Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 181

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 4
Chunk 181
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 businesses into operating segments based on similarities in their underlying economic drivers.

Our operating segments are summarized below:

  Operating Segment (1)                                                                                                          Asset Type                                   Primary Location (1)                    
  Utilities                                                                                                                                                                                                           
  Regulated or contractual businesses which earn a return on their asset base                                                    • Regulated Transmission                     • Americas & Asia Pacific               
  Transport                                                                                                                                                                                                           
  Provide transportation for freight, commodities and passengers                                                                 • Diversified Terminals                      • North America, Europe & Asia Pacific  
  Midstream                                                                                                                                                                                                           
  Systems that provide transmission, gathering, processing and storage services                                                  • Midstream                                  • North America                         
  Data                                                                                                                                                                                                                
  Provide infrastructure and services to telecom companies, technology and cloud computing providers and enterprise clients      • Data Transmission & Distribution           • North America, Europe & Asia Pacific  

(1) See Item 5 “ Operating and Financial Review and Prospects - Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 18 “ Financial Statements” for information regarding revenue by segments and geographic market.

Brookfield Infrastructure 71

Overview

Our utilities segment is comprised of businesses from which we earn a return on a regulated or notionally stipulated asset base, which we refer to as the rate base, or from revenues in accordance with long-term concession agreements, private bilateral contracts approved or ratified by a regulatory body, or price control frameworks. These include our regulated transmission (natural gas and electricity) and commercial and residential distribution (electricity, natural gas, and water connections) operations. Our rate base increases with capital that we invest to upgrade and expand our systems. Depending on the jurisdiction, our rate base may also increase by inflation and maintenance capital expenditures and decrease by regulatory depreciation. The return that we earn is typically determined by a regulator or bilateral customer contract for prescribed periods of time. Thereafter, it may be subject to customary reviews based upon established criteria. Our diversified portfolio of assets allows us to mitigate exposure to any single regulatory regime.

Due to the franchise frameworks and economies of scale of our utilities businesses, we often have significant competitive advantages in competing for projects to expand our rate base and earn incremental revenues. Accordingly, we expect this segment to produce stable revenue and margins over time that should increase with investment of additional capital and inflation. Nearly all our utilities segment’s Adjusted EBITDA is supported by regulated or contractual revenues.

72 Brookfield Infrastructure

The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our