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Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
Disclosure of derivative Financial Instruments Net Risk Management Assets and Liabilities
Aggregate net risk management assets (liabilities) are as follows:
As at Dec. 31, 2022
 Cash flow
hedges		Not
designated
as a hedge		Total
Commodity risk management   
Current(271)(143)(414)
Long-term(76)(96)(172)
Net commodity risk management liabilities(347)(239)(586)
Other   
Current— (6)(6)
Long-term— — — 
Net other risk management liabilities— (6)(6)
Total net risk management liabilities(347)(245)(592)
As at Dec. 31, 2021
 Cash flow
hedges		Not
designated
as a hedge		Total
Commodity risk management   
Current33 12 45 
Long-term252 (4)248 
Net commodity risk management assets285 8 293 
Other   
Current3 (1)2 
Long-term— 6 6 
Net other risk management assets3 5 8 
Total net risk management assets288 13 301 
The Company’s outstanding commodity derivative instruments not designated as hedging instruments are as follows:
As at Dec. 3120222021
Type
(thousands)		Notional
amount
sold		Notional
amount
purchased		Notional
amount
sold		Notional
amount
purchased
Electricity (MWh)
55,821 13,934 46,139 14,951 
Natural gas (GJ)23,464 162,384 7,501 173,898 
Transmission (MWh)— 1,643 37 1,097 
Emissions (MWh)274 2,297 445 2,030 
Emissions (tonnes)300 300 350 350 
Coal (tonnes)
— 7,746 — 9,352 
As at Dec. 3120222021
Notional
amount
sold		Notional
amount
purchased		Fair value
asset
(liability)		MaturityNotional
amount
sold		Notional
amount
purchased		Fair value
asset
(liability)		Maturity
Foreign exchange forward contracts – foreign-denominated receipts/expenditures
AU183 CAD168 (1)2023-2026AU28 CAD26 (5)2022-2025
US573 CAD761 (12)2023-2025US271 CAD357 8 2022-2025
US66 AU102 4 2023— — — — 
Foreign exchange forward contracts – foreign-denominated debt
CAD159 US120 3 2023 CAD191 US150 1 2022
Disclosure of net Arrangements
Information about the Company’s financial assets and liabilities that are subject to enforceable master netting arrangements or similar agreements is as follows:
As at Dec. 31, 2022Gross amounts of recognized financial assets (liabilities)Amounts set offNet amounts presented on the statement of financial position
Master netting arrangements(1)
Net amount
Current risk management assets$1,602 $(883)$688 $(62)$626 
Long-term risk management assets$204 $(43)$157 $(7)$150 
Current risk management liabilities$(1,953)$883 $(1,033)$62 $(971)
Long-term risk management liabilities$(449)$43 $(402)$7 $(395)
Trade and other receivables(2)
$1,330 $(934)$396 $(176)$220 
Accounts payable and accrued liabilities(2)
$(1,344)$934 $(411)$176 $(235)
As at Dec. 31, 2021Gross amounts of recognized financial assets (liabilities)Amounts set offNet amounts presented on the statement of financial position
Master netting arrangements(1)
Net amount
Current risk management assets$636 $(307)$316 $(92)$224 
Long-term risk management assets$285 $(16)$260 $(23)$237 
Current risk management liabilities$(529)$307 $(211)$92 $(119)
Long-term risk management liabilities$(89)$16 $(70)$23 $(47)
Trade and other receivables(2)
$699 $(571)$128 $(35)$93 
Accounts payable and accrued liabilities(2)
$(689)$571 $(118)$35 $(83)
(1) Amounts not set off in the Consolidated Statements of Financial Position.
(2)    The trade and other receivables and accounts payable and accrued liabilities include amounts related to collateral provided and held. Refer to Note 15(F) below for further details.
Disclosure of currency Rate Risk The possible effect on net earnings and OCI, due to changes in foreign exchange rates associated with financial instruments denominated in currencies other than the Company’s functional currency, is outlined below. The sensitivity analysis has been prepared using management’s assessment that an average three cents (2021 – three cents, 2020 – three cents) increase or decrease in these currencies relative to the Canadian dollar is a reasonable potential change over the next quarter.
Year ended Dec. 31202220212020
Currency
Net earnings
decrease(1)
OCI gain(1)(2)
Net earnings increase
(decrease)(1)
OCI gain(1)(2)
Net earnings
decrease(1)
OCI gain(1)(2)
USD(12)— (13)1 (8)1 
AUD(2)— 1 — (4)— 
Total(14)— (12)1 (12)1 
(1)    These calculations assume an increase in the value of these currencies relative to the Canadian dollar. A decrease would have the opposite effect.
(2)    The foreign exchange impact related to financial instruments designated as hedging instruments in net investment hedges has been excluded.
Disclosure of credit Risk The following table outlines the Company’s maximum exposure to credit risk without taking into account collateral held, including the distribution of credit ratings, as at Dec. 31, 2022:
 
Investment grade
 (Per cent)
Non-investment grade
 (Per cent)
Total
 (Per cent)
Total
amount
Trade and other receivables(1)(2)
87 13 100 1,585 
Long-term finance lease receivable100 — 100 129 
Risk management assets(1)
92 8 100 870 
Loan receivable(2)
— 100 100 37 
Total   2,621 
(1)    Letters of credit and cash and cash equivalents are the primary types of collateral held as security related to these amounts.
(2)    Includes $37 million loan receivable included within other assets with a counterparty that has no external credit rating. The current portion of $4 million was excluded from trade and other receivables as it is included in loan receivable in the table above. Refer to Note 23 for further details.
Disclosure of maturity Analysis of Financial Liabilities
A maturity analysis of the Company's financial liabilities as well as financial assets that are expected to generate cash inflows to meet cash outflows on financial liabilities, is as follows:
 202320242025202620272028 and thereafterTotal
Bank overdraft16 — — — — — 16 
Accounts payable and accrued liabilities1,346 — — — — — 1,346 
Long-term debt(1)
Credit facilities(1)
— 400 — 33 — — 433 
Debentures— — — — — 251 251 
Senior notes— — — — — 949 949 
Non-recourse — Hydro45 — — — — — 45 
Non-recourse — Wind & Solar63 66 69 67 70 363 698 
Non-recourse — Gas45 46 58 61 65 782 1,057 
Tax equity financing16 15 15 16 19 48 129 
Other1 — — — — — 1 
Exchangeable securities(2)
— — 750 — — — 750 
Commodity risk management (assets)
   liabilities		415 182 (42)15 8 8 586 
Other risk management (assets) liabilities7 (1)1 — — (1)6 
Lease liabilities(3)
(7)4 4 3 4 127 135 
Interest on long-term debt and lease
  liabilities(4)
205 192 166 158 150 836 1,707 
Interest on exchangeable securities(2)(4)
52 62 — — — — 114 
Dividends payable68 — — — — — 68 
Total2,272 966 1,021 353 316 3,363 8,291 
(1)    Excludes impact of hedge accounting and derivatives.
(2)    The exchangeable securities can be exchanged, at the earliest, on Jan. 1, 2025. Refer to Note 26 for further details.
(3)    Lease liabilities include a lease incentive of $12 million expected to be received in 2023.
(4)    Not recognized as a financial liability on the Consolidated Statements of Financial Position
The following table outlines the terms and conditions of derivative hedging instruments and how they affect the amount, timing and uncertainty of future cash flows:
Maturity
202320242025202620272028
Cash flow hedges     
Commodity derivative instruments
   Electricity
        Notional amount (thousands of MWh)3,329 3,338 2,628 — — — 
        Average price ($ per MWh)78.27 80.22 82.22 — — — 
Disclosure of hedging Instruments
The impact of the hedging instruments on the statement of financial position is as follows:
As at Dec. 31, 2022
Notional amountCarrying amountLine item in the statement of financial positionChange in fair value used for measuring ineffectiveness
Commodity price risk
Cash flow hedges
Physical power sales(1)
9,295
(347)Risk management liabilities(594)
Foreign currency risk
Net investment hedges
Foreign-denominated debt
US370
CAD502
Credit facilities, long-term debt and lease liabilities— 
(1)    In thousands of MWh.

As at Dec. 31, 2021
Notional amountCarrying amountLine item in the statement of financial positionChange in fair value used for measuring ineffectiveness
Commodity price risk
Cash flow hedges
Physical power sales(1)
12,624
285 Risk management assets(181)
Interest rate risk
Cash flow hedges
Interest rate swap
US300
3 Risk management assets3 
Foreign currency risk
Cash flow hedges
Foreign-denominated expendituresUS8— Risk management assets— 
Foreign-denominated expendituresUS14— Risk management assets— 
Net investment hedges
Foreign-denominated debt
US370
CAD473
Credit facilities, long-term debt and lease liabilities— 
(1)    In thousands of MWh.
The impact of the hedged items on the statement of financial position is as follows:
As at Dec. 3120222021
Change in fair value used for measuring ineffectiveness
Cash flow hedge reserve(1)
Change in fair value used for measuring ineffectiveness
Cash flow hedge reserve(1)
Commodity price risk
Cash flow hedges
Power forecast sales –
  Centralia		(594)(279)(181)226 
Interest rate risk
Cash flow hedges
Interest expense on long-
  term debt		— — 32
Change in fair value used for measuring ineffectiveness
Foreign currency translation reserve(1)
Change in fair value used for measuring ineffectiveness
Foreign currency translation reserve(1)
Foreign currency risk
Net investment hedges
Net investment in foreign
   subsidiaries		— (39)— (35)
(1    Net of tax. Included in AOCI.
Disclosure of effect of Hedges
The impact of designated cash flow hedges on OCI and net earnings is:
Year ended Dec. 31, 2022
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain (loss)
recognized
in OCI		Location of (gain)loss reclassified
from OCI		Pre-tax 
(gain) loss
reclassified
from OCI		Location of (gain) loss
reclassified
from OCI		Pre-tax
(gain) loss
recognized
in earnings
Commodity contracts(747)Revenue124 Revenue— 
Forward starting interest rate
  swaps		53 Interest expense2 Interest expense— 
OCI impact(694)OCI impact126 Net earnings impact— 
These estimates assume constant natural gas and power prices, interest rates and exchange rates over time; however, the actual amounts that will be reclassified may vary based on changes in these factors.
Year ended Dec. 31, 2021
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain (loss)
recognized
in OCI		Location of (gain)  loss reclassified
from OCI		Pre-tax 
(gain) loss
reclassified
from OCI		Location of (gain) loss
reclassified
from OCI		Pre-tax
(gain) loss
recognized
 in earnings
Commodity contracts(268)Revenue(13)Revenue— 
Foreign exchange forwards
  on project hedges		— Property, plant
  and equipment		1 Foreign exchange
  (gain) loss		— 
Forward starting interest rate
  swaps		13 Interest expense4 Interest expense— 
OCI impact(255)OCI impact(8)Net earnings impact— 
Year ended Dec. 31, 2020
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain (loss)
recognized
 in OCI		Location of (gain)
loss reclassified
from OCI		Pre-tax
 (gain) loss
reclassified
from OCI		Location of (gain) loss reclassified
from OCI		Pre-tax
(gain) loss
recognized
 in earnings
Commodity contracts41 Revenue(137)Revenue— 
Foreign exchange forwards
  on project hedges		(1)Property, plant and equipment— Foreign exchange
  (gain) loss		— 
Forward starting interest rate
  swaps		(12)Interest expense(4)Interest expense— 
OCI impact28 OCI impact(141)Net earnings impact—