☒ | 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 | |||||||
Aii | Athabasca Indigenous Investments Limited Partnership | |||||||
AOCI | Accumulated other comprehensive income/(loss) | |||||||
ARO | Asset retirement obligations | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Aux Sable | US Midstream ownership interest in Aux Sable Liquid Products LP, Aux Sable Midstream LLC, Aux Sable Canada LP | |||||||
BC | British Columbia | |||||||
bcf/d | Billion cubic feet per day | |||||||
the Board | Board of Directors | |||||||
Cactus II | Cactus II Pipeline, LLC | |||||||
CER | Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019 | |||||||
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 | DCP Midstream, LP | |||||||
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 | |||||||
Enbridge Gas | Enbridge Gas Inc. | |||||||
EPS | Emission Performance Standards | |||||||
ESG | Environment, Social and Governance | |||||||
Exchange Act | United States Securities Exchange Act of 1934 | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
GHG | Greenhouse gas | |||||||
Gray Oak | Gray Oak Pipeline, LLC | |||||||
H2 | Hydrogen gas | |||||||
IJT | International Joint Tariff | |||||||
IR | Incentive Regulation | |||||||
kbpd | Thousand barrels per day | |||||||
L3R | Line 3 Replacement | |||||||
LMCI | Land Matters Consultation Initiative | |||||||
LNG | Liquefied natural gas | |||||||
Magic Valley | Magic Valley Wind Farm | |||||||
M&N | Maritimes & Northeast Pipeline | |||||||
M&N Canada | Canadian portion of our Maritimes & Northeast Pipeline | |||||||
the Court | United States District Court for the Western District of Wisconsin | |||||||
MD&A | Management’s Discussion and Analysis | |||||||
MW | Megawatts | |||||||
NCIB | Normal course issuer bid | |||||||
NEXUS | NEXUS Gas Transmission Pipeline | |||||||
NGL | 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 | |||||||
P66 | Phillips 66 | |||||||
the Partnerships | Spectra Energy Partners, LP and Energy Energy Partners, L.P | |||||||
PennEast | PennEast Pipeline Company, L.L.C. | |||||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | |||||||
PPA | Power purchase agreement | |||||||
PSU | Performance Stock Units | |||||||
the Reservation | Bad River Reservation | |||||||
RNG | Renewable natural gas | |||||||
ROE | Return on equity | |||||||
ROU | Right-of-use | |||||||
RSU | Restricted Stock Units | |||||||
SEC | US Securities and Exchange Commission | |||||||
SEP | Spectra Energy Partners, LP | |||||||
SESH | Southeast Supply Header, L.L.C. | |||||||
Spectra Energy | Spectra Energy Corp | |||||||
Texas Eastern | Texas Eastern Transmission, L.P. | |||||||
TGE | Tri Global Energy, LLC | |||||||
TSX | Toronto Stock Exchange | |||||||
UK | The United Kingdom | |||||||
US | United States of America | |||||||
US GAAP | Generally accepted accounting principles in the United States of America | |||||||
Vector | Vector Pipeline L.P. | |||||||
VIEs | Variable interest entities | |||||||
Westcoast | Westcoast Energy Inc. | |||||||
Woodfibre | Woodfibre LNG Limited Partnership |
Name | Age | Position | ||||||
Gregory L. Ebel | 58 | President & Chief Executive Officer | ||||||
Vern D. Yu | 56 | Executive Vice President, Corporate Development, Chief Financial Officer & President, New Energy Technologies | ||||||
Colin K. Gruending | 53 | Executive Vice President & President, Liquids Pipelines | ||||||
Cynthia L. Hansen | 58 | Executive Vice President & President, Gas Transmission and Midstream | ||||||
Byron C. Neiles | 57 | Executive Vice President & Chief Administrative Officer | ||||||
Robert R. Rooney | 66 | Executive Vice President & Chief Legal Officer | ||||||
Matthew A. Akman | 55 | Senior Vice President, Corporate Strategy & President, Power | ||||||
Michele E. Harradence | 54 | Senior Vice President & President, Gas Distribution | ||||||
Laura J. Sayavedra | 55 | Senior Vice President, Safety & Reliability, Projects and Unify |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs1 | ||||||||||
October 2022 (October 1 - October 31) | — | N/A | — | 28,324,366 | ||||||||||
November 2022 (November 1 - November 30) | — | N/A | — | 28,324,366 | ||||||||||
December 2022 (December 1 - December 31) | — | N/A | — | 28,324,366 |
January 1, 2018 | December 31, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
Enbridge Inc. | 100.00 | 91.90 | 118.86 | 100.80 | 131.30 | 149.54 | ||||||||||||||
S&P/TSX Composite | 100.00 | 91.11 | 111.96 | 118.23 | 147.89 | 139.25 | ||||||||||||||
S&P 500 Index | 100.00 | 95.62 | 125.72 | 148.85 | 191.58 | 156.88 | ||||||||||||||
US Peers1 | 100.00 | 94.80 | 114.97 | 98.40 | 121.17 | 134.17 | ||||||||||||||
Canadian Peers | 100.00 | 92.00 | 120.56 | 99.72 | 124.49 | 129.22 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Segment earnings/(loss) before interest, income taxes and depreciation and amortization1 | |||||||||||
Liquids Pipelines | 8,364 | 7,897 | 7,683 | ||||||||
Gas Transmission and Midstream | 3,126 | 3,671 | 1,087 | ||||||||
Gas Distribution and Storage | 1,827 | 2,117 | 1,748 | ||||||||
Renewable Power Generation | 262 | 508 | 523 | ||||||||
Energy Services | (417) | (313) | (236) | ||||||||
Eliminations and Other | (1,124) | 356 | (113) | ||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 12,038 | 14,236 | 10,692 | ||||||||
Depreciation and amortization | (4,317) | (3,852) | (3,712) | ||||||||
Interest expense | (3,179) | (2,655) | (2,790) | ||||||||
Income tax expense | (1,604) | (1,415) | (774) | ||||||||
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 65 | (125) | (53) | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Earnings attributable to common shareholders | 2,589 | 5,816 | 2,983 | ||||||||
Earnings per common share attributable to common shareholders | 1.28 | 2.87 | 1.48 | ||||||||
Diluted earnings per common share attributable to common shareholders | 1.28 | 2.87 | 1.48 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 8,364 | 7,897 | 7,683 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 3,126 | 3,671 | 1,087 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 1,827 | 2,117 | 1,748 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 262 | 508 | 523 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1 | (417) | (313) | (236) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1 | (1,124) | 356 | (113) |
Entity | Issuance date | Type of issuance | Amount | ||||||||
(in millions of Canadian dollars, unless stated otherwise) | |||||||||||
Enbridge Inc. | January 2022 | Fixed-to-fixed subordinated notes | $750 | ||||||||
Enbridge Inc. | February 2022 | Floating rate senior notes | US$600 | ||||||||
Enbridge Inc. | February 2022 | Senior notes | US$900 | ||||||||
Enbridge Inc. | September 2022 | Fixed-to-fixed subordinated notes | US$1,100 | ||||||||
Enbridge Inc. | November 2022 | Medium-term notes | $1,100 | ||||||||
Enbridge Inc. | November 2022 | Sustainability-linked medium-term notes | $900 | ||||||||
Enbridge Gas Inc. | August 2022 | Medium-term notes | $650 | ||||||||
Texas Eastern Transmission LP | December 2022 | Senior notes | US$600 |
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2023-2027 | 10,987 | 7,984 | 3,003 | ||||||||||
Enbridge (U.S.) Inc. | 2024-2027 | 8,604 | 4,199 | 4,405 | ||||||||||
Enbridge Pipelines Inc. | 2024 | 2,000 | 312 | 1,688 | ||||||||||
Enbridge Gas Inc. | 2024 | 2,000 | 2,000 | — | ||||||||||
Total committed credit facilities | 23,591 | 14,495 | 9,096 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | 11,230 | 9,256 | 9,781 | ||||||||
Investing activities | (5,270) | (10,657) | (5,177) | ||||||||
Financing activities | (5,428) | 1,236 | (4,770) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 55 | (5) | (20) | ||||||||
Net change in cash and cash equivalents and restricted cash | 587 | (170) | (186) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Liquids Pipelines | 1,418 | 4,051 | 2,032 | ||||||||
Gas Transmission and Midstream | 1,647 | 2,353 | 2,066 | ||||||||
Gas Distribution and Storage | 1,499 | 1,343 | 1,134 | ||||||||
Renewable Power Generation | 50 | 16 | 81 | ||||||||
Energy Services | — | 1 | 2 | ||||||||
Eliminations and Other | 33 | 54 | 90 | ||||||||
Total capital expenditures | 4,647 | 7,818 | 5,405 |
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 B5 | 5.20 | % | $1.30052 | $25 | June 1, 2027 | Series C | |||||||||||
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 L6 | 5.86 | % | US$1.46448 | US$25 | September 1, 2027 | 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 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 |
Dividend per share | |||||
Common Shares1 | $0.88750 | ||||
Preference Shares, Series A | $0.34375 | ||||
Preference Shares, Series B2 | $0.32513 | ||||
Preference Shares, Series D | $0.27875 | ||||
Preference Shares, Series F | $0.29306 | ||||
Preference Shares, Series H | $0.27350 | ||||
Preference Shares, Series L3 | US$0.36612 | ||||
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 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 | |||||
USD Denominated1 | CAD Denominated2 | ||||
Floating Rate Senior Notes due 2023 | 3.940% Senior Notes due 2023 | ||||
Floating Rate Senior Notes due 2024 | 3.940% Senior Notes due 2023 | ||||
4.000% Senior Notes due 2023 | 3.950% Senior Notes due 2024 | ||||
0.550% Senior Notes due 2023 | 2.440% Senior Notes due 2025 | ||||
3.500% Senior Notes due 2024 | 3.200% Senior Notes due 2027 | ||||
2.150% Senior Notes due 2024 | 5.700% Senior Notes due 2027 | ||||
2.500% Senior Notes due 2025 | 6.100% Senior Notes due 2028 | ||||
2.500% Senior Notes due 2025 | 2.990% Senior Notes due 2029 | ||||
4.250% Senior Notes due 2026 | 7.220% Senior Notes due 2030 | ||||
1.600% Senior Notes due 2026 | 7.200% Senior Notes due 2032 | ||||
3.700% Senior Notes due 2027 | 6.100% Sustainability-Linked Senior Notes due 2032 | ||||
3.125% Senior Notes due 2029 | 3.100% Sustainability-Linked Senior Notes due 2033 | ||||
2.500% Sustainability-Linked Senior Notes due 2033 | 5.570% Senior Notes due 2035 | ||||
4.500% Senior Notes due 2044 | 5.750% Senior Notes due 2039 | ||||
5.500% Senior Notes due 2046 | 5.120% Senior Notes due 2040 | ||||
4.000% Senior Notes due 2049 | 4.240% Senior Notes due 2042 | ||||
3.400% Senior Notes due 2051 | 4.570% Senior Notes due 2044 | ||||
4.870% Senior Notes due 2044 | |||||
4.100% Senior Notes due 2051 | |||||
6.510% Senior Notes due 2052 | |||||
4.560% Senior Notes due 2064 | |||||
Year ended December 31, | 2022 | ||||
(millions of Canadian dollars) | |||||
Operating loss | (179) | ||||
Earnings | 1,921 | ||||
Earnings attributable to common shareholders | 1,507 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Cash and cash equivalents | 425 | 12 | ||||||
Accounts receivable from affiliates | 2,486 | 3,442 | ||||||
Short-term loans receivable from affiliates | 5,232 | 4,947 | ||||||
Other current assets | 969 | 593 | ||||||
Long-term loans receivable from affiliates | 43,873 | 51,983 | ||||||
Other long-term assets | 4,111 | 3,732 | ||||||
Accounts payable to affiliates | 1,375 | 1,982 | ||||||
Short-term loans payable to affiliates | 1,745 | 2,891 | ||||||
Other current liabilities | 8,752 | 8,110 | ||||||
Long-term loans payable to affiliates | 37,626 | 41,370 | ||||||
Other long-term liabilities | 47,447 | 41,353 |
Canada | United States | ||||||||||||||||||||||
Obligation | Expense | Obligation | Expense | ||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Pension | |||||||||||||||||||||||
Decrease in discount rate | 243 | 27 | 49 | 3 | |||||||||||||||||||
Decrease in expected return on assets | — | 23 | — | 6 | |||||||||||||||||||
Decrease in rate of salary increase | (47) | (11) | (5) | (1) | |||||||||||||||||||
OPEB | |||||||||||||||||||||||
Decrease in discount rate | 13 | 1 | 5 | — | |||||||||||||||||||
Decrease in expected return on assets | N/A | N/A | — | 1 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Operating revenues | |||||||||||
Commodity sales | 29,150 | 26,873 | 19,259 | ||||||||
Gas distribution sales | 5,653 | 4,026 | 3,663 | ||||||||
Transportation and other services | 18,506 | 16,172 | 16,165 | ||||||||
Total operating revenues (Note 4) | 53,309 | 47,071 | 39,087 | ||||||||
Operating expenses | |||||||||||
Commodity costs | 28,942 | 26,608 | 18,890 | ||||||||
Gas distribution costs | 3,647 | 2,094 | 1,779 | ||||||||
Operating and administrative | 8,219 | 6,712 | 6,749 | ||||||||
Depreciation and amortization | 4,317 | 3,852 | 3,712 | ||||||||
Impairment of long-lived assets | 541 | — | — | ||||||||
Impairment of goodwill (Note 16) | 2,465 | — | — | ||||||||
Total operating expenses | 48,131 | 39,266 | 31,130 | ||||||||
Operating income | 5,178 | 7,805 | 7,957 | ||||||||
Income from equity investments (Note 13) | 2,056 | 1,711 | 1,136 | ||||||||
Impairment of equity investments (Note 13) | — | (111) | (2,351) | ||||||||
Gain on joint venture merger transaction (Note 13) | 1,076 | — | — | ||||||||
Other income/(expense) (Note 28) | (589) | 979 | 238 | ||||||||
Interest expense (Note 18) | (3,179) | (2,655) | (2,790) | ||||||||
Earnings before income taxes | 4,542 | 7,729 | 4,190 | ||||||||
Income tax expense (Note 25) | (1,604) | (1,415) | (774) | ||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
(Earnings)/loss attributable to noncontrolling interests | 65 | (125) | (53) | ||||||||
Earnings attributable to controlling interests | 3,003 | 6,189 | 3,363 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Earnings attributable to common shareholders | 2,589 | 5,816 | 2,983 | ||||||||
Earnings per common share attributable to common shareholders (Note 6) | 1.28 | 2.87 | 1.48 | ||||||||
Diluted earnings per common share attributable to common shareholders (Note 6) | 1.28 | 2.87 | 1.48 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Change in unrealized gain/(loss) on cash flow hedges | 847 | 162 | (457) | ||||||||
Change in unrealized gain/(loss) on net investment hedges | (971) | 49 | 102 | ||||||||
Other comprehensive loss from equity investees | (6) | (12) | (1) | ||||||||
Excluded components of fair value hedges | (35) | (5) | 5 | ||||||||
Reclassification to earnings of loss on cash flow hedges | 143 | 235 | 198 | ||||||||
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (10) | 21 | 13 | ||||||||
Reclassification to earnings of (gain)/loss on equity investees | 16 | (62) | — | ||||||||
Actuarial gain/(loss) on pension and OPEB | 312 | 394 | (167) | ||||||||
Foreign currency translation adjustments | 4,406 | (507) | (853) | ||||||||
Other comprehensive income/(loss), net of tax | 4,702 | 275 | (1,160) | ||||||||
Comprehensive income | 7,640 | 6,589 | 2,256 | ||||||||
Comprehensive income attributable to noncontrolling interests | (21) | (95) | (22) | ||||||||
Comprehensive income attributable to controlling interests | 7,619 | 6,494 | 2,234 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Comprehensive income attributable to common shareholders | 7,205 | 6,121 | 1,854 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Preference shares (Note 21) | |||||||||||
Balance at beginning of year | 7,747 | 7,747 | 7,747 | ||||||||
Redemption of preference shares | (929) | — | — | ||||||||
Balance at end of year | 6,818 | 7,747 | 7,747 | ||||||||
Common shares (Note 21) | |||||||||||
Balance at beginning of year | 64,799 | 64,768 | 64,746 | ||||||||
Shares issued on exercise of stock options | 53 | 31 | 22 | ||||||||
Share purchases at stated value | (88) | — | — | ||||||||
Other | (4) | — | — | ||||||||
Balance at end of year | 64,760 | 64,799 | 64,768 | ||||||||
Additional paid-in capital | |||||||||||
Balance at beginning of year | 365 | 277 | 187 | ||||||||
Stock-based compensation | 36 | 28 | 30 | ||||||||
Purchase of noncontrolling interest | (43) | — | — | ||||||||
Options exercised | (50) | (23) | (21) | ||||||||
Change in reciprocal interest | — | 98 | 76 | ||||||||
Other | (33) | (15) | 5 | ||||||||
Balance at end of year | 275 | 365 | 277 | ||||||||
Deficit | |||||||||||
Balance at beginning of year | (10,989) | (9,995) | (6,314) | ||||||||
Earnings attributable to controlling interests | 3,003 | 6,189 | 3,363 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Common share dividends declared | (7,023) | (6,818) | (6,612) | ||||||||
Dividends paid to reciprocal shareholder | — | 8 | 17 | ||||||||
— | — | (66) | |||||||||
Share purchases in excess of stated value | (63) | — | — | ||||||||
Other | — | — | (3) | ||||||||
Balance at end of year | (15,486) | (10,989) | (9,995) | ||||||||
Accumulated other comprehensive income/(loss) (Note 23) | |||||||||||
Balance at beginning of year | (1,096) | (1,401) | (272) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 4,616 | 305 | (1,129) | ||||||||
Balance at end of year | 3,520 | (1,096) | (1,401) | ||||||||
Reciprocal shareholding | |||||||||||
Balance at beginning of year | — | (29) | (51) | ||||||||
Change in reciprocal interest | — | 29 | 22 | ||||||||
Balance at end of year | — | — | (29) | ||||||||
Total Enbridge Inc. shareholders’ equity | 59,887 | 60,826 | 61,367 | ||||||||
Noncontrolling interests (Note 20) | |||||||||||
Balance at beginning of year | 2,542 | 2,996 | 3,364 | ||||||||
Earnings/(loss) attributable to noncontrolling interests | (65) | 125 | 53 | ||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | |||||||||||
Change in unrealized loss on cash flow hedges | (28) | (15) | (6) | ||||||||
Foreign currency translation adjustments | 114 | (15) | (25) | ||||||||
86 | (30) | (31) | |||||||||
Comprehensive income attributable to noncontrolling interests | 21 | 95 | 22 | ||||||||
Distributions | (259) | (271) | (300) | ||||||||
Contributions | 1,105 | 15 | 23 | ||||||||
Redemption of noncontrolling interests | — | (293) | (112) | ||||||||
Purchase of noncontrolling interest | 55 | — | — | ||||||||
Other | 47 | — | (1) | ||||||||
Balance at end of year | 3,511 | 2,542 | 2,996 | ||||||||
Total equity | 63,398 | 63,368 | 64,363 | ||||||||
Dividends paid per common share | 3.44 | 3.34 | 3.24 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | |||||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
Adjustments to reconcile earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 4,317 | 3,852 | 3,712 | ||||||||
Deferred income tax expense (Note 25) | 957 | 1,091 | 447 | ||||||||
Unrealized derivative fair value (gain)/loss, net (Note 24) | 1,280 | (173) | (756) | ||||||||
Income from equity investments (Note 13) | (2,056) | (1,711) | (1,136) | ||||||||
Distributions from equity investments | 1,827 | 1,630 | 1,392 | ||||||||
Impairment of long-lived assets | 541 | — | — | ||||||||
Impairment of equity investments (Note 13) | — | 111 | 2,351 | ||||||||
Impairment of goodwill (Note 16) | 2,465 | — | — | ||||||||
Gain on joint venture merger transaction (Note 13) | (1,076) | — | — | ||||||||
(Gain)/loss on dispositions | 12 | (319) | (6) | ||||||||
Other | 37 | (73) | 268 | ||||||||
Changes in operating assets and liabilities (Note 29) | (12) | (1,466) | 93 | ||||||||
Net cash provided by operating activities | 11,230 | 9,256 | 9,781 | ||||||||
Investing activities | |||||||||||
Capital expenditures | (4,647) | (7,818) | (5,405) | ||||||||
Long-term investments and restricted long-term investments | (1,041) | (640) | (487) | ||||||||
Distributions from equity investments in excess of cumulative earnings | 763 | 533 | 705 | ||||||||
Additions to intangible assets | (174) | (275) | (215) | ||||||||
Acquisitions | (828) | (3,785) | (24) | ||||||||
Proceeds from joint venture merger transaction (Note 13) | 522 | — | — | ||||||||
Proceeds from dispositions | — | 1,263 | 265 | ||||||||
Affiliate loans, net | 135 | 65 | (16) | ||||||||
Net cash used in investing activities | (5,270) | (10,657) | (5,177) | ||||||||
Financing activities | |||||||||||
Net change in short-term borrowings | 481 | 394 | 223 | ||||||||
Net change in commercial paper and credit facility draws | (1,333) | 2,960 | 1,542 | ||||||||
Debenture and term note issues, net of issue costs | 7,547 | 8,032 | 5,230 | ||||||||
Debenture and term note repayments | (4,198) | (2,264) | (4,463) | ||||||||
Sale of noncontrolling interest in subsidiary (Note 8) | 1,092 | — | — | ||||||||
Contributions from noncontrolling interests | 13 | 15 | 23 | ||||||||
Distributions to noncontrolling interests | (259) | (271) | (300) | ||||||||
Common shares issued | 3 | 5 | 5 | ||||||||
Common shares repurchased | (151) | — | — | ||||||||
Preference share dividends | (338) | (367) | (380) | ||||||||
Common share dividends | (6,968) | (6,766) | (6,560) | ||||||||
Redemption of preference shares | (1,003) | — | — | ||||||||
Redemption of preferred shares held by subsidiary | — | (415) | — | ||||||||
Other | (314) | (87) | (90) | ||||||||
Net cash provided by/(used in) financing activities | (5,428) | 1,236 | (4,770) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 55 | (5) | (20) | ||||||||
Net change in cash and cash equivalents and restricted cash | 587 | (170) | (186) | ||||||||
Cash and cash equivalents and restricted cash at beginning of year | 320 | 490 | 676 | ||||||||
Cash and cash equivalents and restricted cash at end of year | 907 | 320 | 490 | ||||||||
Supplementary cash flow information | |||||||||||
Cash paid for income taxes | 495 | 489 | 524 | ||||||||
Cash paid for interest, net of amount capitalized | 2,920 | 2,427 | 2,538 | ||||||||
Property, plant and equipment and intangible assets non-cash accruals | 937 | 831 | 801 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 861 | 286 | ||||||
Restricted cash | 46 | 34 | ||||||
Accounts receivable and other (Note 9) | 8,871 | 6,862 | ||||||
Accounts receivable from affiliates | 114 | 107 | ||||||
Inventory (Note 10) | 2,255 | 1,670 | ||||||
12,147 | 8,959 | |||||||
Property, plant and equipment, net (Note 11) | 104,460 | 100,067 | ||||||
Long-term investments (Note 13) | 15,936 | 13,324 | ||||||
Restricted long-term investments (Note 14) | 593 | 630 | ||||||
Deferred amounts and other assets | 9,542 | 8,613 | ||||||
Intangible assets, net (Note 15) | 4,018 | 4,008 | ||||||
Goodwill (Note 16) | 32,440 | 32,775 | ||||||
Deferred income taxes (Note 25) | 472 | 488 | ||||||
Total assets | 179,608 | 168,864 | ||||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Short-term borrowings (Note 18) | 1,996 | 1,515 | ||||||
Accounts payable and other (Note 17) | 11,392 | 9,767 | ||||||
Accounts payable to affiliates | 105 | 90 | ||||||
Interest payable | 763 | 693 | ||||||
Current portion of long-term debt (Note 18) | 6,045 | 6,164 | ||||||
20,301 | 18,229 | |||||||
Long-term debt (Note 18) | 72,939 | 67,961 | ||||||
Other long-term liabilities | 9,189 | 7,617 | ||||||
Deferred income taxes (Note 25) | 13,781 | 11,689 | ||||||
116,210 | 105,496 | |||||||
Commitments and contingencies (Note 31) | ||||||||
Equity | ||||||||
Share capital (Note 21) | ||||||||
Preference shares | 6,818 | 7,747 | ||||||
Common shares (2,025 and 2,026 outstanding at December 31, 2022 and 2021, respectively) | 64,760 | 64,799 | ||||||
Additional paid-in capital | 275 | 365 | ||||||
Deficit | (15,486) | (10,989) | ||||||
Accumulated other comprehensive income/(loss) (Note 23) | 3,520 | (1,096) | ||||||
Total Enbridge Inc. shareholders’ equity | 59,887 | 60,826 | ||||||
Noncontrolling interests (Note 20) | 3,511 | 2,542 | ||||||
63,398 | 63,368 | |||||||
Total liabilities and equity | 179,608 | 168,864 |
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. | Other Income/(Expense) | |||||||
29. | Changes in Operating Assets and Liabilities | |||||||
30. | Related Party Transactions | |||||||
31. | Commitments and Contingencies | |||||||
32. | Guarantees | |||||||
33. | 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, 2022 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 11,283 | 5,012 | 782 | — | — | — | 17,077 | ||||||||||||||||
Storage and other revenue | 235 | 350 | 308 | — | — | — | 893 | ||||||||||||||||
Gas gathering and processing revenue | — | 22 | — | — | — | — | 22 | ||||||||||||||||
Gas distribution revenue | — | — | 5,643 | — | — | — | 5,643 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 281 | — | — | 281 | ||||||||||||||||
Total revenue from contracts with customers | 11,518 | 5,384 | 6,733 | 281 | — | — | 23,916 | ||||||||||||||||
Commodity sales | — | — | — | — | 29,150 | — | 29,150 | ||||||||||||||||
Other revenue1,2 | (81) | 39 | (20) | 305 | — | — | 243 | ||||||||||||||||
Intersegment revenue | 615 | 3 | 16 | (4) | 25 | (655) | — | ||||||||||||||||
Total revenue | 12,052 | 5,426 | 6,729 | 582 | 29,175 | (655) | 53,309 |
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 |
Contract Receivables | Contract Assets | Contract Liabilities | |||||||||
(millions of Canadian dollars) | |||||||||||
Balance as at December 31, 2022 | 3,183 | 230 | 2,241 | ||||||||
Balance as at December 31, 2021 | 2,369 | 213 | 1,898 |
Segment | Nature of Performance Obligation | ||||
Liquids Pipelines | •Transportation and storage of crude oil and natural gas liquids (NGL) | ||||
Gas Transmission and Midstream | •Transportation, storage, gathering, compression and treating of natural gas | ||||
•Transportation of NGL | |||||
•Sale of crude oil, natural gas and NGL | |||||
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, 2022 | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Revenue from products transferred at a point in time | — | — | 127 | — | 127 | ||||||||||||
Revenue from products and services transferred over time1 | 11,518 | 5,384 | 6,606 | 281 | 23,789 | ||||||||||||
Total revenue from contracts with customers | 11,518 | 5,384 | 6,733 | 281 | 23,916 |
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 |
Year ended December 31, 2022 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues (Note 4) | 12,052 | 5,426 | 6,729 | 582 | 29,175 | (655) | 53,309 | ||||||||||||||||
Commodity and gas distribution costs | — | — | (3,693) | (16) | (29,525) | 645 | (32,589) | ||||||||||||||||
Operating and administrative | (4,287) | (2,254) | (1,289) | (255) | (49) | (85) | (8,219) | ||||||||||||||||
Impairment of long-lived assets | (245) | — | — | (235) | (13) | (48) | (541) | ||||||||||||||||
Impairment of goodwill (Note 16) | — | (2,465) | — | — | — | — | (2,465) | ||||||||||||||||
Income/(loss) from equity investments (Note 13) | 785 | 1,133 | 1 | 141 | — | (4) | 2,056 | ||||||||||||||||
Gain on joint venture merger transaction (Note 13) | — | 1,076 | — | — | — | — | 1,076 | ||||||||||||||||
Other income/(expense) (Note 28) | 59 | 210 | 79 | 45 | (5) | (977) | (589) | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 8,364 | 3,126 | 1,827 | 262 | (417) | (1,124) | 12,038 | ||||||||||||||||
Depreciation and amortization | (4,317) | ||||||||||||||||||||||
Interest expense (Note 18) | (3,179) | ||||||||||||||||||||||
Income tax expense (Note 25) | (1,604) | ||||||||||||||||||||||
Earnings | 2,938 | ||||||||||||||||||||||
Capital expenditures1 | 1,418 | 1,690 | 1,499 | 50 | — | 33 | 4,690 | ||||||||||||||||
Total property, plant and equipment, net (Note 11) | 53,567 | 29,666 | 17,857 | 3,082 | 6 | 282 | 104,460 |
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 (Note 4) | 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 (Note 13) | 759 | 813 | 42 | 101 | — | (4) | 1,711 | ||||||||||||||||
Impairment of equity investments (Note 13) | — | (111) | — | — | — | — | (111) | ||||||||||||||||
Other income/(expense) (Note 28) | 13 | 135 | 385 | 75 | (8) | 379 | 979 | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 7,897 | 3,671 | 2,117 | 508 | (313) | 356 | 14,236 | ||||||||||||||||
Depreciation and amortization | (3,852) | ||||||||||||||||||||||
Interest expense (Note 18) | (2,655) | ||||||||||||||||||||||
Income tax expense (Note 25) | (1,415) | ||||||||||||||||||||||
Earnings | 6,314 | ||||||||||||||||||||||
Capital expenditures1 | 4,051 | 2,420 | 1,343 | 16 | 1 | 54 | 7,885 | ||||||||||||||||
Total property, plant and equipment, net (Note 11) | 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 (Note 4) | 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 (Note 13) | 558 | 479 | 9 | 94 | (3) | (1) | 1,136 | ||||||||||||||||
Impairment of equity investments (Note 13) | — | (2,351) | — | — | — | — | (2,351) | ||||||||||||||||
Other income/(expense) (Note 28) | 53 | (52) | 71 | 35 | 1 | 130 | 238 | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 7,683 | 1,087 | 1,748 | 523 | (236) | (113) | 10,692 | ||||||||||||||||
Depreciation and amortization | (3,712) | ||||||||||||||||||||||
Interest expense (Note 18) | (2,790) | ||||||||||||||||||||||
Income tax expense (Note 25) | (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, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Canada | 27,498 | 20,474 | 16,453 | ||||||||
US | 25,811 | 26,597 | 22,634 | ||||||||
53,309 | 47,071 | 39,087 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Canada | 47,602 | 47,102 | ||||||
US | 56,858 | 52,965 | ||||||
104,460 | 100,067 |
December 31, | 2022 | 2021 | 2020 | ||||||||
(number of shares in millions) | |||||||||||
Weighted average shares outstanding | 2,025 | 2,023 | 2,020 | ||||||||
Effect of dilutive options and RSUs | 4 | 2 | 1 | ||||||||
Diluted weighted average shares outstanding | 2,029 | 2,025 | 2,021 |
December 31, | 2022 | 2021 | Recovery/Refund Period Ends | ||||||||
(millions of Canadian dollars) | |||||||||||
Current regulatory assets | |||||||||||
Purchase gas variance | 190 | 15 | 2023 | ||||||||
Under-recovery of fuel costs | 109 | 114 | 2023 | ||||||||
Other current regulatory assets | 305 | 130 | 2023 | ||||||||
Total current regulatory assets1 (Note 9) | 604 | 259 | |||||||||
Long-term regulatory assets | |||||||||||
Deferred income taxes2 | 4,473 | 4,176 | Various | ||||||||
Long-term debt3 | 378 | 398 | 2032-2046 | ||||||||
Negative salvage4 | 265 | 243 | Various | ||||||||
Purchase gas variance | 244 | 215 | 2024 | ||||||||
Accounting policy changes5 | 219 | 157 | Various | ||||||||
Pension plan receivable6 | 40 | 78 | Various | ||||||||
Other long-term regulatory assets | 244 | 339 | Various | ||||||||
Total long-term regulatory assets1 | 5,863 | 5,606 | |||||||||
Total regulatory assets | 6,467 | 5,865 | |||||||||
Current regulatory liabilities | |||||||||||
Other current regulatory liabilities | 167 | 106 | 2023 | ||||||||
Total current regulatory liabilities7 | 167 | 106 | |||||||||
Long-term regulatory liabilities | |||||||||||
Future removal and site restoration reserves8 | 1,615 | 1,543 | Various | ||||||||
Regulatory liability related to US income taxes9 | 918 | 895 | 2050-2072 | ||||||||
Pipeline future abandonment costs (Note 14) | 610 | 649 | Various | ||||||||
Pension plan payable6 | 231 | — | Various | ||||||||
Other long-term regulatory liabilities | 250 | 234 | Various | ||||||||
Total long-term regulatory liabilities7 | 3,624 | 3,321 | |||||||||
Total regulatory liabilities | 3,791 | 3,427 |
September 27, 2022 | |||||
(millions of Canadian dollars) | |||||
Fair value of net assets acquired: | |||||
Current assets | 5 | ||||
Property, plant and equipment | 3 | ||||
Long-term investments | 8 | ||||
Intangible assets (a) | 117 | ||||
Long-term assets | 3 | ||||
Current liabilities | 61 | ||||
Long-term debt (Note 18) | 18 | ||||
Long-term liabilities (b) | 105 | ||||
Goodwill (c) | 392 | ||||
Purchase price: | |||||
Cash | 295 | ||||
Contingent consideration (d) | 49 | ||||
344 |
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, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Trade receivables and unbilled revenues1 | 5,616 | 4,957 | ||||||
Short-term portion of derivative assets (Note 24) | 1,015 | 529 | ||||||
Regulatory assets (Note 7) | 604 | 259 | ||||||
Gas imbalance | 461 | 276 | ||||||
Taxes receivable | 323 | 407 | ||||||
Other | 852 | 434 | ||||||
8,871 | 6,862 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Natural gas | 1,491 | 953 | ||||||
Crude oil | 652 | 624 | ||||||
Other | 112 | 93 | ||||||
2,255 | 1,670 |
Weighted Average | |||||||||||
December 31, | Depreciation Rate | 2022 | 2021 | ||||||||
(millions of Canadian dollars) | |||||||||||
Pipelines | 2.9 | % | 66,528 | 62,997 | |||||||
Facilities and equipment | 3.5 | % | 37,028 | 34,331 | |||||||
Land and right-of-way1 | 2.2 | % | 3,637 | 3,320 | |||||||
Gas mains, services and other | 2.6 | % | 14,491 | 13,606 | |||||||
Storage | 2.3 | % | 3,477 | 3,099 | |||||||
Wind turbines, solar panels and other | 4.1 | % | 4,912 | 4,912 | |||||||
Other | 8.5 | % | 1,611 | 1,507 | |||||||
Under construction | — | % | 2,316 | 2,268 | |||||||
Total property, plant and equipment | 134,000 | 126,040 | |||||||||
Total accumulated depreciation | (29,540) | (25,973) | |||||||||
Property, plant and equipment, net | 104,460 | 100,067 |
December 31, | 20221 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Assets | ||||||||
Cash and cash equivalents | 426 | 247 | ||||||
Restricted cash | 12 | 4 | ||||||
Accounts receivable and other | 199 | 99 | ||||||
Accounts receivable from affiliates | 23 | — | ||||||
Inventory | 12 | 9 | ||||||
672 | 359 | |||||||
Property, plant and equipment, net | 7,707 | 3,052 | ||||||
Long-term investments | 14 | 16 | ||||||
Restricted long-term investments | 98 | 101 | ||||||
Deferred amounts and other assets | 158 | 2 | ||||||
Intangible assets, net | 102 | 108 | ||||||
8,751 | 3,638 | |||||||
Liabilities | ||||||||
Accounts payable and other | 251 | 84 | ||||||
Accounts payable to affiliates | 21 | — | ||||||
272 | 84 | |||||||
Other long-term liabilities | 859 | 182 | ||||||
Deferred income taxes | 5 | 5 | ||||||
1,136 | 271 | |||||||
7,615 | 3,367 |
Carrying Amount of | Maximum Exposure to | |||||||
December 31, 2022 | the VIE | Loss | ||||||
(millions of Canadian dollars) | ||||||||
Aux Sable Liquid Products L.P.1 | 91 | 117 | ||||||
EIH S.á r.l.2 | 37 | 637 | ||||||
Rampion Offshore Wind Limited3 | 413 | 468 | ||||||
Vector Pipeline L.P.4 | 195 | 325 | ||||||
Woodfibre LNG Limited Partnership5,6 | 635 | 2,476 | ||||||
Other7 | 245 | 443 | ||||||
1,616 | 4,466 |
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 | 38 | 664 | ||||||
Enbridge Renewable Infrastructure Investments S.á r.l.8,9 | 54 | 2,121 | ||||||
Rampion Offshore Wind Limited3 | 450 | 508 | ||||||
Vector Pipeline L.P.4 | 189 | 374 | ||||||
Other7 | 210 | 426 | ||||||
1,054 | 4,288 |
Ownership | |||||||||||
December 31, | Interest | 2022 | 2021 | ||||||||
(millions of Canadian dollars) | |||||||||||
EQUITY INVESTMENTS | |||||||||||
Liquids Pipelines | |||||||||||
MarEn Bakken Company LLC1 | 75.0 | % | 1,968 | 1,752 | |||||||
DCP Midstream, LLC (Class B Units)2 | 90.0 | % | 1,394 | 469 | |||||||
Seaway Crude Holdings LLC | 50.0 | % | 2,744 | 2,634 | |||||||
Illinois Extension Pipeline Company, L.L.C.3 | 65.0 | % | 622 | 593 | |||||||
Cactus II Pipeline LLC4 | 30.0 | % | 658 | 434 | |||||||
Other | 30.0% - 43.8% | 76 | 71 | ||||||||
Gas Transmission and Midstream | |||||||||||
Alliance Pipeline5 | 50.0 | % | 430 | 504 | |||||||
Aux Sable6 | 42.7% - 50.0% | 214 | 238 | ||||||||
DCP Midstream, LLC (Class A Units)7 | 23.4 | % | 317 | 397 | |||||||
Gulfstream Natural Gas System, L.L.C. | 50.0 | % | 1,274 | 1,180 | |||||||
Nexus Gas Transmission, LLC | 50.0 | % | 1,813 | 1,724 | |||||||
Sabal Trail Transmission, LLC | 50.0 | % | 1,535 | 1,464 | |||||||
Southeast Supply Header, LLC | 50.0 | % | 86 | 82 | |||||||
Steckman Ridge, LP | 50.0 | % | 91 | 88 | |||||||
Vector Pipeline8 | 60.0 | % | 195 | 189 | |||||||
Woodfibre LNG Limited Partnership | 30.0 | % | 635 | — | |||||||
Offshore - various joint ventures | 22.0% - 74.3% | 314 | 309 | ||||||||
Other | 20.0% - 33.3% | — | 14 | ||||||||
Gas Distribution and Storage | |||||||||||
Other | 47.6% - 50.0% | 20 | 20 | ||||||||
Renewable Power Generation | |||||||||||
EIH S.à.r.l.9 | 51.0 | % | 37 | 38 | |||||||
Enbridge Renewable Infrastructure Investments S.à.r.l. | 51.0 | % | 163 | 54 | |||||||
Rampion Offshore Wind Limited | 24.9 | % | 413 | 450 | |||||||
NextBridge Infrastructure LP | 25.0 | % | 241 | 186 | |||||||
Other | 15.8% - 50.0% | 107 | 92 | ||||||||
OTHER LONG-TERM INVESTMENTS | |||||||||||
Gas Transmission and Midstream | |||||||||||
Fairwood Peninsula Energy Corporation | 22 | 20 | |||||||||
Gas Distribution and Storage | |||||||||||
Oakville Enterprises Corporation10 | 48 | — | |||||||||
Renewable Power Generation | |||||||||||
Emerging Technologies and Other | 31 | 32 | |||||||||
Eliminations and Other | |||||||||||
Other11 | 488 | 290 | |||||||||
15,936 | 13,324 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating revenues | 27,043 | 20,021 | 14,096 | ||||||||
Operating expenses | 23,043 | 16,706 | 12,411 | ||||||||
Earnings | 4,334 | 3,022 | 2,324 | ||||||||
Earnings attributable to Enbridge | 2,056 | 1,711 | 1,136 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Current assets | 4,196 | 3,639 | ||||||
Non-current assets | 53,405 | 44,863 | ||||||
Current liabilities | 4,843 | 3,741 | ||||||
Non-current liabilities | 18,595 | 16,979 | ||||||
Noncontrolling interests | 3,785 | 3,786 |
December 31, 2022 | Weighted Average Amortization Rate | Cost | Accumulated Amortization | Net | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Software | 10.9 | % | 2,019 | (1,042) | 977 | |||||||||
Power purchase agreements | 4.2 | % | 64 | (23) | 41 | |||||||||
Project agreement1 | 4.0 | % | 163 | (36) | 127 | |||||||||
Customer relationships | 8.6 | % | 2,701 | (459) | 2,242 | |||||||||
Other intangible assets | 5.9 | % | 621 | (148) | 473 | |||||||||
Under development | — | % | 158 | — | 158 | |||||||||
5,726 | (1,708) | 4,018 |
December 31, 2021 | Weighted Average Amortization Rate | Cost | Accumulated 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 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Consolidated | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Balance at January 1, 2021 | 7,828 | 19,480 | 5,378 | — | 2 | 32,688 | ||||||||||||||
Foreign exchange and other | (55) | (145) | — | — | — | (200) | ||||||||||||||
Acquisition3 | 268 | — | 19 | — | — | 287 | ||||||||||||||
Balance at December 31, 20211,2 | 8,041 | 19,335 | 5,397 | — | 2 | 32,775 | ||||||||||||||
Impairment | — | (2,465) | — | — | — | (2,465) | ||||||||||||||
Foreign exchange and other | 506 | 1,236 | — | (4) | — | 1,738 | ||||||||||||||
Acquisition4 | — | — | — | 392 | — | 392 | ||||||||||||||
Balance at December 31, 20221,2 | 8,547 | 18,106 | 5,397 | 388 | 2 | 32,440 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Trade payables and operating accrued liabilities | 5,235 | 4,470 | ||||||
Dividends payable | 1,825 | 1,773 | ||||||
Current deferred credits | 1,056 | 853 | ||||||
Construction payables and contractor holdbacks | 937 | 844 | ||||||
Current derivative liabilities (Note 24) | 898 | 717 | ||||||
Taxes payable | 683 | 478 | ||||||
Other | 758 | 632 | ||||||
11,392 | 9,767 |
December 31, | Weighted Average Interest Rate9 | Maturity | 2022 | 2021 | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
US dollar senior notes | 3.5 | % | 2023 - 2051 | 12,060 | 10,992 | |||||||||
Medium-term notes | 3.8 | % | 2023 - 2064 | 8,223 | 8,123 | |||||||||
Sustainability-linked bonds | 2.0 | % | 2032 - 2033 | 3,355 | 2,363 | |||||||||
Fixed-to-fixed subordinated term notes1 | 4.1 | % | 2080 - 2083 | 3,596 | 1,263 | |||||||||
Fixed-to-floating rate subordinated term notes2 | 5.9 | % | 2077 - 2078 | 6,736 | 6,442 | |||||||||
Floating rate notes3 | 2023 - 2024 | 1,491 | 1,579 | |||||||||||
Commercial paper and credit facility draws | 4.8 | % | 2023 - 2027 | 7,984 | 7,837 | |||||||||
Other4 | 15 | 5 | ||||||||||||
Enbridge (U.S.) Inc. | ||||||||||||||
Commercial paper and credit facility draws | 4.5 | % | 2024 - 2027 | 4,199 | 4,845 | |||||||||
Other4 | 7 | 7 | ||||||||||||
Enbridge Energy Partners, L.P. | ||||||||||||||
Senior notes | 6.5 | % | 2025 - 2045 | 3,320 | 3,095 | |||||||||
Enbridge Gas Inc. | ||||||||||||||
Medium-term notes | 4.1 | % | 2023 - 2052 | 9,535 | 9,010 | |||||||||
Debentures | 9.1 | % | 2024 - 2025 | 210 | 210 | |||||||||
Commercial paper and credit facility draws | 4.5 | % | 2024 | 2,000 | 1,515 | |||||||||
Other4 | 1 | — | ||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | ||||||||||||||
Senior notes | 4.0 | % | 2040 | 921 | 949 | |||||||||
Enbridge Pipelines Inc. | ||||||||||||||
Medium-term notes5 | 4.2 | % | 2023 - 2051 | 5,425 | 5,575 | |||||||||
Debentures | 8.2 | % | 2024 | 200 | 200 | |||||||||
Commercial paper and credit facility draws | 4.6 | % | 2024 | 312 | 667 | |||||||||
Enbridge Southern Lights LP | ||||||||||||||
Senior notes | 4.0 | % | 2040 | 222 | 240 | |||||||||
Spectra Energy Capital, LLC | ||||||||||||||
Senior notes | 7.0 | % | 2032 - 2038 | 234 | 218 | |||||||||
Algonquin Gas Transmission, LLC | ||||||||||||||
Senior notes | 3.3 | % | 2024 - 2029 | 1,152 | 1,074 | |||||||||
East Tennessee Natural Gas, LLC | ||||||||||||||
Senior notes | 3.1 | % | 2024 | 258 | 240 | |||||||||
Texas Eastern Transmission, LP | ||||||||||||||
Senior notes | 3.3 | % | 2028 - 2048 | 3,455 | 3,095 | |||||||||
Spectra Energy Partners, LP | ||||||||||||||
Senior notes | 4.3 | % | 2024 - 2045 | 4,336 | 4,042 | |||||||||
Tri Global Energy, LLC | ||||||||||||||
Senior notes | 12.7 | % | 2024 | 18 | — | |||||||||
Westcoast Energy Inc. | ||||||||||||||
Medium-term notes | 4.9 | % | 2024 - 2041 | 1,225 | 1,475 | |||||||||
Debentures | 8.1 | % | 2025 - 2026 | 275 | 275 | |||||||||
Fair value adjustment | 608 | 667 | ||||||||||||
Other6 | (393) | (363) | ||||||||||||
Total debt7 | 80,980 | 75,640 | ||||||||||||
Current maturities | (6,045) | (6,164) | ||||||||||||
Short-term borrowings8 | (1,996) | (1,515) | ||||||||||||
Long-term debt | 72,939 | 67,961 |
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2023-2027 | 10,987 | 7,984 | 3,003 | ||||||||||
Enbridge (U.S.) Inc. | 2024-2027 | 8,604 | 4,199 | 4,405 | ||||||||||
Enbridge Pipelines Inc. | 2024 | 2,000 | 312 | 1,688 | ||||||||||
Enbridge Gas Inc. | 2024 | 2,000 | 2,000 | — | ||||||||||
Total committed credit facilities | 23,591 | 14,495 | 9,096 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
January 2022 | 5.00% | fixed-to-fixed subordinated notes due January 20821 | $750 | |||||||||||
February 2022 | Floating rate senior notes due February 20242 | US$600 | ||||||||||||
February 2022 | 2.15% | senior notes due February 2024 | US$400 | |||||||||||
February 2022 | 2.50% | senior notes due February 2025 | US$500 | |||||||||||
September 2022 | 7.38% | fixed-to-fixed subordinated notes due January 20833 | US$500 | |||||||||||
September 2022 | 7.63% | fixed-to-fixed subordinated notes due January 20834 | US$600 | |||||||||||
November 2022 | 5.70% | medium-term notes due November 2027 | $600 | |||||||||||
November 2022 | 6.10% | sustainability-linked medium-term notes due November 20325 | $900 | |||||||||||
November 2022 | 6.51% | medium-term notes due November 2052 | $500 | |||||||||||
Enbridge Gas Inc. | ||||||||||||||
August 2022 | 4.15% | medium-term notes due August 2032 | $325 | |||||||||||
August 2022 | 4.55% | medium-term notes due August 2052 | $325 | |||||||||||
Texas Eastern Transmission LP | ||||||||||||||
December 2022 | 6.20% | senior notes due December 2032 | US$600 |
Company | Repayment Date | Principal Amount | ||||||||||||
(millions of Canadian dollars, unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
February 2022 | Floating rate notes1 | US$750 | ||||||||||||
February 2022 | 4.85% | medium-term notes | $200 | |||||||||||
July 2022 | 2.90% | senior notes | US$700 | |||||||||||
December 2022 | 3.19% | medium-term notes | $350 | |||||||||||
December 2022 | 3.19% | medium-term notes | $450 | |||||||||||
Enbridge Gas Inc. | ||||||||||||||
April 2022 | 4.85% | medium-term notes | $125 | |||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | ||||||||||||||
June and December 2022 | 3.98% | senior notes | US$72 | |||||||||||
Enbridge Pipelines Inc. | ||||||||||||||
November 2022 | 2.93% | medium-term notes | $150 | |||||||||||
Enbridge Southern Lights LP | ||||||||||||||
June and December 2022 | 4.01% | senior notes | $18 | |||||||||||
Texas Eastern Transmission, LP | ||||||||||||||
October 2022 | 2.80% | senior notes | US$500 | |||||||||||
Westcoast Energy Inc. | ||||||||||||||
December 2022 | 3.12% | medium-term notes | $250 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Debentures and term notes | 2,910 | 2,806 | 2,873 | ||||||||
Commercial paper and credit facility draws | 388 | 114 | 163 | ||||||||
Amortization of fair value adjustment | (45) | (50) | (54) | ||||||||
Capitalized interest | (74) | (215) | (192) | ||||||||
3,179 | 2,655 | 2,790 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Obligations at beginning of year | 502 | 496 | ||||||
Liabilities incurred | 30 | — | ||||||
Liabilities settled | (126) | (67) | ||||||
Change in estimate and other | 51 | 70 | ||||||
Foreign currency translation adjustment | 24 | (3) | ||||||
Accretion expense | 7 | 6 | ||||||
Obligations at end of year | 488 | 502 | ||||||
Presented as follows: | ||||||||
Accounts payable and other | 83 | 160 | ||||||
Other long-term liabilities | 405 | 342 | ||||||
488 | 502 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Algonquin Gas Transmission, LLC | 400 | 377 | ||||||
Enbridge Athabasca Midstream Investor Limited Partnership1 | 1,106 | — | ||||||
Maritimes & Northeast Pipeline, L.L.C. | 582 | 546 | ||||||
Renewable energy assets | 1,302 | 1,503 | ||||||
Westcoast Energy Inc.2 | 117 | 116 | ||||||
Other | 4 | — | ||||||
3,511 | 2,542 |
2022 | 2021 | 2020 | ||||||||||||||||||
December 31, | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount | ||||||||||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||||||||||||||
Balance at beginning of year | 2,026 | 64,799 | 2,026 | 64,768 | 2,025 | 64,746 | ||||||||||||||
Shares issued on exercise of stock options | 2 | 53 | — | 31 | 1 | 22 | ||||||||||||||
Share purchases at stated value1 | (3) | (88) | — | — | — | — | ||||||||||||||
Other | — | (4) | — | — | — | — | ||||||||||||||
Balance at end of year | 2,025 | 64,760 | 2,026 | 64,799 | 2,026 | 64,768 |
2022 | 2021 | 2020 | ||||||||||||||||||
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 | 20 | 500 | 18 | 457 | 18 | 457 | ||||||||||||||
Preference Shares, Series C1 | — | — | 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 J2 | — | — | 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 173 | — | — | 30 | 750 | 30 | 750 | ||||||||||||||
Preference Shares, Series 19 | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Issuance costs | (135) | (155) | (155) | |||||||||||||||||
Balance at end of year | 6,818 | 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 B5 | 5.20 | % | $1.30052 | $25 | June 1, 2027 | Series C | |||||||||||
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 L6 | 5.86 | % | US$1.46448 | US$25 | September 1, 2027 | 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 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 | |||||||||||
December 31, 2022 | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||||
(options in thousands; weighted average exercise price in Canadian dollars; intrinsic value in millions of Canadian dollars) | ||||||||||||||
Options outstanding at beginning of year | 34,017 | 49.28 | ||||||||||||
Options granted | 3,430 | 49.58 | ||||||||||||
Options exercised1 | (8,684) | 44.55 | ||||||||||||
Options cancelled or expired | (1,139) | 51.32 | ||||||||||||
Options outstanding at end of year | 27,624 | 48.46 | 5.7 | 133 | ||||||||||
Options vested at end of year2 | 17,631 | 49.20 | 4.4 | 84 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
Fair value per option (Canadian dollars)1 | 5.07 | 4.10 | 4.01 | ||||||||
Valuation assumptions | |||||||||||
Expected option term (years)2 | 6 | 6 | 6 | ||||||||
Expected volatility3 | 21.9 | % | 25.5 | % | 18.3 | % | |||||
Expected dividend yield4 | 6.5 | % | 7.6 | % | 5.9 | % | |||||
Risk-free interest rate5 | 1.8 | % | 0.7 | % | 1.3 | % |
December 31, 2022 | 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 | 3,429 | ||||||||||
Units granted | 1,467 | ||||||||||
Units cancelled | (131) | ||||||||||
Units matured1 | (1,700) | ||||||||||
Dividend reinvestment | 184 | ||||||||||
Units outstanding at end of year | 3,249 | 1.1 | 261 |
December 31, 2022 | 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 | 2,705 | ||||||||||
Units granted | 1,400 | ||||||||||
Units cancelled | (134) | ||||||||||
Units matured1 | (602) | ||||||||||
Dividend reinvestment | 196 | ||||||||||
Units outstanding at end of year | 3,565 | 1.0 | 185 |
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 as at January 1, 2022 | (897) | — | (166) | 56 | (5) | (84) | (1,096) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI | 1,125 | (35) | (971) | 4,292 | (6) | 411 | 4,816 | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 186 | — | — | — | — | — | 186 | ||||||||||||||||
Foreign exchange contracts2 | (4) | — | — | — | — | — | (4) | ||||||||||||||||
Other contracts3 | 4 | — | — | — | — | — | 4 | ||||||||||||||||
Amortization of pension and OPEB actuarial gain4 | — | — | — | — | — | (14) | (14) | ||||||||||||||||
Other | — | — | — | — | 16 | — | 16 | ||||||||||||||||
1,311 | (35) | (971) | 4,292 | 10 | 397 | 5,004 | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | (250) | — | — | — | — | (99) | (349) | ||||||||||||||||
Income tax on amounts reclassified to earnings | (43) | — | — | — | — | 4 | (39) | ||||||||||||||||
(293) | — | — | — | — | (95) | (388) | |||||||||||||||||
Balance as at December 31, 2022 | 121 | (35) | (1,137) | 4,348 | 5 | 218 | 3,520 |
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 as 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 loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 296 | — | — | — | — | — | 296 | ||||||||||||||||
Commodity contracts5 | 1 | — | — | — | — | — | 1 | ||||||||||||||||
Foreign exchange contracts2 | 5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts3 | 2 | — | — | — | — | — | 2 | ||||||||||||||||
Equity investment disposal | — | — | — | — | (66) | — | (66) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs4 | — | — | — | — | — | 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 as 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 as 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 loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 253 | — | — | — | — | — | 253 | ||||||||||||||||
Foreign exchange contracts2 | 5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts3 | (2) | — | — | — | — | — | (2) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs4 | — | — | — | — | — | 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 as at December 31, 2020 | (1,326) | 5 | (215) | 568 | 66 | (499) | (1,401) |
December 31, 2022 | Derivative Instruments Used as Cash Flow 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) | ||||||||||||||||||||
Foreign exchange contracts | — | — | 46 | 46 | (41) | 5 | ||||||||||||||
Interest rate contracts | 649 | — | 11 | 660 | — | 660 | ||||||||||||||
Commodity contracts | — | — | 302 | 302 | (182) | 120 | ||||||||||||||
Other contracts | — | — | 7 | 7 | — | 7 | ||||||||||||||
649 | — | 366 | 1,015 | (223) | 792 | |||||||||||||||
Foreign exchange contracts | — | 156 | 153 | 309 | (138) | 171 | ||||||||||||||
Interest rate contracts | 254 | — | — | 254 | — | 254 | ||||||||||||||
Commodity contracts | — | — | 61 | 61 | (25) | 36 | ||||||||||||||
Other contracts | 1 | — | 2 | 3 | — | 3 | ||||||||||||||
255 | 156 | 216 | 627 | (163) | 464 | |||||||||||||||
Foreign exchange contracts | — | (42) | (524) | (566) | 41 | (525) | ||||||||||||||
Commodity contracts | (48) | — | (284) | (332) | 182 | (150) | ||||||||||||||
(48) | (42) | (808) | (898) | 223 | (675) | |||||||||||||||
Foreign exchange contracts | — | — | (1,116) | (1,116) | 138 | (978) | ||||||||||||||
Interest rate contracts | (3) | — | (1) | (4) | — | (4) | ||||||||||||||
Commodity contracts | (37) | — | (133) | (170) | 25 | (145) | ||||||||||||||
(40) | — | (1,250) | (1,290) | 163 | (1,127) | |||||||||||||||
Total net derivative asset/(liability) | ||||||||||||||||||||
Foreign exchange contracts | — | 114 | (1,441) | (1,327) | — | (1,327) | ||||||||||||||
Interest rate contracts | 900 | — | 10 | 910 | — | 910 | ||||||||||||||
Commodity contracts | (85) | — | (54) | (139) | — | (139) | ||||||||||||||
Other contracts | 1 | — | 9 | 10 | — | 10 | ||||||||||||||
816 | 114 | (1,476) | (546) | — | (546) |
December 31, 2021 | Derivative Instruments Used as Cash Flow 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) | ||||||||||||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Foreign exchange contracts | (15) | (112) | (176) | (303) | 41 | (262) | ||||||||||||||
Interest rate contracts | (150) | — | — | (150) | — | (150) | ||||||||||||||
Commodity contracts | (14) | — | (250) | (264) | 129 | (135) | ||||||||||||||
(179) | (112) | (426) | (717) | 170 | (547) | |||||||||||||||
Foreign exchange contracts | — | — | (423) | (423) | 61 | (362) | ||||||||||||||
Interest rate contracts | (1) | — | (23) | (24) | 1 | (23) | ||||||||||||||
Commodity contracts | (17) | — | (67) | (84) | 13 | (71) | ||||||||||||||
(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) |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
As at December 31, | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Total | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) | 655 | 1,000 | 500 | — | — | — | 2,155 | 2,508 | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) | 8,297 | 6,386 | 4,613 | 4,121 | 2,837 | 1,356 | 27,610 | 25,427 | |||||||||||||||||||||||||||
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) | 29 | 30 | 30 | 28 | 32 | — | 149 | 177 | |||||||||||||||||||||||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro) | 92 | 91 | 86 | 85 | 81 | 262 | 697 | 801 | |||||||||||||||||||||||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) | — | — | 84,800 | — | — | — | 84,800 | 72,500 | |||||||||||||||||||||||||||
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) | 8,698 | 538 | 30 | 26 | 25 | 39 | 9,356 | 597 | |||||||||||||||||||||||||||
Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars) | 5,496 | 1,766 | 589 | — | — | — | 7,851 | 5,279 | |||||||||||||||||||||||||||
Equity contracts (millions of Canadian dollars) | 37 | 31 | 12 | — | — | — | 80 | 67 | |||||||||||||||||||||||||||
Commodity contracts - natural gas (billions of cubic feet) | 52 | 25 | 15 | 1 | — | — | 93 | 199 | |||||||||||||||||||||||||||
Commodity contracts - crude oil (millions of barrels) | 16 | — | — | — | — | — | 16 | 12 | |||||||||||||||||||||||||||
Commodity contracts - power (megawatt per hour (MW/H)) | 26 | (25) | (44) | — | — | — | (14) | 1 | (43) | 1 |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Unrealized gain on derivative | 262 | 8 | ||||||
Unrealized loss on hedged item | (254) | (15) | ||||||
Realized loss on derivative | (110) | (41) | ||||||
Realized gain on hedged item | 85 | 45 |
2022 | 2021 | 2020 | |||||||||
(millions of Canadian dollars) | |||||||||||
Amount of unrealized gain/(loss) recognized in OCI | |||||||||||
Cash flow hedges | |||||||||||
Foreign exchange contracts | 3 | (29) | (1) | ||||||||
Interest rate contracts | 1,151 | 252 | (595) | ||||||||
Commodity contracts | (53) | (28) | 2 | ||||||||
Other contracts | (4) | 1 | (3) | ||||||||
Fair value hedges | |||||||||||
Foreign exchange contracts | (35) | (5) | 5 | ||||||||
Net investment hedges | |||||||||||
Foreign exchange contracts | — | — | 13 | ||||||||
1,062 | 191 | (579) | |||||||||
Amount of (gain)/loss reclassified from AOCI to earnings | |||||||||||
Foreign exchange contracts1 | 13 | 5 | 5 | ||||||||
Interest rate contracts2 | 186 | 296 | 253 | ||||||||
Commodity contracts3 | — | 1 | — | ||||||||
Other contracts3 | 4 | 2 | (2) | ||||||||
203 | 304 | 256 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Foreign exchange contracts1 | (1,344) | 92 | 902 | ||||||||
Interest rate contracts2 | 10 | 2 | (25) | ||||||||
Commodity contracts3 | 50 | 71 | (114) | ||||||||
Other contracts4 | 4 | 8 | (7) | ||||||||
Total unrealized derivative fair value gain/(loss), net | (1,280) | 173 | 756 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Canadian financial institutions | 644 | 424 | ||||||
US financial institutions | 277 | 130 | ||||||
European financial institutions | 334 | 181 | ||||||
Asian financial institutions | 224 | 30 | ||||||
Other1 | 105 | 122 | ||||||
1,584 | 887 |
December 31, 2022 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets | ||||||||||||||
Foreign exchange contracts | — | 46 | — | 46 | ||||||||||
Interest rate contracts | — | 660 | — | 660 | ||||||||||
Commodity contracts | 65 | 90 | 147 | 302 | ||||||||||
Other contracts | — | 7 | — | 7 | ||||||||||
65 | 803 | 147 | 1,015 | |||||||||||
Foreign exchange contracts | — | 309 | — | 309 | ||||||||||
Interest rate contracts | — | 254 | — | 254 | ||||||||||
Commodity contracts | — | 17 | 44 | 61 | ||||||||||
Other contracts | — | 3 | — | 3 | ||||||||||
— | 583 | 44 | 627 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (566) | — | (566) | ||||||||||
Commodity contracts | (60) | (77) | (195) | (332) | ||||||||||
(60) | (643) | (195) | (898) | |||||||||||
Foreign exchange contracts | — | (1,116) | — | (1,116) | ||||||||||
Interest rate contracts | — | (4) | — | (4) | ||||||||||
Commodity contracts | — | (38) | (132) | (170) | ||||||||||
— | (1,158) | (132) | (1,290) | |||||||||||
Total net financial asset/(liability) | ||||||||||||||
Foreign exchange contracts | — | (1,327) | — | (1,327) | ||||||||||
Interest rate contracts | — | 910 | — | 910 | ||||||||||
Commodity contracts | 5 | (8) | (136) | (139) | ||||||||||
Other contracts | — | 10 | — | 10 | ||||||||||
5 | (415) | (136) | (546) |
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 | |||||||||||
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) | ||||||||||
(52) | (519) | (146) | (717) | |||||||||||
Foreign exchange contracts | — | (423) | — | (423) | ||||||||||
Interest rate contracts | — | (24) | — | (24) | ||||||||||
Commodity contracts | — | (19) | (65) | (84) | ||||||||||
— | (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, 2022 | Fair Value | Unobservable Input | Minimum Price | Maximum Price | Weighted Average Price | Unit of Measurement | ||||||||||||||
(fair value in millions of Canadian dollars) | ||||||||||||||||||||
Commodity contracts - financial1 | ||||||||||||||||||||
Natural gas | (35) | Forward gas price | 4.57 | 34.56 | 6.25 | $/mmbtu2 | ||||||||||||||
Crude | (4) | Forward crude price | 71.10 | 105.22 | 83.26 | $/barrel | ||||||||||||||
Power | (71) | Forward power price | 36.63 | 364.00 | 103.30 | $/MW/H | ||||||||||||||
Commodity contracts - physical1 | ||||||||||||||||||||
Natural gas | (41) | Forward gas price | 1.67 | 33.89 | 6.00 | $/mmbtu2 | ||||||||||||||
Crude | (2) | Forward crude price | 64.43 | 116.60 | 86.25 | $/barrel | ||||||||||||||
Power | 17 | Forward power price | 30.49 | 183.88 | 72.48 | $/MW/H | ||||||||||||||
(136) |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Level 3 net derivative liability at beginning of period | (108) | (191) | ||||||
Total gain/(loss) | ||||||||
6 | (39) | |||||||
(54) | (29) | |||||||
Settlements | 20 | 151 | ||||||
Level 3 net derivative liability at end of period | (136) | (108) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | 4,542 | 7,729 | 4,190 | ||||||||
Canadian federal statutory income tax rate | 15 | % | 15 | % | 15 | % | |||||
Expected federal taxes at statutory rate | 681 | 1,159 | 629 | ||||||||
Increase/(decrease) resulting from: | |||||||||||
Provincial and state income taxes1 | 108 | 228 | 288 | ||||||||
Foreign and other statutory rate differentials2 | 295 | 134 | (53) | ||||||||
Effects of rate-regulated accounting3 | (122) | (139) | (145) | ||||||||
Foreign allowable interest deductions | — | — | (4) | ||||||||
Part VI.1 tax, net of federal Part I deduction4 | 76 | 73 | 76 | ||||||||
US Minimum Tax5 | 107 | — | 44 | ||||||||
Non-taxable portion of gain on sale of investment6 | — | (23) | — | ||||||||
Valuation allowance | 6 | 5 | (6) | ||||||||
Accounting impairment of non-deductible goodwill7 | 370 | — | — | ||||||||
Noncontrolling interests8 | 9 | (17) | (8) | ||||||||
Other9 | 74 | (5) | (47) | ||||||||
Income tax expense | 1,604 | 1,415 | 774 | ||||||||
Effective income tax rate | 35.3 | % | 18.3 | % | 18.5 | % |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | |||||||||||
Canada | 583 | 3,399 | 2,789 | ||||||||
US | 2,865 | 3,336 | 407 | ||||||||
Other | 1,094 | 994 | 994 | ||||||||
4,542 | 7,729 | 4,190 | |||||||||
Current income taxes | |||||||||||
Canada | 360 | 162 | 165 | ||||||||
US | 201 | 80 | 64 | ||||||||
Other | 86 | 82 | 98 | ||||||||
647 | 324 | 327 | |||||||||
Deferred income taxes | |||||||||||
Canada | (358) | 344 | 378 | ||||||||
US | 1,309 | 741 | 66 | ||||||||
Other | 6 | 6 | 3 | ||||||||
957 | 1,091 | 447 | |||||||||
Income tax expense | 1,604 | 1,415 | 774 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Deferred income tax liabilities | ||||||||
Property, plant and equipment | (9,096) | (8,721) | ||||||
Investments | (7,099) | (6,097) | ||||||
Regulatory assets | (1,291) | (1,245) | ||||||
Pension and OPEB plans | (30) | — | ||||||
Other | (46) | (208) | ||||||
Total deferred income tax liabilities | (17,562) | (16,271) | ||||||
Deferred income tax assets | ||||||||
Financial instruments | 456 | 315 | ||||||
Pension and OPEB plans | — | 110 | ||||||
Loss carryforwards | 2,259 | 3,081 | ||||||
Other | 1,753 | 1,648 | ||||||
Total deferred income tax assets | 4,468 | 5,154 | ||||||
Less valuation allowance | (215) | (84) | ||||||
Total deferred income tax assets, net | 4,253 | 5,070 | ||||||
Net deferred income tax liabilities | (13,309) | (11,201) | ||||||
Presented as follows: | ||||||||
Total deferred income tax assets | 472 | 488 | ||||||
Total deferred income tax liabilities | (13,781) | (11,689) | ||||||
Net deferred income tax liabilities | (13,309) | (11,201) |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Unrecognized tax benefits at beginning of year | 76 | 121 | ||||||
Gross increases for tax positions of current year | — | 1 | ||||||
Gross decreases for tax positions of prior year | (17) | (26) | ||||||
Change in translation of foreign currency | 1 | (1) | ||||||
Lapses of statute of limitations | (5) | (19) | ||||||
Unrecognized tax benefits at end of year | 55 | 76 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | 4,600 | 4,855 | 1,184 | 1,243 | |||||||||||||
Service cost | 131 | 139 | 43 | 44 | |||||||||||||
Interest cost | 127 | 101 | 24 | 17 | |||||||||||||
Participant contributions | 29 | 28 | — | — | |||||||||||||
Actuarial gain1 | (1,069) | (329) | (201) | (21) | |||||||||||||
Benefits paid | (187) | (194) | (94) | (84) | |||||||||||||
Foreign currency exchange rate changes | — | — | 77 | (11) | |||||||||||||
Other | (1) | — | (4) | (4) | |||||||||||||
Projected benefit obligation at end of year2 | 3,630 | 4,600 | 1,029 | 1,184 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | 4,536 | 4,077 | 1,160 | 1,062 | |||||||||||||
Actual return/(loss) on plan assets | (235) | 505 | (64) | 151 | |||||||||||||
Employer contributions3 | 91 | 120 | 4 | 43 | |||||||||||||
Participant contributions | 29 | 28 | — | — | |||||||||||||
Benefits paid | (187) | (194) | (94) | (84) | |||||||||||||
Foreign currency exchange rate changes | — | — | 78 | (8) | |||||||||||||
Other | — | — | (4) | (4) | |||||||||||||
Fair value of plan assets at end of year4 | 4,234 | 4,536 | 1,080 | 1,160 | |||||||||||||
Overfunded/(underfunded) status at end of year | 604 | (64) | 51 | (24) | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | 764 | 250 | 141 | 98 | |||||||||||||
Accounts payable and other | (9) | (9) | (5) | (4) | |||||||||||||
Other long-term liabilities | (151) | (305) | (85) | (118) | |||||||||||||
604 | (64) | 51 | (24) |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Accumulated benefit obligation | 360 | 440 | 89 | 115 | |||||||||||||
Fair value of plan assets | 218 | 247 | — | — |
Canada | US | ||||||||||||||||
December 31, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Projected benefit obligation | 377 | 1,272 | 90 | 121 | |||||||||||||
Fair value of plan assets | 218 | 1,020 | — | — |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial (gain)/loss | (64) | 226 | 40 | 92 | |||||||||||||
Prior service (credit)/cost | — | — | 1 | (1) | |||||||||||||
Total amount recognized in AOCI1 | (64) | 226 | 41 | 91 |
Canada | US | |||||||||||||||||||||||||
Year ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||||||||
Service cost | 131 | 139 | 148 | 43 | 44 | 44 | ||||||||||||||||||||
Interest cost1 | 127 | 101 | 128 | 24 | 17 | 31 | ||||||||||||||||||||
Expected return on plan assets1 | (295) | (252) | (260) | (85) | (73) | (88) | ||||||||||||||||||||
Amortization/settlement of net actuarial loss1 | 8 | 54 | 42 | — | 11 | 1 | ||||||||||||||||||||
Amortization/curtailment of prior service credit1 | — | — | — | (2) | — | (1) | ||||||||||||||||||||
Net periodic benefit (credit)/cost | (29) | 42 | 58 | (20) | (1) | (13) | ||||||||||||||||||||
Defined contribution benefit cost | 10 | 7 | 6 | — | — | — | ||||||||||||||||||||
Net pension (credit)/cost recognized in Earnings | (19) | 49 | 64 | (20) | (1) | (13) | ||||||||||||||||||||
Amount recognized in OCI: | ||||||||||||||||||||||||||
Amortization/settlement of net actuarial loss | (2) | (25) | (21) | — | (11) | (1) | ||||||||||||||||||||
Amortization/curtailment of prior service credit | — | — | — | 2 | — | 1 | ||||||||||||||||||||
Net actuarial (gain)/loss arising during the year | (288) | (291) | 118 | (52) | (99) | 100 | ||||||||||||||||||||
Total amount recognized in OCI | (290) | (316) | 97 | (50) | (110) | 100 | ||||||||||||||||||||
Total amount recognized in Comprehensive income | (309) | (267) | 161 | (70) | (111) | 87 |
Canada | US | ||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||
Projected benefit obligation | |||||||||||||||||||||||
Discount rate | 5.1 | % | 3.2 | % | 2.6 | % | 4.9 | % | 2.6 | % | 2.2 | % | |||||||||||
Rate of salary increase | 2.9 | % | 2.9 | % | 2.3 | % | 2.8 | % | 2.8 | % | 2.7 | % | |||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | 4.3 | % | 4.3 | % | 4.3 | % | ||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.2 | % | 2.6 | % | 3.0 | % | 2.6 | % | 2.2 | % | 3.0 | % | |||||||||||
Rate of return on plan assets | 6.6 | % | 6.2 | % | 6.8 | % | 7.4 | % | 7.3 | % | 7.9 | % | |||||||||||
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 | % |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in accumulated postretirement benefit obligation | |||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | 274 | 321 | 173 | 254 | |||||||||||||
Service cost | 4 | 6 | 1 | 1 | |||||||||||||
Interest cost | 7 | 7 | 3 | 3 | |||||||||||||
Participant contributions | — | — | 6 | 8 | |||||||||||||
Actuarial gain1 | (66) | (51) | (37) | (69) | |||||||||||||
Benefits paid | (8) | (9) | (21) | (22) | |||||||||||||
Foreign currency exchange rate changes | — | — | 11 | (3) | |||||||||||||
Other | — | — | — | 1 | |||||||||||||
Accumulated postretirement benefit obligation at end of year | 211 | 274 | 136 | 173 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | — | — | 201 | 188 | |||||||||||||
Actual return/(loss) on plan assets | — | — | (21) | 22 | |||||||||||||
Employer contributions | 8 | 9 | 7 | 6 | |||||||||||||
Participant contributions | — | — | 6 | 8 | |||||||||||||
Benefits paid | (8) | (9) | (21) | (22) | |||||||||||||
Foreign currency exchange rate changes | — | — | 13 | (3) | |||||||||||||
Other | — | — | — | 2 | |||||||||||||
Fair value of plan assets at end of year | — | — | 185 | 201 | |||||||||||||
Overfunded/(underfunded) status at end of year | (211) | (274) | 49 | 28 | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | — | — | 75 | 71 | |||||||||||||
Accounts payable and other | (12) | (12) | — | — | |||||||||||||
Other long-term liabilities | (199) | (262) | (26) | (43) | |||||||||||||
(211) | (274) | 49 | 28 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Accumulated benefit obligation | 211 | 274 | 76 | 94 | |||||||||||||
Fair value of plan assets | — | — | 50 | 51 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial gain | (101) | (35) | (102) | (104) | |||||||||||||
Prior service credit | (1) | (1) | (30) | (37) | |||||||||||||
Total amount recognized in AOCI1 | (102) | (36) | (132) | (141) |
Canada | US | ||||||||||||||||||||||
Year ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Service cost | 4 | 6 | 5 | 1 | 1 | 2 | |||||||||||||||||
Interest cost1 | 7 | 7 | 8 | 3 | 3 | 7 | |||||||||||||||||
Expected return on plan assets1 | — | — | — | (12) | (10) | (12) | |||||||||||||||||
Amortization/settlement of net actuarial gain1 | (1) | — | (1) | (6) | (1) | (1) | |||||||||||||||||
Amortization/curtailment of prior service credit1 | — | — | — | (7) | (7) | (2) | |||||||||||||||||
Net periodic benefit (credit)/cost recognized in Earnings | 10 | 13 | 12 | (21) | (14) | (6) | |||||||||||||||||
Amount recognized in OCI: | |||||||||||||||||||||||
Amortization/settlement of net actuarial gain | 1 | — | 1 | 6 | 1 | 1 | |||||||||||||||||
Amortization/curtailment of prior service credit | — | — | — | 7 | 7 | 2 | |||||||||||||||||
Net actuarial (gain)/loss arising during the year | (67) | (50) | 21 | (4) | (80) | 15 | |||||||||||||||||
Prior service credit | — | — | — | — | — | (33) | |||||||||||||||||
Total amount recognized in OCI | (66) | (50) | 22 | 9 | (72) | (15) | |||||||||||||||||
Total amount recognized in Comprehensive income | (56) | (37) | 34 | (12) | (86) | (21) |
Canada | US | ||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||
Accumulated postretirement benefit obligation | |||||||||||||||||||||||
Discount rate | 5.3 | % | 3.2 | % | 2.6 | % | 4.9 | % | 2.4 | % | 2.0 | % | |||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.2 | % | 2.6 | % | 3.1 | % | 2.4 | % | 2.0 | % | 2.8 | % | |||||||||||
Rate of return on plan assets | N/A | N/A | N/A | 6.0 | % | 6.0 | % | 6.7 | % |
Canada | US1 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Health care cost trend rate assumed for next year | 4.0 | % | 4.0 | % | 4.7 | % | 7.0 | % | |||||||||
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4.0 | % | 4.0 | % | 3.3 | % | 4.5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2021 - 2045 | 2037 |
Canada | US | ||||||||||||||||||||||
Target | December 31, | Target | December 31, | ||||||||||||||||||||
Asset Category | Allocation | 2022 | 2021 | Allocation | 2022 | 2021 | |||||||||||||||||
Equity securities | 43.8 | % | 38.2 | % | 46.7 | % | 45.0 | % | 38.3 | % | 52.5 | % | |||||||||||
Fixed income securities | 28.4 | % | 31.7 | % | 29.8 | % | 20.0 | % | 20.5 | % | 18.4 | % | |||||||||||
Alternatives1 | 27.8 | % | 30.1 | % | 23.5 | % | 35.0 | % | 41.2 | % | 29.1 | % |
Canada | US | ||||||||||||||||||||||||||||
Level 11 | Level 22 | Level 33 | Total | Level 11 | Level 22 | Level 33 | Total | ||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 272 | — | — | 272 | 13 | — | — | 13 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | — | 355 | — | 355 | — | — | — | — | |||||||||||||||||||||
Global | — | 1,263 | — | 1,263 | — | 414 | — | 414 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 201 | 435 | — | 636 | — | 87 | — | 87 | |||||||||||||||||||||
Corporate | — | 433 | — | 433 | — | 121 | — | 121 | |||||||||||||||||||||
Alternatives4 | — | — | 1,291 | 1,291 | — | — | 445 | 445 | |||||||||||||||||||||
Forward currency contracts | — | (16) | — | (16) | — | — | — | — | |||||||||||||||||||||
Total pension plan assets at fair value | 473 | 2,470 | 1,291 | 4,234 | 13 | 622 | 445 | 1,080 | |||||||||||||||||||||
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 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | 1,064 | 912 | 337 | 289 | |||||||||||||
Unrealized and realized gains | 155 | 77 | 78 | 38 | |||||||||||||
Purchases and settlements, net | 72 | 75 | 30 | 10 | |||||||||||||
Balance at end of year | 1,291 | 1,064 | 445 | 337 |
Level 11 | Level 22 | Level 33 | Total | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
December 31, 2022 | ||||||||||||||
Cash and cash equivalents | 2 | — | — | 2 | ||||||||||
Equity securities | ||||||||||||||
US | — | 34 | — | 34 | ||||||||||
Global | — | 62 | — | 62 | ||||||||||
Fixed income securities | ||||||||||||||
Government | 46 | 5 | — | 51 | ||||||||||
Corporate | — | 8 | — | 8 | ||||||||||
Alternatives4 | — | — | 28 | 28 | ||||||||||
Total OPEB plan assets at fair value | 48 | 109 | 28 | 185 | ||||||||||
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, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Balance at beginning of year | 22 | 22 | ||||||
Unrealized and realized gains | 4 | 2 | ||||||
Purchases and settlements, net | 2 | (2) | ||||||
Balance at end of year | 28 | 22 |
Year ending December 31, | 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Pension | ||||||||||||||||||||
Canada | 204 | 210 | 216 | 221 | 226 | 1,208 | ||||||||||||||
US | 88 | 87 | 87 | 88 | 90 | 424 | ||||||||||||||
OPEB | ||||||||||||||||||||
Canada | 12 | 12 | 13 | 13 | 13 | 68 | ||||||||||||||
US | 16 | 15 | 14 | 13 | 12 | 49 |
December 31, 2022 | December 31, 2021 | |||||||
(millions of Canadian dollars, except lease term and discount rate) | ||||||||
Operating leases1 | ||||||||
680 | 645 | |||||||
87 | 92 | |||||||
677 | 612 | |||||||
Total operating lease liabilities | 764 | 704 | ||||||
Finance leases | ||||||||
62 | 49 | |||||||
17 | 13 | |||||||
39 | 33 | |||||||
Total finance lease liabilities | 56 | 46 | ||||||
Weighted average remaining lease term | ||||||||
Operating leases | 12 years | 12 years | ||||||
Finance leases | 5 years | 7 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | 4.2 | % | 4.1 | % | ||||
Finance leases | 4.4 | % | 3.8 | % |
Operating leases | Finance leases | |||||||
(millions of Canadian dollars) | ||||||||
2023 | 109 | 19 | ||||||
2024 | 110 | 16 | ||||||
2025 | 104 | 8 | ||||||
2026 | 90 | 8 | ||||||
2027 | 82 | 1 | ||||||
Thereafter | 489 | 10 | ||||||
Total undiscounted lease payments | 984 | 62 | ||||||
Less imputed interest | (220) | (6) | ||||||
Total | 764 | 56 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating lease income | 266 | 263 | 265 | ||||||||
Variable lease income | 321 | 333 | 361 | ||||||||
Total lease income1 | 587 | 596 | 626 |
Operating leases | |||||
(millions of Canadian dollars) | |||||
2023 | 227 | ||||
2024 | 215 | ||||
2025 | 204 | ||||
2026 | 198 | ||||
2027 | 201 | ||||
Thereafter | 1,832 | ||||
Future lease payments | 2,877 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Gain/(loss) on dispositions | (12) | 319 | (17) | ||||||||
Realized foreign currency gain/(loss) | 92 | 126 | (10) | ||||||||
Unrealized foreign currency gain/(loss) | (1,094) | 160 | 191 | ||||||||
Net defined pension and OPEB credit | 239 | 150 | 148 | ||||||||
Other | 186 | 224 | (74) | ||||||||
(589) | 979 | 238 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Accounts receivable and other | (967) | (1,228) | 1,546 | ||||||||
Accounts receivable from affiliates | 17 | (38) | 8 | ||||||||
Inventory | (599) | (118) | (254) | ||||||||
Deferred amounts and other assets | 1 | (195) | (586) | ||||||||
Accounts payable and other | 1,100 | 87 | (770) | ||||||||
Accounts payable to affiliates | 16 | 52 | 1 | ||||||||
Interest payable | 58 | 43 | 31 | ||||||||
Other long-term liabilities | 362 | (69) | 117 | ||||||||
(12) | (1,466) | 93 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Transportation and other revenues | 185 | 237 | 219 | ||||||||
Commodity sales | 51 | 20 | 21 | ||||||||
Operating and administrative1 | 503 | 380 | 338 | ||||||||
Commodity costs2 | 778 | 790 | 518 | ||||||||
Gas distribution costs | 136 | 131 | 135 |
Total | Less than 1 year | 2 years | 3 years | 4 years | 5 years | Thereafter | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Annual debt maturities1 | 78,742 | 6,024 | 8,220 | 6,051 | 3,730 | 10,344 | 44,373 | ||||||||||||||||
Purchase of services, pipe and other materials, including transportation2 | 10,661 | 3,553 | 1,513 | 1,070 | 1,001 | 767 | 2,757 | ||||||||||||||||
Maintenance agreements3 | 536 | 53 | 53 | 53 | 53 | 55 | 269 | ||||||||||||||||
Right-of-ways commitments | 1,474 | 45 | 45 | 46 | 46 | 46 | 1,246 | ||||||||||||||||
Total | 91,413 | 9,675 | 9,831 | 7,220 | 4,830 | 11,212 | 48,645 |
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | |||||||||||||||||
2022 | |||||||||||||||||
Operating revenues | 15,097 | 13,215 | 11,573 | 13,424 | 53,309 | ||||||||||||
Operating income/(loss) | 2,420 | 1,520 | 1,778 | (540) | 5,178 | ||||||||||||
Earnings/(loss) | 2,057 | 607 | 1,383 | (1,109) | 2,938 | ||||||||||||
Earnings/(loss) attributable to controlling interests | 2,029 | 595 | 1,362 | (983) | 3,003 | ||||||||||||
Earnings/(loss) attributable to common shareholders | 1,927 | 450 | 1,279 | (1,067) | 2,589 | ||||||||||||
Earnings/(loss) per common share | |||||||||||||||||
Basic | 0.95 | 0.22 | 0.63 | (0.53) | 1.28 | ||||||||||||
Diluted | 0.95 | 0.22 | 0.63 | (0.53) | 1.28 | ||||||||||||
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 |
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) | |||||||
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. | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ |
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ |
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+* | ||||||||
+* | ||||||||
+ |
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
+ | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
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 10, 2023 | By: | /s/ Gregory L. Ebel | ||||||||
Gregory L. Ebel | |||||||||||
President and Chief Executive Officer |
/s/ Gregory L. Ebel | /s/ Vern D. Yu | |||||||
Gregory L. Ebel President, Chief Executive Officer and Director (Principal Executive Officer) | Vern D. Yu Executive Vice President, Corporate Development, Chief Financial Officer and President, New Energy Technologies (Principal Financial Officer) | |||||||
/s/ Patrick R. Murray | /s/ Pamela L. Carter | |||||||
Patrick R. Murray Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | Pamela L. Carter Chair of the Board of Directors | |||||||
/s/ Mayank (Mike) M. Ashar | /s/ Gaurdie E. Banister | |||||||
Mayank (Mike) M. Ashar Director | Gaurdie E. Banister Director | |||||||
/s/ Susan M. Cunningham | /s/ Jason B. Few | |||||||
Susan M. Cunningham Director | Jason B. Few Director | |||||||
/s/ Teresa S. Madden | /s/ Stephen S. Poloz | |||||||
Teresa S. Madden Director | Stephen S. Poloz Director | |||||||
/s/ S. Jane Rowe | /s/ Dan C. Tutcher | |||||||
S. Jane Rowe Director | Dan C. Tutcher Director | |||||||
/s/ Steven W. Williams | ||||||||
Steven W. Williams Director |
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 | ||||
Appaloosa Run Renewable Energy Project, LLC | Texas | ||||
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 | ||||
Canyon Wind Farm, LLC | Delaware | ||||
Canyon Wind Farm II, LLC | Delaware | ||||
Canyon Wind Project, LLC | Texas | ||||
CCPS Transportation, LLC | Delaware | ||||
CCWF III, LLC | Texas | ||||
Cedar Point Wind, LLC | Delaware | ||||
Chapman Ranch Wind I, LLC | Delaware | ||||
Copiah Storage, LLC | Delaware | ||||
Cone Renewable Energy Project, LLC | Texas | ||||
Cruickshank Wind Farm Ltd. | Ontario | ||||
Deville Solar LLC | Delaware | ||||
Egan Hub Storage, LLC | Delaware | ||||
East Tennessee Natural Gas, LLC | Tennessee | ||||
Easter Renewable Energy Project, LLC | Texas | ||||
Eddystone Rail Company, LLC | Delaware | ||||
EFL Services (France) SAS | France | ||||
EIF US Holdings Inc. | Delaware | ||||
EIH S.à r.l. | Luxembourg |
Eldorado Solar Power LLC | Delaware | ||||
Enbridge (Colombia) S.A.S. | Colombia | ||||
Enbridge (Gateway) Holdings Inc. | Canada | ||||
Enbridge (Houston Oil Terminal) LLC | Delaware | ||||
Enbridge (Ins) Holdings Inc. | Canada | ||||
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 Athabasca Midstream Investor GP Inc. | Alberta | ||||
Enbridge Athabasca Midstream Investor Limited Partnership | Alberta | ||||
Enbridge Athabasca Midstream Trunkline GP Inc. | Alberta | ||||
Enbridge Athabasca Midstream Trunkline Limited Partnership | Alberta | ||||
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 CCS Holdings Inc. | Canada | ||||
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 (Plummer) 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 Solar, L.L.C. | Delaware | ||||
Enbridge Ingleside Terminal Services, LLC | Delaware | ||||
Enbridge Insurance Bermuda Ltd. | Bermuda | ||||
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 (Plummer) 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) GP Inc. | Alberta | ||||
Enbridge Pipelines (Athabasca) Inc. | Alberta | ||||
Enbridge Pipelines (Athabasca) Limited Partnership | 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) GP Inc. | Alberta | ||||
Enbridge Pipelines (Woodland) Limited Partnership | Alberta | ||||
Enbridge Pipelines Inc. | Canada | ||||
Enbridge Power Development Canada 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 (Plummer), 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 Wabamun Holdings Inc. | Alberta | ||||
Enbridge Wabamun Hub Ltd. | Alberta | ||||
Enbridge Wabamun Inc. | Alberta | ||||
Enbridge Wabamun North Inc. | Alberta | ||||
Enbridge Water Pipeline (Permian) L.L.C. | Delaware | ||||
Enbridge West Shore Holdings Inc. | Canada | ||||
Enbridge West Shore Inc. | Canada |
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 | ||||
Flatland Solar, LLC | Texas | ||||
Flatland Solar Project, LLC | Delaware | ||||
Garden Banks Gas Pipeline, LLC | Delaware | ||||
Gazifère Inc. | Québec | ||||
Generation Pipeline LLC | Ohio | ||||
GLB Energy Management Inc. | Canada | ||||
Gray Oak Pipeline, LLC | Delaware | ||||
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 | ||||
Honey Creek Solar, LLC | Delaware | ||||
Hoosier Line Wind, 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 | ||||
Shannon Wind Energy, LLC | 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 | ||||
Sugar Loaf Renewable Energy Project, LLC | 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 | ||||
TGE Colorado 224, LLC | Delaware | ||||
TGE Idaho 221, LLC | Delaware | ||||
TGE Illinois 181, LLC | Delaware | ||||
TGE Illinois 211, LLC | Delaware | ||||
TGE Illinois 226, LLC | Delaware | ||||
TGE Indiana 191, LLC | Delaware | ||||
TGE Indiana 192, LLC | Delaware | ||||
TGE Nevada 223, LLC | Delaware | ||||
TGE Pennsylvania 203, LLC | Delaware | ||||
TGE Texas 213, LLC | Delaware | ||||
TGE Virginia 195, LLC | Delaware | ||||
TGE Wyoming 212, LLC | Delaware | ||||
TGE Wyoming 222, LLC | Delaware | ||||
TGE Wyoming 225, LLC | 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 Global Energy, LLC | Delaware | ||||
Tri Global Holdings, LLC | Delaware |
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 | ||||
Vermilion Grove Wind, LLC | Delaware | ||||
Water Valley Wind Energy, LLC | Texas | ||||
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 | ||||
Woodford Wind Holding, LLC | Delaware | ||||
Wrangler Pipeline, L.L.C. | Delaware |
Date: | February 10, 2023 | By: | /s/ Gregory L. Ebel | ||||||||
Gregory L. Ebel | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) Enbridge Inc. |
Date: | February 10, 2023 | By: | /s/ Vern D. Yu | ||||||||
Vern D. Yu | |||||||||||
Executive Vice President, Corporate Development, Chief Financial Officer and President, New Energy Technologies (Principal Financial Officer) Enbridge Inc. |
Date: | February 10, 2023 | By: | /s/ Gregory L. Ebel | ||||||||
Gregory L. Ebel | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) Enbridge Inc. |
Date: | February 10, 2023 | By: | /s/ Vern D. Yu | ||||||||
Vern D. Yu | |||||||||||
Executive Vice President, Corporate Development, Chief Financial Officer and President, New Energy Technologies (Principal Financial Officer) Enbridge Inc. |