Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 5

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 5
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 9 performance and higher equity earnings due to a litigation settlement; 

•higher contributions from our Gas Transmission segment primarily due to favorable contracting in our US Gas Transmission assets, and the recognition of increased revenue attributable to Algonquin and Texas Eastern rate case settlements; and 

•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024.

The factors above were partially offset by:

•higher interest expense primarily due to higher average debt balances principal outstanding; 

•higher depreciation and amortization expense mainly driven by a full quarter ownership of the Gas Utilities; 

•higher income tax expense driven by higher earnings; 

•higher realized foreign exchange losses on hedge settlements in Eliminations and Other;

•the absence of contributions from Alliance Pipeline and Aux Sable in our Gas Transmission segment due to the sale of our interests in these investments in April 2024; and

•lower contributions from the Gulf Coast and Mid-Continent System in our Liquids Pipelines segment due to lower volumes on the Flanagan South and Spearhead Pipelines.

38

BUSINESS SEGMENTS

LIQUIDS PIPELINES 

Three months endedMarch 31, 20252024(millions of Canadian dollars)  Earnings before interest, income taxes and depreciation and amortization2,593 2,404 

Three months ended March 31, 2025, compared with the three months ended March 31, 2024

EBITDA was positively impacted by $28 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized gain of $6 million in 2025, compared with a net unrealized loss of $35 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks. 

After taking into consideration the factors above, the remaining $161 million increase is primarily explained by the following significant business factors:

•higher Mainline and Line 9 contributions due to higher throughput;

•equity earnings attributable to a litigation settlement; and 

•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024; partially offset by

•lower contributions from the Gulf Coast and Mid-Continent System due to lower volumes on the Flanagan South Pipeline and Spearhead Pipeline.

GAS TRANSMISSION 

Three months endedMarch 31, 202520