Our consolidated VIEs consist of legal entities where we are the primary beneficiary. We are the primary beneficiary when our variable interest provides us with the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. We determine whether we are the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties.

The following table includes assets only to be used to settle liabilities of our consolidated VIEs. The creditors of the liabilities of our consolidated VIEs do not have recourse to our general credit as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.


December 31,	2024	2023
(millions of Canadian dollars)
Assets
Current assets
Cash and cash equivalents	448	442
Restricted cash	11	9
Trade receivables and unbilled revenues	138	144
Other current assets	5	8
Accounts receivable from affiliates	13	5
Inventory	13	11
	628	619
Property, plant and equipment, net	6,934	7,105
Long-term investments	20	14
Restricted long-term investments and cash	141	106
Deferred amounts and other assets	145	148
Intangible assets, net	77	84


	7,945	8,076
Liabilities
Current liabilities

Trade payables and accrued liabilities	108	83
Other current liabilities	124	145
Accounts payable to affiliates	22	4



	254	232
Long-term debt	—	1
Other long-term liabilities	1,133	971
Deferred income taxes	6	5
	1,393	1,209
	6,552	6,867

We also hold interests in unconsolidated VIEs where we are not the primary beneficiary as we do not have the power to direct the activities of the VIEs that most significantly impact the entity's economic performance. These interests include investments in limited partnerships that are assessed to be VIEs due to the limited partners not having substantive participating rights or kick-out rights. The power to direct the activities of a majority of these unconsolidated limited partnership VIEs is shared amongst the partners. Each partner has representatives that make up an executive committee that makes significant decisions for the VIE and none of the partners may make significant decisions unilaterally.


	Carrying Amount of	Maximum Exposure to
December 31, 2024	the VIE	Loss
(millions of Canadian dollars)
Rampion Offshore Wind Limited1	387	490
Vector Pipeline2	193	314
Woodfibre LNG Limited Partnership3	1,275	3,153
Whistler Parent JV4	1,102	1,425
Other3	168	501
	3,125	5,883


	Carrying Amount of	Maximum Exposure to
December 31, 2023	the VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.5	105	130
Rampion Offshore Wind Limited1	391	452
Vector Pipeline2	191	320
Woodfibre LNG Limited Partnership3	778	2,854
Fox Squirrel Solar LLC6	312	661
Other3	132	230
	1,909	4,647

1As at December 31, 2024 and 2023, our maximum exposure to loss includes parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE and the carrying value of an affiliate dividend receivable of $73 million and nil, respectively.

2Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US. As at December 31, 2024 and 2023, our maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable of $16 million and $24 million, respectively, and our share of the VIE's available credit facility for $105 million.

3As at December 31, 2024 and 2023, our maximum exposure to loss includes parental guarantees and funding obligations that have been committed in connection with the projects for which we would be liable in the event of default by the VIE(s).

4In May 2024, Enbridge formed a joint venture (the Whistler Parent JV) in which we hold a 19.0% interest. Refer to Note 13 - Long-Term Investments. As at December 31, 2024, our maximum exposure to loss includes funding obligations that have been committed in project contracts in which we would be liable for in the event of default by the VIE.

5In April 2024, Enbridge sold its interest in Aux Sable Liquid Products L.P. Refer to Note 13 - Long-Term Investments. As at December 31, 2023, our maximum exposure to loss included a guarantee by us for our respective share of the VIE's borrowing on a bank credit facility.

6In November 2023, Enbridge acquired a 50.0% interest in Fox Squirrel Solar LLC. Refer to Note 13 - Long-Term Investments. As at December 31, 2024, Fox Squirrel Solar LLC no longer met the requirements of a VIE as a result of a VIE reconsideration event. As at December 31, 2023, our maximum exposure to loss included parental guarantees that had been committed in project contracts in which we would be liable for in the event of default by the VIE.

We do not have an obligation to and did not provide any additional financial support to our unconsolidated VIEs during the years ended December 31, 2024 and 2023.