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Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Disclosure of derivative Financial Instruments Net Risk Management Assets and Liabilities
Aggregate net risk management assets (liabilities) are as follows:
As at Dec. 31, 2024
 Cash flow
hedges		Not
designated
as a hedge		Total
Commodity risk management   
Current45 8 53 
Long-term— (220)(220)
Net commodity risk management assets (liabilities)
45 (212)(167)
Other   
Current— (12)(12)
Long-term— 8 8 
Net other risk management liabilities
— (4)(4)
Total net risk management assets (liabilities)
45 (216)(171)
As at Dec. 31, 2023
Cash flow
hedges		Not
designated
as a hedge		Total
Commodity risk management   
Current(125)(53)(178)
Long-term(80)(146)(226)
Net commodity risk management liabilities(205)(199)(404)
Other   
Current— 15 15 
Long-term— 4 4 
Net other risk management liabilities— 19 19 
Total net risk management liabilities(205)(180)(385)
The Company’s outstanding commodity derivative instruments not designated as hedging instruments are as follows:
As at Dec. 3120242023
Type
(thousands)		Notional
amount
sold		Notional
amount
purchased		Notional
amount
sold		Notional
amount
purchased
Electricity (MWh)
47,593 8,416 54,043 12,628 
Natural gas (GJ)2,122 79,194 50,949 209,348 
Transmission (MWh)— 292 — 856 
Emissions (MWh)167 370 212 804 
Emissions (tonnes)1,850 150 4,450 5,125 
Coal (tonnes)
— 1,728 — 5,172 
As at Dec. 3120242023
Notional
amount
sold		Notional
amount
purchased
Fair value
(liability)
asset

MaturityNotional
amount
sold		Notional
amount
purchased
Fair value
(liability)
asset

Maturity
Foreign exchange forward contracts – foreign-denominated receipts/expenditures
AUD14 CAD10 (1)2025-2028AUD125 CAD113 (1)2024-2027
USD419 CAD585 (13)2025-2028USD828 CAD1,113 19 2024-2027
USD101 AUD153 (9)2025USD100 AUD152 5 2024
Foreign exchange forward contracts – foreign-denominated debt
CAD192 USD140 8 2025 CAD190 USD140 (4)2024
Disclosure of net Arrangements
Information about the Company’s financial assets and liabilities that are subject to enforceable master netting arrangements or similar agreements is as follows:
As at Dec. 31, 2024
Gross amounts of recognized financial assets (liabilities)Amounts set off
Net amounts included on the statement of financial position
Master netting arrangements(1)
Net amount
Current risk management assets686 (421)265 (18)247 
Long-term risk management assets153 (59)94 (1)93 
Current risk management liabilities(662)421 (241)18 (223)
Long-term risk management liabilities(128)59 (69)1 (68)
Trade and other receivables(2)
1,519 (1,273)246 (7)239 
Accounts payable and accrued 
liabilities(2)
(1,470)1,273 (197)7 (190)
As at Dec. 31, 2023
Gross amounts of recognized financial assets (liabilities)Amounts set off
Net amounts included on the statement of financial position
Master netting arrangements(1)
Net amount
Current risk management assets528 (355)173 (7)166 
Long-term risk management assets161 (91)70 (2)68 
Current risk management liabilities(504)355 (149)7 (142)
Long-term risk management liabilities(145)91 (54)2 (52)
Trade and other receivables(2)
789 (646)143 (11)132 
Accounts payable and accrued liabilities(2)
(760)646 (114)11 (103)
(1)Amounts not set off in the Consolidated Statements of Financial Position.
(2)The trade and other receivables and accounts payable and accrued liabilities include amounts related to collateral provided and held. Refer to Note 15(F) below for further details.
Disclosure of currency Rate Risk
The possible effect on net earnings and OCI, due to changes in foreign exchange rates associated with financial instruments denominated in currencies other than the Company’s functional currency, is outlined below. The sensitivity analysis has been prepared using management’s assessment that an average three cents
(2023 — three cents, 2022 — three cents) increase or decrease in these currencies relative to the Canadian dollar is a reasonable potential change over the next quarter.
Year ended Dec. 31202420232022
Currency
Net earnings
decrease(1)
OCI gain(1)(2)
Net earnings
decrease(1)
OCI gain(1)(2)
Net earnings decrease(1)
OCI gain(1)(2)
USD(17)— (11)— (12)— 
AUD(3)— (3)— (2)— 
Total(20)— (14)— (14)— 
(1)These calculations assume an increase in the value of these currencies relative to the Canadian dollar. A decrease would have the opposite effect.
(2)The foreign exchange impact related to financial instruments designated as hedging instruments in net investment hedges has been excluded.
Disclosure of credit Risk The following table outlines the Company’s maximum exposure to credit risk without taking into account collateral held, including the distribution of credit ratings, as at Dec. 31, 2024:
 
Investment grade
 (per cent)
Non-investment grade
 (per cent)
Total
 (per cent)
Total
amount
Trade and other receivables(1)
87 13 100 767 
Long-term finance lease receivable100 — 100 305 
Risk management assets(1)
58 42 100 411 
Loans receivable(2)
— 100 100 25 
Total   1,508 
(1)Letters of credit and cash and cash equivalents are the primary types of collateral held as security related to these amounts.
(2)Includes $25 million loans receivable included within other assets with counterparties that have no external credit rating.
Disclosure of maturity Analysis of Financial Liabilities A maturity analysis of the Company's financial liabilities is as follows:
 202520262027202820292030 and thereafterTotal
Bank overdraft1 — — — — — 1 
Accounts payable, accrued liabilities and other current liabilities
756 — — — — — 756 
Long-term debt(1)
Credit facilities(1)
400 — — 145 — — 545 
Debentures— — — — 110 141 251 
Senior notes— — — — 575 431 1,006 
Non-recourse – Hydro
— — — — — 39 39 
Non-recourse – Wind & Solar
69 68 69 74 42 248 570 
Non-recourse and other – Gas
58 61 65 66 74 628 952 
Non-recourse Heartland term facility
24 24 176 — — — 224 
Tax equity financing15 16 21 24 23 6 105 
Exchangeable securities(2)
— — — — — 750 750 
Commodity risk management (assets) liabilities(3)
(55)14 13 12 6 177 167 
Other risk management (assets) liabilities
11 (1)— (1)(1)(4)4 
Lease liabilities
4 5 5 5 5 127 151 
Interest on long-term debt and lease liabilities(4)
205 178 169 151 136 649 1,488 
Interest on exchangeable securities(2)(4)
53 53 53 52 12 — 223 
Dividends payable49 — — — — — 49 
Total1,590 418 571 528 982 3,192 7,281 
(1)Excludes impact of hedge accounting and derivatives.
(2)The exchangeable debentures are due May 1, 2039 and the exchangeable preferred shares are perpetual. However, a cash payment could occur after Dec. 31, 2028, at the Company's option, if the exchangeable securities are not exchanged by Brookfield Renewable Partners or its affiliates (collectively Brookfield). At Brookfield's option, the exchangeable securities are currently exchangeable into an equity ownership interest in TransAlta’s Alberta Hydro Assets. (Note 26).
(3)Negative amount represents a receivable position or cash inflow.
(4)Not recognized as a financial liability on the Consolidated Statements of Financial Position and excludes the impact of interest rate swaps
The following table outlines the terms and conditions of derivative hedging instruments and how they affect the amount, timing and uncertainty of future cash flows:
Maturity
202520262027202820292030
Cash flow hedges
Commodity derivative instruments
Electricity
Notional amount (thousands of MWh)
2,628 — — — — — 
Average price ($ per MWh)
86.25 — — — — — 
Disclosure of hedging Instruments
The impact of the hedging instruments on the statement of financial position is as follows:
As at Dec. 31, 2024
Notional amountCarrying amountLine item in the statement of financial positionChange in fair value used for measuring ineffectiveness
Commodity price risk
Cash flow hedges
Physical power sales(1)
2,628 45 Risk management assets114 
Foreign currency risk
Net investment hedges
Foreign-denominated debtUSD300 CAD431 Credit facilities, long-term debt and lease liabilities— 
(1)In thousands of MWh.
As at Dec. 31, 2023
Notional amountCarrying amountLine item in the statement of financial positionChange in fair value used for measuring ineffectiveness
Commodity price risk
Cash flow hedges
Physical power sales(1)
5,966 (205)Risk management liabilities(114)
Foreign currency risk
Net investment hedges
Foreign-denominated debtUSD370 CAD489 Credit facilities, long-term debt and lease liabilities— 
(1)In thousands of MWh.
The impact of the hedged items on the statement of financial position is as follows:
As at Dec. 3120242023
Change in fair value used for measuring ineffectiveness
Cash flow hedge reserve(1)
Change in fair value used for measuring ineffectiveness
Cash flow hedge reserve(1)
Commodity price risk
Cash flow hedges
Power forecast sales – Centralia114 65 (114)(129)
Change in fair value used for measuring ineffectiveness
Foreign currency translation reserve(1)
Change in fair value used for measuring ineffectiveness
Foreign currency translation reserve(1)
Foreign currency risk

Net investment hedges
Net investment in foreign subsidiaries— (34)— (36)
(1)Net of tax. Included in AOCI.
Disclosure of effect of Hedges
The impact of designated cash flow hedges on OCI and net earnings is:
Year ended Dec. 31, 2024
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain
recognized
in OCI		Location of gain reclassified from OCIPre-tax 
(gain) loss
reclassified
from OCI
Location of (gain) loss
reclassified from OCI
Pre-tax
(gain) loss
recognized
in earnings
Commodity contracts270 Revenue(15)Revenue— 
Forward starting interest rate swaps— Interest expense(8)Interest expense— 
OCI impact270 OCI impact(23)Net earnings impact— 
These estimates assume constant natural gas and power prices, interest
rates and exchange rates over time; however, the actual amounts that will be reclassified may vary based on changes in these factors.
Year ended Dec. 31, 2023
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain (loss)
recognized
in OCI		Location of (gain)  loss reclassified
from OCI		Pre-tax 
(gain) loss
reclassified
from OCI		Location of (gain) loss reclassified from OCIPre-tax
(gain) loss
recognized
 in earnings
Commodity contracts51 Revenue83 Revenue— 
Forward starting interest rate swaps— Interest expense(8)Interest expense— 
OCI impact51 OCI impact75 Net earnings impact— 
Year ended Dec. 31, 2022
  Effective portion Ineffective portion 
Derivatives in cash flow 
hedging relationships		Pre-tax
gain (loss)
recognized
 in OCI		Location of (gain) loss reclassified
from OCI		Pre-tax
 (gain) loss
reclassified
from OCI
Location of (gain) loss reclassified from OCI
Pre-tax
(gain) loss
recognized
 in earnings
Commodity contracts(747)Revenue124 Revenue— 
Forward starting interest rate swaps53 Interest expense2 Interest expense— 
OCI impact(694)OCI impact126 Net earnings impact—