☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Canada
|
98-0377957
|
|||||||
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
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
|
Large Accelerated Filer
|
☒ | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | ☐ | Smaller reporting company |
☐
|
|||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Signatures
|
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CER | Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019 | |||||||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
|
|||||||
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. |
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 |
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 |
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 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and
amortization1
|
7,897 | 7,683 | 7,681 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1
|
3,671 | 1,087 | 3,371 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1
|
2,117 | 1,748 | 1,747 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1
|
508 | 523 | 111 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1
|
(313) | (236) | 250 |
2021 | 2020 | 2019 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1
|
356 | (113) | 429 |
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 |
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 |
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 |
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 | 2 | 2 | ||||||||
Eliminations and Other | 54 | 90 | 124 | ||||||||
Total capital expenditures | 7,818 | 5,405 | 5,492 |
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 |
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 |
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 | |||||
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 | |||||
Year ended December 31, 2021 | |||||
(millions of Canadian dollars) | |||||
Operating loss | (64) | ||||
Earnings | 4,970 | ||||
Earnings attributable to common shareholders | 4,604 |
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 |
Canada | United States | ||||||||||||||||||||||
Obligation | Expense | Obligation | Expense | ||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Pension | |||||||||||||||||||||||
Decrease in discount rate | 378 | 31 | 70 | 5 | |||||||||||||||||||
Decrease in expected return on assets | — | 21 | — | 5 | |||||||||||||||||||
Decrease in rate of salary increase | (71) | (15) | (6) | (2) | |||||||||||||||||||
OPEB | |||||||||||||||||||||||
Decrease in discount rate | 21 | 1 | 8 | — | |||||||||||||||||||
Decrease in expected return on assets | N/A | N/A | — | 1 |
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 |
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) | 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 |
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) | 5 | 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) | 9 | ||||||||
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 | 7 | ||||||||
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 |
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 | 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 |
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 |
Page | ||||||||
1. | Business Overview | |||||||
2. | Significant Accounting Policies | |||||||
3. | Changes in Accounting Policies | |||||||
4. | Revenue | |||||||
5. | Segmented Information | |||||||
6. | Earnings per Common Share | |||||||
7. | Regulatory Matters | |||||||
8. | Acquisitions and Dispositions | |||||||
9. | Accounts Receivable and Other | |||||||
10. | Inventory | |||||||
11. | Property, Plant and Equipment | |||||||
12. | Variable Interest Entities | |||||||
13. | Long-Term Investments | |||||||
14. | Restricted Long-Term Investments | |||||||
15. | Intangible Assets | |||||||
16. | Goodwill | |||||||
17. | Accounts Payable and Other | |||||||
18. | Debt | |||||||
19. | Asset Retirement Obligations | |||||||
20. | Noncontrolling Interests | |||||||
21. | Share Capital | |||||||
22. | Stock Option and Stock Unit Plans | |||||||
23. | Components of Accumulated Other Comprehensive Income/(Loss) | |||||||
24. | Risk Management and Financial Instruments | |||||||
25. | Income Taxes | |||||||
26. | Pension and Other Postretirement Benefits | |||||||
27. | Leases | |||||||
28. | Changes in Operating Assets and Liabilities | |||||||
29. | Related Party Transactions | |||||||
30. | Commitments and Contingencies | |||||||
31. | Guarantees | |||||||
32. | Quarterly Financial Data (Unaudited) |
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 |
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 | 2 | 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 | — | 4 | — | — | — | — | 4 | ||||||||||||||||
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 | 9 | 387 | (2) | (16) | 1,067 | ||||||||||||||||
Intersegment revenue | 369 | 5 | 16 | — | 71 | (461) | — | ||||||||||||||||
Total revenue | 10,219 | 5,207 | 5,179 | 567 | 29,374 | (477) | 50,069 |
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 |
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
|
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 |
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 | — | 4 | 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 |
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 | 9 | 94 | (3) | (1) | 1,136 | ||||||||||||||||
Impairment of equity investments | — | (2,351) | — | — | — | — | (2,351) | ||||||||||||||||
Other income/(expense) | 53 | (52) | 71 | 35 | 1 | 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 | 2 | 90 | 5,470 | ||||||||||||||||
Total property, plant and equipment, net | 48,799 | 25,745 | 16,079 | 3,495 | 24 | 429 | 94,571 |
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 | 4 | 31 | 8 | (2) | 1,503 | ||||||||||||||||
Other income/(expense) | 30 | (181) | 67 | 1 | 3 | 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 | 2 | 124 | 5,550 | ||||||||||||||||
Total property, plant and equipment, net | 48,783 | 25,268 | 15,622 | 3,658 | 24 | 368 | 93,723 |
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 |
December 31, | 2021 | 2020 | ||||||
(millions of Canadian dollars) | ||||||||
Canada | 47,102 | 46,499 | ||||||
US | 52,965 | 48,072 | ||||||
100,067 | 94,571 |
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 | 1 | 3 | ||||||||
Diluted weighted average shares outstanding | 2,025 | 2,021 | 2,020 |
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 |
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 |
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 |
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 |
December 31, | 2021 | 2020 | ||||||
(millions of Canadian dollars) | ||||||||
Natural gas | 953 | 710 | ||||||
Crude oil | 624 | 744 | ||||||
Other | 93 | 82 | ||||||
1,670 | 1,536 |
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 |
December 31, |
20211
|
20201
|
||||||
(millions of Canadian dollars) | ||||||||
Assets | ||||||||
Cash and cash equivalents | 247 | 215 | ||||||
Restricted cash | 4 | 1 | ||||||
Accounts receivable and other | 99 | 65 | ||||||
Inventory | 9 | 7 | ||||||
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 | 3 | ||||||
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 | 5 | ||||||
271 | 232 | |||||||
3,367 | 3,473 |
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 |
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 |
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 | 4 | ||||||||
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 |
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 |
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 |
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 |
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 | 5 | |||||||||||||||||||||
Enbridge (U.S.) Inc. | |||||||||||||||||||||||
Commercial paper and credit facility draws | 0.4 | % | 2023 - 2026 | 4,845 | 492 | ||||||||||||||||||
Other4
|
7 | 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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | 1 | 22 | 3 | 69 | ||||||||||||||
Balance at end of year | 2,026 | 64,799 | 2,026 | 64,768 | 2,025 | 64,746 |
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 | 5 | 125 | 5 | 125 | ||||||||||||||
Preference Shares, Series B | 18 | 457 | 18 | 457 | 18 | 457 | ||||||||||||||
Preference Shares, Series C | 2 | 43 | 2 | 43 | 2 | 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 | 8 | 199 | 8 | 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 | 8 | 206 | 8 | 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 |
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 |
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 |
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 | % |
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 |
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 |
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) | 5 | 115 | (828) | (2) | (221) | (1,522) | ||||||||||||||||
Other comprehensive (income)/loss reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1
|
253 | — | — | — | — | — | 253 | ||||||||||||||||
Foreign exchange contracts3
|
5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts4
|
(2) | — | — | — | — | — | (2) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs5
|
— | — | — | — | — | 17 | 17 | ||||||||||||||||
(335) | 5 | 115 | (828) | (2) | (204) | (1,249) | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | 140 | — | (13) | — | 1 | 54 | 182 | ||||||||||||||||
Income tax on amounts reclassified to earnings | (58) | — | — | — | — | (4) | (62) | ||||||||||||||||
82 | — | (13) | — | 1 | 50 | 120 | |||||||||||||||||
Balance at December 31, 2020 | (1,326) | 5 | (215) | 568 | 66 | (499) | (1,401) |
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
|
5 | — | — | — | — | 5 | ||||||||||||||
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) | — | 6 | 28 | 164 | ||||||||||||||
Income tax on amounts reclassified to earnings | (31) | — | — | — | (4) | (35) | ||||||||||||||
138 | (39) | — | 6 | 24 | 129 | |||||||||||||||
Other | — | — | — | (7) | 55 | 48 | ||||||||||||||
Balance at December 31, 2019 | (1,073) | (317) | 1,396 | 67 | (345) | (272) |
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) |
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) | 9 | (49) | ||||||||||||||||
Other contracts | — | — | — | — | — | — | — | ||||||||||||||||
(219) | — | (87) | (753) | (1,059) | 252 | (807) | |||||||||||||||||
Total net derivative asset/(liability) | |||||||||||||||||||||||
Foreign exchange contracts | 9 | — | (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) |
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 |
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) | 2 | (25) | ||||||||
Other contracts | 1 | (3) | 10 | ||||||||
Fair value hedges | |||||||||||
Foreign exchange contracts | (5) | 5 | — | ||||||||
Net investment hedges |
|
|
|
||||||||
Foreign exchange contracts | — | 13 | 2 | ||||||||
191 | (579) | (591) | |||||||||
Amount of (gain)/loss reclassified from AOCI to earnings | |||||||||||
Foreign exchange contracts1
|
5 | 5 | 5 | ||||||||
Interest rate contracts2
|
296 | 253 | 157 | ||||||||
Commodity contracts3
|
1 | — | (1) | ||||||||
Other contracts4
|
2 | (2) | (3) | ||||||||
304 | 256 | 158 |
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 | — |
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) | 9 | ||||||||
Total unrealized derivative fair value gain/(loss), net | 173 | 756 | 1,751 |
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 |
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) |
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 | 1 | 24 | 14 | 39 | ||||||||||
Other contracts | — | — | — | — | ||||||||||
1 | 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 | 4 | 31 | (191) | (156) | ||||||||||
Other contracts | — | (4) | — | (4) | ||||||||||
4 | (882) | (191) | (1,069) |
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) | 2 | ||||||
Settlements | 151 | (1) | ||||||
Level 3 net derivative liability at end of period | (108) | (191) |
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% |
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 | 3 | (6) | ||||||||
1,091 | 447 | 1,156 | |||||||||
Income tax expense | 1,415 | 774 | 1,708 |
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) |
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 | 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 |
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) |
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 |
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 |
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 |
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 | 1 | 2 | ||||||||||||||||||||
Amortization/curtailment of prior service credit1
|
— | — | — | — | (1) | (1) | ||||||||||||||||||||
Net periodic benefit (credit)/cost | 42 | 58 | 84 | (1) | (13) | 9 | ||||||||||||||||||||
Defined contribution benefit cost | 7 | 6 | 8 | — | — | — | ||||||||||||||||||||
Net pension (credit)/cost recognized in Earnings | 49 | 64 | 92 | (1) | (13) | 9 | ||||||||||||||||||||
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 | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Net actuarial (gain)/loss arising during the year | (291) | 118 | 115 | (99) | 100 | 8 | ||||||||||||||||||||
Total amount recognized in OCI | (316) | 97 | 89 | (110) | 100 | 1 | ||||||||||||||||||||
Total amount recognized in Comprehensive income | (267) | 161 | 181 | (111) | 87 | 10 |
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 | % |
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 | 5 | 1 | 2 | |||||||||||||
Interest cost | 7 | 8 | 3 | 7 | |||||||||||||
Participant contributions | — | — | 8 | 4 | |||||||||||||
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 | 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 | 6 | 12 | |||||||||||||
Participant contributions | — | — | 8 | 4 | |||||||||||||
Benefits paid | (9) | (6) | (22) | (28) | |||||||||||||
Foreign currency exchange rate changes | — | — | (3) | (3) | |||||||||||||
Other | — | — | 2 | 1 | |||||||||||||
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) |
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 |
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) |
Canada | US | ||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Service cost | 6 | 5 | 5 | 1 | 2 | 2 | |||||||||||||||||
Interest cost1
|
7 | 8 | 10 | 3 | 7 | 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 | 7 | (14) | (6) | (2) | |||||||||||||||||
Amount recognized in OCI: | |||||||||||||||||||||||
Amortization/settlement of net actuarial gain | — | 1 | 7 | 1 | 1 | — | |||||||||||||||||
Amortization/curtailment of prior service credit | — | — | 1 | 7 | 2 | 2 | |||||||||||||||||
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) |
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 | % |
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 |
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 | % |
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 | 5 | — | — | 5 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | 178 | 188 | — | 366 | — | — | — | — | |||||||||||||||||||||
US | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||
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 | 5 | 768 | 289 | 1,062 |
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 | 7 | |||||||||||||
Purchases and settlements, net | 75 | 87 | 10 | 6 | |||||||||||||
Balance at end of year | 1,064 | 912 | 337 | 289 |
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 | 6 | — | 44 | |||||||||||||||||||||||||
Corporate | — | 8 | — | 8 | |||||||||||||||||||||||||
Alternatives4
|
— | — | 22 | 22 | |||||||||||||||||||||||||
Total OPEB plan assets at fair value | 38 | 128 | 22 | 188 |
December 31, | 2021 | 2020 | |||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | 22 | 18 | |||||||||||||||
Unrealized and realized gains | 2 | 1 | |||||||||||||||
Purchases and settlements, net | (2) | 3 | |||||||||||||||
Balance at end of year | 22 | 22 |
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 |
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 | % |
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 |
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 |
Operating leases | |||||
(millions of Canadian dollars) | |||||
2022 | 235 | ||||
2023 | 215 | ||||
2024 | 205 | ||||
2025 | 196 | ||||
2026 | 191 | ||||
Thereafter | 1,938 | ||||
Future lease payments | 2,980 |
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) | 8 | 6 | ||||||||
Inventory | (118) | (254) | (24) | ||||||||
Deferred amounts and other assets | (195) | (586) | 133 | ||||||||
Accounts payable and other | (63) | (770) | 63 | ||||||||
Accounts payable to affiliates | 52 | 1 | (24) | ||||||||
Interest payable | 43 | 31 | (41) | ||||||||
Other long-term liabilities | (69) | 117 | 175 | ||||||||
(1,616) | 93 | (259) |
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 |
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 |
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 |
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) | |||||||
* | ||||||||
|
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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. | ||||||||
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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).
|
ENBRIDGE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | February 11, 2022 | By: | /s/ Al Monaco | ||||||||
Al Monaco | |||||||||||
President and Chief Executive Officer |
/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
|
/s/ Al Monaco | |||||
Al Monaco
President & CEO
|
|||||
/s/ Karen K.L. Uehara | |||||
Karen K.L. Uehara
Vice President & Corporate Secretary
|
|||||
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 |
Date: | February 11, 2022 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
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.
|
Date: | February 11, 2022 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
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. |