XML 76 R56.htm IDEA: XBRL DOCUMENT v3.23.1
Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments Fair value of financial instruments
December 31, 2022Carrying
amount		Fair
value		Level 1Level 2Level 3
Long-term investments carried at fair value$1,344,207 $1,344,207 $1,270,138 $— $74,083 
Development loans and other receivables53,680 50,300 — 50,300 — 
Derivative instruments:
Energy contracts not designated as cash flow hedge393 393 — — 393 
Interest rate swap designated as a hedge69,188 69,188 — 69,188 — 
Interest rate cap not designated as a hedge2,659 2,659 — 2,659 — 
Congestion revenue rights not designated as a cash flow hedge10,110 10,110 — — 10,110 
Cross currency swap designated as a net investment hedge1,267 1,267 — 1,267 — 
Commodity contracts for regulated operations283 283 — 283 — 
Total derivative instruments83,900 83,900 — 73,397 10,503 
Total financial assets$1,481,787 $1,478,407 $1,270,138 $123,697 $84,586 
Long-term debt$7,512,017 $6,699,031 $2,623,628 $4,075,403 $— 
Notes payable to related party25,808 15,180 — 15,180 — 
Convertible debentures245 276 276 — — 
Preferred shares, Series C12,072 11,675 — 11,675 — 
Derivative instruments:
Energy contracts designated as a cash flow hedge120,284 120,284 — — 120,284 
Energy contracts not designated as a cash flow hedge8,617 8,617 — — 8,617 
Cross-currency swap designated as a net investment hedge24,371 24,371 — 24,371 — 
Cross currency swap designated as a cash flow hedge15,435 15,435 — 15,435 — 
Commodity contracts for regulated operations1,614 1,614 — 1,614 — 
Total derivative instruments170,321 170,321 — 41,420 128,901 
Total financial liabilities$7,720,463 $6,896,483 $2,623,904 $4,143,678 $128,901 
24.Financial instruments (continued)
(a)Fair value of financial instruments (continued)
December 31, 2021Carrying
amount		Fair
value		Level 1Level 2Level 3
Long-term investment carried at fair value$1,848,456 $1,848,456 $1,753,210 $— $95,246 
Development loans and other receivables32,261 33,286 — 33,286 — 
Derivative instruments:
Energy contracts designated as a cash flow hedge15,362 15,362 — — 15,362 
Interest rate swap designated as a hedge1,581 1,581 — 1,581 — 
Cross-currency swap designated as a net investment hedge1,958 1,958 — 1,958 — 
Commodity contracts for regulated operations1,721 1,721 — 1,721 — 
Total derivative instruments20,622 20,622 — 5,260 15,362 
Total financial assets$1,901,339 $1,902,364 $1,753,210 $38,546 $110,608 
Long-term debt$6,211,375 $6,543,933 $2,418,580 $4,125,352 $— 
Notes payable to related party25,808 25,808 — 25,808 — 
Convertible debentures277 519 519 — — 
Preferred shares, Series C13,348 14,580 — 14,580 — 
Derivative instruments:
Energy contracts designated as a cash flow hedge60,462 60,462 — — 60,462 
Energy contracts not designated as a cash flow hedge1,169 1,169 — — 1,169 
Cross-currency swap designated as a net investment hedge50,258 50,258 — 50,258 — 
Interest rate swaps designated as a hedge7,008 7,008 — 7,008 — 
Commodity contracts for regulated operations1,348 1,348 — 1,348 — 
Total derivative instruments120,245 120,245 — 58,614 61,631 
Total financial liabilities$6,371,053 $6,705,085 $2,419,099 $4,224,354 $61,631 
Summary of Commodity Volumes Associated with Derivative Contracts
The following are commodity volumes, in dekatherms (“dths”), associated with the above derivative contracts:
 2022
Financial contracts: Swaps
1,687,217 
         Options35,824 
1,723,041 
Schedule of Long-Term Energy Derivative Contracts
The Company reduces the price risk on the expected future sale of power generation by entering into the following long-term energy derivative contracts. Upon the acquisition of the Sugar Creek Wind Facility in 2021 (note 3(f)), the Company redesignated a long-term energy derivative contract to mitigate the price risk on the expected future sale of power generation. The fair value of the derivative on the redesignation date will be amortized into earnings over the remaining life of the contract.
Notional quantity
(MW-hrs)		ExpiryReceive average
prices (per MW-hr)		Pay floating price
(per MW-hr)
4,059,905 September 2030$24.54Illinois Hub
413,620  December 2028 $29.15 PJM Western HUB
1,977,766  December 2027 $22.05 NI HUB
1,665,318  December 2027 $36.46 ERCORT North HUB
Schedule of Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Consolidated Statement of Operations
The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge: 
20222021
Effective portion of cash flow hedge$(128,838)$(97,103)
Amortization of cash flow hedge(12,180)(2,132)
Amounts reclassified from AOCI46,723 44,904 
OCI attributable to shareholders of AQN$(94,295)$(54,331)
Schedule of Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges
The effects on the consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
20222021
Unrealized gain (loss) on derivative financial instruments:
Energy derivative contracts$(945)$(5,353)
Commodity contracts185 — 
Total unrealized loss on derivative financial instruments$(760)$(5,353)
Realized gain (loss) on derivative financial instruments:
Energy derivative contracts$6,939 $(108)
Currency forward contract— 2,329 
Interest rate swaps(7,185)— 
Total realized gain (loss) on derivative financial instruments$(246)$2,221 
Loss on derivative financial instruments not accounted for as hedges(1,006)(3,132)
Amortization of AOCI gains frozen as a result of hedge dedesignation3,465 3,712 
$2,459 $580 
Consolidated statements of operations classification:
Gain on derivative financial instruments $4,408 $4,403 
Gain on foreign exchange— 2,329 
Renewable energy sales5,236 (6,152)
Reduction to gain on sale of renewable assets(7,185)— 
$2,459 $580 
Schedule of Maximum Credit Risk Exposure for Financial Instruments
As of December 31, 2022, the Company’s maximum exposure to credit risk for these financial instruments was as follows: 
 2022
Cash and cash equivalents and restricted cash$101,185 
Accounts receivable552,914 
Allowance for doubtful accounts(24,857)
Notes receivable53,680 
$682,922 
Schedule of 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$1,128,660 $404,633 $1,984,855 $4,019,166 $7,537,314 
Interest on long-term debt310,863 447,227 386,560 3,936,205 5,080,855 
Purchase obligations741,888 — — — 741,888 
Environmental obligation9,326 18,084 1,915 19,021 48,346 
Advances in aid of construction1,554 — — 86,992 88,546 
Derivative financial instruments:
Cross-currency swap3,205 5,541 6,279 24,781 39,806 
Energy derivative and commodity contracts29,286 49,865 29,896 21,468 130,515 
Contract adjustment payments on Green Equity Units76,208 37,668 — — 113,876 
Other obligations37,209 6,392 5,080 271,962 320,643 
Total obligations$2,338,199 $969,410 $2,414,585 $8,379,595 $14,101,789