Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Derivative Instruments [Table Text Block]

Derivative assets and liabilities relating to the foregoing categories consisted of the following:
		Derivative Assets				Derivative Liabilities
As at	December 31		December 31		December 31		December 31
millions of Canadian dollars		2016		2015		2016		2015
Current
Cash flow hedges
Power swaps	$	5	$	8	$	2	$	1
Foreign exchange forwards		-		-		12		14
		5		8		14		15
Regulatory deferral
Commodity swaps and forwards
Coal purchases		26		-		9		12
Power purchases		3		-		1		-
Natural gas purchases and sales		28		2		-		1
Heavy fuel oil purchases		6		-		4		20
Foreign exchange forwards		56		85		-		10
Physical natural gas purchases and sales		-		2		-		-
		119		89		14		43
HFT derivatives
Power swaps and physical contracts		33		151		44		119
Natural gas swaps, futures, forwards, physical contracts		93		99		357		359
Foreign exchange options		-		-		-		2
		126		250		401		480
Other derivatives
Foreign exchange forwards		-		92		1		-
		-		92		1		-
Total gross current derivatives		250		439		430		538
Impact of master netting agreements with intent to settle net or simultaneously		(105)		(189)		(105)		(189)
Total current derivatives		145		250		325		349
Long-term
Cash flow hedges
Power swaps		5		12		3		4
Foreign exchange forwards		-		-		10		27
		5		12		13		31
Regulatory deferral
Commodity swaps and forwards
Coal purchases		57		-		-		4
Power purchases		4		-		3		-
Natural gas purchases and sales		5		-		2		-
Heavy fuel oil purchases		4		-		3		17
Foreign exchange forwards		50		121		-		-
		120		121		8		21
HFT derivatives
Power swaps and physical contracts		14		13		27		28
Natural gas swaps, futures, forwards and physical contracts		18		72		127		63
Foreign exchange options		-		1		-		1
		32		86		154		92
Other derivatives
Interest rate swap		-		-		1		3
		-		-		1		3
Total gross long-term derivatives		157		219		176		147
Impact of master netting agreements with intent to settle net or simultaneously		(26)		(51)		(26)		(51)
Total long-term derivatives		131		168		150		96
Total derivatives	$	276	$	418	$	475	$	445
Derivative assets and liabilities are classified as current or long-term based upon the maturities of the underlying contracts.

Offsetting Liabilities [Table Text Block]

Details of master netting agreements, shown net on the Consolidated Balance Sheets, are summarized in the following table:

		Derivative Assets				Derivative Liabilities
As at	December 31		December 31		December 31		December 31
millions of Canadian dollars		2016		2015		2016		2015
Regulatory deferral	$	10	$	-	$	10	$	-
HFT derivatives		121		240		121		240
Total impact of master netting agreements withintent to settle net or simultaneously	$	131	$	240	$	131	$	240

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

For the	Year ended December 31
millions of Canadian dollars						2016						2015
			Interest		Foreign				Interest		Foreign
	Power		rate		exchange		Power		rate		exchange
	swaps		swaps		forwards		swaps		swaps		forwards
Realized gain (loss) in non-regulated fuel for generation and purchased power		2		-		-		5		-		-
Realized gain (loss) in operating revenue – Regulated		-		-		(12)		-		-		(9)
Realized gain (loss) in income from equity investments		-		(1)		-		-		(1)		-
Total gains (losses) in Net income	$	2	$	(1)	$	(12)	$	5	$	(1)	$	(9)

As at	December 31
millions of Canadian dollars						2016						2015
			Interest		Foreign				Interest		Foreign
	Power		rate		exchange		Power		rate		exchange
	swaps		swaps		forwards		swaps		swaps		forwards
Total unrealized gain (loss) in AOCI – effective portion, net of tax	$	2	$	-	$	(22)	$	4	$	(1)	$	(42)

The Company expects $14 million of unrealized losses currently in AOCI to be reclassified into net income within the next twelve months, as the underlying hedged transactions settle.

As at December 31, 2016, the Company had the following notional volumes of outstanding derivatives designated as cash flow hedges that are expected to settle as outlined below:

millions		2017		2018		2019		2020
Foreign exchange forwards (USD) sales	$	53	$	45	$	30	$	30
Foreign exchange forwards (EURO) purchases		3		-		-		-

Schedule Of Regulatory Deferred Gain Losses Derivatives [Table Text Block]

For the	Year ended December 31
millions of Canadian dollars						2016						2015
	Commodity swaps and forwards		Physical natural gas purchases and sales		Foreign exchange forwards		Commodity swaps and forwards		Physical natural gas purchases and sales		Foreign exchange forwards
Unrealized gain (loss) in regulatory assets	$	40	$	-	$	(2)	$	(24)	$	-	$	(7)
Unrealized gain (loss) in regulatory liabilities		101		(1)		(30)		1		9		173
Realized (gain) loss in regulatory assets		-		-		12		(3)		-		-
Realized (gain) loss in regulatory liabilities		-		-		(8)		-		-		-
Realized (gain) loss in property, plant and equipment		-		-		-		-		-		(1)
Realized (gain) loss in inventory (1)		5		-		(44)		12		-		(44)
Realized (gain) loss in regulated fuel for generation and purchased power (2)		17		(1)		(18)		(16)		(7)		(18)
Total change derivative instruments	$	163	$	(2)	$	(90)	$	(30)	$	2	$	103
(1) Realized (gains) losses will be recognized in fuel for generation and purchased power when the hedged item is consumed.
(2) Realized (gains) losses on derivative instruments settled and consumed in the period; hedging relationships that have been terminated or the hedged transaction is no longer probable.

Schedule Of Regulatory Commody Swaps Forwards [Table Text Block]

	2017	2018-2020
millions	Purchases	Purchases
Coal (metric tonnes)	-	2
Natural Gas (Mmbtu)	42	24
Heavy fuel oil (bbls)	-	1

	2017		2018-2020
Fuel purchases exposure (millions of US dollars)	$	224	$	240
Weighted average rate		1.0722		1.1138
% of USD requirements		120%		44%

The Company reassesses foreign exchange forecasts periodically and will enter into additional hedges or unwind existing hedges, as required.

Unrealized Gain (Loss) on Investments [Table Text Block]

For the	Year ended December 31
millions of Canadian dollars		2016		2015
Power swaps and physical contracts in non-regulated operating revenues	$	(1)	$	10
Natural gas swaps, forwards, futures and physical contracts in non-regulated operating revenues		69		5
Natural gas swaps, forwards, futures and physical contracts in non-regulated fuel for generation and purchased power		(7)		(3)
Foreign exchange options in other income (expenses), net		(2)		(1)
	$	59	$	11

Offsetting Liabilities Expected To Settle [Table Text Block]

millions	2017	2018	2019	2020	2021
Natural gas purchases (Mmbtu)	270	69	54	45	45
Natural gas sales (Mmbtu)	202	20	16	12	1
Power purchases (MWh)	3	-	-	-	-
Power sales (MWh)	4	-	-	-	-

Derivative Documentation Unmet [Table Text Block]

Other Derivatives

The Company has recognized the following realized and unrealized gains (losses) with respect to cash flow hedges which documentation requirements have not been met:

For the		Year ended December 31
millions of Canadian dollars				2016				2015
		Interest		Foreign		Interest		Foreign
		rate		exchange	rate		exchange
		swaps		forwards	swaps		forwards
Realized gain (loss) in other income (expense)	$	-	$	(87)	$	-	$	-
Unrealized gain (loss) in other income (expense)		-		-		-		92
Unrealized gain (loss) in interest expense, net		2		-		(3)		-
Total gains (losses) in net income	$	2	$	(87)	$	(3)	$	92

As at December 31, 2016, the Company had interest rate swaps in place for the $250 million non-revolving term credit facility in Brunswick Pipeline for interest payments until the debt matures in 2019.

During the year ended December 31, 2016, $1,519 million in foreign exchange forwards and swaps that were used to partially hedge proceeds for the TECO Energy acquisition settled.

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Concentration Risk

The Company's concentrations of risk consisted of the following:

As at	December 31, 2016			December 31, 2015
	millions of Canadian dollars		% of total exposure	millions of Canadian dollars		% of total exposure
Receivables, net
Regulated utilities
Residential	$	315	24%	$	189	20%
Commercial		170	13%		103	10%
Industrial		38	3%		29	3%
Other		69	5%		53	5%
		592	45%		374	38%
Trading group
Credit rating of A- or above		52	4%		31	3%
Credit rating of BBB- to BBB+		60	5%		22	2%
Not rated		57	4%		31	3%
		169	13%		84	8%
Other accounts receivable		253	20%		120	12%
		1,014	78%		578	58%
Derivative Instruments (current and long-term)
Credit rating of A- or above		252	20%		340	34%
Credit rating of BBB- to BBB+		1	0%		70	7%
Not rated		23	2%		8	1%
		276	22%		418	42%
	$	1,290	100%	$	996	100%

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

As at	December 31		December 31
millions of Canadian dollars		2016		2015
Cash collateral provided to others	$	91	$	107
Cash collateral received from others		52		29