Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 242

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 242
---
2. Results benefited from elevated tariff increases, ongoing expansion of our Brazilian electricity transmission network and the appreciation of the Brazilian real. FFO was impacted by higher interest rates and additional borrowings at our Brazilian investments. 2022 results included a contribution 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.

120 Brookfield Infrastructure

As of December 31, 2023, our rate base was $7.1 billion. Rate base increased compared to December 31, 2022 driven by inflation indexation, the appreciation of foreign exchange, and new connections at our U. K regulated distribution business and our residential infrastructure platform, partially offset from the sale of our interest in an Australian regulated utility.

As of December 31, 2023, total capital to be commissioned into rate base was $1.0 billion compared to $1.1 billion as of December 31, 2022. 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. Total capital to be commissioned decreased from the sale of our interest in an Australian regulated utility, and 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).

Recent Developments

During the third quarter of 2024, we agreed on terms to sell our Mexican regulated natural gas transmission businesses for net proceeds of approximately $500 million ($125 million net to BIP). One of the transactions closed in January 2025, and the second sale is expected to close in the first quarter of 2025, subject to satisfying customary closing conditions.

Brookfield Infrastructure 121

Results of Operations

The following table presents our partnership’s share of the key metrics and measures of our transport segment:

                                             For the year ended December 31,                                                         
  US$ MILLIONS                               2024                                            2023                  2022              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Funds from Operations (FFO)                $                                    1,224      $            888      $            794  
  Maintenance capital expenditures           (328)                                           (179)                 (175)             
  Adjusted Funds from Operations (AFFO)      $                                      896