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REVENUE
 9 Months Ended
Sep. 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
September 30, 2022
(millions of Canadian dollars)       
Transportation revenue2,962 1,264 143 — — — 4,369 
Storage and other revenue58 91 63 — — — 212 
Gas distribution revenue— — 699 — — — 699 
Electricity and transmission revenue— — — 68 — — 68 
Total revenue from contracts with customers
3,020 1,355 905 68 — — 5,348 
Commodity sales— — — — 6,415 — 6,415 
Other revenue1,2
(258)10 3 54 — 1 (190)
Intersegment revenue137 1 1 (2)4 (141)— 
Total revenue2,899 1,366 909 120 6,419 (140)11,573 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
September 30, 2021
(millions of Canadian dollars)       
Transportation revenue2,340 1,081 128 — — — 3,549 
Storage and other revenue33 58 50 — — — 141 
Gas gathering and processing revenue— 15 — — — — 15 
Gas distribution revenue— — 496 — — — 496 
Electricity and transmission revenue— — — 44 — — 44 
Total revenue from contracts with customers
2,373 1,154 674 44 — — 4,245 
Commodity sales— — — — 7,279 — 7,279 
Other revenue1,2
(143)4 24 78 (1)(20)(58)
Intersegment revenue140 1 (11)— 12 (142)— 
Total revenue2,370 1,159 687 122 7,290 (162)11,466 
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Nine months ended
September 30, 2022
(millions of Canadian dollars)       
Transportation revenue8,212 3,658 551 — — — 12,421 
Storage and other revenue173 258 209 — — — 640 
Gas gathering and processing revenue— 21 — — — — 21 
Gas distribution revenue— — 3,716 — — — 3,716 
Electricity and transmission revenue— — — 211 — — 211 
Total revenue from contracts with customers
8,385 3,937 4,476 211 — — 17,009 
Commodity sales— — — — 22,880 — 22,880 
Other revenue1,2
(225)28 (30)222 — 1 (4)
Intersegment revenue432 2 12 (2)14 (458)— 
Total revenue8,592 3,967 4,458 431 22,894 (457)39,885 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Nine months ended
September 30, 2021
(millions of Canadian dollars)       
Transportation revenue6,826 3,248 494 — — — 10,568 
Storage and other revenue96 195 159 — — — 450 
Gas gathering and processing revenue— 32 — — — — 32 
Gas distribution revenue— — 2,755 — — — 2,755 
Electricity and transmission revenue— — — 125 — — 125 
Total revenue from contracts with customers
6,922 3,475 3,408 125 — — 13,930 
Commodity sales— — — — 20,042 — 20,042 
Other revenue1,2
284 25 42 246 — (18)579 
Intersegment revenue410 1 13 — 26 (450)— 
Total revenue7,616 3,501 3,463 371 20,068 (468)34,551 
1Includes mark-to-market losses from our hedging program for the three months ended September 30, 2022 and 2021 of $345 million and $225 million, respectively. For the nine months ended September 30, 2022 and 2021, Other revenue includes a $483 million mark-to-market loss and a $36 million mark-to-market gain, respectively.
2Includes revenues from lease contracts for the three months ended September 30, 2022 and 2021 of $128 million and $140 million, respectively, and for the nine months ended September 30, 2022 and 2021 of $435 million and $442 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 September 30, 20222,307 233 2,201 
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 nine months ended September 30, 2022 included in contract liabilities at the beginning of the period is $57 million and $139 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2022 were $138 million and $366 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and nine months ended September 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 $59.3 billion, of which $1.9 billion and $6.4 billion are expected to be recognized during the remaining three 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 (ASC) 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 nine months ended September 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 nine months ended September 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 September 30, 2022
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 41 — 41 
Revenues from products and services transferred over time1
3,020 1,355 864 68 5,307 
Total revenue from contracts with customers
3,020 1,355 905 68 5,348 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended September 30, 2021
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 13 — 13 
Revenues from products and services transferred over time1
2,373 1,154 661 44 4,232 
Total revenue from contracts with customers
2,373 1,154 674 44 4,245 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Nine months ended September 30, 2022
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 77 — 77 
Revenues from products and services transferred over time1
8,385 3,937 4,399 211 16,932 
Total revenue from contracts with customers
8,385 3,937 4,476 211 17,009 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Nine months ended September 30, 2021
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 47 — 47 
Revenues from products and services transferred over time1
6,922 3,475 3,361 125 13,883 
Total revenue from contracts with customers
6,922 3,475 3,408 125 13,930 
1Revenue 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.