Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 001-37946 |
Entity Registrant Name | Algonquin Power & Utilities Corp. |
Entity Address, Address Line One | 354 Davis Road |
Entity Address, City or Town | Oakville |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | L6J 2X1 |
Entity Address, Country | CA |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001174169 |
Current Fiscal Year End Date | --12-31 |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Other revenue | $ 627,871 | $ 619,385 | $ 1,406,498 | $ 1,352,622 |
Expenses | ||||
Administrative expenses | 25,692 | 20,107 | 43,525 | 37,559 |
Depreciation and amortization | 118,448 | 112,547 | 240,089 | 232,511 |
Loss on foreign exchange | 6,379 | 4,464 | 7,815 | 4,726 |
Costs and expenses, total | 534,157 | 512,350 | 1,170,310 | 1,109,541 |
Gain on sale of renewable assets | 0 | 0 | 0 | 1,200 |
Operating income | 93,714 | 107,035 | 236,188 | 244,281 |
Interest expense (note 7) | (89,663) | (64,573) | (171,581) | (122,516) |
Loss from long-term investments (note 6) | (277,696) | (113,380) | (57,684) | (124,069) |
Other net losses (note 16) | (40,367) | (8,652) | (43,829) | (13,382) |
Pension and other post-employment non-service costs (note 8) | (5,306) | (2,258) | (10,267) | (4,836) |
Gain (loss) on derivative financial instruments (note 21(b)(iv)) | 1,039 | (3,313) | 3,205 | (2,569) |
Loss before income taxes | (318,279) | (85,141) | (43,968) | (23,091) |
Income tax recovery (note 15) | ||||
Current | (6,300) | (3,409) | (12,800) | (9,713) |
Deferred | 62,258 | 26,228 | 44,057 | 23,080 |
Income tax expense | 55,958 | 22,819 | 31,257 | 13,367 |
Net loss | (262,321) | (62,322) | (12,711) | (9,724) |
Non-controlling interests | 15,439 | 32,021 | 42,018 | 72,963 |
Non-controlling interests held by related party | (6,349) | (3,086) | (12,399) | (5,661) |
Net effect of non-controlling interests | 9,090 | 28,935 | 29,619 | 67,302 |
Net earnings (loss) attributable to shareholders of Algonquin Power & Utilities Corp. | (253,231) | (33,387) | 16,908 | 57,578 |
Preferred shares, Series A and preferred shares, Series D dividend (note 12) | 2,080 | 2,220 | 4,172 | 4,440 |
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. basic (in shares) | (255,311) | (35,607) | 12,736 | 53,138 |
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. - diluted (in shares) | $ (255,311) | $ (35,607) | $ 12,736 | $ 53,138 |
Basic net earnings (loss) per share (USD per share) | $ (0.37) | $ (0.05) | $ 0.02 | $ 0.08 |
Diluted net earnings (loss) per share (USD per share) | $ (0.37) | $ (0.05) | $ 0.02 | $ 0.08 |
Regulated electricity distribution | ||||
Revenue | ||||
Other revenue | $ 326,833 | $ 295,558 | $ 642,435 | $ 576,252 |
Expenses | ||||
Expenses | 98,337 | 104,125 | 223,917 | 203,308 |
Regulated natural gas distribution | ||||
Revenue | ||||
Other revenue | 109,539 | 121,911 | 380,677 | 385,345 |
Expenses | ||||
Expenses | 36,180 | 51,802 | 173,881 | 184,368 |
Regulated water reclamation and distribution | ||||
Revenue | ||||
Other revenue | 95,861 | 89,626 | 183,282 | 168,257 |
Expenses | ||||
Expenses | 3,857 | 3,329 | 7,726 | 6,152 |
Non-regulated energy sales | ||||
Revenue | ||||
Other revenue | 71,694 | 92,141 | 150,410 | 177,901 |
Expenses | ||||
Expenses | 3,782 | 9,646 | 11,588 | 22,585 |
Other revenue | ||||
Revenue | ||||
Other revenue | 23,944 | 20,149 | 49,694 | 44,867 |
Operating expenses | ||||
Expenses | ||||
Expenses | $ 241,482 | $ 206,330 | $ 461,769 | $ 418,332 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (262,321) | $ (62,322) | $ (12,711) | $ (9,724) |
Other comprehensive income (loss) (“OCI”): | ||||
Foreign currency translation adjustment, net of tax recovery of $3,418 and $3,038 (2022 - tax expense of $1,037 and tax recovery of $2,273), respectively (notes 21(b)(iii) and 21(b)(iv)) | 130 | (48,440) | 15,555 | (40,595) |
Change in fair value of cash flow hedges, net of tax expense of $3,737 and tax recovery of $178 (2022 - tax recovery of $7,596 and $29,894), respectively (note 21(b)(ii)) | 36,421 | (12,879) | 54,286 | (71,765) |
Change in pension and other post-employment benefits, net of tax recovery of $281 and $445 (2022 - tax recovery of $32 and $30), respectively | (823) | (93) | (1,303) | (86) |
OCI, net of tax | 35,728 | (61,412) | 68,538 | (112,446) |
Comprehensive income (loss) | (226,593) | (123,734) | 55,827 | (122,170) |
Comprehensive loss attributable to the non-controlling interests | (8,693) | (30,375) | (29,407) | (68,055) |
Comprehensive income (loss) attributable to shareholders of Algonquin Power & Utilities Corp. | $ (217,900) | $ (93,359) | $ 85,234 | $ (54,115) |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, net of tax (recovery) and expense | $ (3,418) | $ 1,037 | $ (3,038) | $ (2,273) |
Change in fair value of cash flow hedges, net of tax (recovery) and expense | 3,737 | (7,596) | (178) | (29,894) |
Change in unrealized pension and other post-employment expense, net of tax (expense) and recovery | $ 281 | $ 32 | $ 445 | $ 30 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 100,258 | $ 57,623 |
Trade and other receivables, net (note 4) | 492,844 | 528,057 |
Fuel and natural gas in storage | 75,693 | 95,350 |
Supplies and consumables inventory | 152,118 | 129,571 |
Regulatory assets (note 5) | 136,159 | 190,393 |
Prepaid expenses | 60,738 | 58,653 |
Derivative instruments (note 21) | 11,228 | 12,270 |
Other assets | 19,958 | 22,564 |
Assets, current, total | 1,048,996 | 1,094,481 |
Property, plant and equipment, net | 12,336,931 | 11,944,885 |
Intangible assets, net | 97,080 | 96,683 |
Goodwill | 1,330,987 | 1,320,579 |
Regulatory assets (note 5) | 1,125,156 | 1,081,108 |
Long-term investments (note 6) | ||
Investments carried at fair value | 1,213,718 | 1,344,207 |
Other long-term investments | 507,045 | 462,325 |
Derivative instruments (note 21) | 66,333 | 71,630 |
Deferred income taxes | 131,622 | 84,416 |
Other assets | 110,845 | 127,299 |
Assets | 17,968,713 | 17,627,613 |
Current liabilities: | ||
Accounts payable | 194,853 | 186,080 |
Accrued liabilities | 467,235 | 555,792 |
Dividends payable (note 12) | 75,223 | 125,655 |
Regulatory liabilities (note 5) | 74,867 | 69,865 |
Long-term debt (note 7) | 513,803 | 423,274 |
Other long-term liabilities (note 9) | 119,495 | 134,212 |
Derivative instruments (note 21) | 15,687 | 32,491 |
Other liabilities | 10,317 | 7,091 |
Liabilities, current, total | 1,471,480 | 1,534,460 |
Long-term debt (note 7) | 7,569,344 | 7,088,743 |
Regulatory liabilities (note 5) | 551,708 | 558,317 |
Deferred income taxes | 580,211 | 565,639 |
Derivative instruments (note 21) | 86,925 | 137,830 |
Pension and other post-employment benefits obligation | 124,478 | 125,579 |
Other long-term liabilities (note 9) | 430,379 | 461,230 |
Liabilities, noncurrent, total | 9,343,045 | 8,937,338 |
Redeemable non-controlling interests (note 14) | ||
Redeemable non-controlling interest, held by related party (note 13(b)) | 307,955 | 307,856 |
Redeemable non-controlling interests | 10,767 | 11,520 |
Redeemable non-controlling interests, total | 318,722 | 319,376 |
Equity: | ||
Preferred shares | 184,299 | 184,299 |
Common shares (note 10(a)) | 6,224,770 | 6,183,943 |
Additional paid-in capital | 4,279 | 9,413 |
Deficit | (1,136,208) | (997,945) |
Accumulated other comprehensive loss (“AOCI”) (note 11) | (91,737) | (160,063) |
Total equity attributable to shareholders of Algonquin Power & Utilities Corp. | 5,185,403 | 5,219,647 |
Non-controlling interests | ||
Non-controlling interests - tax equity partnership units | 1,261,067 | 1,225,608 |
Other non-controlling interests | 337,825 | 333,362 |
Non-controlling interest, held by related party (note 13(c)) | 51,171 | 57,822 |
Non-controlling interests, total | 1,650,063 | 1,616,792 |
Total equity | 6,835,466 | 6,836,439 |
Commitments and contingencies (note 19) | ||
Liabilities and equity, total | $ 17,968,713 | $ 17,627,613 |
Unaudited Interim Consolidate_5
Unaudited Interim Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common shares | Preferred shares | Additional paid-in capital | Deficit | AOCI | Non- controlling interests |
Beginning Balance at Dec. 31, 2021 | $ 7,382,079 | $ 6,032,792 | $ 184,299 | $ 2,007 | $ (288,424) | $ (71,677) | $ 1,523,082 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (9,724) | 57,578 | |||||
Net earnings (loss), non-controlling interests | 67,302 | (67,302) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | (2,725) | (2,725) | |||||
OCI | (112,446) | (111,693) | (753) | ||||
Dividends declared and distributions to non-controlling interests | (235,658) | (199,870) | (35,788) | ||||
Dividends and issuance of shares under dividend reinvestment plan | 0 | 42,779 | (42,779) | ||||
Common shares issued upon conversion of convertible debentures | 6 | 6 | |||||
Contributions received from non-controlling interests, net of cost | 6,208 | 6,208 | |||||
Common shares issued under employee share purchase plan | 2,455 | 2,455 | |||||
Share-based compensation | 5,664 | 5,664 | |||||
Common shares issued pursuant to share-based awards | (4,792) | 4,479 | (7,410) | (1,861) | |||
Ending Balance at Jun. 30, 2022 | 7,031,067 | 6,082,511 | 184,299 | 261 | (475,356) | (183,370) | 1,422,722 |
Beginning Balance at Dec. 31, 2021 | 7,382,079 | 6,032,792 | 184,299 | 2,007 | (288,424) | (71,677) | 1,523,082 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
OCI | (90,036) | ||||||
Ending Balance at Dec. 31, 2022 | 6,836,439 | 6,183,943 | 184,299 | 9,413 | (997,945) | (160,063) | 1,616,792 |
Beginning Balance at Mar. 31, 2022 | 7,274,807 | 6,057,249 | 184,299 | 1,158 | (315,879) | (123,398) | 1,471,378 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (62,322) | (33,387) | |||||
Net earnings (loss), non-controlling interests | 28,935 | (28,935) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | (1,529) | (1,529) | |||||
OCI | (61,412) | (59,972) | (1,440) | ||||
Dividends declared and distributions to non-controlling interests | (122,846) | (103,616) | (19,230) | ||||
Dividends and issuance of shares under dividend reinvestment plan | 0 | 21,239 | (21,239) | ||||
Contributions received from non-controlling interests, net of cost | 2,478 | 2,478 | |||||
Common shares issued under employee share purchase plan | 1,149 | 1,149 | |||||
Share-based compensation | 4,042 | 4,042 | |||||
Common shares issued pursuant to share-based awards | (3,300) | 2,874 | (4,939) | (1,235) | |||
Ending Balance at Jun. 30, 2022 | 7,031,067 | 6,082,511 | 184,299 | 261 | (475,356) | (183,370) | 1,422,722 |
Beginning Balance at Dec. 31, 2022 | 6,836,439 | 6,183,943 | 184,299 | 9,413 | (997,945) | (160,063) | 1,616,792 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (12,711) | 16,908 | |||||
Net earnings (loss), non-controlling interests | 29,619 | (29,619) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | (11,737) | (11,737) | |||||
OCI | 68,538 | 68,326 | 212 | ||||
Dividends declared and distributions to non-controlling interests | (157,969) | (124,451) | (33,518) | ||||
Dividends and issuance of shares under dividend reinvestment plan | 0 | 30,482 | (30,482) | ||||
Common shares issued upon conversion of convertible debentures | 11 | 11 | |||||
Contributions received from non-controlling interests, net of cost | 107,933 | 107,933 | |||||
Common shares issued under employee share purchase plan | 3,113 | 3,113 | |||||
Share-based compensation | 4,695 | 4,695 | |||||
Common shares issued pursuant to share-based awards | (2,846) | 7,221 | (9,829) | (238) | |||
Ending Balance at Jun. 30, 2023 | 6,835,466 | 6,224,770 | 184,299 | 4,279 | (1,136,208) | (91,737) | 1,650,063 |
Beginning Balance at Mar. 31, 2023 | 7,055,820 | 6,223,301 | 184,299 | 776 | (805,515) | (127,068) | 1,580,027 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (262,321) | (253,231) | |||||
Net earnings (loss), non-controlling interests | 9,090 | (9,090) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | (6,018) | (6,018) | |||||
OCI | 35,728 | 35,331 | 397 | ||||
Dividends declared and distributions to non-controlling interests | (91,553) | (77,449) | (14,104) | ||||
Common shares issued upon conversion of convertible debentures | 11 | 11 | |||||
Contributions received from non-controlling interests, net of cost | 98,851 | 98,851 | |||||
Common shares issued under employee share purchase plan | 1,405 | 1,405 | |||||
Share-based compensation | 3,602 | 3,602 | |||||
Common shares issued pursuant to share-based awards | (59) | 53 | (99) | (13) | |||
Ending Balance at Jun. 30, 2023 | $ 6,835,466 | $ 6,224,770 | $ 184,299 | $ 4,279 | $ (1,136,208) | $ (91,737) | $ 1,650,063 |
Unaudited Interim Consolidate_6
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||||
Net loss | $ (262,321) | $ (62,322) | $ (12,711) | $ (9,724) |
Adjustments and items not affecting cash: | ||||
Depreciation and amortization | 118,448 | 112,547 | 240,089 | 232,511 |
Deferred taxes | (62,258) | (26,228) | (44,057) | (23,080) |
Initial value and unrealized gain on derivative financial instruments | (4,882) | (334) | (9,851) | (402) |
Share-based compensation | 3,199 | 3,860 | 3,895 | 3,495 |
Cost of equity funds used for construction purposes | (568) | (458) | (1,226) | (967) |
Change in value of investments carried at fair value | 311,410 | 143,522 | 132,026 | 184,029 |
Pension and post-employment expense in excess of (lower than) contributions | 2,176 | (823) | 119 | (6,436) |
Distributions received from equity investments, net of income | 5,588 | 1,282 | 3,554 | 3,384 |
Other | 38,232 | 931 | 36,195 | 3,536 |
Net change in non-cash operating items (note 20) | 112,380 | (36,640) | (53,356) | (84,788) |
Net cash provided by (used in) operating activities, total | 261,404 | 135,337 | 294,677 | 301,558 |
Financing activities | ||||
Increase in long-term debt | 224,664 | 394,008 | 654,648 | 2,345,013 |
Repayments of long-term debt | (194,403) | (220,424) | (398,179) | (897,109) |
Net change in commercial paper | (1,187) | 165,000 | 91,613 | (173,700) |
Issuance of common shares, net of costs | 1,405 | 1,149 | 3,113 | 2,455 |
Cash dividends on common shares | (75,493) | (94,177) | (171,386) | (187,558) |
Dividends on preferred shares | (2,080) | (2,220) | (4,172) | (4,440) |
Contributions from non-controlling interests and redeemable non-controlling interests (note 3) | 98,955 | 0 | 98,955 | 0 |
Production-based cash contributions from non-controlling interest | 0 | 2,478 | 9,082 | 6,208 |
Distributions to non-controlling interests | (20,746) | (16,760) | (33,084) | (25,109) |
Payments upon settlement of derivatives | 0 | 0 | 0 | (26,254) |
Shares surrendered to fund withholding taxes on exercised share options | 0 | (3,494) | (568) | (4,120) |
Increase in other long-term liabilities | 6,695 | 2,069 | 11,125 | 7,268 |
Decrease in other long-term liabilities | (255) | (41,339) | (20,329) | (42,573) |
Net cash provided by (used in) financing activities, total | 37,311 | 177,936 | 228,518 | 981,721 |
Investing activities | ||||
Additions to property, plant and equipment and intangible assets | (245,209) | (247,538) | (414,958) | (575,237) |
Increase in long-term investments | (41,774) | (49,681) | (89,379) | (96,938) |
Acquisitions of operating entities | 0 | (86) | 0 | (632,797) |
Increase in other assets | (130) | (10,340) | (1,980) | (12,804) |
Receipt of principal on development loans receivable | 0 | 201 | 0 | 323 |
Decrease in long-term investments | 11,749 | 517 | 11,749 | 2,920 |
Net cash provided by (used in) investing activities, total | (275,364) | (306,927) | (494,568) | (1,314,533) |
Effect of exchange rate differences on cash and restricted cash | 369 | (2,408) | 872 | (1,846) |
Increase (decrease) in cash, cash equivalents and restricted cash | 23,720 | 3,938 | 29,499 | (33,100) |
Cash, cash equivalents and restricted cash, beginning of period | 106,964 | 124,351 | 101,185 | 161,389 |
Cash, cash equivalents and restricted cash, end of period | 130,684 | 128,289 | 130,684 | 128,289 |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest expense | 75,489 | 52,268 | 178,201 | 113,874 |
Cash paid during the period for income taxes | 2,097 | 5,147 | 4,138 | 6,357 |
Cash received during the period for distributions from equity investments | 28,330 | 30,762 | 56,611 | 61,554 |
Non-cash financing and investing activities: | ||||
Property, plant and equipment acquisitions in accruals | 145,594 | 127,525 | 145,594 | 127,525 |
Issuance of common shares under dividend reinvestment plan and share-based compensation plans | 1,458 | 25,262 | 40,816 | 49,713 |
Related Party | ||||
Financing activities | ||||
Distributions to non-controlling interests, related party (note 14) | $ (244) | $ (8,354) | $ (12,300) | $ (18,360) |
Notes to the Unaudited Interim
Notes to the Unaudited Interim Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Notes to the Unaudited Interim Consolidated Financial Statements | Algonquin Power & Utilities Corp. (“AQN” or the “Company”) is an incorporated entity under the Canada Business Corporations Act |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies (a) Basis of preparation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow disclosure required under Regulation S-X provided by the U.S. Securities and Exchange Commission. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments that are of a recurring nature and necessary for a fair presentation of the results of interim operations. The significant accounting policies applied to these unaudited interim consolidated financial statements of AQN are consistent with those disclosed in the consolidated financial statements of AQN as of and for the year ended December 31, 2022. (b) Seasonality AQN's operating results are subject to seasonal fluctuations that could materially impact quarter-to-quarter operating results and, thus, one quarter's operating results are not necessarily indicative of a subsequent quarter's operating results. Where decoupling mechanisms exist, total volumetric revenue is prescribed by the applicable regulatory authority and is not affected by usage. AQN’s electrical distribution utilities can experience higher or lower demand in the summer or winter depending on the specific regional weather and industry characteristics. AQN’s water and wastewater utility assets’ revenues fluctuate depending on the demand for water, which is normally higher during drier and hotter months of the summer. During the winter period, natural gas distribution utilities generally experience higher demand than during the summer period. AQN’s hydroelectric energy assets are primarily “run-of-river” and, as such, fluctuate with the natural water flows. During the winter and summer periods, flows are generally slower, while during the spring and fall periods flows are heavier. For AQN's wind energy assets, wind resources are typically stronger in spring, fall and winter, and weaker in summer. AQN's solar energy assets generally experience greater insolation in summer, weaker in winter. (c) Foreign currency translation |
Recently issued accounting pron
Recently issued accounting pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently issued accounting pronouncements | Recently issued accounting pronouncements (a) Recently adopted accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. See note 21(c) for details. (b) Recently issued accounting guidance not yet adopted The FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — a consensus of the Emerging Issues Task Force, which permits a reporting entity, if certain conditions are met, to elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the applicability and potential impact of the new guidance. |
Business acquisition
Business acquisition | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business acquisition | Business acquisition (a) Kentucky Power Company and AEP Kentucky Transmission Company, Inc . On October 26, 2021, Liberty Utilities Co., an indirect subsidiary of AQN, entered into an agreement (the “Kentucky Acquisition Agreement”) with American Electric Power Company, Inc. (“AEP”) and AEP Transmission Company, LLC to acquire Kentucky Power Company and AEP Kentucky Transmission Company, Inc. (the “Kentucky Power Transaction”). On April 17, 2023, Liberty Utilities Co. mutually agreed with AEP and AEP Transmission Company, LLC to terminate the Kentucky Acquisition Agreement. The Company recognized other net losses of $43,808 for the three months ended June 30, 2023 and $46,527 for the six months ended June 30, 2023 related to a write-off of costs incurred in preparation for the Kentucky Power Transaction and the termination of the Kentucky Acquisition Agreement. See note 16 for details. (b) Acquisition of Deerfield II Wind Facility On June 15, 2023, Algonquin Power Fund (America) Inc., a wholly owned subsidiary of the Company, acquired the remaining 50% ownership in Deerfield II wind farm for consideration of $23,142. The transaction has been accounted for as an asset acquisition. Subsequent to acquisition, the tax equity investors provided additional funding of $98,955, and a third-party construction loan of $158,550 was repaid. The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition dates. Deerfield II Working capital $ (10,709) Property, plant and equipment 194,419 Long-term debt (157,935) Asset retirement obligation (1,030) Deferred tax liability (1,603) Total net assets acquired 23,142 Cash and cash equivalents 1,662 Net assets acquired, net of cash and cash equivalents $ 21,480 |
Accounts receivable
Accounts receivable | 6 Months Ended |
Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts receivable | Accounts receivableAccounts receivable as of June 30, 2023 include unbilled revenue of $89,745 (December 31, 2022 - $149,015) from the Company’s regulated utilities. Accounts receivable as of June 30, 2023 are presented net of allowance for doubtful accounts of $28,646 (December 31, 2022 - $24,857). |
Regulatory matters
Regulatory matters | 6 Months Ended |
Jun. 30, 2023 | |
Regulated Operations [Abstract] | |
Regulatory matters | Regulatory matters The operating companies within the Regulated Services Group are subject to regulation by the respective jurisdictions in which they operate. The respective Regulators have jurisdiction with respect to rate, service, accounting policies, issuance of securities, acquisitions and other matters. Except for Suralis (formerly called ESSAL), these utilities operate under cost-of-service regulation as administered by these authorities. The Company’s regulated utility operating companies are accounted for under the principles of ASC 980, Regulated Operations . Under ASC 980, regulatory assets and liabilities that would not be recorded under U.S. GAAP for non-regulated entities are recorded to the extent that they represent incurred charges or credits that are probable of being recovered from or refunded to customers through the rate setting process. At any given time, the Company can have several regulatory proceedings underway. The financial effects of these proceedings are reflected in the unaudited interim consolidated financial statements based on regulatory approval obtained to the extent that there is a financial impact during the applicable reporting period. The following regulatory proceedings were recently completed: Utility State or country Regulatory proceeding type Details CalPeco Electric System California General rate review On April 27, 2023, the California Public Utilities Commission (“CPUC”) issued a final order approving a revenue increase of $26,979. New rates became effective in June 2023 retroactive to January 2022 . The retroactive impact of this final order was recorded in the second quarter of 2023. St. Lawrence Gas New York General rate review On June 22, 2023 , the New York State Department of Public Services issued an Order authorizing a revenue increase of $5,249 to be implemented over three years. New rates became effective July 1, 2023. Empire Electric Missouri Securitization In February 2021, the Company's operations were impacted by extreme winter storm conditions experienced in Texas and parts of the central U.S. (“the Midwest Extreme Weather Event”). On January 19, 2022, Empire Electric filed a petition for securitization of the costs associated with the impact of the Midwest Extreme Weather Event. On March 21, 2022, Empire Electric filed a petition for securitization of the costs associated with the retirement of the Asbury generating plant. On August 18, 2022, and September 22, 2022, the Missouri Public Service Commission (“the MPSC”) issued and amended, respectively, a Report and Order authorizing Empire Electric to securitize approximately $290,383 in qualified extraordinary costs (Midwest Extreme Weather Event), energy transition costs (Asbury) and upfront financing costs associated with the proposed securitization. Empire Electric filed an appeal of the MPSC order on November 10, 2022. On August 1, 2023 the court affirmed the amount eligible for securitization of $290,383 as compared to the Company's original aggregate request of $362,420. The Company has until August 16, 2023 to move for rehearing at the Court of Appeals, and/or file a request for transfer to the Missouri Supreme Court. If the Company determines to proceed with securitization without further appeal, the Company may incur a one-time net loss of approximately $45,000. 5. Regulatory matters (continued) Regulatory assets and liabilities consist of the following: June 30, December 31, 2023 2022 Regulatory assets Fuel and commodity cost adjustments 321,806 388,294 Rate adjustment mechanism 185,395 136,198 Retired generating plant 176,650 174,609 Deferred capitalized costs 98,438 90,121 Income taxes 98,173 97,414 Pension and post-employment benefits 79,925 80,736 Environmental remediation 68,376 70,529 Wildfire mitigation and vegetation management 51,116 66,156 Clean energy and other customer programs 31,772 28,145 Asset retirement obligation 26,786 27,172 Debt premium 22,056 24,888 Cost of removal 11,084 11,084 Rate review costs 8,621 9,481 Long-term maintenance contract 5,917 6,504 Other 75,200 60,170 Total regulatory assets $ 1,261,315 $ 1,271,501 Less: current regulatory assets (136,159) (190,393) Non-current regulatory assets $ 1,125,156 $ 1,081,108 Regulatory liabilities Income taxes $ 302,770 $ 312,671 Cost of removal 191,541 191,173 Pension and post-employment benefits 75,333 68,085 Fuel and commodity cost adjustments 24,376 25,620 Clean energy and other customer programs 12,710 11,572 Rate adjustment mechanism 1,651 343 Other 18,194 18,718 Total regulatory liabilities $ 626,575 $ 628,182 Less: current regulatory liabilities (74,867) (69,865) Non-current regulatory liabilities $ 551,708 $ 558,317 |
Long-term investments
Long-term investments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Long Term Investments And Notes Receivable [Abstract] | |
Long-term investments | Long-term investments Long-term investments consist of the following: June 30, December 31, 2023 2022 Long-term investments carried at fair value Atlantica $ 1,147,691 $ 1,268,140 Atlantica Yield Energy Solutions Canada Inc. 64,228 74,083 Other 1,799 1,984 $ 1,213,718 $ 1,344,207 Other long-term investments Equity-method investees (a) $ 388,516 $ 381,802 Development loans receivable from equity-method investees (a) 91,044 52,923 Other 27,485 27,600 $ 507,045 $ 462,325 Income (loss) from long-term investments for the three and six months ended June 30 is as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Fair value gain (loss) on investments carried at fair value Atlantica $ (299,653) $ (137,586) $ (120,449) $ (171,370) Atlantica Yield Energy Solutions Canada Inc. (11,763) $ (5,815) (11,567) (12,395) Other 6 $ (121) (10) (264) $ (311,410) $ (143,522) $ (132,026) $ (184,029) Dividend and interest income from investments carried at fair value Atlantica $ 21,788 $ 21,543 $ 43,577 $ 43,087 Atlantica Yield Energy Solutions Canada Inc. 4,821 5,397 10,678 12,691 Other 7 12 17 10 $ 26,616 $ 26,952 $ 54,272 $ 55,788 Other long-term investments Equity method loss (2,434) (2,918) (153) (7,449) Interest and other income 9,532 6,108 20,223 11,621 $ 7,098 $ 3,190 $ 20,070 $ 4,172 Loss from long-term investments $ (277,696) $ (113,380) $ (57,684) $ (124,069) (a) Equity-method investees and development loans receivable from equity investees The Renewable Energy Group has non-controlling interests in operating renewable energy facilities and projects under construction. The Regulated Services Group has non-controlling interest in a power transmission line project under construction and other non-regulated operating entities owned by its utilities. The Liberty Development JV Inc. platform for non-regulated renewable energy, water and other sectors is reported under Corporate. In total, the Company has non-controlling interests in various corporations, partnerships and joint ventures with a total carrying value of $388,516 (December 31, 2022 - $381,802), including investments in variable interest entities ("VIEs") of $121,176 (December 31, 2022 - $122,752). 6. Long-term investments (continued) (a) Equity-method investees and development loans receivable from equity investees (continued) During t he six months ended June 30, 2023, t he Company made capital contributi ons of $10,390 to the Texas Coastal Wind Facilities (Stella, Cranell, East Raymond and West Raymond) and $9,823 to p rojects under construction. Summarized combined information for AQN's investments in partnerships and joint ventures is as follows: June 30, December 31, 2023 2022 Total assets $ 2,749,895 $ 2,740,132 Total liabilities 1,522,656 1,507,079 Net assets $ 1,227,239 $ 1,233,053 AQN's ownership interest in the entities 331,600 332,663 Difference between investment carrying amount and underlying equity in net assets (a) 56,916 49,139 AQN's investment carrying amount for the entities $ 388,516 $ 381,802 (a) The difference between the investment carrying amount and the underlying equity in net assets relates primarily to development fees, interest capitalized while the projects are under construction, the fair value of guarantees provided by the Company in regards to the investments and transaction costs. Summarized combined information for AQN's equity method investees (presented at 100%) is as follows: Six months ended June 30 2023 2022 Revenue $ 49,467 $ 20,455 Net income (loss) $ 1,836 $ (30,246) Other comprehensive loss (a) $ (2,807) $ (125,811) Net loss attributable to AQN $ (153) $ (7,449) Other comprehensive loss attributable to AQN (a) $ (2,076) $ (67,352) (a) Other comprehensive loss represents the Company’s proportion of the change in fair value, recorded in OCI at the investee level, on energy derivative financial instruments designated as a cash flow hedge. 6. Long-term investments (continued) (a) Equity-method investees and development loans receivable from equity investees (continued) Except for Liberty Development Energy Solutions B.V. (“Liberty Development Energy Solutions”), the development projects are considered VIEs due to the level of equity at risk and the disproportionate voting and economic interests of the shareholders. The Company has committed loan and credit support facilities with some of its equity investees. During construction, the Company has agreed to provide cash advances and credit support for the continued development and construction of the equity investees' projects. As of June 30, 2023, t he Company had issued letters of credit and guarantees of performance obligations under: a security of performance for a development opportunity; wind turbine and solar panel supply agreements; interconnection agreements; engineering, procurement and construction agreements; energy purchase agreements; and construction loan agreements. The fair value of the support provided to all equity-investees a s of June 30, 2023 amount s to $9,129 (December 31, 2022 - $8,824). Summarized combined information for AQN's VIEs is as follows: June 30, December 31, 2023 2022 AQN's maximum exposure in regards to VIEs Carrying amount $ 121,176 $ 122,752 Development loans receivable 91,044 52,923 Performance guarantees and other commitments on behalf of VIEs 674,874 658,224 $ 887,094 $ 833,899 The commi tments are presented on a gross basis assuming no recoverable value in the assets of the VIEs. In addition, as of June 30, 2023, the Company had issued $798,717 in letters of credit and guarantees of performance obligations under energy purchase agreements and decommissioning obligations on behalf of operating equity-method investees that are not considered VIEs. |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Long-term debt consists of the following: Borrowing type Weighted average coupon Maturity Par value June 30, December 31, 2023 2022 Senior unsecured revolving credit facilities (a) — 2024-2028 N/A $ 801,929 $ 351,786 Senior unsecured bank credit — 2023-2031 N/A 788,906 773,643 Commercial paper — 2024 N/A 498,613 407,000 U.S. dollar borrowings Senior unsecured notes 1.18 % 2026 $ 1,150,000 1,143,856 1,142,814 Senior unsecured notes (b) 3.38 % 2023-2047 $ 1,490,000 1,481,682 1,496,101 Senior unsecured utility notes 6.34 % 2023-2035 $ 142,000 153,435 154,271 Senior secured utility bonds 4.71 % 2026-2044 $ 556,203 552,479 554,822 Canadian dollar borrowings Senior unsecured notes 3.68 % 2027-2050 C$ 1,200,000 903,360 882,899 Senior secured project notes 10.21 % 2027 C$ 18,512 13,982 15,024 Chilean Unidad de Fomento borrowings Senior unsecured utility bonds 3.98 % 2028-2040 CLF 1,579 81,532 77,206 $ 6,419,774 $ 5,855,566 Subordinated borrowings Subordinated unsecured notes 5.25 % 2082 C$ 400,000 298,033 $ 291,238 Subordinated unsecured notes 5.56 % 2078-2082 $ 1,387,500 1,365,340 1,365,213 $ 1,663,373 $ 1,656,451 $ 8,083,147 $ 7,512,017 Less: current portion (513,803) (423,274) $ 7,569,344 $ 7,088,743 Short-term obl igations of $760,386 that are expected to be refinanced using the long-term credit facilities are presented as long-term debt. Long-term debt issued at a subsidiary level (project notes or utility bonds) relating to a specific operating facility is generally collateralized by the respective facility with no other recourse to the Company. Long-term debt issued at a subsidiary level whether or not collateralized generally has certain financial covenants, which must be maintained on a quarterly basis. Non-compliance with the covenants could restrict cash distributions/dividends to the Company from the specific facilities. 7. Long-term debt (continued) The following table sets out the bank credit facilities available to AQN and its operating groups: June 30, December 31, 2023 2022 Revolving and term credit facilities $ 4,564,000 $ 4,513,300 Funds drawn on facilities/commercial paper issued (2,089,600) (1,532,493) Letters of credit issued (407,900) (465,200) Liquidity available under the facilities $ 2,066,500 $ 2,515,607 Undrawn portion of uncommitted letter of credit facilities (307,600) (226,900) Cash on hand 100,258 57,623 Total liquidity and capital reserves $ 1,859,158 $ 2,346,330 Recent financing activities: (a) Senior unsecured revolving credit facilities Corporate On June 1, 2023, the Company terminated its former $50,000 uncommitted bi-lateral credit facility. (b) U.S. dollar senior unsecured notes Subsequent to quarter-end, on July 31, 2023 the Company repaid a $75,000 senior unsecured note on its maturity. As of June 30, 2023, the Company had ac crued $71,703 in interest expense (December 31, 2022 - $70,274). Interest expense for the three and six months ended June 30, 2023 and 2022 consists of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Long-term debt $ 65,046 $ 65,746 $ 128,814 $ 127,832 Commercial paper, credit facility draws and related fees 27,714 5,466 52,139 9,051 Accretion of fair value adjustments (824) (4,471) (4,223) (9,014) Capitalized interest and AFUDC capitalized on regulated property (4,420) (906) (8,304) (2,136) Other 2,147 (1,262) 3,155 (3,217) $ 89,663 $ 64,573 $ 171,581 $ 122,516 |
Pension and other post-employme
Pension and other post-employment benefits | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and other post-employment benefits | Pension and other post-employment benefits The following table lists the components of net benefit costs for the pension plans and other post-employment benefits (“OPEB”) in the unaudited interim consolidated statements of operations for the three and six months ended June 30: Pension benefits Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Service cost $ 3,166 $ 4,532 $ 6,093 $ 8,388 Non-service costs Interest cost 7,906 6,778 16,299 12,841 Expected return on plan assets (7,947) (10,519) (16,263) (20,843) Amortization of net actuarial losses (gains) (71) 1,257 (195) 2,046 Amortization of prior service credits (373) (389) (746) (792) Impact of regulatory accounts 4,588 4,664 8,683 11,002 $ 4,103 $ 1,791 $ 7,778 $ 4,254 Net benefit cost $ 7,269 $ 6,323 $ 13,871 $ 12,642 OPEB Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Service cost $ 902 $ 1,554 $ 1,891 $ 3,109 Non-service costs Interest cost 2,891 2,282 6,329 4,641 Expected return on plan assets (2,331) (2,841) (5,077) (5,682) Amortization of net actuarial gains (561) (86) (1,122) (172) Amortization of prior service credits (213) 6 (426) 12 Impact of regulatory accounts 1,417 1,106 2,785 1,783 $ 1,203 $ 467 $ 2,489 $ 582 Net benefit cost $ 2,105 $ 2,021 $ 4,380 $ 3,691 |
Other long-term liabilities
Other long-term liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term liabilities | Other long-term liabilities Other long-term liabilities consist of the following: June 30, December 31, 2023 2022 Contract adjustment payments $ 78,056 $ 113,876 Asset retirement obligations 113,678 116,584 Advances in aid of construction 90,096 88,546 Environmental remediation obligation 41,092 42,457 Customer deposits 35,360 34,675 Unamortized investment tax credits 17,419 17,649 Deferred credits and contingent consideration 45,937 39,498 Preferred shares, Series C (a) 12,067 12,072 Hook-up fees 25,813 32,463 Lease liabilities 21,415 21,834 Contingent development support obligations 9,129 8,824 Note payable to related party 25,808 25,808 Other 34,004 41,156 $ 549,874 $ 595,442 Less: current portion (119,495) (134,212) $ 430,379 $ 461,230 |
Shareholders' capital
Shareholders' capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shareholders' capital | Shareholders’ capital (a) Common shares Number of common shares Six months ended June 30 2023 2022 Common shares, beginning of period 683,614,803 671,960,276 Dividend reinvestment plan 4,370,289 3,014,264 Exercise of share-based awards (b) 772,591 673,852 Conversion of convertible debentures 1,415 754 Common shares, end of period 688,759,098 675,649,146 On August 15, 2022, AQN re-established an at-the-market equity program (“ATM Program”) that allows the Company to issue up to $500,000 (or the equivalent in Canadian dollars) of common shares from treasury to the public from time to time, at the Company’s discretion, at the prevailing market price when issued on the Toronto Stock Exchange, the New York Stock Exchange (“NYSE”) or any other existing trading market for the common shares of the Company in Canada or the United States. During the six months ended June 30, 2023, the Company did not issue common shares under the ATM Program. As of August 9, 2023, the Company has issued, since the inception of its initial ATM Program in 2019, a cumulative total of 36,814,536 common shares at an average price of $15.00 per share for gross proceeds of $551,086 ($544,295 net of commissions). Other related costs, primarily related to the establishment and subsequent re-establishments of the ATM Program, were $4,843. 10. Shareholders’ capital (continued) (a) Common shares (continued) Dividend reinvestment plan The Company has a common shareholder dividend reinvestment plan, which, when the plan is active, provides an opportunity for holders of AQN’s common shares who reside in Canada, the United States, or, subject to AQN’s consent, other jurisdictions, to reinvest the cash dividends paid on their common shares in additional common shares which, at AQN’s election, are either purchased on the open market or newly issued from treasury. Effective March 3, 2022, common shares purchased under the plan were issued at a 3% discount (previously at 5%) to the prevailing market price (as determined in accordance with the terms of the plan). During the six months ended June 30, 2023, AQN issued 4,370,289 common shares under the dividend reinvestment plan. Effective March 16, 2023, AQN suspended the dividend reinvestment plan. Dividends will only be paid in cash while the reinvestment plan is suspended. (b) Share-based compensation For the three and six months ended June 30, 2023, AQN recorded $3,199 and $3,895 (2022 - $3,860 and $3,495 respectively) in total share-based compensation expense. The compensation expense is recorded with operating expenses in the unaudited interim consolidated statements of operations. The portion of share-based compensation costs capitalized as cost of construction is insignificant. As of June 30, 2023, total unrecognized compensation costs related to non-vested share-based awards were $39,515 and are expected to be recognized over a period of 2.27 years Share option plan During the six months ended June 30, 2023, the Board of Directors of the Company (the "Board") approved the grant of 1,368,744 options to executives of the Company. The options allow for the purchase of common shares at a weighted average price of C$10.76, the market price of the underlying common shares at the date of grant. One-third of the options vest on each of December 31, 2023, 2024 and 2025. The options may be exercised up to eight years following the date of grant. The following assumptions were used in determining the fair value of share options granted: 2023 Risk-free interest rate 3.4 % Expected volatility 27 % Expected dividend yield 8.6 % Expected life 5.50 years Weighted average grant date fair value per option C$1.04 Performance and restricted share units During the six months ended June 30, 2023, a total of 2,349,180 performance share units ("PSUs") and restricted share units ("RSUs") were granted to employees of the Company . The awards vest based on the terms of each agreement ranging from February 2023 to January 2025. During the six months ended June 30, 2023, the Company settled 661,570 PSUs and RSUs in exchange for 331,038 common shares issued from treasury, and 330,532 PSUs and RSUs were settled at their cash value as payment for tax withholding related to the settlement of the awards. During the six months ended June 30, 2023, the Company settled 52,379 bonus deferral RSUs in exchange for 23,678 common shares issued from treasury, and 28,701 RSUs were settled at their cash value as payment for tax withholding related to the settlement of the awards. During the six months ended June 30, 2023, 72,155 bonus deferral RSUs were granted to employees of the Company. The RSUs are 100% vested. Directors' deferred share units |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) AOCI consists of the following balances, net of tax: Foreign currency cumulative translation Unrealized gain (loss) on cash flow hedges Pension and post-employment actuarial changes Total Balance, January 1, 2022 $ (76,615) $ (3,514) $ 8,452 $ (71,677) OCI (18,013) (128,838) 23,722 (123,129) Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations (5,489) 34,543 4,039 33,093 Net current period OCI $ (23,502) $ (94,295) $ 27,761 $ (90,036) OCI attributable to the non-controlling interests 1,650 — — 1,650 Net current period OCI attributable to shareholders of AQN (21,852) (94,295) 27,761 (88,386) Balance, December 31, 2022 $ (98,467) $ (97,809) $ 36,213 $ (160,063) OCI 16,343 52,435 — 68,778 Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations (788) 1,851 (1,303) (240) Net current period OCI $ 15,555 $ 54,286 $ (1,303) $ 68,538 OCI attributable to the non-controlling interests (212) — — (212) Net current period OCI attributable to shareholders of AQN $ 15,343 $ 54,286 $ (1,303) $ 68,326 Balance, June 30, 2023 $ (83,124) $ (43,523) $ 34,910 $ (91,737) Amounts reclassified from AOCI for foreign currency cumulative translation affected derivative gain (loss); those for unrealized gain (loss) on cash flow hedges affected revenue from non-regulated energy sales, interest expense and derivative gain (loss); while those for pension and other post-employment actuarial changes affected pension and other post-employment non-service costs. |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Cash Dividends [Abstract] | |
Dividends | Dividends All dividends of the Company are made on a discretionary basis as determined by the Board. The Company declares and pays the dividends on its common shares in U.S. dollars. Dividends declared were as follows: Three months ended June 30 2023 2022 Dividend Dividend per share Dividend Dividend per share Common shares $ 75,379 $ 0.1085 $ 122,636 $ 0.1808 Series A preferred shares C$ 1,549 C$ 0.3226 C$ 1,549 C$ 0.3226 Series D preferred shares C$ 1,273 C$ 0.3182 C$ 1,273 C$ 0.3182 Six months ended June 30 2023 2022 Dividend Dividend per share Dividend Dividend per share Common shares $ 150,765 $ 0.2170 $ 238,209 $ 0.3514 Series A preferred shares C$ 3,097 C$ 0.6453 C$ 3,097 C$ 0.6453 Series D preferred shares C$ 2,546 C$ 0.6364 C$ 2,546 C$ 0.6364 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions (a) Equity-method investments The Company provides administrative and development services to its equity-method investees and is reimbursed for incurred costs. To that effect, during the three and six months ended June 30, 2023, the Company charged its equity-method investees $12,773 and $42,074, respectively (2022 - $26,547 and $33,960, respectively). Additionally, Liberty Development JV Inc. (note 6(a)), an equity-investee of the Company, provides development services to the Company on specified projects, for which it earns a development fee upon reaching certain milestones. However, during the three and six months ended June 30, 2023 and June 30, 2022, no such development fees were charged to the Company. Subsequent to quarter-end, on July 5, 2023, the Company provided a $35,000 non-interest-bearing loan to Liberty Development JV Inc. The joint venture used these funds to return equity to its shareholders through which the Company received $17,500. (b) Redeemable non-controlling interest held by related party Liberty Development Energy Solutions (note 6(a)), an equity investee of the Company, has a secured credit facility in the amount of $306,500 maturing on January 26, 2024. It is collateralized through a pledge of Atlantica Sustainable Infrastructure plc (“Atlantica”) ordinary shares. A collateral shortfall would occur if the net obligation as defined in the agreement would equal or exceed 50% of the market value of such Atlantica shares, in which case the lenders would have the right to sell Atlantica shares to eliminate the collateral shortfall. The Liberty Development Energy Solutions secured credit facility is repayable on demand if Atlantica ceases to be a public company or if certain other events are announced or completed that could restrict AY Holdings’ ability to sell or transfer its Atlantica ordinary shares. Liberty Development Energy Solutions has a preference share ownership in AY Holdings, which AQN reflects as redeemable non-controlling interest held by related party. Redemption is not considered probable as of June 30, 2023. During the three and six months ended June 30, 2023, the Company incurred non-controlling interest attributable to Liberty Development Energy Solutions of $6,348 and $12,399, respectively (2022 - $3,086 and $5,661, respectively) and recorded distributions of $6,302 and $12,300, respectively (2022 - $2,820 and $5,404, respectively). 13. Related party transactions (continued) (c) Non-controlling interest held by related party Non-controlling interest held by related party represents an interest in a consolidated subsidiary of the Company, acquired by Atlantica Yield Energy Solutions Canada Inc. ("AYES Canada") in May 2019 for $96,752 (C$130,103) and an interest in Algonquin (AY Holdco) B.V., a consolidated subsidiary of the Company, acquired by Liberty Development JV Inc. in November 2021 for $39,376. During the three and six months ended June 30, 2023, the Company recorded distributions of $4,921 and $10,979, respectively (2022 - $5,534 and $12,956, respectively). The above related party transactions have been recorded at the exchange amounts agreed to by the parties to the transactions. |
Non-controlling interests and r
Non-controlling interests and redeemable non-controlling interests | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-controlling interests and redeemable non-controlling interests | Non-controlling interests and redeemable non-controlling interests Net effect attributable to non-controlling interests consists of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 HLBV and other adjustments attributable to: Non-controlling interests - tax equity partnership units $ 25,172 $ 31,100 $ 59,743 $ 71,961 Non-controlling interests - redeemable tax equity partnership units 331 1,337 662 2,936 Other net loss attributable to: Non-controlling interests (10,064) (416) (18,387) (1,934) $ 15,439 $ 32,021 $ 42,018 $ 72,963 Redeemable non-controlling interest, held by related party (6,349) (3,086) (12,399) (5,661) Net effect of non-controlling interests $ 9,090 $ 28,935 $ 29,619 $ 67,302 The non-controlling tax equity investors (“tax equity partnership units”) in the Company's U.S. wind power and solar power generating facilities are entitled to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements. The share of earnings attributable to the non-controlling interest holders in these subsidiaries is calculated using the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes For the three and six months ended June 30, 2023 , the income tax recovery in the unaudited interim consolidated statements of operations represents an effective tax rate different than the Canadian enacted statutory rate of 26.5%. The differences are as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Expected income tax recovery at Canadian statutory rate $ (84,596) $ (22,562) $ (11,903) $ (6,119) Increase (decrease) resulting from: Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates (5,560) (6,562) (16,718) (19,039) Adjustments from investments carried at fair value 40,357 17,216 11,092 18,229 Change in valuation allowance 676 (1,582) (791) (1,731) Non-controlling interests share of income 2,201 4,587 12,393 15,640 Acquisition-related state deferred tax adjustments — — — 7,600 Tax credits (8,095) (11,992) (20,505) (22,023) Amortization and settlement of excess deferred income tax (2,456) (2,296) (6,207) (6,329) Other 1,515 372 1,382 405 Income tax recovery $ (55,958) $ (22,819) $ (31,257) $ (13,367) The following table illustrates the movement in the deferred tax valuation allowance: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Beginning balance $ 97,396 $ 28,959 $ 107,583 $ 27,470 Charged to income tax recovery 676 (1,582) (791) (1,731) Charged (reduction) to OCI (6,418) 2,664 (15,138) 4,302 Reductions to other accounts — (211) — (211) Ending balance $ 91,654 $ 29,830 $ 91,654 $ 29,830 |
Other net losses
Other net losses | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other net losses | Other net losses Other net losses (gains) consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Acquisition and transition-related costs $ — $ 2,315 $ — $ 3,940 Kentucky termination costs (a) 43,808 3,535 46,527 4,075 Acquisition-related settlement payment (b) (11,983) — (11,983) — Other 8,542 2,802 9,285 5,367 $ 40,367 $ 8,652 $ 43,829 $ 13,382 16. Other net losses (continued) (a) Kentucky termination costs The loss related to the termination of the Kentucky Power Transaction includes $38,795 for the write-off of capitalized costs which are primarily related to the implementation of an enterprise software solution. The remaining amount relates to the transaction costs, severance costs, and other termination costs. (b) Acquisition-related settlement payment During the period, the Company received $12,814 as an acquisition-related settlement payment in connection with the Suralis (formerly called ESSAL) acquisition. The Company also incurred legal fees of $831 in relation to this settlement. |
Basic and diluted net earnings
Basic and diluted net earnings (loss) per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share, Basic and Diluted EPS [Abstract] | |
Basic and diluted net earnings (loss) per share | Basic and diluted net earnings (loss) per share Basic and diluted earnings (loss) per share have been calculated on the basis of net earnings (loss) attributable to the common shareholders of the Company and the weighted average number of common shares and bonus deferral restricted share units outstanding. Diluted net earnings (loss) per share is computed using the weighted-average number of common shares, additional shares issued subsequent to quarter-end under the dividend reinvestment plan, and, if dilutive, potential incremental common shares related to the convertible debentures or resulting from the application of the treasury stock method to the Green Equity Units (note 7) and the weighted average number of outstanding share options, PSUs, RSUs and DSUs outstanding during the period. The reconciliation of the net earnings (loss) and the weighted average shares used in the computation of basic and diluted earnings (loss) per share are as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Net earnings (loss) attributable to shareholders of AQN (253,231) (33,387) $ 16,908 $ 57,578 Series A preferred shares dividend 1,142 1,219 2,290 2,437 Series D preferred shares dividend 938 1,001 1,882 2,003 Net earnings (loss) attributable to common shareholders of AQN – basic and diluted $ (255,311) $ (35,607) $ 12,736 $ 53,138 Weighted average number of shares Basic 687,847,010 674,742,897 688,277,615 674,720,319 Effect of dilutive securities — — 2,127,104 3,046,590 Diluted 687,847,010 674,742,897 690,404,719 677,766,909 This calculation of diluted shares excludes the potential impact of the Green Equity Units and all potential incremental shares that may become issuable pursuant to outstanding securities of the Company for the three months ended June 30, 2023 and 6,350,530 securities for the six months ended June 30, 2023 as they are anti-dilutive. This calculation of diluted shares for the six months ended June 30, 2022 excludes the potential impact of 1,134,711 securities, as they are anti-dilutive. |
Segmented information
Segmented information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segmented information | The Company is managed under two primary business units consisting of the Regulated Services Group and the Renewable Energy Group. The two business units are the two segments of the Company. The Regulated Services Group, the Company's regulated operating unit, owns and operates a portfolio of electric, natural gas, water distribution and wastewater collection utility systems and transmission operations in the United States, Canada, Bermuda and Chile; the Renewable Energy Group, the Company's non-regulated operating unit, owns and operates a diversified portfolio of renewable and thermal electric generation assets in North America and internationally. On May 11, 2023, the Company announced that its Board of Directors had initiated a strategic review of the Renewable Energy Group. On August 10, 2023, the Company announced that it will pursue a sale of the Renewable Energy Group. For purposes of evaluating the performance of the business units, the Company allocates the realized portion of any gains or losses on financial instruments to the specific business units. Dividend income from Atlantica and AYES Canada is included in the operations of the Renewable Energy Group, while interest income from San Antonio Water System is included in the operations of the Regulated Services Group. Equity method gains and losses are included in the operations of the Regulated Services Group or Renewable Energy Group based on the nature of the activities of the investees. The change in value of investments carried at fair value, unrealized portion of any gains or losses on derivative instruments not designated in a hedging relationship and foreign exchange gains and losses are not considered in management’s evaluation of divisional performance and are, therefore, allocated and reported under corporate. Three months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 532,233 $ 71,694 $ — $ 603,927 Other revenue 14,200 9,380 364 23,944 Fuel, power and water purchased 138,374 3,782 — 142,156 Net revenue 408,059 77,292 364 485,715 Operating expenses (recovery) 213,891 27,737 (146) 241,482 Administrative expenses 13,548 11,044 1,100 25,692 Depreciation and amortization 84,754 33,291 403 118,448 Loss on foreign exchange — — 6,379 6,379 Operating income (loss) 95,866 5,220 (7,372) 93,714 Interest expense (42,724) (16,420) (30,519) (89,663) Income (loss) from long-term investments 9,332 26,259 (313,287) (277,696) Other expenses (41,010) (1,197) (2,427) (44,634) Earnings (loss) before income taxes $ 21,464 $ 13,862 $ (353,605) $ (318,279) Capital expenditures $ 225,505 $ 19,704 $ — $ 245,209 (1) Renewable Energy Group revenue includes $4,328 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $9,083 related to alternative revenue programs for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Three months ended June 30, 2022 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 507,095 $ 92,141 $ — $ 599,236 Other revenue 12,559 7,208 382 20,149 Fuel, power and water purchased 159,256 9,646 — 168,902 Net revenue 360,398 89,703 382 450,483 Operating expenses 179,258 27,053 19 206,330 Administrative expenses 10,966 8,510 631 20,107 Depreciation and amortization 76,228 36,057 262 112,547 Loss on foreign exchange — — 4,464 4,464 Operating income (loss) 93,946 18,083 (4,994) 107,035 Interest expense (23,860) (14,862) (25,851) (64,573) Income (loss) from long-term investments 5,265 26,675 (145,320) (113,380) Other expenses (2,898) (4,723) (6,602) (14,223) Earnings (loss) before income taxes $ 72,453 $ 25,173 $ (182,767) $ (85,141) Capital expenditures $ 179,878 $ 67,660 $ — $ 247,538 (1) Renewable Energy Group revenue includes $25,062 related to net hedging loss from energy derivative contracts and availability credits for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $8,811 related to alternative revenue programs for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Six months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) 1,206,394 150,410 $ — $ 1,356,804 Other revenue 28,218 20,751 725 49,694 Fuel, power and water purchased 405,524 11,588 — 417,112 Net revenue 829,088 159,573 725 989,386 Operating expenses 401,315 60,447 7 461,769 Administrative expenses 21,873 18,474 3,178 43,525 Depreciation and amortization 170,611 68,836 642 240,089 Loss on foreign exchange — — 7,815 7,815 Operating income (loss) 235,289 11,816 (10,917) 236,188 Interest expense (81,202) (31,315) (59,064) (171,581) Income (loss) from long-term investments 19,660 59,526 (136,870) (57,684) Other expenses (45,259) (1,197) (4,435) (50,891) Earnings (loss) before income taxes $ 128,488 $ 38,830 $ (211,286) $ (43,968) Capital expenditures 372,886 42,072 — 414,958 June 30, 2023 Property, plant and equipment $ 8,757,413 $ 3,550,202 $ 29,316 $ 12,336,931 Investments carried at fair value 1,799 1,211,919 — 1,213,718 Equity-method investees 57,586 322,141 8,789 388,516 Total assets 12,247,694 5,401,782 319,237 17,968,713 (1) Renewable Energy Group revenue includes $11,527 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $12,789 related to alternative revenue programs for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Six months ended June 30, 2022 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,129,854 $ 177,901 $ — $ 1,307,755 Other revenue 27,547 16,552 768 44,867 Fuel, power and water purchased 393,828 22,585 — 416,413 Net revenue 763,573 171,868 768 936,209 Operating expenses 363,667 54,643 22 418,332 Administrative expenses 19,036 16,055 2,468 37,559 Depreciation and amortization 156,511 75,474 526 232,511 Loss on foreign exchange — — 4,726 4,726 224,359 25,696 (6,974) 243,081 Gain on sale of renewable assets — 1,200 — 1,200 Operating income (loss) 224,359 26,896 (6,974) 244,281 Interest expense (45,286) (30,575) (46,655) (122,516) Income (loss) from long-term investments 9,774 54,301 (188,144) (124,069) Other expenses (7,786) (4,978) (8,023) (20,787) Earnings (loss) before income taxes $ 181,061 $ 45,644 $ (249,796) $ (23,091) Capital expenditures 435,463 139,774 — 575,237 December 31, 2022 Property, plant and equipment $ 8,554,938 $ 3,360,687 $ 29,260 $ 11,944,885 Investments carried at fair value 1,984 1,342,223 — 1,344,207 Equity-method investees 56,199 310,103 15,500 381,802 Total assets 12,109,575 5,251,933 266,105 17,627,613 (1) Renewable Energy Group revenue includes $29,892 related to net hedging loss from energy derivative contracts and availability credits for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,089 related to alternative revenue programs for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. The majority of non-regulated energy sales are earned from contracts with large public utilities. The Company has sought to mitigate its credit risk by selling energy to large utilities in various North American locations. None of the utilities contribute more than 10% of total revenue. AQN operates in the independent power and utility industries in the United States, Canada and other regions. Information on operations by geographic area is as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Revenue United States $ 503,777 $ 492,373 $ 1,144,201 $ 1,091,246 Canada 37,788 41,397 90,916 95,232 Other regions 86,306 85,615 171,381 166,144 $ 627,871 $ 619,385 $ 1,406,498 $ 1,352,622 Revenue is attributed to the regions based on the location of the underlying generating and utility facilities. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies (a) Contingencies AQN and its subsidiaries are involved in various claims and litigation arising out of the ordinary course and conduct of its business. Although such matters cannot be predicted with certainty, management does not consider AQN’s exposure to such litigation to be material to these unaudited interim consolidated financial statements. Accruals for any contingencies related to these items are recorded in the unaudited interim consolidated financial statements at the time it is concluded that their occurrence is probable and the related liability is estimable. Mountain View Fire On November 17, 2020, a wildfire now known as the Mountain View Fire occurred in the territory of Liberty Utilities (CalPeco Electric) LLC ("Liberty CalPeco"). The cause of the fire remains under investigation, and CAL FIRE has not yet released its final report. There are currently 17 active lawsuits that name certain subsidiaries of the Company as defendants in connection with the Mountain View Fire, as well as one non-litigation claim brought by the U.S. Department of Agriculture seeking reimbursement for alleged fire suppression costs. Twelve lawsuits are brought by groups of individual plaintiffs alleging causes of action including negligence, inverse condemnation, nuisance, trespass, and violations of Cal. Pub. Util. Code 2106 and Cal. Health and Safety Code 13007 (one of these twelve lawsuits also alleges the wrongful death of an individual and various subrogation claims on behalf of insurance companies). In another lawsuit, County of Mono, Antelope Valley Fire Protection District, and Bridgeport Indian Colony allege similar causes of action and seek damages for fire suppression costs, law enforcement costs, property and infrastructure damage, and other costs. In four other lawsuits, insurance companies allege inverse condemnation and negligence and seek recovery of amounts paid and to be paid to their insureds. The likelihood of success in these lawsuits cannot be reasonably predicted. Liberty CalPeco intends to vigorously defend them. The Company has wildfire liability insurance that is expected to apply up to applicable policy limits. (b) Commitments In addition to the commitments related to the development projects disclosed in note 6, the following significant commitments exist as of June 30, 2023. AQN has outstanding purchase commitments for power purchases, natural gas supply and service agreements, service agreements, capital project commitments and land easements. Detailed below are estimates of future commitments under these arrangements: Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Power purchase (1) $ 83,606 $ 47,603 $ 29,461 $ 12,397 $ 12,643 $ 136,244 $ 321,954 Natural gas supply and service agreements (2) 93,739 92,102 51,456 38,265 33,088 171,141 479,791 Service agreements 73,974 61,943 58,602 48,070 50,529 285,567 578,685 Capital projects 16,537 — — — — — 16,537 Land easements and others 13,967 14,159 14,344 14,514 14,693 500,830 572,507 Total $ 281,823 $ 215,807 $ 153,863 $ 113,246 $ 110,953 $ 1,093,782 $ 1,969,474 (1) Power purchase: AQN’s electric distribution facilities have commitments to purchase physical quantities of power for load serving requirements. The commitment amounts included in the table above are based on market prices as at June 30, 2023. However, the effects of purchased power unit cost adjustments are mitigated through a purchased power rate-adjustment mechanism. (2) Natural gas supply and service agreements: AQN’s gas distribution facilities and thermal generation facilities have commitments to purchase physical quantities of natural gas under contracts for purposes of load serving requirements and of generating power. |
Non-cash operating items
Non-cash operating items | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Changes In Non Cash Operating Items [Abstract] | |
Non-cash operating items | Non-cash operating items The changes in non-cash operating items consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Accounts receivable $ 21,450 $ (8,641) $ 35,213 $ (49,253) Fuel and natural gas in storage (12,837) (23,362) 19,657 (7,128) Supplies and consumables inventory (11,678) (3,006) (22,454) (10,775) Income taxes recoverable 5,134 (861) 5,683 2,071 Prepaid expenses 13,231 (5,203) 6,183 (12,553) Accounts payable 71,253 48,424 18,033 26,759 Accrued liabilities 38,215 (22,585) (88,895) 30,711 Current income tax liability (1,039) (1,350) 2,563 853 Asset retirements and environmental obligations 363 (10,855) (706) (11,354) Net regulatory assets and liabilities (11,712) (9,201) (28,633) (54,119) $ 112,380 $ (36,640) $ (53,356) $ (84,788) |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial instruments | Financial instruments (a) Fair value of financial instruments June 30, 2023 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,213,718 $ 1,213,718 $ 1,149,505 $ — $ 64,213 Development loans and other receivables 98,313 91,547 — 91,547 — Derivative instruments: Commodity contracts for regulatory operations 139 139 — 139 — Interest rate swaps designated as a hedge 65,711 65,711 — 65,711 — Interest rate cap not designated as hedge 3,490 3,490 — 3,490 — Congestion revenue rights not designated as hedge 7,757 7,757 — — 7,757 Cross-currency swap designated as a net investment hedge 464 464 — 464 — Total derivative instruments 77,561 77,561 — 69,804 7,757 Total financial assets $ 1,389,592 $ 1,382,826 $ 1,149,505 $ 161,351 $ 71,970 Long-term debt $ 8,083,147 $ 7,528,421 $ 2,716,700 $ 4,811,721 $ — Notes payable to related party 25,808 15,188 — 15,188 — Convertible debentures 238 285 285 — — Preferred shares, Series C 12,067 11,943 — 11,943 — Derivative instruments: Energy contracts designated as a cash flow hedge 64,370 64,370 — — 64,370 Energy contracts not designated as hedge 11,515 11,515 — — 11,515 Cross-currency swap designated as a net investment hedge 15,550 15,550 — 15,550 — Cross-currency swap designated as a cash flow hedge 9,736 9,736 — 9,736 — Commodity contracts for regulated operations 1,441 1,441 — 1,441 — Total derivative instruments 102,612 102,612 — 26,727 75,885 Total financial liabilities $ 8,223,872 $ 7,658,449 $ 2,716,985 $ 4,865,579 $ 75,885 21. Financial instruments (continued) (a) Fair value of financial instruments (continued) December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,344,207 $ 1,344,221 $ 1,270,138 $ — $ 74,083 Development loans and other receivables 53,680 50,300 — 50,300 — Derivative instruments: Energy contracts not designated as hedge 393 393 — — 393 Interest rate swap designated as a hedge 69,188 69,188 — 69,188 — Currency forward contract not designated as a hedge 2,659 2,659 — 2,659 — Congestion revenue 10,110 10,110 — — 10,110 Cross-currency swap designated as a net investment hedge 1,267 1,267 — 1,267 — Commodity contracts for regulated operations 283 283 — 283 — Total derivative instruments 83,900 83,900 — 73,397 10,503 Total financial assets $ 1,481,787 $ 1,478,421 $ 1,270,138 $ 123,697 $ 84,586 Long-term debt $ 7,512,017 $ 6,699,031 $ 2,623,628 $ 4,075,403 — Notes payable to related party 25,808 15,180 — 15,180 — Convertible debentures 245 276 276 — — Preferred shares, Series C 12,072 11,675 — 11,675 — Derivative instruments: Energy contracts designated as a cash flow hedge 120,284 120,284 — — 120,284 Energy contracts not designated as hedge 8,617 8,617 — — 8,617 Cross-currency swap designated as a net investment hedge 24,371 24,371 — 24,371 — Cross-currency swap designated as a cash flow hedge 15,435 15,435 — 15,435 — Commodity contracts for regulated operations 1,614 1,614 — 1,614 — Total derivative instruments 170,321 170,321 — 41,420 128,901 Total financial liabilities $ 7,720,463 $ 6,896,483 $ 2,623,904 $ 4,143,678 $ 128,901 21. Financial instruments (continued) (a) Fair value of financial instruments (continued) The Company has determined that the carrying value of its short-term financial assets and liabilities approximates fair value as of June 30, 2023 and December 31, 2022 due to the short-term maturity of these instruments. The fair value of the investment in Atlantica (level 1) is measured at the closing price on the NASDAQ stock exchange. The fair value of development loans and other receivables (level 2) is determined using a discounted cash flow method, using estimated current market rates for similar instruments adjusted for estimated credit risk as determined by management. The Company’s level 1 fair value of long-term debt is measured at the closing price on the NYSE and the over-the-counter closing price. The Company’s level 2 fair value of long-term debt at fixed interest rates and Series C preferred shares has been determined using a discounted cash flow method and current interest rates. The Company's level 2 fair value of convertible debentures has been determined as the greater of their face value and the quoted value of AQN's common shares on a converted basis. The Company’s level 2 fair value derivative instruments primarily consist of swaps, options, rights, subscription agreements and forward physical derivatives where market data for pricing inputs are observable. Level 2 pricing inputs are obtained from various market indices and utilize discounting based on quoted interest rate curves, which are observable in the marketplace. The Company’s level 3 instruments consist of energy contracts for electricity sales, congestion revenue rights ("CRRs") and the Company's investment in AYES Canada. The significant unobservable inputs used in the fair value measurement of energy contracts are the internally developed forward market prices ranging fro m $24.27 to $73.20 with a weighted average of $35.79 as of June 30, 2023 . The weighted average forward market prices are developed based on the quantity of energy expected to be sold monthly and the expected forward price during that month. The change in the fair value of the energy contracts is detailed in notes 21(b)(ii) and 21(b)(iv). The significant unobservable inputs used in the fair value m easurement of CRRs are recent CRR auction prices ranging from $nil to $23.98 with a weighted average of $5.04 as of June 30, 2023. The significant unobservable inputs used in the fair value measurement of the Company's AYES Canada investment are the expected cash flows, the discount rates applied to these cash flows ranging fro m 7.81% to 8.31% with a weighted average of 8.12%, a nd the expected volatility of Atlantica's share price ranging fro m 26.99% to 34.89% as of June 30, 2023. Significant increases (decreases) in expected cash flows or increases (decreases) in discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement. (b) Derivative instruments Derivative instruments are recognized on the unaudited interim consolidated balance sheets as either assets or liabilities and measured at fair value at each reporting period. (i) Commodity derivatives – regulated accounting The Company uses derivative financial instruments to reduce the cash flow variability associated with the purchase price for a portion of future natural gas purchases associated with its regulated natural gas and electric service territories. The Company’s strategy is to minimize fluctuations in natural gas sale prices to regulated customers. As at June 30, 2023, the commodity volume, in dekatherms, associated with the above derivative contracts was 2,755,733. 21. Financial instruments (continued) (b) Derivative instruments (continued) (i) Commodity derivatives – regulated accounting (continued) The accounting for these derivative instruments is subject to guidance for rate regulated enterprises. Most of the gains or losses on the settlement of these contracts are included in the calculation of the fuel and commodity cost adjustments (note 5). As a result, the changes in fair value of these natural gas derivative contracts and their offsetting adjustment to regulatory assets and liabilities had no earnings impact. (ii) Cash flow hedges The Company has sought to reduce the price risk on the expected future sale of power generation at the Sandy Ridge, Senate, Minonk, and Sugar Creek Wind Facilities by entering into the following long-term energy derivative contracts. Notional quantity Expiry Receive average Pay floating price 3,772,462 September 2030 $25.00 Illinois Hub 404,612 December 2028 $29.00 PJM Western HUB 1,707,551 December 2027 $22.00 NI HUB 1,471,065 December 2027 $36.00 ERCOT North HUB The Company is party to two interest rate swap contracts as cash flow hedges to mitigate the risk that interest rates will increase over the life of certain term loan facilities. Under the terms of the interest rate swap contracts, the Company has fixed its interest rate expense on such term loan facilities. The fair value of the derivative on the designation date is amortized into earnings over the remaining life of the contract. The Company is party to a forward-starting interest rate swap in order to reduce the interest rate risk related to the quarterly interest payments between July 1, 2024 and July 1, 2029 on t he $350,000 subordinated unsecured notes. The Company designated the entire notional amount of the pay-variable and receive-fixed interest rate swaps as a hedge of the future quarterly variable-rate interest payments associated with the subordinated unsecured notes. In January 2022, the Company entered into a cross-currency interest rate swap, coterminous with the Canadian Notes, to effectively convert the C$400,000 Canadian Offering into U.S. dollars. The change in the carrying amount of the Canadian Notes due to changes in spot exchange rates is recognized each period in the unaudited interim consolidated statements of operations as loss (gain) on foreign exchange. The Company designated the entire notional amount of the cross-currency fixed-for-fixed interest rate swap as a hedge of the foreign currency exposure related to cash flows for the interest and principal repayments on the Canadian Notes. An offsetting portion of the AOCI balance related to changes in fair value of the cross-currency fixed-for-fixed interest rate swap attributable to changes in the spot exchange rates is also immediately reclassified into the unaudited interim consolidated statements of operations as an offsetting loss (gain) on foreign exchange. 21. Financial instruments (continued) (b) Derivative instruments (continued) (ii) Cash flow hedges (continued) The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Effective portion of cash flow hedge $ 29,949 $ (20,298) $ 52,435 $ (81,852) Amortization of cash flow hedge (1,421) (3,828) (4,908) (3,992) Amounts reclassified from AOCI 7,893 11,247 6,759 14,079 OCI attributable to shareholders of AQN $ 36,421 $ (12,879) $ 54,286 $ (71,765) The Company expects $19,722 of unrealized losses currently in AOCI to be reclassified, net of taxes into non-regulated energy sales, investment loss, interest expense and derivative gains, within the next 12 months, as the underlying hedged transactions settle. (iii) Foreign exchange hedge of net investment in foreign operation The functional currency of most of AQN's operations is the U.S. dollar. The Company designates obligations denominated in Canadian dollars as a hedge of the foreign currency exposure of its net investment in its Canadian investments and subsidiaries. The related foreign currency transaction gain or loss designated as, and effective as, a hedge of the net investment in a foreign operation is reported in the same manner as the translation adjustment (in OCI) related to the net investment. A foreign currency loss of $9,629 and $9,638 for the three and six months ended June 30, 2023, respectively (2022 - gain of $395 and $220, respectively) was recorded in OCI. On May 23, 2019, the Company entered into a cross-currency swap, coterminous with the subordinated unsecured notes, to effectively convert the $350,000 U.S.-dollar-denominated offering into Canadian dollars. The change in the carrying amount of the notes due to changes in spot exchange rates was recognized each period in the unaudited interim consolidated statements of operations as loss (gain) on foreign exchange. The Company designated the entire notional amount of the cross-currency fixed-for-fixed interest rate swap as a hedge of the foreign currency exposure related to cash flows for the interest and principal repayments on the notes. Upon the change in functional currency of AQN to the U.S. dollar on January 1, 2020, this hedge was dedesignated. The Company redesignated this swap as a hedge of AQN's net investment in its Canadian subsidiaries. The related foreign currency transaction gain or loss designated as a hedge of the net investment in a foreign operati on is reported in the same manner as the translation adjustment (in OCI) related to the net investment. The fair value of the derivative on the redesignation date will be amortized over the remaining life of the original hedge. A foreign currency loss of $6,942 and $7,009 for the three and six months ended June 30, 2023, respectively (2022 - gain of $14,929 and $10,697, respectively) was recorded in OCI. 21. Financial instruments (continued) (b) Derivative instruments (continued) (iii) Foreign exchange hedge of net investment in foreign operation (continued) Canadian operations The Company is exposed to currency fluctuations from its Canadian-based operations. AQN seeks to manage this risk primarily through the use of natural hedges by using Canadian long-term debt to finance its Canadian operations and a combination of foreign exchange forward contracts and spot purchases. The Company’s Canadian operations are determined to have the Canadian dollar as their functional currency and are exposed to currency fluctuations from their U.S. dollar transactions. The Company designates obligations denominated in U.S. dollars as a hedge of the foreign currency exposure of its net investment in its U.S. investments and subsidiaries. The related foreign currency transaction gain or loss designated as, and effective as, a hedge of the net investment in a foreign operation is reported in the same manner as the translation adjustment (in OCI) related to the net investment. A foreign currency gain of $2,924 and $2,801 for the three and six months ended June 30, 2023, respectively (2022 - loss of $2,149 and $2,544) was recorded in OCI. The Company is party to a C$300,000 fixed-for-fixed cross-currency interest rate swap to effectively convert Canadian dollar debentures into U.S. dollars. In February 2022, the Company settled the related cross-currency swap related to its C$200,000 debenture that was repaid. The Company designated the entire notional amount of the cross-currency interest rate swap and related short-term U.S. dollar payables created by the monthly accruals of the swap settlement as a hedge of the foreign currency exposure of its net investment in the Company’s U.S. operations. The gain or loss related to the fair value changes of the swap and the related foreign currency gains and losses on the U.S. dollar accruals that are designated as, and are effective as, a hedge of the net investment in a foreign operation are reported in the same manner as the translation adjustment (in OCI) related to the net investment. A gain of $3,967 and $4,348 for the three and six months ended June 30, 2023, respectively (2022 - loss of $8,132 and $6,080, respectively) was recorded in OCI. The Company is party to a fixed-for-fixed cross-currency interest rate swap to effectively convert the C$400,000 Canadian-dollar-denominated debentures into U.S. dollars. The Renewable Energy Group designated the entire notional amount of the cross-currency interest rate swap and related short-term U.S. dollar payables created by the monthly accruals of the swap settlement as a hedge of the foreign currency exposure of its net investment in the Company’s U.S. operations. The gain or loss related to the fair value changes of the swap and the related foreign currency gains and losses on the U.S. dollar accruals that are designated as, and are effective as, a hedge of the net investment in a foreign operation are reported in the same manner as the translation adjustment (in OCI) related to the net investment. A gai n of C$4,975 and C$4,987 for the three and six months ended June 30, 2023, respectively ( 2022 - loss of $8,439 and $14,252, respectively ) was recorded in OCI. Chilean operations The Company is exposed to currency fluctuations from its Chilean-based operations. The Company's Chilean operations are determined to have the Chilean peso as their functional currency. Chilean long-term debt used to finance the operations is denominated in Chilean Unidad de Fomento. (iv) Other derivatives and risk management In the normal course of business, the Company is exposed to financial risks that potentially impact its operating results. The Company employs risk management strategies with a view to mitigating these risks to the extent possible on a cost-effective basis. Derivative financial instruments are used to manage certain exposures to fluctuations in exchange rates, interest rates and commodity prices. The Company does not enter into derivative financial agreements for speculative purposes. For derivatives that are not designated as hedges, the changes in the fair value are immediately recognized in earnings. The Company seeks to mitigate the volatility of energy congestion charges at the ERCOT transmission grid by entering into CRRs, which as of June 30, 2023 had a notional quantit y of 919,014 MW-hours at prices ranging fro m $0.64 per MW-hr to $19.06 per MW-hr with a weighted average of $5.97 per MW-hr for April 2023 to April 2025. These CRRs are not designated as an accounting hedge. 21. Financial instruments (continued) (b) Derivative instruments (continued) (iv) Other derivatives and risk management (continued) The Company is party to an interest rate cap agreement in the amount of C$390,000 for the period between January 15, 2023 and January 15, 2024. The Company was party to an interest rate swap to mitigate the interest rate risk related to debt at its Blue Hill Wind Facility. The contract was novated upon the sale of the Blue Hill Wind Facility in 2022. The loss recognized on the derivative was recorded as a reduction of the gain on sale of renewable assets on the unaudited interim consolidated statements of operations. The Company mitigates the price risk on the expected future sale of power generation of one of its solar facilities through a long-term energy derivative contract with a notional quantity of 388,170 MW-hours, a price of $25.15 per MW-hr and expiring in August 2030 as an economic hedge to the price of energy sales. The derivative contract is not designated as an accounting hedge. The effects on the unaudited interim consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Unrealized gain (loss) on derivative financial instruments: Interest rate swaps $ — $ (4,680) $ — $ (4,680) Energy derivative contracts 84 (2,352) 62 (3,103) Commodity contracts — — 1,128 — $ 84 $ (7,032) $ 1,190 $ (7,783) Realized gain (loss) on derivative financial instruments: Energy derivative contracts (1,537) (157) (3,830) 149 $ (1,537) $ (157) $ (3,830) $ 149 Loss on derivative financial instruments not accounted for as hedges (1,453) (7,189) (2,640) (7,634) Amortization of AOCI gains frozen as a result of hedge dedesignation 997 1,054 1,994 1,750 $ (456) $ (6,135) $ (646) $ (5,884) Unaudited interim consolidated statements of operations classification: Gain (loss) on derivative financial instruments $ 1,039 $ (3,313) $ 3,205 $ (2,569) Non-regulated energy sales (1,495) (2,822) (3,851) (3,315) $ (456) $ (6,135) $ (646) $ (5,884) 21. Financial instruments (continued) (c) Supplier financing programs |
Comparative figures
Comparative figures | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Comparative figures | Comparative figuresCertain of the comparative figures have been reclassified to conform to the unaudited interim consolidated financial statement presentation adopted in the current period. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow disclosure required under Regulation S-X provided by the U.S. Securities and Exchange Commission. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments that are of a recurring nature and necessary for a fair presentation of the results of interim operations. The significant accounting policies applied to these unaudited interim consolidated financial statements of AQN are consistent with those disclosed in the consolidated financial statements of AQN as of and for the year ended December 31, 2022. |
Basis of consolidation | In the opinion of management, the unaudited interim consolidated financial statements include all adjustments that are of a recurring nature and necessary for a fair presentation of the results of interim operations. |
Foreign currency translation | Foreign currency translationAQN’s reporting currency is the U.S. dollar. Within these unaudited interim consolidated financial statements, the Company denotes any amounts denominated in Canadian dollars with “C$”, in Chilean pesos with "CLP" and in Chilean Unidad de Fomento with "CLF" immediately prior to the stated amount. |
Recently adopted accounting pronouncements | Recently issued accounting pronouncements (a) Recently adopted accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. See note 21(c) for details. (b) Recently issued accounting guidance not yet adopted The FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — a consensus of the Emerging Issues Task Force, which permits a reporting entity, if certain conditions are met, to elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the applicability and potential impact of the new guidance. |
Business acquisition (Tables)
Business acquisition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition dates. Deerfield II Working capital $ (10,709) Property, plant and equipment 194,419 Long-term debt (157,935) Asset retirement obligation (1,030) Deferred tax liability (1,603) Total net assets acquired 23,142 Cash and cash equivalents 1,662 Net assets acquired, net of cash and cash equivalents $ 21,480 |
Regulatory matters (Tables)
Regulatory matters (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | Utility State or country Regulatory proceeding type Details CalPeco Electric System California General rate review On April 27, 2023, the California Public Utilities Commission (“CPUC”) issued a final order approving a revenue increase of $26,979. New rates became effective in June 2023 retroactive to January 2022 . The retroactive impact of this final order was recorded in the second quarter of 2023. St. Lawrence Gas New York General rate review On June 22, 2023 , the New York State Department of Public Services issued an Order authorizing a revenue increase of $5,249 to be implemented over three years. New rates became effective July 1, 2023. Empire Electric Missouri Securitization In February 2021, the Company's operations were impacted by extreme winter storm conditions experienced in Texas and parts of the central U.S. (“the Midwest Extreme Weather Event”). On January 19, 2022, Empire Electric filed a petition for securitization of the costs associated with the impact of the Midwest Extreme Weather Event. On March 21, 2022, Empire Electric filed a petition for securitization of the costs associated with the retirement of the Asbury generating plant. On August 18, 2022, and September 22, 2022, the Missouri Public Service Commission (“the MPSC”) issued and amended, respectively, a Report and Order authorizing Empire Electric to securitize approximately $290,383 in qualified extraordinary costs (Midwest Extreme Weather Event), energy transition costs (Asbury) and upfront financing costs associated with the proposed securitization. Empire Electric filed an appeal of the MPSC order on November 10, 2022. On August 1, 2023 the court affirmed the amount eligible for securitization of $290,383 as compared to the Company's original aggregate request of $362,420. The Company has until August 16, 2023 to move for rehearing at the Court of Appeals, and/or file a request for transfer to the Missouri Supreme Court. If the Company determines to proceed with securitization without further appeal, the Company may incur a one-time net loss of approximately $45,000. 5. Regulatory matters (continued) Regulatory assets and liabilities consist of the following: June 30, December 31, 2023 2022 Regulatory assets Fuel and commodity cost adjustments 321,806 388,294 Rate adjustment mechanism 185,395 136,198 Retired generating plant 176,650 174,609 Deferred capitalized costs 98,438 90,121 Income taxes 98,173 97,414 Pension and post-employment benefits 79,925 80,736 Environmental remediation 68,376 70,529 Wildfire mitigation and vegetation management 51,116 66,156 Clean energy and other customer programs 31,772 28,145 Asset retirement obligation 26,786 27,172 Debt premium 22,056 24,888 Cost of removal 11,084 11,084 Rate review costs 8,621 9,481 Long-term maintenance contract 5,917 6,504 Other 75,200 60,170 Total regulatory assets $ 1,261,315 $ 1,271,501 Less: current regulatory assets (136,159) (190,393) Non-current regulatory assets $ 1,125,156 $ 1,081,108 Regulatory liabilities Income taxes $ 302,770 $ 312,671 Cost of removal 191,541 191,173 Pension and post-employment benefits 75,333 68,085 Fuel and commodity cost adjustments 24,376 25,620 Clean energy and other customer programs 12,710 11,572 Rate adjustment mechanism 1,651 343 Other 18,194 18,718 Total regulatory liabilities $ 626,575 $ 628,182 Less: current regulatory liabilities (74,867) (69,865) Non-current regulatory liabilities $ 551,708 $ 558,317 |
Long-term investments (Tables)
Long-term investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Long Term Investments And Notes Receivable [Abstract] | |
Schedule of Long-term Investments | Long-term investments consist of the following: June 30, December 31, 2023 2022 Long-term investments carried at fair value Atlantica $ 1,147,691 $ 1,268,140 Atlantica Yield Energy Solutions Canada Inc. 64,228 74,083 Other 1,799 1,984 $ 1,213,718 $ 1,344,207 Other long-term investments Equity-method investees (a) $ 388,516 $ 381,802 Development loans receivable from equity-method investees (a) 91,044 52,923 Other 27,485 27,600 $ 507,045 $ 462,325 |
Schedule of Income from Long-term Investments | Income (loss) from long-term investments for the three and six months ended June 30 is as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Fair value gain (loss) on investments carried at fair value Atlantica $ (299,653) $ (137,586) $ (120,449) $ (171,370) Atlantica Yield Energy Solutions Canada Inc. (11,763) $ (5,815) (11,567) (12,395) Other 6 $ (121) (10) (264) $ (311,410) $ (143,522) $ (132,026) $ (184,029) Dividend and interest income from investments carried at fair value Atlantica $ 21,788 $ 21,543 $ 43,577 $ 43,087 Atlantica Yield Energy Solutions Canada Inc. 4,821 5,397 10,678 12,691 Other 7 12 17 10 $ 26,616 $ 26,952 $ 54,272 $ 55,788 Other long-term investments Equity method loss (2,434) (2,918) (153) (7,449) Interest and other income 9,532 6,108 20,223 11,621 $ 7,098 $ 3,190 $ 20,070 $ 4,172 Loss from long-term investments $ (277,696) $ (113,380) $ (57,684) $ (124,069) Summarized combined information for AQN's equity method investees (presented at 100%) is as follows: Six months ended June 30 2023 2022 Revenue $ 49,467 $ 20,455 Net income (loss) $ 1,836 $ (30,246) Other comprehensive loss (a) $ (2,807) $ (125,811) Net loss attributable to AQN $ (153) $ (7,449) Other comprehensive loss attributable to AQN (a) $ (2,076) $ (67,352) (a) Other comprehensive loss represents the Company’s proportion of the change in fair value, recorded in OCI at the investee level, on energy derivative financial instruments designated as a cash flow hedge. |
Schedule of Investments in Partnerships and Joint Ventures | Summarized combined information for AQN's investments in partnerships and joint ventures is as follows: June 30, December 31, 2023 2022 Total assets $ 2,749,895 $ 2,740,132 Total liabilities 1,522,656 1,507,079 Net assets $ 1,227,239 $ 1,233,053 AQN's ownership interest in the entities 331,600 332,663 Difference between investment carrying amount and underlying equity in net assets (a) 56,916 49,139 AQN's investment carrying amount for the entities $ 388,516 $ 381,802 (a) The difference between the investment carrying amount and the underlying equity in net assets relates primarily to development fees, interest capitalized while the projects are under construction, the fair value of guarantees provided by the Company in regards to the investments and transaction costs. |
Schedule of Variable Interest Entities | Summarized combined information for AQN's VIEs is as follows: June 30, December 31, 2023 2022 AQN's maximum exposure in regards to VIEs Carrying amount $ 121,176 $ 122,752 Development loans receivable 91,044 52,923 Performance guarantees and other commitments on behalf of VIEs 674,874 658,224 $ 887,094 $ 833,899 |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consists of the following: Borrowing type Weighted average coupon Maturity Par value June 30, December 31, 2023 2022 Senior unsecured revolving credit facilities (a) — 2024-2028 N/A $ 801,929 $ 351,786 Senior unsecured bank credit — 2023-2031 N/A 788,906 773,643 Commercial paper — 2024 N/A 498,613 407,000 U.S. dollar borrowings Senior unsecured notes 1.18 % 2026 $ 1,150,000 1,143,856 1,142,814 Senior unsecured notes (b) 3.38 % 2023-2047 $ 1,490,000 1,481,682 1,496,101 Senior unsecured utility notes 6.34 % 2023-2035 $ 142,000 153,435 154,271 Senior secured utility bonds 4.71 % 2026-2044 $ 556,203 552,479 554,822 Canadian dollar borrowings Senior unsecured notes 3.68 % 2027-2050 C$ 1,200,000 903,360 882,899 Senior secured project notes 10.21 % 2027 C$ 18,512 13,982 15,024 Chilean Unidad de Fomento borrowings Senior unsecured utility bonds 3.98 % 2028-2040 CLF 1,579 81,532 77,206 $ 6,419,774 $ 5,855,566 Subordinated borrowings Subordinated unsecured notes 5.25 % 2082 C$ 400,000 298,033 $ 291,238 Subordinated unsecured notes 5.56 % 2078-2082 $ 1,387,500 1,365,340 1,365,213 $ 1,663,373 $ 1,656,451 $ 8,083,147 $ 7,512,017 Less: current portion (513,803) (423,274) $ 7,569,344 $ 7,088,743 Short-term obl igations of $760,386 that are expected to be refinanced using the long-term credit facilities are presented as long-term debt. Long-term debt issued at a subsidiary level (project notes or utility bonds) relating to a specific operating facility is generally collateralized by the respective facility with no other recourse to the Company. Long-term debt issued at a subsidiary level whether or not collateralized generally has certain financial covenants, which must be maintained on a quarterly basis. Non-compliance with the covenants could restrict cash distributions/dividends to the Company from the specific facilities. 7. Long-term debt (continued) The following table sets out the bank credit facilities available to AQN and its operating groups: June 30, December 31, 2023 2022 Revolving and term credit facilities $ 4,564,000 $ 4,513,300 Funds drawn on facilities/commercial paper issued (2,089,600) (1,532,493) Letters of credit issued (407,900) (465,200) Liquidity available under the facilities $ 2,066,500 $ 2,515,607 Undrawn portion of uncommitted letter of credit facilities (307,600) (226,900) Cash on hand 100,258 57,623 Total liquidity and capital reserves $ 1,859,158 $ 2,346,330 Recent financing activities: (a) Senior unsecured revolving credit facilities Corporate On June 1, 2023, the Company terminated its former $50,000 uncommitted bi-lateral credit facility. (b) U.S. dollar senior unsecured notes Subsequent to quarter-end, on July 31, 2023 the Company repaid a $75,000 senior unsecured note on its maturity. |
Schedule of Interest Expense | Interest expense for the three and six months ended June 30, 2023 and 2022 consists of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Long-term debt $ 65,046 $ 65,746 $ 128,814 $ 127,832 Commercial paper, credit facility draws and related fees 27,714 5,466 52,139 9,051 Accretion of fair value adjustments (824) (4,471) (4,223) (9,014) Capitalized interest and AFUDC capitalized on regulated property (4,420) (906) (8,304) (2,136) Other 2,147 (1,262) 3,155 (3,217) $ 89,663 $ 64,573 $ 171,581 $ 122,516 |
Pension and other post-employ_2
Pension and other post-employment benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Summary of Components of Net Benefit Costs For Pension Plans and OPEB Recorded as Part of Administrative Expenses | The following table lists the components of net benefit costs for the pension plans and other post-employment benefits (“OPEB”) in the unaudited interim consolidated statements of operations for the three and six months ended June 30: Pension benefits Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Service cost $ 3,166 $ 4,532 $ 6,093 $ 8,388 Non-service costs Interest cost 7,906 6,778 16,299 12,841 Expected return on plan assets (7,947) (10,519) (16,263) (20,843) Amortization of net actuarial losses (gains) (71) 1,257 (195) 2,046 Amortization of prior service credits (373) (389) (746) (792) Impact of regulatory accounts 4,588 4,664 8,683 11,002 $ 4,103 $ 1,791 $ 7,778 $ 4,254 Net benefit cost $ 7,269 $ 6,323 $ 13,871 $ 12,642 OPEB Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Service cost $ 902 $ 1,554 $ 1,891 $ 3,109 Non-service costs Interest cost 2,891 2,282 6,329 4,641 Expected return on plan assets (2,331) (2,841) (5,077) (5,682) Amortization of net actuarial gains (561) (86) (1,122) (172) Amortization of prior service credits (213) 6 (426) 12 Impact of regulatory accounts 1,417 1,106 2,785 1,783 $ 1,203 $ 467 $ 2,489 $ 582 Net benefit cost $ 2,105 $ 2,021 $ 4,380 $ 3,691 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long Term Liabilities | Other long-term liabilities consist of the following: June 30, December 31, 2023 2022 Contract adjustment payments $ 78,056 $ 113,876 Asset retirement obligations 113,678 116,584 Advances in aid of construction 90,096 88,546 Environmental remediation obligation 41,092 42,457 Customer deposits 35,360 34,675 Unamortized investment tax credits 17,419 17,649 Deferred credits and contingent consideration 45,937 39,498 Preferred shares, Series C (a) 12,067 12,072 Hook-up fees 25,813 32,463 Lease liabilities 21,415 21,834 Contingent development support obligations 9,129 8,824 Note payable to related party 25,808 25,808 Other 34,004 41,156 $ 549,874 $ 595,442 Less: current portion (119,495) (134,212) $ 430,379 $ 461,230 |
Shareholders' capital (Tables)
Shareholders' capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Number of Common Shares | Number of common shares Six months ended June 30 2023 2022 Common shares, beginning of period 683,614,803 671,960,276 Dividend reinvestment plan 4,370,289 3,014,264 Exercise of share-based awards (b) 772,591 673,852 Conversion of convertible debentures 1,415 754 Common shares, end of period 688,759,098 675,649,146 |
Schedule of Fair Value of Share Options Granted | The following assumptions were used in determining the fair value of share options granted: 2023 Risk-free interest rate 3.4 % Expected volatility 27 % Expected dividend yield 8.6 % Expected life 5.50 years Weighted average grant date fair value per option C$1.04 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI consists of the following balances, net of tax: Foreign currency cumulative translation Unrealized gain (loss) on cash flow hedges Pension and post-employment actuarial changes Total Balance, January 1, 2022 $ (76,615) $ (3,514) $ 8,452 $ (71,677) OCI (18,013) (128,838) 23,722 (123,129) Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations (5,489) 34,543 4,039 33,093 Net current period OCI $ (23,502) $ (94,295) $ 27,761 $ (90,036) OCI attributable to the non-controlling interests 1,650 — — 1,650 Net current period OCI attributable to shareholders of AQN (21,852) (94,295) 27,761 (88,386) Balance, December 31, 2022 $ (98,467) $ (97,809) $ 36,213 $ (160,063) OCI 16,343 52,435 — 68,778 Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations (788) 1,851 (1,303) (240) Net current period OCI $ 15,555 $ 54,286 $ (1,303) $ 68,538 OCI attributable to the non-controlling interests (212) — — (212) Net current period OCI attributable to shareholders of AQN $ 15,343 $ 54,286 $ (1,303) $ 68,326 Balance, June 30, 2023 $ (83,124) $ (43,523) $ 34,910 $ (91,737) |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Cash Dividends [Abstract] | |
Schedule of Dividends | Dividends declared were as follows: Three months ended June 30 2023 2022 Dividend Dividend per share Dividend Dividend per share Common shares $ 75,379 $ 0.1085 $ 122,636 $ 0.1808 Series A preferred shares C$ 1,549 C$ 0.3226 C$ 1,549 C$ 0.3226 Series D preferred shares C$ 1,273 C$ 0.3182 C$ 1,273 C$ 0.3182 Six months ended June 30 2023 2022 Dividend Dividend per share Dividend Dividend per share Common shares $ 150,765 $ 0.2170 $ 238,209 $ 0.3514 Series A preferred shares C$ 3,097 C$ 0.6453 C$ 3,097 C$ 0.6453 Series D preferred shares C$ 2,546 C$ 0.6364 C$ 2,546 C$ 0.6364 |
Non-controlling interests and_2
Non-controlling interests and redeemable non-controlling interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Net Loss Attributable to Non-controlling Interests | Net effect attributable to non-controlling interests consists of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 HLBV and other adjustments attributable to: Non-controlling interests - tax equity partnership units $ 25,172 $ 31,100 $ 59,743 $ 71,961 Non-controlling interests - redeemable tax equity partnership units 331 1,337 662 2,936 Other net loss attributable to: Non-controlling interests (10,064) (416) (18,387) (1,934) $ 15,439 $ 32,021 $ 42,018 $ 72,963 Redeemable non-controlling interest, held by related party (6,349) (3,086) (12,399) (5,661) Net effect of non-controlling interests $ 9,090 $ 28,935 $ 29,619 $ 67,302 |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The differences are as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Expected income tax recovery at Canadian statutory rate $ (84,596) $ (22,562) $ (11,903) $ (6,119) Increase (decrease) resulting from: Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates (5,560) (6,562) (16,718) (19,039) Adjustments from investments carried at fair value 40,357 17,216 11,092 18,229 Change in valuation allowance 676 (1,582) (791) (1,731) Non-controlling interests share of income 2,201 4,587 12,393 15,640 Acquisition-related state deferred tax adjustments — — — 7,600 Tax credits (8,095) (11,992) (20,505) (22,023) Amortization and settlement of excess deferred income tax (2,456) (2,296) (6,207) (6,329) Other 1,515 372 1,382 405 Income tax recovery $ (55,958) $ (22,819) $ (31,257) $ (13,367) |
Summary of Valuation Allowance | The following table illustrates the movement in the deferred tax valuation allowance: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Beginning balance $ 97,396 $ 28,959 $ 107,583 $ 27,470 Charged to income tax recovery 676 (1,582) (791) (1,731) Charged (reduction) to OCI (6,418) 2,664 (15,138) 4,302 Reductions to other accounts — (211) — (211) Ending balance $ 91,654 $ 29,830 $ 91,654 $ 29,830 |
Other net losses (Tables)
Other net losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Net Losses (Gains) | Other net losses (gains) consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Acquisition and transition-related costs $ — $ 2,315 $ — $ 3,940 Kentucky termination costs (a) 43,808 3,535 46,527 4,075 Acquisition-related settlement payment (b) (11,983) — (11,983) — Other 8,542 2,802 9,285 5,367 $ 40,367 $ 8,652 $ 43,829 $ 13,382 16. Other net losses (continued) (a) Kentucky termination costs The loss related to the termination of the Kentucky Power Transaction includes $38,795 for the write-off of capitalized costs which are primarily related to the implementation of an enterprise software solution. The remaining amount relates to the transaction costs, severance costs, and other termination costs. (b) Acquisition-related settlement payment During the period, the Company received $12,814 as an acquisition-related settlement payment in connection with the Suralis (formerly called ESSAL) acquisition. The Company also incurred legal fees of $831 in relation to this settlement. |
Basic and diluted net earning_2
Basic and diluted net earnings (loss) per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share, Basic and Diluted EPS [Abstract] | |
Schedule of Reconciliation of Net Earnings (Loss) and Weighted Average Shares Used in Computation of Basic and Diluted Earnings per Share | The reconciliation of the net earnings (loss) and the weighted average shares used in the computation of basic and diluted earnings (loss) per share are as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Net earnings (loss) attributable to shareholders of AQN (253,231) (33,387) $ 16,908 $ 57,578 Series A preferred shares dividend 1,142 1,219 2,290 2,437 Series D preferred shares dividend 938 1,001 1,882 2,003 Net earnings (loss) attributable to common shareholders of AQN – basic and diluted $ (255,311) $ (35,607) $ 12,736 $ 53,138 Weighted average number of shares Basic 687,847,010 674,742,897 688,277,615 674,720,319 Effect of dilutive securities — — 2,127,104 3,046,590 Diluted 687,847,010 674,742,897 690,404,719 677,766,909 |
Segmented information (Tables)
Segmented information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Results of Operations and Assets for Segments | Three months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 532,233 $ 71,694 $ — $ 603,927 Other revenue 14,200 9,380 364 23,944 Fuel, power and water purchased 138,374 3,782 — 142,156 Net revenue 408,059 77,292 364 485,715 Operating expenses (recovery) 213,891 27,737 (146) 241,482 Administrative expenses 13,548 11,044 1,100 25,692 Depreciation and amortization 84,754 33,291 403 118,448 Loss on foreign exchange — — 6,379 6,379 Operating income (loss) 95,866 5,220 (7,372) 93,714 Interest expense (42,724) (16,420) (30,519) (89,663) Income (loss) from long-term investments 9,332 26,259 (313,287) (277,696) Other expenses (41,010) (1,197) (2,427) (44,634) Earnings (loss) before income taxes $ 21,464 $ 13,862 $ (353,605) $ (318,279) Capital expenditures $ 225,505 $ 19,704 $ — $ 245,209 (1) Renewable Energy Group revenue includes $4,328 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $9,083 related to alternative revenue programs for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Three months ended June 30, 2022 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 507,095 $ 92,141 $ — $ 599,236 Other revenue 12,559 7,208 382 20,149 Fuel, power and water purchased 159,256 9,646 — 168,902 Net revenue 360,398 89,703 382 450,483 Operating expenses 179,258 27,053 19 206,330 Administrative expenses 10,966 8,510 631 20,107 Depreciation and amortization 76,228 36,057 262 112,547 Loss on foreign exchange — — 4,464 4,464 Operating income (loss) 93,946 18,083 (4,994) 107,035 Interest expense (23,860) (14,862) (25,851) (64,573) Income (loss) from long-term investments 5,265 26,675 (145,320) (113,380) Other expenses (2,898) (4,723) (6,602) (14,223) Earnings (loss) before income taxes $ 72,453 $ 25,173 $ (182,767) $ (85,141) Capital expenditures $ 179,878 $ 67,660 $ — $ 247,538 (1) Renewable Energy Group revenue includes $25,062 related to net hedging loss from energy derivative contracts and availability credits for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $8,811 related to alternative revenue programs for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Six months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) 1,206,394 150,410 $ — $ 1,356,804 Other revenue 28,218 20,751 725 49,694 Fuel, power and water purchased 405,524 11,588 — 417,112 Net revenue 829,088 159,573 725 989,386 Operating expenses 401,315 60,447 7 461,769 Administrative expenses 21,873 18,474 3,178 43,525 Depreciation and amortization 170,611 68,836 642 240,089 Loss on foreign exchange — — 7,815 7,815 Operating income (loss) 235,289 11,816 (10,917) 236,188 Interest expense (81,202) (31,315) (59,064) (171,581) Income (loss) from long-term investments 19,660 59,526 (136,870) (57,684) Other expenses (45,259) (1,197) (4,435) (50,891) Earnings (loss) before income taxes $ 128,488 $ 38,830 $ (211,286) $ (43,968) Capital expenditures 372,886 42,072 — 414,958 June 30, 2023 Property, plant and equipment $ 8,757,413 $ 3,550,202 $ 29,316 $ 12,336,931 Investments carried at fair value 1,799 1,211,919 — 1,213,718 Equity-method investees 57,586 322,141 8,789 388,516 Total assets 12,247,694 5,401,782 319,237 17,968,713 (1) Renewable Energy Group revenue includes $11,527 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $12,789 related to alternative revenue programs for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18. Segmented information (continued) Six months ended June 30, 2022 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,129,854 $ 177,901 $ — $ 1,307,755 Other revenue 27,547 16,552 768 44,867 Fuel, power and water purchased 393,828 22,585 — 416,413 Net revenue 763,573 171,868 768 936,209 Operating expenses 363,667 54,643 22 418,332 Administrative expenses 19,036 16,055 2,468 37,559 Depreciation and amortization 156,511 75,474 526 232,511 Loss on foreign exchange — — 4,726 4,726 224,359 25,696 (6,974) 243,081 Gain on sale of renewable assets — 1,200 — 1,200 Operating income (loss) 224,359 26,896 (6,974) 244,281 Interest expense (45,286) (30,575) (46,655) (122,516) Income (loss) from long-term investments 9,774 54,301 (188,144) (124,069) Other expenses (7,786) (4,978) (8,023) (20,787) Earnings (loss) before income taxes $ 181,061 $ 45,644 $ (249,796) $ (23,091) Capital expenditures 435,463 139,774 — 575,237 December 31, 2022 Property, plant and equipment $ 8,554,938 $ 3,360,687 $ 29,260 $ 11,944,885 Investments carried at fair value 1,984 1,342,223 — 1,344,207 Equity-method investees 56,199 310,103 15,500 381,802 Total assets 12,109,575 5,251,933 266,105 17,627,613 (1) Renewable Energy Group revenue includes $29,892 related to net hedging loss from energy derivative contracts and availability credits for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,089 related to alternative revenue programs for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. The majority of non-regulated energy sales are earned from contracts with large public utilities. The Company has sought to mitigate its credit risk by selling energy to large utilities in various North American locations. None of the utilities contribute more than 10% of total revenue. |
Schedule of Information on Operations by Geographic Area | Information on operations by geographic area is as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Revenue United States $ 503,777 $ 492,373 $ 1,144,201 $ 1,091,246 Canada 37,788 41,397 90,916 95,232 Other regions 86,306 85,615 171,381 166,144 $ 627,871 $ 619,385 $ 1,406,498 $ 1,352,622 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimates of Future Commitments | Detailed below are estimates of future commitments under these arrangements: Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Power purchase (1) $ 83,606 $ 47,603 $ 29,461 $ 12,397 $ 12,643 $ 136,244 $ 321,954 Natural gas supply and service agreements (2) 93,739 92,102 51,456 38,265 33,088 171,141 479,791 Service agreements 73,974 61,943 58,602 48,070 50,529 285,567 578,685 Capital projects 16,537 — — — — — 16,537 Land easements and others 13,967 14,159 14,344 14,514 14,693 500,830 572,507 Total $ 281,823 $ 215,807 $ 153,863 $ 113,246 $ 110,953 $ 1,093,782 $ 1,969,474 (1) Power purchase: AQN’s electric distribution facilities have commitments to purchase physical quantities of power for load serving requirements. The commitment amounts included in the table above are based on market prices as at June 30, 2023. However, the effects of purchased power unit cost adjustments are mitigated through a purchased power rate-adjustment mechanism. (2) Natural gas supply and service agreements: AQN’s gas distribution facilities and thermal generation facilities have commitments to purchase physical quantities of natural gas under contracts for purposes of load serving requirements and of generating power. |
Non-cash operating items (Table
Non-cash operating items (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Changes In Non Cash Operating Items [Abstract] | |
Schedule of Changes in Non-Cash Operating Items | The changes in non-cash operating items consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Accounts receivable $ 21,450 $ (8,641) $ 35,213 $ (49,253) Fuel and natural gas in storage (12,837) (23,362) 19,657 (7,128) Supplies and consumables inventory (11,678) (3,006) (22,454) (10,775) Income taxes recoverable 5,134 (861) 5,683 2,071 Prepaid expenses 13,231 (5,203) 6,183 (12,553) Accounts payable 71,253 48,424 18,033 26,759 Accrued liabilities 38,215 (22,585) (88,895) 30,711 Current income tax liability (1,039) (1,350) 2,563 853 Asset retirements and environmental obligations 363 (10,855) (706) (11,354) Net regulatory assets and liabilities (11,712) (9,201) (28,633) (54,119) $ 112,380 $ (36,640) $ (53,356) $ (84,788) |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | Fair value of financial instruments June 30, 2023 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,213,718 $ 1,213,718 $ 1,149,505 $ — $ 64,213 Development loans and other receivables 98,313 91,547 — 91,547 — Derivative instruments: Commodity contracts for regulatory operations 139 139 — 139 — Interest rate swaps designated as a hedge 65,711 65,711 — 65,711 — Interest rate cap not designated as hedge 3,490 3,490 — 3,490 — Congestion revenue rights not designated as hedge 7,757 7,757 — — 7,757 Cross-currency swap designated as a net investment hedge 464 464 — 464 — Total derivative instruments 77,561 77,561 — 69,804 7,757 Total financial assets $ 1,389,592 $ 1,382,826 $ 1,149,505 $ 161,351 $ 71,970 Long-term debt $ 8,083,147 $ 7,528,421 $ 2,716,700 $ 4,811,721 $ — Notes payable to related party 25,808 15,188 — 15,188 — Convertible debentures 238 285 285 — — Preferred shares, Series C 12,067 11,943 — 11,943 — Derivative instruments: Energy contracts designated as a cash flow hedge 64,370 64,370 — — 64,370 Energy contracts not designated as hedge 11,515 11,515 — — 11,515 Cross-currency swap designated as a net investment hedge 15,550 15,550 — 15,550 — Cross-currency swap designated as a cash flow hedge 9,736 9,736 — 9,736 — Commodity contracts for regulated operations 1,441 1,441 — 1,441 — Total derivative instruments 102,612 102,612 — 26,727 75,885 Total financial liabilities $ 8,223,872 $ 7,658,449 $ 2,716,985 $ 4,865,579 $ 75,885 21. Financial instruments (continued) (a) Fair value of financial instruments (continued) December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,344,207 $ 1,344,221 $ 1,270,138 $ — $ 74,083 Development loans and other receivables 53,680 50,300 — 50,300 — Derivative instruments: Energy contracts not designated as hedge 393 393 — — 393 Interest rate swap designated as a hedge 69,188 69,188 — 69,188 — Currency forward contract not designated as a hedge 2,659 2,659 — 2,659 — Congestion revenue 10,110 10,110 — — 10,110 Cross-currency swap designated as a net investment hedge 1,267 1,267 — 1,267 — Commodity contracts for regulated operations 283 283 — 283 — Total derivative instruments 83,900 83,900 — 73,397 10,503 Total financial assets $ 1,481,787 $ 1,478,421 $ 1,270,138 $ 123,697 $ 84,586 Long-term debt $ 7,512,017 $ 6,699,031 $ 2,623,628 $ 4,075,403 — Notes payable to related party 25,808 15,180 — 15,180 — Convertible debentures 245 276 276 — — Preferred shares, Series C 12,072 11,675 — 11,675 — Derivative instruments: Energy contracts designated as a cash flow hedge 120,284 120,284 — — 120,284 Energy contracts not designated as hedge 8,617 8,617 — — 8,617 Cross-currency swap designated as a net investment hedge 24,371 24,371 — 24,371 — Cross-currency swap designated as a cash flow hedge 15,435 15,435 — 15,435 — Commodity contracts for regulated operations 1,614 1,614 — 1,614 — Total derivative instruments 170,321 170,321 — 41,420 128,901 Total financial liabilities $ 7,720,463 $ 6,896,483 $ 2,623,904 $ 4,143,678 $ 128,901 |
Schedule of Long-Term Energy Derivative Contracts | The Company has sought to reduce the price risk on the expected future sale of power generation at the Sandy Ridge, Senate, Minonk, and Sugar Creek Wind Facilities by entering into the following long-term energy derivative contracts. Notional quantity Expiry Receive average Pay floating price 3,772,462 September 2030 $25.00 Illinois Hub 404,612 December 2028 $29.00 PJM Western HUB 1,707,551 December 2027 $22.00 NI HUB 1,471,065 December 2027 $36.00 ERCOT North HUB |
Schedule of Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Consolidated Statement of Operations | The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Effective portion of cash flow hedge $ 29,949 $ (20,298) $ 52,435 $ (81,852) Amortization of cash flow hedge (1,421) (3,828) (4,908) (3,992) Amounts reclassified from AOCI 7,893 11,247 6,759 14,079 OCI attributable to shareholders of AQN $ 36,421 $ (12,879) $ 54,286 $ (71,765) |
Schedule of Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges | The effects on the unaudited interim consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Unrealized gain (loss) on derivative financial instruments: Interest rate swaps $ — $ (4,680) $ — $ (4,680) Energy derivative contracts 84 (2,352) 62 (3,103) Commodity contracts — — 1,128 — $ 84 $ (7,032) $ 1,190 $ (7,783) Realized gain (loss) on derivative financial instruments: Energy derivative contracts (1,537) (157) (3,830) 149 $ (1,537) $ (157) $ (3,830) $ 149 Loss on derivative financial instruments not accounted for as hedges (1,453) (7,189) (2,640) (7,634) Amortization of AOCI gains frozen as a result of hedge dedesignation 997 1,054 1,994 1,750 $ (456) $ (6,135) $ (646) $ (5,884) Unaudited interim consolidated statements of operations classification: Gain (loss) on derivative financial instruments $ 1,039 $ (3,313) $ 3,205 $ (2,569) Non-regulated energy sales (1,495) (2,822) (3,851) (3,315) $ (456) $ (6,135) $ (646) $ (5,884) 21. Financial instruments (continued) (c) Supplier financing programs |
Notes to the Unaudited Interi_2
Notes to the Unaudited Interim Consolidated Financial Statements - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 business_unit | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business units | 2 |
Business acquisition - Addition
Business acquisition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 15, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Kentucky termination costs | $ 43,808 | $ 3,535 | $ 46,527 | $ 4,075 | |
Kentucky Power Company and AEP Kentucky Transmission Company, Inc. | |||||
Business Acquisition [Line Items] | |||||
Kentucky termination costs | $ 43,808 | $ 46,527 | |||
Deerfield II Wind Facility | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (percent) | 50% | ||||
Total purchase price | $ 23,142 | ||||
Tax equity funding | 98,955 | ||||
Debt repaid upon maturity | $ 158,550 |
Business acquisition - Schedule
Business acquisition - Schedule of Preliminary Allocation Of The Acquisition Prices Of Assets Acquired and Liabilities Assumed (Details) - Deerfield II Wind Facility $ in Thousands | Jun. 15, 2023 USD ($) |
Business Acquisition [Line Items] | |
Working capital | $ (10,709) |
Property, plant and equipment | 194,419 |
Long-term debt | (157,935) |
Asset retirement obligation | (1,030) |
Deferred tax liability | (1,603) |
Total net assets acquired | 23,142 |
Cash and cash equivalents | 1,662 |
Net assets acquired, net of cash and cash equivalents | $ 21,480 |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 28,646 | $ 24,857 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable balances | $ 89,745 | $ 149,015 |
Regulatory matters - Regulatory
Regulatory matters - Regulatory Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | $ 1,261,315 | $ 1,271,501 |
Less: current regulatory assets | (136,159) | (190,393) |
Non-current regulatory assets | 1,125,156 | 1,081,108 |
Total regulatory liabilities | 626,575 | 628,182 |
Less: current regulatory liabilities | (74,867) | (69,865) |
Non-current regulatory liabilities | 551,708 | 558,317 |
Income taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 302,770 | 312,671 |
Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 191,541 | 191,173 |
Pension and post-employment benefits | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 75,333 | 68,085 |
Fuel and commodity cost adjustments | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 24,376 | 25,620 |
Clean energy and other customer programs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 12,710 | 11,572 |
Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 1,651 | 343 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 18,194 | 18,718 |
Fuel and commodity cost adjustments | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 321,806 | 388,294 |
Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 185,395 | 136,198 |
Retired generating plant | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 176,650 | 174,609 |
Deferred capitalized costs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 98,438 | 90,121 |
Income taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 98,173 | 97,414 |
Pension and post-employment benefits | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 79,925 | 80,736 |
Environmental remediation | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 68,376 | 70,529 |
Wildfire mitigation and vegetation management | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 51,116 | 66,156 |
Clean energy and other customer programs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 31,772 | 28,145 |
Asset retirement obligation | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 26,786 | 27,172 |
Debt premium | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 22,056 | 24,888 |
Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 11,084 | 11,084 |
Rate review costs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 8,621 | 9,481 |
Long-term maintenance contract | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 5,917 | 6,504 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | $ 75,200 | $ 60,170 |
Regulatory Matters - Regulato_2
Regulatory Matters - Regulatory Proceedings (Details) - USD ($) $ in Thousands | Aug. 01, 2023 | Jun. 22, 2023 | Apr. 27, 2023 | Nov. 10, 2022 |
CalPeco Electric System | ||||
Regulatory Liabilities [Line Items] | ||||
Approved revenue increase | $ 26,979 | |||
St, Lawrence Gas | ||||
Regulatory Liabilities [Line Items] | ||||
Approved revenue increase | $ 5,249 | |||
Empire Electric System - Missouri | ||||
Regulatory Liabilities [Line Items] | ||||
Securitization of qualified extraordinary costs requested | $ 362,420 | |||
Empire Electric System - Missouri | Subsequent Event | ||||
Regulatory Liabilities [Line Items] | ||||
Securitization of qualified extraordinary costs affirmed | $ 290,383 | |||
Estimated one-time loss on securitization | $ 45,000 |
Long-term investments - Schedul
Long-term investments - Schedule of Long-Term Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | $ 1,213,718 | $ 1,344,207 |
Equity-method investees | 388,516 | 381,802 |
Other | 27,485 | 27,600 |
Long-term investments | 507,045 | 462,325 |
Notes Receivable | Development loans | ||
Schedule of Equity Method Investments [Line Items] | ||
Development loans receivable from equity-method investees | 91,044 | 52,923 |
Atlantica | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | 1,147,691 | 1,268,140 |
Atlantica Yield Energy Solutions Canada Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | 64,228 | 74,083 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | $ 1,799 | $ 1,984 |
Long-term investments - Income
Long-term investments - Income from Long-term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Fair value gain (loss) on investments carried at fair value | $ (311,410) | $ (143,522) | $ (132,026) | $ (184,029) |
Dividend and interest income from investments carried at fair value | 26,616 | 26,952 | 54,272 | 55,788 |
Equity method loss | (2,434) | (2,918) | (153) | (7,449) |
Interest and other income | 9,532 | 6,108 | 20,223 | 11,621 |
Income (loss) from other long-term investments | 7,098 | 3,190 | 20,070 | 4,172 |
Loss from long-term investments | (277,696) | (113,380) | (57,684) | (124,069) |
Atlantica | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value gain (loss) on investments carried at fair value | (299,653) | (137,586) | (120,449) | (171,370) |
Dividend and interest income from investments carried at fair value | 21,788 | 21,543 | 43,577 | 43,087 |
Atlantica Yield Energy Solutions Canada Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value gain (loss) on investments carried at fair value | (11,763) | (5,815) | (11,567) | (12,395) |
Dividend and interest income from investments carried at fair value | 4,821 | 5,397 | 10,678 | 12,691 |
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value gain (loss) on investments carried at fair value | 6 | (121) | (10) | (264) |
Dividend and interest income from investments carried at fair value | $ 7 | $ 12 | $ 17 | $ 10 |
Long-term investments - Additio
Long-term investments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interest in partnerships and joint ventures | $ 388,516 | $ 381,802 |
Capital account contributions | 10,390 | |
Project construction | 9,823 | |
Fair value of support provided | 9,129 | $ 8,824 |
Guarantor obligations | $ 798,717 |
Long-term investments - Investm
Long-term investments - Investments in Significant Partnerships and Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Total assets | $ 17,968,713 | $ 17,968,713 | $ 17,627,613 | ||
AQN's investment carrying amount for the entities | 388,516 | 388,516 | 381,802 | ||
Income Statement [Abstract] | |||||
Revenue | 627,871 | $ 619,385 | 1,406,498 | $ 1,352,622 | |
Net income (loss) | (262,321) | (62,322) | (12,711) | (9,724) | |
Other comprehensive loss | 35,728 | $ (61,412) | 68,538 | (112,446) | (90,036) |
Investments in Significant Partnerships and Joint Ventures | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Total assets | 2,749,895 | 2,749,895 | 2,740,132 | ||
Total liabilities | 1,522,656 | 1,522,656 | 1,507,079 | ||
Income Statement [Abstract] | |||||
Revenue | 49,467 | 20,455 | |||
Net income (loss) | 1,836 | (30,246) | |||
Other comprehensive loss | (2,807) | (125,811) | |||
Investments in Significant Partnerships and Joint Ventures | APUC | |||||
Income Statement [Abstract] | |||||
Net income (loss) | (153) | (7,449) | |||
Other comprehensive loss | (2,076) | $ (67,352) | |||
Investments in Significant Partnerships and Joint Ventures | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Net assets | 1,227,239 | 1,227,239 | 1,233,053 | ||
Investments in Significant Partnerships and Joint Ventures | APUC | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
AQN's ownership interest in the entities | 331,600 | 331,600 | 332,663 | ||
Difference between investment carrying amount and underlying equity in net assets | 56,916 | 56,916 | 49,139 | ||
AQN's investment carrying amount for the entities | $ 388,516 | $ 388,516 | $ 381,802 |
Long-term investments - Combine
Long-term investments - Combined Information for APUC's interest in VIE's (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Carrying amount | $ 121,176 | $ 122,752 |
Development loans receivable | 91,044 | 52,923 |
Performance guarantees and other commitments on behalf of VIEs | 674,874 | 658,224 |
APUC's maximum exposure in regard to VIE's | $ 887,094 | $ 833,899 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-term Debt (Detail) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 CLP ($) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 8,083,147,000 | $ 7,512,017,000 | ||
Less: current portion | (513,803,000) | (423,274,000) | ||
Long-term debt, excluding current portion | 7,569,344,000 | 7,088,743,000 | ||
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,663,373,000 | 1,656,451,000 | ||
Senior Unsecured Notes | U.S. Dollar Senior Unsecured Notes (Green Equity Units) | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 1.18% | 1.18% | 1.18% | |
Par value | $ 1,150,000,000 | |||
Long-term debt | $ 1,143,856,000 | 1,142,814,000 | ||
Senior Unsecured Notes | Senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 3.38% | 3.38% | 3.38% | |
Par value | $ 1,490,000,000 | |||
Long-term debt | $ 1,481,682,000 | 1,496,101,000 | ||
Senior Unsecured Notes | Senior unsecured utility notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 6.34% | 6.34% | 6.34% | |
Par value | $ 142,000,000 | |||
Long-term debt | $ 153,435,000 | 154,271,000 | ||
Senior Unsecured Notes | Senior secured utility bonds | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 4.71% | 4.71% | 4.71% | |
Par value | $ 556,203,000 | |||
Long-term debt | $ 552,479,000 | 554,822,000 | ||
Senior Unsecured Notes | Canadian dollar Senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 3.68% | 3.68% | 3.68% | |
Par value | $ 1,200,000,000 | |||
Long-term debt | $ 903,360,000 | 882,899,000 | ||
Senior Unsecured Notes | Senior secured project notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 10.21% | 10.21% | 10.21% | |
Par value | $ 18,512,000 | |||
Long-term debt | $ 13,982,000 | 15,024,000 | ||
Senior Unsecured Notes | Senior unsecured utility bonds | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 3.98% | 3.98% | 3.98% | |
Par value | $ 1,579,000 | |||
Long-term debt | $ 81,532,000 | 77,206,000 | ||
Senior Unsecured Notes | Senior Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 6,419,774,000 | 5,855,566,000 | ||
Senior Unsecured Notes | 5.25%, U.S. Dollar Subordinated Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 5.25% | 5.25% | 5.25% | |
Par value | $ 400,000,000 | |||
Long-term debt | $ 298,033,000 | 291,238,000 | ||
Senior Unsecured Notes | 5.56%, U.S. Dollar Subordinated Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average coupon | 5.56% | 5.56% | 5.56% | |
Par value | $ 1,387,500,000 | |||
Long-term debt | 1,365,340,000 | 1,365,213,000 | ||
Revolving Credit Facility | Senior Unsecured Notes | Senior unsecured revolving credit facilities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 801,929,000 | 351,786,000 | ||
Revolving Credit Facility | Senior Unsecured Notes | Senior unsecured bank credit facilities and delayed draw term facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 788,906,000 | 773,643,000 | ||
Revolving Credit Facility | Senior Unsecured Notes | Commercial paper | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 498,613,000 | $ 407,000,000 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2023 | Jun. 30, 2023 | Jun. 01, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||||
Short-term debt | $ 760,386 | |||
Letters of credit issued | 407,900 | $ 465,200 | ||
Interest on long-term debt | $ 71,703 | $ 70,274 | ||
Revolving Credit Facility | Senior unsecured revolving credit facilities | Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Uncommitted bi-lateral credit facility | $ 50,000 | |||
Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt repaid upon maturity | $ 75,000 |
Long-term debt - Bank Credit Fa
Long-term debt - Bank Credit Facilities Available to AQN and its Operating Groups (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Revolving and term credit facilities | $ 4,564,000 | $ 4,513,300 |
Funds drawn on facilities/ commercial paper issued | (2,089,600) | (1,532,493) |
Letters of credit issued | (407,900) | (465,200) |
Liquidity available under the facilities | 2,066,500 | 2,515,607 |
Undrawn portion of uncommitted letter of credit facilities | (307,600) | (226,900) |
Cash on hand | 100,258 | 57,623 |
Total liquidity and capital reserves | $ 1,859,158 | $ 2,346,330 |
Long-term debt - Schedule of In
Long-term debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Long-term debt | $ 65,046 | $ 65,746 | $ 128,814 | $ 127,832 |
Commercial paper, credit facility draws and related fees | 27,714 | 5,466 | 52,139 | 9,051 |
Accretion of fair value adjustments | (824) | (4,471) | (4,223) | (9,014) |
Capitalized interest and AFUDC capitalized on regulated property | (4,420) | (906) | (8,304) | (2,136) |
Other | 2,147 | (1,262) | 3,155 | (3,217) |
Interest expense | $ 89,663 | $ 64,573 | $ 171,581 | $ 122,516 |
Pension and other post-employ_3
Pension and other post-employment benefits - Components of Net Benefit Costs for Pension Plans and OPEB Recorded as Part of Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-service costs | ||||
Non-service costs | $ 5,306 | $ 2,258 | $ 10,267 | $ 4,836 |
Pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3,166 | 4,532 | 6,093 | 8,388 |
Non-service costs | ||||
Interest cost | 7,906 | 6,778 | 16,299 | 12,841 |
Expected return on plan assets | (7,947) | (10,519) | (16,263) | (20,843) |
Amortization of net actuarial losses (gains) | (71) | 1,257 | (195) | 2,046 |
Amortization of prior service credits | (373) | (389) | (746) | (792) |
Impact of regulatory accounts | 4,588 | 4,664 | 8,683 | 11,002 |
Non-service costs | 4,103 | 1,791 | 7,778 | 4,254 |
Net benefit cost | 7,269 | 6,323 | 13,871 | 12,642 |
OPEB | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 902 | 1,554 | 1,891 | 3,109 |
Non-service costs | ||||
Interest cost | 2,891 | 2,282 | 6,329 | 4,641 |
Expected return on plan assets | (2,331) | (2,841) | (5,077) | (5,682) |
Amortization of net actuarial losses (gains) | (561) | (86) | (1,122) | (172) |
Amortization of prior service credits | (213) | 6 | (426) | 12 |
Impact of regulatory accounts | 1,417 | 1,106 | 2,785 | 1,783 |
Non-service costs | 1,203 | 467 | 2,489 | 582 |
Net benefit cost | $ 2,105 | $ 2,021 | $ 4,380 | $ 3,691 |
Other long-term liabilities - S
Other long-term liabilities - Schedule of Long-Term Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Transactions with Third Party [Line Items] | ||
Contract adjustment payments | $ 78,056 | $ 113,876 |
Asset retirement obligations | 113,678 | 116,584 |
Advances in aid of construction | 90,096 | 88,546 |
Environmental remediation obligation | 41,092 | 42,457 |
Customer deposits | 35,360 | 34,675 |
Unamortized investment tax credits | 17,419 | 17,649 |
Deferred credits and contingent consideration | 45,937 | 39,498 |
Preferred shares, Series C | 12,067 | 12,072 |
Hook-up fees | 25,813 | 32,463 |
Lease liabilities | 21,415 | 21,834 |
Contingent development support obligations | 9,129 | 8,824 |
Other | 34,004 | 41,156 |
Other long-term liabilities | 549,874 | 595,442 |
Less: current portion | (119,495) | (134,212) |
Other long-term liabilities, excluding current | 430,379 | 461,230 |
Related Party | ||
Transactions with Third Party [Line Items] | ||
Note payable to related party | $ 25,808 | $ 25,808 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - Preferred shares, Series C - Subsequent Event $ in Thousands | Aug. 09, 2023 CAD ($) shares |
Debt Instrument [Line Items] | |
Redemption amount | $ | $ 6,906 |
Redeemed amount (in shares) | shares | 36 |
Shareholders' capital - Common
Shareholders' capital - Common Shares (Detail) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Common Shares Rollforward | ||
Beginning balance (in shares) | 683,614,803 | 671,960,276 |
Dividend reinvestment plan (in shares) | 4,370,289 | 3,014,264 |
Exercise of share-based awards (in shares) | 772,591 | 673,852 |
Conversion of convertible debentures (in shares) | 1,415 | 754 |
Ending balance (in shares) | 688,759,098 | 675,649,146 |
Shareholders' capital - Additio
Shareholders' capital - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 54 Months Ended | ||||||
Mar. 03, 2022 | Mar. 02, 2022 | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Aug. 10, 2023 USD ($) $ / shares shares | Aug. 15, 2022 USD ($) | |
Stockholders Equity Note [Line Items] | |||||||||
Total share-based compensation | $ | $ 3,199,000 | $ 3,860,000 | $ 3,895,000 | $ 3,495,000 | |||||
Unrecognized compensation costs, non-vested awards | $ | $ 39,515,000 | $ 39,515,000 | $ 39,515,000 | ||||||
Unrecognized compensation costs, non-vested options, period of recognition | 2 years 3 months 7 days | ||||||||
Performance and restricted share units | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Equity other than options granted in period (in shares) | 2,349,180 | ||||||||
Bonus Deferral Restricted Stock Units | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Awards vested (percent) | 100% | ||||||||
Awards outstanding (in shares) | 23,678 | 23,678 | 23,678 | ||||||
Granted (in shares) | 72,155 | ||||||||
Deferred Share Units | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Exercise of share-based awards settled (in shares) | 85,637 | ||||||||
Executive | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Options granted (in shares) | 1,368,744 | ||||||||
Granted (in USD per share) | $ / shares | $ 10.76 | ||||||||
Options expiration period | 8 years | ||||||||
Executive | Options vesting December 31, 2023 | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Awards vested (percent) | 33.33% | ||||||||
Executive | Options vesting December 31, 2024 | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Awards vested (percent) | 33.33% | ||||||||
Executive | Options vesting December 31, 2025 | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Awards vested (percent) | 33.33% | ||||||||
Common shares | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Discount rate on share purchases under dividend reinvestment plan (percent) | 3% | 5% | |||||||
Dividend reinvestment plan shares issued (in shares) | 4,370,289,000 | ||||||||
Equity other than options settled at cash value for payment of the exercise price and for tax withholdings (in shares) | 28,701 | ||||||||
Common shares | Public Stock Offering | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Number of shares issued pursuant to public offering (in shares) | 661,570 | ||||||||
Share based awards settled for cash value as payment for tax withholding (in shares) | 330,532 | ||||||||
Treasury Stock, Common | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Shares issued from treasury to settles RSUs and PSUs (in shares) | 331,038 | ||||||||
Treasury Stock, Common | Bonus Deferral Restricted Stock Units | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Shares issued from treasury to settles RSUs and PSUs (in shares) | 52,379 | ||||||||
ATM Equity Program | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Treasury stock, amount reserved for issuance under the plan | $ | $ 500,000,000 | ||||||||
ATM Equity Program | Subsequent Event | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Number of shares issued pursuant to public offering (in shares) | 36,814,536 | ||||||||
Sale of stock, average price per share (in USD) | $ / shares | $ 15 | ||||||||
Cash proceeds from issuance of shares | $ | $ 551,086,000 | ||||||||
Proceeds from sale of stock, net of commissions | $ | 544,295,000 | ||||||||
Sale of stock, other related costs | $ | $ 4,843,000 |
Shareholders' capital - Fair Va
Shareholders' capital - Fair Value of Share Options Granted (Detail) | 6 Months Ended |
Jun. 30, 2023 $ / shares | |
Equity [Abstract] | |
Risk-free interest rate | 3.40% |
Expected volatility | 27% |
Expected dividend yield | 8.60% |
Expected life | 5 years 6 months |
Weighted average grant date fair value per option (in USD per share) | $ 1.04 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) - Schedule of Accumulated Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | $ 7,055,820 | $ 7,274,807 | $ 6,836,439 | $ 7,382,079 | $ 7,382,079 |
OCI | 68,778 | (123,129) | |||
Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations | (240) | 33,093 | |||
OCI, net of tax | 35,728 | (61,412) | 68,538 | (112,446) | (90,036) |
OCI attributable to the non-controlling interests | (212) | 1,650 | |||
Net current period OCI attributable to shareholders of AQN | 68,326 | (88,386) | |||
Ending Balance | 6,835,466 | 7,031,067 | 6,835,466 | 7,031,067 | 6,836,439 |
Total | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (127,068) | (123,398) | (160,063) | (71,677) | (71,677) |
OCI, net of tax | 35,331 | (59,972) | 68,326 | (111,693) | |
Ending Balance | (91,737) | $ (183,370) | (91,737) | (183,370) | (160,063) |
Foreign currency cumulative translation | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (98,467) | (76,615) | (76,615) | ||
OCI | 16,343 | (18,013) | |||
Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations | (788) | (5,489) | |||
OCI, net of tax | 15,555 | (23,502) | |||
OCI attributable to the non-controlling interests | (212) | 1,650 | |||
Net current period OCI attributable to shareholders of AQN | 15,343 | (21,852) | |||
Ending Balance | (83,124) | (83,124) | (98,467) | ||
Unrealized gain (loss) on cash flow hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (97,809) | (3,514) | (3,514) | ||
OCI | 52,435 | (128,838) | |||
Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations | 1,851 | 34,543 | |||
OCI, net of tax | 54,286 | (94,295) | |||
OCI attributable to the non-controlling interests | 0 | 0 | |||
Net current period OCI attributable to shareholders of AQN | 54,286 | (94,295) | |||
Ending Balance | (43,523) | (43,523) | (97,809) | ||
Pension and post-employment actuarial changes | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | 36,213 | $ 8,452 | 8,452 | ||
OCI | 0 | 23,722 | |||
Amounts reclassified from AOCI to the unaudited interim consolidated statements of operations | (1,303) | 4,039 | |||
OCI, net of tax | (1,303) | 27,761 | |||
OCI attributable to the non-controlling interests | 0 | 0 | |||
Net current period OCI attributable to shareholders of AQN | (1,303) | 27,761 | |||
Ending Balance | $ 34,910 | $ 34,910 | $ 36,213 |
Dividends (Detail)
Dividends (Detail) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 CAD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 CAD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 CAD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 CAD ($) $ / shares | |
Dividends [Line Items] | ||||||||
Dividend declared for common share holders | $ | $ 75,379 | $ 122,636 | $ 150,765 | $ 238,209 | ||||
Cash dividend declared per common share (USD per share) | $ / shares | $ 0.1085 | $ 0.1808 | $ 0.2170 | $ 0.3514 | ||||
Series A preferred shares | ||||||||
Dividends [Line Items] | ||||||||
Dividends declared for preferred share holders | $ | $ 1,549 | $ 1,549 | $ 3,097 | $ 3,097 | ||||
Dividend declared per preferred share (CAD per share) | $ / shares | $ 0.3226 | $ 0.3226 | $ 0.6453 | $ 0.6453 | ||||
Series D preferred shares | ||||||||
Dividends [Line Items] | ||||||||
Dividends declared for preferred share holders | $ | $ 1,273 | $ 1,273 | $ 2,546 | $ 2,546 | ||||
Dividend declared per preferred share (CAD per share) | $ / shares | $ 0.3182 | $ 0.3182 | $ 0.6364 | $ 0.6364 |
Related party transactions (Det
Related party transactions (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jul. 05, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | May 31, 2019 USD ($) | May 31, 2019 CAD ($) | |
Transactions with Third Party [Line Items] | |||||||||
Collateral shortfall trigger, as percent of market value of shares (percent) | 50% | 50% | |||||||
Non-controlling interests | $ 1,650,063,000 | $ 1,650,063,000 | $ 1,616,792,000 | ||||||
AQN's investment carrying amount for the entities | 388,516,000 | 388,516,000 | $ 381,802,000 | ||||||
AY Holdco | |||||||||
Transactions with Third Party [Line Items] | |||||||||
AQN's investment carrying amount for the entities | $ 39,376,000 | ||||||||
Equity Method Investee | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Reimbursement of incurred costs | 12,773,000 | $ 26,547,000 | 42,074,000 | $ 33,960,000 | |||||
Equity Method Investee | Liberty Development JV Inc | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Development fees | 0 | 0 | 0 | 0 | |||||
Equity Method Investee | Liberty Development JV Inc | Subsequent Event | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Noninterest bearing loan | $ 35,000,000 | ||||||||
Equity Method Investee | Liberty Development Energy Solutions | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Net earnings attributable to NCI | 6,348,000 | 3,086,000 | 12,399,000 | 5,661,000 | |||||
Distribution to redeemable non-controlling interest | 6,302,000 | 2,820,000 | 12,300,000 | 5,404,000 | |||||
Equity Method Investee | Liberty Development Energy Solutions | Senior Secured Utility Bonds | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 306,500,000 | 306,500,000 | |||||||
Joint Venture | Liberty Development JV Inc | Subsequent Event | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Proceeds from equity | $ 17,500,000 | ||||||||
Related Party | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Distribution from interest in noncontrolling interest | $ 4,921,000 | $ 5,534,000 | $ 10,979,000 | $ 12,956,000 | |||||
Related Party | Atlantica Yield Energy Solutions Canada Inc. (b) | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Non-controlling interests | $ 96,752,000 | $ 130,103 |
Non-controlling interests and_3
Non-controlling interests and redeemable non-controlling interests - Net Loss Attributable to Non-Controlling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noncontrolling Interest [Line Items] | ||||
Net earnings attributable to NCI | $ 15,439 | $ 32,021 | $ 42,018 | $ 72,963 |
Redeemable non-controlling interest, held by related party | (6,349) | (3,086) | (12,399) | (5,661) |
Net effect of non-controlling interests | 9,090 | 28,935 | 29,619 | 67,302 |
Tax Equity Partnership Units | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings attributable to NCI | 25,172 | 31,100 | 59,743 | 71,961 |
Redeemable Tax Equity Partnership Units | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings attributable to NCI | 331 | 1,337 | 662 | 2,936 |
Non-controlling interests | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings attributable to NCI | $ (10,064) | $ (416) | $ (18,387) | $ (1,934) |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Canadian enacted statutory rate (percent) | 26.50% | 26.50% |
Income taxes - Provision for In
Income taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Expected income tax recovery at Canadian statutory rate | $ (84,596) | $ (22,562) | $ (11,903) | $ (6,119) |
Increase (decrease) resulting from: | ||||
Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates | (5,560) | (6,562) | (16,718) | (19,039) |
Adjustments from investments carried at fair value | 40,357 | 17,216 | 11,092 | 18,229 |
Change in valuation allowance | 676 | (1,582) | (791) | (1,731) |
Non-controlling interests share of income | 2,201 | 4,587 | 12,393 | 15,640 |
Acquisition-related state deferred tax adjustments | 0 | 0 | 0 | 7,600 |
Tax credits | (8,095) | (11,992) | (20,505) | (22,023) |
Amortization and settlement of excess deferred income tax | (2,456) | (2,296) | (6,207) | (6,329) |
Other | 1,515 | 372 | 1,382 | 405 |
Income tax recovery | $ (55,958) | $ (22,819) | $ (31,257) | $ (13,367) |
Income taxes - Summary of Valua
Income taxes - Summary of Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
Beginning balance | $ 97,396 | $ 28,959 | $ 107,583 | $ 27,470 |
Charged to income tax recovery | 676 | (1,582) | (791) | (1,731) |
Charged (reduction) to OCI | (6,418) | 2,664 | (15,138) | 4,302 |
Reductions to other accounts | 0 | (211) | 0 | (211) |
Ending balance | $ 91,654 | $ 29,830 | $ 91,654 | $ 29,830 |
Other net losses - Other Net Lo
Other net losses - Other Net Losses (Gains) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Acquisition and transition-related costs | $ 0 | $ 2,315 | $ 0 | $ 3,940 |
Kentucky termination costs | 43,808 | 3,535 | 46,527 | 4,075 |
Acquisition-related settlement payment | (11,983) | 0 | (11,983) | 0 |
Other | 8,542 | 2,802 | 9,285 | 5,367 |
Other losses | $ 40,367 | $ 8,652 | $ 43,829 | $ 13,382 |
Other net losses - Additional I
Other net losses - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Other Income and Expenses [Abstract] | |
Kentucky termination costs | $ 38,795 |
Acquisition-related settlement payment | 12,814 |
Legal fees | $ 831 |
Basic and diluted net earning_3
Basic and diluted net earnings (loss) per share - Schedule of Earnings per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | ||||
Net earnings (loss) attributable to shareholders of AQN | $ (253,231) | $ (33,387) | $ 16,908 | $ 57,578 |
Series A and D Preferred shares dividend | 2,080 | 2,220 | 4,172 | 4,440 |
Net earnings (loss) attributable to common shareholders of AQN – basic (in shares) | (255,311) | (35,607) | 12,736 | 53,138 |
Net earnings (loss) attributable to common shareholders of AQN – diluted (in shares) | $ (255,311) | $ (35,607) | $ 12,736 | $ 53,138 |
Weighted average number of shares | ||||
Basic (in shares) | 687,847,010 | 674,742,897 | 688,277,615 | 674,720,319 |
Effect of dilutive securities (in shares) | 0 | 0 | 2,127,104 | 3,046,590 |
Diluted (in shares) | 687,847,010 | 674,742,897 | 690,404,719 | 677,766,909 |
Series A preferred shares | ||||
Class of Stock [Line Items] | ||||
Series A and D Preferred shares dividend | $ 1,142 | $ 1,219 | $ 2,290 | $ 2,437 |
Series D preferred shares | ||||
Class of Stock [Line Items] | ||||
Series A and D Preferred shares dividend | $ 938 | $ 1,001 | $ 1,882 | $ 2,003 |
Basic and diluted net earning_4
Basic and diluted net earnings (loss) per share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Options and Convertible Debentures | ||
Class of Stock [Line Items] | ||
Anti-dilutive convertible debentures (in shares) | 6,350,530 | 1,134,711 |
Segmented information - Additio
Segmented information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 business_unit segment | |
Segment Reporting [Abstract] | |
Number of business units | business_unit | 2 |
Number of reportable segments | segment | 2 |
Segmented information - Results
Segmented information - Results of Operations and Assets for Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue | |||||
Revenue | $ 603,927 | $ 599,236 | $ 1,356,804 | $ 1,307,755 | |
Other revenue | 627,871 | 619,385 | 1,406,498 | 1,352,622 | |
Fuel, power and water purchased | 142,156 | 168,902 | 417,112 | 416,413 | |
Net revenue | 485,715 | 450,483 | 989,386 | 936,209 | |
Operating expenses (recovery) | 241,482 | 206,330 | 461,769 | 418,332 | |
Administrative expenses | 25,692 | 20,107 | 43,525 | 37,559 | |
Depreciation and amortization | 118,448 | 112,547 | 240,089 | 232,511 | |
Loss on foreign exchange | 6,379 | 4,464 | 7,815 | 4,726 | |
Operating income (loss), before gain on sale of renewable assets | 243,081 | ||||
Gain on sale of renewable assets | 0 | 0 | 0 | 1,200 | |
Operating income | 93,714 | 107,035 | 236,188 | 244,281 | |
Interest expense | (89,663) | (64,573) | (171,581) | (122,516) | |
Income (loss) from long-term investments | (277,696) | (113,380) | (57,684) | (124,069) | |
Other expenses | (44,634) | (14,223) | (50,891) | (20,787) | |
Loss before income taxes | (318,279) | (85,141) | (43,968) | (23,091) | |
Property, plant and equipment | 12,336,931 | 12,336,931 | $ 11,944,885 | ||
Investments carried at fair value | 1,213,718 | 1,213,718 | 1,344,207 | ||
Equity-method investees | 388,516 | 388,516 | 381,802 | ||
Total assets | 17,968,713 | 17,968,713 | 17,627,613 | ||
Capital expenditures | 245,209 | 247,538 | 414,958 | 575,237 | |
Revenue related to net hedging loss, not recognized as revenue from contract with customers | 4,328 | 25,062 | 29,892 | ||
Revenue related to net hedging gain, not recognized as revenue from contract with customers | 11,527 | ||||
Revenue related to alternative revenue programs, not recognized as revenue from contract with customers | 9,083 | 8,811 | 12,789 | 15,089 | |
Other revenue | |||||
Revenue | |||||
Other revenue | 23,944 | 20,149 | 49,694 | 44,867 | |
Corporate | |||||
Revenue | |||||
Revenue | 0 | 0 | 0 | 0 | |
Fuel, power and water purchased | 0 | 0 | 0 | 0 | |
Net revenue | 364 | 382 | 725 | 768 | |
Operating expenses (recovery) | (146) | 19 | 7 | 22 | |
Administrative expenses | 1,100 | 631 | 3,178 | 2,468 | |
Depreciation and amortization | 403 | 262 | 642 | 526 | |
Loss on foreign exchange | 6,379 | 4,464 | 7,815 | 4,726 | |
Operating income (loss), before gain on sale of renewable assets | (6,974) | ||||
Gain on sale of renewable assets | 0 | ||||
Operating income | (7,372) | (4,994) | (10,917) | (6,974) | |
Interest expense | (30,519) | (25,851) | (59,064) | (46,655) | |
Income (loss) from long-term investments | (313,287) | (145,320) | (136,870) | (188,144) | |
Other expenses | (2,427) | (6,602) | (4,435) | (8,023) | |
Loss before income taxes | (353,605) | (182,767) | (211,286) | (249,796) | |
Property, plant and equipment | 29,316 | 29,316 | 29,260 | ||
Investments carried at fair value | 0 | 0 | 0 | ||
Equity-method investees | 8,789 | 8,789 | 15,500 | ||
Total assets | 319,237 | 319,237 | 266,105 | ||
Capital expenditures | 0 | 0 | 0 | 0 | |
Corporate | Other revenue | |||||
Revenue | |||||
Other revenue | 364 | 382 | 725 | 768 | |
Regulated Services Group | Operating Segments | |||||
Revenue | |||||
Revenue | 532,233 | 507,095 | 1,206,394 | 1,129,854 | |
Fuel, power and water purchased | 138,374 | 159,256 | 405,524 | 393,828 | |
Net revenue | 408,059 | 360,398 | 829,088 | 763,573 | |
Operating expenses (recovery) | 213,891 | 179,258 | 401,315 | 363,667 | |
Administrative expenses | 13,548 | 10,966 | 21,873 | 19,036 | |
Depreciation and amortization | 84,754 | 76,228 | 170,611 | 156,511 | |
Loss on foreign exchange | 0 | 0 | 0 | 0 | |
Operating income (loss), before gain on sale of renewable assets | 224,359 | ||||
Gain on sale of renewable assets | 0 | ||||
Operating income | 95,866 | 93,946 | 235,289 | 224,359 | |
Interest expense | (42,724) | (23,860) | (81,202) | (45,286) | |
Income (loss) from long-term investments | 9,332 | 5,265 | 19,660 | 9,774 | |
Other expenses | (41,010) | (2,898) | (45,259) | (7,786) | |
Loss before income taxes | 21,464 | 72,453 | 128,488 | 181,061 | |
Property, plant and equipment | 8,757,413 | 8,757,413 | 8,554,938 | ||
Investments carried at fair value | 1,799 | 1,799 | 1,984 | ||
Equity-method investees | 57,586 | 57,586 | 56,199 | ||
Total assets | 12,247,694 | 12,247,694 | 12,109,575 | ||
Capital expenditures | 225,505 | 179,878 | 372,886 | 435,463 | |
Regulated Services Group | Operating Segments | Other revenue | |||||
Revenue | |||||
Other revenue | 14,200 | 12,559 | 28,218 | 27,547 | |
Renewable Energy Group | Operating Segments | |||||
Revenue | |||||
Revenue | 71,694 | 92,141 | 150,410 | 177,901 | |
Fuel, power and water purchased | 3,782 | 9,646 | 11,588 | 22,585 | |
Net revenue | 77,292 | 89,703 | 159,573 | 171,868 | |
Operating expenses (recovery) | 27,737 | 27,053 | 60,447 | 54,643 | |
Administrative expenses | 11,044 | 8,510 | 18,474 | 16,055 | |
Depreciation and amortization | 33,291 | 36,057 | 68,836 | 75,474 | |
Loss on foreign exchange | 0 | 0 | 0 | 0 | |
Operating income (loss), before gain on sale of renewable assets | 25,696 | ||||
Gain on sale of renewable assets | 1,200 | ||||
Operating income | 5,220 | 18,083 | 11,816 | 26,896 | |
Interest expense | (16,420) | (14,862) | (31,315) | (30,575) | |
Income (loss) from long-term investments | 26,259 | 26,675 | 59,526 | 54,301 | |
Other expenses | (1,197) | (4,723) | (1,197) | (4,978) | |
Loss before income taxes | 13,862 | 25,173 | 38,830 | 45,644 | |
Property, plant and equipment | 3,550,202 | 3,550,202 | 3,360,687 | ||
Investments carried at fair value | 1,211,919 | 1,211,919 | 1,342,223 | ||
Equity-method investees | 322,141 | 322,141 | 310,103 | ||
Total assets | 5,401,782 | 5,401,782 | $ 5,251,933 | ||
Capital expenditures | 19,704 | 67,660 | 42,072 | 139,774 | |
Renewable Energy Group | Operating Segments | Other revenue | |||||
Revenue | |||||
Other revenue | $ 9,380 | $ 7,208 | $ 20,751 | $ 16,552 |
Segmented information - Informa
Segmented information - Information on Operations by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 627,871 | $ 619,385 | $ 1,406,498 | $ 1,352,622 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 503,777 | 492,373 | 1,144,201 | 1,091,246 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 37,788 | 41,397 | 90,916 | 95,232 |
Other regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 86,306 | $ 85,615 | $ 171,381 | $ 166,144 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) | Jun. 30, 2023 lawsuit claim | Nov. 17, 2020 lawsuit |
Commitments Disclosure [Line Items] | ||
Number of non-litigation claims | claim | 1 | |
Number of lawsuits filed by groups of individual plaintiffs | 12 | |
Number of wrongful death lawsuits | 1 | |
Mountain View Fire | ||
Commitments Disclosure [Line Items] | ||
Number of active lawsuits | 17 | |
Number of lawsuits filed by insurance companies | 4 |
Commitments and contingencies_2
Commitments and contingencies - Estimates of Future Commitments (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Commitments Disclosure [Line Items] | |
Year 1 | $ 281,823 |
Year 2 | 215,807 |
Year 3 | 153,863 |
Year 4 | 113,246 |
Year 5 | 110,953 |
Thereafter | 1,093,782 |
Total | 1,969,474 |
Power purchase | |
Commitments Disclosure [Line Items] | |
Year 1 | 83,606 |
Year 2 | 47,603 |
Year 3 | 29,461 |
Year 4 | 12,397 |
Year 5 | 12,643 |
Thereafter | 136,244 |
Total | 321,954 |
Natural gas supply and service agreements | |
Commitments Disclosure [Line Items] | |
Year 1 | 93,739 |
Year 2 | 92,102 |
Year 3 | 51,456 |
Year 4 | 38,265 |
Year 5 | 33,088 |
Thereafter | 171,141 |
Total | 479,791 |
Service agreements | |
Commitments Disclosure [Line Items] | |
Year 1 | 73,974 |
Year 2 | 61,943 |
Year 3 | 58,602 |
Year 4 | 48,070 |
Year 5 | 50,529 |
Thereafter | 285,567 |
Total | 578,685 |
Capital projects | |
Commitments Disclosure [Line Items] | |
Year 1 | 16,537 |
Year 2 | 0 |
Year 3 | 0 |
Year 4 | 0 |
Year 5 | 0 |
Thereafter | 0 |
Total | 16,537 |
Land easements and others | |
Commitments Disclosure [Line Items] | |
Year 1 | 13,967 |
Year 2 | 14,159 |
Year 3 | 14,344 |
Year 4 | 14,514 |
Year 5 | 14,693 |
Thereafter | 500,830 |
Total | $ 572,507 |
Non-cash operating items - Chan
Non-cash operating items - Changes in Non-Cash Operating Items (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Changes In Non Cash Operating Items [Abstract] | ||||
Accounts receivable | $ 21,450 | $ (8,641) | $ 35,213 | $ (49,253) |
Fuel and natural gas in storage | (12,837) | (23,362) | 19,657 | (7,128) |
Supplies and consumables inventory | (11,678) | (3,006) | (22,454) | (10,775) |
Income taxes recoverable | 5,134 | (861) | 5,683 | 2,071 |
Prepaid expenses | 13,231 | (5,203) | 6,183 | (12,553) |
Accounts payable | 71,253 | 48,424 | 18,033 | 26,759 |
Accrued liabilities | 38,215 | (22,585) | (88,895) | 30,711 |
Current income tax liability | (1,039) | (1,350) | 2,563 | 853 |
Asset retirements and environmental obligations | 363 | (10,855) | (706) | (11,354) |
Net regulatory assets and liabilities | (11,712) | (9,201) | (28,633) | (54,119) |
Changes in non-cash operating items | $ 112,380 | $ (36,640) | $ (53,356) | $ (84,788) |
Financial instruments - Fair Va
Financial instruments - Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Level 1 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | $ 1,149,505 | $ 1,270,138 |
Development loans and other receivables | 0 | 0 |
Total derivative instruments | 0 | 0 |
Total financial assets | 1,149,505 | 1,270,138 |
Long-term debt | 2,716,700 | 2,623,628 |
Convertible debentures | 285 | 276 |
Total derivative instruments | 0 | 0 |
Total financial liabilities | 2,716,985 | 2,623,904 |
Level 1 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Note payable to related party | 0 | 0 |
Level 1 | Commodity contracts | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | |
Level 1 | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Interest rate swaps | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 0 |
Level 1 | Interest rate swaps | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Congestion revenue rights | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | 0 |
Level 1 | Cross-currency interest rate contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | |
Level 1 | Cross-currency interest rate contract | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Cross-currency interest rate contract | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | 0 |
Level 1 | Cross-currency interest rate contract | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Preferred shares, Series C | ||
Fair Value of Financial Instruments [Line Items] | ||
Preferred shares, Series C | 0 | 0 |
Level 2 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 0 | 0 |
Development loans and other receivables | 91,547 | 50,300 |
Total derivative instruments | 69,804 | 73,397 |
Total financial assets | 161,351 | 123,697 |
Long-term debt | 4,811,721 | 4,075,403 |
Convertible debentures | 0 | 0 |
Total derivative instruments | 26,727 | 41,420 |
Total financial liabilities | 4,865,579 | 4,143,678 |
Level 2 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Note payable to related party | 15,188 | 15,180 |
Level 2 | Commodity contracts | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 283 | |
Level 2 | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 139 | |
Total derivative instruments | 1,614 | |
Level 2 | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,441 | |
Level 2 | Interest rate swaps | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 65,711 | 69,188 |
Level 2 | Interest rate swaps | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 3,490 | |
Level 2 | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 2 | Congestion revenue rights | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 2 | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 2 | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 2 | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | 0 |
Level 2 | Cross-currency interest rate contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 464 | |
Total derivative instruments | 15,435 | |
Level 2 | Cross-currency interest rate contract | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 9,736 | |
Level 2 | Cross-currency interest rate contract | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,267 | |
Total derivative instruments | 15,550 | 24,371 |
Level 2 | Cross-currency interest rate contract | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 2,659 | |
Level 2 | Preferred shares, Series C | ||
Fair Value of Financial Instruments [Line Items] | ||
Preferred shares, Series C | 11,943 | 11,675 |
Level 3 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 64,213 | 74,083 |
Development loans and other receivables | 0 | 0 |
Total derivative instruments | 7,757 | 10,503 |
Total financial assets | 71,970 | 84,586 |
Long-term debt | 0 | 0 |
Convertible debentures | 0 | 0 |
Total derivative instruments | 75,885 | 128,901 |
Total financial liabilities | 75,885 | 128,901 |
Level 3 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Note payable to related party | 0 | 0 |
Level 3 | Commodity contracts | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | |
Level 3 | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Interest rate swaps | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 0 |
Level 3 | Interest rate swaps | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 7,757 | |
Level 3 | Congestion revenue rights | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,110 | |
Level 3 | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 64,370 | |
Level 3 | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 120,284 | |
Level 3 | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 393 | |
Total derivative instruments | 11,515 | 8,617 |
Level 3 | Cross-currency interest rate contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | |
Level 3 | Cross-currency interest rate contract | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Cross-currency interest rate contract | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Total derivative instruments | 0 | 0 |
Level 3 | Cross-currency interest rate contract | Not designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Preferred shares, Series C | ||
Fair Value of Financial Instruments [Line Items] | ||
Preferred shares, Series C | 0 | 0 |
Carrying amount | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 1,213,718 | 1,344,207 |
Development loans and other receivables | 98,313 | 53,680 |
Total derivative instruments | 77,561 | 83,900 |
Total financial assets | 1,389,592 | 1,481,787 |
Long-term debt | 8,083,147 | 7,512,017 |
Convertible debentures | 238 | 245 |
Total derivative instruments | 102,612 | 170,321 |
Total financial liabilities | 8,223,872 | 7,720,463 |
Carrying amount | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Note payable to related party | 25,808 | 25,808 |
Carrying amount | Commodity contracts | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 283 | |
Carrying amount | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 139 | |
Total derivative instruments | 1,614 | |
Carrying amount | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,441 | |
Carrying amount | Interest rate swaps | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 65,711 | 69,188 |
Carrying amount | Interest rate swaps | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 3,490 | |
Carrying amount | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 7,757 | 10,110 |
Carrying amount | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 64,370 | |
Carrying amount | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 120,284 | |
Carrying amount | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 11,515 | 8,617 |
Carrying amount | Energy contracts | Not designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 393 | |
Carrying amount | Cross-currency interest rate contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 464 | |
Total derivative instruments | 15,435 | |
Carrying amount | Cross-currency interest rate contract | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 9,736 | |
Carrying amount | Cross-currency interest rate contract | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,267 | |
Total derivative instruments | 15,550 | 24,371 |
Carrying amount | Cross-currency interest rate contract | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 2,659 | |
Carrying amount | Preferred shares, Series C | ||
Fair Value of Financial Instruments [Line Items] | ||
Preferred shares, Series C | 12,067 | 12,072 |
Fair value | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 1,213,718 | 1,344,221 |
Development loans and other receivables | 91,547 | 50,300 |
Total derivative instruments | 77,561 | 83,900 |
Total financial assets | 1,382,826 | 1,478,421 |
Long-term debt | 7,528,421 | 6,699,031 |
Convertible debentures | 285 | 276 |
Total derivative instruments | 102,612 | 170,321 |
Total financial liabilities | 7,658,449 | 6,896,483 |
Fair value | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Note payable to related party | 15,188 | 15,180 |
Fair value | Commodity contracts | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 283 | |
Fair value | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 139 | |
Total derivative instruments | 1,614 | |
Fair value | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,441 | |
Fair value | Interest rate swaps | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 65,711 | 69,188 |
Fair value | Interest rate swaps | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 3,490 | |
Fair value | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 7,757 | 10,110 |
Fair value | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 64,370 | |
Fair value | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 120,284 | |
Fair value | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 11,515 | 8,617 |
Fair value | Energy contracts | Not designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 393 | |
Fair value | Cross-currency interest rate contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 464 | |
Total derivative instruments | 15,435 | |
Fair value | Cross-currency interest rate contract | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 9,736 | |
Fair value | Cross-currency interest rate contract | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,267 | |
Total derivative instruments | 15,550 | 24,371 |
Fair value | Cross-currency interest rate contract | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 2,659 | |
Fair value | Preferred shares, Series C | ||
Fair Value of Financial Instruments [Line Items] | ||
Preferred shares, Series C | $ 11,943 | $ 11,675 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Feb. 28, 2022 CAD ($) | Jun. 30, 2023 USD ($) dth MWh derivative_contract $ / MWh | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) dth MWh derivative_contract $ / MWh | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 CAD ($) dth MWh derivative_contract | Dec. 31, 2022 USD ($) | Dec. 17, 2022 CAD ($) MWh $ / MWh | Jan. 31, 2022 CAD ($) | May 23, 2019 USD ($) | |
Derivative [Line Items] | ||||||||||||
Nonmonetary notional amount | dth | 2,755,733 | 2,755,733 | 2,755,733 | |||||||||
Number of interest rate swap contracts | derivative_contract | 2 | 2 | 2 | |||||||||
Foreign currency gain (loss) | $ 130,000 | $ (48,440,000) | $ 15,555,000 | $ (40,595,000) | ||||||||
Supplier Financing Programs | ||||||||||||
Derivative [Line Items] | ||||||||||||
Accounts payable | 63,328,000 | 63,328,000 | $ 16,785,000 | |||||||||
Non-regulated Energy Sales | ||||||||||||
Derivative [Line Items] | ||||||||||||
Unrealized gains (loss) in AOCI to be reclassified | 19,722,000 | |||||||||||
U.S. dollar Subordinated unsecured notes | Unsecured Debt | ||||||||||||
Derivative [Line Items] | ||||||||||||
Par value | $ 300,000,000 | $ 350,000,000 | ||||||||||
Debt repaid upon maturity | $ 200,000,000 | |||||||||||
Canadian dollar Senior unsecured notes | Unsecured Debt | ||||||||||||
Derivative [Line Items] | ||||||||||||
Par value | 1,200,000,000 | |||||||||||
Designated as a hedge | Canadian dollar Senior unsecured notes | ||||||||||||
Derivative [Line Items] | ||||||||||||
Amortization of AOCI gains frozen as a result of hedge dedesignation | 2,924,000 | (2,149,000) | 2,801,000 | (2,544,000) | ||||||||
Canadian Investments and Subsidiaries | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency gain (loss) | 9,629,000 | 395,000 | 9,638,000 | 220,000 | ||||||||
Currency Swap | ||||||||||||
Derivative [Line Items] | ||||||||||||
Cross-currency interest rate swap | $ 400,000,000 | |||||||||||
Currency Swap | U.S. dollar Subordinated unsecured notes | Unsecured Debt | ||||||||||||
Derivative [Line Items] | ||||||||||||
Par value | $ 400,000,000 | |||||||||||
Currency Swap | Canadian dollar Senior unsecured notes | Unsecured Debt | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency gain (loss) | (3,967,000) | 8,132,000 | (4,348,000) | 6,080,000 | ||||||||
Interest rate swaps designated as a hedge | ||||||||||||
Derivative [Line Items] | ||||||||||||
Nonmonetary notional amount | MWh | 388,170 | |||||||||||
Receive average prices (per MW-hr) | $ / MWh | 25.15 | |||||||||||
Derivative notional amount | $ 390,000,000 | |||||||||||
Interest rate swaps designated as a hedge | U.S. dollar Subordinated unsecured notes | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative notional amount | 350,000,000 | 350,000,000 | ||||||||||
Interest rate swaps designated as a hedge | Canadian dollar Senior unsecured notes | Unsecured Debt | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency gain (loss) | $ (4,975,000) | 8,439,000 | $ (4,987,000) | 14,252,000 | ||||||||
Foreign exchange contract | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency gain (loss) | $ (6,942,000) | $ 14,929,000 | $ (7,009,000) | $ 10,697,000 | ||||||||
Transmission congestion rights | ||||||||||||
Derivative [Line Items] | ||||||||||||
Nonmonetary notional amount | MWh | 919,014 | 919,014 | 919,014 | |||||||||
Minimum | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | ||||||||||||
Derivative [Line Items] | ||||||||||||
Alternative investment, measurement input (percent) | 0.0781 | 0.0781 | 0.0781 | |||||||||
Minimum | Atlantica Yield Energy Solutions Canada, Inc | Measurement Input, Price Volatility | ||||||||||||
Derivative [Line Items] | ||||||||||||
Alternative investment, measurement input (percent) | 0.2699 | 0.2699 | 0.2699 | |||||||||
Minimum | Energy contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Forward price | $ / MWh | 24.27 | 24.27 | ||||||||||
Derivative auction price | $ / MWh | $ 0 | $ 0 | ||||||||||
Minimum | Transmission congestion rights | ||||||||||||
Derivative [Line Items] | ||||||||||||
Receive average prices (per MW-hr) | $ / MWh | 0.64 | 0.64 | ||||||||||
Maximum | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | ||||||||||||
Derivative [Line Items] | ||||||||||||
Alternative investment, measurement input (percent) | 0.0831 | 0.0831 | 0.0831 | |||||||||
Maximum | Atlantica Yield Energy Solutions Canada, Inc | Measurement Input, Price Volatility | ||||||||||||
Derivative [Line Items] | ||||||||||||
Alternative investment, measurement input (percent) | 0.3489 | 0.3489 | 0.3489 | |||||||||
Maximum | Energy contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Forward price | $ / MWh | 73.20 | 73.20 | ||||||||||
Derivative auction price | $ / MWh | $ 23.98 | $ 23.98 | ||||||||||
Maximum | Transmission congestion rights | ||||||||||||
Derivative [Line Items] | ||||||||||||
Receive average prices (per MW-hr) | $ / MWh | 19.06 | 19.06 | ||||||||||
Weighted Average | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | ||||||||||||
Derivative [Line Items] | ||||||||||||
Alternative investment, measurement input (percent) | 0.0812 | 0.0812 | 0.0812 | |||||||||
Weighted Average | Energy contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Forward price | $ / MWh | 35.79 | 35.79 | ||||||||||
Derivative auction price | $ / MWh | $ 5.04 | $ 5.04 | ||||||||||
Weighted Average | Transmission congestion rights | ||||||||||||
Derivative [Line Items] | ||||||||||||
Receive average prices (per MW-hr) | $ / MWh | 5.97 | 5.97 |
Financial instruments - Long-te
Financial instruments - Long-term Energy Derivative Contracts (Detail) | Jun. 30, 2023 dth MWh $ / MWh |
Derivative [Line Items] | |
Nonmonetary notional amount | dth | 2,755,733 |
Cash flow hedge | Illinois Hub, Expiry September 2030 | |
Derivative [Line Items] | |
Nonmonetary notional amount | MWh | 3,772,462 |
Receive average prices (per MW-hr) | $ / MWh | 25 |
Cash flow hedge | PJM Western HUB, Expiry December 2028 | |
Derivative [Line Items] | |
Nonmonetary notional amount | MWh | 404,612 |
Receive average prices (per MW-hr) | $ / MWh | 29 |
Cash flow hedge | NI HUB, Expiry December 2027 | |
Derivative [Line Items] | |
Nonmonetary notional amount | MWh | 1,707,551 |
Receive average prices (per MW-hr) | $ / MWh | 22 |
Cash flow hedge | ERCOT North HUB, Expiry December 2027 | |
Derivative [Line Items] | |
Nonmonetary notional amount | MWh | 1,471,065 |
Receive average prices (per MW-hr) | $ / MWh | 36 |
Financial instruments - Derivat
Financial instruments - Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Effective portion of cash flow hedge | $ 29,949 | $ (20,298) | $ 52,435 | $ (81,852) |
Amortization of cash flow hedge | (1,421) | (3,828) | (4,908) | (3,992) |
Amounts reclassified from AOCI | 7,893 | 11,247 | 6,759 | 14,079 |
OCI attributable to shareholders of AQN | $ 36,421 | $ (12,879) | $ 54,286 | $ (71,765) |
Financial instruments - Effects
Financial instruments - Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value of Financial Instruments [Line Items] | ||||
Unrealized gain (loss) on derivative financial instruments: | $ 4,882 | $ 334 | $ 9,851 | $ 402 |
Gain (loss) on derivative instruments | (456) | (6,135) | (646) | (5,884) |
Gain (loss) on derivative financial instruments | 1,039 | (3,313) | 3,205 | (2,569) |
Non-regulated energy sales | (1,495) | (2,822) | (3,851) | (3,315) |
Not Designated as Hedging Instrument | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Unrealized gain (loss) on derivative financial instruments: | 84 | (7,032) | 1,190 | (7,783) |
Total realized gain (loss) on derivative financial instruments | (1,537) | (157) | (3,830) | 149 |
Loss on derivative financial instruments not accounted for as hedges | (1,453) | (7,189) | (2,640) | (7,634) |
Amortization of AOCI gains frozen as a result of hedge dedesignation | 997 | 1,054 | 1,994 | 1,750 |
Not Designated as Hedging Instrument | Interest rate swaps designated as a hedge | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Unrealized gain (loss) on derivative financial instruments: | 0 | (4,680) | 0 | (4,680) |
Not Designated as Hedging Instrument | Energy derivative contracts | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Unrealized gain (loss) on derivative financial instruments: | 84 | (2,352) | 62 | (3,103) |
Total realized gain (loss) on derivative financial instruments | (1,537) | (157) | (3,830) | 149 |
Not Designated as Hedging Instrument | Commodity contracts | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Unrealized gain (loss) on derivative financial instruments: | $ 0 | $ 0 | $ 1,128 | $ 0 |