Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 16

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 16
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 as a result of the November 2023 acquisition of an additional 24.45% interest in these facilities; and

•strong wind resources at European offshore wind facilities.

ELIMINATIONS AND OTHER

Year ended December 31,202420232022(millions of Canadian dollars)   Earnings/(loss) before interest, income taxes and depreciation and amortization(1,904)916 (1,118)

Eliminations and Other includes operating and administrative costs that are not allocated to business segments, the impact of foreign exchange hedge settlements and the activities of our wholly-owned captive insurance subsidiaries. Eliminations and Other also includes our natural gas and power marketing businesses and the impact of new business development activities and corporate investments.

77

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

EBITDA was negatively impacted by $3,098 billion due to certain infrequent or non-operating factors, primarily explained by:

•a non-cash, net unrealized loss of $2.2 billion in 2024, compared with a net unrealized gain of $688 million in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks;

•severance costs of $105 million as a result of a workforce reduction in February 2024;

•$137 million of integration and transaction costs incurred related to the Acquisitions in 2024, as compared to $31 million of transaction costs in 2023; and

•a non-cash, net unrealized loss of $15 million in 2024, compared with a net unrealized gain of $35 million in 2023, reflecting changes in the mark-to-market value of equity fund investments held by our wholly-owned captive insurance subsidiaries.

After taking into consideration the non-operating factors above, we saw a $278 million increase in EBITDA that is primarily explained by:

•higher investment income from the pre-funding of the Acquisitions and from our wholly-owned captive insurance subsidiaries; and 

•timing of certain operating and administrative cost recoveries from the business units, partially offset by

•higher realized foreign exchange loss on hedge settlements in 2024.

78

GROWTH PROJECTS - COMMERCIALLY SECURED PROJECTS

The following table summarizes the status of our material commercially secured projects, organized by business segment:

Enbridge's Ownership InterestEstimatedCapital Cost1Expendituresto Date2Status2ExpectedIn-ServiceDate