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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of financial assets | Financial assets and financial liabilities are measured on an ongoing basis at cost, fair value or amortized cost.
Carrying value as at Dec. 31, 2023 | Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost | Other financial assets (FVTPL) | Other financial assets (FVOCI) | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 348 |  | — |  | — |  | 348 |
Restricted cash | — |  | — |  | 69 |  | — |  | — |  | 69 |
Trade and other receivables | — |  | — |  | 807 |  | — |  | — |  | 807 |
Long-term portion of finance lease receivables | — |  | — |  | 171 |  | — |  | — |  | 171 |
Long-term portion of loan receivable(2) | — |  | — |  | 25 |  | — |  | — |  | 25 |
Other investments(3) | — |  | — |  | — |  | 15 |  | 1 |  | 16 |
Risk management assets |  |  |  |  |  |
Current | — |  | 151 |  | — |  | — |  | — |  | 151 |
Long-term | — |  | 52 |  | — |  | — |  | — |  | 52 |
Financial liabilities |  |  |  |  |  |
Bank overdraft | — |  | — |  | 3 |  | — |  | — |  | 3 |
Accounts payable and accrued liabilities | — |  | — |  | 797 |  | — |  | — |  | 797 |
Dividends payable | — |  | — |  | 49 |  | — |  | — |  | 49 |
Risk management liabilities |  |  |  |  |  |
Current | 125 |  | 189 |  | — |  | — |  | — |  | 314 |
Long-term | 80 |  | 194 |  | — |  | — |  | — |  | 274 |
Credit facilities, long-term debt and lease liabilities(4) | — |  | — |  | 3,466 |  | — |  | — |  | 3,466 |
Exchangeable securities | — |  | — |  | 744 |  | — |  | — |  | 744 |
(1)Includes cash equivalents of nil. (2)Included in other assets. Refer to Note 22. (3)Included in investments. Refer to Note 9. (4)Includes current portion.
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(3) | — |  | — |  | — |  | 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(4) | — |  | — |  | 3,653 |  | — |  | — |  | 3,653 |
Exchangeable securities | — |  | — |  | 739 |  | — |  | — |  | 739 |
(1)Includes cash equivalents of nil. (2)Included in other assets. Refer to Note 22. (3)Included in investments. Refer to Note 9. (4)Includes current portion.
Disclosure of financial liabilities | Financial assets and financial liabilities are measured on an ongoing basis at cost, fair value or amortized cost.
Carrying value as at Dec. 31, 2023 | Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost | Other financial assets (FVTPL) | Other financial assets (FVOCI) | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 348 |  | — |  | — |  | 348 |
Restricted cash | — |  | — |  | 69 |  | — |  | — |  | 69 |
Trade and other receivables | — |  | — |  | 807 |  | — |  | — |  | 807 |
Long-term portion of finance lease receivables | — |  | — |  | 171 |  | — |  | — |  | 171 |
Long-term portion of loan receivable(2) | — |  | — |  | 25 |  | — |  | — |  | 25 |
Other investments(3) | — |  | — |  | — |  | 15 |  | 1 |  | 16 |
Risk management assets |  |  |  |  |  |
Current | — |  | 151 |  | — |  | — |  | — |  | 151 |
Long-term | — |  | 52 |  | — |  | — |  | — |  | 52 |
Financial liabilities |  |  |  |  |  |
Bank overdraft | — |  | — |  | 3 |  | — |  | — |  | 3 |
Accounts payable and accrued liabilities | — |  | — |  | 797 |  | — |  | — |  | 797 |
Dividends payable | — |  | — |  | 49 |  | — |  | — |  | 49 |
Risk management liabilities |  |  |  |  |  |
Current | 125 |  | 189 |  | — |  | — |  | — |  | 314 |
Long-term | 80 |  | 194 |  | — |  | — |  | — |  | 274 |
Credit facilities, long-term debt and lease liabilities(4) | — |  | — |  | 3,466 |  | — |  | — |  | 3,466 |
Exchangeable securities | — |  | — |  | 744 |  | — |  | — |  | 744 |
(1)Includes cash equivalents of nil. (2)Included in other assets. Refer to Note 22. (3)Included in investments. Refer to Note 9. (4)Includes current portion.
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(3) | — |  | — |  | — |  | 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(4) | — |  | — |  | 3,653 |  | — |  | — |  | 3,653 |
Exchangeable securities | — |  | — |  | 739 |  | — |  | — |  | 739 |
(1)Includes cash equivalents of nil. (2)Included in other assets. Refer to Note 22. (3)Included in investments. Refer to Note 9. (4)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, 2023 and 2022, respectively:
| Year ended Dec. 31, 2023 |  | Year ended Dec. 31, 2022
| Hedge | Non-hedge | Total |  | Hedge | Non-hedge | Total
Opening balance | (347) |  | (435) |  | (782) |  |  | 285 |  | (126) |  | 159 |
Changes attributable to: |  |  |  |  |  |  |
Market price changes on existing contracts | (123) |  | (6) |  | (129) |  |  | (611) |  | (298) |  | (909) |
Market price changes on new contracts | — |  | 18 |  | 18 |  |  | — |  | (124) |  | (124) |
Contracts settled | 256 |  | 269 |  | 525 |  |  | (38) |  | 118 |  | 80 |
Change in foreign exchange rates | 9 |  | 7 |  | 16 |  |  | 17 |  | (5) |  | 12 |
Transfers out of Level III(1) | 205 |  | — |  | 205 |  |  | — |  | — |  | — |
Net risk management assets (liabilities) at end of year | — |  | (147) |  | (147) |  |  | (347) |  | (435) |  | (782) |
Additional Level III information: |  |  |
Losses recognized in other comprehensive loss | (114) |  | — |  | (114) |  |  | (594) |  | — |  | (594) |
Total gains (losses) included in earnings before income taxes | (256) |  | 19 |  | (237) |  |  | 38 |  | (427) |  | (389) |
Unrealized gains (losses) included in earnings before income taxes relating to net assets (liabilities) held at year end | — |  | 288 |  | 288 |  |  | — |  | (309) |  | (309) |
(1)The Company has a long-term fixed price power sale contract in the US for delivery of power. The fair value of this instrument was transferred out of Level III to Level II as at Dec. 31, 2023 as the forward price curve is now based on observable market prices for the remaining duration of the contract.
Disclosure for sensitivity ranges for the base fair value |
As at |  | Dec. 31, 2023 |
Description |  | Valuation technique | Unobservable input | Reasonably possible change | Sensitivity(1)
Coal transportation – US |  | Numerical derivative valuation | Volatility | 80% to 120% | +6
Rail rate escalation | zero to 10% | -4
Full requirements – Eastern US |  | Scenario analysis | Volume | 96% to 104% | +3
Cost of supply | Decrease of $2.30 per MWh or increase of $2.40 per MWh | -3
Long-term wind energy sale – Eastern US |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease or increase of US$6 | +24
Illiquid future REC prices (per unit) | Price decrease of US$12 or increase of US$8 |
| Wind discounts | 0% decrease or 9% increase | -28
Long-term wind energy sale – Canada |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of C$81 or increase of C$5 | +65 |
| Wind discounts | 16% decrease or 5% increase | -23 |
Long-term wind energy sale - Central US |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of US$1 or increase of US$2 | +81 |
Wind discounts | 5% decrease or 2% increase | -36 |
(1)Sensitivity represents the total increase or decrease in recognized fair value that could arise from the use of the reasonably possible changes of all unobservable inputs.
As at |  | Dec. 31, 2022 |
Description |  | Valuation technique | Unobservable input | Reasonably possible change | Sensitivity(1)
Coal transportation – US |  | Numerical derivative valuation | Illiquid future power prices (per MWh) | Price decrease of US$5 or increase of US$55 | +14
Volatility | 80% to 120% |
Rail rate escalation | zero to 10% | -13
Full requirements - Eastern US |  | Scenario analysis | Volume | 96% to 104% | +3
Cost of supply | Decrease of US$0.50 per MWh or increase of US$3.30 per MWh | -21
Long-term wind energy sale – Eastern US |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease or increase of US$6 | +22
Illiquid future REC prices (per unit) | Price decrease or increase of US$2 |
| Wind discounts | 0% decrease or 5% increase | -18
Long-term wind energy sale – Canada |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of C$85 or increase of C$5 | +47
| Wind discounts | 28% decrease or 5% increase | -25
Long-term wind energy sale – Central US |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease or increase of US$2 | +74
| Wind discounts | 2% decrease or 5% increase | -28
Long-term power sale – US |  | Long-term price forecast | Illiquid future power prices (per MWh) | Price decrease of US$5 or increase of US$55 | +15
-163
(1)Sensitivity represents the total increase or decrease in recognized fair value that would arise from the use of the reasonably possible changes of all unobservable inputs.
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, 2023 | — |  | 718 |  | — |  | 718 |  | 744 |
Long-term debt — Dec. 31, 2023 | — |  | 3,104 |  | — |  | 3,104 |  | 3,323 |
Loan receivable — Dec. 31, 2023 | — |  | 26 |  | — |  | 26 |  | 26 |
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 |
(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 | 2023 |  | 2022 | 2021
Unamortized net loss at beginning of year | (213) |  |  | (131) |  | (33) |
New inception gains (losses)(1) | 47 |  |  | (37) |  | (79) |
Change resulting from amended contract(2) | 190 |  |  | — |  | — |
Change in foreign exchange rates | 6 |  |  | (10) |  | — |
Amortization recorded in net earnings during the year | (27) |  |  | (35) |  | (19) |
Unamortized net gain (loss) at end of year | 3 |  |  | (213) |  | (131) |
(1)During 2023, the Company entered into long-term fixed price power sale contracts with certain of its US customers and as a result recognized day one inception gains that are based on the forward price curve at the inception of the contract. During 2022, the Company entered into a PPA for the Horizon Hill wind project (2021 – PPAs for the White Rock wind projects) that resulted in new inception losses 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. (2)During 2023, the Company entered into certain contract amendments related to the Horizon Hill and White Rock wind projects. These amendments were mainly specific to obtaining price increases over the contract term. Accordingly, certain inception loss calibration adjustments were recognized within the risk management liability.

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