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Segmented information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Results of Operations and Assets for Segments |
| Three months ended June 30, 2024
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 491,312 |  |  | $ | 78,661 |  |  | $ | — |  |  | $ | 569,973 |
Other revenue | 13,940 |  |  | 14,518 |  |  | 195 |  |  | 28,653 |
Fuel, power and water purchased | 108,934 |  |  | 691 |  |  | — |  |  | 109,625 |
Net revenue | 396,318 |  |  | 92,488 |  |  | 195 |  |  | 489,001 |
Operating expenses (3) | 215,708 |  |  | 47,758 |  |  | 2,402 |  |  | 265,868 |
Depreciation and amortization | 100,120 |  |  | 36,553 |  |  | 239 |  |  | 136,912 |
Loss on foreign exchange | — |  |  | — |  |  | 4,284 |  |  | 4,284 |
Operating income | 80,490 |  |  | 8,177 |  |  | (6,730) |  |  | 81,937 |
Interest expense | (49,476) |  |  | (18,624) |  |  | (37,687) |  |  | (105,787) |
Income from long-term investments and other income | 7,456 |  |  | 17,667 |  |  | 173,518 |  |  | 198,641 |
Other expenses | (8,537) |  |  | (7,886) |  |  | (4,555) |  |  | (20,978) |
Earnings (loss) before income taxes | $ | 29,933 |  |  | $ | (666) |  |  | $ | 124,546 |  |  | $ | 153,813 |
Capital expenditures (4) | $ | 167,834 |  |  | $ | 36,502 |  |  | $ | — |  |  | $ | 204,336 |
(1) Renewable Energy Group revenue includes $6,965 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,334 related to alternative revenue programs for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $7,734 and other operating costs (previously called administrative expenses) of $6,709 for the three months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Three months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 533,642 |  |  | $ | 71,694 |  |  | $ | — |  |  | $ | 605,336 |
Other revenue | 12,791 |  |  | 9,380 |  |  | 364 |  |  | 22,535 |
Fuel, power and water purchased | 138,374 |  |  | 3,782 |  |  | — |  |  | 142,156 |
Net revenue | 408,059 |  |  | 77,292 |  |  | 364 |  |  | 485,715 |
Operating expenses (3) | 228,847 |  |  | 38,367 |  |  | (40) |  |  | 267,174 |
Depreciation and amortization | 84,754 |  |  | 33,291 |  |  | 403 |  |  | 118,448 |
Gain on foreign exchange | — |  |  | — |  |  | 6,379 |  |  | 6,379 |
Operating income | 94,458 |  |  | 5,634 |  |  | (6,378) |  |  | 93,714 |
Interest expense | (42,724) |  |  | (16,420) |  |  | (30,519) |  |  | (89,663) |
Income (loss) from long-term investments and other income | 9,332 |  |  | 22,842 |  |  | (309,870) |  |  | (277,696) |
Other expenses | (41,010) |  |  | (1,197) |  |  | (2,427) |  |  | (44,634) |
Earnings (loss) before income taxes | $ | 20,056 |  |  | $ | 10,859 |  |  | $ | (349,194) |  |  | $ | (318,279) |
Capital expenditures (4) | $ | 225,505 |  |  | $ | 19,704 |  |  | $ | — |  |  | $ | 245,209 |
(1) Renewable Energy Group revenue includes $4,328 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $9,083 related to alternative revenue programs for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 3) Operating expenses for the Renewable Energy Group include development costs of $3,274 and other operating costs of $7,356 for the three months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Six months ended June 30, 2024
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 1,116,143 |  |  | $ | 163,237 |  |  | $ | — |  |  | $ | 1,279,380 |
Other revenue | 25,689 |  |  | 30,052 |  |  | 605 |  |  | 56,346 |
Fuel, power and water purchased | 306,738 |  |  | 4,229 |  |  | — |  |  | 310,967 |
Net revenue | 835,094 |  |  | 189,060 |  |  | 605 |  |  | 1,024,759 |
Operating expenses (3) | 423,239 |  |  | 101,353 |  |  | 3,061 |  |  | 527,653 |
Depreciation and amortization | 192,140 |  |  | 73,812 |  |  | 500 |  |  | 266,452 |
Loss on foreign exchange | — |  |  | — |  |  | 16,141 |  |  | 16,141 |
Operating income (loss) | 219,715 |  |  | 13,895 |  |  | (19,097) |  |  | 214,513 |
Interest expense | (98,186) |  |  | (38,419) |  |  | (71,706) |  |  | (208,311) |
Income from long-term investments and other income | 15,377 |  |  | 19,689 |  |  | 15,821 |  |  | 50,887 |
Other expenses | (12,228) |  |  | (9,198) |  |  | (13,458) |  |  | (34,884) |
Earnings (loss) before income taxes | $ | 124,678 |  |  | $ | (14,033) |  |  | $ | (88,440) |  |  | $ | 22,205 |
Capital expenditures (4) | 351,048 |  |  | 65,834 |  |  | — |  |  | 416,882 |
| June 30, 2024
Property, plant and equipment | $ | 9,051,366 |  |  | $ | 4,120,034 |  |  | $ | 27,800 |  |  | $ | 13,199,200 |
Investments carried at fair value | 1,905 |  |  | 1,126,266 |  |  | — |  |  | 1,128,171 |
Equity-method investees | 39,012 |  |  | 313,971 |  |  | — |  |  | 352,983 |
Total assets | 12,690,910 |  |  | 5,809,815 |  |  | 365,649 |  |  | 18,866,374 |
(1) Renewable Energy Group revenue includes $16,614 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $18,301 related to alternative revenue programs for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $16,290 and other operating costs (previously called administrative expenses) of $12,738 for the six months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Six months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 1,208,174 |  |  | $ | 150,410 |  |  | $ | — |  |  | $ | 1,358,584 |
Other revenue | 26,438 |  |  | 20,751 |  |  | 725 |  |  | 47,914 |
Fuel, power and water purchased | 405,524 |  |  | 11,588 |  |  | — |  |  | 417,112 |
Net revenue | 829,088 |  |  | 159,573 |  |  | 725 |  |  | 989,386 |
Operating expenses (3) | 425,699 |  |  | 78,796 |  |  | 799 |  |  | 505,294 |
Depreciation and amortization | 170,611 |  |  | 68,836 |  |  | 642 |  |  | 240,089 |
Loss on foreign exchange | — |  |  | — |  |  | 7,815 |  |  | 7,815 |
Operating income (loss) | 232,778 |  |  | 11,941 |  |  | (8,531) |  |  | 236,188 |
Interest expense | (81,202) |  |  | (31,315) |  |  | (59,064) |  |  | (171,581) |
Income (loss) from long-term investments and other income | 19,660 |  |  | 52,584 |  |  | (129,928) |  |  | (57,684) |
Other expenses | (45,259) |  |  | (1,197) |  |  | (4,435) |  |  | (50,891) |
Earnings (loss) before income taxes | $ | 125,977 |  |  | $ | 32,013 |  |  | $ | (201,958) |  |  | $ | (43,968) |
Capital expenditures (4) | 372,886 |  |  | 42,072 |  |  | — |  |  | 414,958 |
| December 31, 2023
Property, plant and equipment | $ | 8,945,637 |  |  | $ | 3,539,069 |  |  | $ | 32,744 |  |  | $ | 12,517,450 |
Investments carried at fair value | 1,962 |  |  | 1,113,767 |  |  | — |  |  | 1,115,729 |
Equity-method investees | 112,180 |  |  | 343,712 |  |  | 501 |  |  | 456,393 |
Total assets | 12,658,955 |  |  | 5,367,011 |  |  | 347,995 |  |  | 18,373,961 |
(1) Renewable Energy Group revenue includes $11,527 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $12,789 related to alternative revenue programs for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $7,261 and other operating costs of $11,088 for the six months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. The majority of non-regulated energy sales are earned from contracts with large public utilities. The Company has sought to mitigate its credit risk by selling energy to large utilities in various North American locations. None of the utilities contribute more than 10% of total revenue.
Schedule of Information on Operations by Geographic Area | Information on operations by geographic area is as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
United States | $ | 467,747 |  |  | $ | 503,777 |  |  | $ | 1,069,326 |  |  | $ | 1,144,201 |
Canada | 37,391 |  |  | 37,788 |  |  | 87,886 |  |  | 90,916 |
Other regions | 93,488 |  |  | 86,306 |  |  | 178,514 |  |  | 171,381 |
| $ | 598,626 |  |  | $ | 627,871 |  |  | $ | 1,335,726 |  |  | $ | 1,406,498 |

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