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Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Instruments | Fair value of financial instruments
June 30, 2024 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,128,171 |  |  | $ | 1,128,171 |  |  | $ | 1,076,642 |  |  | $ | — |  |  | $ | 51,529 |
Development loans and other receivables | 31,479 |  |  | 43,491 |  |  | — |  |  | 43,491 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Interest rate swaps designated as a hedge | 95,723 |  |  | 95,723 |  |  | — |  |  | 95,723 |  |  | — |
Congestion revenue rights not designated as hedge | 10,971 |  |  | 10,971 |  |  | — |  |  | — |  |  | 10,971 |
Cross-currency swap designated as a net investment hedge | 10,064 |  |  | 10,064 |  |  | — |  |  | 10,064 |  |  | — |
Commodity contracts for regulatory operations | 75 |  |  | 75 |  |  | — |  |  | 75 |  |  | — |
Total derivative instruments | 116,833 |  |  | 116,833 |  |  | — |  |  | 105,862 |  |  | 10,971 |
Total financial assets | $ | 1,276,483 |  |  | $ | 1,288,495 |  |  | $ | 1,076,642 |  |  | $ | 149,353 |  |  | $ | 62,500 |
Long-term debt | $ | 8,292,649 |  |  | $ | 8,783,756 |  |  | $ | 2,223,829 |  |  | $ | 6,559,927 |  |  | $ | — |
Convertible debentures | 229 |  |  | 262 |  |  | 262 |  |  | — |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 85,630 |  |  | 85,630 |  |  | — |  |  | — |  |  | 85,630 |
Energy contracts not designated as hedge | 6,505 |  |  | 6,505 |  |  | — |  |  | — |  |  | 6,505 |
Cross-currency swap designated as a net investment hedge | 23,203 |  |  | 23,203 |  |  | — |  |  | 23,203 |  |  | — |
Cross-currency swap designated as a cash flow hedge | 13,783 |  |  | 13,783 |  |  | — |  |  | 13,783 |  |  | — |
Commodity contracts for regulated operations | 936 |  |  | 936 |  |  | — |  |  | 936 |  |  | — |
Total derivative instruments | 130,057 |  |  | 130,057 |  |  | — |  |  | 37,922 |  |  | 92,135 |
Total financial liabilities | $ | 8,422,935 |  |  | $ | 8,914,075 |  |  | $ | 2,224,091 |  |  | $ | 6,597,849 |  |  | $ | 92,135 |
21. Financial instruments (continued) (a)Fair value of financial instruments (continued)
December 31, 2023 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,115,729 |  |  | $ | 1,115,729 |  |  | $ | 1,054,665 |  |  | $ | — |  |  | $ | 61,064 |
Development loans and other receivables | 158,110 |  |  | 155,735 |  |  | — |  |  | 155,735 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Interest rate swap designated as a hedge | 72,936 |  |  | 72,936 |  |  | — |  |  | 72,936 |  |  | — |
Interest rate cap not designated as a hedge | 1,854 |  |  | 1,854 |  |  | — |  |  | 1,854 |  |  | — |
Congestion revenue rights not designated as hedge | 8,458 |  |  | 8,458 |  |  | — |  |  | — |  |  | 8,458 |
Total derivative instruments | 83,248 |  |  | 83,248 |  |  | — |  |  | 74,790 |  |  | 8,458 |
Total financial assets | $ | 1,357,087 |  |  | $ | 1,354,712 |  |  | $ | 1,054,665 |  |  | $ | 230,525 |  |  | $ | 69,522 |
Long-term debt | $ | 8,516,030 |  |  | $ | 7,423,318 |  |  | $ | 2,532,608 |  |  | $ | 4,890,710 |  |  | $ | — |
Notes payable to related party | 25,808 |  |  | 15,320 |  |  | — |  |  | 15,320 |  |  | — |
Convertible debentures | 230 |  |  | 276 |  |  | 276 |  |  | — |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 68,070 |  |  | 68,070 |  |  | — |  |  | — |  |  | 68,070 |
Energy contracts not designated as hedge | 5,593 |  |  | 5,593 |  |  | — |  |  | — |  |  | 5,593 |
Cross-currency swap designated as a net investment hedge | 10,533 |  |  | 10,533 |  |  | — |  |  | 10,533 |  |  | — |
Currency forward contract designated as hedge | 6,779 |  |  | 6,779 |  |  | — |  |  | 6,779 |  |  | — |
Interest rate swaps designated as a hedge | 11,790 |  |  | 11,790 |  |  | — |  |  | 11,790 |  |  | — |
Cross-currency swap designated as a cash flow hedge | 5,547 |  |  | 5,547 |  |  | — |  |  | 5,547 |  |  | — |
Commodity contracts for regulated operations | 2,564 |  |  | 2,564 |  |  | — |  |  | 2,564 |  |  | — |
Total derivative instruments | 110,876 |  |  | 110,876 |  |  | — |  |  | 37,213 |  |  | 73,663 |
Total financial liabilities | $ | 8,652,944 |  |  | $ | 7,549,790 |  |  | $ | 2,532,884 |  |  | $ | 4,943,243 |  |  | $ | 73,663 |
Schedule of Long-Term Energy Derivative Contracts | The Company has sought to reduce the price risk on the expected future sale of power generation at the Sandy Ridge, Senate, Minonk and Sugar Creek 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)
3,245,679 |  |  | September 2030 |  | $24.54 |  | Illinois Hub
287,686 |  |  | December 2028 |  | $29.14 |  | PJM Western HUB
1,220,001 |  |  | December 2027 |  | $21.31 |  | NI HUB
1,137,027 |  |  | December 2027 |  | $36.46 |  | ERCORT North HUB
Schedule of Derivative Instruments Designated as Amortized into Hedged Activity Disclosure |
Derivative | Notional quantity | Expiry | Hedged item
Forward-starting interest rate swap | $ | 350,000 |  | July 2029 | $350,000 subordinated unsecured notes
Cross-currency interest rate swap | C$ | 400,000 |  | January 2032 | C$400,000 subordinated unsecured notes
Forward-starting interest rate swap | $ | 750,000 |  | April 2032 | $750,000 subordinated unsecured notes
Forward-starting interest rate swap | $ | 575,000 |  | June 2026 | First $575,000 of the $1,150,000 senior unsecured notes issuance
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:
| Three months ended |  | Six months ended
| June 30 |  | June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Effective portion of cash flow hedge | $ | 29,771 |  |  | $ | 29,949 |  |  | $ | 45,698 |  |  | $ | 52,435 |
Amortization of cash flow hedge | (539) |  |  | (1,421) |  |  | (1,078) |  |  | (4,908) |
Amounts reclassified from AOCI | (42) |  |  | 7,893 |  |  | (5,968) |  |  | 6,759 |
OCI attributable to shareholders of AQN | $ | 29,190 |  |  | $ | 36,421 |  |  | $ | 38,652 |  |  | $ | 54,286 |
Schedule of Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges | The effects on the unaudited interim condensed consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
| Three months ended |  | Six months ended |
| June 30 |  | June 30 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Unrealized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |  |
Energy derivative contracts | $ | 1,843 |  |  | 84 |  |  | $ | 1,147 |  |  | $ | 62 |  |
Commodity contracts | — |  |  | — |  |  | (890) |  |  | 1,128 |  |
| $ | 1,843 |  |  | $ | 84 |  |  | $ | 257 |  |  | $ | 1,190 |  |
Realized loss on derivative financial instruments: |  |  |  |  |  |  |  |
Energy derivative contracts | (1,887) |  |  | (1,537) |  |  | (1,783) |  |  | (3,830) |  |
| $ | (1,887) |  |  | $ | (1,537) |  |  | $ | (1,783) |  |  | $ | (3,830) |  |
Loss on derivative financial instruments not accounted for as hedges | (44) |  |  | (1,453) |  |  | (1,526) |  |  | (2,640) |  |
Amortization of AOCI gains frozen as a result of hedge dedesignation | 17 |  |  | 997 |  |  | 999 |  |  | 1,994 |  |
| $ | (27) |  |  | $ | (456) |  |  | $ | (527) |  |  | $ | (646) |  |
Unaudited interim condensed consolidated statements of operations classification: |  |  |  |  |  |  |  |
Gain on derivative financial instruments | $ | 58 |  |  | $ | 1,039 |  |  | $ | 191 |  |  | $ | 3,205 |  |
Renewable energy sales | (85) |  |  | (1,495) |  |  | (718) |  |  | (3,851) |  |
| $ | (27) |  |  | $ | (456) |  |  | $ | (527) |  |  | $ | (646) |  |

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