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

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 25
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2023 and 2022 is set out below:

Year ended December 31,202420232022(millions of Canadian dollars)   Liquids Pipelines1,157 1,158 1,418 Gas Transmission2,453 1,890 1,647 Gas Distribution and Storage2,381 1,451 1,499 Renewable Power Generation 661 100 50 Eliminations and Other59 55 33 Total capital expenditures6,711 4,654 4,647 

2024

The increase in cash used in investing activities primarily resulted from the following factors:

•the acquisitions of EOG, Questar, PSNC, and Tomorrow RNG in 2024; 

•increased capital expenditures from the acquisitions of EOG, Questar, and PSNC and from growth projects in our Gas Transmission segment; and

•the acquisition of an equity interest in the Whistler Parent JV and Delaware Basin Residue, LLC and contributions to our Fox Squirrel Solar investment in 2024.

The factors above were partially offset by proceeds received from the dispositions of our interests in the Alliance Pipeline, Aux Sable, and NRGreen in 2024.

2023

The increase in cash used in investing activities primarily resulted from the following factors:

•the absence in 2023 of the proceeds received from the completion of a joint venture merger transaction for DCP Midstream, LLC in August 2022; and

•higher cash outflows related to acquisitions in 2023 when compared to 2022.

The factors above were partially offset by higher distributions in 2023 mainly related to our investment in NEXUS Gas Transmission, LLC.

85

Financing Activities

Cash provided by financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances, share redemptions and common share repurchases under our NCIB. Cash provided by financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests.

2024

The increase in cash provided by financing activities primarily resulted from the following factors:

•net commercial paper and credit facility draws in 2024 when compared to net repayments during the same period in 2023;

•the ATM program, resulting in the issuance of 51,298,629 common shares for aggregate net proceeds of $2.5 billion in 2024; and

•lower net