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Asset Impairment Charges (Reversals) (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of impairment of assets [Abstract] |
Disclosure of detailed information about property, plant and equipment | Estimated remaining useful lives of the components of depreciable assets, categorized by asset class, are as follows:
Hydro generation | 1-49 years
Wind and Solar generation | 1-30 years
Gas generation | 1-34 years
Energy Transition | 1-9 years
Capital spares and other | 1-49 years
The Company recognized the following asset impairment charges (reversals):
Year ended Dec. 31 |  |  | 2023 |  | 2022 | 2021
Segments: |  |  |  |  |  |
Hydro |  |  | (10) |  |  | 21 |  | 5 |
Wind and Solar |  |  | (4) |  |  | 43 |  | 12 |
Gas |  |  |  |  | — |  | 5 |
Energy Transition |  |  | — |  |  | — |  | 540 |
Corporate |  |  | — |  |  | (2) |  | 27 |
Changes in decommissioning and restoration provisions on retired assets(1) |  |  | (34) |  |  | (53) |  | 32 |
Intangible asset impairment charges - coal rights |  |  | — |  |  | — |  | 17 |
Project development costs |  |  | — |  |  | — |  | 10 |
Asset impairment charges (reversals) |  |  | (48) |  |  | 9 |  | 648 |
(1)Changes relate to changes in discount rates and cash flow revisions on retired assets in 2023 and 2022 and cash flow revisions on retired assets in 2021. Refer to Note 23 for further details. A reconciliation of the changes in the carrying amount of PP&E is as follows:
| Assets under construction | Land | Hydro | Wind and Solar | Gas generation | Energy Transition | Capital spares and other(1) | Total |
Cost |  |  |  |  |  |  |  |  |
As at Dec. 31, 2021 | 184 |  | 96 |  | 867 |  | 3,276 |  | 4,087 |  | 4,513 |  | 366 |  | 13,389 |  |
Additions(2) | 891 |  | — |  | — |  | — |  | — |  | — |  | 6 |  | 897 |  |
Additions from development projects | 17 |  | — |  | — |  | — |  | — |  | — |  | 12 |  | 29 |  |
Disposals | — |  | (3) |  | — |  | — |  | (1) |  | (216) |  | — |  | (220) |  |
Impairment (charges) reversals (Note 7) | 2 |  | — |  | (21) |  | (43) |  | — |  | — |  | — |  | (62) |  |
Changes to decommissioning and restoration costs (Note 23) | — |  | — |  | (15) |  | (59) |  | (12) |  | 10 |  | 2 |  | (74) |  |
Retirement of assets | — |  | — |  | (9) |  | (9) |  | (12) |  | (7) |  | (2) |  | (39) |  |
Change in foreign exchange rates | 13 |  | — |  | — |  | 45 |  | (4) |  | 97 |  | 2 |  | 153 |  |
Transfers of assets(3) | (144) |  | — |  | 18 |  | 23 |  | 472 |  | (423) |  | (7) |  | (61) |  |
As at Dec. 31, 2022 | 963 |  | 93 |  | 840 |  | 3,233 |  | 4,530 |  | 3,974 |  | 379 |  | 14,012 |  |
Additions(2) | 869 |  | — |  | — |  | — |  | — |  | — |  | 6 |  | 875 |  |
Disposals | — |  | (3) |  | — |  | — |  | — |  | (30) |  | — |  | (33) |  |
Impairment reversals (Note 7) | — |  | — |  | 10 |  | 4 |  | — |  | — |  | — |  | 14 |  |
Changes to decommissioning and restoration costs (Note 23) | — |  | — |  | 3 |  | 14 |  | (22) |  | 3 |  | (1) |  | (3) |  |
Retirement of assets | — |  | — |  | (7) |  | (18) |  | (124) |  | (7) |  | (108) |  | (264) |  |
Change in foreign exchange rates | (26) |  | — |  | — |  | (18) |  | (7) |  | (42) |  | (1) |  | (94) |  |
Transfers of assets(3) | (572) |  | — |  | 38 |  | 439 |  | 50 |  | 16 |  | 31 |  | 2 |  |
Transfers to finance lease receivable (Note 17) | — |  | — |  | — |  | (61) |  | (4) |  | — |  | — |  | (65) |  |
As at Dec. 31, 2023 | 1,234 |  | 90 |  | 884 |  | 3,593 |  | 4,423 |  | 3,914 |  | 306 |  | 14,444 |  |
Accumulated depreciation |  |  |  |  |  |  |  |  |
As at Dec. 31, 2021 | — |  | — |  | 468 |  | 1,093 |  | 2,178 |  | 4,150 |  | 180 |  | 8,069 |  |
Depreciation | — |  | — |  | 21 |  | 130 |  | 308 |  | 63 |  | 16 |  | 538 |  |
Retirement of assets | — |  | — |  | (8) |  | (6) |  | (10) |  | (7) |  | (2) |  | (33) |  |
Disposals | — |  | — |  | — |  | — |  | (1) |  | (211) |  | — |  | (212) |  |
Change in foreign exchange rates | — |  | — |  | — |  | 11 |  | 2 |  | 89 |  | — |  | 102 |  |
Transfers of assets(3) | — |  | — |  | (3) |  | — |  | 335 |  | (340) |  | — |  | (8) |  |
As at Dec. 31, 2022 | — |  | — |  | 478 |  | 1,228 |  | 2,812 |  | 3,744 |  | 194 |  | 8,456 |  |
Depreciation | — |  | — |  | 25 |  | 129 |  | 342 |  | 73 |  | 16 |  | 585 |  |
Retirement of assets | — |  | — |  | (4) |  | (15) |  | (101) |  | (7) |  | (108) |  | (235) |  |
Disposals | — |  | — |  | — |  | — |  | — |  | (30) |  | — |  | (30) |  |
Change in foreign exchange rates | — |  | — |  | — |  | (5) |  | (3) |  | (39) |  | — |  | (47) |  |
Transfers in (out) of PP&E(3) | — |  | — |  | — |  | — |  | (1) |  | 2 |  | — |  | 1 |  |
As at Dec. 31, 2023 | — |  | — |  | 499 |  | 1,337 |  | 3,049 |  | 3,743 |  | 102 |  | 8,730 |  |
Carrying amount |  |  |  |  |  |  |  |  |
As at Dec. 31, 2021 | 184 |  | 96 |  | 399 |  | 2,183 |  | 1,909 |  | 363 |  | 186 |  | 5,320 |  |
As at Dec. 31, 2022 | 963 |  | 93 |  | 362 |  | 2,005 |  | 1,718 |  | 230 |  | 185 |  | 5,556 |  |
As at Dec. 31, 2023 | 1,234 |  | 90 |  | 385 |  | 2,256 |  | 1,374 |  | 171 |  | 204 |  | 5,714 |  |
(1)Includes major spare parts and standby equipment available, but not in service. (2)In 2023, the Company capitalized $57 million (2022 – $16 million) of interest to PP&E in at a weighted average rate of 6.3 per cent (2022 – 6.0 per cent). (3)Includes transfers of assets upon commissioning to assets in service and other movements.
Disclosure of fair value less cost of disposal | The calculation of fair value less costs of disposal for all of the above facilities is most sensitive to the following assumptions:
| Location of assets | Current year contract and merchant discount rates | Prior year contract and merchant discount rates
Wind and Solar | Canada | 6.4 and 7.0 per cent | 6.4 and 7.1 per cent
US | 6.9 and 7.5 per cent | 6.5 and 7.7 per cent
Hydro | Canada | 6.1 and 6.4 per cent | 5.9 and 6.4 per cent

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