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

Summary of activity related to the allowance for doubtful accounts


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).

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

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)

(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 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 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).