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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of financial assets The following table outlines the carrying amounts and classifications of the financial assets and liabilities:
Carrying value as at Dec. 31, 2020
 Derivatives
used for
hedging		Derivatives
held for
trading (FVTPL)		Amortized costTotal
Financial assets    
Cash and cash equivalents(1)
— — 703 703 
Restricted cash— — 71 71 
Trade and other receivables— — 583 583 
Long-term portion of finance lease receivable— — 228 228 
Risk management assets    
Current102 69 — 171 
Long-term471 50 — 521 
Other assets (Note 22)
— — 52 52 
Financial liabilities    
Accounts payable and accrued liabilities— — 599 599 
Dividends payable— — 59 59 
Risk management liabilities    
Current10 84 — 94 
Long-term— 68 — 68 
Credit facilities, long-term debt and lease liabilities(2)
— — 3,361 3,361 
Exchangeable securities (Note 25)
— — 730 730 
(1) Includes cash equivalents of nil.
(2) Includes current portion.

Carrying value as at Dec. 31, 2019
 Derivatives
used for
hedging		Derivatives
held for
trading (FVTPL)		Amortized costTotal
Financial assets    
Cash and cash equivalents(1)
— — 411 411 
Restricted cash— — 32 32 
Trade and other receivables— — 462 462 
Long-term portion of finance lease receivables— — 176 176 
Risk management assets
Current71 95 — 166 
Long-term607 33 — 640 
Other assets (Note 22)
— — 47 47 
Financial liabilities
Accounts payable and accrued liabilities— — 413 413 
Dividends payable— — 37 37 
Risk management liabilities
Current1 80 — 81 
Long-term1 28 — 29 
Credit facilities, long-term debt and lease liabilities(2)
— — 3,212 3,212 
Exchangeable securities (Note 25)
— — 326 326 

(1) Includes cash equivalents of nil.
(2) Includes current portion.
Disclosure of financial liabilities The following table outlines the carrying amounts and classifications of the financial assets and liabilities:
Carrying value as at Dec. 31, 2020
 Derivatives
used for
hedging		Derivatives
held for
trading (FVTPL)		Amortized costTotal
Financial assets    
Cash and cash equivalents(1)
— — 703 703 
Restricted cash— — 71 71 
Trade and other receivables— — 583 583 
Long-term portion of finance lease receivable— — 228 228 
Risk management assets    
Current102 69 — 171 
Long-term471 50 — 521 
Other assets (Note 22)
— — 52 52 
Financial liabilities    
Accounts payable and accrued liabilities— — 599 599 
Dividends payable— — 59 59 
Risk management liabilities    
Current10 84 — 94 
Long-term— 68 — 68 
Credit facilities, long-term debt and lease liabilities(2)
— — 3,361 3,361 
Exchangeable securities (Note 25)
— — 730 730 
(1) Includes cash equivalents of nil.
(2) Includes current portion.

Carrying value as at Dec. 31, 2019
 Derivatives
used for
hedging		Derivatives
held for
trading (FVTPL)		Amortized costTotal
Financial assets    
Cash and cash equivalents(1)
— — 411 411 
Restricted cash— — 32 32 
Trade and other receivables— — 462 462 
Long-term portion of finance lease receivables— — 176 176 
Risk management assets
Current71 95 — 166 
Long-term607 33 — 640 
Other assets (Note 22)
— — 47 47 
Financial liabilities
Accounts payable and accrued liabilities— — 413 413 
Dividends payable— — 37 37 
Risk management liabilities
Current1 80 — 81 
Long-term1 28 — 29 
Credit facilities, long-term debt and lease liabilities(2)
— — 3,212 3,212 
Exchangeable securities (Note 25)
— — 326 326 

(1) Includes cash equivalents of nil.
(2) Includes current portion.
Disclosure for sensitivity ranges for the base fair value
As atDec. 31, 2020
DescriptionBase fair valueSensitivityValuation techniqueUnobservable inputRangeReasonable possible change
Long-term power sale – US
598
+35
Long-term price forecastIlliquid future power prices (per MWh)
US$24 to US$32
Price decrease of US$3 or price increase of US$5
-59
Coal transportation – US
(16)
+3
Numerical derivative valuationIlliquid future power prices (per MWh)
US$24 to US$32
Price decrease of US$3 or price increase of US$5
Volatility
15% to 40%
80% to 120%
-5
Rail rate escalation
US$21 to US$24
zero to 4%
Full requirements – Eastern US
11
+3
Historical bootstrapVolume
95% to 105%
-3
Cost of supply
(+/-) US$1 per MWh
Long-term wind energy sale –Eastern US
(29)
+22
Long-term price forecastIlliquid future power prices (per MWh)
US$35 to US$52
Price increase or decrease of US$6
-22
Illiquid future REC prices (per unit)
US$11
Price increase or decrease of US$1
Others(4)
+5
-5

As atDec. 31, 2019
DescriptionBase fair valueSensitivityValuation techniqueUnobservable inputRangeReasonable possible change
Long-term power sale – US737 
+46
Long-term price forecastIlliquid future power prices (per MWh)
US$20 to US$28
Price decrease of US$3 or a price increase of US$9
-139
Structured products – Eastern US7 
+2
Option valuation techniques, historical bootstrap and historical price regression analysisBasis relationship
91% to 112%
4% to 6%
-2
Non-standard shape factors
63% to 116%
4% to 10%
Full requirements –Eastern US10 
+3
Historical bootstrapVolume
95% to 105%
-3
Cost of supply
(+/-) US$1 per MWh
Long-term wind energy sale – Eastern US(28)
+20
Long-term price forecastIlliquid future power prices (per MWh)
US$38 to US$60
Price increase or decrease of US$6
-20
Illiquid future REC prices (per unit)
US$9
Price increase or decrease of US$1
Others(6)
+8
-8
Disclosure of risk management strategy related to hedge accounting
The following tables summarize the key factors impacting the fair value of the Level III commodity risk management assets and liabilities by classification level during the years ended Dec. 31, 2020 and 2019, respectively:
Year ended Dec. 31, 2020Year ended Dec. 31, 2019
HedgeNon-hedgeTotalHedgeNon-hedgeTotal
 Opening balance678 8 686 689 6 695 
 Changes attributable to:
   Market price changes on existing contracts(18)3 (15)77 8 85 
   Market price changes on new contracts— 7 7 — 14 14 
   Contracts settled(71)(10)(81)(57)(19)(76)
   Change in foreign exchange rates(16)1 (15)(31)(1)(32)
  Transfers into (out of) Level III— — — — — — 
 Net risk management assets at end of period573 9 582 678 8 686 
 Additional Level III information:
   Gains (losses) recognized in other comprehensive
      income
(34)— (34)46 — 46 
  Total gains included in earnings before income taxes 71 11 82 57 21 78 
  Unrealized gains included in earnings before income
taxes relating to net assets held at period end 		— 1 1 — 2 2 
Disclosure of fair value measurement of liabilities
The fair value of financial assets and liabilities measured at other than fair value is as follows:
 
Fair value(1)
Total
carrying
 Level ILevel IILevel IIITotal
value(1)
Exchangeables securities – Dec. 31, 2020— 769 — 769 730 
Long-term debt – Dec. 31, 2020— 3,480 — 3,480 3,227 
Exchangeable securities – Dec. 31, 2019— 342 — 342 326 
Long-term debt – Dec. 31, 2019— 3,157 — 3,157 3,070 
(1) Includes current portion.
Disclosure of difference between transaction price and the fair value determined using valuation model The difference between the transaction price and the fair value determined using a valuation model, yet to be recognized in net earnings, and a reconciliation of changes is as follows:
As at Dec. 31202020192018
Unamortized net gain at beginning of year9 49 105 
New inception gains (losses)(1)
(13)3 (14)
Change in foreign exchange rates— — 5 
Amortization recorded in net earnings during the year(29)(43)(47)
Unamortized net gain (loss) at end of year(2)
(33)9 49 

(1) During 2020, the Corporation entered into a coal rail transportation agreement that includes an upside sharing mechanism. Option pricing techniques have been utilized to value the obligation associated with this component of the deal.
(2) During 2020, the net inception gain on the long-term fixed price power sale contract in the US changed to a loss position based on the day 1 forward price curve at inception of the contract.