ENBRIDGE INC New Standards Disclosure

ADOPTION OF NEW ACCOUNTING STANDARDS

Income Tax Disclosures

Effective January 1, 2025, we adopted Accounting Standards Update (ASU) 2023-09 on a retrospective basis beginning on January 1, 2023. The standard was issued in December 2023 to improve tax disclosures by requiring specified categories in the annual rate reconciliation that meet quantitative thresholds and further disaggregation on income taxes paid by jurisdiction. Upon adoption of the ASU, we have amended the presentation of Note 24 - Income Taxes to align with the new standard.

FUTURE ACCOUNTING POLICY CHANGES

Disaggregation of Income Statement Expenses

ASU 2024-03 was issued in November 2024 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU requires entities to disclose 1) the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, (e) depreciation, depletion and amortization recognized as part of oil and gas producing activities, (f) expense reimbursements included in a relevant expense caption, and (g) selling expenses, and 2) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective January 1, 2027, with interim period disclosure requirements effective after January 1, 2028 and can be applied either prospectively or retrospectively. The additional note disclosures will be included in our December 31, 2027 annual consolidated financial statements and in our interim financial statements beginning in 2028.