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REVENUES
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services

Three months ended
June 30, 2023		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(millions of Canadian dollars)       
Transportation revenue3,002 1,290 169 — — — 4,461 
Storage and other revenue62 113 85 — — — 260 
Gas distribution revenue— — 796 — — — 796 
Electricity revenue— — — 75 — — 75 
Total revenue from contracts with customers
3,064 1,403 1,050 75 — — 5,592 
Commodity sales— — — — 4,679 — 4,679 
Other revenue1,2
79 7 (1)76 — — 161 
Intersegment revenue127 — 1 (1)— (127)— 
Total revenue3,270 1,410 1,050 150 4,679 (127)10,432 
Three months ended
June 30, 2022		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(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 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 

Six months ended
June 30, 2023		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
(millions of Canadian dollars)       
Transportation revenue5,944 2,674 445 — — — 9,063 
Storage and other revenue126 208 184 — — — 518 
Gas distribution revenue— — 3,083 — — — 3,083 
Electricity revenue— — — 141 — — 141 
Total revenue from contracts with customers
6,070 2,882 3,712 141 — — 12,805 
Commodity sales— — — — 9,462 — 9,462 
Other revenue1,2
109 18 (41)154 — — 240 
Intersegment revenue256 1 4 (1)18 (278)— 
Total revenue6,435 2,901 3,675 294 9,480 (278)22,507 
Six months ended
June 30, 2022		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(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 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 
1Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2023 were a net $3 million gain (2022 - $198 million loss) and for the six months ended June 30, 2023 were a net $52 million loss (2022 - $104 million loss).
2Includes revenues from lease contracts for the three months ended June 30, 2023 and 2022 of $136 million and $143 million, respectively, and for the six months ended June 30, 2023 and 2022 of $280 million and $307 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, 20232,182 229 2,283 
Balance as at December 31, 20223,183 230 2,241 

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

Contract assets represent the amount of revenues which has been recognized in advance of payments received for performance obligations we have fulfilled (or have 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, 2023 included in contract liabilities at the beginning of the period was $53 million and $89 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2023 were $43 million and $167 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and six months ended June 30, 2023 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 is $57.9 billion, of which $3.9 billion and $6.7 billion are expected to be recognized during the remaining six months ending December 31, 2023 and the year ending December 31, 2024, 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, 2023, revenue for the Canadian Mainline has been recognized in accordance with the terms of the Competitive Tolling Settlement (CTS), which expired on June 30, 2021. The tolls in place on June 30, 2021 continued on an interim basis until July 1, 2023 when new interim tolls took effect. Until a new commercial arrangement is approved, the tolls 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, 2023 is considered variable consideration.
Recognition and Measurement of Revenues
Three months ended June 30, 2023Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 37 — 37 
Revenues from products and services transferred over time1
3,064 1,403 1,013 75 5,555 
Total revenue from contracts with customers
3,064 1,403 1,050 75 5,592 
Three months ended June 30, 2022Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers2,629 1,289 1,175 81 5,174 
Six months ended June 30, 2023Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time— — 67 — 67 
Revenues from products and services transferred over time1
6,070 2,882 3,645 141 12,738 
Total revenue from contracts with customers6,070 2,882 3,712 141 12,805 
Six months ended June 30, 2022Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers5,365 2,582 3,571 143 11,661 
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.