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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of operating segments [abstract] |
Disclosure of operating segments |
Year ended Dec. 31, 2022 | Hydro | Wind & Solar(1) | Gas | Energy Transition | Energy Marketing | Corporate | Total | Equity accounted investments(1) | Reclass adjustments | IFRS financials
Revenues | 606 |  | 303 |  | 1,209 |  | 714 |  | 160 |  | (2) |  | 2,990 |  | (14) |  | — |  | 2,976 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |
Unrealized mark-to-market loss | 1 |  | 104 |  | 251 |  | 10 |  | 12 |  | — |  | 378 |  | — |  | (378) |  | — |
Realized (gain) loss on closed exchange positions | — |  | — |  | (4) |  | — |  | 47 |  | — |  | 43 |  | — |  | (43) |  | — |
Decrease in finance lease receivable | — |  | — |  | 46 |  | — |  | — |  | — |  | 46 |  | — |  | (46) |  | — |
Finance lease income | — |  | — |  | 19 |  | — |  | — |  | — |  | 19 |  | — |  | (19) |  | — |
Unrealized foreign exchange gain on commodity | — |  | — |  | — |  | — |  | (1) |  | — |  | (1) |  | — |  | 1 |  | — |
Adjusted revenues | 607 |  | 407 |  | 1,521 |  | 724 |  | 218 |  | (2) |  | 3,475 |  | (14) |  | (485) |  | 2,976 |
Fuel and purchased power | 22 |  | 31 |  | 641 |  | 566 |  | — |  | 3 |  | 1,263 |  | — |  | — |  | 1,263 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |
Australian interest income | — |  | — |  | (4) |  | — |  | — |  | — |  | (4) |  | — |  | 4 |  | — |
Adjusted fuel and purchased power | 22 |  | 31 |  | 637 |  | 566 |  | — |  | 3 |  | 1,259 |  | — |  | 4 |  | 1,263 |
Carbon compliance | — |  | 1 |  | 83 |  | (1) |  | — |  | (5) |  | 78 |  | — |  | — |  | 78 |
Gross margin | 585 |  | 375 |  | 801 |  | 159 |  | 218 |  | — |  | 2,138 |  | (14) |  | (489) |  | 1,635 |
OM&A | 55 |  | 68 |  | 195 |  | 69 |  | 35 |  | 101 |  | 523 |  | (2) |  | — |  | 521 |
Taxes, other than income taxes | 3 |  | 12 |  | 15 |  | 4 |  | — |  | 1 |  | 35 |  | (2) |  | — |  | 33 |
Net other operating (income) loss | — |  | (23) |  | (38) |  | — |  | — |  | — |  | (61) |  | 3 |  | — |  | (58) |
Insurance recovery | — |  | 7 |  | — |  | — |  | — |  | — |  | 7 |  | — |  | (7) |  | — |
Adjusted net other operating (income) loss | — |  | (16) |  | (38) |  | — |  | — |  | — |  | (54) |  | 3 |  | (7) |  | (58) |
Adjusted EBITDA(2) | 527 |  | 311 |  | 629 |  | 86 |  | 183 |  | (102) |  | 1,634 |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  | 9 |
Finance lease income |  |  |  |  |  |  |  |  |  | 19 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (599) |
Asset impairment charges |  |  |  |  |  |  |  |  |  | (9) |
Net interest expense |  |  |  |  |  |  |  |  |  | (262) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  | 4 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 52 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  | 353 |
(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2) Adjusted EBITDA is not defined and has no standardized meaning under IFRS.
Year ended Dec. 31, 2021 | Hydro | Wind & Solar(1) | Gas | Energy Transition | Energy Marketing | Corporate | Total | Equity accounted 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 |  | — |
Realized (gain) loss on closed exchange positions(2) | — |  | — |  | (6) |  | — |  | 29 |  | — |  | 23 |  | — |  | (23) |  | — |
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 |  | 1,126 |  | 728 |  | 202 |  | 4 |  | 2,791 |  | (18) |  | (52) |  | 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 | — |  | — |  | 118 |  | 60 |  | — |  | — |  | 178 |  | — |  | — |  | 178 |
Gross margin | 367 |  | 331 |  | 634 |  | 236 |  | 202 |  | — |  | 1,770 |  | (18) |  | (263) |  | 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 loss (income) | — |  | — |  | (40) |  | 48 |  | — |  | — |  | 8 |  | — |  | — |  | 8 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |
Royalty onerous contract and contract termination penalties | — |  | — |  | — |  | (48) |  | — |  | — |  | (48) |  | — |  | 48 |  | — |
Adjusted net other operating loss (income) | — |  | — |  | (40) |  | — |  | — |  | — |  | (40) |  | — |  | 48 |  | 8 |
Adjusted EBITDA(3) | 322 |  | 262 |  | 488 |  | 133 |  | 166 |  | (85) |  | 1,286 |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  | 9 |
Finance lease income |  |  |  |  |  |  |  |  |  | 25 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (529) |
Asset impairment charges |  |  |  |  |  |  |  |  |  | (648) |
Net interest expense |  |  |  |  |  |  |  |  |  | (245) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  | 16 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 54 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | (380) |
(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2) In 2022, our adjusted EBITDA composition was adjusted to include the impact of closed positions that are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing segment in the period in which the transactions occur. (3) Adjusted EBITDA is not defined and has no standardized meaning under IFRS.
Year ended Dec. 31, 2020 | Hydro | Wind & Solar(1) | Gas | Energy Transition | 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) |  | — |
Realized gain on closed exchange positions(2) | — |  | — |  | — |  | — |  | (10) |  | — |  | (10) |  | — |  | 10 |  | — |
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 |  | 133 |  | 7 |  | 2,164 |  | (3) |  | (60) |  | 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 | — |  | — |  | 120 |  | 48 |  | — |  | (5) |  | 163 |  | — |  | — |  | 163 |
Gross margin | 144 |  | 309 |  | 507 |  | 290 |  | 133 |  | — |  | 1,383 |  | (3) |  | (247) |  | 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 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(3) | 105 |  | 248 |  | 367 |  | 175 |  | 103 |  | (81) |  | 917 |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  | 1 |
Finance lease income |  |  |  |  |  |  |  |  |  | 7 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | (654) |
Asset impairment charges |  |  |  |  |  |  |  |  |  | (84) |
Net interest expense |  |  |  |  |  |  |  |  |  | (238) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  | 17 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  | 9 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | (303) |
(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2) In 2022, our adjusted EBITDA composition was adjusted to include the impact of closed positions that are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing segment in the period in which the transactions occur. (3) Adjusted EBITDA is not defined and has no standardized meaning under IFRS.
Disclosure of selected consolidated statements of financial position information | Selected Consolidated Statements of Financial Position Information
As at Dec. 31, 2022 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
PP&E | 437 |  | 2,837 |  | 1,858 |  | 313 |  | — |  | 111 |  | 5,556 |
Right-of-use assets | 6 |  | 98 |  | 6 |  | 2 |  | — |  | 14 |  | 126 |
Intangible assets | 2 |  | 157 |  | 49 |  | 5 |  | 8 |  | 31 |  | 252 |
Goodwill | 258 |  | 176 |  | — |  | — |  | 30 |  | — |  | 464 |
As at Dec. 31, 2021 | Hydro | Wind and Solar | Gas | Energy Transition | 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 |
Disclosure of components in other non-current assets | Additions to non-current assets are as follows:
Year ended Dec. 31, 2022 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E | 36 |  | 745 |  | 43 |  | 19 |  | — |  | 75 |  | 918 |
Intangible assets | — |  | 19 |  | — |  | — |  | 3 |  | 9 |  | 31 |
Year ended Dec. 31, 2021 | Hydro | Wind and Solar | Gas | Energy Transition | 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 | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E | 22 |  | 174 |  | 199 |  | 78 |  | — |  | 13 |  | 486 |
Intangible assets | — |  | — |  | — |  | 1 |  | — |  | 13 |  | 14 |
Disclosure of reconciliation between depreciation and amortization | 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 | 2022 | 2021 | 2020
Depreciation and amortization expense on the Consolidated Statements of Earnings (Loss) | 599 |  | 529 |  | 654 |
Depreciation included in fuel and purchased power (Note 6) | — |  | 190 |  | 144 |
Depreciation and amortization on the Consolidated Statements of Cash Flows | 599 |  | 719 |  | 798 |
Disclosure of geographical areas | Revenues
Year ended Dec. 31 | 2022 | 2021 | 2020
Canada | 1,905 |  | 1,854 |  | 1,227 |
US | 940 |  | 731 |  | 716 |
Australia | 131 |  | 136 |  | 158 |
Total revenue | 2,976 |  | 2,721 |  | 2,101 |
II. Non-Current Assets
| Property, plant and equipment | Right-of-use assets | Intangible assets | Other assets |
As at Dec. 31 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |  |
Canada | 3,817 |  | 4,051 |  | 49 |  | 52 |  | 123 |  | 141 |  | 62 |  | 15 |  |  |
US | 1,307 |  | 860 |  | 74 |  | 39 |  | 101 |  | 85 |  | 34 |  | 61 |  |  |
Australia | 432 |  | 409 |  | 3 |  | 4 |  | 28 |  | 30 |  | 64 |  | 66 |  |  |
Total | 5,556 |  | 5,320 |  | 126 |  | 95 |  | 252 |  | 256 |  | 160 |  | 142 |  |  |

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