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financing costs

12 Months Ended

Dec. 31, 2024

financing costs

financing costs

9financing costs


Years ended December 31 (millions)		Note		2024			2023
Interest expense
From transactions that only involve the raising of finance
Long-term debt, excluding lease liabilities and other
Gross				$	1,168		$	1,095
Capitalized ¹		18(a)			(21)			(6)
Net					1,147			1,089
Short-term borrowings and other					41			25
					1,188			1,114
From transactions that do not only involve the raising of finance
Long-term debt – lease liabilities		19,26(h)			166			133
Long-term debt – other		26(g)			22			9
Employee defined benefit plans net interest		15			9			7
Accretion on provisions		25			29			30
					226			179
					1,414			1,293
Other
Foreign exchange					(36)			3
Unrealized changes in virtual power purchase agreements forward element					231			—
					1,609			1,296
Interest income					(33)			(23)
				$	1,576		$	1,273
Net interest cost		3		$	1,357		$	1,272
Interest expense on long-term debt, excluding lease liabilities and other – capitalized ¹					(21)			(6)
Employee defined benefit plans net interest					9			7
Unrealized changes in virtual power purchase agreements forward element					231			—
				$	1,576		$	1,273

1	Interest on long-term debt, excluding lease liabilities, at a composite rate of 5.3% (2023 – 3.1%) was capitalized to intangible assets with indefinite lives during the period.