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DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
December 31,
Weighted Average Interest Rate8
Maturity20242023
(millions of Canadian dollars)    
Enbridge Inc.    
US dollar senior notes4.8 %2025 - 205419,703 14,636 
Medium-term notes4.5 %2025 - 20649,900 8,598 
Sustainability-linked bonds4.7 %2032 - 20337,146 6,751 
Fixed-to-fixed subordinated term notes1
7.4 %2054 - 20849,372 7,156 
Fixed-to-floating rate subordinated term notes2
5.8 %2077 - 20786,139 5,828 
Floating rate notes— 791 
Fixed-to-floating non-call notes— 923 
Commercial paper and credit facility draws3.7 %2025 - 20295,843 3,177 
Other3
12 17 
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws4.8 %2026 - 20294,707 670 
Other3
276 263 
Enbridge Energy Partners, L.P.
Senior notes6.5 %2025 - 20453,524 3,231 
Enbridge Gas Inc.
Medium-term notes4.1 %2025 - 20539,970 10,185 
Debentures8.7 %2025125 210 
Commercial paper and credit facility draws3.4 %2026530 400 
Other3
1 2 
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes4.0 %2040736 791 
Enbridge Pipelines Inc.
Medium-term notes4
4.2 %2025 - 20535,425 5,425 
Debentures— 200 
Commercial paper and credit facility draws3.8 %2026509 449 
Other3
2 4 
Enbridge Southern Lights LP
Senior notes4.0 %2040183 214 
Spectra Energy Capital, LLC
Senior notes
7.1 %2032 - 2038248 228 
Algonquin Gas Transmission, LLC
Senior notes4.4 %2029 - 20341,222 1,121 
East Tennessee Natural Gas, LLC
Senior notes5.7 %2034662 251 
Texas Eastern Transmission, LP
Senior notes4.7 %2028 - 20483,667 3,362 
Spectra Energy Partners, LP
Senior notes4.2 %2025 - 20453,164 4,220 
Blauracke GmbH
Senior notes2.1 %2032471 521 
The East Ohio Gas Company
Senior notes3.1 %2025 - 20523,308 — 
Other3
24 — 
Questar Gas Company
Senior notes4.2 %2027 - 20522,028 — 
Public Service Company of North Carolina, Incorporated
Senior notes5.0 %2026 - 20541,798 — 
Enbridge Holdings (Tomorrow RNG), LLC
Senior notes4.9 %2025817 — 
Westcoast Energy Inc.
Medium-term notes5.4 %2025 - 2041875 1,225 
Debentures 8.1 %2025 - 2026275 275 
Fair value adjustment(468)514 
Other5
(522)(439)
Total debt6
  101,672 81,199 
Current maturities  (7,729)(6,084)
Short-term borrowings7
  (529)(400)
Long-term debt  93,414 74,715 
1For an initial five, 5.5, 9.75 or 10 years, the notes carry a fixed interest rate. Subsequently, during each reset period the interest rate will be reset to equal to the Five-Year US Treasury rate or Five-Year Government of Canada bond yield plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
2For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal to the Canadian Dollar Offered Rate or the Secured Overnight Financing Rate (SOFR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
3Primarily finance lease obligations.
4Included in medium-term notes is $100 million with a maturity date of 2112.
5Primarily unamortized discounts, premiums and debt issuance costs.
62024 - $40 billion, US$43 billion and €316 million; 2023 - $37 billion, US$33 billion and €359 million. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment.
7Weighted average interest rates on outstanding commercial paper were 3.4% as at December 31, 2024 (2023 - 5.2%).
8Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2024.

As at December 31, 2024, all outstanding debt was unsecured.

CREDIT FACILITIES
The following table provides details of our committed credit facilities as at December 31, 2024:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2025-20498,840 5,843 2,997 
Enbridge (U.S.) Inc.2026-202910,813 4,707 6,106 
Enbridge Pipelines Inc.20262,000 509 1,491 
Enbridge Gas Inc.20262,500 530 1,970 
Total committed credit facilities 24,153 11,589 12,564 
1Maturity date is inclusive of the one-year term out option for certain credit facilities.
2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.
 

In March 2024, we entered into a delayed-draw term loan facility in support of sustainable retrofit projects for large buildings using decarbonization solutions for $200 million which matures in March 2049.

In June 2024, we entered into a five-year, non-revolving term loan facility of US$250 million which matures in June 2029.

In July 2024, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2026, which includes a one-year term out provision from July 2025. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2029. Further, we extended the maturity dates of our three-year credit facilities to July 2027.

In July 2024, Enbridge Gas Ontario extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025.

In July 2024, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025.

In January 2024 and October 2024, we entered into new letters of credit facilities and increased our letter of credit facilities by $146 million and $200 million, respectively.
In addition to the committed credit facilities noted above, we maintain $1.4 billion of uncommitted demand letter of credit facilities, of which $931 million was unutilized as at December 31, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 million was unutilized.

Our credit facilities carry a weighted average standby fee of 0.1% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2025 to 2049.

As at December 31, 2024 and 2023, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.3 billion and $3.8 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt.

ACQUISITIONS
As a result of the EOG Acquisition, RNG Facilities Acquisition, Questar Acquisition and PSNC Acquisition, our debt increased by US$1.9 billion, US$568 million, US$1.0 billion, and US$1.1 billion, respectively, on each acquisition date. Refer to Note 8 - Acquisitions and Disposition for further details.

LONG-TERM DEBT ISSUANCES
During the year ended December 31, 2024, we completed the following long-term debt issuances totaling US$5.7 billion and $1.8 billion:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated) 
Enbridge Inc.
April 20245.25%senior notes due April 2027US$750
April 20245.30%senior notes due April 2029US$750
April 20245.63%senior notes due April 2034US$1,200
April 20245.95%senior notes due April 2054US$800
June 20247.38%
fixed-to-fixed subordinated notes due March 20551
US$500
June 20247.20%
fixed-to-fixed subordinated notes due June 20542
US$700
August 20244.21%medium-term notes due February 2030$600
August 20244.73%medium-term notes due August 2034$800
August 20245.32%medium-term notes due August 2054$400
Algonquin Gas Transmission, LLC
July 20245.95%senior notes due July 2034US$350
East Tennessee Natural Gas, LLC
December 20245.72%senior notes due December 2034US$460
Questar Gas Company
December 20245.33%senior notes due December 2034US$200
1For the initial 5.5 years, the notes carry a fixed interest rate. On March 15, 2030, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.12%.
2For the initial 9.75 years, the notes carry a fixed interest rate. On June 27, 2034, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 2.97%.
LONG-TERM DEBT REPAYMENTS
During the year ended December 31, 2024, we completed the following long-term debt repayments totaling US$3.9 billion, $1.4 billion, and €43 million, respectively:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
February 2024
Floating rate notes1
US$600
February 20242.15%senior notesUS$400
March 20245.97%
senior notes2
US$700
June 20243.50%senior notesUS$500
November 20243.95%medium-term notes$500
Enbridge Gas Inc.
August 20243.15%medium-term notes$215
December 20249.85 %debentures$85
Enbridge Pipelines (Southern Lights) L.L.C.
June and December 20243.98%senior notesUS$89
Enbridge Pipelines Inc.
February 20248.20%debentures$200
Enbridge Southern Lights LP
January, July and December 20244.01%senior notes$31
Westcoast Energy Inc.
September 20243.43%medium-term notes$350
Spectra Energy Partners, LP
March 20244.75%senior notesUS$1,000
Blauracke GmbH
April and October 20242.10%senior notes€43
Algonquin Gas Transmission, LLC
July 20243.51%senior notesUS$350
Questar Gas Company
December 20242.98%senior notesUS$40
East Tennessee Natural Gas, LLC
December 20243.10%senior notesUS$190
1Notes carried an interest rate set to equal the SOFR plus a margin of 63 basis points.
2The notes carried an original maturity date in March 2026, and were callable in March 2024, which was one year after their issuance.

DEBT COVENANTS
Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at December 31, 2024, we were in compliance with all debt covenants.

ANNUAL DEBT MATURITIES
As at December 31, 2024, we have commitments as detailed below:
Total
Less
than
1 year
2 years3 years4 years5 yearsThereafter
(millions of Canadian dollars)       
Annual debt maturities1
101,819 7,724 7,379 4,704 3,056 13,578 65,378 
1Includes debentures, term notes, commercial paper and credit facility draws based on the facility's maturity date and excludes short-term borrowings, debt discounts, debt issuance costs, finance lease obligations and fair value adjustment. We have the ability under certain debt facilities to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above.
INTEREST EXPENSE
Year ended December 31,202420232022
(millions of Canadian dollars)   
Debentures and term notes4,123 3,439 2,910 
Commercial paper and credit facility draws439 519 388 
Amortization of fair value adjustment18 (45)(45)
Capitalized interest(161)(101)(74)
 4,419 3,812 3,179