VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

CONSOLIDATED VARIABLE INTEREST ENTITIES

Our consolidated VIEs consist of legal entities where we are the primary beneficiary. We are the primary beneficiary when our variable interest(s) provide us with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. We determine whether we are the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties.

The following table includes assets to be used to settle liabilities of our consolidated VIEs and liabilities of our consolidated VIEs for which creditors do not have recourse to our general credit as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.


December 31,	20211	20201
(millions of Canadian dollars)
Assets
Cash and cash equivalents	247	215
Restricted cash	4	1
Accounts receivable and other	99	65

Inventory	9	7
	359	288
Property, plant and equipment, net	3,052	3,201
Long-term investments	16	14
Restricted long-term investments	101	84
Deferred amounts and other assets	2	3
Intangible assets, net	108	115


	3,638	3,705
Liabilities

Accounts payable and other	84	52






Other long-term liabilities	182	175
Deferred income taxes	5	5
	271	232
	3,367	3,473

1 Excludes assets and liabilities of EEP and Spectra Energy Partners, L.P. (SEP) following the subsidiary guarantees agreement entered on January 22, 2019. See Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Summarized Financial Information.

We do not have obligations to provide additional financial support to any of our consolidated VIEs.

UNCONSOLIDATED VARIABLE INTEREST ENTITIES

We currently hold interests in several non-consolidated VIEs where we are not the primary beneficiary as we do not have the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance. These interests include investments in limited partnerships that are assessed to be VIEs due to the limited partners not having substantive kick-out rights or participating rights. The power to direct the activities of a majority of these non-consolidated limited partnership VIEs is shared amongst the partners. Each partner has representatives that make up an executive committee that makes significant decisions for the VIE and none of the partners may make significant decisions unilaterally.

The carrying amount of these VIEs and our estimated maximum exposure to loss as at December 31, 2021 and 2020 are presented below:


	Carrying Amount of	Maximum Exposure to
December 31, 2021	the VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.1	113	195
EIH S.á r.l.2, 8	38	664
Enbridge Renewable Infrastructure Investments S.á r.l.3	54	2,121


Rampion Offshore Wind Limited5	450	508
Vector Pipeline L.P.6	189	374
Other4,7	210	426
	1,054	4,288


	Carrying Amount of	Maximum Exposure to
December 31, 2020	the VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.1	106	187
Éolien Maritime France SAS2, 8	96	949
Enbridge Renewable Infrastructure Investments S.á r.l.3	100	2,516

PennEast Pipeline Company, LLC4	116	371
Rampion Offshore Wind Limited5	599	650
Vector Pipeline L.P.6	201	390
Other7	133	361
	1,351	5,424

1At December 31, 2021 and 2020, the maximum exposure to loss includes guarantees by us for our respective share of the VIE’s borrowing on a bank credit facility.

2At December 31, 2021, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the three French offshore wind projects for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $73 million held by us as at December 31, 2021. On March 18, 2021, Enbridge Renewable Infrastructure Holdings S.á r.l. (ERIH) closed the sale of 49% of its interest in EIH S.á r.l. to the Canada Pension Plan Investment Board (CPP Investments).

3At December 31, 2021 and 2020, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $807 million and $904 million held by us as at December 31, 2021 and 2020, respectively.

4At December 31, 2021, the maximum exposure to loss is limited to our equity investment and at December 31, 2020, the maximum exposure to loss includes the remaining expected contributions to the joint venture.

5At December 31, 2021 and 2020, the maximum exposure to loss includes our parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE.

6At December 31, 2021 and 2020, the maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable for $80 million and $84 million held by us as at December 31, 2021 and 2020, respectively, and an outstanding credit facility for $105 million as at December 31, 2021 and 2020.

7At December 31, 2021, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable in the event of default by the VIE.

8At December 31, 2020, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable for in the event of default by the VIE and an outstanding affiliate loan receivable for $132 million held by us as at December 31, 2020. In relation to the sale of 49% of EIH S.á r.l.'s interest to CPP Investments, Eolien Maritime France SAS is now reported under EIH S.á r.l. in 2021.

We do not have an obligation to and did not provide any additional financial support to the VIEs during the years ended December 31, 2021 and 2020.