
(a)Without limiting the borrowing powers of the Corporation as set forth in the Canada Business Corporations Act, the board of directors may from time to time:
(i)borrow money upon the credit of the Corporation;
(ii)issue, reissue, sell or pledge debt obligations of the Corporation, whether secured or unsecured;
(iii)give a guarantee on behalf of the Corporation to secure performance of any obligation of any person; and
(iv)mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal, movable or immovable property of the Corporation to secure any obligation of the Corporation.
(b)The board may from time to time by resolution delegate all or any of the above mentioned powers to one or more officers or directors of the Corporation to the extent and in such manner as the board shall determine at the time of each such delegation.
49.Banking Arrangements. The banking business of the Corporation, or any part thereof, shall be transacted with such banks, trust companies or other firms or corporations carrying on a banking business as the board of directors may from time to time designate, appoint or authorize by resolution. All such banking business, or any part thereof, shall be transacted on the Corporation’s behalf by such one or more officers and/or other persons as the board may from time to time designate, direct or authorize by resolution and to the extent therein provided, including the operation of the Corporation’s accounts; the making, signing, drawing, accepting, endorsing, negotiating, lodging, depositing, or transferring of cheques, promissory notes, drafts, acceptances, bills of exchange or orders for the payment of money; the giving of receipts for and orders relating to any property of the Corporation; the execution of any agreement relating to any such banking business and defining the rights and powers of the parties thereto; and the



authorizing of any officer of such banker to do any act or thing on the Corporation’s behalf to facilitate such banking business.
50.Dividends. Subject to the provisions of the Canada Business Corporations Act, the board of directors may from time to time declare dividends payable to the shareholders according to their respective rights and interests in the Corporation. Dividends may be paid in money or property or by issuing fully paid shares of the Corporation.
51.Method of Giving Notices.
(a)Any notice, communication or document to be given by the Corporation pursuant to the Canada Business Corporations Act, the articles, the by-laws or otherwise, to a shareholder, director, officer, auditor or member of a committee of the board of directors, shall be sufficiently given if delivered personally to the person to whom it is to be given, or if delivered to his recorded address, or if mailed by prepaid mail addressed to him at his recorded address, or if sent to him at such address by any other means of written communication, or, in the case of a director, officer, auditor or member of a committee of the board of the Corporation, by delivering the same to his or her place of business.
(b)In addition to the foregoing, any such notice, communication or document required to be given may be delivered by the Corporation in an electronic or other technologically enhanced format, provided that the requirements of the applicable law in respect of such delivery have been complied with in all respects, including, where required, receipt by the Corporation of the prior consent of the recipient to the delivery of such notice, communication or document in electronic or other technologically enhanced format and specifying the designation by the recipient of the information system for receipt of such notice, communication or document is permitted to be delivered by the Corporation.
The secretary may change the address of any shareholder as recorded in the securities register of the Corporation in accordance with any information believed by him or her to be reliable.
(c)In the event that it is impossible or impractical for any reason whatsoever to give notice as aforesaid, notice may be given by an advertisement published once in a newspaper or posted on publicly available websites or other electronic means in such cities or places as the board of directors shall from time to time determine.
(d)If any notice given to a shareholder pursuant to subclause 51(a) is returned on three consecutive occasions because he or she cannot be found and notice cannot be given in compliance with subclause 51(b), the Corporation shall not be required to give any further notices to such shareholder until he or she informs the Corporation, in writing or by electronic or other technologically enhanced format of his or her new address.



52.Notice to Joint Shareholders. All notices with respect to any share registered in more than one name may, if more than one address is recorded in the securities register of the Corporation in respect of such joint holding, be given to such joint shareholders at the first address so recorded or by electronic or other technologically enhanced format to the shareholder first named in the register and notice so given shall be sufficient notice to all the holders of any such shares.
53.Computation of Time. Except as otherwise provided by the Canada Business Corporations Act, in computing the date when notice must be given under any provision of the articles or by-laws requiring a specified number of days notice of any meeting or other event, the date of giving the notice shall be excluded and the date of the meeting or other event shall be included.
54.Omissions and Errors. The accidental omission to give due notice to any shareholder, director, officer, auditor or member of a committee of the board of directors, or the non-receipt of any notice by such person, or any error in any notice not materially affecting the substance thereof, shall not invalidate any action taken pursuant to such notice or otherwise founded thereon.
55.Persons Entitled by Death or Operation of Law. Every person who by operation of law, transfer, death or by any other means whatsoever shall become entitled to any share of the Corporation, shall be bound by every notice in respect of such share which shall have been duly given to the person from whom he or she derives his or her title to such share prior to his or her name and address being entered on the securities register of the Corporation, whether it be before or after the happening of the event upon which he or she became so entitled, and prior to his or her furnishing to the Corporation the proof of authority or evidence of his or her entitlement prescribed by the Canada Business Corporations Act.
56.Waiver of Notice. Any shareholder (or their duly appointed proxyholder), director, officer, auditor or member of a committee of the board of directors may at any time waive any notice, or waive and abridge the time for any notice, required to be given to him or her under any provision of the Canada Business Corporations Act, the articles, the by-laws or otherwise, and such waiver or abridgment, whether given before or after the meeting or other event of which notice is required to be given, shall cure any default in the giving or in the time of such notice, as the case may be.
GENERAL
57.Subject to the provisions of the Canada Business Corporations Act, no individual, entity, person or shareholder shall have any right to inspect any account or book or document of the Corporation except as conferred by statute or authorized by the board or by a resolution of the shareholders.
58.No shareholder shall be entitled to any information respecting any details or conduct of the Corporation’s business which in the opinion of the board of directors would be inexpedient or not otherwise in the best interests of the Corporation to communicate to the public.



59.The “General By-Law No. 1" heretofore enacted is repealed from and after the coming into force of this by-law designated “General By-Law No. 1”, provided, however, that such repeal shall not affect the validity of any act done or approval given under, or the validity and continuance of, any resolution, appointment, contract, plan or payment made pursuant to such repealed by-law.
60.Effective Date. This “General By-Law No. 1” shall come into force on February 11, 2020.




ENACTED by the Board the 11th day of February, 2020.


/s/ Al Monaco
Al Monaco
President & CEO
/s/ Karen K.L. Uehara
Karen K.L. Uehara
Vice President & Corporate Secretary






Exhibit 21.1
Enbridge Inc.
Entity Name Jurisdiction
1090577 B.C. Unlimited Liability Company British Columbia
1329165 Alberta Ltd. Alberta
1682399 Ontario Corp. Ontario
2099634 Ontario Limited Ontario
2562961 Ontario Ltd. Ontario
2193914 Canada Limited Canada
4296559 Canada Inc. Canada
3268126 Nova Scotia Company Nova Scotia
5679 Cherry Lane, LLC Wisconsin
626952 Alberta Ltd. Alberta
627149 Saskatchewan Inc. Saskatchewan
7243341 Canada Inc. Canada
8056587 Canada Inc. Canada
912176 Ontario Limited Ontario
Alberta Saline Aquifer Project Inc. Alberta
Alberta Solar One, Inc. Alberta
Algonquin Gas Transmission, LLC Delaware
Atlantis Offshore, LLC Delaware
Bakken Pipeline Company LLC Delaware
Bakken Pipeline Company LP Delaware
Big Sandy Pipeline, LLC Delaware
Blauracke GmbH Germany
Brazoria Interconnector Gas Pipeline LLC Delaware
CCPS Transportation, LLC Delaware
Cedar Point Wind, LLC Delaware
Chapman Ranch Wind I, LLC Delaware
Copiah Storage, LLC Delaware
Cruickshank Wind Farm Ltd. Ontario
Egan Hub Storage, LLC Delaware
East Tennessee Natural Gas, LLC Tennessee
Eddystone Rail Company, LLC Delaware
EFL Services (France) SAS France
EIF US Holdings Inc. Delaware
EIH S.à r.l. Luxembourg
Enbridge (Colombia) S.A.S. Colombia
Enbridge (Gateway) Holdings Inc. Canada
Enbridge (Houston Oil Terminal) LLC Delaware
Enbridge (Lux) Holdings Inc. Alberta



Enbridge (Maritimes) Incorporated Alberta
Enbridge (Rabaska) Holdings Inc. Canada
Enbridge (Saskatchewan) Operating Services Inc. Saskatchewan
Enbridge (SPOT) LLC Delaware
Enbridge (U.S.) Inc. Delaware
Enbridge Alliance (Canada) Management Inc. Canada
Enbridge Alliance (U.S.) Management LLC Delaware
Enbridge Atlantic (Holdings) Inc. Canada
Enbridge Aux Sable (Canada) Management Inc. Canada
Enbridge Aux Sable Holdings Inc. Saskatchewan
Enbridge Aux Sable Products, Inc. Delaware
Enbridge Aux Sable (U.S.) Management LLC Delaware
Enbridge Bakken Pipeline Company Inc. Canada
Enbridge Bakken Pipeline Limited Partnership Alberta
Enbridge Blackspring Ridge I Wind Project GP Inc. Alberta
Enbridge Blackspring Ridge I Wind Project Limited Partnership Alberta
Enbridge Cactus II, LLC Texas
Enbridge Canadian Renewable GP Inc. Canada
Enbridge Canadian Renewable LP Alberta
Enbridge Commercial Services Inc. Canada
Enbridge Commercial Trust Alberta
Enbridge Emerging Technology Inc. Canada
Enbridge Employee Services Canada Inc. Canada
Enbridge Employee Services, Inc. Delaware
Enbridge Energy Company, Inc. Delaware
Enbridge Energy Distribution Inc. Canada
Enbridge Energy, Limited Partnership Delaware
Enbridge Energy Management, L.L.C. Delaware
Enbridge Energy Partners, L.P. Delaware
Enbridge Éolien France S.à r.l. Luxembourg
Enbridge European Holdings S.à r.l Luxembourg
Enbridge Finance (Barbados) Limited Barbados
Enbridge Finance Company AG Switzerland
Enbridge Finance Hungary Kft Hungary
Enbridge Finance Luxembourg SA Luxembourg
Enbridge Frontier Inc. Canada
Enbridge Gas Inc. Ontario
Enbridge GME, S. de R.L. de C.V. Mexico
Enbridge GTM Canada Inc. Canada
Enbridge Hardisty Storage Inc. Alberta
Enbridge Holdings (Aux Sable Liquid Products) L.L.C. Delaware



Enbridge Holdings (Aux Sable Midstream) L.L.C. Delaware
Enbridge Holdings (Chapman Ranch) L.L.C. Delaware
Enbridge Holdings (DakTex) L.L.C. Delaware
Enbridge Holdings (Frontier) Inc. Delaware
Enbridge Holdings (Grant Plains) L.L.C. Delaware
Enbridge Holdings (Gray Oak) LLC Delaware
Enbridge Holdings (Green Energy) L.L.C. Delaware
Enbridge Holdings (IDR) L.L.C. Delaware
Enbridge Holdings (LNG) L.L.C. Delaware
Enbridge Holdings (Mississippi) L.L.C. Delaware
Enbridge Holdings (Mustang) Inc. Delaware
Enbridge Holdings (New Creek) L.L.C. Delaware
Enbridge Holdings (New Energy) L.L.C. Delaware
Enbridge Holdings (Offshore) L.L.C. Delaware
Enbridge Holdings (Olympic) L.L.C. Delaware
Enbridge Holdings (Patriot) L.L.C. Delaware
Enbridge Holdings (Power) L.L.C. Delaware
Enbridge Holdings (Seaway) L.L.C. Delaware
Enbridge Holdings (Texas COLT) LLC Delaware
Enbridge Holdings (Trunkline) L.L.C. Delaware
Enbridge Holdings (U.S.) L.L.C. Delaware
Enbridge Holdings (USGC) LLC Delaware
Enbridge Hydropower Holdings Inc. Canada
Enbridge Income Fund Alberta
Enbridge Income Partners Holdings Inc. Saskatchewan
Enbridge Ingleside, LLC Delaware
Enbridge Ingleside Cactus II Holdings, LLC Texas
Enbridge Ingleside Energy Center, LLC Delaware
Enbridge Ingleside Holdings, LLC Delaware
Enbridge Ingleside LPG Pipeline, LLC Delaware
Enbridge Ingleside LPG Terminal, LLC Delaware
Enbridge Ingleside Oil Pipeline, LLC Delaware
Enbridge Ingleside Oil Terminal, LLC Delaware
Enbridge Ingleside Operating, LLC Delaware
Enbridge Ingleside Terminal Services, LLC Delaware
Enbridge Insurance (Barbados QIC) Limited Barbados
Enbridge International Inc. Canada
Enbridge Investment (Chapman Ranch) L.L.C. Delaware
Enbridge Investment (Grant Plains) L.L.C. Delaware
Enbridge Investment (New Creek) L.L.C. Delaware
Enbridge Investment (Patriot) L.L.C. Delaware



Enbridge Lac Alfred Wind Project GP Inc. Canada
Enbridge Lac Alfred Wind Project Limited Partnership Québec
Enbridge Luxembourg S.à r.l. Luxembourg
Enbridge Management Services Inc. Canada
Enbridge Massif du Sud Wind Project GP Inc. Canada
Enbridge Massif du Sud Wind Project Limited Partnership Québec
Enbridge Mexico Holdings Inc. Canada
Enbridge Midstream Inc. Alberta
Enbridge Midstream Operating, LLC Delaware
Enbridge Offshore (Destin) L.L.C. Delaware
Enbridge Offshore (Gas Gathering) L.L.C. Delaware
Enbridge Offshore (Gas Transmission) L.L.C. Delaware
Enbridge Offshore (Neptune Holdings) Inc. Delaware
Enbridge Offshore Facilities, LLC Delaware
Enbridge Offshore Pipelines, L.L.C. Delaware
Enbridge Operating Services, L.L.C. Delaware
Enbridge Operational Services Inc. Canada
Enbridge Pipelines (Alberta Clipper) L.L.C. Delaware
Enbridge Pipelines (Athabasca) Inc. Alberta
Enbridge Pipelines (Beaver Lodge) L.L.C. Delaware
Enbridge Pipelines (Eastern Access) L.L.C. Delaware
Enbridge Pipelines (FSP) L.L.C. Delaware
Enbridge Pipelines (L3R) L.L.C. Delaware
Enbridge Pipelines (Lakehead) L.L.C. Delaware
Enbridge Pipelines (Mainline Expansion) L.L.C. Delaware
Enbridge Pipelines (NW) Inc. Canada
Enbridge Pipelines (Ozark) L.L.C. Delaware
Enbridge Pipelines (Southern Lights) L.L.C. Delaware
Enbridge Pipelines (Toledo) Inc. Delaware
Enbridge Pipelines (Woodland) Inc. Alberta
Enbridge Pipelines Inc. Canada
Enbridge Power Operations Services Inc. Canada
Enbridge Québec LNG Inc. Canada
Enbridge Rail (Flanagan) L.L.C. Delaware
Enbridge Rail (North Dakota) L.P. Delaware
Enbridge Rail (Philadelphia) L.L.C. Delaware
Enbridge Rampion UK Ltd United Kingdom
Enbridge Rampion UK II Ltd United Kingdom
Enbridge Renewable Energy Infrastructure Canada Inc. Canada
Enbridge Renewable Energy Infrastructure Limited Partnership Ontario
Enbridge Renewable Generation Inc. Canada



Enbridge Renewable Holdings, L.L.C. Delaware
Enbridge Renewable Infrastructure Development S.à r.l. Luxembourg
Enbridge Renewable Infrastructure Holdings S.à r.l Luxembourg
Enbridge Renewable Infrastructure Investments S.à r.l. Luxembourg
Enbridge Renewable Investments, L.L.C. Delaware
Enbridge Risk Management (U.S.) L.L.C. Delaware
Enbridge Risk Management Inc. Canada
Enbridge RNG (Sprout), LLC Delaware
Enbridge Saint Robert Bellarmin Wind Project GP Inc. Canada
Enbridge Saint Robert Bellarmin Wind Project Limited Partnership Québec
Enbridge Services (CMO) L.L.C. Delaware
Enbridge Services (Germany) GmbH Germany
Enbridge SL Holdings LP Alberta
Enbridge Solar (Adams), LLC Delaware
Enbridge Solar (Cass Lake), LLC Delaware
Enbridge Solar (Deer River), LLC Delaware
Enbridge Solar (Flanagan), LLC Delaware
Enbridge Solar (Floodwood), LLC Delaware
Enbridge Solar (Portage), LLC Delaware
Enbridge Solar (Vesper), LLC Delaware
Enbridge Southdown Inc. Ontario
Enbridge Southern Lights GP Inc. Canada
Enbridge Southern Lights LP Alberta
Enbridge Storage (Cushing) L.L.C. Delaware
Enbridge Storage (North Dakota) L.L.C. Delaware
Enbridge Storage (Patoka) L.L.C. Delaware
Enbridge Technology Inc. Canada
Enbridge Thermal Energy Holdings Inc. Canada
Enbridge Transmission Holdings (U.S.) L.L.C. Delaware
Enbridge Transmission Holdings Inc. Canada
Enbridge Transportation (IL-OK) L.L.C. Delaware
Enbridge UK Holdings Ltd United Kingdom
Enbridge US Holdings Inc. Canada
Enbridge Water Pipeline (Permian) L.L.C. Delaware
Enbridge Western Access Inc. Canada
Enbridge Wild Valley Holdings LLC Delaware
Enbridge Wind Energy Inc. Canada
Enbridge Wind Power General Partnership Alberta
ERG Solar Limited Partnership Alberta
Express Holdings (Canada) Limited Partnership Manitoba
Express Holdings (USA), LLC Delaware



Express Pipeline Limited Partnership Alberta
Express Pipeline LLC Delaware
Express Pipeline Ltd. Canada
Garden Banks Gas Pipeline, LLC Delaware
Gazifère Inc. Québec
Generation Pipeline LLC Ohio
GLB Energy Management Inc. Canada
Great Lakes Basin Energy LP Ontario
Greenwich Windfarm GP Inc. New Brunswick
Greenwich Windfarm, LP Ontario
Gulfstream Management and Operating Services, L.L.C. Delaware
Gulfstream Natural Gas System, L.L.C. Delaware
Hardisty Caverns Limited Partnership Alberta
Hardisty Caverns Ltd. Alberta
Highland Pipeline Leasing, LLC Delaware
Illinois Extension Pipeline Company, L.L.C. Delaware
IPL AP Holdings (U.S.A.) Inc. Delaware
IPL AP NGL Holdings (U.S.A.) Inc. Delaware
IPL Energy (Atlantic) Incorporated Alberta
IPL Energy (Colombia) Ltd. Alberta
IPL Insurance (Barbados) Limited Barbados
IPL System Inc. Alberta
IPL Vector (U.S.A.) Inc. Delaware
Islander East Pipeline Company, L.L.C. Delaware
Keechi Holdings L.L.C. Delaware
Keechi Wind, LLC Delaware
Lakeside Performance Gas Services Ltd. Canada
M&N Management Company, LLC Delaware
M&N Operating Company, LLC Delaware
Magicat Holdco, LLC Delaware
Manta Ray Offshore Gathering Company, L.L.C. Delaware
MarEn Bakken Company LLC Delaware
Maritimes & Northeast Pipeline, L.L.C. Delaware
Maritimes & Northeast Pipeline Limited Partnership New Brunswick
Maritimes & Northeast Pipeline Management Ltd. Canada
Market Hub Partners Canada L.P. Ontario
Market Hub Partners Holding, LLC Delaware
Market Hub Partners Management Inc. Canada
MI Solar, LLC Delaware
Midcoast Canada Operating Corporation Alberta
Midcoast Energy Partners, L.P. Delaware



Midcoast Holdings, L.L.C. Delaware
Midcoast OLP GP, L.L.C. Delaware
Mississippi Canyon Gas Pipeline, LLC Delaware
MJ Asphalt Holdings Inc. Saskatchewan
MJA Operations Ltd. Saskatchewan
Moss Bluff Hub, LLC Delaware
Nautilus Pipeline Company, L.L.C. Delaware
Neptune Pipeline Company, L.L.C. Delaware
New Creek Wind LLC Delaware
NEXUS Capacity Services, ULC British Columbia
Nexus Gas Transmission, LLC Delaware
Niagara Gas Transmission Limited Ontario
Niagara RNG GP Inc. Ontario
North Dakota Pipeline Company LLC Delaware
Northern Gateway Pipelines Inc. Canada
Northern Gateway Pipelines Limited Partnership Alberta
Oleoducto Al Pacifico SAS Colombia
Ontario Excavac Inc. Ontario
Ontario Sustainable Farms Inc. Alberta
Pacific Trail Pipelines Management Inc. British Columbia
Pacific Trail Pipelines Limited Partnership British Columbia
PanEnergy Services, Limited Partnership Louisiana
Platte Pipeline Company, LLC Delaware
Pomelo Connector, LLC Delaware
Port Barre Investments, LLC dba Bobcat Gas Storage Delaware
Project AMBG2 Inc. Ontario
Project AMBG2 LP Ontario
Rio Bravo Pipeline Company, LLC Texas
Sabal Trail Management, LLC Delaware
Sabal Trail Transmission, LLC Delaware
Saltville Gas Storage Company, L.L.C. Virginia
Sarnia Airport Storage Pool Limited Partnership Ontario
Sarnia Airport Storage Pool Management Inc. Canada
SEHLP Management Inc. Canada
SESH Capital, LLC Delaware
SESH Sub Inc. Delaware
Silver State Solar Power North, LLC Delaware
South Texas Trail Pipeline, LLC Delaware
Southeast Supply Header, LLC Delaware
Southern Lights Holdings, L.L.C. Delaware
Spectra Algonquin Holdings, LLC Delaware



Spectra Algonquin Management, LLC Delaware
Spectra Energy, LLC Delaware
Spectra Energy Administrative Services, LLC Delaware
Spectra Energy Aerial Patrol, LLC Delaware
Spectra Energy Canada Call Co. Nova Scotia
Spectra Energy Canada Exchangeco Inc. Canada
Spectra Energy Canada Investments GP, ULC British Columbia
Spectra Energy Canada Investments LP Alberta
Spectra Energy Capital Funding, Inc. Delaware
Spectra Energy Capital, LLC Delaware
Spectra Energy County Line, LLC Delaware
Spectra Energy Cross Border, LLC Delaware
Spectra Energy DEFS Holding, LLC Delaware
Spectra Energy DEFS Holding II, ULC Delaware
Spectra Energy Empress Holding Limited Partnership British Columbia
Spectra Energy Empress Management Holding ULC British Columbia
Spectra Energy Express (Canada) Holding, ULC Nova Scotia
Spectra Energy Express (US) Restructure Co., ULC Nova Scotia
Spectra Energy Field Services Canada Holdings, LLC Delaware
Spectra Energy Generation Pipeline Management, LLC Delaware
Spectra Energy Holdings Co. Nova Scotia
Spectra Energy Islander East Pipeline Company, L.L.C. Delaware
Spectra Energy Liquids Projects GP Inc. Canada
Spectra Energy Liquids Projects Limited Partnership British Columbia
Spectra Energy LNG Sales, LLC Delaware
Spectra Energy Midstream Holdco Management Partnership Alberta
Spectra Energy Midstream Holdings Limited Nova Scotia
Spectra Energy Midstream Holdings Limited Partnership British Columbia
Spectra Energy Midwest Liquids Pipeline, LLC Delaware
Spectra Energy MNEP Holdings Limited Partnership British Columbia
Spectra Energy Nexus Management, LLC Delaware
Spectra Energy Nova Scotia Holdings Co. Nova Scotia
Spectra Energy Operating Company, LLC Delaware
Spectra Energy Partners Atlantic Region Newco, LLC Delaware
Spectra Energy Partners Canada Holding, S.à r.l. Luxembourg
Spectra Energy Partners (DE) GP, LP Delaware
Spectra Energy Partners GP, LLC Delaware
Spectra Energy Partners, LP Delaware
Spectra Energy Partners Sabal Trail Transmission, LLC Delaware
Spectra Energy Services, LLC Delaware
Spectra Energy Southeast Services, LLC Delaware



Spectra Energy Southeast Supply Header, LLC Delaware
Spectra Energy Transmission, LLC Delaware
Spectra Energy Transmission II, LLC Delaware
Spectra Energy Transmission Resources, LLC Delaware
Spectra Energy Transmission Services, LLC Delaware
Spectra Energy Transport & Trading Company, LLC Colorado
Spectra Energy U.S.-Canada Finance GP, ULC British Columbia
Spectra Energy U.S.-Canada Finance, LP Delaware
Spectra Energy VCP Holdings, LLC Delaware
Spectra Energy Westheimer, LLC Delaware
Spectra Nexus Gas Transmission, LLC Delaware
St. Clair Pipelines L.P. Ontario
St. Clair Pipelines Management Inc. Canada
Steckman Ridge GP, LLC Delaware
Steckman Ridge, LP Delaware
Sunwest Heartland Terminals Ltd. Alberta
Superior Oil Limited Saskatchewan
Talbot Windfarm GP Inc. New Brunswick
Talbot Windfarm, LP Ontario
Texas COLT LLC Delaware
Texas Eastern Communications, LLC Delaware
Texas Eastern Terminal Co, LLC Delaware
Texas Eastern Transmission, LP Delaware
The Ottawa Gas Company Inc. Canada
Tidal Energy Marketing (U.S.) L.L.C. Delaware
Tidal Energy Marketing Inc. Canada
Tilbury Solar Project LP Ontario
Tri-State Holdings, LLC Michigan
UEI Holdings (New Brunswick) Inc. Canada
Union Energy Solutions Limited Partnership British Columbia
Valley Crossing Pipeline, LLC Delaware
Vector Pipeline Holdings Ltd. Canada
Vector Pipeline L.P. Delaware
Vector Pipeline Limited Canada
Vector Pipeline Limited Partnership Alberta
Vector Pipeline, LLC Delaware
Westcoast Connector Gas Transmission Ltd. British Columbia
Westcoast Energy Inc. Canada
Westcoast Energy (U.S.) LLC Delaware
Westcoast Energy Ventures Inc. Canada
Whitetail Gas-Fired Peaking Project GP Inc. Alberta



Whitetail Gas-Fired Peaking Project Limited Partnership Alberta
Whitetail Gas-Fired Peaking Project Ltd. Alberta
Wrangler Pipeline, L.L.C. Delaware



Exhibit 22.1

Subsidiary Guarantors
As of December 31, 2021, each of the following subsidiaries of Enbridge Inc. (“Enbridge”), both of which are indirect, wholly-owned subsidiaries of Enbridge, has fully and unconditionally guaranteed on an unsecured, joint and several basis, each of the registered debt securities of the Company listed below:
Subsidiary Guarantors
1.Spectra Energy Partners, LP, a Delaware limited partnership
2.Enbridge Energy Partners, L.P., a Delaware limited partnership
Registered Debt Securities of Enbridge Guaranteed by each of the Subsidiary Guarantors
1.Floating Rate Senior Notes due 2022
2.2.900% Senior Notes due 2022
3.0.550% Sustainability-Linked Senior Notes due 2023
4.Floating Rate Senior Notes due 2023
5.4.000% Senior Notes due 2023
6.3.500% Senior Notes due 2024
7.2.500% Senior Notes due 2025
8.4.250% Senior Notes due 2026
9.1.600% Sustainability-Linked Senior Notes due 2026
10.3.700% Senior Notes due 2027
11.3.125% Senior Notes due 2029
12.2.500% Sustainability-Linked Senior Notes due 2033
13.4.500% Senior Notes due 2044
14.5.500% Senior Notes due 2046
15.4.000% Senior Notes due 2049
16.3.400% Senior Notes due 2051








Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the registration statements on Form S-3 (File No. 333-231553) and Form S-8 (File Nos. 333-250121, 333-231435, 333-145236, 333-127265,
333-13456, 333-97305, and 333-216272) of Enbridge Inc. of our report dated February 11, 2022 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/PricewaterhouseCoopers LLP


Chartered Professional Accountants
Calgary, Alberta
Canada

February 11, 2022


Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Al Monaco, certify that:
1.I have reviewed this annual report on Form 10-K of Enbridge Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 11, 2022 By: /s/ Al Monaco
Al Monaco
President and Chief Executive Officer
Enbridge Inc.



Exhibit 31.2
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Vern D. Yu, certify that:
1.I have reviewed this annual report on Form 10-K of Enbridge Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
Date: February 11, 2022 By: /s/ Vern D. Yu
Vern D. Yu
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Enbridge Inc.


EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Enbridge Inc. on Form 10-K for the period ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Al Monaco, President and Chief Executive Officer of Enbridge Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Enbridge Inc.

Date: February 11, 2022 By: /s/ Al Monaco
Al Monaco
President and Chief Executive Officer
Enbridge Inc.




EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Enbridge Inc. on Form 10-K for the period ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Vern D. Yu, Executive Vice President and Chief Financial Officer of Enbridge Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Enbridge Inc.

Date: February 11, 2022 By: /s/ Vern D. Yu
Vern D. Yu
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Enbridge Inc.