EQUITY INVESTMENTS

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

EQUITY INVESTMENTS

EQUITY INVESTMENTS

(millions of Canadian $)	Ownership   Interest at   December 31, 2015		Income / (Loss) from Equity Investments				Equity Investments
			year ended December 31				at December 31
			2015		2014	2013	2015	2014
Natural Gas Pipelines
Northern Border1,2			85		76	66	664	587
Iroquois	44.5	%	51		43	41	238	210
TQM	50.0	%	12		12	13	72	73
Other	Various		31		32	25	73	68
Liquids Pipelines
Grand Rapids	50.0	%	—		—	—	542	240
Canaport Energy East Marine Terminal	50.0	%	—		—	—	16	—
Energy
Bruce Power3,4	48.5	%	249		314	310	4,200	3,995
ASTC Power Partnership	50.0	%	(23	)	8	110	21	29
Portlands Energy	50.0	%	30		36	31	321	335
Other	Various		5		1	1	67	61
			440		522	597	6,214	5,598

¹  The results reflect a 50.0 per cent interest in Northern Border as a result of the Company fully consolidating TC PipeLines, LP. At December 31, 2015, TCPL had an ownership interest in TC PipeLines, LP of 28.0 per cent (2014 – 28.3 and 2013 – 28.9 per cent) and its effective ownership of Northern Border, net of non-controlling interests, was 14.0 per cent (2014 – 14.2 and 2013 – 14.5 per cent).

²  At December 31, 2015, the difference between the carrying value of the investment and the underlying equity in the net assets of Northern Border Pipeline Company is US$117 million (2014 – US$117 million) due to the fair value assessment of assets at the time of acquisition.

³  As a result of TCPL's increased ownership in Bruce Power L.P. (Bruce B) and the merger of Bruce Power A L.P. (Bruce A) and Bruce B (to form Bruce Power) in December 2015, TCPL has an ownership interest in Bruce Power of 48.5 per cent. Prior to the acquisition and merger, TCPL applied equity accounting to its 48.9 per cent ownership interest in Bruce A and 31.6 per cent ownership interest in Bruce B. TCPL continues to apply equity accounting to Bruce Power. Refer to Note 25 for further information.

⁴  At December 31, 2015, the difference between the carrying value of the investment and the underlying equity in the net assets of Bruce Power is $973 million (2014 – $776 million) due to the fair value assessment of assets at the time of acquisitions.

Distributions received from equity investments for the year ended December 31, 2015 were $802 million (2014 – $738 million; 2013 – $733 million) of which $226 million (2014 – $159 million; 2013 – $128 million) were returns of capital and are included in Investing activities in the Consolidated statement of cash flows. The undistributed earnings from equity investments as at December 31, 2015 were $198 million (2014 – $551 million; 2013 – $754 million).

Contributions made to equity investments for the year ended December 31, 2015 were $493 million (2014 – $256 million; 2013 –$163 million) and are included in Equity investments in the Consolidated statement of cash flows.

Summarized Financial Information of Equity Investments

year ended December 31	2015		2014		2013
(millions of Canadian $)
Income
Revenues	4,337		4,814		4,989
Operating and other expenses	(3,254	)	(3,489	)	(3,536	)
Net income	1,046		1,264		1,390
Net income attributable to TCPL	440		522		597

at December 31	2015		2014
(millions of Canadian $)
Balance Sheet
Current assets	1,530		1,412
Non-current assets	13,190		12,260
Current liabilities	(1,370	)	(1,067	)
Non-current liabilities	(3,116	)	(3,255	)