Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 104

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 104
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798 4,511 Other8.6 %3,987 1,652 Under construction— %5,648 2,829 Total property, plant and equipment2 169,066 137,199 Total accumulated depreciation2(37,962)(32,558)Property, plant and equipment, net 131,104 104,641 1The measurement of weighted average depreciation rate excludes non-depreciable assets.2As at December 31, 2024, the cost and accumulated depreciation of leased assets accounted for as lessor operating leases was $5.3 billion and $2.3 billion, respectively (December 31, 2023 - $5.1 billion and $2.1 billion, respectively).Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $4.6 billion, $4.0 billion and $3.8 billion, respectively.IMPAIRMENTChapman Ranch Wind FarmChapman Ranch Wind Farm (Chapman Ranch) is experiencing financial challenges associated with the original equipment integrity. As a result, we have recognized an impairment loss of $251 million for the year ended December 31, 2023, which is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Renewable Power Generation segment.Magic Valley Wind FarmIn 2022, Magic Valley Wind Farm (Magic Valley) had commercial challenges caused by electricity transmission congestion and a negative price differential arising from higher transmission costs resulting in a lower electricity sale price. As a result, we recognized an impairment loss of $227 million for the year ended December 31, 2022, which is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Renewable Power Generation segment.Bakken Pipeline SystemFor the year ended December 31, 2022, we recognized an impairment loss of $183 million on the US and Canadian components of the interstate pipeline transportation system within the North Dakota System of our Bakken Pipeline System in connection with the expiration of certain long-term take-or-pay contracts in 2023. This loss is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Liquids Pipelines segment.Impairment charges were based on the amount by which the carrying value of the assets exceeded fair value, determined using expected discounted future cash flows.

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