CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Operating activities
Earnings		$ 2,490	$ 1,565
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization		1,408	1,193
Deferred income tax expense		304	134
Unrealized derivative fair value loss/(gain), net (Note 9)		(92)	693
Income from equity investments		(729)	(696)
Distributions from equity investments		557	556
Other		14	6
Changes in operating assets and liabilities		(899)	(300)
Net cash provided by operating activities		3,053	3,151
Investing activities
Capital expenditures		(1,723)	(1,185)
Long-term, restricted and other investments		(304)	(411)
Distributions from equity investments in excess of cumulative earnings		184	266
Additions to intangible assets		(60)	(42)
Acquisitions		0	(6,397)
Proceeds from disposition of equity investments		130	0
Other		(16)	(23)
Net cash used in investing activities		(1,789)	(7,792)
Financing activities
Net change in short-term borrowings		330	(65)
Net change in commercial paper and credit facility draws		967	5,828
Debenture and term note issues, net of issue costs		2,777	0
Debenture and term note repayments		(2,742)	(3,781)
Contributions from noncontrolling interests		5	2
Distributions to noncontrolling interests		(100)	(78)
Common shares issued, net of issue costs		5	0
Preference share dividends		(102)	(93)
Common share dividends		(2,054)	(1,945)
Net change in affiliate loans		0	14
Other		(36)	(2)
Net cash used in financing activities		(950)	(120)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash		8	161
Net change in cash and cash equivalents and restricted cash		322	(4,600)
Cash and cash equivalents and restricted cash at beginning of period	[1]	2,000	5,985
Cash and cash equivalents and restricted cash at end of period	[1]	$ 2,322	$ 1,385

[1] As at March 31, 2025 and December 31, 2024, long-term restricted cash of $109 million (March 31, 2024 - nil) and $105 million (December 31, 2023 - nil), respectively, was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.