LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]



	Ownership
December 31,	Interest		2019	2018
(millions of Canadian dollars)
EQUITY INVESTMENTS
Liquids Pipelines
MarEn Bakken Company L.L.C.¹	75.0	%	1,892	2,039
Gray Oak Holdings L.L.C.²	35.0	%	463	—
Seaway Crude Pipeline System	50.0	%	2,907	3,113
Illinois Extension Pipeline Company, L.L.C.³	65.0	%	662	724
Other	30.0% - 43.8%		73	97
Gas Transmission and Midstream
Alliance Pipeline	50.0	%	310	368
Aux Sable	42.7% - 50.0%		267	311
DCP Midstream, LLC	50.0	%	2,193	2,368
Gulfstream Natural Gas System, L.L.C.	50.0	%	1,213	1,289
NEXUS Gas Transmission, LLC	50.0	%	1,778	1,757
Offshore - various joint ventures	22.0% - 74.3%		362	400
PennEast Pipeline Company LLC	20.0	%	106	97
Sabal Trail Transmission, LLC	50.0	%	1,533	1,586
Southeast Supply Header L.L.C.	50.0	%	484	519
Steckman Ridge LP	49.5	%	222	237
Vector Pipeline L.P.	60.0	%	195	198
Other	33.3% - 50.0%		5	6
Gas Distribution and Storage
Noverco Common Shares	38.9	%	95	—
Other	50.0	%	14	15
Renewable Power Generation
Eolien Maritime France SAS	50.0	%	67	68
Enbridge Renewable Infrastructure Investments S.a.r.l.⁴	51.0	%	141	127
Rampion Offshore Wind Project	24.9	%	600	638
Other	21.0% - 50.0%		127	72
Eliminations and Other
Other	42.7% - 50%		16	10
OTHER LONG-TERM INVESTMENTS
Gas Distribution and Storage
Noverco Preferred Shares			580	478
Renewable Power Generation
Emerging Technologies and Other			78	80
Eliminations and Other
Other			145	110
			16,528	16,707


1	Owns 49% interest in Bakken Pipeline Investments L.L.C., which owns 75% of the Bakken Pipeline System resulting in a 27.6% effective interest in the Bakken Pipeline System.


2	In December 2018 we acquired an effective 22.8% interest in the Gray Oak crude oil pipeline through acquisition of a 35% membership interest in Gray Oak Holdings, L.L.C. (Note 12).


3	Owns the Southern Access Extension Project.


4	In 2018 we sold a 49% interest in the Hohe See Offshore wind facilities to CPPIB, reducing our effective interest in the project to 25.5%.

Equity investments include the unamortized excess of the purchase price over the underlying net book value of the investees’ assets at the purchase date. As at December 31, 2019, this comprised of $2.1 billion in Goodwill and $681 million in amortizable assets. As at December 31, 2018, this comprised of $2.2 billion in Goodwill and $706 million in amortizable assets.

For the years ended December 31, 2019, 2018 and 2017, distributions received from equity investments were $2.2 billion, $2.8 billion and $1.4 billion, respectively.

Summarized combined financial information of our interest in unconsolidated equity investments (presented at 100%) is as follows:



	Year Ended December 31,
	2019			2018			2017
	Seaway	Other	Total	Seaway	Other	Total	Seaway	Other	Total
(millions of Canadian dollars)
Operating revenues	1,252	14,435	15,687	966	18,251	19,217	959	15,254	16,213
Operating expenses	428	12,725	13,153	212	15,422	15,634	286	12,911	13,197
Earnings	818	2,198	3,016	646	2,308	2,954	672	2,056	2,728
Earnings attributable to Enbridge	409	950	1,359	323	1,059	1,382	336	926	1,262



	December 31, 2019			December 31, 2018
	Seaway	Other	Total	Seaway	Other	Total
(millions of Canadian dollars)
Current assets	107	2,374	2,481	113	3,176	3,289
Non-current assets	3,404	45,538	48,942	3,585	45,531	49,116
Current liabilities	136	3,911	4,047	123	5,413	5,536
Non-current liabilities	45	18,081	18,126	16	15,859	15,875
Noncontrolling interests	—	2,779	2,779	—	3,479	3,479

Noverco Inc.

As at December 31, 2019 and 2018, we owned an equity interest in Noverco through ownership of 38.9% of its common shares and an investment in preferred shares. The preferred shares are entitled to a cumulative preferred dividend based on the average yield of Government of Canada bonds maturing in 10 years plus a margin of 4.38%.

As at December 31, 2019 and 2018, Noverco owned an approximate 0.5% and 1.4% reciprocal shareholding in our common shares, respectively. Noverco sold 11.6 million common shares in January 2019 and 4.4 million common shares in December 2018. Shares purchased and sold were treated as treasury stock on the Consolidated Statements of Changes in Equity.

As a result of Noverco’s reciprocal shareholding in our common shares, as at December 31, 2019 and 2018, we had an indirect pro-rata interest of 0.2% and 0.5%, respectively, in our own shares. Both the equity investment in Noverco and shareholders’ equity have been reduced by the reciprocal shareholding of $51 million and $88 million as at December 31, 2019 and 2018. Noverco records dividends paid from us as dividend income and we eliminate these dividends from our equity earnings of Noverco. We record our pro-rata share of dividends paid by us to Noverco as a reduction of dividends paid and an increase in our investment in Noverco.