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REVENUE
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
June 30, 2022
(millions of Canadian dollars)       
Transportation revenue2,565 1,200 157 — — — 3,922 
Storage and other revenue64 83 99 — — — 246 
Gas gathering and processing revenue— 6 — — — — 6 
Gas distribution revenue— — 919 — — — 919 
Electricity and transmission revenue— — — 81 — — 81 
Total revenue from contracts with customers
2,629 1,289 1,175 81 — — 5,174 
Commodity sales— — — — 8,108 — 8,108 
Other revenue1,2
(145)11 (37)74 30 — (67)
Intersegment revenue154 1 — — — (155)— 
Total revenue2,638 1,301 1,138 155 8,138 (155)13,215 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
June 30, 2021
(millions of Canadian dollars)       
Transportation revenue2,157 1,046 150 — — — 3,353 
Storage and other revenue37 63 51 — — — 151 
Gas gathering and processing revenue— 10 — — — — 10 
Gas distribution revenue— — 725 — — — 725 
Electricity and transmission revenue— — — 55 — — 55 
Total revenue from contracts with customers
2,194 1,119 926 55 — — 4,294 
Commodity sales— — — — 6,334 — 6,334 
Other revenue1,2
215 9 12 77 1 6 320 
Intersegment revenue138 — 15 — 10 (163)— 
Total revenue2,547 1,128 953 132 6,345 (157)10,948 
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Six months ended
June 30, 2022
(millions of Canadian dollars)       
Transportation revenue5,250 2,394 408 — — — 8,052 
Storage and other revenue115 167 146 — — — 428 
Gas gathering and processing revenue— 21 — — — — 21 
Gas distribution revenue— — 3,017 — — — 3,017 
Electricity and transmission revenue— — — 143 — — 143 
Total revenue from contracts with customers
5,365 2,582 3,571 143 — — 11,661 
Commodity sales— — — — 16,433 — 16,433 
Other revenue1,2
33 18 (33)168 32 — 218 
Intersegment revenue295 1 11 — 10 (317)— 
Total revenue5,693 2,601 3,549 311 16,475 (317)28,312 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Six months ended
June 30, 2021
(millions of Canadian dollars)       
Transportation revenue4,486 2,167 366 — — — 7,019 
Storage and other revenue63 137 109 — — — 309 
Gas gathering and processing revenue— 17 — — — — 17 
Gas distribution revenue— — 2,259 — — — 2,259 
Electricity and transmission revenue— — — 81 — — 81 
Total revenue from contracts with customers
4,549 2,321 2,734 81 — — 9,685 
Commodity sales— — — — 12,763 — 12,763 
Other revenue1,2
427 21 18 168 1 2 637 
Intersegment revenue270 — 24 — 14 (308)— 
Total revenue5,246 2,342 2,776 249 12,778 (306)23,085 
1 Includes mark-to-market gains/(losses) from our hedging program for the three months ended June 30, 2022 and 2021 of $198 million loss and $131 million gain, respectively. For the six months ended June 30, 2022 and 2021, Other revenue includes a $104 million mark-to-market loss and a $261 million mark-to-market gain, respectively.
2 Includes revenues from lease contracts for the three months ended June 30, 2022 and 2021 of $143 million and $143 million, respectively, and for the six months ended June 30, 2022 and 2021 of $307 million and $302 million, respectively.

We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.
Contract Balances
Contract ReceivablesContract AssetsContract Liabilities
(millions of Canadian dollars)
Balance as at June 30, 20222,256 223 2,043 
Balance as at December 31, 20212,369 213 1,898 

Contract receivables represent the amount of receivables derived from contracts with customers.

Contract assets represent the amount of revenues which have been recognized in advance of payments received for performance obligations we have fulfilled (or partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three and six months ended June 30, 2022 included in contract liabilities at the beginning of the period is $21 million and $82 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2022 were $131 million and $228 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and six months ended June 30, 2022 from performance obligations satisfied in previous periods.

Revenues to be Recognized from Unfulfilled Performance Obligations
Total revenues from performance obligations expected to be fulfilled in future periods are $58.3 billion, of which $3.7 billion and $6.3 billion are expected to be recognized during the remaining six months ending December 31, 2022 and the year ending December 31, 2023, respectively.

The revenues excluded from the amounts above based on optional exemptions available under Accounting Standards Codification 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.
Variable Consideration
During the three and six months ended June 30, 2022, revenue for the Canadian Mainline has been recognized in accordance with the terms of the Competitive Tolling Settlement, which expired on June 30, 2021. The tolls in place on June 30, 2021 continue on an interim basis until a new commercial arrangement is implemented and are subject to finalization and adjustment applicable to the interim period, if any. Due to the uncertainty of adjustment to tolling pursuant to a Canada Energy Regulator (CER) decision and potential customer negotiations, interim toll revenue recognized during the three and six months ended June 30, 2022 is considered variable consideration.

Recognition and Measurement of Revenues
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
June 30, 2022
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 20 — 20 
Revenues from products and services transferred over time1
2,629 1,289 1,155 81 5,154 
Total revenue from contracts with customers
2,629 1,289 1,175 81 5,174 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
June 30, 2021
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 17 — 17 
Revenues from products and services transferred over time1
2,194 1,119 909 55 4,277 
Total revenue from contracts with customers
2,194 1,119 926 55 4,294 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Six months ended
June 30, 2022
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 36 — 36 
Revenues from products and services transferred over time1
5,365 2,582 3,535 143 11,625 
Total revenue from contracts with customers
5,365 2,582 3,571 143 11,661 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Six months ended
June 30, 2021
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 34 — 34 
Revenues from products and services transferred over time1
4,549 2,321 2,700 81 9,651 
Total revenue from contracts with customers
4,549 2,321 2,734 81 9,685 
1     Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.