Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 62

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 62
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 interest, income taxes and depreciation and amortization40 (642)

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

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

EBITDA was positively impacted by $931 million, primarily due to certain infrequent or non-operating factors, explained by:

•a non-cash, net unrealized gain of $109 million in 2025, compared with a net unrealized loss of $722 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risk; and

•the absence in 2025 of severance costs of $105 million as a result of workforce reduction in February 2024.

After taking into consideration the non-operating factors above, we saw a $249 million decrease in EBITDA that is primarily explained by:

•higher realized foreign exchange losses on hedge settlements in 2025; and

•lower investment income in 2025 compared to 2024 from investing cash sources from the pre-funding of the Acquisitions.

41

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(Canadian dollars, unless stated otherwise)GAS TRANSMISSION1.Texas Eastern Modernization100 %US$0.4 billionUS$162 millionUnder construction2025 - 20262.T-North Expansion (Aspen Point)100 %$1.2 billion$325 millionUnder construction20263.Tennessee Ridgeline Expansion100 %US$1.1 billionUS$237 millionPre-construction20264.Woodfibre LNG330 %US$1.5 billionUS$699 millionUnder construction20275.T-South Expansion (Sunrise)100 %$4.0 billion$235 millionPre-construction20286.T-North Expansion (Birch Grove)100 %$0.4 billionNo significantexpend