Cover Page
Cover Page - shares | 6 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | ||||
Document Type | 6-K | |||
Amendment Flag | false | |||
Document Period End Date | Jun. 30, 2024 | |||
Document Fiscal Year Focus | 2024 | |||
Document Fiscal Period Focus | Q2 | |||
Entity Registrant Name | Algonquin Power & Utilities Corp. | |||
Entity Central Index Key | 0001174169 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Common Stock, Shares Outstanding (in shares) | 766,930,261 | 689,271,039 | 688,759,098 | 683,614,803 |
Entity File Number | 001-37946 | |||
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 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||||
Other revenue | $ 598,626 | $ 627,871 | $ 1,335,726 | $ 1,406,498 |
Expenses | ||||
Depreciation and amortization | 136,912 | 118,448 | 266,452 | 240,089 |
Loss on foreign exchange | 4,284 | 6,379 | 16,141 | 7,815 |
Costs and expenses, total | 516,689 | 534,157 | 1,121,213 | 1,170,310 |
Operating income | 81,937 | 93,714 | 214,513 | 236,188 |
Interest expense (note 7) | (105,787) | (89,663) | (208,311) | (171,581) |
Income (loss) from long-term investments (note 6) | 192,611 | (286,546) | 38,158 | (75,585) |
Other income (note 5) | 6,030 | 8,850 | 12,729 | 17,901 |
Other net losses (note 16) | (17,061) | (40,367) | (27,662) | (43,829) |
Pension and other post-employment non-service costs (note 8) | (3,975) | (5,306) | (7,413) | (10,267) |
Gain on derivative financial instruments (note 21(b)(iv)) | 58 | 1,039 | 191 | 3,205 |
Earnings (loss) before income taxes | 153,813 | (318,279) | 22,205 | (43,968) |
Income tax recovery (expense) (note 15) | ||||
Current | 46,681 | (6,300) | 41,577 | (12,800) |
Deferred | (41,453) | 62,258 | (25,046) | 44,057 |
Income tax expense | 5,228 | 55,958 | 16,531 | 31,257 |
Net earnings (loss) | 159,041 | (262,321) | 38,736 | (12,711) |
Non-controlling interests | 41,725 | 15,439 | 72,884 | 42,018 |
Non-controlling interests held by related party | 0 | (6,349) | 0 | (12,399) |
Net effect of non-controlling interests | 41,725 | 9,090 | 72,884 | 29,619 |
Net earnings (loss) attributable to shareholders of Algonquin Power & Utilities Corp. | 200,766 | (253,231) | 111,620 | 16,908 |
Series A Shares and Series D Shares dividend (note 12) | 2,705 | 2,080 | 5,117 | 4,172 |
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. - basic | 198,061 | (255,311) | 106,503 | 12,736 |
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. - diluted | $ 198,061 | $ (255,311) | $ 106,503 | $ 12,736 |
Basic net earnings (loss) per share (USD per share) | $ 0.28 | $ (0.37) | $ 0.15 | $ 0.02 |
Diluted net earnings (loss) per share (USD per share) | $ 0.28 | $ (0.37) | $ 0.15 | $ 0.02 |
Regulated electricity distribution | ||||
Revenue | ||||
Other revenue | $ 304,262 | $ 328,242 | $ 610,117 | $ 644,215 |
Expenses | ||||
Expenses | 81,747 | 98,337 | 179,701 | 223,917 |
Regulated natural gas distribution | ||||
Revenue | ||||
Other revenue | 94,264 | 109,539 | 328,217 | 380,677 |
Expenses | ||||
Expenses | 22,909 | 36,180 | 118,878 | 173,881 |
Regulated water reclamation and distribution | ||||
Revenue | ||||
Other revenue | 92,786 | 95,861 | 177,809 | 183,282 |
Expenses | ||||
Expenses | 4,279 | 3,857 | 8,160 | 7,726 |
Non-regulated energy sales | ||||
Revenue | ||||
Other revenue | 78,661 | 71,694 | 163,237 | 150,410 |
Expenses | ||||
Expenses | 690 | 3,782 | 4,228 | 11,588 |
Other revenue | ||||
Revenue | ||||
Other revenue | 28,653 | 22,535 | 56,346 | 47,914 |
Operating expenses | ||||
Expenses | ||||
Expenses | $ 265,868 | $ 267,174 | $ 527,653 | $ 505,294 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 159,041 | $ (262,321) | $ 38,736 | $ (12,711) |
Other comprehensive income (loss) ("OCI"): | ||||
Foreign currency translation adjustment, net of tax expense of $1,310 and $3,190 (2023 - tax recovery $3,418 and $3,038), respectively (notes 21(b)(iii) and 21(b)(iv)) | 10,933 | 130 | 4,416 | 15,555 |
Change in fair value of cash flow hedges, net of tax expense of $2,165 and $6,995 (2023 - tax expense of $3,737 and recovery of $178), respectively (note 21(b)(ii)) | 29,190 | 36,421 | 38,652 | 54,286 |
Change in pension and other post-employment benefits, net of tax recovery of $394 and $1,768 (2023 - tax recovery of $281 and $445), respectively | (1,143) | (823) | (5,174) | (1,303) |
OCI, net of tax | 38,980 | 35,728 | 37,894 | 68,538 |
Comprehensive income (loss) | 198,021 | (226,593) | 76,630 | 55,827 |
Comprehensive loss attributable to the non-controlling interests | (42,049) | (8,693) | (73,906) | (29,407) |
Comprehensive income (loss) attributable to shareholders of Algonquin Power & Utilities Corp. | $ 240,070 | $ (217,900) | $ 150,536 | $ 85,234 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, net of tax (recovery) and expense | $ 1,310 | $ (3,418) | $ 3,190 | $ (3,038) |
Change in fair value of cash flow hedges, net of tax (recovery) and expense | 2,165 | 3,737 | 6,995 | (178) |
Change in pension and other post-employment expense, net of tax (expense) and recovery | $ 394 | $ 281 | $ 1,768 | $ 445 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 131,633 | $ 56,142 |
Trade and other receivables, net (note 4) | 426,879 | 524,194 |
Fuel and natural gas in storage | 49,696 | 48,982 |
Supplies and consumables inventory | 185,637 | 178,150 |
Regulatory assets (note 5) | 185,938 | 142,970 |
Prepaid expenses | 67,703 | 81,926 |
Derivative instruments (note 21) | 28,016 | 10,920 |
Other assets | 129,134 | 23,061 |
Assets, current, total | 1,204,636 | 1,066,345 |
Property, plant and equipment, net | 13,199,200 | 12,517,450 |
Intangible assets, net | 90,405 | 93,938 |
Goodwill | 1,317,440 | 1,324,062 |
Regulatory assets (note 5) | 1,124,523 | 1,184,713 |
Long-term investments (note 6) | ||
Investments carried at fair value | 1,128,171 | 1,115,729 |
Other long-term investments | 411,985 | 641,920 |
Derivative instruments (note 21) | 88,817 | 72,328 |
Deferred income taxes | 161,279 | 158,483 |
Other assets | 139,918 | 198,993 |
Assets | 18,866,374 | 18,373,961 |
Current liabilities: | ||
Accounts payable | 138,154 | 210,412 |
Accrued liabilities | 552,164 | 554,875 |
Dividends payable (note 12) | 83,267 | 74,916 |
Regulatory liabilities (note 5) | 88,449 | 99,850 |
Long-term debt (note 7) | 158,278 | 621,856 |
Other long-term liabilities (note 9) | 185,314 | 80,458 |
Derivative instruments (note 21) | 23,413 | 34,915 |
Other liabilities | 12,107 | 7,898 |
Liabilities, current, total | 1,241,146 | 1,685,180 |
Long-term debt (note 7) | 8,134,371 | 7,894,174 |
Regulatory liabilities (note 5) | 562,715 | 634,446 |
Deferred income taxes | 634,053 | 578,902 |
Derivative instruments (note 21) | 106,644 | 75,961 |
Pension and other post-employment benefits obligation | 99,185 | 96,653 |
Other long-term liabilities (note 9) | 392,493 | 465,874 |
Liabilities, noncurrent, total | 9,929,461 | 9,746,010 |
Redeemable non-controlling interests | ||
Redeemable non-controlling interest, held by related party | 0 | 308,350 |
Redeemable non-controlling interests | 9,263 | 10,013 |
Redeemable non-controlling interests, total | 9,263 | 318,363 |
Equity: | ||
Preferred shares | 184,299 | 184,299 |
Common shares (note 10(a)) | 7,389,116 | 6,229,994 |
Additional paid-in capital | 827 | 7,254 |
Deficit | (1,331,947) | (1,279,696) |
Accumulated other comprehensive loss (“AOCI”) (note 11) | (63,370) | (102,286) |
Total equity attributable to shareholders of Algonquin Power & Utilities Corp. | 6,178,925 | 5,039,565 |
Non-controlling interests | ||
Non-controlling interests - tax equity partnership units | 1,156,628 | 1,196,720 |
Other non-controlling interests | 358,670 | 347,338 |
Non-controlling interest, held by related party | (7,719) | 40,785 |
Non-controlling interests, total | 1,507,579 | 1,584,843 |
Total equity | 7,686,504 | 6,624,408 |
Commitments and contingencies (note 19) | ||
Subsequent events (note 3(a), 7(f)) | ||
Liabilities and equity, total | $ 18,866,374 | $ 18,373,961 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common shares | Preferred shares | Additional paid-in capital | Deficit | AOCI | Non- controlling interests |
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) | 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) | ||||
Contributions received from non-controlling interests, net of cost | 107,933 | 107,933 | |||||
Common shares issued upon conversion of convertible debentures | 11 | 11 | |||||
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 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] | |||||||
OCI | 58,794 | ||||||
Ending Balance at Dec. 31, 2023 | 6,624,408 | 6,229,994 | 184,299 | 7,254 | (1,279,696) | (102,286) | 1,584,843 |
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) | 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) | ||||
Contributions received from non-controlling interests, net of cost | 98,851 | 98,851 | |||||
Common shares issued upon conversion of convertible debentures | 11 | 11 | |||||
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 |
Beginning Balance at Dec. 31, 2023 | 6,624,408 | 6,229,994 | 184,299 | 7,254 | (1,279,696) | (102,286) | 1,584,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 38,736 | 111,620 | |||||
Net earnings (loss) | 72,884 | (72,884) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | 662 | 662 | |||||
OCI | 37,894 | 38,916 | (1,022) | ||||
Dividends declared and distributions to non-controlling interests | (231,436) | (164,357) | (67,079) | ||||
Contributions received from non-controlling interests, net of cost | 66,859 | 66,859 | |||||
Common shares issued upon public offering (note 10(a)) | 1,150,000 | 1,150,000 | |||||
Common shares issued under employee share purchase plan | 2,316 | 2,316 | |||||
Share-based compensation | 6,453 | 6,453 | |||||
Common shares issued pursuant to share-based awards | 1,509 | 6,806 | (5,783) | 486 | |||
Non-controlling interest assumed on asset acquisition | (10,897) | (7,097) | (3,800) | ||||
Ending Balance at Jun. 30, 2024 | 7,686,504 | 7,389,116 | 184,299 | 827 | (1,331,947) | (63,370) | 1,507,579 |
Beginning Balance at Mar. 31, 2024 | 6,434,802 | 6,235,552 | 184,299 | (384) | (1,446,333) | (104,452) | 1,566,120 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 159,041 | 200,766 | |||||
Net earnings (loss) | 41,725 | (41,725) | |||||
Effect of redeemable non-controlling interests not included in equity (note 14) | 331 | 331 | |||||
OCI | 38,980 | 41,082 | (2,102) | ||||
Dividends declared and distributions to non-controlling interests | (103,804) | (86,445) | (17,359) | ||||
Contributions received from non-controlling interests, net of cost | 2,314 | 2,314 | |||||
Common shares issued upon public offering (note 10(a)) | 1,150,000 | 1,150,000 | |||||
Common shares issued under employee share purchase plan | 1,038 | 1,038 | |||||
Share-based compensation | 1,211 | 1,211 | |||||
Common shares issued pursuant to share-based awards | 2,591 | 2,526 | 65 | ||||
Ending Balance at Jun. 30, 2024 | $ 7,686,504 | $ 7,389,116 | $ 184,299 | $ 827 | $ (1,331,947) | $ (63,370) | $ 1,507,579 |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Operating activities | |||||
Net earnings (loss) | $ 159,041 | $ (262,321) | $ 38,736 | $ (12,711) | |
Adjustments and items not affecting cash: | |||||
Depreciation and amortization | 136,912 | 118,448 | 266,452 | 240,089 | |
Deferred taxes | 41,453 | (62,258) | 25,046 | (44,057) | |
Initial value and changes in derivative financial instruments net of amortization | (1,255) | (4,882) | (3,000) | (9,851) | |
Share-based compensation | 5,172 | 3,199 | 10,282 | 3,895 | |
Cost of equity funds used for construction purposes | (281) | (568) | (1,150) | (1,226) | |
Change in value of investments carried at fair value | (172,904) | 311,410 | (14,572) | 132,026 | |
Pension and post-employment expense in excess of (lower than) contributions | (1,553) | 2,176 | 2,429 | 119 | |
Distributions received from equity investments, net of income | 9,799 | 5,588 | 34,269 | 3,554 | |
Other (note 16(c)) | (10,736) | 38,232 | (7,556) | 36,195 | |
Net change in non-cash operating items (note 20) | 70,553 | 112,380 | 16,010 | (53,356) | |
Net cash provided by (used in) operating activities, total | 236,201 | 261,404 | 366,946 | 294,677 | |
Financing activities | |||||
Increase in long-term debt | 468,230 | 224,664 | 2,383,349 | 654,648 | |
Repayments of long-term debt | (1,250,081) | (194,403) | (2,751,033) | (398,179) | |
Net change in commercial paper | (192,699) | (1,187) | (448,720) | 91,613 | |
Issuance of common shares, net of costs | 1,151,038 | 1,405 | 1,152,316 | 3,113 | |
Cash dividends on common shares | (77,075) | (75,493) | (150,738) | (171,386) | |
Dividends on preferred shares | (2,705) | (2,080) | (5,117) | (4,172) | |
Contributions from non-controlling interests and redeemable non-controlling interests (note 3) | 0 | 98,955 | 60,545 | 98,955 | |
Production-based cash contributions from non-controlling interest | 2,313 | 0 | 6,315 | 9,082 | |
Distributions to non-controlling interests | (18,636) | (20,746) | (25,450) | (33,084) | |
Shares surrendered to fund withholding taxes on exercised share options | (1,481) | 0 | (2,451) | (568) | |
Acquisition of non-controlling interest | 0 | 0 | (10,059) | 0 | |
Increase in other long-term liabilities | 2,738 | 6,695 | 9,370 | 11,125 | |
Decrease in other long-term liabilities | (21,991) | (255) | (44,279) | (20,329) | |
Net cash provided by (used in) financing activities, total | 59,651 | 37,311 | 174,048 | 228,518 | |
Investing activities | |||||
Additions to property, plant and equipment and intangible assets | (204,336) | (245,209) | (416,882) | (414,958) | |
Increase in long-term investments | (62,288) | (41,774) | (78,181) | (89,379) | |
Divestiture of operating entity | 11,827 | 0 | 29,548 | 0 | |
Increase in other assets | (1,719) | (130) | (2,650) | (1,980) | |
Decrease in long-term investments | 0 | 11,749 | 0 | 11,749 | |
Net cash provided by (used in) investing activities, total | (256,516) | (275,364) | (468,165) | (494,568) | |
Effect of exchange rate differences on cash and restricted cash | 151 | 369 | (1,512) | 872 | |
Increase in cash, cash equivalents and restricted cash | 39,487 | 23,720 | 71,317 | 29,499 | |
Cash, cash equivalents and restricted cash, beginning of period | 107,969 | 106,964 | 76,139 | 101,185 | $ 101,185 |
Cash, cash equivalents and restricted cash, end of period | 147,456 | 130,684 | 147,456 | 130,684 | $ 76,139 |
Supplemental disclosure of cash flow information: | |||||
Cash paid during the period for interest expense | 96,783 | 75,489 | 206,412 | 178,201 | |
Cash paid (received) during the period for income taxes - net (note 15) | (52,118) | 2,097 | (49,454) | 4,138 | |
Cash received during the period for distributions from equity investments | 27,081 | 28,331 | 53,469 | 56,611 | |
Non-cash financing and investing activities: | |||||
Property, plant and equipment acquisitions in accruals | 124,001 | 145,594 | 124,001 | 145,594 | |
Issuance of common shares under dividend reinvestment plan and share-based compensation plans | 3,564 | 1,458 | 9,122 | 40,816 | |
Property, plant and equipment, intangible assets and accrued liabilities in exchange of notes receivable | 141,171 | 0 | 160,916 | 0 | |
Related Party | |||||
Financing activities | |||||
Distributions to non-controlling interests, related party | $ 0 | $ (244) | $ 0 | $ (12,300) |
Notes to the Consolidated Finan
Notes to the Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Notes to the 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, 2024 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies (a) Basis of preparation The accompanying unaudited interim condensed consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and follow disclosure required under Regulation S-X provided by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, these unaudited interim condensed consolidated financial statements do not include all information and notes required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements of AQN as of and for the year ended December 31, 2023. In the opinion of management, the unaudited interim condensed 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 condensed 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, 2023. (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 the 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, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently issued accounting pronouncements | Recently issued accounting pronouncements (a) Recently adopted accounting pronouncements There were no accounting pronouncements adopted in the current period. (b) Recently issued accounting guidance not yet adopted There were no recently issued accounting guidance not yet adopted in the current period. |
Business acquisitions and dispo
Business acquisitions and dispositions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business acquisitions and dispositions | Business acquisitions and dispositions (a) Sale of the Renewable Energy Business Subsequent to the quarter-end, on August 9, 2024, the Company entered into an agreement to sell its renewable energy business (excluding hydro) to a wholly-owned subsidiary of LS Power for total cash consideration of up to $2,500,000 (subject to certain closing adjustments), excluding debt, consisting of $2,280,000 in cash at closing and up to $220,000 in cash pursuant to an earn out agreement relating to certain wind assets (the “Earn Out”). The sale is subject to the satisfaction of customary closing conditions, including the approval of the U.S. Federal Energy Regulatory Commission and approval under applicable competition laws. The Company expects the transaction to close in the fourth quarter of 2024 or the first quarter of 2025 and to receive cash proceeds of approximately approximately $1,600,000 (excluding the Earn Out) after repaying construction financing, and net of taxes, transaction fees and other closing adjustments. The Company concluded the consolidated assets within the renewable energy business being sold will meet the accounting requirements to be presented as “Held for Sale” in the third quarter of 2024 based on the receipt of final commercial terms, Board approval to consummate a sale transaction, and the signing of the sale agreement all occurring within the third quarter. The Company anticipates recording a future estimated pretax loss of approximately $1,000,000. However, the ultimate loss recorded is dependent on, among other things, the timing and amount of future capital expenditures, including acquisition of construction projects and associated tax equity financing, which will impact the carrying value of these assets. (b) Acquisition of Shady Oaks II Wind Facility On June 26, 2024, Algonquin Power Fund (America), LLC, a wholly owned subsidiary of the Company, acquired the remaining 50% ownership in the Shady Oaks II Wind Facility for consideration of $59,624 . The transaction has been accounted for as an asset acquisition. The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition date. Shady Oaks II Working capital $ (1,189) Property, plant and equipment 260,090 Long-term debt (note 7(f)) (163,735) Asset retirement obligation (674) Derivative (23,493) Deferred tax liability (11,375) Total net assets acquired 59,624 Less: cash and cash equivalents 1,922 Net assets acquired, net of cash and cash equivalents $ 57,702 3. Business acquisitions and dispositions (continued) (c) Acquisition of New Market Solar Facility On June 26, 2024, Algonquin Power Fund (America), LLC, a wholly owned subsidiary of the Company, acquired the remaining 50% ownership in the New Market Solar Facility for consideration of $182,942. The transaction has been accounted for as an asset acquisition. Prior to acquisition, the Company repaid an outstanding related party note of $25,808, The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition date. New Market Solar Working capital $ (7,614) Property, plant and equipment 193,782 Asset retirement obligation (1,135) Deferred tax liability (2,091) Total net assets acquired 182,942 Less: cash and cash equivalents 434 Net assets acquired, net of cash and cash equivalents $ 182,508 (d) Sale of Windsor Locks Thermal Facility On March 1, 2024, the Company sold its 100% equity interest in the 74.9 MW Windsor Locks Thermal Facility for consideration of $17,721. (e) Acquisition of Sandy Ridge II Wind Facility On February 15, 2024, Algonquin Power Fund (America), LLC, a wholly owned subsidiary of the Company, acquired the remaining 50% ownership in the Sandy Ridge II Wind Facility for consideration of $44,139. The transaction has been accounted for as an asset acquisition. Subsequent to acquisition, the tax equity investors provided additional funding of $60,545, and a third-party construction loan of $162,341 was repaid. The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition date. Sandy Ridge II Working capital $ 3,526 Property, plant and equipment 206,927 Long-term debt (162,341) Asset retirement obligation (456) Deferred tax liability (3,517) Total net assets acquired 44,139 Less: cash and cash equivalents — Net assets acquired, net of cash and cash equivalents $ 44,139 (f) Acquisition of Liberty Development JV Inc. & Liberty Development Energy Solutions B.V. On January 4, 2024, the Company acquired the remaining 50% ownership in Liberty Development JV Inc. and Algonquin (AY Holdco) B.V., a wholly owned subsidiary of the Company, acquired the remaining 50% ownership in Liberty Development Energy Solutions B.V., for a combined purchase price of $7,859. The transaction has been accounted for as an asset acquisition and purchase of non-controlling interest. The consideration paid in excess of the fair value of the net assets acquired of $8,696 was recorded in equity. As a result of the transaction, $306,500 that was previously recorded as redeemable non-controlling interest held by related party was reclassified to long-term debt ,and subsequently paid in full. Refer to note 7 (b) for further details. |
Accounts receivable
Accounts receivable | 6 Months Ended |
Jun. 30, 2024 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts receivable | Accounts receivable |
Regulatory matters
Regulatory matters | 6 Months Ended |
Jun. 30, 2024 | |
Regulated Operations [Abstract] | |
Regulatory matters | Regulatory matters The operating companies within the Regulated Services Group are subject to regulation by the respective regulators of the 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, 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 Regulated Operations (“ASC 980”) . 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 condensed 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, Province or Country Regulatory Proceeding Type Details BELCO Bermuda General Rate Case ("GRC") On September 30, 2021, filed its revenue allowance application in which it requested a $34,800 increase for 2022 and a $6,100 increase for 2023. On March 18, 2022, the Regulatory Authority ("RA") approved an annual increase of $22,800, for a revenue allowance of $224,100 for 2022 and $226,200 for 2023. The RA authorized a 7.16% rate of return, comprised of a 62% equity and an 8.92% return on equity ("ROE"). In April 2022, BELCO filed an appeal in the Supreme Court of Bermuda challenging the decisions made by the RA through the recent Retail Tariff Review. On February 23, 2024, the Bermuda Supreme Court issued an order denying the BELCO appeal. BELCO Bermuda GRC On October 17, 2023, filed its revenue allowance application in which it requested a $59,100 increase for 2024 and 2025 based on a weighted average cost of capital of 10.13%. On May 30, 2024, the RA issued a final order authorizing a revenue increase of $33,600 in 2024 and 2025 based on a weighted average cost of capital of 7.79%. New base rates became effective August 1, 2024. Empire Electric Arkansas GRC On February 14, 2023, filed an application seeking an increase in revenues of $7,300 based on an ROE of 10.25% and an equity ratio of 56% to be phased in over three years. On December 7, 2023, the Arkansas Public Service Commission issued an order approving the settlement agreement authorizing a revenue increase of $5,300. New rates became effective January 1, 2024. 5. Regulatory matters (continued) Regulatory assets and liabilities consist of the following: June 30, December 31, 2024 2023 Regulatory assets Securitized costs, net (a) $ 296,918 $ — Rate adjustment mechanism 201,051 192,880 Deferred capitalized costs 147,536 124,517 Fuel and commodity cost adjustments 101,805 326,418 Income taxes 99,847 101,939 Wildfire mitigation and vegetation management (b) 130,564 64,146 Pension and post-employment benefits 62,736 68,822 Environmental remediation 60,365 66,779 Clean energy and other customer programs 31,676 37,214 Debt premium 15,880 18,995 Retired generating plant 14,509 183,732 Asset retirement obligation 13,916 26,620 Cost of removal 11,084 11,084 Rate review costs 9,014 8,815 Long-term maintenance contract 3,948 4,932 Other 109,612 90,790 Total regulatory assets $ 1,310,461 $ 1,327,683 Less: current regulatory assets (185,938) (142,970) Non-current regulatory assets $ 1,124,523 $ 1,184,713 Regulatory liabilities Income taxes $ 273,064 $ 290,121 Cost of removal 188,840 185,786 Pension and post-employment benefits 111,556 104,636 Fuel and commodity cost adjustments 42,491 42,850 Clean energy and other customer programs 9,746 12,730 Rate adjustment mechanism 1,119 2,078 Other 24,348 96,095 Total regulatory liabilities $ 651,164 $ 734,296 Less: current regulatory liabilities (88,449) (99,850) Non-current regulatory liabilities $ 562,715 $ 634,446 As recovery of regulatory assets is subject to regulatory approval, if there were any changes in regulatory positions that indicate recovery is not probable, the related cost would be charged to earnings in the period of such determination. The Company generally does not earn a return on the regulatory balances except for carrying charges on fuel and commodity cost adjustments, rate adjustment mechanism, clean energy and other customer programs, and rate review costs of some jurisdictions. During the three and six months ended June 30, 2024, the Company recogniz ed $6,030 and $12,729, respectively ( 2023 - $8,850 and $17,901, respectively ) of ca rrying charges on regulatory balances on the unaudited interim condensed consolidated statements of operations under other income, which was computed using only the debt component of the allowed returned. 5. Regulatory matters (continued) (a) Securitized costs, net On January 30, 2024, The Empire District Electric Company securitized, through the issuance of bonds (see note 7(e)), $301,463 of qualified extraordinary costs associated with the February 2021 extreme winter storm conditions experienced in Texas and parts of the central U.S. (the “Midwest Extreme Weather Event”) and energy transition costs related to the retirement of the Asbury generating plant. The securitized costs will be amortized on a straight-line basis over the life of the bonds. During the three and six months ended June 30, 2024, $5,970 and $8,046, respectively were recorded as amortization expense in the unaudited interim condensed consolidated statements of operations under depreciation and amortization. The bonds will be paid through Securitized Utility Tariff Charges, which are designed to recover the full scheduled principal amount of the bonds along with any associated interest and financing costs. (b) Wildfire mitigation and vegetation management On July 12, 2019, California Assembly Bill 1054 (“AB 1054”) was enacted. Pursuant to AB 1054, an electrical corporation may petition the California Public Utilities Commission (“CPUC”) for recovery of costs and expenses arising from a covered wildfire and the CPUC may approve recovery of such costs and expenses that are just and reasonable. Liberty CalPeco tracks its wildfire expense (such as payments to satisfy wildfire claims, including any deductibles, co-insurance and other insurance expense paid, outside legal expense incurred in defense of wildfire claims, payments made for wildfire insurance and related risk-transfer mechanisms and the cost of financing these amounts) through a Wildfire Expense Memorandum Account ("WEMA").The standard for cost recovery under AB 1054 has not been interpreted or applied by the CPUC. The Company will continue to evaluate the probability of recovery based on available evidence and applicable legal determinations. In relation to the Mountain View Fire, the Company has accrued estimated losses of $172,282 for claims arising out of the Mountain View Fire, against which it has recorded expected recoveries through insurance of $116,000 and WEMA of $56,282. The Company records a receivable for recovery when it is deemed probable that recovery will occur and that the Company can reasonably estimate the amount or its range. While the Company plans to seek recovery of the estimated losses in excess of the available insurance, it is subject to approval by the CPUC pursuant to the standard in AB 1054. Refer to Note 19(a) Commitments and contingencies for details. |
Long-term investments
Long-term investments | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Long-term investments carried at fair value Atlantica (a) $ 1,074,736 $ 1,052,703 Atlantica Yield Energy Solutions Canada Inc. 51,530 61,064 Other 1,905 1,962 $ 1,128,171 $ 1,115,729 Other long-term investments Equity-method investees (b) $ 352,983 $ 456,393 Development loans receivable from equity-method investees (b) 31,444 158,110 Other 27,558 27,417 $ 411,985 $ 641,920 6. Long-term investments (continued) Income (loss) from long-term investments for the three and six months ended June 30 is as follows: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Fair value gain (loss) on investments carried at fair value Atlantica $ 169,902 $ (299,653) $ 22,034 $ (120,449) Atlantica Yield Energy Solutions Canada Inc. 2,966 (11,763) (7,596) (11,567) Other 36 6 134 (10) $ 172,904 $ (311,410) $ 14,572 $ (132,026) Dividend and interest income from investments carried at fair value Atlantica $ 21,788 $ 21,788 $ 43,577 $ 43,577 Atlantica Yield Energy Solutions Canada Inc. 4,984 4,821 8,875 10,678 Other 9 7 26 17 $ 26,781 $ 26,616 $ 52,478 $ 54,272 Other long-term investments Equity method loss (c) (9,108) (2,434) (33,375) (153) Interest and other income 2,034 682 4,483 2,322 $ (7,074) $ (1,752) $ (28,892) $ 2,169 Income (loss) from long-term investments $ 192,611 $ (286,546) $ 38,158 $ (75,585) (a) Investment in Atlantica On May 27, 2024, the Company entered into a support agreement (the “Support Agreement”) with a private limited company ("Bidco") controlled by Energy Capital Partners, and Atlantica Sustainable Infrastructure plc ("Atlantica"). Pursuant to the Support Agreement, the Company and its subsidiary Liberty (AY Holdings) B.V. (“AY Holdings”), which holds approximately 42.2% of the outstanding shares of Atlantica, agreed, subject to the terms of the Support Agreement, to cause such shares to be voted in favour of the proposed acquisition by Bidco of 100% of the ordinary shares of Atlantica for $22.00 per share in cash. (b) 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 interests in a power transmission line project under construction and other non-regulated operating entities owned by its utilities. In total, the Company has non-controlling interests in various corporations, partnerships and joint ventures with a total carrying value of $352,983 (December 31, 2023 - $456,393), including investments in variable interest entities ("VIEs") of $90,471 (December 31, 2023 - $179,728). During the six months ended June 30, 2024, the Company made capital contributions of $9,074 to the Texas Coastal Wind Facilities (Stella, Cranell, East Raymond and West Raymond) and $2,216 to projects under construction. 6. Long-term investments (continued) (b) Equity-method investees and development loans receivable from equity investees (continued) Summarized combined information for AQN's investments in partnerships and joint ventures is as follows: June 30, December 31, 2024 2023 Total assets $ 2,590,705 $ 3,235,474 Total liabilities 1,395,474 1,962,115 Net assets $ 1,195,231 $ 1,273,359 AQN's ownership interest in the entities 310,885 388,993 Difference between investment carrying amount and underlying equity in net assets (a) 42,098 67,400 AQN's investment carrying amount for the entities $ 352,983 $ 456,393 (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 2024 2023 Revenue $ 67,675 $ 49,467 Net gain (loss) (38,136) 1,836 Other comprehensive income (loss) (a) 27,731 (2,807) Net loss attributable to AQN $ (33,375) $ (153) Other comprehensive income (loss) attributable to AQN (a) $ 12,182 $ (2,076) (a) Other comprehensive income (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. 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. A s of June 30, 2024, the 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 as of June 30, 2024 amounts to $7,681 (December 31, 2023 - $12,666). 6. Long-term investments (continued) (b) Equity-method investees and development loans receivable from equity investees (continued) Summarized combined information for AQN's VIEs is as follows: June 30, December 31, 2024 2023 AQN's maximum exposure in regards to VIEs Carrying amount $ 90,471 $ 179,728 Development loans receivable 31,444 158,110 Indirect guarantees of debt on behalf of VIEs 405,119 740,866 Other indirect guarantees and commitments on behalf of VIEs 141,860 303,641 $ 668,894 $ 1,382,345 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, 2024, the Company had issued $132,022 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. (c) Equity-method gain (loss) For the three and six months ended June 30, 2024, the Company recorded an unrealized loss of $24,212 and $34,246, respectively, within Income (loss) from long-term investments for certain energy derivatives held by Texas Coastal Wind Facilities (2023 - $nil). Additionally, for the three and six months ended June 30, 2024, the Company recognized a loss due to a prior period adjustment of $nil and $8,481, respectively, related to a Hypothetical Liquidation at Book Value ("HLBV") calculation by its equity-method investment, within Income (loss) from long-term investments. |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Senior unsecured revolving credit facilities (a) — 2024-2028 N/A $ 668,876 $ 1,624,186 Senior unsecured bank credit facilities and delayed draw term facility (b) — 2024-2031 N/A 789,216 786,962 Commercial paper — 2025 N/A 33,000 481,720 U.S. dollar borrowings Senior unsecured notes (Green Equity Units) (c) 5.37 % 2026 $ 1,140,787 1,135,137 1,144,897 Senior unsecured notes (d) 4.25 % 2027-2047 $ 2,195,000 2,181,669 1,406,278 Senior unsecured utility notes 6.30 % 2025-2035 $ 137,000 146,623 147,589 Senior secured utility bonds (e) 4.82 % 2026-2044 $ 861,681 850,773 551,166 Construction loan (f) 6.57 % 2024 $ 163,735 163,735 — Canadian dollar borrowings Senior unsecured notes 3.68 % 2027-2050 C$ 1,200,000 873,025 904,604 Senior secured project notes 10.21 % 2027 C$ 15,097 11,030 12,738 Chilean Unidad de Fomento borrowings Senior unsecured utility bonds 3.82 % 2028-2040 CLF 1,463 64,026 70,967 $ 6,917,110 $ 7,131,107 Subordinated borrowings Subordinated unsecured notes 5.25 % 2082 C$ 400,000 $ 288,459 $ 298,382 Subordinated unsecured notes 5.21 % 2079-2082 $ 1,100,000 1,087,080 1,086,541 $ 1,375,539 $ 1,384,923 $ 8,292,649 $ 8,516,030 Less: current portion (158,278) (621,856) $ 8,134,371 $ 7,894,174 Short-term obl igations of $864,197 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, 2024 2023 Revolving and term credit facilities $ 4,589,200 $ 4,562,000 Funds drawn on facilities/commercial paper issued (1,491,100) (2,892,900) Letters of credit issued (461,900) (469,100) Liquidity available under the facilities 2,636,200 1,200,000 Undrawn portion of uncommitted letter of credit facilities (254,600) (254,100) Cash on hand 131,633 56,142 Total liquidity and capital reserves $ 2,513,233 $ 1,002,042 Recent financing activities: (a) Senior unsecured revolving credit facilities O n January 29, 2024, the Regulated Services Group amended its senior unsecured revolving credit facility , increasing the limit by $25,000 to $100,000. As at June 30, 2024, the Senior unsecured revolving credit facility of Bermuda Electric Light Company Limited (the "Bermuda Working Capital Facility") had $25,000 drawn. O n June 14, 2024, the Company extended the maturity of the Bermuda Working Capital Facility from June 24, 2024 to August 24, 2024. (b) Senior unsecured bank credit facilities and delayed draw term facility On January 8, 2024, the maturity date of the fully drawn $306,500 secured credit facility of Liberty Development Energy Solutions B.V. (the "Margin Loan") w as extended to September 30, 2024. The Company reclassified the Margin Loan from redeemable non-controlling interest held by related party to long-term debt as at January 4, 2024. The Company prepaid the fully drawn $306,500 Margin Loan o n June 20, 2024. (c) Senior unsecured notes (Green Equity Units) On March 28, 2024, the Company successfully remarketed its $1,150,000 aggregate principal amount of 1.18% Senior Notes due June 15, 2026 (the "Notes"). The Notes were originally issued in June 2021, together with the related purchase contracts (the "Purchase Contracts"), as a component of the Company’s corporate units (the "Green Equity Units"). In connection with the remarketing, the interest rate on the Notes was reset to 5.365%, with the maturity date remaining June 15, 2026. The proceeds from the remarketing of the Notes were used, as an interim step prior to the settlement of the Purchase Contracts, to purchase a portfolio of treasury securities maturing on June 13, 2024. The funds generated upon maturity of the treasury portfolio were used on June 17, 2024 to settle the Purchase Contracts. (d) Senior unsecured notes On January 12, 2024, Lib erty Utilities Co. completed an offering of $500,000 aggregate principal amount of 5.577% senior notes due January 31, 2029 (the "2029 Notes") and $350,000 aggregate principal amount of 5.869% senior notes due January 31, 2034 (the "2034 Notes" and together with the 2029 Notes, the "Senior Notes"). The Senior Notes are unsecured and unsubordinated obligations of Lib erty Utilities Co. and rank equally with all of Lib erty Utilities Co.’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to any existing and future Lib erty Utilities Co.’s subordinated indebtedness. The 2029 Notes were priced at an issue price of 99.996% of their face value and the 2034 Notes were priced at an issue price of 99.995% of their face value. Liberty Utilities Co. used the net proceeds from the sale of the Senior Notes to repay indebtedness. On April 30, 2024, the Company repaid a $70,000 senior unsecured note on its maturity. 7. Long-term debt (continued) (e) Senior secured utility bonds On January 30, 2024 , Empire District Bondco, LLC, a wholly owned subsidiary of The Empire District Electric Company, completed an offering of approximately $180,500 of aggregate principal amount of 4.943% Securitized Utility Tariff Bonds with a maturity date of January 1, 2035 and $125,000 aggregate principal amount of 5.091% Securitized Utility Tariff Bonds with a maturity date of January 1, 2039, to recover previously incurred qualified extraordinary costs associated with the Midwest Extreme Weather Event and energy transition costs related to the retirement of the Asbury generating plant. (f) Construction loan Subsequent to the quarter end, on July 19, 2024, the Company repaid a $163,735 third-party construction loan assumed on acquisition of the remaining 50% ownership in the Shady Oaks II Wind Facility as described in note 3(b). As of June 30, 2024, the Company had accrued $99,851 in interest expense ( December 31, 2023 - $74,493 ). Total interest expenses recognized for the three and six months ended June 30, 2024 and 2023 co nsist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Long-term debt $ 73,169 $ 65,046 $ 139,881 $ 128,814 Commercial paper, credit facility draws and related fees 39,299 27,714 82,412 52,140 Accretion of fair value adjustments (5,094) (824) (10,956) (4,223) Capitalized interest and AFUDC capitalized on regulated property (2,269) (4,420) (5,661) (8,304) Other 682 2,147 2,635 3,154 $ 105,787 $ 89,663 $ 208,311 $ 171,581 |
Pension and other post-employme
Pension and other post-employment benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension and other post-employment benefits | Pension and other post-employment benefits The following tables list the components of net benefit costs for the pension plans and other post-employment benefits ("OPEB") in the unaudited interim condensed 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 2024 2023 2024 2023 Service cost $ 2,969 $ 3,166 $ 6,053 $ 6,093 Non-service costs Interest cost 8,061 7,906 16,494 16,299 Expected return on plan assets (8,603) (7,947) (17,300) (16,263) Amortization of net actuarial gains (321) (71) (712) (195) Amortization of prior service credits (359) (373) (719) (746) Impact of regulatory accounts 4,384 4,588 8,755 8,683 $ 3,162 $ 4,103 $ 6,518 $ 7,778 Net benefit cost $ 6,131 $ 7,269 $ 12,571 $ 13,871 OPEB Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Service cost $ 780 $ 902 $ 1,560 $ 1,891 Non-service costs Interest cost 2,674 2,891 5,327 6,329 Expected return on plan assets (2,644) (2,331) (5,288) (5,077) Amortization of net actuarial gains (867) (561) (2,466) (1,122) Amortization of prior service credits (213) (213) (426) (426) Impact of regulatory accounts 1,863 1,417 3,748 2,785 $ 813 $ 1,203 $ 895 $ 2,489 Net benefit cost $ 1,593 $ 2,105 $ 2,455 $ 4,380 |
Other long-term liabilities
Other long-term liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term liabilities | Other long-term liabilities Other long-term liabilities consist of the following: June 30, December 31, 2024 2023 Asset retirement obligations $ 120,722 $ 115,611 Advances in aid of construction 84,220 88,135 Contingent liability (note 19(a)) 172,283 66,000 Deferred credits and contingent consideration 43,859 40,945 Environmental remediation obligation 37,676 40,772 Customer deposits 35,636 36,294 Lease liabilities 20,024 20,493 Unamortized investment tax credits 17,068 17,255 Contingent development support obligations 7,681 12,666 Hook-up fees 7,510 7,425 Contract adjustment payments (a) — 39,590 Note payable to related party (note 3(c)) — 25,808 Other 31,128 35,338 $ 577,807 $ 546,332 Less: current portion (185,314) (80,458) $ 392,493 $ 465,874 (a) Contract adjustment payment In June 2021, the Company sold 23,000,000 Green Equity Units for total gross proceeds of $1,150,000. Total annual distributions on the Green Equity Units are at a rate of 7.75%, consisting of interest on the notes (1.18% per year) and contract adjustment payments under Purchase Contract (6.57% per year). The present value of the contract adjustment payments was estimated at $222,378 and recorded in other liabilities. The contract adjustment payments amount is accreted over the three-year period. These contract adjustment payments fully settled during the second quarter of 2024. |
Shareholders' capital
Shareholders' capital | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Shareholders' capital | Shareholders’ capital (a) Common shares The number of common shares outstanding is as follows: Six months ended June 30 2024 2023 Common shares, beginning of period 689,271,039 683,614,803 Settlement of Purchase Contracts 76,909,700 — Exercise of share-based awards 749,522 772,591 Dividend reinvestment plan — 4,370,289 Conversion of convertible debentures — 1,415 Common shares, end of period 766,930,261 688,759,098 10. Shareholders’ capital (continued) (a) Common shares (continued) Settlement of Purchase Contracts On June 17, 2024, in connection with the settlement of the Purchase Contracts that were components of the Company’s outstanding Green Equity Units, the holders of Green Equity Units received 3.3439 common shares for each such Purchase Contract. The holders' obligations to payments under such Purchase Contracts were satisfied with the proceeds of the treasury portfolio purchased in connection with the successful optional Note remarketing that closed on March 28, 2024. Upon settlement of all outstanding Purchase Contracts, the Company received an aggregate of $1,150,000 in exchange for the issuance of an aggregate of 76,909,700 common shares at an effective issuance price of $14.95 per share. (b) Share-based compensation For the three and six months ended June 30, 2024, AQN recorded $5,172 and $10,282 (2023 - $3,199 and $3,895 respectively) in total share-based compensation expense. The compensation expense is recorded within operating expenses in the unaudited interim condensed consolidated statements of operations. The portion of share-based compensation costs capitalized as cost of construction is insignificant. As of June 30, 2024, total unrecognized compensation costs related to non-vested share-based awards were $22,953 and are expected to be recognized over a period o f 1.4 years. Stock option plan During the six months ended June 30, 2024, there were no stock options granted to the executives of the Company. Performance and restricted share units During the six months ended June 30, 2024, a total of 2,302,209 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 January 2024 to January 2027. During the six months ended June 30, 2024, the Company settled 299,256 PSUs and RSUs in exchange for 170,943 common shares issued from treasury, and 128,313 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, 2024, there were no bonus deferral settlements made by the Company. During the six months ended June 30, 2024, 45,218 bonus deferral RSUs were granted to employees of the Company. The RSUs are 100% vested. Directors' deferred share units During the six months ended June 30, 2024, 108,752 deferred share units ("DSUs") were issued pursuant to the election by directors of the Company to defer a percentage of their directors' fee in the form of DSUs. During the six months ended June 30, 2024, the Company settled 368,303 DSUs in exchange for 181,374 common shares issued from treasury, and 186,929 DSUs were settled at their cash value as payment for tax withholding related to the settlement of the awards. (c) Preferred shares The dividend rate on the Company’s Cumulative Rate Reset Preferred Shares, Series D (the "Series D Shares") was reset on March 31, 2024 and will, unless redeemed, reset every five years thereafter at a rate equal to the then five-year Government of Canada bond plus 3.28%. Effective March 31, 2024, the dividend rate was reset to 6.853%. The Series D Shares were redeemable at C$25 per share on April 1, 2024, however the Company elected not to exercise its redemption right. The holders of Series D Shares had the right to convert their shares into Cumulative Floating Rate Preferred Shares, Series E (the "Series E Shares"), on April 1, 2024, however fewer than 1,000,000 Series D Shares were tendered for conversion. As a result, no Series E Shares were issued and holders of Series D Shares who tendered their Series D Shares for conversion were not entitled to convert their Series D Shares into Series E Shares. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ (98,467) $ (97,809) $ 36,213 $ (160,063) OCI (3,788) 57,351 8,395 61,958 Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations (1,598) 2,136 (3,702) (3,164) Net current period OCI $ (5,386) $ 59,487 $ 4,693 $ 58,794 OCI attributable to the non-controlling interests (1,017) — — (1,017) Net current period OCI attributable to shareholders of AQN (6,403) 59,487 4,693 57,777 Balance, December 31, 2023 $ (104,870) $ (38,322) $ 40,906 $ (102,286) OCI 4,690 45,698 — 50,388 Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations (274) (7,046) (5,174) (12,494) Net current period OCI $ 4,416 $ 38,652 $ (5,174) $ 37,894 OCI attributable to the non-controlling interests 1,022 — — 1,022 Net current period OCI attributable to shareholders of AQN $ 5,438 $ 38,652 $ (5,174) $ 38,916 Balance, June 30, 2024 $ (99,432) $ 330 $ 35,732 $ (63,370) 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, 2024 | |
Disclosure Cash Dividends [Abstract] | |
Dividends | Dividends All dividends of the Company are made on a discretionary basis as determined by the board of directors of the Company. 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 2024 2023 Dividend Dividend per share Dividend Dividend per share Common shares $ 83,740 $ 0.1085 $ 75,379 $ 0.1085 Series A preferred shares C$ 1,973 C$ 0.4110 C$ 1,549 C$ 0.3226 Series D preferred shares C$ 1,713 C$ 0.4283 C$ 1,273 C$ 0.3182 Six months ended June 30 2024 2023 Dividend Dividend per share Dividend Dividend per share Common shares $ 159,207 $ 0.2170 $ 150,765 $ 0.2170 Series A preferred shares C$ 3,946 C$ 0.8220 C$ 3,097 C$ 0.6453 Series D preferred shares C$ 2,986 C$ 0.7465 C$ 2,546 C$ 0.6364 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024, the Company charged its equity-method investees $16,445 and $29,067 (2023 - $12,773 and $42,074, respectively). Additionally, up to January 4, 2024, Liberty Development JV Inc., which was an equity-investee of the Company that was the Company’s joint venture with funds managed by Infrastructure and Power strategy of Ares Management, LLC for its non-regulated development platform, provided development services to the Company on specified projects, for which it earned a development fee upon reaching certain milestones. However, during the six months ended June 30, 2024 no such development fees were charged to the Company (2023 - $nil). On January 4, 2024, the Company acquired the remaining 50% ownership in Liberty Development JV Inc. See note 3(f) for details. (b) Redeemable non-controlling interest held by related party Liberty Development Energy Solutions B.V., which was an equity investee of the Company up to January 4, 2024, had a Margin Loan in the amount of $306,500 with a previous maturity date of January 26, 2024. On January 4, 2024, Algonquin (AY Holdco) B.V., a consolidated subsidiary of the Company, acquired the remaining 50% ownership in Liberty Development Energy Solutions B.V. (see note 3(f) for more details). On January 8, 2024, the maturity date of the Margin Loan was extended to September 30, 2024. The Company prepaid the Margin Loan o n June 20, 2024 (see Note 7(b)). 13. Related party transactions (continued) (b) Redeemable non-controlling interest held by related party (continued) Liberty Development Energy Solutions B.V. has a preference share ownership in AY Holdings, which AQN previously reflected as redeemable non-controlling interest held by related party. During the three and six months ended June 30, 2024, the Company incurred non-controlling interest attributable to Liberty Development Energy Solutions B.V. of $nil (2023 - $6,348 and $12,399, respectively) and recorded distributions of $nil (2023 - $6,302 and $ 12,300, respectively). (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). During the three and six months ended June 30, 2024, the Company recorded distributions of $nil (2023 - $4,921 and $10,979, respectively). (d) Transactions with Atlantica On April 9, 2024, Algonquin Power Fund (America), LLC, a wholly owned subsidiary of the Company, sold its 100% equity interest in the Cedar 1 Solar Project to Ashusa Inc., a subsidiary of Atlantica, for consideration of $11,707 consisting of costs incurred to the date of sale, as well as development services provided post-sale related to obtaining an offtake agreement. The Company recognized $3,397 within other revenue in the unaudited interim condensed consolidated statement of operations for the three and six months ended June 30, 2024. 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, 2024 | |
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 Six months ended June 30 June 30 2024 2023 2024 2023 HLBV and other adjustments attributable to: Non-controlling interests - tax equity partnership units $ 49,121 $ 25,172 $ 89,328 $ 59,743 Non-controlling interests - redeemable tax equity partnership units 331 331 662 662 Other net earnings attributable to: Non-controlling interests (7,727) (10,064) (17,106) (18,387) $ 41,725 $ 15,439 $ 72,884 $ 42,018 Redeemable non-controlling interest, held by related party — (6,349) — (12,399) Net effect of non-controlling interests $ 41,725 $ 9,090 $ 72,884 $ 29,619 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 HLBV method of accounting. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes For the three and six months ended June 30, 2024, t he income tax recovery in the unaudited interim condensed 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 Six months ended June 30 June 30 2024 2023 2024 2023 Expected income tax (recovery) expense at Canadian statutory rate $ 40,622 $ (84,596) $ 5,746 $ (11,903) Increase (decrease) resulting from: Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates (2,702) (5,560) (3,863) (16,718) Adjustments from investments carried at fair value (24,817) 40,357 (4,734) 11,092 Change in valuation allowance (10,058) 676 (13,846) (791) Non-controlling interests share of income 10,468 2,201 16,470 12,393 Tax credits (17,160) (8,095) (20,463) (20,505) Amortization and settlement of excess deferred income tax (1,794) (2,456) (3,305) (6,207) Foreign exchange difference and other 213 1,515 7,464 1,382 Income tax recovery $ (5,228) $ (55,958) $ (16,531) $ (31,257) The following table illustrates the movement in the deferred tax valuation allowance: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Beginning balance $ 95,554 $ 97,396 $ 97,344 $ 107,583 Charged to income tax expense (recovery) (10,058) 676 (13,846) (791) Charged (reduction) to OCI (5,507) (6,418) (3,509) (15,138) Ending balance $ 79,989 $ 91,654 $ 79,989 $ 91,654 The Company’s overall net deferred tax asset position related to Canadian attributes increased from $151,759 to $152,705 during the six months ended June 30, 2024. As at June 30, 2024, it is considered more likely than not that there will be sufficient taxable income in the future that will allow realization of these net deferred tax assets. The Company considered all evidence, both positive and negative, including the announcement of the sale of the renewable energy business, the availability of tax planning strategies and the carryforward period of its Canadian net operating losses in making this assessment. The Company will continue to monitor this position as at each consolidated balance sheet date. On June 20, 2024, Canada enacted significant tax legislation, including the Excessive Interest and Financing Expenses Limitation rules and legislation for the Global Minimum Tax Act. The enactment had no material impact on the financial results of the Company for the three and six months ended June 30, 2024. The Company recorded a tax benefit for renewable energy credits in the three and six months ended June 30, 2024, of $17,160 and $20,463, respectively (2023 - $8,095 and $20,505, respectively). The credits recorded during the three and six months ended June 30, 2024, include $10,372 for a solar facility placed in service in 2023 that is eligible for an energy community bonus tax credit adder. 15. Income taxes (continued) Renewable energy tax credits generated can be transferred to an unrelated purchaser for cash and are accounted for under ASC 740 – Income Taxes . For the three and six months ended June 30, 2024, the Company transferred renewable energy tax credits of $55,231 (2023 - $nil) for cash. The proceeds from the transfer are included in the cash paid (received) during the period for income taxes - net within the supplemental disclosures of cash flow information on the unaudited interim condensed consolidated statement of cash flows. |
Other net losses
Other net losses | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other net losses | Other net losses Other net losses consist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Renewable energy business sale costs (a) 5,323 5,390 11,232 5,390 Kentucky termination costs (b) — 43,808 — 46,527 Acquisition-related settlement payment — (11,983) — (11,983) Other (c) 11,738 3,152 16,430 3,895 $ 17,061 $ 40,367 $ 27,662 $ 43,829 (a) Renewable energy business sale costs On August 10, 2023, the Company announced that it is pursuing a sale of its renewable energy business. For the three and six months ended June 30, 2024, the Company incurred costs of $5,323 and $11,232, respectively (2023 - $5,390 and $5,390, respectively), related to this process. (b) Kentucky termination costs On April 17, 2023, Liberty Utilities Co. mutually agreed with American Electric Power Company, Inc. and AEP Transmission Company, LLC to terminate the purchase agreement for Kentucky Power Company and AEP Kentucky Transmission Company, Inc. The Company recognized losses of $43,808 for the three months ended June 30, 2023 and $46,527 for the six months ended June 30, 2023, for write-off costs related to capitalized costs which were primarily related to the implementation of an enterprise software solution, transaction costs, severance costs, and other termination costs. (c) Other Other losses primarily consist of remarketing fees related to the remarketing of the Notes forming a component of the Green Equity Units, post-closing adjustments related to the sale of the Windsor Locks Thermal Facility and other miscellaneous write-offs. |
Basic and diluted net earnings
Basic and diluted net earnings (loss) per share | 6 Months Ended |
Jun. 30, 2024 | |
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 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), as applicable, and the weighted average number of outstanding share options, PSUs, RSUs and DSUs outstanding during the period. 17. Basic and diluted net earnings (loss) per share (continued) 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 Six months ended June 30 June 30 2024 2023 2024 2023 Net earnings (loss) attributable to shareholders of AQN 200,766 (253,231) $ 111,620 $ 16,908 Series A preferred share dividend 1,448 1,142 2,203 2,290 Series D preferred share dividend 1,257 938 2,914 1,882 Net earnings (loss) attributable to common shareholders of AQN – basic and diluted $ 198,061 $ (255,311) $ 106,503 $ 12,736 Weighted average number of shares Basic 701,593,792 687,847,010 695,700,444 688,277,615 Effect of dilutive securities 2,360,493 — 2,039,030 2,838,682 Diluted 703,954,285 687,847,010 697,739,474 691,116,297 This calculation of diluted shares excludes the potential impact of 6,118,555 incremental shares that may become issuable pursuant to outstanding securities of the Company for the three months ended June 30, 2024, and 6,126,908 securities for the six months ended June 30, 2024 as they are anti-dilutive. This calculation of diluted shares for the six months ended June 30, 2023 excludes the potential impact of 6,350,530 securities, |
Segmented information
Segmented information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segmented information | 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, primarily owns and operates a portfolio of electric, natural gas, water distribution wastewater collection, and natural gas utility systems and transmission operations in the United States, Canada, Bermuda and Chile; the Renewable Energy Group, the Company's non-regulated operating unit, primarily owns and operates, or has investments in, a diversified portfolio of renewable and thermal energy generation assets. The Company announced that it is pursuing a sale of its renewable energy business. The anticipated sale has not met the accounting requirements to be presented as held for sale as of June 30, 2024 . For the 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. 18. Segmented information (continued) Three months ended June 30, 2024 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 491,312 $ 78,661 $ — $ 569,973 Other revenue 13,940 14,518 195 28,653 Fuel, power and water purchased 108,934 691 — 109,625 Net revenue 396,318 92,488 195 489,001 Operating expenses (3) 215,708 47,758 2,402 265,868 Depreciation and amortization 100,120 36,553 239 136,912 Loss on foreign exchange — — 4,284 4,284 Operating income 80,490 8,177 (6,730) 81,937 Interest expense (49,476) (18,624) (37,687) (105,787) Income from long-term investments and other income 7,456 17,667 173,518 198,641 Other expenses (8,537) (7,886) (4,555) (20,978) Earnings (loss) before income taxes $ 29,933 $ (666) $ 124,546 $ 153,813 Capital expenditures (4) $ 167,834 $ 36,502 $ — $ 204,336 (1) Renewable Energy Group revenue includes $6,965 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,334 related to alternative revenue programs for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $7,734 and other operating costs (previously called administrative expenses) of $6,709 for the three months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Three months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 533,642 $ 71,694 $ — $ 605,336 Other revenue 12,791 9,380 364 22,535 Fuel, power and water purchased 138,374 3,782 — 142,156 Net revenue 408,059 77,292 364 485,715 Operating expenses (3) 228,847 38,367 (40) 267,174 Depreciation and amortization 84,754 33,291 403 118,448 Gain on foreign exchange — — 6,379 6,379 Operating income 94,458 5,634 (6,378) 93,714 Interest expense (42,724) (16,420) (30,519) (89,663) Income (loss) from long-term investments and other income 9,332 22,842 (309,870) (277,696) Other expenses (41,010) (1,197) (2,427) (44,634) Earnings (loss) before income taxes $ 20,056 $ 10,859 $ (349,194) $ (318,279) Capital expenditures (4) $ 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. 3) Operating expenses for the Renewable Energy Group include development costs of $3,274 and other operating costs of $7,356 for the three months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Six months ended June 30, 2024 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,116,143 $ 163,237 $ — $ 1,279,380 Other revenue 25,689 30,052 605 56,346 Fuel, power and water purchased 306,738 4,229 — 310,967 Net revenue 835,094 189,060 605 1,024,759 Operating expenses (3) 423,239 101,353 3,061 527,653 Depreciation and amortization 192,140 73,812 500 266,452 Loss on foreign exchange — — 16,141 16,141 Operating income (loss) 219,715 13,895 (19,097) 214,513 Interest expense (98,186) (38,419) (71,706) (208,311) Income from long-term investments and other income 15,377 19,689 15,821 50,887 Other expenses (12,228) (9,198) (13,458) (34,884) Earnings (loss) before income taxes $ 124,678 $ (14,033) $ (88,440) $ 22,205 Capital expenditures (4) 351,048 65,834 — 416,882 June 30, 2024 Property, plant and equipment $ 9,051,366 $ 4,120,034 $ 27,800 $ 13,199,200 Investments carried at fair value 1,905 1,126,266 — 1,128,171 Equity-method investees 39,012 313,971 — 352,983 Total assets 12,690,910 5,809,815 365,649 18,866,374 (1) Renewable Energy Group revenue includes $16,614 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $18,301 related to alternative revenue programs for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $16,290 and other operating costs (previously called administrative expenses) of $12,738 for the six months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Six months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,208,174 $ 150,410 $ — $ 1,358,584 Other revenue 26,438 20,751 725 47,914 Fuel, power and water purchased 405,524 11,588 — 417,112 Net revenue 829,088 159,573 725 989,386 Operating expenses (3) 425,699 78,796 799 505,294 Depreciation and amortization 170,611 68,836 642 240,089 Loss on foreign exchange — — 7,815 7,815 Operating income (loss) 232,778 11,941 (8,531) 236,188 Interest expense (81,202) (31,315) (59,064) (171,581) Income (loss) from long-term investments and other income 19,660 52,584 (129,928) (57,684) Other expenses (45,259) (1,197) (4,435) (50,891) Earnings (loss) before income taxes $ 125,977 $ 32,013 $ (201,958) $ (43,968) Capital expenditures (4) 372,886 42,072 — 414,958 December 31, 2023 Property, plant and equipment $ 8,945,637 $ 3,539,069 $ 32,744 $ 12,517,450 Investments carried at fair value 1,962 1,113,767 — 1,115,729 Equity-method investees 112,180 343,712 501 456,393 Total assets 12,658,955 5,367,011 347,995 18,373,961 (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. (3) Operating expenses for the Renewable Energy Group include development costs of $7,261 and other operating costs of $11,088 for the six months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 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. 18. Segmented information (continued) 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 2024 2023 2024 2023 Revenue United States $ 467,747 $ 503,777 $ 1,069,326 $ 1,144,201 Canada 37,391 37,788 87,886 90,916 Other regions 93,488 86,306 178,514 171,381 $ 598,626 $ 627,871 $ 1,335,726 $ 1,406,498 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, 2024 | |
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 condensed consolidated financial statements. Accruals for any contingencies related to these items are recorded in the unaudited interim condensed 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 22 lawsuits that name certain subsidiaries of the Company as defendants in connection with the Mountain View Fire, as well as a non-litigation claim brought by the U.S. Department of Agriculture seeking reimbursement for alleged fire suppression costs and a notice from the U.S. Bureau of Land Management seeking damages for the alleged burning of public lands without authorization. Fifteen 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 15 lawsuits also alleges the wrongful death of an individual and various subrogation claims on behalf of insurance companies). On March 6, 2024, a trial commenced in Los Angeles County Superior Court on four bellwether cases with respect to inverse condemnation liability only; the trial has been stayed until August 12, 2024. If the Company's subsidiaries were found liable in those cases, the damages, if any, would not be determined at this trial. 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 six 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 is uncertain. Liberty CalPeco intends to vigorously defend them. The Company accrued estimated losses of $172,282 for claims related to the Mountain View Fire, against which Liberty CalPeco has recorded expected recoveries through insurance of $116,000 and the WEMA of $56,282. The resulting net charge to earnings was $nil. The estimate of losses is subject to change as additional information becomes available. The actual amount of losses may be higher or lower than these estimates. While the Company may incur a material loss in excess of the amount accrued, the Company cannot estimate the upper end of the range of reasonably possible losses that may be incurred. The Company has wildfire liability insurance that is expected to apply up to applicable policy limits. 19. Commitments and contingencies (continued) (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, 2024. 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) $ 60,458 $ 25,890 $ 12,434 $ 12,680 $ 12,894 $ 123,350 $ 247,706 Natural gas supply and service agreements (2) 97,983 71,485 51,892 45,828 40,147 198,234 505,569 Service agreements 75,445 64,981 54,811 56,233 54,407 248,746 554,623 Capital projects 4,399 — — — — — 4,399 Land easements and others 16,330 16,725 16,984 17,170 17,420 597,528 682,157 Total $ 254,615 $ 179,081 $ 136,121 $ 131,911 $ 124,868 $ 1,167,858 $ 1,994,454 (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, 2024. 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 natural 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, 2024 | |
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 Six months ended June 30 June 30 2024 2023 2024 2023 Accounts receivable $ 107,205 $ 21,450 $ 97,316 $ 35,213 Fuel and natural gas in storage (3,344) (12,837) (715) 19,657 Supplies and consumables inventory (1,128) (11,678) (8,631) (22,454) Income taxes recoverable 1,872 5,134 3,963 5,683 Prepaid expenses 21,102 13,231 18,770 6,183 Accounts payable, accrued liabilities and other (31,106) 92,826 (60,310) (110,147) Current income tax liability 3,603 (1,039) 3,603 2,563 Net regulatory assets and liabilities (27,651) 5,293 (37,986) 9,946 $ 70,553 $ 112,380 $ 16,010 $ (53,356) |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial instruments | Financial instruments (a) Fair value of financial instruments June 30, 2024 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,128,171 $ 1,128,171 $ 1,076,642 $ — $ 51,529 Development loans and other receivables 31,479 43,491 — 43,491 — Derivative instruments: Interest rate swaps designated as a hedge 95,723 95,723 — 95,723 — Congestion revenue rights not designated as hedge 10,971 10,971 — — 10,971 Cross-currency swap designated as a net investment hedge 10,064 10,064 — 10,064 — Commodity contracts for regulatory operations 75 75 — 75 — Total derivative instruments 116,833 116,833 — 105,862 10,971 Total financial assets $ 1,276,483 $ 1,288,495 $ 1,076,642 $ 149,353 $ 62,500 Long-term debt $ 8,292,649 $ 8,783,756 $ 2,223,829 $ 6,559,927 $ — Convertible debentures 229 262 262 — — Derivative instruments: Energy contracts designated as a cash flow hedge 85,630 85,630 — — 85,630 Energy contracts not designated as hedge 6,505 6,505 — — 6,505 Cross-currency swap designated as a net investment hedge 23,203 23,203 — 23,203 — Cross-currency swap designated as a cash flow hedge 13,783 13,783 — 13,783 — Commodity contracts for regulated operations 936 936 — 936 — Total derivative instruments 130,057 130,057 — 37,922 92,135 Total financial liabilities $ 8,422,935 $ 8,914,075 $ 2,224,091 $ 6,597,849 $ 92,135 21. Financial instruments (continued) (a) Fair value of financial instruments (continued) December 31, 2023 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,115,729 $ 1,115,729 $ 1,054,665 $ — $ 61,064 Development loans and other receivables 158,110 155,735 — 155,735 — Derivative instruments: Interest rate swap designated as a hedge 72,936 72,936 — 72,936 — Interest rate cap not designated as a hedge 1,854 1,854 — 1,854 — Congestion revenue 8,458 8,458 — — 8,458 Total derivative instruments 83,248 83,248 — 74,790 8,458 Total financial assets $ 1,357,087 $ 1,354,712 $ 1,054,665 $ 230,525 $ 69,522 Long-term debt $ 8,516,030 $ 7,423,318 $ 2,532,608 $ 4,890,710 $ — Notes payable to related party 25,808 15,320 — 15,320 — Convertible debentures 230 276 276 — — Derivative instruments: Energy contracts designated as a cash flow hedge 68,070 68,070 — — 68,070 Energy contracts not designated as hedge 5,593 5,593 — — 5,593 Cross-currency swap designated as a net investment hedge 10,533 10,533 — 10,533 — Currency forward contract designated as hedge 6,779 6,779 — 6,779 — Interest rate swaps designated as a hedge 11,790 11,790 — 11,790 — Cross-currency swap designated as a cash flow hedge 5,547 5,547 — 5,547 — Commodity contracts for regulated operations 2,564 2,564 — 2,564 — Total derivative instruments 110,876 110,876 — 37,213 73,663 Total financial liabilities $ 8,652,944 $ 7,549,790 $ 2,532,884 $ 4,943,243 $ 73,663 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 their fair value as of June 30, 2024 and December 31, 2023 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 Canadian over-the-counter closing price. The Company’s level 2 fair value of long-term debt at fixed interest rates 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 from $18.90 to $154.55 with a weighted average of $39.17 as of June 30, 2024. 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 measurement of CRRs are recent CRR auction prices ranging from $nil to $31.95 with a weighted average of $4.53 as of June 30, 2024. 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 from 8.10% to 8.60% with a weighted average of 8.26%, and the expected volatility of Atlantica's share price ranging from 27.47% to 33.19% as of June 30, 2024. 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 condensed 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, 2024, the commodity volume, in dekatherms, associated with the above derivative contracts was 2,262,896. 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. Therefore, the fair value of these derivatives is recorded as current or long-term assets and liabilities, with offsetting positions recorded as regulatory assets and regulatory liabilities in the unaudited interim condensed consolidated balance sheets. 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 3,245,679 September 2030 $24.54 Illinois Hub 287,686 December 2028 $29.14 PJM Western HUB 1,220,001 December 2027 $21.31 NI HUB 1,137,027 December 2027 $36.46 ERCORT North HUB The Company mitigates the risk that interest rates will increase over the life of certain term loan facilities by entering into the following interest rate swap contracts. For an interest rate swap or cross-currency interest rate swap designated as hedging the exposure to variable cash flows of a future transaction, the effective portion of this derivative's gain or loss is initially reported as a component of OCI and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Derivative Notional quantity Expiry Hedged item Forward-starting interest rate swap $ 350,000 July 2029 $350,000 subordinated unsecured notes Cross-currency interest rate swap C$ 400,000 January 2032 C$400,000 subordinated unsecured notes Forward-starting interest rate swap $ 750,000 April 2032 $750,000 subordinated unsecured notes Forward-starting interest rate swap $ 575,000 June 2026 First $575,000 of the $1,150,000 senior unsecured notes issuance 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 Six months ended June 30 June 30 2024 2023 2024 2023 Effective portion of cash flow hedge $ 29,771 $ 29,949 $ 45,698 $ 52,435 Amortization of cash flow hedge (539) (1,421) (1,078) (4,908) Amounts reclassified from AOCI (42) 7,893 (5,968) 6,759 OCI attributable to shareholders of AQN $ 29,190 $ 36,421 $ 38,652 $ 54,286 The Company expects $41,232 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 $2,401 and a gain of $10,186 for the three and six months ended June 30, 2024, respectively,(2023 - losses of $9,629 and $9,638, respectively) were recorded in OCI. On May 23, 2019, the Company entered into a cross-currency swap, coterminous with the subordinated unsecured notes issued on such date, 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 condensed consolidated statements of operations as loss 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 operation 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. Foreign currency gains of $2,195 and $4,413 for the three and six months ended June 30, 2024, respectively (2023 - losses of $7,009 and $6,942, 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 manages 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. Foreign currency gains of $12 and $502 for the three and six months ended June 30, 2024, respectively, (2023 - losses of $2,924 and $2,801, respectively) were 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. 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. Losses of $1,186 and $5,190 for the three and six months ended June 30, 2024, respectively, (2023 - gains of $3,967 and $4,348, respectively) were 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, respectively, of the swap settlement as a hedge of the foreign currency exposure of its net investment in the Renewable Energy Group’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 $75 and a loss of $6,898 for the three and six months ended June 30, 2024, respectively, (2023 - gains of $4,975 and $4,987, 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, 2024 have a notional quantity of 2,433,240 MW-hours at prices ranging from $0.84 per MW-hr to $19.03 per MW-hr with a weighted average of $4.37 per MW-hr for April 2024 to June 2026. 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 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 319,885 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 condensed consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Unrealized gain (loss) on derivative financial instruments: Energy derivative contracts $ 1,843 84 $ 1,147 $ 62 Commodity contracts — — (890) 1,128 $ 1,843 $ 84 $ 257 $ 1,190 Realized loss on derivative financial instruments: Energy derivative contracts (1,887) (1,537) (1,783) (3,830) $ (1,887) $ (1,537) $ (1,783) $ (3,830) Loss on derivative financial instruments not accounted for as hedges (44) (1,453) (1,526) (2,640) Amortization of AOCI gains frozen as a result of hedge dedesignation 17 997 999 1,994 $ (27) $ (456) $ (527) $ (646) Unaudited interim condensed consolidated statements of operations classification: Gain on derivative financial instruments $ 58 $ 1,039 $ 191 $ 3,205 Renewable energy sales (85) (1,495) (718) (3,851) $ (27) $ (456) $ (527) $ (646) (c) Supplier financing programs |
Comparative figures
Comparative figures | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Comparative figures | Comparative figures Certain of the comparative figures have been reclassified to conform to the unaudited interim condensed consolidated financial statement presentation adopted in the current period. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The accompanying unaudited interim condensed consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and follow disclosure required under Regulation S-X provided by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, these unaudited interim condensed consolidated financial statements do not include all information and notes required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements of AQN as of and for the year ended December 31, 2023. In the opinion of management, the unaudited interim condensed 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 condensed 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, 2023. |
Basis of consolidation | In the opinion of management, the unaudited interim condensed 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 translation |
Recently issued accounting pronouncements | Recently issued accounting pronouncements (a) Recently adopted accounting pronouncements There were no accounting pronouncements adopted in the current period. (b) Recently issued accounting guidance not yet adopted There were no recently issued accounting guidance not yet adopted in the current period. |
Business acquisitions and dis_2
Business acquisitions and dispositions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [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 date. Shady Oaks II Working capital $ (1,189) Property, plant and equipment 260,090 Long-term debt (note 7(f)) (163,735) Asset retirement obligation (674) Derivative (23,493) Deferred tax liability (11,375) Total net assets acquired 59,624 Less: cash and cash equivalents 1,922 Net assets acquired, net of cash and cash equivalents $ 57,702 3. Business acquisitions and dispositions (continued) The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition date. New Market Solar Working capital $ (7,614) Property, plant and equipment 193,782 Asset retirement obligation (1,135) Deferred tax liability (2,091) Total net assets acquired 182,942 Less: cash and cash equivalents 434 Net assets acquired, net of cash and cash equivalents $ 182,508 The following table summarizes the allocation of the aggregate purchase price to the assets acquired and liabilities assumed at the acquisition date. Sandy Ridge II Working capital $ 3,526 Property, plant and equipment 206,927 Long-term debt (162,341) Asset retirement obligation (456) Deferred tax liability (3,517) Total net assets acquired 44,139 Less: cash and cash equivalents — Net assets acquired, net of cash and cash equivalents $ 44,139 |
Regulatory matters (Tables)
Regulatory matters (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities consist of the following: June 30, December 31, 2024 2023 Regulatory assets Securitized costs, net (a) $ 296,918 $ — Rate adjustment mechanism 201,051 192,880 Deferred capitalized costs 147,536 124,517 Fuel and commodity cost adjustments 101,805 326,418 Income taxes 99,847 101,939 Wildfire mitigation and vegetation management (b) 130,564 64,146 Pension and post-employment benefits 62,736 68,822 Environmental remediation 60,365 66,779 Clean energy and other customer programs 31,676 37,214 Debt premium 15,880 18,995 Retired generating plant 14,509 183,732 Asset retirement obligation 13,916 26,620 Cost of removal 11,084 11,084 Rate review costs 9,014 8,815 Long-term maintenance contract 3,948 4,932 Other 109,612 90,790 Total regulatory assets $ 1,310,461 $ 1,327,683 Less: current regulatory assets (185,938) (142,970) Non-current regulatory assets $ 1,124,523 $ 1,184,713 Regulatory liabilities Income taxes $ 273,064 $ 290,121 Cost of removal 188,840 185,786 Pension and post-employment benefits 111,556 104,636 Fuel and commodity cost adjustments 42,491 42,850 Clean energy and other customer programs 9,746 12,730 Rate adjustment mechanism 1,119 2,078 Other 24,348 96,095 Total regulatory liabilities $ 651,164 $ 734,296 Less: current regulatory liabilities (88,449) (99,850) Non-current regulatory liabilities $ 562,715 $ 634,446 |
Long-term investments (Tables)
Long-term investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Long Term Investments And Notes Receivable [Abstract] | |
Schedule of Long-term Investments | Long-term investments consist of the following: June 30, December 31, 2024 2023 Long-term investments carried at fair value Atlantica (a) $ 1,074,736 $ 1,052,703 Atlantica Yield Energy Solutions Canada Inc. 51,530 61,064 Other 1,905 1,962 $ 1,128,171 $ 1,115,729 Other long-term investments Equity-method investees (b) $ 352,983 $ 456,393 Development loans receivable from equity-method investees (b) 31,444 158,110 Other 27,558 27,417 $ 411,985 $ 641,920 |
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 Six months ended June 30 June 30 2024 2023 2024 2023 Fair value gain (loss) on investments carried at fair value Atlantica $ 169,902 $ (299,653) $ 22,034 $ (120,449) Atlantica Yield Energy Solutions Canada Inc. 2,966 (11,763) (7,596) (11,567) Other 36 6 134 (10) $ 172,904 $ (311,410) $ 14,572 $ (132,026) Dividend and interest income from investments carried at fair value Atlantica $ 21,788 $ 21,788 $ 43,577 $ 43,577 Atlantica Yield Energy Solutions Canada Inc. 4,984 4,821 8,875 10,678 Other 9 7 26 17 $ 26,781 $ 26,616 $ 52,478 $ 54,272 Other long-term investments Equity method loss (c) (9,108) (2,434) (33,375) (153) Interest and other income 2,034 682 4,483 2,322 $ (7,074) $ (1,752) $ (28,892) $ 2,169 Income (loss) from long-term investments $ 192,611 $ (286,546) $ 38,158 $ (75,585) |
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, 2024 2023 Total assets $ 2,590,705 $ 3,235,474 Total liabilities 1,395,474 1,962,115 Net assets $ 1,195,231 $ 1,273,359 AQN's ownership interest in the entities 310,885 388,993 Difference between investment carrying amount and underlying equity in net assets (a) 42,098 67,400 AQN's investment carrying amount for the entities $ 352,983 $ 456,393 (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 Equity Method Investments | Summarized combined information for AQN's equity method investees (presented at 100%) is as follows: Six months ended June 30 2024 2023 Revenue $ 67,675 $ 49,467 Net gain (loss) (38,136) 1,836 Other comprehensive income (loss) (a) 27,731 (2,807) Net loss attributable to AQN $ (33,375) $ (153) Other comprehensive income (loss) attributable to AQN (a) $ 12,182 $ (2,076) (a) Other comprehensive income (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 Variable Interest Entities | Summarized combined information for AQN's VIEs is as follows: June 30, December 31, 2024 2023 AQN's maximum exposure in regards to VIEs Carrying amount $ 90,471 $ 179,728 Development loans receivable 31,444 158,110 Indirect guarantees of debt on behalf of VIEs 405,119 740,866 Other indirect guarantees and commitments on behalf of VIEs 141,860 303,641 $ 668,894 $ 1,382,345 |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Senior unsecured revolving credit facilities (a) — 2024-2028 N/A $ 668,876 $ 1,624,186 Senior unsecured bank credit facilities and delayed draw term facility (b) — 2024-2031 N/A 789,216 786,962 Commercial paper — 2025 N/A 33,000 481,720 U.S. dollar borrowings Senior unsecured notes (Green Equity Units) (c) 5.37 % 2026 $ 1,140,787 1,135,137 1,144,897 Senior unsecured notes (d) 4.25 % 2027-2047 $ 2,195,000 2,181,669 1,406,278 Senior unsecured utility notes 6.30 % 2025-2035 $ 137,000 146,623 147,589 Senior secured utility bonds (e) 4.82 % 2026-2044 $ 861,681 850,773 551,166 Construction loan (f) 6.57 % 2024 $ 163,735 163,735 — Canadian dollar borrowings Senior unsecured notes 3.68 % 2027-2050 C$ 1,200,000 873,025 904,604 Senior secured project notes 10.21 % 2027 C$ 15,097 11,030 12,738 Chilean Unidad de Fomento borrowings Senior unsecured utility bonds 3.82 % 2028-2040 CLF 1,463 64,026 70,967 $ 6,917,110 $ 7,131,107 Subordinated borrowings Subordinated unsecured notes 5.25 % 2082 C$ 400,000 $ 288,459 $ 298,382 Subordinated unsecured notes 5.21 % 2079-2082 $ 1,100,000 1,087,080 1,086,541 $ 1,375,539 $ 1,384,923 $ 8,292,649 $ 8,516,030 Less: current portion (158,278) (621,856) $ 8,134,371 $ 7,894,174 The following table sets out the bank credit facilities available to AQN and its operating groups: June 30, December 31, 2024 2023 Revolving and term credit facilities $ 4,589,200 $ 4,562,000 Funds drawn on facilities/commercial paper issued (1,491,100) (2,892,900) Letters of credit issued (461,900) (469,100) Liquidity available under the facilities 2,636,200 1,200,000 Undrawn portion of uncommitted letter of credit facilities (254,600) (254,100) Cash on hand 131,633 56,142 Total liquidity and capital reserves $ 2,513,233 $ 1,002,042 |
Schedule of Interest Expense | interest expenses recognized for the three and six months ended June 30, 2024 and 2023 co nsist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Long-term debt $ 73,169 $ 65,046 $ 139,881 $ 128,814 Commercial paper, credit facility draws and related fees 39,299 27,714 82,412 52,140 Accretion of fair value adjustments (5,094) (824) (10,956) (4,223) Capitalized interest and AFUDC capitalized on regulated property (2,269) (4,420) (5,661) (8,304) Other 682 2,147 2,635 3,154 $ 105,787 $ 89,663 $ 208,311 $ 171,581 |
Pension and other post-employ_2
Pension and other post-employment benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Benefit Costs For Pension Plans and OPEB Recorded as Part of Administrative Expenses | The following tables list the components of net benefit costs for the pension plans and other post-employment benefits ("OPEB") in the unaudited interim condensed 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 2024 2023 2024 2023 Service cost $ 2,969 $ 3,166 $ 6,053 $ 6,093 Non-service costs Interest cost 8,061 7,906 16,494 16,299 Expected return on plan assets (8,603) (7,947) (17,300) (16,263) Amortization of net actuarial gains (321) (71) (712) (195) Amortization of prior service credits (359) (373) (719) (746) Impact of regulatory accounts 4,384 4,588 8,755 8,683 $ 3,162 $ 4,103 $ 6,518 $ 7,778 Net benefit cost $ 6,131 $ 7,269 $ 12,571 $ 13,871 OPEB Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Service cost $ 780 $ 902 $ 1,560 $ 1,891 Non-service costs Interest cost 2,674 2,891 5,327 6,329 Expected return on plan assets (2,644) (2,331) (5,288) (5,077) Amortization of net actuarial gains (867) (561) (2,466) (1,122) Amortization of prior service credits (213) (213) (426) (426) Impact of regulatory accounts 1,863 1,417 3,748 2,785 $ 813 $ 1,203 $ 895 $ 2,489 Net benefit cost $ 1,593 $ 2,105 $ 2,455 $ 4,380 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long Term Liabilities | Other long-term liabilities consist of the following: June 30, December 31, 2024 2023 Asset retirement obligations $ 120,722 $ 115,611 Advances in aid of construction 84,220 88,135 Contingent liability (note 19(a)) 172,283 66,000 Deferred credits and contingent consideration 43,859 40,945 Environmental remediation obligation 37,676 40,772 Customer deposits 35,636 36,294 Lease liabilities 20,024 20,493 Unamortized investment tax credits 17,068 17,255 Contingent development support obligations 7,681 12,666 Hook-up fees 7,510 7,425 Contract adjustment payments (a) — 39,590 Note payable to related party (note 3(c)) — 25,808 Other 31,128 35,338 $ 577,807 $ 546,332 Less: current portion (185,314) (80,458) $ 392,493 $ 465,874 (a) Contract adjustment payment In June 2021, the Company sold 23,000,000 Green Equity Units for total gross proceeds of $1,150,000. Total annual distributions on the Green Equity Units are at a rate of 7.75%, consisting of interest on the notes (1.18% per year) and contract adjustment payments under Purchase Contract (6.57% per year). The present value of the contract adjustment payments was estimated at $222,378 and recorded in other liabilities. The contract adjustment payments amount is accreted over the three-year period. These contract adjustment payments fully settled during the second quarter of 2024. |
Shareholders' capital (Tables)
Shareholders' capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Number of Common Shares | The number of common shares outstanding is as follows: Six months ended June 30 2024 2023 Common shares, beginning of period 689,271,039 683,614,803 Settlement of Purchase Contracts 76,909,700 — Exercise of share-based awards 749,522 772,591 Dividend reinvestment plan — 4,370,289 Conversion of convertible debentures — 1,415 Common shares, end of period 766,930,261 688,759,098 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ (98,467) $ (97,809) $ 36,213 $ (160,063) OCI (3,788) 57,351 8,395 61,958 Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations (1,598) 2,136 (3,702) (3,164) Net current period OCI $ (5,386) $ 59,487 $ 4,693 $ 58,794 OCI attributable to the non-controlling interests (1,017) — — (1,017) Net current period OCI attributable to shareholders of AQN (6,403) 59,487 4,693 57,777 Balance, December 31, 2023 $ (104,870) $ (38,322) $ 40,906 $ (102,286) OCI 4,690 45,698 — 50,388 Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations (274) (7,046) (5,174) (12,494) Net current period OCI $ 4,416 $ 38,652 $ (5,174) $ 37,894 OCI attributable to the non-controlling interests 1,022 — — 1,022 Net current period OCI attributable to shareholders of AQN $ 5,438 $ 38,652 $ (5,174) $ 38,916 Balance, June 30, 2024 $ (99,432) $ 330 $ 35,732 $ (63,370) |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Cash Dividends [Abstract] | |
Schedule of Dividends | Dividends declared were as follows: Three months ended June 30 2024 2023 Dividend Dividend per share Dividend Dividend per share Common shares $ 83,740 $ 0.1085 $ 75,379 $ 0.1085 Series A preferred shares C$ 1,973 C$ 0.4110 C$ 1,549 C$ 0.3226 Series D preferred shares C$ 1,713 C$ 0.4283 C$ 1,273 C$ 0.3182 Six months ended June 30 2024 2023 Dividend Dividend per share Dividend Dividend per share Common shares $ 159,207 $ 0.2170 $ 150,765 $ 0.2170 Series A preferred shares C$ 3,946 C$ 0.8220 C$ 3,097 C$ 0.6453 Series D preferred shares C$ 2,986 C$ 0.7465 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, 2024 | |
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 Six months ended June 30 June 30 2024 2023 2024 2023 HLBV and other adjustments attributable to: Non-controlling interests - tax equity partnership units $ 49,121 $ 25,172 $ 89,328 $ 59,743 Non-controlling interests - redeemable tax equity partnership units 331 331 662 662 Other net earnings attributable to: Non-controlling interests (7,727) (10,064) (17,106) (18,387) $ 41,725 $ 15,439 $ 72,884 $ 42,018 Redeemable non-controlling interest, held by related party — (6,349) — (12,399) Net effect of non-controlling interests $ 41,725 $ 9,090 $ 72,884 $ 29,619 |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The differences are as follows: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Expected income tax (recovery) expense at Canadian statutory rate $ 40,622 $ (84,596) $ 5,746 $ (11,903) Increase (decrease) resulting from: Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates (2,702) (5,560) (3,863) (16,718) Adjustments from investments carried at fair value (24,817) 40,357 (4,734) 11,092 Change in valuation allowance (10,058) 676 (13,846) (791) Non-controlling interests share of income 10,468 2,201 16,470 12,393 Tax credits (17,160) (8,095) (20,463) (20,505) Amortization and settlement of excess deferred income tax (1,794) (2,456) (3,305) (6,207) Foreign exchange difference and other 213 1,515 7,464 1,382 Income tax recovery $ (5,228) $ (55,958) $ (16,531) $ (31,257) |
Schedule of Valuation Allowance | The following table illustrates the movement in the deferred tax valuation allowance: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Beginning balance $ 95,554 $ 97,396 $ 97,344 $ 107,583 Charged to income tax expense (recovery) (10,058) 676 (13,846) (791) Charged (reduction) to OCI (5,507) (6,418) (3,509) (15,138) Ending balance $ 79,989 $ 91,654 $ 79,989 $ 91,654 |
Other net losses (Tables)
Other net losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Net Losses (Gains) | Other net losses consist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Renewable energy business sale costs (a) 5,323 5,390 11,232 5,390 Kentucky termination costs (b) — 43,808 — 46,527 Acquisition-related settlement payment — (11,983) — (11,983) Other (c) 11,738 3,152 16,430 3,895 $ 17,061 $ 40,367 $ 27,662 $ 43,829 (a) Renewable energy business sale costs On August 10, 2023, the Company announced that it is pursuing a sale of its renewable energy business. For the three and six months ended June 30, 2024, the Company incurred costs of $5,323 and $11,232, respectively (2023 - $5,390 and $5,390, respectively), related to this process. (b) Kentucky termination costs On April 17, 2023, Liberty Utilities Co. mutually agreed with American Electric Power Company, Inc. and AEP Transmission Company, LLC to terminate the purchase agreement for Kentucky Power Company and AEP Kentucky Transmission Company, Inc. The Company recognized losses of $43,808 for the three months ended June 30, 2023 and $46,527 for the six months ended June 30, 2023, for write-off costs related to capitalized costs which were primarily related to the implementation of an enterprise software solution, transaction costs, severance costs, and other termination costs. (c) Other Other losses primarily consist of remarketing fees related to the remarketing of the Notes forming a component of the Green Equity Units, post-closing adjustments related to the sale of the Windsor Locks Thermal Facility and other miscellaneous write-offs. |
Basic and diluted net earning_2
Basic and diluted net earnings (loss) per share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (Loss) 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 Six months ended June 30 June 30 2024 2023 2024 2023 Net earnings (loss) attributable to shareholders of AQN 200,766 (253,231) $ 111,620 $ 16,908 Series A preferred share dividend 1,448 1,142 2,203 2,290 Series D preferred share dividend 1,257 938 2,914 1,882 Net earnings (loss) attributable to common shareholders of AQN – basic and diluted $ 198,061 $ (255,311) $ 106,503 $ 12,736 Weighted average number of shares Basic 701,593,792 687,847,010 695,700,444 688,277,615 Effect of dilutive securities 2,360,493 — 2,039,030 2,838,682 Diluted 703,954,285 687,847,010 697,739,474 691,116,297 |
Segmented information (Tables)
Segmented information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Results of Operations and Assets for Segments | Three months ended June 30, 2024 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 491,312 $ 78,661 $ — $ 569,973 Other revenue 13,940 14,518 195 28,653 Fuel, power and water purchased 108,934 691 — 109,625 Net revenue 396,318 92,488 195 489,001 Operating expenses (3) 215,708 47,758 2,402 265,868 Depreciation and amortization 100,120 36,553 239 136,912 Loss on foreign exchange — — 4,284 4,284 Operating income 80,490 8,177 (6,730) 81,937 Interest expense (49,476) (18,624) (37,687) (105,787) Income from long-term investments and other income 7,456 17,667 173,518 198,641 Other expenses (8,537) (7,886) (4,555) (20,978) Earnings (loss) before income taxes $ 29,933 $ (666) $ 124,546 $ 153,813 Capital expenditures (4) $ 167,834 $ 36,502 $ — $ 204,336 (1) Renewable Energy Group revenue includes $6,965 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,334 related to alternative revenue programs for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $7,734 and other operating costs (previously called administrative expenses) of $6,709 for the three months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Three months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 533,642 $ 71,694 $ — $ 605,336 Other revenue 12,791 9,380 364 22,535 Fuel, power and water purchased 138,374 3,782 — 142,156 Net revenue 408,059 77,292 364 485,715 Operating expenses (3) 228,847 38,367 (40) 267,174 Depreciation and amortization 84,754 33,291 403 118,448 Gain on foreign exchange — — 6,379 6,379 Operating income 94,458 5,634 (6,378) 93,714 Interest expense (42,724) (16,420) (30,519) (89,663) Income (loss) from long-term investments and other income 9,332 22,842 (309,870) (277,696) Other expenses (41,010) (1,197) (2,427) (44,634) Earnings (loss) before income taxes $ 20,056 $ 10,859 $ (349,194) $ (318,279) Capital expenditures (4) $ 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. 3) Operating expenses for the Renewable Energy Group include development costs of $3,274 and other operating costs of $7,356 for the three months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Six months ended June 30, 2024 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,116,143 $ 163,237 $ — $ 1,279,380 Other revenue 25,689 30,052 605 56,346 Fuel, power and water purchased 306,738 4,229 — 310,967 Net revenue 835,094 189,060 605 1,024,759 Operating expenses (3) 423,239 101,353 3,061 527,653 Depreciation and amortization 192,140 73,812 500 266,452 Loss on foreign exchange — — 16,141 16,141 Operating income (loss) 219,715 13,895 (19,097) 214,513 Interest expense (98,186) (38,419) (71,706) (208,311) Income from long-term investments and other income 15,377 19,689 15,821 50,887 Other expenses (12,228) (9,198) (13,458) (34,884) Earnings (loss) before income taxes $ 124,678 $ (14,033) $ (88,440) $ 22,205 Capital expenditures (4) 351,048 65,834 — 416,882 June 30, 2024 Property, plant and equipment $ 9,051,366 $ 4,120,034 $ 27,800 $ 13,199,200 Investments carried at fair value 1,905 1,126,266 — 1,128,171 Equity-method investees 39,012 313,971 — 352,983 Total assets 12,690,910 5,809,815 365,649 18,866,374 (1) Renewable Energy Group revenue includes $16,614 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $18,301 related to alternative revenue programs for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $16,290 and other operating costs (previously called administrative expenses) of $12,738 for the six months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18. Segmented information (continued) Six months ended June 30, 2023 Regulated Services Group Renewable Energy Group Corporate Total Revenue (1)(2) $ 1,208,174 $ 150,410 $ — $ 1,358,584 Other revenue 26,438 20,751 725 47,914 Fuel, power and water purchased 405,524 11,588 — 417,112 Net revenue 829,088 159,573 725 989,386 Operating expenses (3) 425,699 78,796 799 505,294 Depreciation and amortization 170,611 68,836 642 240,089 Loss on foreign exchange — — 7,815 7,815 Operating income (loss) 232,778 11,941 (8,531) 236,188 Interest expense (81,202) (31,315) (59,064) (171,581) Income (loss) from long-term investments and other income 19,660 52,584 (129,928) (57,684) Other expenses (45,259) (1,197) (4,435) (50,891) Earnings (loss) before income taxes $ 125,977 $ 32,013 $ (201,958) $ (43,968) Capital expenditures (4) 372,886 42,072 — 414,958 December 31, 2023 Property, plant and equipment $ 8,945,637 $ 3,539,069 $ 32,744 $ 12,517,450 Investments carried at fair value 1,962 1,113,767 — 1,115,729 Equity-method investees 112,180 343,712 501 456,393 Total assets 12,658,955 5,367,011 347,995 18,373,961 (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. (3) Operating expenses for the Renewable Energy Group include development costs of $7,261 and other operating costs of $11,088 for the six months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 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 2024 2023 2024 2023 Revenue United States $ 467,747 $ 503,777 $ 1,069,326 $ 1,144,201 Canada 37,391 37,788 87,886 90,916 Other regions 93,488 86,306 178,514 171,381 $ 598,626 $ 627,871 $ 1,335,726 $ 1,406,498 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) $ 60,458 $ 25,890 $ 12,434 $ 12,680 $ 12,894 $ 123,350 $ 247,706 Natural gas supply and service agreements (2) 97,983 71,485 51,892 45,828 40,147 198,234 505,569 Service agreements 75,445 64,981 54,811 56,233 54,407 248,746 554,623 Capital projects 4,399 — — — — — 4,399 Land easements and others 16,330 16,725 16,984 17,170 17,420 597,528 682,157 Total $ 254,615 $ 179,081 $ 136,121 $ 131,911 $ 124,868 $ 1,167,858 $ 1,994,454 (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, 2024. 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 natural 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, 2024 | |
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 Six months ended June 30 June 30 2024 2023 2024 2023 Accounts receivable $ 107,205 $ 21,450 $ 97,316 $ 35,213 Fuel and natural gas in storage (3,344) (12,837) (715) 19,657 Supplies and consumables inventory (1,128) (11,678) (8,631) (22,454) Income taxes recoverable 1,872 5,134 3,963 5,683 Prepaid expenses 21,102 13,231 18,770 6,183 Accounts payable, accrued liabilities and other (31,106) 92,826 (60,310) (110,147) Current income tax liability 3,603 (1,039) 3,603 2,563 Net regulatory assets and liabilities (27,651) 5,293 (37,986) 9,946 $ 70,553 $ 112,380 $ 16,010 $ (53,356) |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | Fair value of financial instruments June 30, 2024 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,128,171 $ 1,128,171 $ 1,076,642 $ — $ 51,529 Development loans and other receivables 31,479 43,491 — 43,491 — Derivative instruments: Interest rate swaps designated as a hedge 95,723 95,723 — 95,723 — Congestion revenue rights not designated as hedge 10,971 10,971 — — 10,971 Cross-currency swap designated as a net investment hedge 10,064 10,064 — 10,064 — Commodity contracts for regulatory operations 75 75 — 75 — Total derivative instruments 116,833 116,833 — 105,862 10,971 Total financial assets $ 1,276,483 $ 1,288,495 $ 1,076,642 $ 149,353 $ 62,500 Long-term debt $ 8,292,649 $ 8,783,756 $ 2,223,829 $ 6,559,927 $ — Convertible debentures 229 262 262 — — Derivative instruments: Energy contracts designated as a cash flow hedge 85,630 85,630 — — 85,630 Energy contracts not designated as hedge 6,505 6,505 — — 6,505 Cross-currency swap designated as a net investment hedge 23,203 23,203 — 23,203 — Cross-currency swap designated as a cash flow hedge 13,783 13,783 — 13,783 — Commodity contracts for regulated operations 936 936 — 936 — Total derivative instruments 130,057 130,057 — 37,922 92,135 Total financial liabilities $ 8,422,935 $ 8,914,075 $ 2,224,091 $ 6,597,849 $ 92,135 21. Financial instruments (continued) (a) Fair value of financial instruments (continued) December 31, 2023 Carrying Fair Level 1 Level 2 Level 3 Long-term investments carried at fair value $ 1,115,729 $ 1,115,729 $ 1,054,665 $ — $ 61,064 Development loans and other receivables 158,110 155,735 — 155,735 — Derivative instruments: Interest rate swap designated as a hedge 72,936 72,936 — 72,936 — Interest rate cap not designated as a hedge 1,854 1,854 — 1,854 — Congestion revenue 8,458 8,458 — — 8,458 Total derivative instruments 83,248 83,248 — 74,790 8,458 Total financial assets $ 1,357,087 $ 1,354,712 $ 1,054,665 $ 230,525 $ 69,522 Long-term debt $ 8,516,030 $ 7,423,318 $ 2,532,608 $ 4,890,710 $ — Notes payable to related party 25,808 15,320 — 15,320 — Convertible debentures 230 276 276 — — Derivative instruments: Energy contracts designated as a cash flow hedge 68,070 68,070 — — 68,070 Energy contracts not designated as hedge 5,593 5,593 — — 5,593 Cross-currency swap designated as a net investment hedge 10,533 10,533 — 10,533 — Currency forward contract designated as hedge 6,779 6,779 — 6,779 — Interest rate swaps designated as a hedge 11,790 11,790 — 11,790 — Cross-currency swap designated as a cash flow hedge 5,547 5,547 — 5,547 — Commodity contracts for regulated operations 2,564 2,564 — 2,564 — Total derivative instruments 110,876 110,876 — 37,213 73,663 Total financial liabilities $ 8,652,944 $ 7,549,790 $ 2,532,884 $ 4,943,243 $ 73,663 |
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 3,245,679 September 2030 $24.54 Illinois Hub 287,686 December 2028 $29.14 PJM Western HUB 1,220,001 December 2027 $21.31 NI HUB 1,137,027 December 2027 $36.46 ERCORT North HUB |
Schedule of Derivative Instruments Designated as Amortized into Hedged Activity Disclosure | Derivative Notional quantity Expiry Hedged item Forward-starting interest rate swap $ 350,000 July 2029 $350,000 subordinated unsecured notes Cross-currency interest rate swap C$ 400,000 January 2032 C$400,000 subordinated unsecured notes Forward-starting interest rate swap $ 750,000 April 2032 $750,000 subordinated unsecured notes Forward-starting interest rate swap $ 575,000 June 2026 First $575,000 of the $1,150,000 senior unsecured notes issuance |
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 Six months ended June 30 June 30 2024 2023 2024 2023 Effective portion of cash flow hedge $ 29,771 $ 29,949 $ 45,698 $ 52,435 Amortization of cash flow hedge (539) (1,421) (1,078) (4,908) Amounts reclassified from AOCI (42) 7,893 (5,968) 6,759 OCI attributable to shareholders of AQN $ 29,190 $ 36,421 $ 38,652 $ 54,286 |
Schedule of Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges | The effects on the unaudited interim condensed consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following: Three months ended Six months ended June 30 June 30 2024 2023 2024 2023 Unrealized gain (loss) on derivative financial instruments: Energy derivative contracts $ 1,843 84 $ 1,147 $ 62 Commodity contracts — — (890) 1,128 $ 1,843 $ 84 $ 257 $ 1,190 Realized loss on derivative financial instruments: Energy derivative contracts (1,887) (1,537) (1,783) (3,830) $ (1,887) $ (1,537) $ (1,783) $ (3,830) Loss on derivative financial instruments not accounted for as hedges (44) (1,453) (1,526) (2,640) Amortization of AOCI gains frozen as a result of hedge dedesignation 17 997 999 1,994 $ (27) $ (456) $ (527) $ (646) Unaudited interim condensed consolidated statements of operations classification: Gain on derivative financial instruments $ 58 $ 1,039 $ 191 $ 3,205 Renewable energy sales (85) (1,495) (718) (3,851) $ (27) $ (456) $ (527) $ (646) |
Notes to the Consolidated Fin_2
Notes to the Consolidated Financial Statements (Details) | 6 Months Ended |
Jun. 30, 2024 business_unit | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business units | 2 |
Business acquisitions and dis_3
Business acquisitions and dispositions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jul. 19, 2024 | Jun. 26, 2024 | Feb. 15, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2025 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 08, 2024 | Mar. 01, 2024 | Jan. 04, 2024 | |
Business Acquisition [Line Items] | |||||||||||
Repayment of third-party construction loan | $ 1,250,081 | $ 194,403 | $ 2,751,033 | $ 398,179 | |||||||
Discontinued Operations, Held-for-Sale | Renewable Energy Business | Forecast | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Expected proceeds from sale of renewable energy business, net | $ 1,600,000 | ||||||||||
Future estimated pretax loss | $ 1,000,000 | ||||||||||
Discontinued Operations, Held-for-Sale | Renewable Energy Business | Subsequent Event | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Sale of renewable assets | $ 2,500,000 | ||||||||||
Cash | 2,280,000 | ||||||||||
Earn out agreement | $ 220,000 | ||||||||||
Discontinued Operations, Disposed of by Sale | Windsor Locks Thermal Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Sale of renewable assets | $ 17,721 | ||||||||||
Equity interest in investment sold (percent) | 100% | ||||||||||
Shady Oaks II Wind Facility | Subsequent Event | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Repayment of third-party construction loan | $ 163,735 | ||||||||||
Liberty Development JV, Inc. & Algonquin (AY Holdco) B.V. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Liberty Development Energy Solutions B.V. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Consideration paid | $ 7,859 | ||||||||||
Consideration paid in excess of fair value | 8,696 | ||||||||||
Redeemable non-controlling interest reclassified to long-term debt | 306,500 | ||||||||||
Algonquin Power Fund (America) Inc | Shady Oaks II Wind Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Consideration paid | $ 59,624 | ||||||||||
Algonquin Power Fund (America) Inc | New Market Solar Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Consideration paid | $ 182,942 | ||||||||||
Repayment of outstanding related party note | $ 25,808 | ||||||||||
Algonquin Power Fund (America) Inc | Sandy Ridge II Wind Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interest acquired (percent) | 50% | ||||||||||
Consideration paid | 44,139 | ||||||||||
Tax equity funding | 60,545 | ||||||||||
Repayment of third-party construction loan | $ 162,341 |
Business acquisitions, developm
Business acquisitions, development projects and disposition transactions - Schedule of Preliminary Allocation Of The Acquisition Prices Of Assets Acquired and Liabilities Assumed (Details) - Algonquin Power Fund (America) Inc - USD ($) $ in Thousands | Jun. 26, 2024 | Feb. 15, 2024 |
Shady Oaks II Wind Facility | ||
Business Acquisition [Line Items] | ||
Working capital | $ (1,189) | |
Property, plant and equipment | 260,090 | |
Long-term debt | (163,735) | |
Asset retirement obligation | (674) | |
Derivative | (23,493) | |
Deferred tax liability | (11,375) | |
Total net assets acquired | 59,624 | |
Less: cash and cash equivalents | 1,922 | |
Net assets acquired, net of cash and cash equivalents | 57,702 | |
New Market Solar Facility | ||
Business Acquisition [Line Items] | ||
Working capital | (7,614) | |
Property, plant and equipment | 193,782 | |
Asset retirement obligation | (1,135) | |
Deferred tax liability | (2,091) | |
Total net assets acquired | 182,942 | |
Less: cash and cash equivalents | 434 | |
Net assets acquired, net of cash and cash equivalents | $ 182,508 | |
Sandy Ridge II Wind Facility | ||
Business Acquisition [Line Items] | ||
Working capital | $ 3,526 | |
Property, plant and equipment | 206,927 | |
Long-term debt | (162,341) | |
Asset retirement obligation | (456) | |
Deferred tax liability | (3,517) | |
Total net assets acquired | 44,139 | |
Less: cash and cash equivalents | 0 | |
Net assets acquired, net of cash and cash equivalents | $ 44,139 |
Accounts receivable (Details)
Accounts receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 34,077 | $ 30,244 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable balances | $ 83,381 | $ 107,001 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Proceedings (Details) - USD ($) $ in Thousands | May 30, 2024 | Oct. 17, 2023 | Jul. 12, 2023 | Feb. 14, 2023 | Mar. 18, 2022 | Sep. 30, 2021 |
General Rate Case ("GRC") | BELCO | ||||||
Regulatory Liabilities [Line Items] | ||||||
Approved revenue increase | $ 22,800 | |||||
Rate of return (percent) | 7.16% | |||||
Equity interest (percent) | 62% | |||||
Return on equity (percent) | 8.92% | |||||
General Rate Case ("GRC") | BELCO | Revenue Allowance Application, 2022 | ||||||
Regulatory Liabilities [Line Items] | ||||||
Requested increase | $ 34,800 | |||||
Revenue allowance | $ 224,100 | |||||
General Rate Case ("GRC") | BELCO | Revenue Allowance Application, 2023 | ||||||
Regulatory Liabilities [Line Items] | ||||||
Requested increase | $ 6,100 | |||||
Revenue allowance | $ 226,200 | |||||
GRC | BELCO | ||||||
Regulatory Liabilities [Line Items] | ||||||
Requested increase | $ 59,100 | |||||
Requested weighted average cost of capital (percent) | 10.13% | |||||
GRC | BELCO | Revenue Allowance Application, 2024 | ||||||
Regulatory Liabilities [Line Items] | ||||||
Approved revenue increase | $ 33,600 | |||||
GRC | BELCO | Revenue Allowance Application, 2025 | ||||||
Regulatory Liabilities [Line Items] | ||||||
Approved weighted average cost of capital (percent) | 7.79% | |||||
Empire Electric | ||||||
Regulatory Liabilities [Line Items] | ||||||
Approved revenue increase | $ 5,300 | |||||
Equity interest (percent) | 56% | |||||
Return on equity (percent) | 10.25% | |||||
Securitization of qualified extraordinary costs affirmed | $ 7,300 |
Regulatory matters - Regulato_2
Regulatory matters - Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | $ 1,310,461 | $ 1,327,683 |
Less: current regulatory assets | (185,938) | (142,970) |
Non-current regulatory assets | 1,124,523 | 1,184,713 |
Total regulatory liabilities | 651,164 | 734,296 |
Less: current regulatory liabilities | (88,449) | (99,850) |
Non-current regulatory liabilities | 562,715 | 634,446 |
Income taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 273,064 | 290,121 |
Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 188,840 | 185,786 |
Pension and post-employment benefits | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 111,556 | 104,636 |
Fuel and commodity cost adjustments | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 42,491 | 42,850 |
Clean energy and other customer programs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 9,746 | 12,730 |
Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 1,119 | 2,078 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 24,348 | 96,095 |
Securitized costs, net | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 296,918 | 0 |
Rate adjustment mechanism | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 201,051 | 192,880 |
Deferred capitalized costs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 147,536 | 124,517 |
Fuel and commodity cost adjustments | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 101,805 | 326,418 |
Income taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 99,847 | 101,939 |
Wildfire mitigation and vegetation management | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 130,564 | 64,146 |
Pension and post-employment benefits | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 62,736 | 68,822 |
Environmental remediation | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 60,365 | 66,779 |
Clean energy and other customer programs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 31,676 | 37,214 |
Debt premium | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 15,880 | 18,995 |
Retired generating plant | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 14,509 | 183,732 |
Asset retirement obligation | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 13,916 | 26,620 |
Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 11,084 | 11,084 |
Rate review costs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 9,014 | 8,815 |
Long-term maintenance contract | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | 3,948 | 4,932 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory assets | $ 109,612 | $ 90,790 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jan. 30, 2024 | |
Regulatory Liabilities [Line Items] | |||||
Other income (note 5) | $ 6,030 | $ 8,850 | $ 12,729 | $ 17,901 | |
Mountain View Fire | |||||
Regulatory Liabilities [Line Items] | |||||
Accrued estimated losses | 172,282 | 172,282 | |||
Expenses of wildlife memerandum account | 56,282 | ||||
Empire Electric | Midwest Extreme Weather Event | |||||
Regulatory Liabilities [Line Items] | |||||
Issuance of securitized bonds for qualified extraordinary costs | $ 301,463 | ||||
Amortization expense | $ 5,970 | $ 8,046 |
Long-term investments - Schedul
Long-term investments - Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | $ 1,128,171 | $ 1,115,729 |
Other | 27,558 | 27,417 |
Long-term investments | 411,985 | 641,920 |
Notes Receivable | Development loans | ||
Schedule of Equity Method Investments [Line Items] | ||
Development loans receivable from equity-method investees | 31,444 | 158,110 |
Atlantica (a) | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | 1,074,736 | 1,052,703 |
Atlantica Yield Energy Solutions Canada Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | 51,530 | 61,064 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments carried at fair value | $ 1,905 | $ 1,962 |
Long-term investments - Income
Long-term investments - Income from Long-term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Fair value loss on investments carried at fair value | $ 172,904 | $ (311,410) | $ 14,572 | $ (132,026) |
Dividend and interest income from investments carried at fair value | 26,781 | 26,616 | 52,478 | 54,272 |
Equity method loss | (9,108) | (2,434) | (33,375) | (153) |
Interest and other income | 2,034 | 682 | 4,483 | 2,322 |
Income (loss) from other long-term investments | (7,074) | (1,752) | (28,892) | 2,169 |
Income (loss) from long-term investments | 192,611 | (286,546) | 38,158 | (75,585) |
Atlantica | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value loss on investments carried at fair value | 169,902 | (299,653) | 22,034 | (120,449) |
Dividend and interest income from investments carried at fair value | 21,788 | 21,788 | 43,577 | 43,577 |
Atlantica Yield Energy Solutions Canada Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value loss on investments carried at fair value | 2,966 | (11,763) | (7,596) | (11,567) |
Dividend and interest income from investments carried at fair value | 4,984 | 4,821 | 8,875 | 10,678 |
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value loss on investments carried at fair value | 36 | 6 | 134 | (10) |
Dividend and interest income from investments carried at fair value | $ 9 | $ 7 | $ 26 | $ 17 |
Long-term investments - Additio
Long-term investments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | May 27, 2024 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Fair value of support provided | $ 7,681 | $ 12,666 | ||||
Unrealized loss on long-term investments | $ (172,904) | $ 311,410 | (14,572) | $ 132,026 | ||
Renewable Energy Group | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Noncontrolling interest in partnerships and joint ventures | 352,983 | 352,983 | $ 456,393 | |||
Letters of credit, Guarantee amount | 132,022 | 132,022 | ||||
Renewable Energy Group | Variable Interest Entity, Not Primary Beneficiary | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net assets | 90,471 | 90,471 | 179,728 | |||
Atlantica | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity interest (percent) | 42.20% | |||||
Cash pursant per share (in dollars per share) | $ 22 | |||||
Atlantica | Bidco | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest acquired (percent) | 100% | |||||
Texas Coastal Wind Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Capital account contributions | 9,074 | |||||
Project construction | 2,216 | |||||
Unrealized loss on long-term investments | 24,212 | 34,246 | $ 0 | |||
Recognized loss on investments | $ 0 | $ 8,481 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Total assets | $ 18,866,374 | $ 18,866,374 | $ 18,373,961 | ||
Equity-method investees | 352,983 | 352,983 | 456,393 | ||
Income Statement [Abstract] | |||||
Revenue | 598,626 | $ 627,871 | 1,335,726 | $ 1,406,498 | |
Net gain (loss) | 159,041 | (262,321) | 38,736 | (12,711) | |
Other comprehensive income (loss) attributable to AQN | 38,980 | $ 35,728 | 37,894 | 68,538 | 58,794 |
Investments in Significant Partnerships and Joint Ventures | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Total assets | 2,590,705 | 2,590,705 | 3,235,474 | ||
Total liabilities | 1,395,474 | 1,395,474 | 1,962,115 | ||
Income Statement [Abstract] | |||||
Revenue | 67,675 | 49,467 | |||
Net gain (loss) | (38,136) | 1,836 | |||
Other comprehensive income (loss) attributable to AQN | 27,731 | (2,807) | |||
Investments in Significant Partnerships and Joint Ventures | APUC | |||||
Income Statement [Abstract] | |||||
Net gain (loss) | (33,375) | (153) | |||
Other comprehensive income (loss) attributable to AQN | 12,182 | $ (2,076) | |||
Investments in Significant Partnerships and Joint Ventures | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Net assets | 1,195,231 | 1,195,231 | 1,273,359 | ||
Investments in Significant Partnerships and Joint Ventures | APUC | |||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
AQN's ownership interest in the entities | 310,885 | 310,885 | 388,993 | ||
Difference between investment carrying amount and underlying equity in net assets | 42,098 | 42,098 | 67,400 | ||
Equity-method investees | $ 352,983 | $ 352,983 | $ 456,393 |
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, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Development loans receivable | $ 31,444 | $ 158,110 |
Indirect guarantees of debt on behalf of VIEs | 405,119 | 740,866 |
Other indirect guarantees and commitments on behalf of VIEs | 141,860 | 303,641 |
APUC's maximum exposure in regard to VIE's | $ 668,894 | $ 1,382,345 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-term Debt (Details) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 CAD ($) | Jun. 30, 2024 CLP ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2021 |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 8,292,649,000 | $ 8,516,030,000 | |||
Less: current portion | (158,278,000) | (621,856,000) | |||
Long-term debt, excluding current portion | 8,134,371,000 | 7,894,174,000 | |||
Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,375,539,000 | 1,384,923,000 | |||
Senior Unsecured Notes | Senior unsecured notes (Green Equity Units) | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 5.37% | 5.37% | 5.37% | 1.18% | |
Face value | $ 1,140,787,000 | ||||
Long-term debt | $ 1,135,137,000 | 1,144,897,000 | |||
Senior Unsecured Notes | Senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 4.25% | 4.25% | 4.25% | ||
Face value | $ 2,195,000,000 | ||||
Long-term debt | $ 2,181,669,000 | 1,406,278,000 | |||
Senior Unsecured Notes | Senior unsecured utility notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 6.30% | 6.30% | 6.30% | ||
Face value | $ 137,000,000 | ||||
Long-term debt | $ 146,623,000 | 147,589,000 | |||
Senior Unsecured Notes | Senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 3.68% | 3.68% | 3.68% | ||
Face value | $ 1,200,000,000 | ||||
Long-term debt | $ 873,025,000 | 904,604,000 | |||
Senior Unsecured Notes | Senior secured project notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 10.21% | 10.21% | 10.21% | ||
Face value | $ 15,097,000 | ||||
Long-term debt | $ 11,030,000 | 12,738,000 | |||
Senior Unsecured Notes | Senior unsecured utility bonds | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 3.82% | 3.82% | 3.82% | ||
Face value | $ 1,463,000 | ||||
Long-term debt | $ 64,026,000 | 70,967,000 | |||
Senior Unsecured Notes | Senior Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 6,917,110,000 | 7,131,107,000 | |||
Senior Unsecured Notes | 5.25%, U.S. Dollar Subordinated Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 5.25% | 5.25% | 5.25% | ||
Face value | $ 400,000,000 | ||||
Long-term debt | $ 288,459,000 | 298,382,000 | |||
Senior Unsecured Notes | 5.21% U.S. Dollar Subordinated Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 5.21% | 5.21% | 5.21% | ||
Face value | $ 1,100,000,000 | ||||
Long-term debt | $ 1,087,080,000 | 1,086,541,000 | |||
Senior secured project notes | Senior secured utility bonds | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 4.82% | 4.82% | 4.82% | ||
Face value | $ 861,681,000 | ||||
Long-term debt | $ 850,773,000 | 551,166,000 | |||
Senior secured project notes | Construction loan | |||||
Debt Instrument [Line Items] | |||||
Weighted average coupon | 6.57% | 6.57% | 6.57% | ||
Face value | $ 163,735,000 | ||||
Long-term debt | 163,735,000 | 0 | |||
Revolving Credit Facility | Senior Unsecured Notes | Senior unsecured revolving credit facilities | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 668,876,000 | 1,624,186,000 | |||
Revolving Credit Facility | Senior Unsecured Notes | Senior unsecured bank credit facilities and delayed draw term facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 789,216,000 | 786,962,000 | |||
Revolving Credit Facility | Senior Unsecured Notes | Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 33,000,000 | $ 481,720,000 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||||
Jul. 19, 2024 | Jun. 20, 2024 | Apr. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 28, 2024 | Mar. 27, 2024 | Jan. 30, 2024 | Jan. 29, 2024 | Jan. 12, 2024 | Jan. 08, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||||||||||
Short-term debt | $ 864,197,000 | $ 864,197,000 | ||||||||||||
Revolving and term credit facilities | 4,589,200,000 | 4,589,200,000 | $ 4,562,000,000 | |||||||||||
Repayment of third-party construction loan | 1,250,081,000 | $ 194,403,000 | 2,751,033,000 | $ 398,179,000 | ||||||||||
Interest on long-term debt | 99,851,000 | 99,851,000 | $ 74,493,000 | |||||||||||
Shady Oaks II Wind Facility | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayment of third-party construction loan | $ 163,735,000 | |||||||||||||
Ownership interest acquired (percent) | 50% | |||||||||||||
Senior unsecured revolving credit facilities | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit increase (decrease), net | $ 25,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||||||||||
Senior unsecured revolving credit facilities | Bermuda Working Capital Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolving and term credit facilities | $ 25,000,000 | $ 25,000,000 | ||||||||||||
Senior unsecured bank credit facilities and delayed draw term facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 306,500,000 | |||||||||||||
Debt prepaid | $ 306,500,000 | |||||||||||||
Senior unsecured notes (Green Equity Units) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value | $ 1,150,000,000 | |||||||||||||
Interest rate | 5.365% | 1.18% | ||||||||||||
Senior unsecured notes (Green Equity Units) | Senior Notes Due on January 31,2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.577% | |||||||||||||
Senior unsecured notes (Green Equity Units) | Senior Notes Due on January 31, 2034 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.869% | |||||||||||||
Senior unsecured notes (Green Equity Units) | Due On 2029 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 99.996% | |||||||||||||
Senior unsecured notes (Green Equity Units) | Due On 2034 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 99.995% | |||||||||||||
Senior Unsecured Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt prepaid | $ 70,000,000 | |||||||||||||
Senior Unsecured Notes | Senior Notes Due on January 31,2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value | $ 500,000,000 | |||||||||||||
Senior Unsecured Notes | Senior Notes Due on January 31, 2034 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value | $ 350,000,000 | |||||||||||||
Senior secured utility bonds | Securitized Utility Tariff Bonds Due On January 2035 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value | $ 180,500,000 | |||||||||||||
Interest rate | 4.943% | |||||||||||||
Senior secured utility bonds | Securitized Utility Tariff Bonds Due On January 2039 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value | $ 125,000,000 | |||||||||||||
Interest rate | 5.091% |
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, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Revolving and term credit facilities | $ 4,589,200 | $ 4,562,000 |
Funds drawn on facilities/commercial paper issued | (1,491,100) | (2,892,900) |
Letters of credit issued | (461,900) | (469,100) |
Liquidity available under the facilities | 2,636,200 | 1,200,000 |
Undrawn portion of uncommitted letter of credit facilities | (254,600) | (254,100) |
Cash on hand | 131,633 | 56,142 |
Total liquidity and capital reserves | $ 2,513,233 | $ 1,002,042 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
Long-term debt | $ 73,169 | $ 65,046 | $ 139,881 | $ 128,814 |
Commercial paper, credit facility draws and related fees | 39,299 | 27,714 | 82,412 | 52,140 |
Accretion of fair value adjustments | (5,094) | (824) | (10,956) | (4,223) |
Capitalized interest and AFUDC capitalized on regulated property | (2,269) | (4,420) | (5,661) | (8,304) |
Other | 682 | 2,147 | 2,635 | 3,154 |
Interest expense | $ 105,787 | $ 89,663 | $ 208,311 | $ 171,581 |
Pension and other post-employ_3
Pension and other post-employment benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Non-service costs | ||||
Non-service costs | $ 3,975 | $ 5,306 | $ 7,413 | $ 10,267 |
Pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,969 | 3,166 | 6,053 | 6,093 |
Non-service costs | ||||
Interest cost | 8,061 | 7,906 | 16,494 | 16,299 |
Expected return on plan assets | (8,603) | (7,947) | (17,300) | (16,263) |
Amortization of net actuarial gains | (321) | (71) | (712) | (195) |
Amortization of prior service credits | (359) | (373) | (719) | (746) |
Impact of regulatory accounts | 4,384 | 4,588 | 8,755 | 8,683 |
Non-service costs | 3,162 | 4,103 | 6,518 | 7,778 |
Net benefit cost | 6,131 | 7,269 | 12,571 | 13,871 |
OPEB | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 780 | 902 | 1,560 | 1,891 |
Non-service costs | ||||
Interest cost | 2,674 | 2,891 | 5,327 | 6,329 |
Expected return on plan assets | (2,644) | (2,331) | (5,288) | (5,077) |
Amortization of net actuarial gains | (867) | (561) | (2,466) | (1,122) |
Amortization of prior service credits | (213) | (213) | (426) | (426) |
Impact of regulatory accounts | 1,863 | 1,417 | 3,748 | 2,785 |
Non-service costs | 813 | 1,203 | 895 | 2,489 |
Net benefit cost | $ 1,593 | $ 2,105 | $ 2,455 | $ 4,380 |
Other long-term liabilities - S
Other long-term liabilities - Schedule of Long-Term Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Transactions with Third Party [Line Items] | ||
Asset retirement obligations | $ 120,722 | $ 115,611 |
Advances in aid of construction | 84,220 | 88,135 |
Contingent liability (note 19(a)) | 172,283 | 66,000 |
Deferred credits and contingent consideration | 43,859 | 40,945 |
Environmental remediation obligation | 37,676 | 40,772 |
Customer deposits | 35,636 | 36,294 |
Lease liabilities | 20,024 | 20,493 |
Unamortized investment tax credits | 17,068 | 17,255 |
Contingent development support obligations | 7,681 | 12,666 |
Hook-up fees | 7,510 | 7,425 |
Contract adjustment payments | 0 | 39,590 |
Other | 31,128 | 35,338 |
Other long-term liabilities | 577,807 | 546,332 |
Less: current portion | (185,314) | (80,458) |
Other long-term liabilities, excluding current | 392,493 | 465,874 |
Related Party | ||
Transactions with Third Party [Line Items] | ||
Note payable to related party (note 3(c)) | $ 0 | $ 25,808 |
Other long-term liabilities - A
Other long-term liabilities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2024 | |
Debt Instrument [Line Items] | ||
Contract adjustment payments, excluding interest | $ 222,378 | |
Contract adjustment payments, accretion period | 3 years | |
Senior unsecured notes (Green Equity Units) | ||
Debt Instrument [Line Items] | ||
Green Equity Units issued (in shares) | 23,000,000 | |
Green Equity Units, annual distributions (percent) | 7.75% | |
Green Equity Units, share purchase contract, interest rate (percent) | 6.57% | |
Senior unsecured notes (Green Equity Units) | Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Proceeds from green equity units | $ 1,150,000 | |
Weighted average coupon | 1.18% | 5.37% |
Shareholders' capital - Common
Shareholders' capital - Common Shares (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Common Shares Rollforward | ||
Beginning balance (in shares) | 689,271,039 | 683,614,803 |
Settlement of Purchase Contracts (in shares) | 76,909,700 | 0 |
Exercise of share-based awards (in shares) | 749,522 | 772,591 |
Dividend reinvestment plan (in shares) | 0 | 4,370,289 |
Conversion of convertible debentures (in shares) | 0 | 1,415 |
Ending balance (in shares) | 766,930,261 | 688,759,098 |
Shareholders' capital - Commo_2
Shareholders' capital - Common Shares - Additional Information (Details) - Common shares $ / shares in Units, $ in Thousands | Jun. 17, 2024 USD ($) $ / shares shares |
Stockholders Equity Note [Line Items] | |
Number of common shares issued for each Purchase Contract | 3.3439 |
Settlement of outstanding share purchase contracts | $ | $ 1,150,000 |
Number of shares issued pursuant to public offering (in shares) | 76,909,700 |
Sale of stock, average price per share (in dollars per share) | $ / shares | $ 14.95 |
Shareholder's capital - Share-B
Shareholder's capital - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 17, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Total share-based compensation | $ 5,172 | $ 3,199 | $ 10,282 | $ 3,895 | |
Unrecognized compensation costs, non-vested awards | $ 22,953 | $ 22,953 | |||
Non vested share based awards recognized over period of time | 1 year 4 months 24 days | ||||
Common shares | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Number of shares issued pursuant to public offering (in shares) | 76,909,700 | ||||
PSUs and RSUs | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Granted (in shares) | 2,302,209 | ||||
Share based awards settled for cash value as payment for tax withholding (in shares) | 128,313 | ||||
PSUs and RSUs | Common shares | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Number of shares issued pursuant to public offering (in shares) | 170,943 | ||||
PSUs and RSUs | Public Stock Offering | Common shares | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Number of shares issued pursuant to public offering (in shares) | 299,256 | ||||
Bonus Deferral Restricted Stock Units | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Shares issued during period (in shares) | 45,218 | ||||
Awards vested (percent) | 100% | ||||
Deferred Share Units | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Share based awards settled for cash value as payment for tax withholding (in shares) | 186,929 | ||||
Exercise of share-based awards settled (in shares) | 108,752 | ||||
Common shares issued from treasury (in shares) | 181,374 | ||||
Deferred Share Units | Common shares | |||||
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items] | |||||
Exchange of common shares ( in shares) | 368,303 |
Shareholders' capital - Preferr
Shareholders' capital - Preferred Shares (Details) - Series D Shares - $ / shares | 3 Months Ended | |
Apr. 01, 2024 | Mar. 31, 2024 | |
Stockholders Equity Note [Line Items] | ||
Redeemed price, percentage | 3.28% | |
Preferred stock dividend percentage | 6.853% | |
Shares issued, price per share (CAD per share) | $ 25 | |
Preferred stock tendered for conversion (in shares) | 1,000,000 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | $ 6,434,802 | $ 7,055,820 | $ 6,624,408 | $ 6,836,439 | $ 6,836,439 |
Other comprehensive income (loss) | 50,388 | 61,958 | |||
Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations | (12,494) | (3,164) | |||
OCI, net of tax | 38,980 | 35,728 | 37,894 | 68,538 | 58,794 |
OCI attributable to the non-controlling interests | 1,022 | (1,017) | |||
Net current period OCI attributable to shareholders of AQN | 38,916 | 57,777 | |||
Ending Balance | 7,686,504 | 6,835,466 | 7,686,504 | 6,835,466 | 6,624,408 |
Total | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (104,452) | (127,068) | (102,286) | (160,063) | (160,063) |
OCI, net of tax | 41,082 | 35,331 | 38,916 | 68,326 | |
Ending Balance | (63,370) | $ (91,737) | (63,370) | (91,737) | (102,286) |
Foreign currency cumulative translation | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (104,870) | (98,467) | (98,467) | ||
Other comprehensive income (loss) | 4,690 | (3,788) | |||
Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations | (274) | (1,598) | |||
OCI, net of tax | 4,416 | (5,386) | |||
OCI attributable to the non-controlling interests | 1,022 | (1,017) | |||
Net current period OCI attributable to shareholders of AQN | 5,438 | (6,403) | |||
Ending Balance | (99,432) | (99,432) | (104,870) | ||
Unrealized gain (loss) on cash flow hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | (38,322) | (97,809) | (97,809) | ||
Other comprehensive income (loss) | 45,698 | 57,351 | |||
Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations | (7,046) | 2,136 | |||
OCI, net of tax | 38,652 | 59,487 | |||
OCI attributable to the non-controlling interests | 0 | 0 | |||
Net current period OCI attributable to shareholders of AQN | 38,652 | 59,487 | |||
Ending Balance | 330 | 330 | (38,322) | ||
Pension and post-employment actuarial changes | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning Balance | 40,906 | $ 36,213 | 36,213 | ||
Other comprehensive income (loss) | 0 | 8,395 | |||
Amounts reclassified from AOCI to the unaudited interim condensed consolidated statements of operations | (5,174) | (3,702) | |||
OCI, net of tax | (5,174) | 4,693 | |||
OCI attributable to the non-controlling interests | 0 | 0 | |||
Net current period OCI attributable to shareholders of AQN | (5,174) | 4,693 | |||
Ending Balance | $ 35,732 | $ 35,732 | $ 40,906 |
Dividends (Details)
Dividends (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2024 CAD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 CAD ($) $ / shares | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2024 CAD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 CAD ($) $ / shares | |
Dividends [Line Items] | ||||||||
Dividend declared for common share holders | $ | $ 83,740 | $ 75,379 | $ 159,207 | $ 150,765 | ||||
Cash dividend declared per common share (USD per share) | $ / shares | $ 0.1085 | $ 0.1085 | $ 0.2170 | $ 0.2170 | ||||
Series A Shares | ||||||||
Dividends [Line Items] | ||||||||
Dividends declared for preferred share holders | $ | $ 1,973 | $ 1,549 | $ 3,946 | $ 3,097 | ||||
Dividend declared per preferred share (CAD per share) | $ / shares | $ 0.4110 | $ 0.3226 | $ 0.8220 | $ 0.6453 | ||||
Series D Shares | ||||||||
Dividends [Line Items] | ||||||||
Dividends declared for preferred share holders | $ | $ 1,713 | $ 1,273 | $ 2,986 | $ 2,546 | ||||
Dividend declared per preferred share (CAD per share) | $ / shares | $ 0.4283 | $ 0.3182 | $ 0.7465 | $ 0.6364 |
Related party transactions (Det
Related party transactions (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Apr. 09, 2024 USD ($) | Jan. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) | May 31, 2019 USD ($) | May 31, 2019 CAD ($) | |
Transactions with Third Party [Line Items] | |||||||||
Non-controlling interests | $ 1,507,579 | $ 1,507,579 | $ 1,584,843 | ||||||
Cedar 1 Solar Project | Algonquin Power Fund (America) Inc | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Equity interest (percent) | 100% | ||||||||
Atlantica | Algonquin Power Fund (America) Inc | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Reimbursement costs | $ 11,707 | ||||||||
Development service fee income | 3,397 | ||||||||
Related Party | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Distribution from interest in noncontrolling interest | 0 | $ 4,921 | 0 | $ 10,979 | |||||
Related Party | Atlantica Yield Energy Solutions Canada Inc. | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Non-controlling interests | $ 96,752 | $ 130,103 | |||||||
Sandy Ridge II Wind Facility | Algonquin Power Fund (America) Inc | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Ownership interest acquired (percent) | 50% | ||||||||
Liberty Development Energy Solutions B.V. | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Ownership interest acquired (percent) | 50% | ||||||||
Liberty Development Energy Solutions B.V. | Margin Loan | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Face value | $ 306,500 | ||||||||
Equity Method Investee | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Reimbursement of incurred costs | 16,445 | 12,773 | 29,067 | 42,074 | |||||
Equity Method Investee | Liberty Development Energy Solutions | |||||||||
Transactions with Third Party [Line Items] | |||||||||
Net earnings (loss) attributable to NCI | 0 | 6,348 | 0 | 12,399 | |||||
Distribution to redeemable non-controlling interest | $ 0 | $ 6,302 | $ 0 | $ 12,300 |
Non-controlling interests and_3
Non-controlling interests and redeemable non-controlling interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noncontrolling Interest [Line Items] | ||||
Net earnings (loss) attributable to NCI | $ 41,725 | $ 15,439 | $ 72,884 | $ 42,018 |
Redeemable non-controlling interest, held by related party | 0 | (6,349) | 0 | (12,399) |
Net effect of non-controlling interests | 41,725 | 9,090 | 72,884 | 29,619 |
Non-controlling interests - tax equity partnership units | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings (loss) attributable to NCI | 49,121 | 25,172 | 89,328 | 59,743 |
Non-controlling interests - redeemable tax equity partnership units | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings (loss) attributable to NCI | 331 | 331 | 662 | 662 |
Non-controlling interests | ||||
Noncontrolling Interest [Line Items] | ||||
Net earnings (loss) attributable to NCI | $ (7,727) | $ (10,064) | $ (17,106) | $ (18,387) |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Expenses [Line Items] | |||||
Canadian enacted statutory rate (percent) | 26.50% | 26.50% | |||
Income tax benefit | $ 5,228 | $ 55,958 | $ 16,531 | $ 31,257 | |
Renewable Energy Credits | |||||
Income Tax Expenses [Line Items] | |||||
Income tax benefit | 17,160 | $ 8,095 | 20,463 | $ 20,505 | |
Tax credits | 55,231 | 55,231 | $ 0 | ||
Solar Facility | |||||
Income Tax Expenses [Line Items] | |||||
Income tax benefit | $ 10,372 | 10,372 | |||
Minimum | |||||
Income Tax Expenses [Line Items] | |||||
Deferred tax asset, increase (decrease), amount | 151,759 | ||||
Maximum | |||||
Income Tax Expenses [Line Items] | |||||
Deferred tax asset, increase (decrease), amount | $ 152,705 |
Income taxes - Provision for In
Income taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Expected income tax (recovery) expense at Canadian statutory rate | $ 40,622 | $ (84,596) | $ 5,746 | $ (11,903) |
Increase (decrease) resulting from: | ||||
Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates | (2,702) | (5,560) | (3,863) | (16,718) |
Adjustments from investments carried at fair value | (24,817) | 40,357 | (4,734) | 11,092 |
Change in valuation allowance | (10,058) | 676 | (13,846) | (791) |
Non-controlling interests share of income | 10,468 | 2,201 | 16,470 | 12,393 |
Tax credits | (17,160) | (8,095) | (20,463) | (20,505) |
Amortization and settlement of excess deferred income tax | (1,794) | (2,456) | (3,305) | (6,207) |
Foreign exchange difference and other | 213 | 1,515 | 7,464 | 1,382 |
Income tax recovery | $ (5,228) | $ (55,958) | $ (16,531) | $ (31,257) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
Beginning balance | $ 95,554 | $ 97,396 | $ 97,344 | $ 107,583 |
Charged to income tax expense (recovery) | (10,058) | 676 | (13,846) | (791) |
Charged (reduction) to OCI | (5,507) | (6,418) | (3,509) | (15,138) |
Ending balance | $ 79,989 | $ 91,654 | $ 79,989 | $ 91,654 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Renewable energy business sale costs | $ 5,323 | $ 5,390 | $ 11,232 | $ 5,390 |
Kentucky termination costs | 0 | 43,808 | 0 | 46,527 |
Acquisition-related settlement payment | 0 | (11,983) | 0 | (11,983) |
Other | 11,738 | 3,152 | 16,430 | 3,895 |
Other net losses | $ 17,061 | $ 40,367 | $ 27,662 | $ 43,829 |
Basic and diluted net earning_3
Basic and diluted net earnings (loss) per share - Schedule of Earnings (Loss) per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||
Net earnings (loss) attributable to shareholders of AQN | $ 200,766 | $ (253,231) | $ 111,620 | $ 16,908 |
Series A and D preferred shares dividend | 2,705 | 2,080 | 5,117 | 4,172 |
Net earnings (loss) attributable to common shareholders of AQN – basic | 198,061 | (255,311) | 106,503 | 12,736 |
Net earnings (loss) attributable to common shareholders of AQN – diluted | $ 198,061 | $ (255,311) | $ 106,503 | $ 12,736 |
Weighted average number of shares | ||||
Basic (in shares) | 701,593,792 | 687,847,010 | 695,700,444 | 688,277,615 |
Effect of dilutive securities (in shares) | 2,360,493 | 0 | 2,039,030 | 2,838,682 |
Diluted (in shares) | 703,954,285 | 687,847,010 | 697,739,474 | 691,116,297 |
Series A preferred shares | ||||
Class of Stock [Line Items] | ||||
Series A and D preferred shares dividend | $ 1,448 | $ 1,142 | $ 2,203 | $ 2,290 |
Series D preferred shares | ||||
Class of Stock [Line Items] | ||||
Series A and D preferred shares dividend | $ 1,257 | $ 938 | $ 2,914 | $ 1,882 |
Basic and diluted net earning_4
Basic and diluted net earnings (loss) per share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Options and Convertible Debentures | |||
Class of Stock [Line Items] | |||
Anti-dilutive convertible debentures (in shares) | 6,118,555 | 6,126,908 | 6,350,530 |
Segmented information - Additio
Segmented information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue | |||||
Revenue | $ 569,973 | $ 605,336 | $ 1,279,380 | $ 1,358,584 | |
Other revenue | 598,626 | 627,871 | 1,335,726 | 1,406,498 | |
Fuel, power and water purchased | 109,625 | 142,156 | 310,967 | 417,112 | |
Net revenue | 489,001 | 485,715 | 1,024,759 | 989,386 | |
Operating expenses (3) | 265,868 | 267,174 | 527,653 | 505,294 | |
Depreciation and amortization | 136,912 | 118,448 | 266,452 | 240,089 | |
Loss on foreign exchange | 4,284 | 6,379 | 16,141 | 7,815 | |
Operating income | 81,937 | 93,714 | 214,513 | 236,188 | |
Interest expense | (105,787) | (89,663) | (208,311) | (171,581) | |
Income (loss) from long-term investments and other income | 198,641 | (277,696) | 50,887 | (57,684) | |
Other expenses | (20,978) | (44,634) | (34,884) | (50,891) | |
Earnings (loss) before income taxes | 153,813 | (318,279) | 22,205 | (43,968) | |
Capital expenditures | 204,336 | 245,209 | 416,882 | 414,958 | |
Property, plant and equipment | 13,199,200 | 13,199,200 | $ 12,517,450 | ||
Investments carried at fair value | 1,128,171 | 1,128,171 | 1,115,729 | ||
Equity-method investees | 352,983 | 352,983 | 456,393 | ||
Total assets | 18,866,374 | 18,866,374 | 18,373,961 | ||
Revenue related to net hedging loss, not recognized as revenue from contract with customers | 4,328 | 16,614 | 11,527 | ||
Revenue related to alternative revenue programs, not recognized as revenue from contract with customers | 9,083 | 18,301 | 12,789 | ||
Other revenue | |||||
Revenue | |||||
Other revenue | 28,653 | 22,535 | 56,346 | 47,914 | |
Corporate | |||||
Revenue | |||||
Revenue | 0 | 0 | 0 | 0 | |
Fuel, power and water purchased | 0 | 0 | 0 | 0 | |
Net revenue | 195 | 364 | 605 | 725 | |
Operating expenses (3) | 2,402 | (40) | 3,061 | 799 | |
Depreciation and amortization | 239 | 403 | 500 | 642 | |
Loss on foreign exchange | 4,284 | 6,379 | 16,141 | 7,815 | |
Operating income | (6,730) | (6,378) | (19,097) | (8,531) | |
Interest expense | (37,687) | (30,519) | (71,706) | (59,064) | |
Income (loss) from long-term investments and other income | 173,518 | (309,870) | 15,821 | (129,928) | |
Other expenses | (4,555) | (2,427) | (13,458) | (4,435) | |
Earnings (loss) before income taxes | 124,546 | (349,194) | (88,440) | (201,958) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Corporate | Other revenue | |||||
Revenue | |||||
Other revenue | 195 | 364 | 605 | 725 | |
Regulated Services Group | |||||
Revenue | |||||
Revenue related to alternative revenue programs, not recognized as revenue from contract with customers | 15,334 | ||||
Regulated Services Group | Operating Segments | |||||
Revenue | |||||
Revenue | 491,312 | 533,642 | 1,116,143 | 1,208,174 | |
Fuel, power and water purchased | 108,934 | 138,374 | 306,738 | 405,524 | |
Net revenue | 396,318 | 408,059 | 835,094 | 829,088 | |
Operating expenses (3) | 215,708 | 228,847 | 423,239 | 425,699 | |
Depreciation and amortization | 100,120 | 84,754 | 192,140 | 170,611 | |
Loss on foreign exchange | 0 | 0 | 0 | 0 | |
Operating income | 80,490 | 94,458 | 219,715 | 232,778 | |
Interest expense | (49,476) | (42,724) | (98,186) | (81,202) | |
Income (loss) from long-term investments and other income | 7,456 | 9,332 | 15,377 | 19,660 | |
Other expenses | (8,537) | (41,010) | (12,228) | (45,259) | |
Earnings (loss) before income taxes | 29,933 | 20,056 | 124,678 | 125,977 | |
Capital expenditures | 167,834 | 225,505 | 351,048 | 372,886 | |
Property, plant and equipment | 9,051,366 | 9,051,366 | 8,945,637 | ||
Investments carried at fair value | 1,905 | 1,905 | 1,962 | ||
Equity-method investees | 39,012 | 39,012 | 112,180 | ||
Total assets | 12,690,910 | 12,690,910 | 12,658,955 | ||
Regulated Services Group | Operating Segments | Other revenue | |||||
Revenue | |||||
Other revenue | 13,940 | 12,791 | 25,689 | 26,438 | |
Renewable Energy Group | |||||
Revenue | |||||
Revenue related to net hedging loss, not recognized as revenue from contract with customers | 6,965 | ||||
Development costs | 7,734 | 3,274 | 16,290 | 7,261 | |
Other operating costs | 6,709 | 7,356 | 12,738 | 11,088 | |
Renewable Energy Group | Operating Segments | |||||
Revenue | |||||
Revenue | 78,661 | 71,694 | 163,237 | 150,410 | |
Fuel, power and water purchased | 691 | 3,782 | 4,229 | 11,588 | |
Net revenue | 92,488 | 77,292 | 189,060 | 159,573 | |
Operating expenses (3) | 47,758 | 38,367 | 101,353 | 78,796 | |
Depreciation and amortization | 36,553 | 33,291 | 73,812 | 68,836 | |
Loss on foreign exchange | 0 | 0 | 0 | 0 | |
Operating income | 8,177 | 5,634 | 13,895 | 11,941 | |
Interest expense | (18,624) | (16,420) | (38,419) | (31,315) | |
Income (loss) from long-term investments and other income | 17,667 | 22,842 | 19,689 | 52,584 | |
Other expenses | (7,886) | (1,197) | (9,198) | (1,197) | |
Earnings (loss) before income taxes | (666) | 10,859 | (14,033) | 32,013 | |
Capital expenditures | 36,502 | 19,704 | 65,834 | 42,072 | |
Property, plant and equipment | 4,120,034 | 4,120,034 | 3,539,069 | ||
Investments carried at fair value | 1,126,266 | 1,126,266 | 1,113,767 | ||
Equity-method investees | 313,971 | 313,971 | 343,712 | ||
Total assets | 5,809,815 | 5,809,815 | 5,367,011 | ||
Renewable Energy Group | Operating Segments | Other revenue | |||||
Revenue | |||||
Other revenue | 14,518 | $ 9,380 | 30,052 | $ 20,751 | |
Corporate | Corporate | |||||
Revenue | |||||
Property, plant and equipment | 27,800 | 27,800 | 32,744 | ||
Investments carried at fair value | 0 | 0 | 0 | ||
Equity-method investees | 0 | 0 | 501 | ||
Total assets | $ 365,649 | $ 365,649 | $ 347,995 |
Segmented information - Informa
Segmented information - Information on Operations by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 598,626 | $ 627,871 | $ 1,335,726 | $ 1,406,498 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 467,747 | 503,777 | 1,069,326 | 1,144,201 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 37,391 | 37,788 | 87,886 | 90,916 |
Other regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 93,488 | $ 86,306 | $ 178,514 | $ 171,381 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) - Mountain View Fire $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | May 06, 2024 lawsuit | Mar. 06, 2024 case | Nov. 17, 2020 lawsuit | |
Commitments Disclosure [Line Items] | ||||
Number of active lawsuits | 22 | |||
Number of lawsuits filed by groups of plaintiffs | 15 | |||
Number of wrongful death lawsuits | 1 | |||
Number of bellwether cases | case | 4 | |||
Number of non-litigation claims | 6 | |||
Accrued estimated losses | $ | $ 172,282 | |||
Expected recoveries of insurance amount | $ | 116,000 | |||
Expenses of wildlife memerandum account | $ | $ 56,282 |
Commitments and contingencies_2
Commitments and contingencies - Estimates of Future Commitments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Commitments Disclosure [Line Items] | |
Year 1 | $ 254,615 |
Year 2 | 179,081 |
Year 3 | 136,121 |
Year 4 | 131,911 |
Year 5 | 124,868 |
Thereafter | 1,167,858 |
Total | 1,994,454 |
Power purchase | |
Commitments Disclosure [Line Items] | |
Year 1 | 60,458 |
Year 2 | 25,890 |
Year 3 | 12,434 |
Year 4 | 12,680 |
Year 5 | 12,894 |
Thereafter | 123,350 |
Total | 247,706 |
Natural gas supply and service agreements | |
Commitments Disclosure [Line Items] | |
Year 1 | 97,983 |
Year 2 | 71,485 |
Year 3 | 51,892 |
Year 4 | 45,828 |
Year 5 | 40,147 |
Thereafter | 198,234 |
Total | 505,569 |
Service agreements | |
Commitments Disclosure [Line Items] | |
Year 1 | 75,445 |
Year 2 | 64,981 |
Year 3 | 54,811 |
Year 4 | 56,233 |
Year 5 | 54,407 |
Thereafter | 248,746 |
Total | 554,623 |
Capital projects | |
Commitments Disclosure [Line Items] | |
Year 1 | 4,399 |
Year 2 | 0 |
Year 3 | 0 |
Year 4 | 0 |
Year 5 | 0 |
Thereafter | 0 |
Total | 4,399 |
Land easements and other | |
Commitments Disclosure [Line Items] | |
Year 1 | 16,330 |
Year 2 | 16,725 |
Year 3 | 16,984 |
Year 4 | 17,170 |
Year 5 | 17,420 |
Thereafter | 597,528 |
Total | $ 682,157 |
Non-cash operating items - Chan
Non-cash operating items - Changes in Non-Cash Operating Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure Changes In Non Cash Operating Items [Abstract] | ||||
Accounts receivable | $ 107,205 | $ 21,450 | $ 97,316 | $ 35,213 |
Fuel and natural gas in storage | (3,344) | (12,837) | (715) | 19,657 |
Supplies and consumables inventory | (1,128) | (11,678) | (8,631) | (22,454) |
Income taxes recoverable | 1,872 | 5,134 | 3,963 | 5,683 |
Prepaid expenses | 21,102 | 13,231 | 18,770 | 6,183 |
Accounts payable, accrued liabilities and other | (31,106) | 92,826 | (60,310) | (110,147) |
Current income tax liability | 3,603 | (1,039) | 3,603 | 2,563 |
Net regulatory assets and liabilities | (27,651) | 5,293 | (37,986) | 9,946 |
Changes in non-cash operating items | $ 70,553 | $ 112,380 | $ 16,010 | $ (53,356) |
Financial instruments - Fair Va
Financial instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Level 1 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | $ 1,076,642 | $ 1,054,665 |
Development loans and other receivables | 0 | 0 |
Total derivative instruments | 0 | 0 |
Total financial assets | 1,076,642 | 1,054,665 |
Long-term debt | 2,223,829 | 2,532,608 |
Convertible debentures | 262 | 276 |
Total derivative instruments | 0 | 0 |
Total financial liabilities | 2,224,091 | 2,532,884 |
Level 1 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes payable to related party | 0 | |
Level 1 | Interest rate forwards | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 0 |
Total derivative instruments | 0 | |
Level 1 | Interest rate cap | 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 | 0 |
Level 1 | Cross-currency interest rate swap | 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 swap | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 1 | Cross-currency interest rate swap | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 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 | 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 | 0 |
Level 1 | Currency Forward Contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 2 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 0 | 0 |
Development loans and other receivables | 43,491 | 155,735 |
Total derivative instruments | 105,862 | 74,790 |
Total financial assets | 149,353 | 230,525 |
Long-term debt | 6,559,927 | 4,890,710 |
Convertible debentures | 0 | 0 |
Total derivative instruments | 37,922 | 37,213 |
Total financial liabilities | 6,597,849 | 4,943,243 |
Level 2 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes payable to related party | 15,320 | |
Level 2 | Interest rate forwards | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 95,723 | 72,936 |
Total derivative instruments | 11,790 | |
Level 2 | Interest rate cap | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,854 | |
Level 2 | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 0 |
Level 2 | Cross-currency interest rate swap | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,064 | |
Total derivative instruments | 5,547 | |
Level 2 | Cross-currency interest rate swap | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 13,783 | |
Level 2 | Cross-currency interest rate swap | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 23,203 | 10,533 |
Level 2 | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 75 | |
Total derivative instruments | 2,564 | |
Level 2 | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 936 | |
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 | 0 |
Level 2 | Currency Forward Contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 6,779 | |
Level 3 | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 51,529 | 61,064 |
Development loans and other receivables | 0 | 0 |
Total derivative instruments | 10,971 | 8,458 |
Total financial assets | 62,500 | 69,522 |
Long-term debt | 0 | 0 |
Convertible debentures | 0 | 0 |
Total derivative instruments | 92,135 | 73,663 |
Total financial liabilities | 92,135 | 73,663 |
Level 3 | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes payable to related party | 0 | |
Level 3 | Interest rate forwards | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 0 |
Total derivative instruments | 0 | |
Level 3 | Interest rate cap | 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 | 10,971 | 8,458 |
Level 3 | Cross-currency interest rate swap | 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 swap | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Level 3 | Cross-currency interest rate swap | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | 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 | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 85,630 | |
Level 3 | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 68,070 | |
Level 3 | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 6,505 | 5,593 |
Level 3 | Currency Forward Contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 0 | |
Carrying amount | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 1,128,171 | 1,115,729 |
Development loans and other receivables | 31,479 | 158,110 |
Total derivative instruments | 116,833 | 83,248 |
Total financial assets | 1,276,483 | 1,357,087 |
Long-term debt | 8,292,649 | 8,516,030 |
Convertible debentures | 229 | 230 |
Total derivative instruments | 130,057 | 110,876 |
Total financial liabilities | 8,422,935 | 8,652,944 |
Carrying amount | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes payable to related party | 25,808 | |
Carrying amount | Interest rate forwards | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 95,723 | 72,936 |
Total derivative instruments | 11,790 | |
Carrying amount | Interest rate cap | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,854 | |
Carrying amount | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,971 | 8,458 |
Carrying amount | Cross-currency interest rate swap | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,064 | |
Total derivative instruments | 5,547 | |
Carrying amount | Cross-currency interest rate swap | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 13,783 | |
Carrying amount | Cross-currency interest rate swap | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 23,203 | 10,533 |
Carrying amount | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 75 | |
Total derivative instruments | 2,564 | |
Carrying amount | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 936 | |
Carrying amount | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 85,630 | |
Carrying amount | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 68,070 | |
Carrying amount | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 6,505 | 5,593 |
Carrying amount | Currency Forward Contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 6,779 | |
Fair value | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term investments carried at fair value | 1,128,171 | 1,115,729 |
Development loans and other receivables | 43,491 | 155,735 |
Total derivative instruments | 116,833 | 83,248 |
Total financial assets | 1,288,495 | 1,354,712 |
Long-term debt | 8,783,756 | 7,423,318 |
Convertible debentures | 262 | 276 |
Total derivative instruments | 130,057 | 110,876 |
Total financial liabilities | 8,914,075 | 7,549,790 |
Fair value | Related Party | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes payable to related party | 15,320 | |
Fair value | Interest rate forwards | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 95,723 | 72,936 |
Total derivative instruments | 11,790 | |
Fair value | Interest rate cap | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 1,854 | |
Fair value | Congestion revenue rights | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,971 | 8,458 |
Fair value | Cross-currency interest rate swap | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 10,064 | |
Total derivative instruments | 5,547 | |
Fair value | Cross-currency interest rate swap | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 13,783 | |
Fair value | Cross-currency interest rate swap | Designated as a hedge | Net investment hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 23,203 | 10,533 |
Fair value | Commodity contracts | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 75 | |
Total derivative instruments | 2,564 | |
Fair value | Commodity contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 936 | |
Fair value | Energy contracts | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 85,630 | |
Fair value | Energy contracts | Designated as a hedge | Cash flow hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | 68,070 | |
Fair value | Energy contracts | Not designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | $ 6,505 | 5,593 |
Fair value | Currency Forward Contract | Designated as a hedge | ||
Fair Value of Financial Instruments [Line Items] | ||
Total derivative instruments | $ 6,779 |
Financial instruments - Additio
Financial instruments - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) $ / MWh MWh MMBTU $ / shares $ / MWh | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / MWh MWh MMBTU $ / shares $ / MWh | Jun. 30, 2023 USD ($) | Jun. 30, 2024 CAD ($) $ / MWh MWh MMBTU $ / MWh | Dec. 31, 2023 USD ($) | May 23, 2019 USD ($) | |
Fair Value of Financial Instruments [Line Items] | |||||||
Unrealized losses in AOCI | $ 41,232,000 | ||||||
Foreign currency gain (loss) | $ (10,933,000) | $ (130,000) | (4,416,000) | $ (15,555,000) | |||
Supplier finance program obligations | 77,658,000 | 77,658,000 | $ 62,173,000 | ||||
Designated as a hedge | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Net investment in foreign operation | $ 12,000 | (2,924,000) | $ 502,000 | (2,801,000) | |||
U.S. dollar Subordinated unsecured notes | Senior Unsecured Notes | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Par value | $ 350,000,000 | ||||||
Senior unsecured notes | Senior Unsecured Notes | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Par value | $ 1,200,000,000 | ||||||
Swap | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Commodity volumes, gas | MMBTU | 2,262,896 | 2,262,896 | 2,262,896 | ||||
Canadian Investments and Subsidiaries | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Foreign currency gain (loss) | $ 2,401,000 | 9,629,000 | $ (10,186,000) | 9,638,000 | |||
Foreign exchange contract | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Foreign currency gain (loss) | (2,195,000) | 7,009,000 | (4,413,000) | 6,942,000 | |||
Cross-currency interest rate swap | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Foreign currency gain (loss) | 1,186,000 | (3,967,000) | 5,190,000 | (4,348,000) | |||
Cross-currency interest rate swap | U.S. dollar Subordinated unsecured notes | Senior Unsecured Notes | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Par value | $ 300,000,000 | ||||||
Cross-currency interest rate swap | U.S. dollar Subordinated unsecured notes | Senior Unsecured Notes | Designated as a hedge | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Par value | $ 400,000,000 | ||||||
Currency Swap | Senior unsecured notes | Senior Unsecured Notes | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Foreign currency gain (loss) | $ (75,000) | $ (4,975,000) | $ 6,898,000 | $ (4,987,000) | |||
Interest rate swaps designated as a hedge | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Notional quantity (MW-hrs) | $ / MWh | 319,885 | 319,885 | 319,885 | ||||
Receive average prices (per MW-hr) | $ / MWh | 25.15 | 25.15 | 25.15 | ||||
Transmission congestion rights | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Notional quantity (MW-hrs) | MWh | 2,433,240 | 2,433,240 | 2,433,240 | ||||
Minimum | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Alternative investment, measurement input (percent) | 0.0810 | 0.0810 | 0.0810 | ||||
Minimum | Atlantica Yield Energy Solutions Canada, Inc | Measurement Input, Price Volatility | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Alternative investment, measurement input (percent) | 0.2747 | 0.2747 | 0.2747 | ||||
Minimum | Energy contracts | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Forward price | $ / MWh | 18.90 | 18.90 | 18.90 | ||||
Derivative auction price (in USD per share) | $ / shares | $ 0 | $ 0 | |||||
Minimum | Transmission congestion rights | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Receive average prices (per MW-hr) | $ / MWh | 0.84 | 0.84 | 0.84 | ||||
Maximum | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Alternative investment, measurement input (percent) | 0.0860 | 0.0860 | 0.0860 | ||||
Maximum | Atlantica Yield Energy Solutions Canada, Inc | Measurement Input, Price Volatility | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Alternative investment, measurement input (percent) | 0.3319 | 0.3319 | 0.3319 | ||||
Maximum | Energy contracts | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Forward price | $ / MWh | 154.55 | 154.55 | 154.55 | ||||
Derivative auction price (in USD per share) | $ / shares | $ 31.95 | $ 31.95 | |||||
Maximum | Transmission congestion rights | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Receive average prices (per MW-hr) | $ / MWh | 19.03 | 19.03 | 19.03 | ||||
Weighted average useful lives | Atlantica Yield Energy Solutions Canada Inc. | Measurement Input, Discount Rate | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Alternative investment, measurement input (percent) | 0.0826 | 0.0826 | 0.0826 | ||||
Weighted average useful lives | Energy contracts | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Forward price | $ / MWh | 39.17 | 39.17 | 39.17 | ||||
Derivative auction price (in USD per share) | $ / shares | $ 4.53 | $ 4.53 | |||||
Weighted average useful lives | Transmission congestion rights | |||||||
Fair Value of Financial Instruments [Line Items] | |||||||
Receive average prices (per MW-hr) | $ / MWh | 4.37 | 4.37 | 4.37 |
Financial instruments - Long-te
Financial instruments - Long-term Energy Derivative Contracts (Details) - Cash flow hedge | Jun. 30, 2024 MWh $ / MWh |
Illinois Hub, Expiry September 2030 | |
Derivative [Line Items] | |
Notional quantity (MW-hrs) | MWh | 3,245,679 |
Receive average prices (per MW-hr) | $ / MWh | 24.54 |
PJM Western HUB, Expiry December 2028 | |
Derivative [Line Items] | |
Notional quantity (MW-hrs) | MWh | 287,686 |
Receive average prices (per MW-hr) | $ / MWh | 29.14 |
NI HUB, Expiry December 2027 | |
Derivative [Line Items] | |
Notional quantity (MW-hrs) | MWh | 1,220,001 |
Receive average prices (per MW-hr) | $ / MWh | 21.31 |
ERCOT North HUB, Expiry December 2027 | |
Derivative [Line Items] | |
Notional quantity (MW-hrs) | MWh | 1,137,027 |
Receive average prices (per MW-hr) | $ / MWh | 36.46 |
Financial instruments - Derivat
Financial instruments - Derivative Instruments Designated as Amortized into Hedged Activity (Details) - Jun. 30, 2024 - Designated as a hedge $ in Thousands, $ in Thousands | USD ($) | CAD ($) |
U.S. dollar Subordinated unsecured notes | Forward-starting interest rate swap | $350,000 subordinated unsecured notes | ||
Derivative [Line Items] | ||
Notional quantity | $ 350,000 | |
Par value | 350,000 | |
U.S. dollar Subordinated unsecured notes | Forward-starting interest rate swap | $750,000 subordinated unsecured notes | ||
Derivative [Line Items] | ||
Notional quantity | 750,000 | |
Par value | 750,000 | |
U.S. dollar Subordinated unsecured notes | Forward-starting interest rate swap | $1,150,000 senior unsecured notes | ||
Derivative [Line Items] | ||
Par value | 1,150,000 | |
U.S. dollar Subordinated unsecured notes | Forward-starting interest rate swap | First $575,000 of the $1,150,000 senior unsecured notes issuance | ||
Derivative [Line Items] | ||
Notional quantity | 575,000 | |
Par value | 575,000 | |
Canadian dollar senior unsecured notes | Cross-currency interest rate swap | C$400,000 subordinated unsecured notes | ||
Derivative [Line Items] | ||
Notional quantity | $ 400,000 | |
Par value | $ 400 |
Financial instruments - Deriv_2
Financial instruments - Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||||
Effective portion of cash flow hedge | $ 29,771 | $ 29,949 | $ 45,698 | $ 52,435 |
Amortization of cash flow hedge | (539) | (1,421) | (1,078) | (4,908) |
Amounts reclassified from AOCI | (42) | 7,893 | (5,968) | 6,759 |
OCI attributable to shareholders of AQN | $ 29,190 | $ 36,421 | $ 38,652 | $ 54,286 |
Financial instruments - Effects
Financial instruments - Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value of Financial Instruments [Line Items] | ||||
Total unrealized gain (loss) on derivative financial instruments | $ 1,255 | $ 4,882 | $ 3,000 | $ 9,851 |
Gain on derivative financial instruments | 58 | 1,039 | 191 | 3,205 |
Renewable energy sales | (85) | (1,495) | (718) | (3,851) |
Gain (loss) on derivative instruments | (27) | (456) | (527) | (646) |
Not Designated as Hedging Instrument | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Total unrealized gain (loss) on derivative financial instruments | 1,843 | 84 | 257 | 1,190 |
Energy derivative contracts | (1,887) | (1,537) | (1,783) | (3,830) |
Loss on derivative financial instruments not accounted for as hedges | (44) | (1,453) | (1,526) | (2,640) |
Amortization of AOCI gains frozen as a result of hedge dedesignation | 17 | 997 | 999 | 1,994 |
Not Designated as Hedging Instrument | Energy derivative contracts | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Total unrealized gain (loss) on derivative financial instruments | 1,843 | 84 | 1,147 | 62 |
Energy derivative contracts | (1,887) | (1,537) | (1,783) | (3,830) |
Not Designated as Hedging Instrument | Commodity contracts | ||||
Fair Value of Financial Instruments [Line Items] | ||||
Total unrealized gain (loss) on derivative financial instruments | $ 0 | $ 0 | $ (890) | $ 1,128 |