Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Property, Plant and Equipment

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.

Assets under Construction

During the year, the Company achieved commercial operations on the Garden Plain wind facility and the Northern Goldfields solar and battery storage facilities. Costs were transferred from assets under construction to the Wind and Solar segment. In addition, the Kent Hills Foundation Rehabilitation project was substantially completed and the costs were transferred to the Wind and Solar segment.

Change in Estimate - Useful Lives