Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 241

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 241
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4, our rate base was $6.7 billion. Rate base decreased compared to December 31, 2023 as new connections at our U. K. regulated distribution business and our residential infrastructure platform were offset by the impact of foreign exchange, most notably the Brazilian real. Rate base partially benefited from the acquisition of our construction partner's 50% ownership of 842 km operational electricity transmission lines at our Brazilian electricity transmission operation.

As of December 31, 2024, total capital to be commissioned into rate base was $1.0 billion which was consistent compared to $1.0 billion as of December 31, 2023. Capital to be commissioned relates to projects that have been awarded or filed with regulators with anticipated commissioning into rate base in the next two to three years. New connection mandates awarded were offset by capital projects commissioned into rate base. The largest contributor to capital expected to be commissioned into rate base is our U. K. regulated distribution business (approximately $700 million).

2023 vs. 2022

Results for our utilities segment benefited from elevated levels of inflation indexation, and the contribution associated with approximately $500 million of capital commissioned into our rate base over the last 12 months. 2023 results included earnings from the acquisition of HomeServe, a residential decarbonization infrastructure business in North America and Europe that occurred in the first quarter of 2023. 2022 results included earnings from five additional electricity transmission lines in Brazil that were divested in Q4 2022 and a full year contribution from an Australian regulated utility divested in Q3 2023.

For the year ended December 31, 2023, our commercial and residential distribution operations generated Adjusted EBITDA of $696 million and FFO of $511 million, compared to $500 million and $396 million, respectively, in 2022. Adjusted EBITDA benefited from continued elevated levels of inflation indexation, higher connections revenue at our U. K. regulated distribution business and capital commissioned into rate base over those last 12 months. FFO benefited from the aforementioned items partially offset by higher borrowings to fund ongoing capital projects. 2023 results benefited from the acquisition of HomeServe, a residential decarbonization infrastructure business in North America and Europe.

For the year ended December 31, 2023, our regulated transmission operations generated Adjusted EBITDA of $631 million and FFO of $368 million, compared to $601 million and $343 million, respectively, in 202