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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of operating segments [abstract] |
Disclosure of operating segments |
Year ended Dec. 31, 2023 |  | Hydro |  | Wind & Solar(1) |  | Gas |  | Energy Transition |  | Energy Marketing |  | Corporate |  | Total |  | Equity- accounted investments(1) |  | Reclass adjustments |  | IFRS financials
Revenues |  | 533 |  |  | 357 |  |  | 1,514 |  |  | 751 |  |  | 220 |  |  | 1 |  |  | 3,376 |  |  | (21) |  |  | — |  |  | 3,355 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss |  | (4) |  |  | 16 |  |  | (67) |  |  | (5) |  |  | 23 |  |  | — |  |  | (37) |  |  | — |  |  | 37 |  |  | — |
Realized gain (loss) on closed exchange positions |  | — |  |  | — |  |  | 10 |  |  | — |  |  | (91) |  |  | — |  |  | (81) |  |  | — |  |  | 81 |  |  | — |
Decrease in finance lease receivable |  | — |  |  | — |  |  | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | (55) |  |  | — |
Finance lease income |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | (12) |  |  | — |
Unrealized foreign exchange loss on commodity |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |
Adjusted revenues |  | 529 |  |  | 373 |  |  | 1,525 |  |  | 746 |  |  | 152 |  |  | 1 |  |  | 3,326 |  |  | (21) |  |  | 50 |  |  | 3,355 |
Fuel and purchased power |  | 19 |  |  | 30 |  |  | 453 |  |  | 557 |  |  | — |  |  | 1 |  |  | 1,060 |  |  | — |  |  | — |  |  | 1,060 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian interest income |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 4 |  |  | — |
Adjusted fuel and purchased power |  | 19 |  |  | 30 |  |  | 449 |  |  | 557 |  |  | — |  |  | 1 |  |  | 1,056 |  |  | — |  |  | 4 |  |  | 1,060 |
Carbon compliance |  | — |  |  | — |  |  | 112 |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | — |  |  | 112 |
Gross margin |  | 510 |  |  | 343 |  |  | 964 |  |  | 189 |  |  | 152 |  |  | — |  |  | 2,158 |  |  | (21) |  |  | 46 |  |  | 2,183 |
OM&A |  | 48 |  |  | 80 |  |  | 192 |  |  | 64 |  |  | 43 |  |  | 115 |  |  | 542 |  |  | (3) |  |  | — |  |  | 539 |
Taxes, other than income taxes |  | 3 |  |  | 12 |  |  | 11 |  |  | 3 |  |  | — |  |  | 1 |  |  | 30 |  |  | (1) |  |  | — |  |  | 29 |
Net other operating income |  | — |  |  | (7) |  |  | (40) |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | — |  |  | — |  |  | (47) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance recovery |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |
Adjusted net other operating income |  | — |  |  | (6) |  |  | (40) |  |  | — |  |  | — |  |  | — |  |  | (46) |  |  | — |  |  | (1) |  |  | (47) |
Adjusted EBITDA(2) |  | 459 |  |  | 257 |  |  | 801 |  |  | 122 |  |  | 109 |  |  | (116) |  |  | 1,632 |  |  |  |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Finance lease income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (621) |
Asset impairment reversals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (281) |
Foreign exchange loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7) |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 880 |
(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, 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 |  | — |  |  | (23) |  |  | (38) |  |  | — |  |  | — |  |  | — |  |  | (61) |  |  | 3 |  |  | — |  |  | (58) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance recovery |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | (7) |  |  | — |
Adjusted net other operating income |  | — |  |  | (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) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (286) |
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 |  | — |  |  | — |  |  | (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 writedown |  | — |  |  | — |  |  | — |  |  | (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 writedown |  | — |  |  | — |  |  | (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(2) |  | 322 |  |  | 262 |  |  | 488 |  |  | 133 |  |  | 166 |  |  | (85) |  |  | 1,286 |  |  |  |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9 |
Finance lease income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (529) |
Asset impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (648) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (256) |
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)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 As at Dec. 31, 2023 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
PP&E | 462 |  | 3,360 |  | 1,543 |  | 251 |  | — |  | 98 |  | 5,714 |
Right-of-use assets | 7 |  | 94 |  | 5 |  | — |  | — |  | 11 |  | 117 |
Intangible assets | 2 |  | 141 |  | 40 |  | 4 |  | 5 |  | 31 |  | 223 |
Goodwill | 258 |  | 176 |  | — |  | — |  | 30 |  | — |  | 464 |
As at 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 |
Disclosure of components in other non-current assets | Additions to non-current assets are as follows:
Year ended Dec. 31, 2023 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E | 42 |  | 674 |  | 89 |  | 16 |  | — |  | 54 |  | 875 |
Intangible assets | — |  | — |  | — |  | — |  | — |  | 13 |  | 13 |
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 |
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 | 2023 | 2022 | 2021
Depreciation and amortization expense on the Consolidated Statements of Earnings (Loss) | 621 |  | 599 |  | 529 |
Depreciation included in fuel and purchased power (Note 6) | — |  | — |  | 190 |
Depreciation and amortization on the Consolidated Statements of Cash Flows | 621 |  | 599 |  | 719 |
Disclosure of geographical areas | Revenues
Year ended Dec. 31 | 2023 | 2022 | 2021
Canada | 2,218 |  | 1,905 |  | 1,854 |
US | 987 |  | 940 |  | 731 |
Australia | 150 |  | 131 |  | 136 |
Total revenue | 3,355 |  | 2,976 |  | 2,721 |
II. Non-Current Assets
| Property, plant and equipment | Right-of-use assets | Intangible assets | Other assets |
As at Dec. 31 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |  |
Canada | 3,578 |  | 3,817 |  | 43 |  | 49 |  | 108 |  | 123 |  | 68 |  | 62 |  |  |
US | 1,749 |  | 1,307 |  | 71 |  | 74 |  | 88 |  | 101 |  | 42 |  | 34 |  |  |
Australia | 387 |  | 432 |  | 3 |  | 3 |  | 27 |  | 28 |  | 69 |  | 64 |  |  |
Total | 5,714 |  | 5,556 |  | 117 |  | 126 |  | 223 |  | 252 |  | 179 |  | 160 |  |  |

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