Enbridge Inc. reported earnings attributable to common shareholders of $7.072 billion for the fiscal year ended December 31, 2025, compared to $5.053 billion in 2024. This increase was significantly influenced by a $1.3 billion non-cash, net unrealized derivative fair value gain, contrasting with a $2.1 billion net unrealized loss in the previous year. The company also benefited from $87 million in equity earnings from its investment in DCP Midstream, LP, due to DCP's gain on disposition from certain pipeline assets. These gains were partially offset by the absence of a $1.1 billion gain on the disposition of interests in the Alliance Pipeline and Aux Sable, an impairment of $330 million of certain rate-regulated assets related to pension and other disallowances, and an impairment loss of $240 million of certain non-core Liquids Pipelines assets.
Excluding these infrequent or non-operating factors, the company's financial performance was driven by several key business developments. Enbridge benefited from a full year of contributions from the US Gas Utilities, positive earnings impact in Enbridge Gas Ontario due to colder weather, higher storage optimization and pricing, and higher distribution margin and customer growth. The Gas Transmission segment also contributed with increased revenue attributable to Algonquin and Texas Eastern rate case settlements, favorable contracting on US Gas Transmission assets, and contributions from the Texas Eastern Venice Extension project. Furthermore, the Mainline System saw higher contributions due to increased demand, higher tolls, and lower power costs.
Operationally, Enbridge added approximately 68,000 new customers across its utility jurisdictions and reached supportive settlements on rate cases in North Carolina and Utah. The company also sanctioned several growth projects, including the Algonquin Gas Transmission Enhancement project and a 40 bcf expansion of the Aitken Creek gas storage facility. In the Renewable Power Generation business, the 130 MW Orange Grove Solar facility was brought into service, and construction advanced on the 815 MW Sequoia Solar project. The company also continued to recycle capital, including the First Nations Partnership investing in the Westcoast natural gas pipeline system for a 12.47% redeemable noncontrolling interest.
Looking ahead, Enbridge's strategic priorities include advancing safety and operational reliability, optimizing existing assets, pursuing organic growth, and exploring lower-carbon investments. The company aims to capitalize on North American electrification trends and is pursuing opportunities to build new natural gas infrastructure and provide renewable energy solutions to customers. Enbridge expects strong utilization of its network and opportunities for growth within each of its businesses, including expanding gas transmission and storage assets to meet LNG export demand and increasing its gas distribution footprint to meet growing natural gas demand. The company's secured capital program is currently valued at $39 billion through 2033. As at December 31, 2025, Enbridge had approximately 14,800 regular employees.
About ENBRIDGE INC
Enbridge Inc. is a North American energy infrastructure company specializing in liquids pipelines, natural gas transmission, gas distribution, and renewable power generation. It transports and exports crude oil, natural gas, and renewable energy across Canada and the US, serving global markets and domestic customers. Its core value lies in reliable, low-risk assets, long-term contracts, and a focus on safety, sustainability, and energy transition support.
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