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REVENUE
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Three months ended
September 30, 2024		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations and OtherConsolidated
(millions of Canadian dollars)      
Transportation revenue2,906 1,264 447 — — 4,617 
Storage and other revenue65 143 125 — — 333 
Gas distribution revenue— — 710 — — 710 
Electricity revenue— — — 36 — 36 
Commodity sales
— 37 — — — 37 
Total revenue from contracts with customers
2,971 1,444 1,282 36 — 5,733 
Commodity sales8,725 10 — — 214 8,949 
Other revenue1,2
79 27 (2)96 — 200 
Intersegment revenue— 5 1 1 (7)— 
Total revenue11,775 1,486 1,281 133 207 14,882 

Three months ended
September 30, 2023		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations 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 sales4,373 — — — 279 4,652 
Other revenue1,2
61 11 (9)(42)— 21 
Intersegment revenue— — 1 3 (4)— 
Total revenue7,355 1,423 751 40 275 9,844 
Nine months ended
September 30, 2024		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power Generation Eliminations and OtherConsolidated
(millions of Canadian dollars)      
Transportation revenue8,916 3,895 1,267 — — 14,078 
Storage and other revenue192 416 351 — — 959 
Gas distribution revenue— — 3,149 — — 3,149 
Electricity revenue— — — 137 — 137 
Commodity sales
— 115 — — — 115 
Total revenue from contracts with customers
9,108 4,426 4,767 137 — 18,438 
Commodity sales17,494 62 — — 751 18,307 
Other revenue1,2
213 46 24 228 — 511 
Intersegment revenue— 16 5 5 (26)— 
Total revenue26,815 4,550 4,796 370 725 37,256 
Nine months ended
September 30, 2023		Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationEliminations 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 sales13,039 — — — 1,075 14,114 
Other revenue1,2
170 29 (50)112 — 261 
Intersegment revenue— 1 5 2 (8)— 
Total revenue22,200 4,324 4,426 334 1,067 32,351 
1Includes realized and unrealized gains and losses from our hedging program which for the three months ended September 30, 2024 were a net $54 million gain (2023 - $97 million loss) and for the nine months ended September 30, 2024 were a net $15 million gain (2023 - $149 million loss).
2Includes revenues from lease contracts for the three months ended September 30, 2024 and 2023 of $125 million and $107 million, respectively, and for the nine months ended September 30, 2024 and 2023 of $407 million and $387 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, 20242,563 325 2,738 
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 nine months ended September 30, 2024 included in contract liabilities at the beginning of the period were $62 million and $295 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2024 were $201 million and $467 million, respectively.

Performance Obligations
There were no material revenues recognized in the three and nine months ended September 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 $57.7 billion, of which $2.1 billion and $8.4 billion are expected to be recognized during the remaining three 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 through to the end of 2028.
Recognition and Measurement of Revenues
Three months ended September 30, 2024Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power Generation Consolidated
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— 37 31 — 68 
Revenues from products and services transferred over time1
2,971 1,407 1,251 36 5,665 
Total revenue from contracts with customers
2,971 1,444 1,282 36 5,733 
Three months ended September 30, 2023Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationConsolidated
(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 customers2,921 1,412 759 79 5,171 
Nine months ended September 30, 2024Liquids PipelinesGas TransmissionGas Distribution and StorageRenewable Power GenerationConsolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time— 115 93 — 208 
Revenues from products and services transferred over time1
9,108 4,311 4,674 137 18,230 
Total revenue from contracts with customers9,108 4,426 4,767 137 18,438 
Nine months ended September 30, 2023Liquids PipelinesGas TransmissionGas 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 
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.