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

Three months ended
September 30, 2023		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(millions of Canadian dollars)       
Transportation revenue2,856 1,294 148 — — — 4,298 
Storage and other revenue65 118 83 — — — 266 
Gas distribution revenue— — 528 — — — 528 
Electricity revenue— — — 79 — — 79 
Total revenue from contracts with customers
2,921 1,412 759 79 — — 5,171 
Commodity sales— — — — 4,652 — 4,652 
Other revenue1,2
61 11 (9)(42)— — 21 
Intersegment revenue102 — 1 3 6 (112)— 
Total revenue3,084 1,423 751 40 4,658 (112)9,844 
Three months ended
September 30, 2022		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(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 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 

Nine months ended
September 30, 2023		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
(millions of Canadian dollars)       
Transportation revenue8,800 3,968 593 — — — 13,361 
Storage and other revenue191 326 267 — — — 784 
Gas distribution revenue— — 3,611 — — — 3,611 
Electricity revenue— — — 220 — — 220 
Total revenue from contracts with customers
8,991 4,294 4,471 220 — — 17,976 
Commodity sales— — — — 14,114 — 14,114 
Other revenue1,2
170 29 (50)112 — — 261 
Intersegment revenue358 1 5 2 24 (390)— 
Total revenue9,519 4,324 4,426 334 14,138 (390)32,351 
Nine months ended
September 30, 2022		Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationEnergy ServicesEliminations and OtherConsolidated
(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 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 
1Includes realized and unrealized gains and losses from our hedging program which for the three months ended September 30, 2023 were a net $97 million loss (2022 - $345 million loss) and for the nine months ended September 30, 2023 were a net $149 million loss (2022 - $483 million loss).
2Includes revenues from lease contracts for the three months ended September 30, 2023 and 2022 of $107 million and $128 million, respectively, and for the nine months ended September 30, 2023 and 2022 of $387 million and $435 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, 20232,161 230 2,448 
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 nine months ended September 30, 2023 included in contract liabilities at the beginning of the period was $90 million and $179 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2023 were $213 million and $380 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and nine months ended September 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 $57.5 billion, of which $2.0 billion and $6.6 billion are expected to be recognized during the remaining three 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 (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 first six months of 2023, revenue for the Canadian Mainline was 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 nine months ended September 30, 2023 is considered variable consideration.
Recognition and Measurement of Revenues
Three months ended September 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
— — 38 — 38 
Revenues from products and services transferred over time1
2,921 1,412 721 79 5,133 
Total revenue from contracts with customers
2,921 1,412 759 79 5,171 
Three months ended September 30, 2022Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers3,020 1,355 905 68 5,348 
Nine months ended September 30, 2023Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time— — 105 — 105 
Revenues from products and services transferred over time1
8,991 4,294 4,366 220 17,871 
Total revenue from contracts with customers8,991 4,294 4,471 220 17,976 
Nine months ended September 30, 2022Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers8,385 3,937 4,476 211 17,009 
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.