Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 61

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 61
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 project since service commencement in late 2024; 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

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

GAS DISTRIBUTION AND STORAGE

Three months endedMarch 31,20252024(millions of Canadian dollars)Earnings before interest, income taxes and depreciation and amortization1,600 765 

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

EBITDA was positively impacted by $835 million primarily due to the following significant business factors:

•full-quarter contributions from the Gas Utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina; 

•When compared with the normal forecast embedded in rates, the positive impact of weather on EBITDA for Enbridge Gas Ontario was approximately $9 million in 2025 compared to a negative impact of approximately $78 million in the same period of 2024; and

•higher distribution charges resulting from increases in rates and customer base at Enbridge Gas Ontario. 

RENEWABLE POWER GENERATION 

Three months endedMarch 31, 20252024(millions of Canadian dollars)  Earnings before interest, income taxes and depreciation and amortization223 257 

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

EBITDA was positively impacted by $4 million due to certain infrequent or other non-operating factors, primarily explained by:

•a $27 million gain on the disposition of our interest in East-West Tie; partially offset by

•a realized loss of $139 million, partially offset by a non-cash, net unrealized gain of $105 million in 2025, compared with a net unrealized loss of $11 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.

40

The remaining $38 million decrease is primarily explained by:

•weaker wind resources at European offshore wind facilities; partially offset by 

•stronger wind resources at North American wind facilities.

ELIMINATIONS AND OTHER

Three months endedMarch 31,20252024(millions of Canadian dollars)Earnings/(loss) before