Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 7

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 7
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 the same period of 2024; and

•higher distribution charges resulting from increases in rates and customer base at Enbridge Gas Ontario. 

RENEWABLE POWER GENERATION 

Three months endedMarch 31, 20252024(millions of Canadian dollars)  Earnings before interest, income taxes and depreciation and amortization223 257 

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

EBITDA was positively impacted by $4 million due to certain infrequent or other non-operating factors, primarily explained by:

•a $27 million gain on the disposition of our interest in East-West Tie; partially offset by

•a realized loss of $139 million, partially offset by a non-cash, net unrealized gain of $105 million in 2025, compared with a net unrealized loss of $11 million in 2024, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.

40

The remaining $38 million decrease is primarily explained by:

•weaker wind resources at European offshore wind facilities; partially offset by 

•stronger wind resources at North American wind facilities.

ELIMINATIONS AND OTHER

Three months endedMarch 31,20252024(millions of Canadian dollars)Earnings/(loss) before 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