REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Major Products and Services

Major Products and Services

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other	Consolidated
Year ended December 31, 2024
(millions of Canadian dollars)
Transportation revenue	11,958	5,279	284	—	—	17,521
Storage and other revenue	255	573	509	—	—	1,337
Gas distribution sales	—	—	6,734	—	—	6,734
Electricity and transmission revenue	—	—	—	189	—	189
Commodity sales	—	158	—	—	—	158
Total revenue from contracts with customers	12,213	6,010	7,527	189	—	25,939
Commodity sales	25,689	99	—	—	1,072	26,860
Other revenue1,2	281	70	4	319	—	674
Intersegment revenue	—	20	11	6	(37)	—
Total revenue	38,183	6,199	7,542	514	1,035	53,473

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other	Consolidated
Year ended December 31, 2023
(millions of Canadian dollars)
Transportation revenue3	11,875	5,302	212	—	—	17,389
Storage and other revenue	257	461	355	—	—	1,073
Gas distribution sales3	—	—	5,461	—	—	5,461
Electricity and transmission revenue	—	—	—	259	—	259
Commodity sales	—	17	—	—	—	17
Total revenue from contracts with customers	12,132	5,780	6,028	259	—	24,199
Commodity sales	17,494	—	—	—	1,470	18,964
Other revenue1,2	257	72	(58)	215	—	486
Intersegment revenue	(1)	2	6	3	(10)	—
Total revenue	29,882	5,854	5,976	477	1,460	43,649

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other	Consolidated
Year ended December 31, 2022
(millions of Canadian dollars)
Transportation revenue3	11,283	5,012	198	—	—	16,493
Storage and other revenue	235	350	308	—	—	893
Gas gathering and processing revenue	—	22	—	—	—	22
Gas distribution sales3	—	—	6,227	—	—	6,227
Electricity and transmission revenue	—	—	—	281	—	281
Total revenue from contracts with customers	11,518	5,384	6,733	281	—	23,916
Commodity sales	25,740	—	—	—	3,410	29,150
Other revenue1,2	(81)	39	(20)	305	—	243
Intersegment revenue	(3)	3	16	(4)	(12)	—
Total revenue	37,174	5,426	6,729	582	3,398	53,309

1Includes realized and unrealized gains and losses from our hedging program which were a net gain of $23 million and losses of $97 million and $431 million for the years ended December 31, 2024, 2023 and 2022, respectively.

2Includes revenues from lease contracts. Refer to Note 26 - Leases.

3These balances reflect a transfer from Transportation revenue to Gas distribution sales of $602 million and $584 million for the years ended December 31, 2023 and 2022, respectively.

Recognition and Measurement of Revenue

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Consolidated
Year ended December 31, 2024
(millions of Canadian dollars)
Revenue from products transferred at a point in time	—	158	137	—	295
Revenue from products and services transferred over time1	12,213	5,852	7,390	189	25,644
Total revenue from contracts with customers	12,213	6,010	7,527	189	25,939

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Consolidated
Year ended December 31, 2023
(millions of Canadian dollars)
Revenue from products transferred at a point in time	—	17	138	—	155
Revenue from products and services transferred over time1	12,132	5,763	5,890	259	24,044
Total revenue from contracts with customers	12,132	5,780	6,028	259	24,199

	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Consolidated
Year ended December 31, 2022
(millions of Canadian dollars)
Revenue from products transferred at a point in time	—	—	127	—	127
Revenue from products and services transferred over time1	11,518	5,384	6,606	281	23,789
Total revenue from contracts with customers	11,518	5,384	6,733	281	23,916

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.

Schedule of Contract Balances

	Contract Receivables	Contract Assets	Contract Liabilities
(millions of Canadian dollars)
Balance as at December 31, 2024	3,764	330	2,828
Balance as at December 31, 2023	2,802	400	2,591

Schedule of Performance Obligations

Performance Obligations

Segment	Nature of Performance Obligation
Liquids Pipelines	•Transportation and storage of crude oil and natural gas liquids (NGL)
Gas Transmission	•Transportation, storage, gathering, compression and treating of natural gas
	•Transportation of crude oil and NGL
	•Sale of renewable natural gas and its attached environmental attributes
Gas Distribution and Storage	•Supply and delivery of natural gas
	•Transportation of natural gas
	•Storage of natural gas
Renewable Power Generation	•Generation and transmission of electricity
	•Delivery of electricity from renewable energy generation facilities

Schedule of Revenue Allocated to Remaining Performance Obligations

The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, that is expected to be recognized in the following periods:

	Total	1 year	2-5 years	Thereafter
(billions of Canadian dollars)
Expected revenue	62.6	10.4	25.2	27.0