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v3.22.4

Property, Plant, and Equipment | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant, and Equipment | Property, Plant and Equipment A reconciliation of the changes in the carrying amount of PP&E is as follows:
| Assets under construction | Land | Hydro(1) | Wind and Solar(1) | Gas generation | Energy Transition | Capital spares and other(2) | Total |
Cost |  |  |  |  |  |  |  |  |
As at Dec. 31, 2020 | 495 |  | 96 |  | 846 |  | 2,746 |  | 3,935 |  | 4,901 |  | 379 |  | 13,398 |  |
Additions(3) | 477 |  | — |  | — |  | — |  | — |  | — |  | 2 |  | 479 |  |
Additions from development projects | 1 |  | — |  | — |  | — |  | — |  | — |  | — |  | 1 |  |
Acquisitions (Note 4) | — |  | — |  | — |  | 146 |  | — |  | — |  | — |  | 146 |  |
Disposals | (2) |  | (1) |  | — |  | — |  | (2) |  | (74) |  | — |  | (79) |  |
Impairment charges (Note 7)(4) | (91) |  | — |  | (3) |  | (12) |  | (2) |  | (468) |  | (13) |  | (589) |  |
Revisions/additions to decommissioning and restoration costs (Note 24) | — |  | — |  | 1 |  | 128 |  | 6 |  | — |  | — |  | 135 |  |
Retirement of assets | — |  | — |  | (4) |  | (11) |  | (57) |  | (49) |  | — |  | (121) |  |
Change in foreign exchange rates | — |  | — |  | — |  | 3 |  | (25) |  | 2 |  | (7) |  | (27) |  |
Transfers (to) from assets held for sale (Note 18) | (25) |  | — |  | — |  | — |  | — |  | 31 |  | — |  | 6 |  |
Transfers in (out) of PP&E(5) | 5 |  | — |  | — |  | (4) |  | (5) |  | 46 |  | — |  | 42 |  |
Transfer of assets upon commissioning | (676) |  | 1 |  | 27 |  | 280 |  | 237 |  | 124 |  | 5 |  | (2) |  |
As at Dec. 31, 2021 | 184 |  | 96 |  | 867 |  | 3,276 |  | 4,087 |  | 4,513 |  | 366 |  | 13,389 |  |
Additions (3) | 891 |  | — |  | — |  | — |  | — |  | — |  | 6 |  | 897 |  |
Additions from development projects | 17 |  | — |  | — |  | — |  | — |  | — |  | 12 |  | 29 |  |
Disposals | — |  | (3) |  | — |  | — |  | (1) |  | (216) |  | — |  | (220) |  |
Impairment (charges) reversals (Note 7)(4) | 2 |  | — |  | (21) |  | (43) |  | — |  | — |  | — |  | (62) |  |
Revisions/additions to decommissioning and restoration costs (Note 24) | — |  | — |  | (15) |  | (59) |  | (12) |  | 10 |  | 2 |  | (74) |  |
Retirement of assets | — |  | — |  | (9) |  | (9) |  | (12) |  | (7) |  | (2) |  | (39) |  |
Change in foreign exchange rates | 13 |  | — |  | — |  | 45 |  | (4) |  | 97 |  | 2 |  | 153 |  |
Transfers to assets held for sale (Note 18) | (22) |  | — |  | (9) |  | — |  | — |  | — |  | — |  | (31) |  |
Transfers in (out) of PPE(5) | 16 |  | — |  | — |  | (22) |  | 437 |  | (442) |  | (13) |  | (24) |  |
Transfer of assets upon commissioning | (138) |  | — |  | 27 |  | 45 |  | 35 |  | 19 |  | 6 |  | (6) |  |
As at Dec. 31, 2022 | 963 |  | 93 |  | 840 |  | 3,233 |  | 4,530 |  | 3,974 |  | 379 |  | 14,012 |  |
Accumulated depreciation |  |  |  |  |  |  |  |  |
As at Dec. 31, 2020 | — |  | — |  | 447 |  | 969 |  | 2,058 |  | 3,933 |  | 169 |  | 7,576 |  |
Depreciation | — |  | — |  | 24 |  | 130 |  | 184 |  | 264 |  | 12 |  | 614 |  |
Retirement of assets | — |  | — |  | (3) |  | (6) |  | (55) |  | (48) |  | — |  | (112) |  |
Disposals | — |  | — |  | — |  | — |  | (1) |  | (72) |  | — |  | (73) |  |
Change in foreign exchange rates | — |  | — |  | — |  | — |  | (8) |  | 2 |  | (1) |  | (7) |  |
Transfers to assets held for sale (Note 18) | — |  | — |  | — |  | — |  | — |  | 31 |  | — |  | 31 |  |
Transfers from right-of-use assets | — |  | — |  | — |  | — |  | — |  | 40 |  | — |  | 40 |  |
As at Dec. 31, 2021 | — |  | — |  | 468 |  | 1,093 |  | 2,178 |  | 4,150 |  | 180 |  | 8,069 |  |
Depreciation | — |  | — |  | 21 |  | 130 |  | 308 |  | 63 |  | 16 |  | 538 |  |
Retirement of assets | — |  | — |  | (8) |  | (6) |  | (10) |  | (7) |  | (2) |  | (33) |  |
Disposals | — |  | — |  | — |  | — |  | (1) |  | (211) |  | — |  | (212) |  |
Change in foreign exchange rates | — |  | — |  | — |  | 11 |  | 2 |  | 89 |  | — |  | 102 |  |
Transfers to assets held for sale (Note 18) | — |  | — |  | (3) |  | — |  | — |  | — |  | — |  | (3) |  |
Transfers in (out) of PP&E(5) | — |  | — |  | — |  | — |  | 335 |  | (340) |  | — |  | (5) |  |
As at Dec. 31, 2022 | — |  | — |  | 478 |  | 1,228 |  | 2,812 |  | 3,744 |  | 194 |  | 8,456 |  |
Carrying amount |  |  |  |  |  |  |  |  |
As at Dec. 31, 2020 | 495 |  | 96 |  | 399 |  | 1,777 |  | 1,877 |  | 968 |  | 210 |  | 5,822 |  |
As at Dec. 31, 2021 | 184 |  | 96 |  | 399 |  | 2,183 |  | 1,909 |  | 363 |  | 186 |  | 5,320 |  |
As at Dec. 31, 2022 | 963 |  | 93 |  | 362 |  | 2,005 |  | 1,718 |  | 230 |  | 185 |  | 5,556 |  |
(1) The renewable generation that was previously disclosed has been separated by segment. (2) Includes major spare parts and stand-by equipment available, but not in service, and spare parts used for routine, preventive or planned maintenance. (3) In 2022, the Company capitalized $16 million (2021 – $14 million) of interest to PP&E in at a weighted average rate of 6.0 per cent (2021 – 6.0 per cent). (4) The 2021 impairment charges, net of reversals exclude the changes in decommissioning and restoration provisions on assets. (5) Includes transfers between PP&E classifications, net of accumulated depreciation. Assets under Construction The Company commenced construction on the Horizon Hill wind project and White Rock wind projects in 2022. The Company also began its rehabilitation plan of the Kent Hills wind facilities during the second quarter of 2022 and capitalized additions of $77 million in 2022. Initial construction activities on the Garden Plain wind project started in the third quarter of 2021 and the Northern Goldfields Solar project in the fourth quarter of 2021, with construction activities continuing throughout 2022 for both projects. Change in Estimate - Useful Lives During 2022, the Company adjusted the useful lives of certain assets included in the Gas segment to reflect changes made based on the future operating expectations of the assets. This resulted in an increase of $132 million in depreciation expense that was recognized in the Consolidated Statement of Earnings (Loss) in 2022.

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