Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 15

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 15
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(millions of Canadian dollars)   Earnings before interest, income taxes and depreciation and amortization2,869 1,592 1,827 

Year ended December 31, 2024 compared with year ended December 31, 2023

EBITDA was positively impacted by $281 million due to the absence in 2024 of an impairment of $281 million recognized to certain capital projects, capital costs and pension balances in the fourth quarter of 2023 as a result of the OEB's Phase 1 Decision.

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After taking into consideration the factors above, the remaining $996 million increase is primarily explained by contributions from Enbridge Gas Ohio, Enbridge Gas Utah and Wexpro, and Enbridge Gas North Carolina since their acquisitions in 2024. In addition, the increase is also explained by:

•higher distribution charges resulting from increases in customer base and higher demand in the contract market at Enbridge Gas Ontario, partially offset by

•warmer than normal weather in 2024, when compared with the normal weather forecast embedded in rates, which negatively impacted Enbridge Gas Ontario 2024 EBITDA by approximately $58 million period over period. 

RENEWABLE POWER GENERATION

Year ended December 31,202420232022(millions of Canadian dollars)   Earnings before interest, income taxes and depreciation and amortization733 149 262 

Year ended December 31, 2024 compared with year ended December 31, 2023

EBITDA was positively impacted by $295 million due to certain infrequent or non-operating factors, primarily explained by:

•the absence in 2024 of an impairment loss of $261 million to Chapman Ranch wind facilities;

•a non-cash, net unrealized loss of $13 million in 2024, compared with a net unrealized loss of $72 million in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks; and

•a gain on sale of $29 million related to disposition of our interest in NRGreen, partially offset by

•an impairment loss of $55 million related to certain assets.

After taking into consideration the positive factors above, the remaining $289 million increase is primarily explained by the following significant business factors:

•contributions from our investment in Fox Squirrel Solar as a result of the generation of investment tax credits;

•higher contribution from the Hohe See and Albatros Offshore Wind Facilities