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financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
financial instruments |
Schedule of financial instruments, accounting classification and the nature of certain risks to which they may be subject | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Risks
​ | ​ | Accounting | ​ | ​ | ​ | ​ | ​ | Market risks (g)
Financial instrument |  | classification |  | Credit (b) |  | Liquidity (c) |  | Currency (d) |  | Interest rate (e) |  | Other price (f)
Measured at amortized cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ | AC 1 |  | X | ​ | ​ |  | X | ​ | ​ | ​ | ​
Contract assets | ​ | AC 1 | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction credit facilities advances to real estate joint venture | ​ | AC 1 | ​ | ​ | ​ | ​ | ​ | ​ |  | X | ​ | ​
Short-term borrowings | ​ | AC 1 | ​ | ​ |  | X |  | X |  | X | ​ | ​
Accounts payable | ​ | AC 1 | ​ | ​ |  | X |  | X | ​ | ​ | ​ | ​
Provisions (including restructuring accounts payable) | ​ | AC 1 | ​ | ​ |  | X |  | X | ​ | ​ |  | X
Long-term debt | ​ | AC 1 | ​ | ​ |  | X |  | X |  | X | ​ | ​
Measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and temporary investments | ​ | FVTPL 2 |  | X | ​ | ​ |  | X |  | X | ​ | ​
Long-term investments (not subject to significant influence) 3 | ​ | FVTPL/FVOCI 3 | ​ | ​ | ​ | ​ |  | X | ​ | ​ |  | X
Foreign exchange derivatives 4 | ​ | FVTPL 2 |  | X |  | X |  | X | ​ | ​ | ​ | ​
Virtual power purchase agreements 4 | ​ | FVTPL 2, 5 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X
​
1 | For accounting recognition and measurement purposes, classified as amortized cost (AC).
2 | For accounting recognition and measurement purposes, classified as fair value through net income (FVTPL). Unrealized changes in the fair values of financial instruments are included in net income unless the instrument is part of a cash flow hedging relationship. The effective portions of unrealized changes in the fair values of financial instruments held for hedging are included in other comprehensive income.
3 | Long-term investments over which we do not have significant influence are measured at fair value if those fair values can be reliably measured. For accounting recognition and measurement purposes, on an investment-by-investment basis, long-term investments are classified as either fair value through net income or fair value through other comprehensive income (FVOCI).
4 | Use of derivative financial instruments is subject to a policy which requires that no derivative transaction is to be entered into for the purpose of establishing a speculative or leveraged position (the corollary being that all derivative transactions are to be entered into for risk management purposes only) and sets criteria for the creditworthiness of the transaction counterparties.
Derivatives that are part of an established and documented cash flow hedging relationship are accounted for as held for hedging. We believe that classification as held for hedging results in a better matching of the change in the fair value of the derivative financial instrument with the risk exposure being hedged. For hedges of anticipated transactions, hedge gains/losses are included with the related expenditure and are expensed when the transaction is recognized in our results of operations. We have selected this method as we believe that it results in a better matching of the hedge gains/losses with the risk exposure being hedged. Derivatives that are not part of a documented cash flow hedging relationship are accounted for as held for trading and thus are measured at fair value through net income.
5 | Accounting classification is subject to future change due to consideration necessary of December 2024 issue of Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7, as set out in Note 2(b).
Schedule of maximum exposure (excluding income tax effects) to credit risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31 (millions) |  | 2024 |  | 2023
Cash and temporary investments, net | ​ | $ | 869 | ​ | $ | 864
Accounts receivable | ​ | ​ | 4,319 | ​ |  | 4,234
Contract assets | ​ | ​ | 790 | ​ |  | 748
Derivative assets | ​ | ​ | 178 | ​ | ​ | 215
​ | ​ | $ | 6,156 | ​ | $ | 6,061
​
Analysis of the age of customer accounts receivable | ​
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Customer accounts receivable, net of allowance for doubtful accounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31 (millions) |  | Note |  | Gross |  | Allowance |  | Net 1
2024 |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Less than 30 days past billing date |  | ​ | ​ | $ | 975 | ​ | $ | (20) | ​ | $ | 955
30-60 days past billing date |  | ​ | ​ | ​ | 504 | ​ | ​ | (18) | ​ | ​ | 486
61-90 days past billing date |  | ​ | ​ | ​ | 147 | ​ | ​ | (20) | ​ | ​ | 127
More than 90 days past billing date |  | ​ | ​ | ​ | 202 | ​ | ​ | (42) | ​ | ​ | 160
Unbilled customer finance receivables | ​ | ​ | ​ | ​ | 1,661 | ​ | ​ | (34) | ​ | ​ | 1,627
​ | ​ | ​ | ​ | $ | 3,489 | ​ | $ | (134) | ​ | $ | 3,355
Current 2 | ​ | 6(b) | ​ | $ | 2,844 | ​ | $ | (119) | ​ | $ | 2,725
Non-current 3 | ​ | 20 | ​ | ​ | 645 | ​ | ​ | (15) | ​ | ​ | 630
​ |  | ​ | ​ | $ | 3,489 | ​ | $ | (134) | ​ | $ | 3,355
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Less than 30 days past billing date |  | ​ | ​ | $ | 1,077 | ​ | $ | (14) | ​ | $ | 1,063
30-60 days past billing date |  | ​ | ​ | ​ | 550 | ​ | ​ | (14) | ​ | ​ | 536
61-90 days past billing date |  | ​ | ​ | ​ | 139 | ​ | ​ | (17) | ​ | ​ | 122
More than 90 days past billing date |  | ​ | ​ | ​ | 193 | ​ | ​ | (36) | ​ | ​ | 157
Unbilled customer finance receivables | ​ | ​ | ​ | ​ | 1,630 | ​ | ​ | (36) | ​ | ​ | 1,594
​ | ​ | ​ | ​ | $ | 3,589 | ​ | $ | (117) | ​ | $ | 3,472
Current 2 | ​ | 6(b) | ​ | $ | 2,938 | ​ | $ | (103) | ​ | $ | 2,835
Non-current 3 | ​ | 20 | ​ | ​ | 651 | ​ | ​ | (14) | ​ | ​ | 637
​ |  | ​ | ​ | $ | 3,589 | ​ | $ | (117) | ​ | $ | 3,472
​ ​
1 | Net amounts represent customer accounts receivable for which an allowance had not been made as at the dates of the Consolidated statements of financial position (see Note 6(b)).
2 | Presented in the Consolidated statements of financial position as Accounts receivable.
3 | Presented in the Consolidated statements of financial position as Other long-term assets.
Summary of activity related to the allowance for doubtful accounts | ​
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Years ended December 31 (millions) |  | 2024 |  | 2023
Balance, beginning of period | ​ | $ | 117 | ​ | $ | 109
Additions (doubtful accounts expense) | ​ |  | 173 | ​ |  | 110
Accounts written off 1 less than recoveries | ​ |  | (160) | ​ |  | (109)
Other | ​ | ​ | 4 | ​ | ​ | 7
Balance, end of period | ​ | $ | 134 | ​ | $ | 117
​
1 | For the year ended December 31, 2024, accounts that were written off but were still subject to enforcement activity totalled $254 (2023 – $180).
Summary of contract assets and related impairment allowance activity | ​
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Contract assets, net of impairment allowance | ​ | ​
As at December 31 (millions) |  | Gross |  | Allowance |  | Net (Note 6(c))
2024 |  | ​ |  |  | ​ |  |  | ​ |
To be billed and thus reclassified to accounts receivable during: |  | ​ |  |  | ​ |  |  | ​ |
The 12-month period ending one year hence | ​ | $ | 634 | ​ | $ | (20) | ​ | $ | 614
The 12-month period ending two years hence | ​ |  | 287 | ​ |  | (9) | ​ |  | 278
Thereafter | ​ |  | 48 | ​ |  | (1) | ​ |  | 47
​ | ​ | $ | 969 | ​ | $ | (30) | ​ | $ | 939
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 |  | ​ |  |  | ​ |  |  | ​ |
To be billed and thus reclassified to accounts receivable during: |  | ​ |  |  | ​ |  |  | ​ |
The 12-month period ending one year hence | ​ | $ | 616 | ​ | $ | (21) | ​ | $ | 595
The 12-month period ending two years hence | ​ |  | 259 | ​ |  | (9) | ​ |  | 250
Thereafter | ​ |  | 54 | ​ |  | (1) | ​ |  | 53
​ | ​ | $ | 929 | ​ | $ | (31) | ​ | $ | 898
Schedule of contractual maturities of undiscounted financial liabilities, Non-derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-derivative | ​ | Derivative | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Composite long-term debt | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-interest | ​ | ​ | ​ | ​ | debt, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | bearing | ​ | ​ | ​ | ​ | excluding | ​ | ​ | ​ | Currency swap agreement | ​ | Currency swap agreement | ​ | ​ | ​
​ | ​ | financial | ​ | Short-term | ​ | leases 1 | ​ | Leases | ​ | amounts to be exchanged | ​ | amounts to be exchanged 3 | ​ | ​ | ​
As at December 31, 2024 (millions) |  | liabilities |  | borrowings 1 |  | (Note 26) |  | (Note 26) |  | (Receive) 2 |  | Pay |  | (Receive) |  | Pay |  | Total
2025 | ​ | $ | 3,228 | ​ | $ | 40 | ​ | $ | 3,629 | ​ | $ | 837 | ​ | $ | (1,670) | ​ | $ | 1,601 | ​ | $ | (707) | ​ | $ | 685 | ​ | $ | 7,643
2026 | ​ |  | 233 | ​ |  | 40 | ​ |  | 2,544 | ​ | ​ | 700 | ​ | ​ | (234) | ​ | ​ | 207 | ​ |  | — | ​ |  | — | ​ | ​ | 3,490
2027 | ​ |  | 103 | ​ |  | 942 | ​ |  | 2,677 | ​ | ​ | 550 | ​ | ​ | (1,802) | ​ | ​ | 1,654 | ​ |  | — | ​ |  | — | ​ | ​ | 4,124
2028 | ​ |  | 64 | ​ |  | — | ​ |  | 4,234 | ​ | ​ | 349 | ​ | ​ | (617) | ​ | ​ | 585 | ​ |  | — | ​ |  | — | ​ | ​ | 4,615
2029 | ​ |  | 8 | ​ |  | — | ​ |  | 2,141 | ​ | ​ | 249 | ​ | ​ | (125) | ​ | ​ | 116 | ​ |  | — | ​ |  | — | ​ | ​ | 2,389
2030-2034 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | 10,825 | ​ | ​ | 484 | ​ | ​ | (1,808) | ​ | ​ | 1,617 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,127
Thereafter | ​ |  | — | ​ |  | — | ​ |  | 11,902 | ​ | ​ | 408 | ​ | ​ | (2,942) | ​ | ​ | 2,662 | ​ |  | — | ​ |  | — | ​ | ​ | 12,030
Total | ​ | $ | 3,645 | ​ | $ | 1,022 | ​ | $ | 37,952 | ​ | $ | 3,577 | ​ | $ | (9,198) | ​ | $ | 8,442 | ​ | $ | (707) | ​ | $ | 685 | ​ | $ | 45,418
Total (Note 26(i)) | ​ |  |  | ​ | ​ |  | ​ |  | ​ |  |  |  |  |  |  |  | $ | 40,773 | ​ |  |  | ​ |  | ​ | ​ |  |
​
1 | Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates and, if applicable, foreign exchange rates in effect as at December 31, 2024.
2 | The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the foreign exchange rates in effect as at December 31, 2024. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
3 | The amounts included in undiscounted short-term borrowings in respect of U.S. dollar-denominated short-term borrowings, and the corresponding derivative liability amounts, if any, included in the currency swap pay column amounts, have been determined based upon the foreign exchange rates in effect as at December 31, 2024. The derivative liability hedging amounts, if any, for the hedged U.S. dollar-denominated short-term borrowings contractual amounts are included in the currency swap pay column amounts as net cash flows are exchanged pursuant to the currency swap agreements.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-derivative | ​ | Derivative | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Composite long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-interest | ​ | ​ | ​ | ​ | debt, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | bearing | ​ | ​ | ​ | ​ | excluding | ​ | ​ | ​ | Currency swap agreement | ​ | ​ | ​ | ​ | Currency swap agreement | ​ | ​ | ​
​ | ​ | financial | ​ | Short-term | ​ | leases 1 | ​ | Leases | ​ | amounts to be exchanged | ​ | ​ | ​ | ​ | amounts to be exchanged | ​ | ​ | ​
As at December 31, 2023 (millions) |  | liabilities |  | borrowings 1 |  | (Note 26) |  | (Note 26) |  | (Receive) 2 |  | Pay |  | Other |  | (Receive) |  | Pay |  | Total
2024 | ​ | $ | 3,126 | ​ | $ | 111 | ​ | $ | 4,408 | ​ | $ | 685 | ​ | $ | (1,271) | ​ | $ | 1,267 | ​ | $ | — | ​ | $ | (572) | ​ | $ | 578 | ​ | $ | 8,332
2025 | ​ |  | 164 | ​ |  | — | ​ |  | 2,027 | ​ |  | 547 | ​ |  | (219) | ​ |  | 207 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,727
2026 | ​ |  | 93 | ​ |  | — | ​ |  | 2,378 | ​ |  | 416 | ​ |  | (215) | ​ |  | 206 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,879
2027 | ​ |  | 152 | ​ |  | — | ​ |  | 2,383 | ​ |  | 331 | ​ |  | (1,657) | ​ |  | 1,653 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,863
2028 | ​ |  | 43 | ​ |  | — | ​ |  | 3,388 | ​ |  | 202 | ​ |  | (567) | ​ |  | 576 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | 3,642
2029-2033 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,092 | ​ | ​ | 503 | ​ | ​ | (1,702) | ​ | ​ | 1,662 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,555
Thereafter | ​ |  | — | ​ |  | — | ​ |  | 12,018 | ​ |  | 323 | ​ |  | (2,778) | ​ |  | 2,734 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | 12,297
Total | ​ | $ | 3,578 | ​ | $ | 111 | ​ | $ | 36,694 | ​ | $ | 3,007 | ​ | $ | (8,409) | ​ | $ | 8,305 | ​ | $ | 3 | ​ | $ | (572) | ​ | $ | 578 | ​ | $ | 43,295
​ | ​ |  |  | ​ |  |  | ​ |  | Total |  |  |  |  | $ | 39,597 | ​ | ​ | ​ | ​ |  |  | ​ |  | ​ | ​ |  |
​
1 | Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates and, if applicable, foreign exchange rates in effect as at December 31, 2023.
2 | The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the foreign exchange rates in effect as at December 31, 2023. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
Schedule of contractual maturities of undiscounted financial liabilities, Derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-derivative | ​ | Derivative | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Composite long-term debt | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-interest | ​ | ​ | ​ | ​ | debt, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | bearing | ​ | ​ | ​ | ​ | excluding | ​ | ​ | ​ | Currency swap agreement | ​ | Currency swap agreement | ​ | ​ | ​
​ | ​ | financial | ​ | Short-term | ​ | leases 1 | ​ | Leases | ​ | amounts to be exchanged | ​ | amounts to be exchanged 3 | ​ | ​ | ​
As at December 31, 2024 (millions) |  | liabilities |  | borrowings 1 |  | (Note 26) |  | (Note 26) |  | (Receive) 2 |  | Pay |  | (Receive) |  | Pay |  | Total
2025 | ​ | $ | 3,228 | ​ | $ | 40 | ​ | $ | 3,629 | ​ | $ | 837 | ​ | $ | (1,670) | ​ | $ | 1,601 | ​ | $ | (707) | ​ | $ | 685 | ​ | $ | 7,643
2026 | ​ |  | 233 | ​ |  | 40 | ​ |  | 2,544 | ​ | ​ | 700 | ​ | ​ | (234) | ​ | ​ | 207 | ​ |  | — | ​ |  | — | ​ | ​ | 3,490
2027 | ​ |  | 103 | ​ |  | 942 | ​ |  | 2,677 | ​ | ​ | 550 | ​ | ​ | (1,802) | ​ | ​ | 1,654 | ​ |  | — | ​ |  | — | ​ | ​ | 4,124
2028 | ​ |  | 64 | ​ |  | — | ​ |  | 4,234 | ​ | ​ | 349 | ​ | ​ | (617) | ​ | ​ | 585 | ​ |  | — | ​ |  | — | ​ | ​ | 4,615
2029 | ​ |  | 8 | ​ |  | — | ​ |  | 2,141 | ​ | ​ | 249 | ​ | ​ | (125) | ​ | ​ | 116 | ​ |  | — | ​ |  | — | ​ | ​ | 2,389
2030-2034 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | 10,825 | ​ | ​ | 484 | ​ | ​ | (1,808) | ​ | ​ | 1,617 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,127
Thereafter | ​ |  | — | ​ |  | — | ​ |  | 11,902 | ​ | ​ | 408 | ​ | ​ | (2,942) | ​ | ​ | 2,662 | ​ |  | — | ​ |  | — | ​ | ​ | 12,030
Total | ​ | $ | 3,645 | ​ | $ | 1,022 | ​ | $ | 37,952 | ​ | $ | 3,577 | ​ | $ | (9,198) | ​ | $ | 8,442 | ​ | $ | (707) | ​ | $ | 685 | ​ | $ | 45,418
Total (Note 26(i)) | ​ |  |  | ​ | ​ |  | ​ |  | ​ |  |  |  |  |  |  |  | $ | 40,773 | ​ |  |  | ​ |  | ​ | ​ |  |
​
1 | Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates and, if applicable, foreign exchange rates in effect as at December 31, 2024.
2 | The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the foreign exchange rates in effect as at December 31, 2024. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
3 | The amounts included in undiscounted short-term borrowings in respect of U.S. dollar-denominated short-term borrowings, and the corresponding derivative liability amounts, if any, included in the currency swap pay column amounts, have been determined based upon the foreign exchange rates in effect as at December 31, 2024. The derivative liability hedging amounts, if any, for the hedged U.S. dollar-denominated short-term borrowings contractual amounts are included in the currency swap pay column amounts as net cash flows are exchanged pursuant to the currency swap agreements.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-derivative | ​ | Derivative | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Composite long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-interest | ​ | ​ | ​ | ​ | debt, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | bearing | ​ | ​ | ​ | ​ | excluding | ​ | ​ | ​ | Currency swap agreement | ​ | ​ | ​ | ​ | Currency swap agreement | ​ | ​ | ​
​ | ​ | financial | ​ | Short-term | ​ | leases 1 | ​ | Leases | ​ | amounts to be exchanged | ​ | ​ | ​ | ​ | amounts to be exchanged | ​ | ​ | ​
As at December 31, 2023 (millions) |  | liabilities |  | borrowings 1 |  | (Note 26) |  | (Note 26) |  | (Receive) 2 |  | Pay |  | Other |  | (Receive) |  | Pay |  | Total
2024 | ​ | $ | 3,126 | ​ | $ | 111 | ​ | $ | 4,408 | ​ | $ | 685 | ​ | $ | (1,271) | ​ | $ | 1,267 | ​ | $ | — | ​ | $ | (572) | ​ | $ | 578 | ​ | $ | 8,332
2025 | ​ |  | 164 | ​ |  | — | ​ |  | 2,027 | ​ |  | 547 | ​ |  | (219) | ​ |  | 207 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,727
2026 | ​ |  | 93 | ​ |  | — | ​ |  | 2,378 | ​ |  | 416 | ​ |  | (215) | ​ |  | 206 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,879
2027 | ​ |  | 152 | ​ |  | — | ​ |  | 2,383 | ​ |  | 331 | ​ |  | (1,657) | ​ |  | 1,653 | ​ | ​ | 1 | ​ |  | — | ​ |  | — | ​ |  | 2,863
2028 | ​ |  | 43 | ​ |  | — | ​ |  | 3,388 | ​ |  | 202 | ​ |  | (567) | ​ |  | 576 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | 3,642
2029-2033 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,092 | ​ | ​ | 503 | ​ | ​ | (1,702) | ​ | ​ | 1,662 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,555
Thereafter | ​ |  | — | ​ |  | — | ​ |  | 12,018 | ​ |  | 323 | ​ |  | (2,778) | ​ |  | 2,734 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | 12,297
Total | ​ | $ | 3,578 | ​ | $ | 111 | ​ | $ | 36,694 | ​ | $ | 3,007 | ​ | $ | (8,409) | ​ | $ | 8,305 | ​ | $ | 3 | ​ | $ | (572) | ​ | $ | 578 | ​ | $ | 43,295
​ | ​ |  |  | ​ |  |  | ​ |  | Total |  |  |  |  | $ | 39,597 | ​ | ​ | ​ | ​ |  |  | ​ |  | ​ | ​ |  |
​
1 | Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates and, if applicable, foreign exchange rates in effect as at December 31, 2023.
2 | The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the foreign exchange rates in effect as at December 31, 2023. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
Sensitivity analysis of exposure to market risks | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net income | ​ | Other comprehensive income | ​ | Comprehensive income
Years ended December 31 (increase (decrease) in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Reasonably possible changes in market risks 1 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
10% change in C$: US$ exchange rate |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Canadian dollar appreciates | ​ | $ | (7) | ​ | $ | (6) | ​ | $ | 112 | ​ | $ | 110 | ​ | $ | 105 | ​ | $ | 104
Canadian dollar depreciates | ​ | $ | 7 | ​ | $ | 6 | ​ | $ | (112) | ​ | $ | (110) | ​ | $ | (105) | ​ | $ | (104)
10% change in US$: € exchange rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. dollar appreciates | ​ | $ | 13 | ​ | $ | 12 | ​ | $ | (72) | ​ | $ | (68) | ​ | $ | (59) | ​ | $ | (56)
U.S. dollar depreciates | ​ | $ | (13) | ​ | $ | (12) | ​ | $ | 72 | ​ | $ | 68 | ​ | $ | 59 | ​ | $ | 56
25 basis point change in interest rates | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest rates increase | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canadian interest rate | ​ | $ | (6) | ​ | $ | (9) | ​ | $ | 76 | ​ | $ | 79 | ​ | $ | 70 | ​ | $ | 70
U.S. interest rate | ​ | $ | — | ​ | $ | — | ​ | $ | (62) | ​ | $ | (72) | ​ | $ | (62) | ​ | $ | (72)
Combined | ​ | $ | (6) | ​ | $ | (9) | ​ | $ | 14 | ​ | $ | 7 | ​ | $ | 8 | ​ | $ | (2)
Interest rates decrease | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canadian interest rate | ​ | $ | 6 | ​ | $ | 9 | ​ | $ | (79) | ​ | $ | (82) | ​ | $ | (73) | ​ | $ | (73)
U.S. interest rate | ​ | $ | — | ​ | $ | — | ​ | $ | 65 | ​ | $ | 75 | ​ | $ | 65 | ​ | $ | 75
Combined | ​ | $ | 6 | ​ | $ | 9 | ​ | $ | (14) | ​ | $ | (7) | ​ | $ | (8) | ​ | $ | 2
20 basis point change in wind discount | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Wind discount increases | ​ | $ | (24) | ​ | $ | (43) | ​ | $ | — | ​ | $ | — | ​ | $ | (24) | ​ | $ | (43)
Wind discount decreases | ​ | $ | 24 | ​ | $ | 43 | ​ | $ | — | ​ | $ | — | ​ | $ | 24 | ​ | $ | 43
20 basis point change in solar premium | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Solar premium increases | ​ | $ | 14 | ​ | $ | 26 | ​ | $ | — | ​ | $ | — | ​ | $ | 14 | ​ | $ | 26
Solar premium decreases | ​ | $ | (14) | ​ | $ | (26) | ​ | $ | — | ​ | $ | — | ​ | $ | (14) | ​ | $ | (26)
​
1 | These sensitivities are hypothetical and should be used with caution. Changes in net income and/or other comprehensive income generally cannot be extrapolated because the relationship of the change in assumption to the change in net income and/or other comprehensive income may not be linear. In this table, the effect of a variation in a particular assumption on the amount of net income and/or other comprehensive income is calculated without changing any other factors; in reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities.
Schedule of derivative financial instruments measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31 ($ in millions except price or rate) | ​ | ​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | Maximum | ​ | Notional | ​ | Fair value 1 and | ​ | Price or | ​ | Maximum | ​ | Notional | ​ | Fair value 1 and | ​ | Price or
​ |  | Designation |  | maturity date |  | amount |  | carrying value |  | rate |  | maturity date |  | amount |  | carrying value |  | rate
Current derivative assets 2 |  |  |  |  |  | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  |  | ​ |  | ​ | ​
Derivatives used to manage currency risk associated with |  |  |  |  |  | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  |  | ​ |  | ​ | ​
U.S. dollar-denominated transactions |  | HFT 4 |  | 2025 | ​ | $ | 43 | ​ | $ | — | ​ | US$1.00: ₱58 | ​ | 2024 | ​ | $ | 111 | ​ | $ | 2 | ​ | US$1.00: ₱56
U.S. dollar-denominated transactions |  | HFT 4 |  | 2025 | ​ | $ | 72 | ​ | ​ | 1 | ​ | US$1.00: C$1.43 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | —
U.S. dollar-denominated purchases |  | HFH 3 |  | 2025 | ​ | $ | 410 | ​ | ​ | 20 | ​ | US$1.00: C$1.36 | ​ | 2024 | ​ | $ | 47 | ​ | ​ | — | ​ | US$1.00: C$1.31
U.S. dollar-denominated debt (Notes 22, 26(c)) | ​ | HFH 3 |  | 2025 | ​ | $ | 1,201 | ​ | ​ | 31 | ​ | US$1.00: C$1.40 | ​ | 2024 | ​ | $ | 118 | ​ | ​ | 1 | ​ | US$1.00: C$1.31
European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 (Note 26(f)) | ​ | HFH 5 | ​ | 2028 | ​ | $ | 46 | ​ | ​ | 13 | ​ | €1.00: US$1.09 | ​ | 2027 | ​ | $ | 45 | ​ | ​ | 17 | ​ | €1.00: US$1.09
Derivatives used to manage interest rate risk associated with Non-fixed rate credit facility amounts drawn (Note 26(f)) | ​ | HFH 3 | ​ | 2028 | ​ | $ | 12 | ​ | ​ | — | ​ | 3.5% | ​ | 2024 | ​ | $ | 11 | ​ | ​ | 2 | ​ | 3.5%
Derivatives used to manage other price risk associated with Purchase of electrical power | ​ | HFT 4 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | 2047 | ​ | ​ | 0.4 TWh 8 | ​ | ​ | 14 | ​ | $30.60/ MWh 8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 65 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 36 | ​ | ​
Other long-term assets 2 (Note 20) |  |  |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ | ​
Derivatives used to manage currency risk associated with U.S. dollar-denominated long-term debt 6 (Note 26(b)) | ​ | HFH 3 | ​ | 2032 | ​ | $ | 3,069 | ​ | $ | 86 | ​ | US$1.00: C$1.32 | ​ | — | ​ | $ | — | ​ | $ | — | ​ | —
European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 (Note 26(f)) | ​ | HFH 5 | ​ | 2028 | ​ | $ | 557 | ​ | ​ | 24 | ​ | €1.00: US$1.09 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | —
Derivatives used to manage interest rate risk associated with Non-fixed rate credit facility amounts drawn (Note 26(f)) | ​ | HFH 3 | ​ | 2028 | ​ | $ | 211 | ​ | ​ | 3 | ​ | 3.5% | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | —
Derivatives used to manage other price risk associated with Purchase of electrical power | ​ | HFT 4 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | 2047 | ​ | ​ | 6.9 TWh 8 | ​ | ​ | 179 | ​ | $39.52/ MWh 8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 113 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 179 | ​ | ​
Current derivative liabilities 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives used to manage currency risk associated with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. dollar-denominated transactions | ​ | HFT 4 | ​ | 2025 | ​ | $ | 129 | ​ | $ | 3 | ​ | US$1.00: ₱57 | ​ | 2024 | ​ | $ | 18 | ​ | $ | — | ​ | US$1.00: ₱55
U.S. dollar-denominated purchases | ​ | HFH 3 | ​ | 2025 | ​ | $ | 30 | ​ | ​ | — | ​ | US$1.00: C$1.42 | ​ | 2024 | ​ | $ | 401 | ​ | ​ | 7 | ​ | US$1.00: C$1.34
U.S. dollar-denominated debt (Notes 22, 26(c)) | ​ | HFH 3 | ​ | 2025 | ​ | $ | 1,117 | ​ | ​ | 2 | ​ | US$1.00: C$1.44 | ​ | 2024 | ​ | $ | 943 | ​ | ​ | 18 | ​ | US$1.00: C$1.35
Derivatives used to manage other price risk associated with Purchase of electrical power | ​ | HFT 4 | ​ | 2047 | ​ | ​ | 0.4 TWh 8 | ​ | ​ | 6 | ​ | $31.76/MWh 8 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 11 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 25 | ​ | ​
Other long-term liabilities 2 (Note 27) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives used to manage currency risk associated with U.S. dollar-denominated long-term debt 6 (Note 26(c)) | ​ | HFH 3 | ​ | 2049 | ​ | $ | 3,378 | ​ | $ | 86 | ​ | US$1.00: C$1.30 | ​ | 2049 | ​ | $ | 6,610 | ​ | $ | 176 | ​ | US$1.00: C$1.31
European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 (Note 26(f)) | ​ | HFH 5 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | — | ​ | 2027 | ​ | $ | 591 | ​ | ​ | 13 | ​ | €1.00: US$1.09
Derivatives used to manage interest rate risk associated with Non-fixed rate credit facility amounts drawn (Note 26(f)) | ​ | HFH 3 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | — | ​ | 2028 | ​ | $ | 205 | ​ | ​ | 2 | ​ | 3.6%
Derivatives used to manage other price risk associated with Purchase of electrical power |  | HFT 4 |  | 2047 | ​ | ​ | 6.5 TWh 8 | ​ | ​ | 32 | ​ | $40.49/MWh 8 | ​ | — | ​ | $ | — | ​ | ​ | — | ​ | —
​ |  |  |  |  | ​ |  |  | ​ | $ | 118 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 191 | ​ | ​
​
1 | Fair value measured at the reporting date using significant other observable inputs (Level 2), except the fair value of virtual power purchase agreements (which we use to manage the price risk associated with the purchase of electrical power), which is measured at the reporting date using significant unobservable inputs (Level 3). Changes in the fair value of derivative financial instruments classified as Level 3 in the fair value hierarchy were as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31 |  | 2024 |  | 2023
Unrealized changes in virtual power purchase agreements forward element |  | ​ |  |  | ​ |
Included in net income, excluding income taxes | ​ | $ | (231) | ​ | $ | —
Balance, beginning of period - asset (liability) | ​ |  | 193 | ​ |  | 193
Balance, end of period - asset (liability) | ​ | $ | (38) | ​ | $ | 193
​
2 | Caption reflects line item where derivative financial instruments are presented in the Consolidated statements of financial position. Derivative financial assets and liabilities are not set off.
3 | Designated as held for hedging (HFH) upon initial recognition (cash flow hedging item); hedge accounting is applied. Unless otherwise noted, hedge ratio is 1:1 and is established by assessing the degree of matching between the notional amounts of hedging items and the notional amounts of the associated hedged items.
4 | Designated as held for trading (HFT) and classified as fair value through net income upon initial recognition; hedge accounting is not applied.
5 | Designated as a hedge of a net investment in a foreign operation; hedge accounting is applied. Hedge ratio is 1:1 and is established by assessing the degree of matching between the notional amounts of hedging items and the notional amounts of the associated hedged items.
6 | We designate only the spot element as the hedging item. As at December 31, 2024, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $(22) (2023 – $163).
7 | We designate only the spot element as the hedging item. As at December 31, 2024, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $2 (2023 – $3).
8 | Terawatt hours (TWh) are 1x109 kilowatt hours and megawatt hours (MWh) are 1x103 kilowatt hours.
Schedule of significant unobservable inputs used in the fair value measurement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31 |  | 2024 |  | 2023
Unrealized changes in virtual power purchase agreements forward element |  | ​ |  |  | ​ |
Included in net income, excluding income taxes | ​ | $ | (231) | ​ | $ | —
Balance, beginning of period - asset (liability) | ​ |  | 193 | ​ |  | 193
Balance, end of period - asset (liability) | ​ | $ | (38) | ​ | $ | 193
Schedule of long-term debt amortized cost and fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31 (millions) | ​ | 2024 | ​ | 2023
​ | ​ | Carrying | ​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​
​ |  | value |  | Fair value |  | value |  | Fair value
Long-term debt, excluding leases (Note 26) | ​ | $ | 25,972 | ​ | $ | 25,285 | ​ | $ | 24,735 | ​ | $ | 23,853
Schedule of gains and losses, excluding income tax effects, on derivative instruments classified as cash flow hedging items | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of gain (loss) | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | recognized in other | ​ | Gain (loss) reclassified from other comprehensive
​ | ​ | comprehensive income | ​ | income to income (effective portion) (Note 11)
​ | ​ | (effective portion) (Note 11) | ​ | ​ | ​ | Amount
Years ended December 31 (millions) |  | 2024 |  | 2023 |  | Location |  | 2024 |  | 2023
Derivatives used to manage currency risk associated with | ​ | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |
U.S. dollar-denominated purchases | ​ | $ | 34 | ​ | $ | (7) |  | Goods and services purchased | ​ | $ | 9 | ​ | $ | 17
U.S. dollar-denominated debt 1 Notes 22,26(b)-(c) | ​ | ​ | 266 | ​ | ​ | (222) | ​ | Financing costs | ​ | ​ | 470 | ​ | ​ | (108)
Net investment in a foreign operation 2 | ​ | ​ | 55 | ​ | ​ | (32) | ​ | Financing costs | ​ | ​ | 22 | ​ | ​ | 7
​ | ​ | ​ | 355 | ​ |  | (261) |  | ​ | ​ |  | 501 | ​ |  | (84)
Derivatives used to manage other market risks | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other | ​ | ​ | 6 | ​ | ​ | (3) | ​ | Financing costs | ​ | ​ | 4 | ​ | ​ | (4)
​ | ​ | $ | 361 | ​ | $ | (264) | ​ | ​ | ​ | $ | 505 | ​ | $ | (88)
​
1 | Amounts recognized in other comprehensive income are net of the change in the foreign currency basis spread (which is used for purposes of assessing hedge ineffectiveness) included in the fair value of the derivative instruments; such amounts for the year ended December 31, 2024, totalled $(185) (2023 – $40).
2 | Amounts recognized in other comprehensive income are net of the change in the foreign currency basis spread (which is used for purposes of assessing hedge ineffectiveness) included in the fair value of the derivative instruments; such amounts for the year ended December 31, 2024, totalled $(1) (2023 – $2).
Schedule of gains and losses arising from derivative instruments classified as held for trading | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (loss) on derivatives recognized in income
Years ended December 31 (millions) |  | 2024 |  | 2023
Derivatives used to manage currency risk | ​ | $ | (6) | ​ | $ | 5
Unrealized changes in virtual power purchase agreements forward element | ​ | $ | (231) | ​ | $ | —
​

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