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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The differences are as follows:
| 2024 |  | 2023
Expected income tax expense (recovery) at Canadian statutory rate | $ | 46,953 |  |  | $ | (17,305) |
Increase (decrease) resulting from: |  |  |
Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates | (17,676) |  |  | (35,776) |
Investment in Atlantica | (8,207) |  |  | 16,997 |
Non-controlling interests share of income | 19,757 |  |  | 10,016 |
Change in valuation allowance | 154,601 |  |  | (388) |
Adjustment relating to prior periods | 2,794 |  |  | (1,412) |
Amortization and settlement of excess deferred income tax | (14,540) |  |  | (12,785) |
Deferred income taxes on regulated income recorded as regulatory assets | (2,380) |  |  | (878) |
Other | 5,495 |  |  | 4,476 |
Income tax expense (recovery) | $ | 186,797 |  |  | $ | (37,055) |
Schedule of Income (Loss) Before Taxes | For the years ended December 31, 2024 and 2023, earnings (loss) before income taxes consist of the following:
| 2024 |  | 2023
Canada (1) | $ | 50,279 |  |  | $ | (169,624) |
U.S. | 77,397 |  |  | 70,442 |
Other regions | 49,504 |  |  | 37,067 |
| $ | 177,180 |  |  | $ | (62,115) |
(1) Inclusive of fair value gain (loss) on investments carried at fair value (note 8)
Schedule of Income Tax Expenses (Recovery) Attributable to Earnings (Loss) | Income tax expense (recovery) attributable to earnings (loss) consists of:
| Current |  | Deferred |  | Total
Year ended December 31, 2024 |  |  |  |  |
Canada | $ | 4,238 |  |  | $ | 134,193 |  |  | $ | 138,431 |
United States | 1,166 |  |  | 33,110 |  |  | 34,276 |
Other regions | 12,795 |  |  | 1,295 |  |  | 14,090 |
| $ | 18,199 |  |  | $ | 168,598 |  |  | $ | 186,797 |
Year ended December 31, 2023 |  |  |  |  |
Canada | $ | 4,352 |  |  | $ | (66,693) |  |  | $ | (62,341) |
United States | 784 |  |  | 17,747 |  |  | 18,531 |
Other regions | 728 |  |  | 6,027 |  |  | 6,755 |
| $ | 5,864 |  |  | $ | (42,919) |  |  | $ | (37,055) |
Schedule of Tax Effect of Temporary Difference Between Assets and Liability | The tax effect of temporary differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are presented below:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Non-capital loss, investment tax credits, currently non-deductible interest expenses, and financing costs | $ | 781,761 |  |  | $ | 714,476 |
Outside basis in renewable energy assets | 140,203 |  |  | — |
Pension and OPEB | 515 |  |  | 7,327 |
Environmental obligation | 9,161 |  |  | 8,821 |
Regulatory liabilities | 164,402 |  |  | 180,371 |
Other | 57,680 |  |  | 51,333 |
Total deferred income tax assets | $ | 1,153,722 |  |  | $ | 962,328 |
Less: valuation allowance | (281,894) |  |  | (5,562) |
Total deferred tax assets | $ | 871,828 |  |  | $ | 956,766 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | 866,529 |  |  | $ | 810,025 |
Pension and OPEB | 9,148 |  |  | — |
Outside basis differentials | 165,010 |  |  | 191,990 |
Regulatory accounts | 329,343 |  |  | 317,829 |
Other | 67,753 |  |  | 51,610 |
Total deferred tax liabilities | $ | 1,437,783 |  |  | $ | 1,371,454 |
Net deferred tax liabilities | $ | (565,955) |  |  | $ | (414,688) |
Consolidated balance sheets classification: |  |  |
Deferred tax assets | $ | 11,218 |  |  | $ | 151,576 |
Deferred tax liabilities | (577,173) |  |  | (566,264) |
Net deferred tax liabilities | $ | (565,955) |  |  | $ | (414,688) |
Summary of Valuation Allowance | The following table illustrates the annual movement in the deferred tax valuation allowance:
| 2024 |  | 2023
Beginning balance | $ | 5,562 |  |  | $ | 5,876 |
Charged to income tax expense (recovery) | 154,601 |  |  | (388) |
Changed to additional paid-in capital | 5,390 |  |  | — |
Valuation Allowance Charged to discontinued operations | (5,143) |  |  | — |
Charged (reduction) to OCI | (17,759) |  |  | 22 |
Tax impact on outside basis difference in renewable assets | 140,202 |  |  | — |
Reductions to other accounts | (959) |  |  | 52 |
Ending balance | $ | 281,894 |  |  | $ | 5,562 |
Schedule of Non Capital Losses Carry Forwards | As of December 31, 2024, the Company had non-capital losses carried forward and tax credits available to reduce future years' taxable income, which expire as follows:
Non-capital loss carryforward and credits | 2025—2029 | 2030+ | Total
Canada | $ | 323 |  | $ | 671,622 |  | $ | 671,945 |
US | — |  | 1,420,259 |  | 1,420,259 |
Total non-capital loss carryforward | $ | 323 |  | $ | 2,091,881 |  | $ | 2,092,204 |
Tax credits | $ | 2,349 |  | $ | 213,498 |  | $ | 215,847 |

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