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Joint Arrangements | 12 Months Ended
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Dec. 31, 2023
Disclosure of interests in other entities [Abstract] |
Joint arrangements | Investments The change in investments is as follows:
| EMG | Skookumchuck | Tent Mountain | EIP | Ekona | Total
Classification | Equity-accounted | Equity-accounted | Equity-accounted | FVTPL | FVTOCI |
Balance, Dec. 31, 2021 | 12 |  | 93 |  | — |  | — |  | — |  | 105 |
Investment | — |  | — |  | — |  | 10 |  | 2 |  | 12 |
Equity income (loss) | (1) |  | 10 |  | — |  | — |  | — |  | 9 |
Distributions received | — |  | (5) |  | — |  | — |  | — |  | (5) |
Changes in foreign exchange rates | 1 |  | 7 |  | — |  | 1 |  | — |  | 9 |
Net change in fair value recognized in OCI | — |  | — |  | — |  | — |  | (1) |  | (1) |
Balance, Dec. 31, 2022 | 12 |  | 105 |  | — |  | 11 |  | 1 |  | 129 |
Investment | — |  | — |  | 10 |  | 4 |  | — |  | 14 |
Equity income (loss) | (4) |  | 8 |  | — |  | — |  | — |  | 4 |
Distributions received | — |  | (6) |  | — |  | — |  | — |  | (6) |
Changes in foreign exchange rates | — |  | (3) |  | — |  | — |  | — |  | (3) |
Balance, Dec. 31, 2023 | 8 |  | 104 |  | 10 |  | 15 |  | 1 |  | 138 |
Equity-accounted Investments The Company’s investments in joint ventures and associates that are accounted for using the equity method consist of its investments in Skookumchuck, EMG and Tent Mountain Renewable Energy Complex (“Tent Mountain”). EMG International, LLC ("EMG") TransAlta holds a 30 per cent interest in EMG, a wastewater treatment processing company. Earnings are derived from the design and construction of wastewater treatment facilities. During 2022, the contingent purchase price consideration of US$3.5 million was paid, which was calculated based on actual earnings metrics achieved in 2021 and did not differ from the estimated amount included in the initial purchase price. Skookumchuck Wind Project TransAlta holds a 49 per cent membership interest in SP Skookumchuck Investment, LLC. Skookumchuck is a 136.8 MW wind project located in Lewis and Thurston counties near Centralia in Washington state. The project has a 20-year PPA with Puget Sound Energy. Tent Mountain Pumped Hydro Development Project On April 24, 2023, the Company acquired a 50 per cent interest in Tent Mountain, an early-stage 320 MW pumped hydro energy storage development project, located in southwest Alberta, from Evolve Power Ltd. ("Evolve"), formerly known as Montem Resources Limited. The acquisition included land rights, fixed assets and intellectual property associated with the pumped hydro development project. The Company paid Evolve approximately $8 million on closing and made additional investments of $2 million during the balance of 2023. Additional contingent payments of up to $17 million may become payable to Evolve based on the achievement of specific development and commercial milestones. The Company and Evolve jointly control Tent Mountain, with the result that the Company accounts for its interest in the joint venture as an investment using the equity method. Summarized financial information on the results of operations relating to the Company’s pro-rata interests in Skookumchuck, EMG and Tent Mountain, is as follows:
Year ended Dec. 31 | 2023 |  | 2022 | 2021
Results of operations |  |  |  |
Revenues and other operating income | 22 |  |  | 24 |  | 19 |
Expenses | (18) |  |  | (15) |  | (10) |
Proportionate share of net earnings | 4 |  |  | 9 |  | 9 |
Other Investments Energy Impact Partners On May 6, 2022, the Company entered into a commitment to invest US$25 million over the next four years in Energy Impact Partners ("EIP") Deep Decarbonization Frontier Fund 1 (the “Frontier Fund”). The investment in the Frontier Fund provides the Company with a portfolio approach to investing in emerging technologies and the opportunity to identify, pilot, commercialize and bring to market emerging technologies that will facilitate the transition to net-zero emissions. The investment is accounted for at FVTPL. Ekona Power Inc. On Feb. 1, 2022, the Company made an equity investment of $2 million in Ekona's Class B Preferred Shares. The investment will help support the commercialization of Ekona’s novel methane pyrolysis technology platform, which is being developed to produce cleaner and lower-cost turquoise hydrogen. The Company has irrevocably elected to measure its investment in Ekona at FVTOCI. Joint Arrangements Joint arrangements at Dec. 31, 2023, included the following:
Joint operations | Segment | Ownership (per cent) | Description
Sheerness | Gas | 50 | Dual-fuel facility in Alberta, of which TA Cogen has a 50 per cent interest, operated by Heartland Generation Ltd., an affiliate of Energy Capital Partners
Goldfields Power | Gas | 50 | Gas-fired facility in Australia operated by TransAlta
Fort Saskatchewan | Gas | 60 | Cogeneration facility in Alberta, of which TA Cogen has a 60 per cent interest, operated by TransAlta
Fortescue River Gas Pipeline | Gas | 43 | Natural gas pipeline in Western Australia, operated by DBP Development Group
McBride Lake | Wind and Solar | 50 | Wind generation facility in Alberta operated by TransAlta
Soderglen | Wind and Solar | 50 | Wind generation facility in Alberta operated by TransAlta
Pingston | Hydro | 50 | Hydro facility in British Columbia operated by TransAlta
Joint venture | Segment | Ownership (per cent) | Description
Skookumchuck | Wind and Solar | 49 | Wind generation facility in Washington operated by Southern Power
Tent Mountain | Hydro | 50 | Pumped hydro energy storage development project in Alberta

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