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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
			Derivatives used for hedging			Derivatives held for trading (FVTPL)			Amortized cost						Total
Financial assets
Cash and cash equivalents(1)			—			—			947						947
Restricted cash			—			—			70						70
Trade and other receivables			—			—			651						651
Long-term portion of finance lease receivable			—			—			185						185
Risk management assets
Current			36			272			—						308
Long-term			252			147			—						399
Financial liabilities
Accounts payable and accrued liabilities			—			—			689						689
Dividends payable			—			—			62						62
Risk management liabilities
Current			—			261			—						261
Long-term			—			145			—						145
Credit facilities, long-term debt and lease liabilities(2)			—			—			3,267						3,267
Exchangeable securities (Note 25)			—			—			735						735

(1) Includes cash equivalents of nil.

(2) Includes current portion.

Carrying value as at Dec. 31, 2020
			Derivatives used for hedging			Derivatives held for trading (FVTPL)			Amortized cost						Total
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 receivables			—			—			228						228
Risk management assets
Current			102			69			—						171
Long-term			471			50			—						521
Other assets (Note 22)			—			—			52						52
Financial liabilities
Accounts payable and accrued liabilities			—			—			599						599
Dividends payable			—			—			59						59
Risk management liabilities
Current			10			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.

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, 2021
			Derivatives used for hedging			Derivatives held for trading (FVTPL)			Amortized cost						Total
Financial assets
Cash and cash equivalents(1)			—			—			947						947
Restricted cash			—			—			70						70
Trade and other receivables			—			—			651						651
Long-term portion of finance lease receivable			—			—			185						185
Risk management assets
Current			36			272			—						308
Long-term			252			147			—						399
Financial liabilities
Accounts payable and accrued liabilities			—			—			689						689
Dividends payable			—			—			62						62
Risk management liabilities
Current			—			261			—						261
Long-term			—			145			—						145
Credit facilities, long-term debt and lease liabilities(2)			—			—			3,267						3,267
Exchangeable securities (Note 25)			—			—			735						735

(1) Includes cash equivalents of nil.

(2) Includes current portion.

Carrying value as at Dec. 31, 2020
			Derivatives used for hedging			Derivatives held for trading (FVTPL)			Amortized cost						Total
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 receivables			—			—			228						228
Risk management assets
Current			102			69			—						171
Long-term			471			50			—						521
Other assets (Note 22)			—			—			52						52
Financial liabilities
Accounts payable and accrued liabilities			—			—			599						599
Dividends payable			—			—			59						59
Risk management liabilities
Current			10			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.

Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments

The following tables summarize the key factors impacting the fair value of the Level III commodity risk management assets and liabilities by classification during the years ended Dec. 31, 2021 and 2020, respectively:

			Year ended Dec. 31, 2021												Year ended Dec. 31, 2020
			Hedge			Non-hedge			Total						Hedge			Non-hedge			Total
Opening balance			573			9			582						678			8			686
Changes attributable to:
Market price changes on existing contracts			(181)			4			(177)						(18)			3			(15)
Market price changes on new contracts			—			(134)			(134)						—			7			7
Contracts settled			(107)			(5)			(112)						(71)			(10)			(81)
Change in foreign exchange rates			—			—			—						(16)			1			(15)
Net risk management assets (liabilities) at end of period			285			(126)			159						573			9			582
Additional Level III information:
Losses recognized in other comprehensive earnings			(181)			—			(181)						(34)			—			(34)
Total gains (losses) included in earnings before income   taxes			107			(130)			(23)						71			11			82
Unrealized gains (losses) included in earnings before   income taxes relating to net assets held at period end			—			(135)			(135)						—			1			1

Disclosure for sensitivity ranges for the base fair value

As at

Dec. 31, 2021

Description

Sensitivity

Valuation technique

Unobservable input

Reasonable possible change

Long-term power    sale – US

+22

Long-term price forecast

Illiquid future power prices (per MWh)

Price decrease of US$3 or price increase of US$20

-145

Coal   transportation –   US

+3

Numerical derivative valuation

Illiquid future power prices (per MWh)

Price decrease of US$3 or price increase of US$20

Volatility

80% to 120%

-18

Rail rate escalation

zero to 4%

Full requirements    – Eastern US

+9

Historical bootstrap

Volume

95% to 105%

-9

Cost of supply

(+/-) US$1 per MWh

Long-term wind   energy sale –   Eastern US

+17

Long-term price forecast

Illiquid future power prices (per MWh)

Price increase or decrease of US$6

-16

Illiquid future REC prices (per unit)

Price decrease of US$3 or increase of US$2

Long-term wind   energy sale –   Canada

+21

Long-term price forecast

Illiquid future power prices (per MWh)

Price decrease of C$24 or increase of C$5

-11

Wind discounts

5% decrease or 5% increase

Long-term wind   energy sale -   Central US

+27

Long-term price forecast

Illiquid future power prices (per MWh)

Price decrease of US$2 or increase of US$3

-15

Wind discounts

3% decrease or 3% increase

Others

+6

-6

As at

Dec. 31, 2020

Description

Sensitivity

Valuation technique

Unobservable input

Reasonable possible change

Long-term power    sale – US

+35

Long-term price forecast

Illiquid future power prices (per MWh)

Price decrease of US$3 or a price increase of US$5

-59

Coal   transportation –    US

+3

Numerical derivative valuation

Illiquid future power prices (per MWh)

Price decrease of US$3 or a price increase of US$5

Volatility

80% to 120%

-5

Rail rate escalation

zero to 4%

Full   requirements –   Eastern US

+3

Historical bootstrap

Volume

95% to 105%

-3

Cost of supply

(+/-) US$1 per MWh

Long-term wind   energy sale –   Eastern US

+22

Long-term price forecast

Illiquid future power prices (per MWh)

Price increase or decrease of US$6

-22

Illiquid future REC prices (per unit)

Price increase or decrease of US$1

Others

+5

-5

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 value(1)
			Level I			Level II			Level III			Total
Exchangeable securities — Dec. 31, 2021			—			770			—			770			735
Long-term debt — Dec. 31, 2021			—			3,272			—			3,272			3,167
Exchangeable securities — Dec. 31, 2020			—			769			—			769			730
Long-term debt — Dec. 31, 2020			—			3,480			—			3,480			3,227

(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. 31			2021			2020			2019
Unamortized net gain (loss) at beginning of year			(33)			9			49
New inception gain (loss)(1)			(50)			(13)			3
Amortization recorded in net earnings during the year			(19)			(29)			(43)
Unamortized net gain (loss) at end of year(2)			(102)			(33)			9

(1) During 2021, the Company entered into PPAs for the White Rock Wind Projects that resulted in a new inception loss due to the difference between the fixed PPA price and future estimated market prices. There are other key factors, such as project economics and incentives, that influence the long-term power price for renewable projects outside of the power price curve, which is not liquid for the majority of the duration of the power agreement contract period. During 2020, the Company 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 one forward price curve at inception of the contract.

X

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The disclosure of the fair value measurement of liabilities.

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The disclosure of the reconciliation of changes in the loss allowance and explanation of changes in the gross carrying amount for financial instruments. Loss allowance is the allowance for expected credit losses on financial assets measured in accordance with paragraph 4.1.2 of IFRS 9, lease receivables and contract assets, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A of IFRS 9 and the provision for expected credit losses on loan commitments and financial guarantee contracts. [Refer: Gross carrying amount [member]]

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