Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 14

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 14
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full year of lower Mainline System tolls as a result of revised tolls effective July 1, 2023 and a lower L3R surcharge.

75

GAS TRANSMISSION 

Year ended December 31,202420232022(millions of Canadian dollars)   Earnings before interest, income taxes and depreciation and amortization5,656 4,264 3,126 

Year ended December 31, 2024 compared with year ended December 31, 2023

EBITDA was positively impacted by $1,008 million due to certain infrequent or other non-operating factors primarily explained by the following:

•a gain on sale of $1,063 million on the disposition of interests in the Alliance Pipeline and Aux Sable; and

•the absence in 2024 of both a negative provision adjustment of $124 million related to a litigation matter and an impairment loss of $82 million related to certain Offshore equity investments, partially offset by

•an asset impairment loss of $137 million related to the Big Sandy Pipeline; 

•a non-cash, net unrealized loss of $3 million in 2024, compared with a net unrealized gain of $32 million in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risk;

•a non-cash revaluation loss of $33 million to the gas inventory at Aitken Creek; and

•a loss of $29 million as a result of the contribution of our 100% interest in the Rio Bravo Pipeline project to the Whistler Parent JV.

After taking into consideration the factors above, we saw a $384 million increase, primarily explained by the following significant business factors:

•favorable contracting and lower operating costs on our US Gas Transmission assets; 

•contributions from the acquisitions of Tres Palacios in the second quarter of 2023, Aitken Creek in the fourth quarter of 2023, Tomorrow RNG in the first quarter of 2024 and Whistler Parent JV in the second quarter of 2024; and 

•the favorable effect of translating US dollar EBITDA at a higher average exchange rate in 2024, compared to the same period in 2023, partially offset by

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

GAS DISTRIBUTION AND STORAGE

Year ended December 31,202420232022