VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Assets and Liabilities of Consolidated VIEs

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

Schedule of the Carrying Amount of Interest in VIEs

The carrying amount of these VIEs and our estimated maximum exposure to loss as at December 31, 2024 and 2023 are as follows:


	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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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