REVENUE (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Major Products and Services

Major Products and Services

Three months ended June 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage			Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		2,895		1,349		65			—		—			4,309
Storage and other revenue		75		162		152			—		—			389
Gas distribution sales		—		—		1,745			—		—			1,745
Electricity revenue		—		—		—			52		—			52
Commodity sales		—		28		—			—		—			28
Total revenue from contracts with customers		2,970		1,539		1,962			52		—			6,523
Commodity sales		7,787		29		—			—		280			8,096
Other revenue1,2		80		32		55			90		—			257
Intersegment revenue		—		4		(1	)		3		(6	)		—
Total revenue		10,837		1,604		2,016			145		274			14,876

Three months ended June 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		2,986		1,290		42		—		—			4,318
Storage and other revenue		65		135		127		—		—			327
Gas distribution sales3		—		—		1,200		—		—			1,200
Electricity revenue		—		—		—		44		—			44
Commodity sales		—		38		—		—		—			38
Total revenue from contracts with customers		3,051		1,463		1,369		44		—			5,927
Commodity sales		5,036		11		—		—		206			5,253
Other revenue1,2		71		13		13		59		—			156
Intersegment revenue		—		5		2		3		(10	)		—
Total revenue		8,158		1,492		1,384		106		196			11,336

Six months ended June 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		6,000		2,829		155		—		—			8,984
Storage and other revenue		143		335		309		—		—			787
Gas distribution sales		—		—		5,415		—		—			5,415
Electricity revenue		—		—		—		94		—			94
Commodity sales		—		52		—		—		—			52
Total revenue from contracts with customers		6,143		3,216		5,879		94		—			15,332
Commodity sales		16,721		66		—		—		834			17,621
Other revenue1,2		157		25		76		167		—			425
Intersegment revenue		—		12		17		4		(33	)		—
Total revenue		23,021		3,319		5,972		265		801			33,378

Six months ended June 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		6,010		2,631		135		—		—			8,776
Storage and other revenue		127		273		226		—		—			626
Gas distribution sales3		—		—		3,124		—		—			3,124
Electricity revenue		—		—		—		101		—			101
Commodity sales		—		78		—		—		—			78
Total revenue from contracts with customers		6,137		2,982		3,485		101		—			12,705
Commodity sales		8,769		52		—		—		537			9,358
Other revenue1,2		134		19		26		132		—			311
Intersegment revenue		—		11		4		4		(19	)		—
Total revenue		15,040		3,064		3,515		237		518			22,374

1Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2025 were a net $33 million gain (2024 - $17 million loss) and for the six months ended June 30, 2025 were a net $132 million gain (2024 - $39 million loss).

2Includes revenues from lease contracts for the three months ended June 30, 2025 and 2024 of $141 million and $142 million, respectively, and for the six months ended June 30, 2025 and 2024 of $299 million and $282 million, respectively.

3These balances reflect a transfer from Transportation revenue to Gas distribution sales of $427 million and $685 million for the three and six months ended June 30, 2024, respectively.

Recognition and Measurement of Revenues

Three months ended June 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		28		31		—		59
Revenues from products and services transferred over time1		2,970		1,511		1,931		52		6,464
Total revenue from contracts with customers		2,970		1,539		1,962		52		6,523

Three months ended June 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable 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

Six months ended June 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		52		67		—		119
Revenues from products and services transferred over time1		6,143		3,164		5,812		94		15,213
Total revenue from contracts with customers		6,143		3,216		5,879		94		15,332

Six months ended June 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(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 customers		6,137		2,982		3,485		101		12,705

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 Balances

	Contract Receivables		Contract Assets		Contract Liabilities
(millions of Canadian dollars)
Balance as at June 30, 2025		2,859		302		2,672
Balance as at December 31, 2024		3,764		330		2,828