Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 6

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 6
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24(millions of Canadian dollars)  Earnings before interest, income taxes and depreciation and amortization1,473 1,265 

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

EBITDA was positively impacted by $43 million due to certain infrequent or other non-operating factors, primarily explained by: 

•equity earnings of $87 million from our investment in DCP, as a result of DCP's gain on disposition from certain pipeline assets; partially offset by

•a non-cash, net unrealized loss of $61 million in 2025, compared with a net unrealized loss of $17 million in 2024, reflecting net fair value gains and losses arising from changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.

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The remaining $165 million increase is primarily explained by the following significant business factors:

•favorable contracting on our US Gas Transmission assets; 

•the recognition of increased revenues attributable to the Algonquin and Texas Eastern rate case settlements;

•contributions from the acquisitions of an interest in the Whistler Parent JV with WhiteWater/I Squared Capital and MPLX LP and in the Delaware Basin Residue in the second and fourth quarters of 2024, respectively, and from the Texas Eastern Venice Extension project since service commencement in late 2024; and

•the favorable effect of translating US dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024; partially offset by

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

GAS DISTRIBUTION AND STORAGE

Three months endedMarch 31,20252024(millions of Canadian dollars)Earnings before interest, income taxes and depreciation and amortization1,600 765 

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

EBITDA was positively impacted by $835 million primarily due to the following significant business factors:

•full-quarter contributions from the Gas Utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina; 

•When compared with the normal forecast embedded in rates, the positive impact of weather on EBITDA for Enbridge Gas Ontario was approximately $9 million in 2025 compared to a negative impact of approximately $78 million in