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. The creditors of the liabilities of our consolidated VIEs 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,	20221	2021
(millions of Canadian dollars)
Assets
Cash and cash equivalents	426	247
Restricted cash	12	4
Accounts receivable and other	199	99
Accounts receivable from affiliates	23	—
Inventory	12	9
	672	359
Property, plant and equipment, net	7,707	3,052
Long-term investments	14	16
Restricted long-term investments	98	101
Deferred amounts and other assets	158	2
Intangible assets, net	102	108


	8,751	3,638
Liabilities

Accounts payable and other	251	84
Accounts payable to affiliates	21	—



	272	84

Other long-term liabilities	859	182
Deferred income taxes	5	5
	1,136	271
	7,615	3,367

1Includes assets and liabilities of newly created Enbridge Athabasca Midstream Trunkline LP and Enbridge Athabasca Midstream Investor LP following the sale of a minority interest in certain Athabasca Regional Oil Sands System assets. Refer to Note 8 - Acquisitions and Dispositions.

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 their 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.


	Carrying Amount of	Maximum Exposure to
December 31, 2022	the VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.1	91	117
EIH S.á r.l.2	37	637
Rampion Offshore Wind Limited3	413	468
Vector Pipeline L.P.4	195	325
Woodfibre LNG Limited Partnership5,6	635	2,476
Other7	245	443
	1,616	4,466


	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	38	664
Enbridge Renewable Infrastructure Investments S.á r.l.8,9	54	2,121
Rampion Offshore Wind Limited3	450	508
Vector Pipeline L.P.4	189	374
Other7	210	426
	1,054	4,288

1As at December 31, 2022 and 2021, the maximum exposure to loss includes a guarantee by us for our respective share of the VIE’s borrowing on a bank credit facility.

2As at December 31, 2022 and 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 $56 million and $73 million held by us as at December 31, 2022 and 2021, respectively.

3As at December 31, 2022 and 2021, 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.

4As at December 31, 2022 and 2021, the maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable for $25 million and $80 million held by us as at December 31, 2022 and 2021, respectively, and an outstanding credit facility for $105 million as at December 31, 2022 and 2021.

5In November 2022, Enbridge acquired a 30% interest in Woodfibre LNG Limited Partnership (Woodfibre). Refer to Note 13 - Long-Term Investments. Woodfibre is a VIE due to its lack of sufficient equity at risk to finance its activities. Enbridge does not hold decision-making rights to direct Woodfibre's activities that most significantly impact its economic performance.

6As at December 31, 2022, 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.

7As at December 31, 2022 and 2021, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the projects for which we would be liable in the event of default by the VIE.

8As at December 31, 2021, the maximum exposure to loss included 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 held by us as at December 31, 2021.

9Following a reconsideration event in connection with an additional equity injection to facilitate debt and equity rebalancing of Enbridge Renewable Infrastructure Investments S.á r.l. (ERII) in the third quarter of 2022, ERII's equity is now sufficient for it to finance its activities without additional subordinated financial support. Therefore, it is no longer considered to be a VIE.