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Segments Disclosures | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
Segments Disclosures | Segment Disclosures A. Description of Reportable Segments The Company has six reportable segments as described in Note 1. The following tables provides each segment's results in the format that the CODM reviews the Company's segments to make operating decisions and assess performance. The CODM assesses the performance of the operating segments based on a measure of adjusted EBITDA. This measurement basis represents earnings before income taxes, adjusted for the effects of: depreciation of property, plant and equipment and amortization of intangibles, depreciation of right‐of‐use assets, finance lease income, unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions, depreciation on our mining equipment included in fuel and purchased power, interest income recorded on the prepaid funds, write-down of coal inventory and parts and material inventory related to the Highvale mine and coal operations at our natural gas converted facilities, going off-coal which resulted in the remaining coal supply payments on the existing coal supply agreement being recognized as an onerous contract, impairment charges, share of (profit) loss of joint venture, and other costs or income adjustments. The tables below show the reconciliation of the total segmented results and adjusted EBITDA to the statement of earnings (loss) reported under IFRS. Prior periods have been adjusted for comparable purposes. For internal reporting purpose, the earnings information from the Company's investment in Skookumchuck has been presented in the Wind and Solar segment on a proportionate basis. Information on a proportionate basis reflects the Company's share of Skookumchuck's statement of earnings on a line-by-line basis. Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Under IFRS, the investment in Skookumchuck has been accounted for as a joint venture using the equity method. B. Reported Adjusted Segment Earnings (Loss) and Segment Assets I. Reconciliation of Adjusted EBITDA to Earnings before Income Tax
Year ended Dec. 31, 2021 | Hydro | Wind & Solar(1) | Gas(2) | Energy Transition(3) | Energy Marketing | Corporate | Total | Equity investments(1) | Reclass adjustments | IFRS financials
Revenues | 383 |  | 323 |  | 1,109 |  | 709 |  | 211 |  | 4 |  | 2,739 |  | (18) |  | — |  | 2,721 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss | — |  | 25 |  | (40) |  | 19 |  | (38) |  | — |  | (34) |  | — |  | 34 |  | — |
Decrease in finance lease receivable | — |  | — |  | 41 |  | — |  | — |  | — |  | 41 |  | — |  | (41) |  | — |
Finance lease income | — |  | — |  | 25 |  | — |  | — |  | — |  | 25 |  | — |  | (25) |  | — |
Unrealized foreign exchange gain on commodity | — |  | — |  | (3) |  | — |  | — |  | — |  | (3) |  | — |  | 3 |  | — |
Adjusted revenues | 383 |  | 348 |  | 1,132 |  | 728 |  | 173 |  | 4 |  | 2,768 |  | (18) |  | (29) |  | 2,721 |
Fuel and purchased power | 16 |  | 17 |  | 457 |  | 560 |  | — |  | 4 |  | 1,054 |  | — |  | — |  | 1,054 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Australian interest income | — |  | — |  | (4) |  | — |  | — |  | — |  | (4) |  | — |  | 4 |  | — |
Mine depreciation | — |  | — |  | (79) |  | (111) |  | — |  | — |  | (190) |  | — |  | 190 |  | — |
Coal inventory write-down | — |  | — |  | — |  | (17) |  | — |  | — |  | (17) |  | — |  | 17 |  | — |
Adjusted fuel and purchased power | 16 |  | 17 |  | 374 |  | 432 |  | — |  | 4 |  | 843 |  | — |  | 211 |  | 1,054 |
Carbon compliance(4) | — |  | — |  | 118 |  | 60 |  | — |  | — |  | 178 |  | — |  | — |  | 178 |
Gross margin | 367 |  | 331 |  | 640 |  | 236 |  | 173 |  | — |  | 1,747 |  | (18) |  | (240) |  | 1,489 |
OM&A | 42 |  | 59 |  | 175 |  | 117 |  | 36 |  | 84 |  | 513 |  | (2) |  | — |  | 511 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Parts and materials write-down | — |  | — |  | (2) |  | (26) |  | — |  | — |  | (28) |  | — |  | 28 |  | — |
Curtailment gain | — |  | — |  | — |  | 6 |  | — |  | — |  | 6 |  | — |  | (6) |  | — |
Adjusted OM&A | 42 |  | 59 |  | 173 |  | 97 |  | 36 |  | 84 |  | 491 |  | (2) |  | 22 |  | 511 |
Taxes, other than income taxes | 3 |  | 10 |  | 13 |  | 6 |  | — |  | 1 |  | 33 |  | (1) |  | — |  | 32 |
Net other operating expense (income) | — |  | — |  | (40) |  | 48 |  | — |  | — |  | 8 |  | — |  | — |  | 8 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Royalty onerous contract and contract termination penalties | — |  | — |  | — |  | (48) |  | — |  | — |  | (48) |  | — |  | 48 |  | — |
Adjusted net other operating income | — |  | — |  | (40) |  | — |  | — |  | — |  | (40) |  | — |  | 48 |  | 8 |
Adjusted EBITDA | 322 |  | 262 |  | 494 |  | 133 |  | 137 |  | (85) |  | 1,263 |  |  |  |
Equity income from associate |  |  |  |  |  |  |  |  |  | 9 |
Finance lease income |  |  |  |  |  |  |  |  |  | 25 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (529) |
Asset impairment |  |  |  |  |  |  |  |  |  | (648) |
Net interest expense(6) |  |  |  |  |  |  |  |  |  | (245) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  | 16 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 54 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | (380) |
(1) Skookumchuck has been included on a proportionate basis in the Wind and Solar segment. (2) Includes the segments previously known as Australian Gas and North American Gas and the gas generation assets from the segment previously known as Alberta Thermal. (3) Includes the segment previously known as Centralia and the coal generation assets from the segment previously known as Alberta Thermal. (4) As of the first quarter of 2021, carbon compliance costs have been reclassified from fuel and purchase power costs and disclosed separately. Prior periods have been adjusted for comparative purposes. (5) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. (6) Includes accretion by segment and interest expense is not allocated as its related to Corporate debt and borrowings.
Year ended Dec. 31, 2020 | Hydro | Wind & Solar(1) | Gas(2) | Energy Transition(3) | Energy Marketing | Corporate | Total | Equity accounted investments(1) | Reclass adjustments | IFRS financials
Revenues | 152 |  | 332 |  | 787 |  | 704 |  | 122 |  | 7 |  | 2,104 |  | (3) |  | — |  | 2,101 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss | — |  | 2 |  | 33 |  | (14) |  | 21 |  | — |  | 42 |  | — |  | (42) |  | — |
Decrease in finance lease receivable | — |  | — |  | 17 |  | — |  | — |  | — |  | 17 |  | — |  | (17) |  | — |
Finance lease income | — |  | — |  | 7 |  | — |  | — |  | — |  | 7 |  | — |  | (7) |  | — |
Unrealized foreign exchange loss on commodity | — |  | — |  | 4 |  | — |  | — |  | — |  | 4 |  | — |  | (4) |  | — |
Adjusted revenues | 152 |  | 334 |  | 848 |  | 690 |  | 143 |  | 7 |  | 2,174 |  | (3) |  | (70) |  | 2,101 |
Fuel and purchased power | 8 |  | 25 |  | 325 |  | 435 |  | — |  | 12 |  | 805 |  | — |  | — |  | 805 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Australian interest income | — |  | — |  | (4) |  | — |  | — |  | — |  | (4) |  | — |  | 4 |  | — |
Mine depreciation | — |  | — |  | (100) |  | (46) |  | — |  | — |  | (146) |  | — |  | 146 |  | — |
Coal inventory write-down | — |  | — |  | — |  | (37) |  | — |  | — |  | (37) |  | — |  | 37 |  | — |
Adjusted fuel and purchased power | 8 |  | 25 |  | 221 |  | 352 |  | — |  | 12 |  | 618 |  | — |  | 187 |  | 805 |
Carbon compliance(4) | — |  | — |  | 120 |  | 48 |  | — |  | (5) |  | 163 |  | — |  | — |  | 163 |
Gross margin | 144 |  | 309 |  | 507 |  | 290 |  | 143 |  | — |  | 1,393 |  | (3) |  | (257) |  | 1,133 |
OM&A | 37 |  | 53 |  | 166 |  | 106 |  | 30 |  | 80 |  | 472 |  | — |  | — |  | 472 |
Taxes, other than income taxes | 2 |  | 8 |  | 13 |  | 9 |  | — |  | 1 |  | 33 |  | — |  | — |  | 33 |
Net other operating expense (income) | — |  | — |  | (11) |  | — |  | — |  | — |  | (11) |  | — |  | — |  | (11) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Impact of Sheerness going off-coal | — |  | — |  | (28) |  | — |  | — |  | — |  | (28) |  | — |  | 28 |  | — |
Adjusted net other operating income |  |  | (39) |  | — |  | — |  | — |  | (39) |  | — |  | 28 |  | (11) |
Adjusted EBITDA(5) | 105 |  | 248 |  | 367 |  | 175 |  | 113 |  | (81) |  | 927 |  |  |  |
Equity income from associate |  |  |  |  |  |  |  |  |  | 1 |
Finance lease income |  |  |  |  |  |  |  |  |  | 7 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (654) |
Asset impairment |  |  |  |  |  |  |  |  |  | (84) |
Net interest expense(6) |  |  |  |  |  |  |  |  |  | (238) |
Foreign exchange loss |  |  |  |  |  |  |  |  |  | 17 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 9 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | (303) |
(1) Skookumchuck has been included on a proportionate basis in the Wind and Solar segment. (2) Includes the segments previously known as Australian Gas and North American Gas and the gas generation assets from the segment previously known as Alberta Thermal. (3) Includes the segment previously known as Centralia and the coal generation assets from the segment previously known as Alberta Thermal. (4) As of the first quarter of 2021, carbon compliance costs have been reclassified from fuel and purchase power costs and disclosed separately. Prior periods have been adjusted for comparative purposes. (5) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. (6) Includes accretion by segment and interest expense is not allocated as its related to Corporate debt and borrowings.
Year ended Dec. 31, 2019 | Hydro | Wind & Solar | Gas(1) | Energy Transition(2) | Energy Marketing | Corporate | Total |  | Reclass adjustments | IFRS financials
Revenues | 156 |  | 312 |  | 851 |  | 905 |  | 129 |  | (6) |  | 2,347 |  |  | — |  | 2,347 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss | — |  | (17) |  | 6 |  | (12) |  | (10) |  | — |  | (33) |  |  | 33 |  | — |
Decrease in finance lease receivable | — |  | — |  | 24 |  | — |  | — |  | — |  | 24 |  |  | (24) |  | — |
Finance lease income | — |  | — |  | 6 |  | — |  | — |  | — |  | 6 |  |  | (6) |  | — |
Adjusted revenues | 156 |  | 295 |  | 887 |  | 893 |  | 119 |  | (6) |  | 2,344 |  |  | 3 |  | 2,347 |
Fuel and purchased power | 7 |  | 16 |  | 315 |  | 539 |  | — |  | 4 |  | 881 |  |  | — |  | 881 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |
Australian interest income | — |  | — |  | (4) |  | — |  | — |  | — |  | (4) |  |  | 4 |  | — |
Mine depreciation | — |  | — |  | (81) |  | (40) |  | — |  | — |  | (121) |  |  | 121 |  | — |
Adjusted fuel and purchased power | 7 |  | 16 |  | 230 |  | 499 |  | — |  | 4 |  | 756 |  |  | 125 |  | 881 |
Carbon compliance | — |  | — |  | 138 |  | 77 |  | — |  | (10) |  | 205 |  |  | — |  | 205 |
Gross margin | 149 |  | 279 |  | 519 |  | 317 |  | 119 |  | — |  | 1,383 |  |  | (122) |  | 1,261 |
OM&A | 36 |  | 50 |  | 162 |  | 124 |  | 30 |  | 73 |  | 475 |  |  | — |  | 475 |
Taxes, other than income taxes | 3 |  | 8 |  | 9 |  | 8 |  | — |  | 1 |  | 29 |  |  | — |  | 29 |
Net other operating expense (income) | — |  | (10) |  | (41) |  | — |  | — |  | 2 |  | (49) |  |  | — |  | (49) |
Termination of Sundance B and C PPAs | — |  | — |  | (14) |  | (42) |  | — |  | — |  | (56) |  |  | — |  | (56) |
Adjusted EBITDA(3) | 110 |  | 231 |  | 403 |  | 227 |  | 89 |  | (76) |  | 984 |  |  |  |
Finance lease income |  |  |  |  |  |  |  |  |  | 6 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (590) |
Asset impairment |  |  |  |  |  |  |  |  |  | (25) |
Gain on termination of Keephills 3 coal rights contract |  |  |  |  |  |  |  |  |  | 88 |
Net interest expense(4) |  |  |  |  |  |  |  |  |  | (179) |
Foreign exchange loss |  |  |  |  |  |  |  |  |  | (15) |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 46 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 193 |
(1) Includes the segments previously known as Australian Gas and North American Gas and the gas generation assets from the segment previously known as Alberta Thermal. (2) Includes the segment previously known as Centralia and the coal generation assets from the segment previously known as Alberta Thermal. (3) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. (4) Includes accretion by segment and interest expense is not allocated as its related to Corporate debt and borrowings. II. Selected Consolidated Statements of Financial Position Information
As at Dec. 31, 2021 | Hydro | Wind and Solar | Gas(1) | Energy Transition(2) | Energy Marketing | Corporate | Total
PP&E | 466 |  | 2,304 |  | 2,036 |  | 481 |  | — |  | 33 |  | 5,320 |
Right-of-use assets | 5 |  | 64 |  | 7 |  | 1 |  | — |  | 18 |  | 95 |
Intangible assets | 3 |  | 147 |  | 56 |  | 9 |  | 5 |  | 36 |  | 256 |
Goodwill | 258 |  | 175 |  | — |  | — |  | 30 |  | — |  | 463 |
As at Dec. 31, 2020 | Hydro | Wind and Solar | Gas(1) | Energy Transition(2) | Energy Marketing | Corporate | Total
PP&E | 467 |  | 2,005 |  | 2,102 |  | 1,232 |  | — |  | 16 |  | 5,822 |
Right-of-use assets | 6 |  | 55 |  | 5 |  | 53 |  | — |  | 22 |  | 141 |
Intangible assets | 4 |  | 159 |  | 66 |  | 36 |  | 7 |  | 41 |  | 313 |
Goodwill | 258 |  | 175 |  | — |  | — |  | 30 |  | — |  | 463 |
(1) Includes the segments previously known as Australian Gas and North American Gas and the gas generation assets from the segment previously known as Alberta Thermal. (2) Includes the segment previously known as Centralia and the coal generation assets from the segment previously known as Alberta Thermal. III. Selected Consolidated Statements of Cash Flows Information Additions to non-current assets are as follows:
Year ended Dec. 31, 2021 | Hydro | Wind and Solar | Gas(1) | Energy Transition(2) |  |  |  |  | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |  |  |  |  |
PP&E | 29 |  | 166 |  | 167 |  | 90 |  |  |  |  |  | — |  | 28 |  | 480 |
Intangible assets | — |  | — |  | — |  | 1 |  |  |  |  |  | — |  | 8 |  | 9 |
Year ended Dec. 31, 2020 | Hydro | Wind and Solar | Gas(1) | Energy Transition(2) |  |  |  |  | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |  |  |  |  |
PP&E | 22 |  | 174 |  | 199 |  | 78 |  |  |  |  |  | — |  | 13 |  | 486 |
Intangible assets | — |  | — |  | — |  | 1 |  |  |  |  |  | — |  | 13 |  | 14 |
Year ended Dec. 31, 2019 | Hydro | Wind and Solar | Gas(1) | Energy Transition(2) |  |  |  |  | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |  |  |  |  |
PP&E | 23 |  | 229 |  | 74 |  | 90 |  |  |  |  |  | — |  | 1 |  | 417 |
Intangible assets | — |  | — |  | — |  | 2 |  |  |  |  |  | — |  | 12 |  | 14 |
(1) Includes the segments previously known as Australian Gas and North American Gas and the gas generation assets from the segment previously known as Alberta Thermal. (2) Includes the segment previously known as Centralia and the coal generation assets from the segment previously known as Alberta Thermal. IV. Depreciation and Amortization on the Consolidated Statements of Cash Flows The reconciliation between depreciation and amortization reported on the Consolidated Statements of Earnings (Loss) and the Consolidated Statements of Cash Flows is presented below:
Year ended Dec. 31 | 2021 | 2020 | 2019
Depreciation and amortization expense on the Consolidated Statements of Earnings (Loss) | 529 |  | 654 |  | 590 |
Depreciation included in fuel, carbon compliance and purchased power (Note 6) | 190 |  | 144 |  | 119 |
Depreciation and amortization on the Consolidated Statements of Cash Flows | 719 |  | 798 |  | 709 |
C. Geographic Information I. Revenues
Year ended Dec. 31 | 2021 | 2020 | 2019
Canada | 1,854 |  | 1,227 |  | 1,460 |
US | 731 |  | 716 |  | 727 |
Australia | 136 |  | 158 |  | 160 |
Total revenue | 2,721 |  | 2,101 |  | 2,347 |
II. Non-Current Assets
| Property, plant and equipment | Right-of-use assets | Intangible assets | Other assets |
As at Dec. 31 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |  |
Canada | 4,051 |  | 4,661 |  | 52 |  | 107 |  | 141 |  | 185 |  | 15 |  | 74 |  |  |
US | 860 |  | 737 |  | 39 |  | 30 |  | 85 |  | 94 |  | 61 |  | 61 |  |  |
Australia | 409 |  | 424 |  | 4 |  | 4 |  | 30 |  | 34 |  | 66 |  | 71 |  |  |
Total | 5,320 |  | 5,822 |  | 95 |  | 141 |  | 256 |  | 313 |  | 142 |  | 206 |  |  |
D. Significant Customer During the year ended Dec. 31, 2021, sales to the AESO represent 35 per cent of the Company’s total revenue (2020 — sales to the AESO represented 15 per cent of the Company’s total revenue). There were no other companies greater than 10 per cent of the Company's total revenue.

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