LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]


December 31,	Ownership Interest					2024	2023
(millions of Canadian dollars)
EQUITY INVESTMENTS
Liquids Pipelines
Cactus II Pipeline LLC				30.0	%	651	618
DCP Midstream, LLC (Class B Units)1				90.0	%	1,554	1,486
Illinois Extension Pipeline Company, L.L.C.				65.0	%	608	584
MarEn Bakken Company LLC2				75.0	%	2,296	1,819
Seaway Crude Holdings LLC				50.0	%	2,820	2,661
Other	30.0	%	-	43.8	%	96	84
Gas Transmission
Alliance Pipeline3,5				50.0	%	—	359
Aux Sable4,5	42.7	%	-	50.0	%	—	229
DCP Midstream, LLC (Class A Units)6				23.4	%	480	367
Delaware Basin Residue, LLC7				15.0	%	319	—
Gulfstream Natural Gas System, L.L.C.				50.0	%	1,316	1,224
NEXUS Gas Transmission, LLC				50.0	%	1,301	1,220
Sabal Trail Transmission, LLC				50.0	%	1,565	1,467
Southeast Supply Header, LLC				50.0	%	355	80
Steckman Ridge, LP				50.0	%	101	87
Vector Pipeline				60.0	%	193	191
Whistler Parent JV8				19.0	%	1,102	—
Woodfibre LNG Limited Partnership				30.0	%	1,275	777
Offshore - various joint ventures	22.0	%	-	74.3	%	260	217
Other	21.3	%	-	45.0	%	49	—
Gas Distribution and Storage
Other	17.0	%	-	50.0	%	67	22
Renewable Power Generation
East-West Tie Limited Partnership				24.1	%	106	132
EIH S.à r.l.9				51.0	%	89	52
Fox Squirrel Solar LLC				50.0	%	783	312
Hohe See and Albatros Offshore Wind Facilities				49.9	%	1,606	1,701
Rampion Offshore Wind Limited				24.9	%	387	391
Other	16.4	%	-	50.0	%	93	110
OTHER LONG-TERM INVESTMENTS
Gas Transmission
Ara Divert HoldCo, Inc.						116	106
Other						23	22
Gas Distribution and Storage
Other						27	24
Renewable Power Generation
Other						21	21
Eliminations and Other
Other10						1,032	430
						20,691	16,793

1We own 90.0% of the Class B units of DCP Midstream, LLC. This class of units represents DCP Midstream, LLC's 65.0% interest in Gray Oak Pipeline, LLC (Gray Oak), resulting in a 58.5% interest in Gray Oak through DCP Midstream, LLC. On January 9, 2023, we acquired an additional 10.0% direct interest in Gray Oak for cash consideration of $230 million (US$172 million), bringing our effective interest to 68.5%.

2MarEn Bakken Company LLC owns a 49.0% interest in Bakken Pipeline Investments LLC. Bakken Pipeline Investments LLC owns 75.0% of the Bakken Pipeline System, resulting in a 27.6% effective interest in the Bakken Pipeline System by us.

3Includes Alliance Pipeline Limited Partnership in Canada and Alliance Pipeline L.P. in the US.

4Includes Aux Sable Canada LP in Canada and Aux Sable Liquid Products L.P. and Aux Sable Midstream LLC in the US.

5On April 1, 2024, we closed the sale of our 50.0% equity interest in the Alliance Pipeline and our interest in Aux Sable to Pembina Pipeline Corporation for $3.1 billion, including $0.3 billion of non-recourse debt.

6We own 23.4% of the Class A units of DCP Midstream, LLC. These units represent DCP Midstream, LLC's 56.5% interest in DCP Midstream, LP (DCP), resulting in a 13.2% effective interest in DCP by us.

7On October 31, 2024, we acquired an effective 15.0% interest in Delaware Basin Residue, LLC (DBR) for consideration of $303 million (US$220 million). DBR owns transportation and storage assets in West Texas, serving as the primary supply point for the Whistler Pipeline.

8On May 29, 2024, we formed a joint venture with WhiteWater/I Squared Capital and MPLX LP. We hold a 19.0% interest in the joint venture, which owns a 100% interest in the Rio Bravo Pipeline project. Additionally, we have a 25.0% special interest in the Rio Bravo Pipeline project, resulting in a 39.3% effective interest in the Rio Bravo Pipeline project by us.

9Owns a 50.0% interest in Éolien Maritime France SAS (EMF). Through our investment in EMF, we own equity interests in three French offshore wind projects, including effective interests in Saint-Nazaire (25.5%), Fécamp (17.9%) and Calvados (21.7%).

10 Consists of investments in exchange-traded funds and debt securities held by our wholly-owned captive insurance subsidiaries. Refer to Note 23 - Risk Management and Financial Instruments.

Equity investments include the unamortized excess of the purchase price over the underlying net book value of the investees' assets at the purchase date. As at December 31, 2024, this basis difference was $3.7 billion (2023 - $3.5 billion), of which $1.7 billion (2023 - $1.7 billion) was amortizable.

For the years ended December 31, 2024, 2023 and 2022, distributions received from equity investments were $2.9 billion, $3.1 billion and $2.6 billion, respectively.

Summarized combined financial information of our unconsolidated equity investments (presented at 100%) is as follows:


Year ended December 31,	2024	2023	2022
(millions of Canadian dollars)
Operating revenues	20,657	22,586	30,026
Operating expenses	14,692	17,111	23,835
Earnings	5,177	4,818	5,123
Earnings attributable to Enbridge	2,304	1,816	2,056


December 31,	2024	2023
(millions of Canadian dollars)
Current assets	8,611	5,842
Non-current assets	69,381	61,141
Current liabilities	7,240	6,194
Non-current liabilities	27,491	23,957
Noncontrolling interests	4,979	4,124

DISPOSITION

Disposition of Alliance Pipeline and Aux Sable Interests

On April 1, 2024, we closed the sale of our 50.0% interest in the Alliance Pipeline, our interest in Aux Sable and our interest in NRGreen Power Limited Partnership (NRGreen) to Pembina Pipeline Corporation for $3.1 billion, including $327 million of non-recourse debt. A gain on disposal of $1.1 billion before tax, which is net of $1.0 billion of the goodwill from our Gas Transmission segment allocated to the disposal group, is included in Gain on disposition of equity investments in the Consolidated Statements of Earnings for the year ended December 31, 2024. Our equity investments in the Alliance Pipeline and Aux Sable were previously included in our Gas Transmission segment. Our equity investment in NRGreen was previously included in our Renewable Power Generation segment.

OTHER EQUITY INVESTMENT TRANSACTIONS

Joint Venture with WhiteWater/I Squared and MPLX

On May 29, 2024, we formed a joint venture (the Whistler Parent JV) with WhiteWater/I Squared Capital (WhiteWater/I Squared) and MPLX LP (MPLX) that will develop, construct, own and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and other US Gulf Coast demand. The Whistler Parent JV is owned by WhiteWater/I Squared (50.6%), MPLX (30.4%) and Enbridge (19.0%) and is accounted for as an equity method investment.

In connection with the formation of the Whistler Parent JV, we contributed our 100% interest in the Rio Bravo Pipeline project and $487 million (US$357 million) of cash to the Whistler Parent JV. In addition to our 19.0% equity interest in the Whistler Parent JV, we received a special equity interest in the Whistler Parent JV which provides for a 25.0% economic interest in the Rio Bravo Pipeline project. This interest is subject to certain redemption rights held by Whitewater/I Squared and MPLX. After the closing on May 29, 2024, we accrued for our share of the post-closing mandatory capital expenditures of approximately US$150 million for the Rio Bravo Pipeline project. Additional capital expenditures to complete the Rio Bravo Pipeline project will be proportionate to our economic interest.

The contribution of our interest in the Rio Bravo Pipeline project to the Whistler Parent JV in exchange for the equity interests discussed above represents a non-cash transaction in Cash Flows from Investing Activities and does not have an effect on our Consolidated Statements of Cash Flows. This component of the transaction resulted in a reduction of $321 million (US$235 million) to Property, plant and equipment, net and a corresponding increase to Long-term investments in the Consolidated Statements of Financial Position. The cash component of the transaction, as well as subsequent cash payments made for post-closing mandatory capital expenditures, have been reflected as contributions in Cash Flows from Investing Activities.

Fox Squirrel Solar LLC

On November 15, 2023, we acquired a 50.0% interest in a newly formed partnership with EDF Renewables North America to participate in the initial phase of a solar power facility in Ohio. Cash consideration included an upfront payment of $157 million (US$115 million) with subsequent capital contributions of $591 million (US$426 million), for all phases of construction, made at the project's in-service dates.

Hohe See and Albatros Offshore Wind Facilities

On November 3, 2023, we acquired an additional 24.45% interest in the Hohe See Offshore Wind Facilities and Albatros Offshore Wind Facilities (the Offshore Wind Facilities), through the acquisition of a 49.0% interest in Enbridge Renewable Infrastructure Investments S.à r.l (ERII), for $391 million (€267 million) of cash and assumed debt of $524 million (€358 million), bringing our interest in the Offshore Wind Facilities to 49.9%. The Hohe See Offshore Wind Facilities and Albatros Offshore Wind Facilities are located approximately 100 kilometers off the northern coast of Germany and came into service in 2019 and 2020, respectively. Subsequent to the purchase, our interest in ERII is consolidated and our interest in the Offshore Wind Facilities will continue to be accounted for as an equity method investment included in the Renewable Power Generation segment.

DCP Midstream, LLC

On August 17, 2022, we completed a joint venture merger transaction with Phillips 66 resulting in a single joint venture, DCP Midstream, LLC, holding both our and Phillips 66's indirect ownership interests in Gray Oak and DCP. Our ownership in DCP Midstream, LLC consists of Class A and Class B Interests which track to our investments in DCP, included in the Gas Transmission segment, and Gray Oak, included in the Liquids Pipelines segment, respectively. Through our investment in DCP Midstream, LLC, we increased our effective economic interest in Gray Oak to 58.5% from 22.8% and reduced our effective economic interest in DCP to 13.2% from 28.3%. As a result of the transaction, Enbridge assumed operatorship of Gray Oak in the second quarter of 2023.

We determined the fair value of our decrease in economic interest in DCP based on the unadjusted quoted market price of DCP's publicly traded common units on the transaction closing date. The fair value of our increased economic interest in Gray Oak was determined using the fair value prescribed to the change in our economic interest in DCP. As a result of the merger transaction and the realignment of our economic interests in DCP and Gray Oak, we also received cash consideration of approximately $522 million (US$404 million) and recorded an accounting gain of $1.1 billion (US$832 million) to Gain on joint venture merger transaction in the Consolidated Statements of Earnings. Both DCP and Gray Oak continue to be accounted for as equity method investments.