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SHARE CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Common Shares
COMMON SHARES
202420232022
December 31,Number of SharesAmountNumber of SharesAmountNumber of SharesAmount
(millions of Canadian dollars; number of shares in millions)
Balance at beginning of year
2,125 69,180 2,025 64,760 2,026 64,799 
Shares issued, net of issue costs
51 2,489 103 4,485 — — 
Shares issued on exercise of stock options
1 39 — 3 2 53 
Shares issued on vesting of RSUs, net of tax
1 30 — 12 — — 
Share repurchases at stated value1
— — (3)(80)(3)(88)
Other
— — — — — (4)
Balance at end of year
2,178 71,738 2,125 69,180 2,025 64,760 
1Reflects the repurchase and cancellation of common shares under our normal course issuer bid.

On May 15, 2024, we filed prospectus supplements in Canada and the US to establish an at-the-market equity issuance program (the ATM Program) that allowed us to issue and sell, at our discretion, up to $2.75 billion (or the US dollar equivalent) of our common shares from treasury to the public from time to time at the market prices prevailing at the time of sale through the Toronto Stock Exchange, the New York Stock Exchange (NYSE) or any other marketplace in Canada or the US where the common shares may be traded.

During the period from May 15, 2024 to July 31, 2024, 51,298,629 common shares were issued and sold under the ATM Program at average prices of CAD$48.72 and US$35.77 per common share for aggregate gross proceeds of $2.50 billion ($2.48 billion, net of aggregate commissions paid of $16.3 million and other issuance costs). On August 1, 2024, we terminated the ATM Program. Net proceeds from sales of common shares under the ATM Program were used to partially fund the Questar Acquisition and PSNC Acquisition and to pay related fees and expenses.

On September 8, 2023, we closed a public offering of 102,913,500 common shares at a price of $44.70
per share for gross proceeds of $4.6 billion which were also used to finance a portion of the aggregate
cash consideration payable for the Acquisitions discussed in Note 8 - Acquisitions and Disposition.
Schedule of Preference Shares and Characteristics of Preference Shares
PREFERENCE SHARES
202420232022
December 31,Number of SharesAmountNumber of SharesAmountNumber of SharesAmount
(millions of Canadian dollars; number of shares in millions)
Preference Shares, Series A5 125 5 125 5 125 
Preference Shares, Series B20 500 20 500 20 500 
Preference Shares, Series D18 450 18 450 18 450 
Preference Shares, Series F18 454 18 454 20 500 
Preference Shares, Series G1
2 46 2 46 — — 
Preference Shares, Series H12 291 12 291 14 350 
Preference Shares, Series I2
2 59 2 59 — — 
Preference Shares, Series L16 411 16 411 16 411 
Preference Shares, Series N18 450 18 450 18 450 
Preference Shares, Series P16 400 16 400 16 400 
Preference Shares, Series R16 400 16 400 16 400 
Preference Shares, Series 116 411 16 411 16 411 
Preference Shares, Series 322 562 24 600 24 600 
Preference Shares, Series 43
2 38 — — — — 
Preference Shares, Series 58 206 8 206 8 206 
Preference Shares, Series 710 250 10 250 10 250 
Preference Shares, Series 911 275 11 275 11 275 
Preference Shares, Series 1120 500 20 500 20 500 
Preference Shares, Series 1314 350 14 350 14 350 
Preference Shares, Series 1511 275 11 275 11 275 
Preference Shares, Series 1920 500 20 500 20 500 
Issuance costs(135)(135)(135)
Balance at end of year 6,818 6,818 6,818 
1On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G.
2On September 1, 2023, 2,350,602 of the outstanding Preference Shares, Series H were converted into Preference Shares, Series I.
3On September 1, 2024, 1,502,775 of the outstanding Preference Shares, Series 3 were converted into Preference Shares, Series 4.
Characteristics of our outstanding preference shares are as follows:
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 B
5.20 %$1.30052$25June 1, 2027Series C
Preference Shares, Series D
5.41 %$1.35300$25March 1, 2028Series E
Preference Shares, Series F
5.54 %$1.38452$25June 1, 2028Series G
Preference Shares, Series G5
6.15 %$1.51644$25June 1, 2028Series F
Preference Shares, Series H
6.11 %$1.52800$25September 1, 2028Series I
Preference Shares, Series I6
5.76 %$1.42028$25September 1, 2028Series H
Preference Shares, Series L
5.86 %US$1.46448US$25September 1, 2027Series M
Preference Shares, Series N6.70 %$1.67400$25December 1, 2028Series O
Preference Shares, Series P7
5.92 %$1.47952$25March 1, 2029Series Q
Preference Shares, Series R8
6.31 %$1.57852$25June 1, 2029Series S
Preference Shares, Series 1
6.70 %US$1.67592US$25June 1, 2028Series 2
Preference Shares, Series 39
5.29 %$1.32200$25September 1, 2029Series 4
Preference Shares, Series 410
6.02 %$1.48440$25September 1, 2029Series 3
Preference Shares, Series 511
6.68 %US$1.67076US$25March 1, 2029Series 6
Preference Shares, Series 712
5.99 %$1.49700$25March 1, 2029Series 8
Preference Shares, Series 913
5.67 %$1.41800$25December 1, 2029Series 10
Preference Shares, Series 11
3.94 %$0.98452$25March 1, 2025Series 12
Preference Shares, Series 13
3.04 %$0.76076$25June 1, 2025Series 14
Preference Shares, Series 152.98 %$0.74576$25September 1, 2025Series 16
Preference Shares, Series 19
6.21 %$1.55300$25March 1, 2028Series 20
1The holder is entitled to receive a fixed cumulative quarterly preferential dividend, as declared by the Board of Directors. With the exception of Preference Shares, Series A, such fixed dividend rate resets every five years beginning on the initial Redemption and Conversion Option Date. Preference Shares, Series G, Series I and Series 4 contain a feature where the dividend rate resets on a quarterly basis. These Dividend Rates are presented in the table above on an annualized basis using the most recent quarterly dividend rate reset. The Preference Shares, Series 19 contain a feature where the fixed dividend rate, when reset every five years, will not be less than 4.90%. No other series of preference shares has this feature.
2Preference Shares, Series A may be redeemed any time at our option. For all other series of preference shares, we may at our option, redeem all or a portion of the outstanding preference shares for the Per Share Base Redemption Value plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter.
3The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Per Share Base Redemption Value.
4With the exception of Preference Shares, Series A, after the Redemption and Conversion Option Date, holders may elect to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/number of days in year) x three month Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14), 2.7% (Series 16), or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in year) x three month US Government treasury bill rate + 3.2% (Series M), 3.1% (Series 2), or 2.8% (Series 6).
5The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.37911 from $0.43014 on December 1, 2024 due to reset on a quarterly basis.
6The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.35507 from $0.40589 on December 1, 2024 due to reset on a quarterly basis.
7The quarterly dividend per share paid on Preference Shares, Series P was increased to $0.36988 from $0.27369 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.
8The quarterly dividend per share paid on Preference Shares, Series R was increased to $0.39463 from $0.25456 on June 1, 2024 due to reset of the annual dividend on June 1, 2024.
9The quarterly dividend per share paid on Preference Shares, Series 3 was increased to $0.33050 from $0.23356 on September 1, 2024 due to reset of the annual dividend on September 1, 2024.
10 On September 1, 2024, 1,502,775 of the outstanding Preference Shares, Series 3 were converted into Preference Shares, Series 4. The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.37110 from $0.42206 on December 1, 2024 due to reset on a quarterly basis following the date of issuance.
11 The quarterly dividend per share paid on Preference Shares, Series 5 was increased to US$0.41769 from US$0.33596 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.
12 The quarterly dividend per share paid on Preference Shares, Series 7 was increased to $0.37425 from $0.27806 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.
13 The quarterly dividend per share paid on Preference Shares, Series 9 was increased to $0.35450 from $0.25606 on December 1, 2024 due to reset of the annual dividend on December 1, 2024.