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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair value of financial instruments
2018
Carrying
amount
 
Fair
value
 
Level 1
 
Level 2
 
Level 3
Notes receivable
$
103,696

 
$
110,019

 
$
—

 
$
110,019

 
$
—

Investment in Atlantica
814,530

 
814,530

 
814,530

 
—

 
—

Derivative instruments (1):
 
 
 
 
 
 
 
 
 
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 regulated 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 swap 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


23.
Financial instruments (continued)
(a)Fair value of financial instruments (continued)
2017
Carrying
amount
 
Fair
value
 
Level 1
 
Level 2
 
Level 3
Notes receivable
$
33,378

 
$
38,192

 
$
—

 
$
38,192

 
$
—

Derivative instruments (1):
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
63,363

 
63,363

 
—

 
—

 
63,363

Energy contracts not designated as a cash flow hedge
109

 
109

 
—

 
109

 
—

Commodity contracts for regulatory operations
74

 
74

 
—

 
74

 
—

Total derivative instruments
63,546

 
63,546

 
—

 
183

 
63,363

Total financial assets
$
96,924

 
$
101,738

 
$
—

 
$
38,375

 
$
63,363

Long-term debt
$
3,079,551

 
$
3,262,711

 
$
651,969

 
$
2,610,742

 
$
—

Convertible debentures
971

 
1,018

 
1,018

 
—

 
—

Preferred shares, Series C
14,718

 
15,124

 
—

 
15,124

 
—

Derivative instruments:
 
 
 
 
 
 
 
 
 
Energy contracts designated as a cash flow hedge
77

 
77

 
—

 
—

 
77

Energy contracts not designated as a cash flow hedge
31

 
31

 
—

 
31

 
—

Cross-currency swap designated as a net investment hedge
57,412

 
57,412

 
—

 
57,412

 
—

Interest rate swaps designated as a hedge
8,460

 
8,460

 
—

 
8,460

 
—

Currency forward contract not designated as hedge
344

 
344

 
—

 
344

 
—

Commodity contracts for regulated operations
2,620

 
2,620

 
—

 
2,620

 
—

Total derivative instruments
68,944

 
68,944

 
—

 
68,867

 
77

Total financial liabilities
$
3,164,184

 
$
3,347,797

 
$
652,987

 
$
2,694,733

 
$
77

(1) Balance of $441 associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value.
Summary of Commodity Volumes Associated with Derivative Contracts
The following are commodity volumes, in dekatherms (“dths”) associated with the above derivative contracts:
 
2018
Financial contracts: Swaps
2,366,386

        Options
300,000

        Forward contracts
6,560,000
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 had on the consolidated balance sheets: 
 
 
2018
 
 
2017
Regulatory assets:
 
 
 
 
 
Swap contracts
 
$
66

 
 
$
—

Forward contracts
 
$
—

 
 
$
6,319

Regulatory liabilities:
 
 
 
 
 
Swap contracts
 
$
218

 
 
$
287

Option contracts
 
$
134

 
 
$
138

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 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)
871,391

 
 December 2028
 
36.33
 
PJM Western HUB
2,438,697

 
 December 2023
 
29.06
 
PJM NI HUB
2,997,939

 
 December 2027
 
36.46
 
ERCOT North 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: 
 
2018
 
2017
Effective portion of cash flow hedge
$
1,567

 
$
8,004

Amortization of cash flow hedge
(33
)
 
(27
)
Amounts reclassified from AOCI
(4,224
)
 
(6,351
)
OCI attributable to shareholders of APUC
$
(2,690
)
 
$
1,626
Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges
The effects on the consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
 
2018
 
2017
Change in unrealized loss (gain) on derivative financial instruments:
 
 
 
Energy derivative contracts
$
77

 
$
(79
)
Currency forward contract
(1,230
)
 
297

Commodity contracts
—

 
(2,885
)
Total change in unrealized gain on derivative financial instruments
$
(1,153
)
 
$
(2,667
)
Realized loss (gain) on derivative financial instruments:
 
 
 
Interest rate swaps
—

 
(144
)
Energy derivative contracts
(73
)
 
553

Currency forward contract
115

 
12,261

Total realized loss on derivative financial instruments
$
42

 
$
12,670

Loss (gain) on derivative financial instruments not accounted for as hedges
(1,111
)
 
10,003

Ineffective portion of derivative financial instruments accounted for as hedges
632

 
637

 
$
(479
)
 
$
10,640

Amounts recognized in the consolidated statements of operations consist of:
 
 
 
Loss (gain) on derivative financial instruments
636

 
(1,918
)
Loss (gain) on foreign exchange
(1,115
)
 
12,558

 
$
(479
)
 
$
10,640
Maximum Credit Risk Exposure for Financial Instruments
As of December 31, 2018, the Company’s maximum exposure to credit risk for these financial instruments was as follows: 
 
December 31, 2018
 
Canadian $
 
US $
Cash and cash equivalents and restricted cash
$
27,720

 
$
45,452

Accounts receivable
13,562

 
241,068

Allowance for doubtful accounts
—

 
(5,281
)
Notes receivable
138,353

 
2,279

 
$
179,635

 
$
283,518
Liabilities Maturity Profile
The Company’s liabilities mature as follows: 
 
Due less
than 1
year
 
Due 2 to 3
years
 
Due 4 to 5
years
 
Due after
5 years
 
Total
Long-term debt obligations
$
334,855

 
$
420,797

 
$
825,596

 
$
1,740,471

 
$
3,321,719

Convertible debentures
—

—

—

 
—

 
470

 
470

Advances in aid of construction
1,205

 
—

 
—

 
62,498

 
63,703

Interest on long-term debt
156,768

 
269,942

 
221,528

 
928,736

 
1,576,974

Purchase obligations
325,326

 
—

 
—

 
—

 
325,326

Environmental obligation
4,158

 
30,140

 
2,885

 
21,998

 
59,181

Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Cross-currency swap
5,277

 
46,026

 
34,436

 
7,459

 
93,198

Interest rate swaps
8,473

 
—

 
—

 
—

 
8,473

Currency forward
—

 
—

 
—

 
—

 
—

Energy derivative and commodity contracts
588

 
526

 
57

 
—

 
1,171

Other obligations
33,350

 
—

 
—

 
122,408

 
155,758

Total obligations
$
870,000

 
$
767,431

 
$
1,084,502

 
$
2,884,040

 
$
5,605,973