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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Instruments | Fair value of financial instruments
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 a cash flow 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 a cash flow 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 |
24.Financial instruments (continued) (a)Fair value of financial instruments (continued)
December 31, 2022 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investment carried at fair value | $ | 1,344,207 |  |  | $ | 1,344,221 |  |  | $ | 1,270,138 |  |  | $ | — |  |  | $ | 74,083 |
Development loans and other receivables | 53,680 |  |  | 50,300 |  |  | — |  |  | 50,300 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts not designated as a cash flow hedge | 393 |  |  | 393 |  |  | — |  |  | — |  |  | 393 |
Interest rate swap designated as a hedge | 69,188 |  |  | 69,188 |  |  | — |  |  | 69,188 |  |  | — |
Currency forward contract not designated as a hedge | 2,659 |  |  | 2,659 |  |  | — |  |  | 2,659 |  |  | — |
Congestion revenue rights not designated as a cash flow hedge | 10,110 |  |  | 10,110 |  |  | — |  |  | — |  |  | 10,110 |
Cross-currency swap designated as a net investment hedge | 1,267 |  |  | 1,267 |  |  | — |  |  | 1,267 |  |  | — |
Commodity contracts for regulated operations | 283 |  |  | 283 |  |  | — |  |  | 283 |  |  | — |
Total derivative instruments | 83,900 |  |  | 83,900 |  |  | — |  |  | 73,397 |  |  | 10,503 |
Total financial assets | $ | 1,481,787 |  |  | $ | 1,478,421 |  |  | $ | 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 party | 25,808 |  |  | 15,180 |  |  | — |  |  | 15,180 |  |  | — |
Convertible debentures | 245 |  |  | 276 |  |  | 276 |  |  | — |  |  | — |
Preferred shares, Series C | 12,072 |  |  | 11,675 |  |  | — |  |  | 11,675 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 120,284 |  |  | 120,284 |  |  | — |  |  | — |  |  | 120,284 |
Energy contracts not designated as a cash flow hedge | 8,617 |  |  | 8,617 |  |  | — |  |  | — |  |  | 8,617 |
Cross-currency swap designated as a net investment hedge | 24,371 |  |  | 24,371 |  |  | — |  |  | 24,371 |  |  | — |
Cross-currency swap designated as a cash flow hedge | 15,435 |  |  | 15,435 |  |  | — |  |  | 15,435 |  |  | — |
Commodity contracts for regulated operations | 1,614 |  |  | 1,614 |  |  | — |  |  | 1,614 |  |  | — |
Total derivative instruments | 170,321 |  |  | 170,321 |  |  | — |  |  | 41,420 |  |  | 128,901 |
Total financial liabilities | $ | 7,720,463 |  |  | $ | 6,896,483 |  |  | $ | 2,623,904 |  |  | $ | 4,143,678 |  |  | $ | 128,901 |
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.
Notional quantity (MW-hrs) |  | Expiry |  | Receive average prices (per MW-hr) |  | Pay floating price (per MW-hr)
353,597 |  |  | December 2028 |  | $29.19 |  | PJM Western HUB
1,492,926 |  |  | December 2027 |  | $21.34 |  | NI HUB
1,332,645 |  |  | December 2027 |  | $36.46 |  | ERCOT North HUB
3,534,802 |  |  | September 2030 |  | $24.54 |  | Illinois Hub
Schedule of Derivative Instruments Designated as Amortized into Hedged Activity Disclosure | Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt.
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 expected $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:
|  |  |  |  | 2023 |  | 2022
Effective portion of cash flow hedge |  |  |  |  | $ | 57,351 |  |  | $ | (128,838) |
Amortization of cash flow hedge |  |  |  |  | (6,173) |  |  | (12,180) |
Amounts reclassified from AOCI |  |  |  |  | 8,309 |  |  | 46,723 |
OCI attributable to shareholders of AQN |  |  |  |  | $ | 59,487 |  |  | $ | (94,295) |
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:
|  |  |  |  | 2023 |  | 2022
Unrealized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts |  |  |  |  | $ | (372) |  |  | $ | (945) |
Commodity contracts |  |  |  |  | 411 |  |  | 185 |
Total unrealized gain (loss) on derivative financial instruments |  |  |  |  | $ | 39 |  |  | $ | (760) |
Realized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts |  |  |  |  | $ | (4,896) |  |  | $ | 6,939 |
Interest rate swaps |  |  |  |  | — |  |  | (7,185) |
Total realized loss on derivative financial instruments |  |  |  |  | $ | (4,896) |  |  | $ | (246) |
Loss on derivative financial instruments not accounted for as hedges |  |  |  |  | (4,857) |  |  | (1,006) |
Amortization of AOCI gains frozen as a result of hedge dedesignation |  |  |  |  | 3,989 |  |  | 3,465 |
|  |  |  |  | $ | (868) |  |  | $ | 2,459 |
Consolidated statements of operations classification: |  |  |  |  |  |  |
Gain on derivative financial instruments |  |  |  |  | $ | 4,564 |  |  | $ | 4,408 |
Renewable energy sales |  |  |  |  | (5,432) |  |  | 5,236 |
Reduction to gain on sale of renewable assets |  |  |  |  | — |  |  | (7,185) |
|  |  |  |  | $ | (868) |  |  | $ | 2,459 |
Schedule of Outstanding Obligations | The roll forwards of the Company's outstanding obligations confirmed as valid under its supplier finance programs for years ended December 31, 2023 and 2022, are as follows:
|  |  |  |  | 2023 |  | 2022
Confirmed obligations outstanding at the beginning of the year |  |  |  |  | $ | 16,785 |  |  | $ | 49,910 |
Invoices confirmed during the year |  |  |  |  | 90,780 |  |  | 16,785 |
Confirmed invoices paid during the year |  |  |  |  | (45,392) |  |  | (49,910) |
Confirmed obligations outstanding at the end of the year |  |  |  |  | $ | 62,173 |  |  | $ | 16,785 |
Schedule of Maximum Credit Risk Exposure for Financial Instruments | As of December 31, 2023, the Company’s maximum exposure to credit risk for these financial instruments is as follows:
|  |  |  |  | 2023
Cash and cash equivalents and restricted cash |  |  |  |  | $ | 76,145 |
Accounts receivable |  |  |  |  | 554,438 |
Allowance for doubtful accounts |  |  |  |  | (30,244) |
Notes receivable |  |  |  |  | 158,836 |
|  |  |  |  | $ | 759,175 |
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 | $ | 621,856 |  |  | $ | 1,333,772 |  |  | $ | 2,099,968 |  |  | $ | 4,481,961 |  |  | $ | 8,537,557 |
Interest on long-term debt | 391,493 |  |  | 602,761 |  |  | 419,950 |  |  | 3,496,032 |  |  | 4,910,236 |
Purchase obligations | 767,287 |  |  | — |  |  | — |  |  | — |  |  | 767,287 |
Environmental obligation | 3,136 |  |  | 22,577 |  |  | 1,820 |  |  | 18,654 |  |  | 46,187 |
Advances in aid of construction | 3,640 |  |  | — |  |  | — |  |  | 84,495 |  |  | 88,135 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Cross-currency swap | 2,419 |  |  | 4,243 |  |  | 144 |  |  | 9,623 |  |  | 16,429 |
Interest rate forwards | 11,790 |  |  | — |  |  | — |  |  | — |  |  | 11,790 |
Energy derivative and commodity contracts | 14,276 |  |  | 29,273 |  |  | 20,550 |  |  | 12,127 |  |  | 76,226 |
Contract adjustment payments on Green Equity Units | 39,590 |  |  | — |  |  | — |  |  | — |  |  | 39,590 |
Other obligations | 27,796 |  |  | 2,901 |  |  | 2,304 |  |  | 247,480 |  |  | 280,481 |
Total obligations | $ | 1,883,283 |  |  | $ | 1,995,527 |  |  | $ | 2,544,736 |  |  | $ | 8,350,372 |  |  | $ | 14,773,918 |

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