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financing costs (Tables)

6 Months Ended

Jun. 30, 2025

financing costs

Schedule of financing costs


		Three months						Six months
Periods ended June 30 (millions)		2025			2024			2025			2024
Interest expense
From transactions that only involve the raising of finance
Long-term debt, excluding lease liabilities and other (secured)
Gross		$	306		$	294		$	590		$	589
Capitalized ¹(Note 17, 18(a))			—			(4)			(9)			(4)
Net			306			290			581			585

Short-term borrowings and other			12			9			29			10
			318			299			610			595
From transactions that do not only involve the raising of finance
Long-term debt – lease liabilities (Note 19, 26(i))			42			40			83			80
Long-term debt – other (secured) (Note 26(h))			8			4			14			6
Employee defined benefit plans net interest (Note 15)			3			2			6			4
Accretion on provisions (Note 25)			7			7			14			15
			60			53			117			105
			378			352			727			700
Other
Foreign exchange			12			3			12			(6)
Unrealized changes in virtual power purchase agreements forward element (Note 2(a))			—			37			—			103
			390			392			739			797
Interest income			(17)			(10)			(22)			(21)
		$	373		$	382		$	717		$	776


Net interest cost (Note 3)								$	720		$	673
Interest expense on long-term debt, excluding lease liabilities and other – capitalized ¹									(9)			(4)
Employee defined benefit plans net interest									6			4
Unrealized changes in virtual power purchase agreements forward element									—			103
								$	717		$	776

1	Interest on long-term debt, excluding lease liabilities, at a composite rate of 5.3% (2024 – 3.1%) was capitalized to property, plant and equipment assets under construction and to intangible assets with indefinite lives during the period.