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DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
December 31,
Weighted Average Interest Rate10
Maturity20232022
(millions of Canadian dollars)    
Enbridge Inc.    
US dollar senior notes4.6 %2024 - 205314,636 12,060 
Medium-term notes4.5 %2024 - 20648,598 8,223 
Sustainability-linked bonds4.7 %2032 - 20336,751 3,355 
Fixed-to-fixed subordinated term notes1
7.5 %2080 - 20847,156 3,596 
Fixed-to-floating rate subordinated term notes2
5.8 %2077 - 20785,828 6,736 
Floating rate notes3
2024791 1,491 
Fixed-to-floating non-call notes6.0 %2026923 — 
Commercial paper and credit facility draws4.7 %2024 - 20283,177 7,984 
Other4
17 15 
Enbridge (U.S.) Inc.
Commercial paper and credit facility draws5.6 %2025 - 2028670 4,199 
Other4
263 7 
Enbridge Energy Partners, L.P.
Senior notes6.5 %2025 - 20453,231 3,320 
Enbridge Gas Inc.
Medium-term notes4.2 %2024 - 205310,185 9,535 
Debentures9.1 %2024 - 2025210 210 
Commercial paper and credit facility draws5.2 %2025400 2,000 
Other4
2 1 
Enbridge Pipelines (Southern Lights) L.L.C.
Senior notes4.0 %2040791 921 
Enbridge Pipelines Inc.
Medium-term notes5
4.3 %2024 - 20535,425 5,425 
Debentures8.2 %2024200 200 
Commercial paper and credit facility draws5.4 %2025449 312 
Other4
4 — 
Enbridge Southern Lights LP
Senior notes4.0 %2040214 222 
Spectra Energy Capital, LLC
Senior notes
7.0 %2032 - 2038228 234 
Algonquin Gas Transmission, LLC
Senior notes3.3 %2024 - 20291,121 1,152 
East Tennessee Natural Gas, LLC
Senior notes3.1 %2024251 258 
Texas Eastern Transmission, LP
Senior notes4.7 %2028 - 20483,362 3,455 
Spectra Energy Partners, LP
Senior notes4.3 %2024 - 20454,220 4,336 
Tri Global Energy, LLC
Senior notes— 18 
Blauracke GmbH6
Senior notes2.1 %2032521 — 
Westcoast Energy Inc.
Medium-term notes4.9 %2024 - 20411,225 1,225 
Debentures 8.1 %2025 - 2026275 275 
Fair value adjustment514 608 
Other7
(439)(393)
Total debt8
  81,199 80,980 
Current maturities  (6,084)(6,045)
Short-term borrowings9
  (400)(1,996)
Long-term debt  74,715 72,939 
1For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, during each reset period the interest rate will be reset to equal to the Five-Year US Treasury rate or Five-Year Government of Canada bond yield plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
2For an initial five or 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal to the Canadian Dollar Offered Rate or the Secured Overnight Financing Rate (SOFR) plus a margin. The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
3The notes carry an interest rate equal to SOFR plus a margin of 40 basis points and SOFR plus a margin of 63 basis points.
4Primarily finance lease obligations.
5Included in medium-term notes is $100 million with a maturity date of 2112.
6In November 2023, as a part of the acquisition of an additional 49% interest in ERII, we assumed debt of $524 million (€358 million). As at December 31, 2023 $61 million (€42 million) and $460 million (€316 million) are recorded within Current portion of long-term debt and Long-term debt, respectively, on the Consolidated Statements of Financial Position. Refer to Note 13 - Long-Term Investments for further details on the transaction.
7Primarily unamortized discounts, premiums and debt issuance costs.
82023 - $37 billion, US$33 billion and €359 million; 2022 - $38 billion, US$31 billion and nil. Totals exclude capital lease obligations, unamortized discounts, premiums and debt issuance costs and fair value adjustment.
9Weighted average interest rates on outstanding commercial paper were 5.2% as at December 31, 2023 (2022 - 4.5%).
10 Calculated based on term notes, debentures, commercial paper and credit facility draws outstanding as at December 31, 2023.
Schedule of Committed Credit Facilities
The following table provides details of our committed credit facilities as at December 31, 2023:
Maturity1
Total Facilities
Draws2
Available
(millions of Canadian dollars)    
Enbridge Inc.2024-20288,876 3,177 5,699 
Enbridge (U.S.) Inc.2025-20288,373 670 7,703 
Enbridge Pipelines Inc.20252,000 449 1,551 
Enbridge Gas Inc.20252,500 400 2,100 
Total committed credit facilities 21,749 4,696 17,053 
1Maturity date is inclusive of the one-year term out option for certain credit facilities.
2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.
Schedule of Long-term Debt Issuances
During the year ended December 31, 2023, we completed the following long-term debt issuances totaling US$8.5 billion and $3.9 billion:
CompanyIssue DatePrincipal Amount
(millions of Canadian dollars unless otherwise stated) 
Enbridge Inc.
March 20235.70%
sustainability-linked senior notes due March 20331
US$2,300
March 20235.97%
senior notes due March 20262
US$700
May 20234.90%medium-term notes due May 2028$600
May 20235.36%
sustainability-linked medium-term notes due May 20333
$400
May 20235.76%medium-term notes due May 2053$500
September 20238.50%
fixed-to-fixed subordinated notes due January 20844
US$1,250
September 20238.25%
fixed-to-fixed subordinated notes due January 20845
US$750
September 20238.75%
fixed-to-fixed subordinated notes due January 20846
$700
September 20238.50%
fixed-to-fixed subordinated notes due January 20847
$300
November 20235.90%senior notes due November 2026US$750
November 20236.00%senior notes due November 2028US$750
November 20236.20%senior notes due November 2030US$750
November 20236.70%senior notes due November 2053US$1,250
Enbridge Gas Inc.
October 20235.46%medium-term notes due October 2028$250
October 20235.70%medium-term notes due October 2033$400
October 20235.67%medium-term notes due October 2053$350
Enbridge Pipelines Inc.
August 20235.82%medium-term notes due August 2053$350
1The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on September 8, 2031, the interest rate will be set to equal 5.70% plus 50 basis points.
2We have the option to call the notes at par after one year from issuance. Refer to Note 23 - Risk Management and Financial Instruments.
3The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on November 26, 2031, the interest rate will be set to equal 5.36% plus 50 basis points.
4For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.43%. Subsequent to year 10, every five years, the Five-year US treasury rate is reset. At year 30, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 5.18%.
5For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 3.79%. At year 10, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 4.04%. Subsequent to year 10, every five years, the Five-Year US Treasury rate is reset. At year 25, the interest rate will be reset to equal to the Five-Year US Treasury rate plus a margin of 4.79%.
6For the initial 10 years, the notes carry a fixed interest rate. At year 10, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 4.96%. Subsequent to year 10, every five years, the Government of Canada bond yield rate is reset. At year 30, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 5.71%.
7For the initial five years, the notes carry a fixed interest rate. At year five, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 4.30%. At year 10, the interest rate will be reset to equal the Five-Year Government of Canada bond yield plus a margin of 4.55%. Subsequent to year 10, every five years, the Five-Year Government of Canada bond yield is reset. At year 25, the interest rate will be reset to equal to the Five-Year Government of Canada bond yield plus a margin of 5.30%.
Schedule of Long-Term Debt Repayments
During the year ended December 31, 2023, we completed the following long-term debt repayments totaling $1.4 billion and US$2.5 billion, respectively:
CompanyRepayment DatePrincipal Amount
(millions of Canadian dollars, unless otherwise stated)
Enbridge Inc.
January 20233.94%medium-term notes$275
February 2023
Floating rate notes1
US$500
April 20236.38%
fixed-to-floating rate subordinated notes2
US$600
June 20233.94%medium-term notes$450
October 20234.00%senior notesUS$800
October 20230.55%senior notesUS$500
Enbridge Gas Inc.
July 20236.05%medium-term notes$100
July 20233.79 %medium-term notes$250
Enbridge Pipelines (Southern Lights) L.L.C.
June and December 20233.98%senior notesUS$80
Enbridge Pipelines Inc.
August 20233.79%medium-term notes$250
November 20236.35%medium-term notes$100
Enbridge Southern Lights LP
June 20234.01%senior notes$9
Tri Global Energy, LLC
January 202310.00%senior notesUS$4
January 202314.00%senior notesUS$9
1Notes carried an interest rate set to equal the SOFR plus a margin of 40 basis points.
2The five-year callable notes, with an original maturity date of April 2078, were all redeemed at par.
Schedule of Maturities
As at December 31, 2023, we have commitments as detailed below:
Total
Less
than
1 year
2 years3 years4 years5 yearsThereafter
(millions of Canadian dollars)       
Annual debt maturities1
80,438 6,067 6,405 5,630 3,377 5,307 53,652 
1Includes debentures, term notes, commercial paper and credit facility draws based on the facility's maturity date and excludes short-term borrowings, debt discounts, debt issuance costs, finance lease obligations and fair value adjustment. We have the ability under certain debt facilities to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above.
Schedule of Interest Expense
INTEREST EXPENSE
Year ended December 31,202320222021
(millions of Canadian dollars)   
Debentures and term notes3,439 2,910 2,806 
Commercial paper and credit facility draws519 388 114 
Amortization of fair value adjustment(45)(45)(50)
Capitalized interest(101)(74)(215)
 3,812 3,179 2,655