PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]


	Weighted Average
December 31,	Depreciation Rate		2023	2022
(millions of Canadian dollars)
Pipelines	2.9	%	66,698	66,528
Facilities and equipment	3.1	%	37,634	37,028
Land and right-of-way1	2.3	%	3,600	3,637
Gas mains, services and other	2.6	%	15,346	14,491
Storage	2.5	%	4,929	3,477
Wind turbines, solar panels and other	4.1	%	4,511	4,912
Other	10.1	%	1,652	1,611
Under construction	—	%	2,829	2,316
Total property, plant and equipment			137,199	134,000
Total accumulated depreciation			(32,558)	(29,540)
Property, plant and equipment, net			104,641	104,460

1The measurement of weighted average depreciation rate excludes non-depreciable assets.

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $4.0 billion, $3.8 billion and $3.5 billion, respectively.

IMPAIRMENT

Chapman Ranch Wind Farm

Chapman Ranch Wind Farm (Chapman Ranch) is experiencing financial challenges associated with the original equipment integrity. As a result, we have recognized an impairment loss of $251 million for the year ended December 31, 2023, which is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Renewable Power Generation segment.

Magic Valley Wind Farm

In 2022, Magic Valley Wind Farm (Magic Valley) had commercial challenges caused by electricity transmission congestion and a negative price differential arising from higher transmission costs resulting in a lower electricity sale price. As a result, we recognized an impairment loss of $227 million for the year ended December 31, 2022, which is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Renewable Power Generation segment.

Bakken Pipeline System

For the year ended December 31, 2022, we recognized an impairment loss of $183 million on the US and Canadian components of the interstate pipeline transportation system within the North Dakota System of our Bakken Pipeline System in connection with the expiration of certain long-term take-or-pay contracts in 2023. This loss is included in Impairment of long-lived assets in the Consolidated Statements of Earnings and is part of our Liquids Pipelines segment.

Impairment charges were based on the amount by which the carrying value of the assets exceeded fair value, determined using expected discounted future cash flows.