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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 | Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost | Other financial assets (FVTPL) | Other financial assets (FVTOCI) | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 1,134 |  | — |  | — |  | 1,134 |
Restricted cash | — |  | — |  | 70 |  | — |  | — |  | 70 |
Trade and other receivables | — |  | — |  | 1,589 |  | — |  | — |  | 1,589 |
Long-term portion of finance lease receivables | — |  | — |  | 129 |  | — |  | — |  | 129 |
Long-term portion of loan receivable(2) | — |  | — |  | 33 |  | — |  | — |  | 33 |
Other investments | — |  | — |  | — |  | 11 |  | 1 |  | 12 |
Risk management assets |  |  |  |  |  |
Current | — |  | 709 |  | — |  | — |  | — |  | 709 |
Long-term | — |  | 161 |  | — |  | — |  | — |  | 161 |
Financial liabilities |  |  |  |  |  |
Bank overdraft | — |  | — |  | 16 |  | — |  | — |  | 16 |
Accounts payable and accrued liabilities | — |  | — |  | 1,346 |  | — |  | — |  | 1,346 |
Dividends payable | — |  | — |  | 68 |  | — |  | — |  | 68 |
Risk management liabilities |  |  |  |  |  |
Current | 271 |  | 858 |  | — |  | — |  | — |  | 1,129 |
Long-term | 76 |  | 257 |  | — |  | — |  | — |  | 333 |
Credit facilities, long-term debt and lease liabilities(3) | — |  | — |  | 3,653 |  | — |  | — |  | 3,653 |
Exchangeable securities | — |  | — |  | 739 |  | — |  | — |  | 739 |
(1) Includes cash equivalents of nil. (2) Included in other assets. Refer to Note 23. (3) Includes current portion.
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 receivables | — |  | — |  | 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 | — |  | — |  | 735 |  |  | 735 |
(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, 2022 | Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost | Other financial assets (FVTPL) | Other financial assets (FVTOCI) | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 1,134 |  | — |  | — |  | 1,134 |
Restricted cash | — |  | — |  | 70 |  | — |  | — |  | 70 |
Trade and other receivables | — |  | — |  | 1,589 |  | — |  | — |  | 1,589 |
Long-term portion of finance lease receivables | — |  | — |  | 129 |  | — |  | — |  | 129 |
Long-term portion of loan receivable(2) | — |  | — |  | 33 |  | — |  | — |  | 33 |
Other investments | — |  | — |  | — |  | 11 |  | 1 |  | 12 |
Risk management assets |  |  |  |  |  |
Current | — |  | 709 |  | — |  | — |  | — |  | 709 |
Long-term | — |  | 161 |  | — |  | — |  | — |  | 161 |
Financial liabilities |  |  |  |  |  |
Bank overdraft | — |  | — |  | 16 |  | — |  | — |  | 16 |
Accounts payable and accrued liabilities | — |  | — |  | 1,346 |  | — |  | — |  | 1,346 |
Dividends payable | — |  | — |  | 68 |  | — |  | — |  | 68 |
Risk management liabilities |  |  |  |  |  |
Current | 271 |  | 858 |  | — |  | — |  | — |  | 1,129 |
Long-term | 76 |  | 257 |  | — |  | — |  | — |  | 333 |
Credit facilities, long-term debt and lease liabilities(3) | — |  | — |  | 3,653 |  | — |  | — |  | 3,653 |
Exchangeable securities | — |  | — |  | 739 |  | — |  | — |  | 739 |
(1) Includes cash equivalents of nil. (2) Included in other assets. Refer to Note 23. (3) Includes current portion.
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 receivables | — |  | — |  | 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 | — |  | — |  | 735 |  |  | 735 |
(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 table summarizes 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, 2022 and 2021, respectively:
| Year ended Dec. 31, 2022 |  | Year ended Dec. 31, 2021
| Hedge | Non-hedge | Total |  | Hedge | Non-hedge | Total
Opening balance | 285 |  | (126) |  | 159 |  |  | 573 |  | 9 |  | 582 |
Changes attributable to: |  |  |  |  |  |  |
Market price changes on existing contracts | (611) |  | (298) |  | (909) |  |  | (181) |  | 4 |  | (177) |
Market price changes on new contracts | — |  | (124) |  | (124) |  |  | — |  | (134) |  | (134) |
Contracts settled | (38) |  | 118 |  | 80 |  |  | (107) |  | (5) |  | (112) |
Change in foreign exchange rates | 17 |  | (5) |  | 12 |  |  | — |  | — |  | — |
Net risk management assets (liabilities) at end of year | (347) |  | (435) |  | (782) |  |  | 285 |  | (126) |  | 159 |
Additional Level III information: |  |  |  |  |  |  |
Losses recognized in other comprehensive loss | (594) |  | — |  | (594) |  |  | (181) |  | — |  | (181) |
Total gains (losses) included in earnings (loss) before income taxes | 38 |  | (427) |  | (389) |  |  | 107 |  | (130) |  | (23) |
Unrealized gains (losses) included in earnings (loss) before income taxes relating to net assets held at year end | — |  | (309) |  | (309) |  |  | — |  | (135) |  | (135) |
Disclosure for sensitivity ranges for the base fair value |
As at |  | Dec. 31, 2022
Description |  | Sensitivity | Valuation technique | Unobservable input | Reasonably possible change
Long-term power sale – US |  | +15 | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of US$5 or price increase of US$55
-163
Coal transportation – US |  | +14 | Numerical derivative valuation | Illiquid future power prices (per MWh) | Price decrease of US$5 or price increase of US$55
Volatility | 80% to 120%
-13 | Rail rate escalation | zero to 10%
Full requirements – Eastern US |  | +3 | Scenario analysis(1) | Volume | 96% to 104%
-21 | Cost of supply | Decrease of $0.50 per MWh or increase of $3.30 per MWh
Long-term wind energy sale – Eastern US |  | +22 | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease or increase of US$6
-18 | Illiquid future REC prices (per unit) | Price decrease or increase of US$2
| Wind discounts | 0% decrease or 5% increase
Long-term wind energy sale – Canada |  | +47 | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of C$85 or increase of C$5
-25 |  | Wind discounts | 28% decrease or 5% increase
Long-term wind energy sale - Central US |  | +74 |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease or increase of US$2
-28 |  | Wind discounts | 2% decrease or 5% increase
Others |  | +18 |  |  |
-19 |  |  |
(1) The valuation technique for Full requirements - Eastern US was updated to scenario analysis to provide a more representative description and did not result in changes to the value.
As at |  | Dec. 31, 2021
Description |  | Sensitivity | Valuation technique | Unobservable input | Reasonably possible change
Long-term power sale – US |  | +22 | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of US$3 or a 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 a 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 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
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, 2022 | — |  | 685 |  | — |  | 685 |  | 739 |
Long-term debt — Dec. 31, 2022 | — |  | 3,200 |  | — |  | 3,200 |  | 3,518 |
Loan receivable — Dec. 31, 2022 | — |  | 37 |  | — |  | 37 |  | 37 |
Exchangeable securities — Dec. 31, 2021 | — |  | 770 |  | — |  | 770 |  | 735 |
Long-term debt — Dec. 31, 2021 | — |  | 3,272 |  | — |  | 3,272 |  | 3,167 |
Loan receivable — Dec. 31, 2021 | — |  | 55 |  | — |  | 55 |  | 55 |
(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 (loss) and a reconciliation of changes is as follows:
As at Dec. 31 | 2022 | 2021 | 2020
Unamortized net gain (loss) at beginning of year(1) | (131) |  | (33) |  | 9 |
New inception loss(2) | (37) |  | (79) |  | (13) |
Change in foreign exchange rates | (10) |  | — |  | — |
Amortization recorded in net earnings during the year | (35) |  | (19) |  | (29) |
Unamortized net loss at end of year | (213) |  | (131) |  | (33) |
(1) In 2022, the day one valuation of certain PPAs in 2021 was revised for consistency with other fair value calculations. The reconciliation for the 2021 comparative period was restated. This did not impact the prior year financial statements as the inception completely offset the fair value at Dec. 31, 2021. (2) During 2022, the Company entered into a PPA for the Horizon Hill wind project (2021 – PPAs for the White Rock wind project) 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 PPA. 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.

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