Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 246

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 246
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 following table presents the roll-forward of our partnership’s share of capital backlog and capital to be commissioned:

                                            For the year ended December 31,                                                   
  US$ MILLIONS                              2024                                           2023               2022            
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Capital backlog, start of period          $                                    270          $      217      $          245  
  Additional capital project mandates       126                                             174               330             
  Less: capital expenditures                (155)                                         (104)               (358)           
  Impact of (asset sales) acquisitions      —                                              (23)               —               
  Foreign exchange and other                (11)                                              6               —               
  Capital backlog, end of period            230                                             270               217             
  Construction work in progress             142                                              74               28              
  Total capital to be commissioned          $                                    372          $      344      $          245  

2024 vs. 2023

For the year ended December 31, 2024, our midstream operations generated Adjusted EBITDA of $974 million and FFO of $625 million, compared to $995 million and $684 million, respectively, during the same period in 2023. Adjusted EBITDA and FFO benefited from higher contracted and market sensitive revenues across our midstream operations, offset by the impact of lower rates on our foreign exchange hedge contracts. FFO was further impacted by higher borrowing costs from upfinancings completed at our U. S. gas pipeline and our North American gas storage operation. Prior year results included contribution from our U. S. gas pipeline which was partially divested in Q2 2023.

As of December 31, 2024, total capital to be commissioned was $372 million compared to $344 million as of December 31, 2023. Total capital to be commissioned relates to additional growth projects that are expected to expand capacity across our midstream operations.

Brookfield Infrastructure 125

2023 vs. 2022

For the year ended December 31, 2023, our midstream operations generated Adjusted EBITDA of $995 million and FFO of $684 million, compared to $937 million and $743 million, respectively, during the same period in 2022. Adjusted EBITDA and FFO at our midstream operations benefited from increased utilization, higher contracted