EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments

(millions of Canadian $)	Ownership   Interest at   December 31, 2019		Income/(Loss) from Equity Investments					Equity Investments
			year ended December 31					at December 31
			2019	2018		2017		2019	2018
Canadian Natural Gas Pipelines
TQM	50.0	%	12	12		11		79	71
U.S. Natural Gas Pipelines
Northern Border1	50.0	%	91	87		87		549	677
Millennium	47.5	%	92	75		66		496	511
Iroquois2	50.0	%	54	60		59		241	291
Pennant Midstream3	nil		12	17		11		—	256
Other	Various		15	17		17		112	113
Mexico Natural Gas Pipelines
Sur de Texas4	60.0	%	3	27		66		600	627
TransGas	nil		—	—		(12	)	—	—
Liquids Pipelines
Grand Rapids5	50.0	%	56	65		17		1,028	1,028
Northern Courier6	15.0	%	14	—		—		62	—
Other7	Various		—	(1	)	(20	)	19	21
Power and Storage
Bruce Power8	48.4	%	527	311		434		3,256	3,166
Portlands Energy Centre9	50.0	%	35	36		31		—	289
TransCanada Turbines	50.0	%	9	8		6		64	63
			920	714		773		6,506	7,113

1 At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Northern Border Pipeline Company was US$116 million (2018 – US$115 million) due mainly to the fair value assessment of assets at the time of acquisition.

2 At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Iroquois was US$40 million (2018 – US$41 million) due mainly to the fair value assessment of the assets at the time of acquisitions.

3 On August 1, 2019, TC Energy completed the sale of certain Columbia midstream assets, including the Company's investment in Pennant Midstream, to a third party. Refer to Note 27, Acquisitions and dispositions, for additional information.

4 TC Energy has a 60 per cent ownership interest in Sur de Texas which, as a jointly controlled entity, applies the equity method of accounting. Income from equity investments recorded in the Corporate segment reflects the Company's proportionate share of Sur de Texas foreign exchange gains and losses on the peso-denominated loans from affiliates which are fully offset in Interest income and other in the Consolidated statement of income. Sur de Texas was placed into service in September 2019.

5 At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Grand Rapids was $101 million (2018 – $102 million) due mainly to interest capitalized during construction and the fair value of guarantees. Grand Rapids was placed in service in August 2017.

6 On July 17, 2019, TC Energy completed the sale of an 85 per cent equity interest in Northern Courier, and it now applies the equity method to account for its 15 per cent retained equity interest in the jointly controlled entity. Refer to Note 27, Acquisitions and dispositions, for additional information.

At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Northern Courier was $62 million due mainly to the fair value of guarantees and the fair value assessment of assets at the time of partial monetization.

7 Includes investments in HoustonLink Pipeline Company LLC and Canaport Energy East Marine Terminal Limited Partnership. At December 31, 2019 and 2018, the Canaport Energy East Marine Terminal Limited Partnership investment was nil.

8 At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Bruce Power was $829 million (2018 – $870 million) due mainly to capitalized interest and the fair value assessment of assets at the time of acquisitions.

9 Investment in Portlands Energy Centre was reclassed to Assets held for sale following an agreement effective July 30, 2019 to sell the investment to a third party. Refer to Note 6, Assets held for sale, for additional information. At December 31, 2019, the difference between the carrying value of the investment and the underlying equity in the net assets of Portlands Energy Centre was $76 million (2018 – $73 million) due mainly to capitalized interest.

Summarized Financial Information of Equity Investments

Summarized Financial Information of Equity Investments

year ended December 31	2019		2018		2017
(millions of Canadian $)
Income
Revenues	5,693		4,836		4,913
Operating and other expenses	(3,408	)	(3,545	)	(2,993	)
Net income	1,990		1,515		1,636
Net income attributable to TC Energy	920		714		773

at December 31	2019		2018
(millions of Canadian $)
Balance Sheet
Current assets	2,305		2,209
Non-current assets	21,865		20,647
Current liabilities	(2,060	)	(2,049	)
Non-current liabilities	(11,461	)	(9,042	)