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REVENUE
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Three months ended
June 30, 2024		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations and OtherConsolidated
(millions of Canadian dollars)      
Transportation revenue2,986 1,290 469 — — 4,745 
Storage and other revenue65 135 127 — — 327 
Gas distribution revenue— — 773 — — 773 
Electricity revenue— — — 44 — 44 
Commodity sales
— 38 — — — 38 
Total revenue from contracts with customers
3,051 1,463 1,369 44 — 5,927 
Commodity sales5,036 11 — — 206 5,253 
Other revenue1,2
71 13 13 59 — 156 
Intersegment revenue— 5 2 3 (10)— 
Total revenue8,158 1,492 1,384 106 196 11,336 

Three months ended
June 30, 2023		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations 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 sales4,404 — — — 275 4,679 
Other revenue1,2
79 7 (1)76 — 161 
Intersegment revenue— — 1 (1)— — 
Total revenue7,547 1,410 1,050 150 275 10,432 
Six months ended
June 30, 2024		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power Generation Eliminations and OtherConsolidated
(millions of Canadian dollars)      
Transportation revenue6,010 2,631 820 — — 9,461 
Storage and other revenue127 273 226 — — 626 
Gas distribution revenue— — 2,439 — — 2,439 
Electricity revenue— — — 101 — 101 
Commodity sales
— 78 — — — 78 
Total revenue from contracts with customers
6,137 2,982 3,485 101 — 12,705 
Commodity sales8,769 52 — — 537 9,358 
Other revenue1,2
134 19 26 132 — 311 
Intersegment revenue— 11 4 4 (19)— 
Total revenue15,040 3,064 3,515 237 518 22,374 
Six months ended
June 30, 2023		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations 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 sales8,666 — — — 796 9,462 
Other revenue1,2
109 18 (41)154 — 240 
Intersegment revenue— 1 4 (1)(4)— 
Total revenue14,845 2,901 3,675 294 792 22,507 
1Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2024 were a net $17 million loss (2023 - $3 million gain) and for the six months ended June 30, 2024 were a net $39 million loss (2023 - $52 million loss).
2Includes revenues from lease contracts for the three months ended June 30, 2024 and 2023 of $142 million and $136 million, respectively, and for the six months ended June 30, 2024 and 2023 of $282 million and $280 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, 20242,190 333 2,620 
Balance as at December 31, 20232,802 400 2,591 

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, 2024 included in contract liabilities at the beginning of the period were $82 million and $233 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2024 were $149 million and $266 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and six months ended June 30, 2024 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 $59.7 billion, of which $4.1 billion and $8.2 billion are expected to be recognized during the remaining six months ending December 31, 2024 and the year ending December 31, 2025, 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.

Mainline Tolling Agreement
On March 4, 2024, the Canada Energy Regulator (CER) approved the negotiated Mainline tolling settlement. The new tolls are finalized and were in effect on an interim basis on July 1, 2023, and the overall agreement is retroactively effective as of July 1, 2021.
Recognition and Measurement of Revenues
Three months ended June 30, 2024Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power Generation Consolidated
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— 38 33 — 71 
Revenues from products and services transferred over time1
3,051 1,425 1,336 44 5,856 
Total revenue from contracts with customers
3,051 1,463 1,369 44 5,927 
Three months ended June 30, 2023Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers3,064 1,403 1,050 75 5,592 
Six months ended June 30, 2024Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationConsolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time— 78 62 — 140 
Revenues from products and services transferred over time1
6,137 2,904 3,423 101 12,565 
Total revenue from contracts with customers6,137 2,982 3,485 101 12,705 
Six months ended June 30, 2023Liquids PipelinesGas TransmissionGas 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 
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.