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Financial instruments (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
(a)
Fair value of financial instruments
June 30, 2019
Carrying
amount
 
Fair
value
 
Level 1
 
Level 2
 
Level 3
Long-term investments carried at fair value
$
1,097,661

 
$
1,097,661

 
$
1,018,837

 
$
—

 
$
78,824

Development loans and other receivables
$
12,242

 
$
12,294

 
$
—

 
$
12,294

 
$
—

Derivative instruments (1):
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
80,574

 
80,574

 
—

 
—

 
80,574

Energy contracts not designated as a cash flow hedge
423

 
423

 
—

 
—

 
423

Currency forward contract not designated as a hedge
1,120

 
1,120

 
—

 
1,120

 
—

Total derivative instruments
82,117

 
82,117

 
—

 
1,120

 
80,997

Total financial assets
$
1,192,020

 
$
1,192,072

 
$
1,018,837

 
$
13,414

 
$
159,821

Long-term debt
$
3,781,906

 
$
4,049,563

 
$
1,446,278

 
$
2,603,285

 
$
—

Convertible debentures
397

 
627

 
627

 
—

 
—

Preferred shares, Series C
13,860

 
14,830

 
—

 
14,830

 
—

Derivative instruments:
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
63

 
63

 
—

 
—

 
63

Energy contracts not designated as a cash flow hedge
25

 
25

 
—

 
—

 
25

Cross-currency swap designated as a net investment hedge
76,532

 
76,532

 
—

 
76,532

 
—

Derivatives designated as foreign exchange hedge
9,608

 
9,608

 
—

 
9,608

 
—

Currency forward contract not designated as a hedge
632

 
632

 
—

 
632

 
—

Commodity contracts for regulated operations
2,598

 
2,598

 
—

 
2,598

 
—

Total derivative instruments
89,458

 
89,458

 
—

 
89,370

 
88

Total financial liabilities
$
3,885,621

 
$
4,154,478

 
$
1,446,905

 
$
2,707,485

 
$
88

(1) Balance of $200 associated with certain weather derivatives has been excluded, as they are accounted for based on intrinsic value rather than fair value.
20.
Financial instruments (continued)
(a)Fair value of financial instruments (continued)
December 31, 2018
Carrying
amount
 
Fair
value
 
Level 1
 
Level 2
 
Level 3
Long-term investment carried at fair value
$
814,530

 
$
814,530

 
$
814,530

 
$
—

 
$
—

Development loans and other receivables
$
103,696

 
$
110,019

 
$
—

 
$
110,019

 
$
—

Derivative instruments:
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
61,838

 
61,838

 
—

 
—

 
61,838

Currency forward contract not designated as a hedge
869

 
869

 
—

 
869

 
—

Commodity contracts for regulatory operations
101

 
101

 
—

 
101

 
—

Total derivative instruments
62,808

 
62,808

 
—

 
970

 
61,838

Total financial assets
$
981,034

 
$
987,357


$
814,530


$
110,989


$
61,838

Long-term debt
$
3,336,795

 
$
3,356,773

 
$
768,400

 
$
2,588,373

 
$
—

Convertible debentures
470

 
639

 
639

 
—

 
—

Preferred shares, Series C
13,418

 
13,703

 
—

 
13,703

 
—

Derivative instruments:
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
57

 
57

 
—

 
—

 
57

Cross-currency swap designated as a net investment hedge
93,198

 
93,198

 
—

 
93,198

 
—

Interest rate swaps designated as a hedge
8,473

 
8,473

 
—

 
8,473

 
—

Commodity contracts for regulated operations
1,114

 
1,114

 
—

 
1,114

 
—

Total derivative instruments
102,842

 
102,842

 
—

 
102,785

 
57

Total financial liabilities
$
3,453,525

 
$
3,473,957

 
$
769,039

 
$
2,704,861

 
$
57
Summary of Commodity Volumes Associated with Derivative Contracts
The following are commodity volumes, in dekatherms (“dths”) associated with the above derivative contracts:
 
2019
Financial contracts: Swaps
2,971,366

Forward contracts
4,660,000
Impact of Change in Fair Value of Natural Gas Derivative Contracts
The following table presents the impact of the change in the fair value of the Company’s natural gas derivative contracts on the unaudited interim consolidated balance sheets: 
 
 
June 30, 2019
 
December 31, 2018
Regulatory assets:
 
 
 
 
Swap contracts
 
$
119

 
$
66

Option contracts
 
30

 
—

Forward contracts
 
$
989

 
$
—

Regulatory liabilities:
 
 
 
 
Swap contracts
 
$
645

 
$
218

Option contracts
 
—

 
134

Forward contracts
 
$
—

 
$
1,259
Long-Term Energy Derivative Contracts
The Company reduces the price risk on the expected future sale of power generation at Sandy Ridge, Senate and Minonk Wind Facilities and the Sugar Creek development project by entering into the following long-term energy derivative contracts. 
Notional quantity
(MW-hrs)
 
Expiry
 
Receive average
prices (per MW-hr)

 
Pay floating price
(per MW-hr)
806,770
 
 December 2028
 
35.81
 
PJM Western HUB
2,664,040
 
 December 2024
 
27.51
 
NI HUB
2,803,607
 
 December 2027
 
36.46
 
ERCORT North HUB
5,254,390
 
September 2030
 
24.54
 
MISO Illinois HUB
Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Consolidated Statement of Operations
The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge: 
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Effective portion of cash flow hedge
$
6,442

 
$
6,204

 
$
10,087

 
$
3,764

Amortization of cash flow hedge
(8
)
 
(8
)
 
(16
)
 
(16
)
Amount reclassified from AOCI
5,733

 
(1,642
)
 
3,559

 
(2,945
)
OCI attributable to shareholders of APUC
$
12,167

 
$
4,554

 
$
13,630

 
$
803
Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges
The effects on the unaudited interim consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2019
 
2018
 
2019
 
2018
Change in unrealized loss (gain) on derivative financial instruments:
 
 
 
 
 
 
 
Energy derivative contracts
$
(398
)
 
$
67

 
$
(398
)
 
$
182

Currency forward contract
(145
)
 
(728
)
 
417

 
(1,063
)
Total change in unrealized loss (gain) on derivative financial instruments
$
(543
)
 
$
(661
)
 
$
19

 
$
(881
)
Realized loss (gain) on derivative financial instruments:
 
 
 
 
 
 
 
Energy derivative contracts
—

 
—

 
207

 
13

Currency forward contract
(288
)
 
452

 
(573
)
 
859

Total realized loss (gain) on derivative financial instruments
$
(288
)
 
$
452

 
$
(366
)
 
$
872

Gain on derivative financial instruments not accounted for as hedges
(831
)
 
(209
)
 
(347
)
 
(9
)
Other
(12
)
 
(12
)
 
(23
)
 
(23
)
 
$
(843
)
 
$
(221
)
 
$
(370
)
 
$
(32
)
Amounts recognized in the consolidated statements of operations consist of:
 
 
 
 
 
 
 
Loss (gain) on derivative financial instruments
(409
)
 
55

 
(213
)
 
172

Gain on foreign exchange
(434
)
 
(276
)
 
(157
)
 
(204
)
 
$
(843
)
 
$
(221
)
 
$
(370
)
 
$
(32
)