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Financial instruments (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair value of financial instruments
June 30, 2021Carrying
amount
Fair
value
Level 1Level 2Level 3
Long-term investments carried at fair value$1,929,128 $1,929,128 $1,824,899 $ $104,229 
Development loans and other receivables7,962 9,299  9,299  
Derivative instruments:
Energy contracts designated as a cash flow hedge23,494 23,494   23,494 
Energy contracts not designated as cash flow hedge279 279 —  279 
Interest rate swap designated as a hedge2,365 2,365  2,365  
Commodity contracts for regulated operations2,406 2,406  2,406  
Cross-currency swap designated as a net investment hedge3,717 3,717 3,717 
Total derivative instruments32,261 32,261  8,488 23,773 
Total financial assets$1,969,351 $1,970,688 $1,824,899 $17,787 $128,002 
Long-term debt$6,622,363 $7,075,179 $2,488,347 $4,586,832 $ 
Convertible debentures285 433 433   
Preferred shares, Series C13,868 15,211  15,211  
Derivative instruments:
Energy contracts designated as a cash flow hedge15,384 15,384   15,384 
Energy contracts not designated as a cash flow hedge2,527 2,527   2,527 
Cross-currency swap designated as a net investment hedge55,720 55,720  55,720  
Interest rate swaps designated as a hedge9,124 9,124  9,124  
Total derivative instruments82,755 82,755  64,844 17,911 
Total financial liabilities$6,719,271 $7,173,578 $2,488,780 $4,666,887 $17,911 
21.Financial instruments (continued)
(a)Fair value of financial instruments (continued)
December 31, 2020Carrying
amount
Fair
value
Level 1Level 2Level 3
Long-term investment carried at fair value$1,839,212 $1,839,212 $1,708,683 $20,015 $110,514 
Development loans and other receivables23,804 31,088 — 31,088 — 
Derivative instruments:
Energy contracts designated as a cash flow hedge51,525 51,525 — — 51,525 
Energy contracts not designated as a cash flow hedge388 388 — — 388 
Commodity contracts for regulatory operations194 194 — 194 — 
Total derivative instruments52,107 52,107 — 194 51,913 
Total financial assets$1,915,123 $1,922,407 $1,708,683 $51,297 $162,427 
Long-term debt$4,538,470 $5,140,059 $2,316,586 $2,823,473 $— 
Notes payable to related party30,493 30,493 — 30,493 — 
Convertible debentures295 623 623 — — 
Preferred shares, Series C13,698 15,565 — 15,565 — 
Derivative instruments:
Energy contracts designated as a cash flow hedge5,597 5,597 — — 5,597 
Energy contracts not designated as a cash flow hedge332 332 — — 332 
Cross-currency swap designated as a net investment hedge84,218 84,218 — 84,218 — 
Interest rate swaps
designated as a hedge
19,649 19,649 — 19,649 — 
Commodity contracts for regulated operations614 614 — 614 — 
Total derivative instruments110,410 110,410 — 104,481 5,929 
Total financial liabilities$4,693,366 $5,297,150 $2,317,209 $2,974,012 $5,929 
Summary of Commodity Volumes Associated with Derivative Contracts The following are commodity volumes, in dekatherms (“dths”), associated with the above derivative contracts:
 2021
Financial contracts: Swaps2,668,464 
Forward contracts500,000 
3,168,464 
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, 2021December 31, 2020
Regulatory assets:
Swap contracts$911 $228 
Option contracts$68 $50 
Forward contracts$ $693 
Regulatory liabilities:
Swap contracts$ $271 
Option contracts$ $76 
Forward contracts$197 $— 
Long-Term Energy Derivative Contracts
Notional quantity
(MW-hrs)
ExpiryReceive average
prices (per MW-hr)
Pay floating price
(per MW-hr)
2,479,234 December 2031$23.50NI HUB
4,822,668 September 2030$24.54Illinois Hub
577,686  December 2028$33.03PJM Western HUB
2,682,564  December 2027$24.20NI HUB
2,136,795  December 2027 $36.46 ERCORT North HUB
Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Consolidated Statement of Operations
The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge: 
Three months ended June 30Six months ended June 30
2021202020212020
Effective portion of cash flow hedge$(32,436)$(2,085)$(63,167)$(12,890)
Amortization of cash flow hedge(214)(1,100)(1,112)(1,108)
Amounts reclassified from AOCI859 (3,028)40,132 (6,303)
OCI attributable to shareholders of AQN$(31,791)$(6,213)$(24,147)$(20,301)
Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges
The effects on the unaudited interim consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
Three months ended June 30Six months ended June 30
2021202020212020
Change in unrealized gain (loss) on derivative financial instruments:
Energy derivative contracts$(2,305)$449 $(2,627)$627 
Total change in unrealized gain (loss) on derivative financial instruments$(2,305)$449 $(2,627)$627 
Realized gain (loss) on derivative financial instruments:
Energy derivative contracts196 (549)359 (681)
Total realized gain (loss) on derivative financial instruments$196 $(549)$359 $(681)
Loss on derivative financial instruments not accounted for as hedges(2,109)(100)(2,268)(54)
Amortization of AOCI gains frozen as a result of hedge dedesignation755 1,489 2,003 1,500 
$(1,354)$1,389 $(265)$1,446 
Amounts recognized in the consolidated statements of operations consist of:
Gain (loss) on derivative financial instruments $(1,354)$1,389 $(265)$1,446