Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 60

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 60
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 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, 20252024(millions of Canadian dollars)  Earnings before interest, income taxes and depreciation and amortization1,473 1,265 

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

EBITDA was positively impacted by $43 million due to certain infrequent or other non-operating factors, primarily explained by: 

•equity earnings of $87 million from our investment in DCP, as a result of DCP's gain on disposition from certain pipeline assets; partially offset by

•a non-cash, net unrealized loss of $61 million in 2025, compared with a net unrealized loss of $17 million in 2024, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.

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The remaining $165 million increase is primarily explained by the following significant business factors:

•favorable contracting on our US Gas Transmission assets; 

•the recognition of increased revenues attributable to the Algonquin and Texas Eastern rate case settlements;

•contributions from the acquisitions of an interest in the Whistler Parent JV with WhiteWater/I Squared Capital and MPLX LP and in the Delaware Basin Residue in the second and fourth quarters of 2024, respectively, and from the Texas Eastern Venice Extension