Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | BROOKFIELD RENEWABLEPARTNERS L.P. |
Entity Central Index Key | 0001533232 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,202 | $ 998 |
Restricted cash | 136 | 139 |
Trade receivables and other current assets | 1,633 | 1,860 |
Financial instrument assets | 173 | 125 |
Due from related parties | 211 | 123 |
Assets held for sale | 263 | 938 |
Current assets | 3,618 | 4,183 |
Financial instrument assets | 1,732 | 1,500 |
Equity-accounted investments | 1,644 | 1,392 |
Property, plant and equipment, at fair value | 56,262 | 54,283 |
Intangible assets | 8 | 209 |
Goodwill | 1,603 | 1,526 |
Deferred income tax assets | 211 | 176 |
Other long-term assets | 823 | 842 |
Total Assets | 65,901 | 64,111 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,020 | 1,086 |
Financial instrument liabilities | 567 | 559 |
Due to related parties | 686 | 588 |
Corporate borrowings | 0 | 249 |
Non-recourse borrowings | 1,457 | 2,027 |
Provisions | 31 | 83 |
Liabilities directly associated with assets held for sale | 195 | 351 |
Current liabilities | 3,956 | 4,943 |
Financial instrument liabilities | 1,434 | 1,670 |
Corporate borrowings | 2,651 | 2,299 |
Non-recourse borrowings | 20,307 | 20,275 |
Deferred income tax liabilities | 6,876 | 6,507 |
Provisions | 625 | 600 |
Other long-term liabilities | 1,540 | 1,531 |
Equity | ||
Preferred limited partners' equity | 760 | 760 |
Limited partners' equity | 4,319 | 4,096 |
Total Equity | 28,512 | 26,286 |
Total Liabilities and Equity | 65,901 | 64,111 |
Non-controlling interests | ||
Current assets | ||
Property, plant and equipment, at fair value | 27,745 | 26,312 |
Equity | ||
Non-controlling interests | 23,433 | 21,430 |
Participating non-controlling interests – in operating subsidiaries | ||
Equity | ||
Non-controlling interests | 16,604 | 14,755 |
Total Equity | 16,604 | 14,755 |
General partnership interest in a holding subsidiary held by Brookfield | ||
Equity | ||
Non-controlling interests | 59 | 59 |
Total Equity | 59 | 59 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||
Equity | ||
Non-controlling interests | 2,908 | 2,892 |
Total Equity | 2,908 | 2,892 |
BEPC exchangeable shares | ||
Equity | ||
Non-controlling interests | 2,686 | 2,561 |
Preferred equity | ||
Equity | ||
Non-controlling interests | 584 | 571 |
Total Equity | 584 | 571 |
Perpetual subordinated notes | ||
Equity | ||
Non-controlling interests | 592 | 592 |
Total Equity | $ 592 | $ 592 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 1,205 | $ 1,274 | $ 2,536 | $ 2,410 | |
Other income | 61 | 14 | 87 | 85 | |
Direct operating costs | [1] | (425) | (366) | (826) | (716) |
Management service costs | (55) | (65) | (112) | (141) | |
Interest expense | (402) | (294) | (796) | (560) | |
Share of earnings from equity-accounted investments | 13 | 29 | 46 | 48 | |
Foreign exchange and financial instruments gain (loss) | 153 | (12) | 295 | (49) | |
Depreciation | (458) | (389) | (887) | (790) | |
Other | 78 | (7) | 28 | (54) | |
Income tax (expense) recovery | |||||
Current | (37) | (31) | (80) | (73) | |
Deferred | 18 | (31) | 37 | (5) | |
Income tax (expense) recovery | (19) | (62) | (43) | (78) | |
Net income | 151 | 122 | 328 | 155 | |
Net income attributable to: | |||||
Preferred limited partners' equity | 10 | 12 | 20 | 23 | |
Limited partners' equity | $ (28) | $ (9) | $ (54) | $ (53) | |
Basic earnings (loss) per LP Unit (in dollars per share) | $ (0.10) | $ (0.03) | $ (0.20) | $ (0.19) | |
Diluted earnings (loss) per LP Unit (in dollars per share) | $ (0.10) | $ (0.03) | $ (0.20) | $ (0.19) | |
Non-controlling interests | |||||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 536 | $ 598 | $ 1,174 | $ 1,134 | |
Direct operating costs | (220) | (157) | (410) | (300) | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (226) | (145) | (443) | (277) | |
Foreign exchange and financial instruments gain (loss) | 125 | 0 | 211 | (14) | |
Depreciation | (221) | (166) | (422) | (330) | |
Other | 247 | 52 | 334 | 84 | |
Income tax (expense) recovery | |||||
Current | (25) | (25) | (55) | (55) | |
Deferred | (14) | (25) | (1) | (29) | |
Participating non-controlling interests – in operating subsidiaries | |||||
Income tax (expense) recovery | |||||
Net income | 167 | 96 | 352 | 182 | |
Net income attributable to: | |||||
Non-controlling interests | 167 | 96 | 352 | 182 | |
General partnership interest in a holding subsidiary held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income | 27 | 23 | 55 | 47 | |
Net income attributable to: | |||||
Non-controlling interests | 27 | 23 | 55 | 47 | |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income | (20) | (7) | (38) | (38) | |
Net income attributable to: | |||||
Non-controlling interests | (20) | (7) | (38) | (38) | |
BEPC exchangeable shares | |||||
Net income attributable to: | |||||
Non-controlling interests | (18) | (6) | (34) | (33) | |
Preferred equity | |||||
Income tax (expense) recovery | |||||
Net income | 6 | 6 | 13 | 13 | |
Net income attributable to: | |||||
Non-controlling interests | 6 | 6 | 13 | 13 | |
Perpetual subordinated notes | |||||
Income tax (expense) recovery | |||||
Net income | 7 | 7 | 14 | 14 | |
Net income attributable to: | |||||
Non-controlling interests | $ 7 | $ 7 | $ 14 | $ 14 | |
[1]Direct operating costs exclude depreciation expense disclosed below. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | $ 151 | $ 122 | $ 328 | $ 155 |
Other comprehensive income (loss) that will not be reclassified to net income (loss) | ||||
Revaluations of property, plant and equipment | (2) | 19 | (44) | 17 |
Actuarial gain (loss) on defined benefit plans | (5) | 15 | (6) | 20 |
Deferred tax recovery (expense) on above item | 10 | (8) | 10 | (12) |
Unrealized gain (loss) on investments in equity securities | 2 | (4) | 2 | (9) |
Equity-accounted investments | (4) | 4 | 6 | 4 |
Total items that will not be reclassified to net income | 1 | 26 | (32) | 20 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Foreign currency translation | 599 | (890) | 871 | (106) |
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges | 50 | 27 | 178 | (6) |
Gain on foreign exchange swaps net investment hedge | 0 | 97 | (19) | 52 |
Reclassification adjustments for amounts recognized in net income (loss) | (23) | 36 | (72) | 92 |
Deferred income taxes on above items | (3) | (30) | (14) | (46) |
Equity-accounted investments | (17) | (26) | (24) | (4) |
Total items that may be reclassified subsequently to net income (loss) | 606 | (786) | 920 | (18) |
Other comprehensive income (loss) | 607 | (760) | 888 | 2 |
Comprehensive income (loss) | 758 | (638) | 1,216 | 157 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Preferred limited partners' equity | 10 | 12 | 20 | 23 |
Limited partners' equity | 41 | (123) | 62 | (3) |
Comprehensive income (loss) | 758 | (638) | 1,216 | 157 |
Participating non-controlling interests – in operating subsidiaries | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 167 | 96 | 352 | 182 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | 433 | (477) | 602 | (105) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 600 | (381) | 954 | 77 |
General partnership interest in a holding subsidiary held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 27 | 23 | 55 | 47 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | 1 | (1) | 2 | 1 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 28 | 22 | 57 | 48 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | (20) | (7) | (38) | (38) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | 49 | (80) | 82 | 36 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 29 | (87) | 44 | (2) |
BEPC exchangeable shares | ||||
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 26 | (77) | 39 | (2) |
Preferred equity | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 6 | 6 | 13 | 13 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | 11 | (17) | 13 | (11) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 17 | (11) | 26 | 2 |
Perpetual subordinated notes | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 7 | 7 | 14 | 14 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | $ 7 | $ 7 | $ 14 | $ 14 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total limited partners' equity | Limited partners' equity | Foreign currency translation | Revaluation surplus | Actuarial losses on defined benefit plans | Cash flow hedges | Investments in equity securities | Preferred limited partners' equity | Preferred equity | Perpetual subordinated notes | BEPC Exchangeable Shares | Participating non-controlling interests – in operating subsidiaries | General partnership interest in a holding subsidiary held by Brookfield | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield |
Beginning balance at Dec. 31, 2021 | $ 23,996 | $ 4,092 | $ (1,516) | $ (842) | $ 6,494 | $ 0 | $ (48) | $ 4 | $ 881 | $ 613 | $ 592 | $ 2,562 | $ 12,303 | $ 59 | $ 2,894 |
Net income (loss) | 155 | (53) | (53) | 23 | 13 | 14 | (33) | 182 | 47 | (38) | |||||
Other comprehensive income (loss) | 2 | 50 | 19 | 1 | 3 | 30 | (3) | (11) | 31 | (105) | 1 | 36 | |||
Capital contributions | 294 | 294 | |||||||||||||
Issuance of Preferred LP Units | 115 | 115 | |||||||||||||
Redemption of Preferred LP Units | (236) | (236) | |||||||||||||
Disposals (Note 3) | (21) | 14 | (14) | (21) | |||||||||||
Distributions or dividends declared | (1,323) | (179) | (179) | (23) | (13) | (14) | (110) | (808) | (50) | (126) | |||||
Distribution reinvestment plan | 6 | 6 | |||||||||||||
Other | 13 | 5 | 5 | 1 | (1) | (1) | 4 | 5 | |||||||
Change in period | (995) | (171) | (212) | 19 | (8) | 4 | 29 | (3) | (121) | (12) | 0 | (108) | (458) | (2) | (123) |
Ending balance at Jun. 30, 2022 | 23,001 | 3,921 | (1,728) | (823) | 6,486 | 4 | (19) | 1 | 760 | 601 | 592 | 2,454 | 11,845 | 57 | 2,771 |
Beginning balance at Mar. 31, 2022 | 24,458 | 4,136 | (1,641) | (690) | 6,498 | 1 | (34) | 2 | 832 | 619 | 592 | 2,588 | 12,708 | 60 | 2,923 |
Net income (loss) | 122 | (9) | (9) | 12 | 6 | 7 | (6) | 96 | 23 | (7) | |||||
Other comprehensive income (loss) | (760) | (114) | (133) | 2 | 2 | 16 | (1) | (17) | (71) | (477) | (1) | (80) | |||
Capital contributions | 188 | 188 | |||||||||||||
Issuance of Preferred LP Units | 115 | 115 | |||||||||||||
Redemption of Preferred LP Units | 187 | 187 | |||||||||||||
Disposals (Note 3) | (21) | 14 | (14) | (21) | |||||||||||
Distributions or dividends declared | (895) | (88) | (88) | (12) | (6) | (7) | (55) | (639) | (25) | (63) | |||||
Distribution reinvestment plan | 3 | 3 | |||||||||||||
Other | (22) | (7) | (7) | 1 | (1) | (1) | (2) | (10) | (2) | ||||||
Change in period | (1,457) | (215) | (87) | (133) | (12) | 3 | 15 | (1) | (72) | (18) | 0 | (134) | (863) | (3) | (152) |
Ending balance at Jun. 30, 2022 | 23,001 | 3,921 | (1,728) | (823) | 6,486 | 4 | (19) | 1 | 760 | 601 | 592 | 2,454 | 11,845 | 57 | 2,771 |
Beginning balance at Dec. 31, 2022 | 26,286 | 4,096 | (1,898) | (845) | 6,817 | 4 | 17 | 1 | 760 | 571 | 592 | 2,561 | 14,755 | 59 | 2,892 |
Net income (loss) | 328 | (54) | (54) | 20 | 13 | 14 | (34) | 352 | 55 | (38) | |||||
Other comprehensive income (loss) | 888 | 116 | 103 | 13 | 13 | 73 | 602 | 2 | 82 | ||||||
Capital contributions | 1,581 | 1,581 | |||||||||||||
Equity issuance (Note 12, 20) | 630 | 389 | 389 | 241 | |||||||||||
Disposals (Note 3) | (414) | 14 | (14) | (414) | |||||||||||
Distributions or dividends declared | (946) | (189) | (189) | (20) | (13) | (14) | (119) | (401) | (57) | (133) | |||||
Distribution reinvestment plan | 4 | 4 | 4 | ||||||||||||
Ownership changes | 0 | 21 | 113 | 16 | (107) | (1) | (21) | ||||||||
Other | 155 | (64) | (259) | (20) | 213 | 1 | 1 | 0 | (15) | 129 | 0 | 105 | |||
Change in period | 2,226 | 223 | 18 | 99 | 92 | 1 | 13 | 0 | 0 | 13 | 0 | 125 | 1,849 | 0 | 16 |
Ending balance at Jun. 30, 2023 | 28,512 | 4,319 | (1,880) | (746) | 6,909 | 5 | 30 | 1 | 760 | 584 | 592 | 2,686 | 16,604 | 59 | 2,908 |
Beginning balance at Mar. 31, 2023 | 26,912 | 4,033 | (2,008) | (796) | 6,801 | 5 | 30 | 1 | 760 | 573 | 592 | 2,522 | 15,526 | 58 | 2,848 |
Net income (loss) | 151 | (28) | (28) | 10 | 6 | 7 | (18) | 167 | 27 | (20) | |||||
Other comprehensive income (loss) | 607 | 69 | 65 | 4 | (1) | 1 | 0 | 11 | 44 | 433 | 1 | 49 | |||
Capital contributions | 587 | 587 | |||||||||||||
Equity issuance (Note 12, 20) | 630 | 389 | 389 | ||||||||||||
Disposals (Note 3) | (26) | 0 | 0 | (26) | |||||||||||
Distributions or dividends declared | (514) | (92) | (92) | (10) | (6) | (7) | (61) | (243) | (29) | (66) | |||||
Distribution reinvestment plan | 2 | 2 | |||||||||||||
Ownership changes | 0 | 21 | 113 | 16 | (107) | (1) | (21) | ||||||||
Other | 163 | (75) | (256) | (31) | 211 | 1 | 0 | 0 | (21) | 160 | 2 | 97 | |||
Change in period | 1,600 | 286 | 128 | 50 | 108 | 0 | 0 | 0 | 0 | 11 | 0 | 164 | 1,078 | 1 | 60 |
Ending balance at Jun. 30, 2023 | $ 28,512 | $ 4,319 | $ (1,880) | $ (746) | $ 6,909 | $ 5 | $ 30 | $ 1 | $ 760 | $ 584 | $ 592 | $ 2,686 | $ 16,604 | $ 59 | $ 2,908 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||||
Net income | $ 151 | $ 122 | $ 328 | $ 155 |
Adjustments for the following non-cash items: | ||||
Depreciation | 458 | 389 | 887 | 790 |
Unrealized foreign exchange and financial instruments (gain) losses | (144) | 56 | (274) | 106 |
Share of earnings from equity-accounted investments | (13) | (29) | (46) | (48) |
Deferred income tax (recovery) expense | (18) | 31 | (37) | 5 |
Other non-cash items | (15) | 12 | 22 | 12 |
Dividends received from equity-accounted investments | 2 | 18 | 21 | 37 |
Cash flows from (used in) operations before changes in working capital | 421 | 599 | 901 | 1,057 |
Changes in due to or from related parties | 7 | (21) | 39 | 2 |
Net change in working capital balances | (46) | (140) | 105 | (318) |
Cash flows from (used in) operating activities | 382 | 438 | 1,045 | 741 |
Financing activities | ||||
Proceeds from medium term notes | 0 | 0 | 293 | 0 |
Commercial paper, net | (180) | 320 | (249) | 440 |
Proceeds from non-recourse borrowings | 901 | 2,313 | 2,429 | 3,426 |
Repayment of non-recourse borrowings | (1,577) | (1,538) | (3,199) | (2,437) |
Capital contributions from participating non-controlling interests – in operating subsidiaries | 587 | 168 | 1,581 | 274 |
Issuance of equity instruments and related costs | 630 | 115 | 630 | 115 |
Redemption and repurchase of equity instruments | 0 | (203) | 0 | (252) |
Distributions paid: | ||||
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes | (307) | (666) | (449) | (857) |
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation | (246) | (228) | (489) | (458) |
Borrowings from related party | 102 | 136 | 102 | 1,076 |
Repayments to related party | (40) | (150) | (139) | (150) |
Cash flows from (used in) financing activities | (130) | 267 | 510 | 1,177 |
Investing activities | ||||
Acquisitions, net of cash and cash equivalents, in acquired entity | (6) | 1 | (87) | (779) |
Investment in property, plant and equipment | (484) | (449) | (1,056) | (901) |
Investment in equity-accounted investments | (31) | (54) | (124) | (74) |
Proceeds from disposal of assets, net of cash and cash equivalents disposed | 69 | 118 | 72 | 118 |
Purchases of financial assets | (93) | (166) | (545) | (166) |
Proceeds from financial assets | 376 | 4 | 379 | 63 |
Restricted cash and other | (31) | 10 | (15) | 0 |
Cash flows from (used in) investing activities | (200) | (536) | (1,376) | (1,739) |
Foreign exchange (gain) loss on cash | 16 | (19) | 30 | (20) |
Cash and cash equivalents | ||||
Increase | 68 | 150 | 209 | 159 |
Balance, beginning of period | 1,140 | 910 | 998 | 900 |
Balance, end of period | 1,202 | 1,059 | 1,202 | 1,059 |
Supplemental cash flow information: | ||||
Net change in cash classified within assets held for sale | (6) | (1) | (5) | 0 |
Interest paid | 356 | 262 | 651 | 499 |
Interest received | 14 | 5 | 30 | 11 |
Income taxes paid | $ 97 | $ 32 | $ 128 | $ 44 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES [ABSTRACT] | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2022 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2022 audited consolidated financial statements. The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS. The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on August 4, 2023. Certain comparative figures have been reclassified to conform to the current year’s presentation. References to $, C$, €, £, R$, COP, INR, and CNY are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Indian rupees, and Chinese yuan, respectively. All figures are presented in millions of U.S. dollars unless otherwise noted. (b) Basis of preparation The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets. (c) Consolidation These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the combined statements of financial position. (d) Recently adopted accounting standards IFRS Interpretations Committee Agenda Decision - Demand Deposits with Restriction on Use Arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows) In April 2022, the IFRS Interpretations Committee (“IFRS IC”) concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7 Statement of Cash Flows. In the fact pattern described in the request, the contractual restrictions on the use of the amounts held in the demand deposit did not change the nature of the deposit — the entity can access those amounts on demand. Therefore, the entity should include the demand deposit as a component of “cash and cash equivalents” in its statement of financial position and in its statement of cash flows. Brookfield Renewable has completed the assessment and implemented its transition plan that addresses the impact of this IFRS IC agenda decision. The effect on the consolidated statements of cash flows is an increase to Cash and cash equivalents of $176 million and $236 million, and a decrease of $60 million and $100 million to cash used in investing activities, respectively, for the three months and six months ended June 30, 2022 Deferred Tax related to Assets and Liabilities arising from a Single transaction - Amendments to IAS 12- Pillar Two model rules In May 2023, the IASB issued amendments to IAS 12 “Income Taxes” to give entities temporary mandatory relief from accounting for deferred taxes arising from the Organization for Economic Co-operation and Developments (“OECD”) international tax reform. The amendments are effective immediately upon their issue and retrospectively in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” except for some targeted disclosure requirements which become effective for annual reporting periods on or after January 1,2023. Brookfield Renewable has applied the temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. (e) Future changes in accounting policies Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. Brookfield Renewable is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with potential impact on Brookfield Renewable. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS | ACQUISITIONS Brazil Wind Portfolio On March 3, 2023, Brookfield Renewable, together with its institutional partners, completed the acquisition of 100% interest in a 136 MW portfolio of operating wind assets in Brazil. The purchase price of this acquisition, including working capital and closing adjustments was $95 million. Brookfield Renewable holds an approximately 25% economic interest. The preliminary purchase price allocations, at fair value, as at June 30, 2023, with respect to the acquisitions are as follows: (MILLIONS) Brazil Wind Portfolio Cash and cash equivalents $ 10 Trade receivables and other current assets 9 Property, plant and equipment, at fair value 125 Other non-current assets 19 Accounts payable and accrued liabilities (16) Current portion of non-recourse borrowings (4) Non-recourse borrowings (46) Provisions (2) Fair value of net assets acquired 95 Purchase price $ 95 |
DISPOSAL OF ASSETS
DISPOSAL OF ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Disposal Of Assets [Abstract] | |
DISPOSAL OF ASSETS | DISPOSAL OF ASSETSOn March 17, 2023, Brookfield Renewable’s institutional partners completed the sale of a 78% interest in a 378 MW operating hydroelectric portfolio in the U.S., of which 28% was sold to affiliates of Brookfield Corporation. Brookfield Renewable retained its 22% interest in the investment and accordingly, did not receive any proceeds from the sale. Subsequent to the completion of the sale, Brookfield Renewable no longer consolidates this investment and recognized its interest as an equity-accounted investment. As a result of the disposition, Brookfield Renewable derecognized $667 million of total assets and $191 million of total liabilities from the consolidated statements of financial positions. Brookfield Renewable’s post-tax portion of the accumulated revaluation surplus of $34 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposals item in the consolidated statements of changes in equity. On May 17, 2023, Brookfield Renewable, together with its institutional partners, completed the sale of wind assets in the U.S that were acquired in 2022. There was no gain or loss on disposition recognized in the consolidated statements of income (loss) as a result of the disposition. Brookfield Renewable derecognized $254 million of total assets, $164 million of total liabilities, and non-controlling interest of $26 million from the consolidated statements of financial position. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE As at June 30, 2023, assets held for sale includes a 95 MW portfolio of wind assets and a 26 MW solar asset located in Uruguay. The following is a summary of the major items of assets and liabilities classified as held for sale: (MILLIONS) June 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 5 $ 9 Restricted cash 2 5 Trade receivables and other current assets 8 4 Financial instrument assets 2 3 Property, plant and equipment, at fair value 30 911 Intangible assets 198 — Goodwill 18 — Other long-term assets — 6 Assets held for sale $ 263 $ 938 Liabilities Current liabilities $ 4 $ 9 Non-recourse borrowings 168 171 Financial instrument liabilities — 167 Other long-term liabilities 6 1 Deferred tax liability 17 $ — Provisions — $ 3 Liabilities directly associated with assets held for sale $ 195 $ 351 |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS RISK MANAGEMENT Brookfield Renewable`s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instruments primarily to manage these risks. There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2022 audited consolidated financial statements. Fair value disclosures Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads. A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset. Assets and liabilities measured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities. Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 – inputs for the asset or liability that are not based on observable market data. The following table presents Brookfield Renewable's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy: June 30, 2023 December 31, 2022 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 1,202 $ — $ — $ 1,202 $ 998 Restricted cash (1) 196 — — 196 191 Financial instrument assets (1) IFRS 9 PPAs — — 10 10 2 Energy derivative contracts — 56 — 56 37 Interest rate swaps — 313 — 313 335 Foreign exchange swaps — 39 — 39 16 Investments in debt and equity securities (2) — 43 1,414 1,457 1,235 Property, plant and equipment — — 56,262 56,262 54,283 Liabilities measured at fair value: Financial instrument liabilities (1) IFRS 9 PPAs — — (540) (540) (670) Energy derivative contracts — (120) — (120) (236) Interest rate swaps — (86) — (86) (82) Foreign exchange swaps — (168) — (168) (110) Tax equity — — (1,087) (1,087) (1,131) Contingent consideration (1)(3) — — (76) (76) (68) Liabilities for which fair value is disclosed: Corporate borrowings (1) (2,471) — — (2,471) (2,362) Non-recourse borrowing (1) (2,109) (19,166) — (21,275) (21,117) Total $ (3,182) $ (19,089) $ 55,983 $ 33,712 $ 31,321 (1) Includes both the current amount and long-term amounts. (2) Excludes $30 million (2022: nil) of investments in debt securities that are measured at amortized cost. (3) Amount relates to business combinations completed in 2022 with obligations lapsing from 2023 to 2027. There were no transfers between levels during the six months ended June 30, 2023. Financial instruments disclosures The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows: June 30, 2023 December 31, 2022 (MILLIONS) Assets Liabilities Net Assets Net Assets IFRS 9 PPAs 10 540 (530) (668) Energy derivative contracts $ 56 $ 120 $ (64) $ (199) Interest rate swaps 313 86 227 253 Foreign exchange swaps 39 168 (129) (94) Investments in debt and equity securities 1,487 — 1,487 1,235 Tax equity — 1,087 (1,087) (1,131) Total 1,905 2,001 (96) (604) Less: current portion 173 567 (394) (434) Long-term portion $ 1,732 $ 1,434 $ 298 $ (170) (a) Energy derivative contracts and IFRS 9 PPAs Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts. (b) Interest rate hedges Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value. (c) Foreign exchange swaps Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies. (d) Tax equity Brookfield Renewable owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the consolidated statements of financial position. Gains or loss on the tax equity liabilities are recognized within the foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss). (e) Investments in debt and equity securities Brookfield Renewable's investments in debt and equity securities consist of investments in securities which are recorded on the statement of financial position at fair value. The following table reflects the gains (losses) included in Foreign exchange and financial instrument gain (loss) in the interim consolidated statements of income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ 10 $ (23) $ 76 $ (61) IFRS 9 PPAs 14 (25) 71 (103) Investment in debt and equity securities 46 (6) 46 (6) Interest rate swaps 15 15 9 65 Foreign exchange swaps (1) 28 (6) 36 Tax equity 44 32 61 62 Foreign exchange (loss) gain 25 (33) 38 (42) $ 153 $ (12) $ 295 $ (49) For the three and six months ended June 30, 2023, the gains associated with debt and equity securities of $8 million (2022: $2 million ) was recorded in Other income on the interim consolidated statements of income (loss). The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ 18 $ (61) $ 184 $ (173) IFRS 9 PPAs 25 (16) 37 (53) Interest rate swaps 29 95 (17) 222 Foreign exchange swaps (22) 9 (26) (2) 50 27 178 (6) Foreign exchange swaps – net investment — 97 (19) 52 Investments in debt and equity securities 2 (4) 2 (9) $ 52 $ 120 $ 161 $ 37 The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ (34) $ 35 $ (82) $ 86 IFRS 9 PPAs — — — 2 Interest rate swaps 2 1 1 4 $ (23) $ 36 $ (72) $ 92 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology. Brookfield Renewable’s operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, renewable natural gas, carbon capture and storage, recycling, cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e. North America, Colombia, Brazil, Europe and Asia). This best reflects the way in which the CODM reviews results of our company. Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder (holders of the GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units) perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Brookfield Renewable’s Unitholders. Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items. Brookfield Renewable does not consolidate entities it does not control or exercises significant influence, as such, these entities have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items. Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner. The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of preparation and significant accounting policies. Brookfield Renewable analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2023: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 274 $ 58 $ 66 $ 73 $ 35 $ 9 $ 13 $ 110 $ 81 $ — $ 719 $ (50) $ 536 $ 1,205 Other income 4 2 4 35 5 1 1 15 9 22 98 (2) (35) 61 Direct operating costs (97) (18) (23) (24) (8) (3) (4) (18) (27) (9) (231) 26 (220) (425) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 26 — 26 181 42 47 84 32 7 10 107 63 13 586 — 281 Management service costs — — — — — — — — — (55) (55) — — (55) Interest expense (64) (4) (21) (15) (4) (2) (3) (28) (9) (32) (182) 6 (226) (402) Current income taxes (3) (2) (5) (1) (1) — — (2) — — (14) 2 (25) (37) Distributions attributable to Preferred limited partners equity — — — — — — — — — (10) (10) — — (10) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — — — (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) — (8) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (30) (30) Funds From Operations 114 36 21 68 27 5 7 77 54 (97) 312 — — Depreciation (248) 11 (221) (458) Foreign exchange and financial instrument gain (loss) 31 (3) 125 153 Deferred income tax expense 31 1 (14) 18 Other (165) (4) 247 78 Share of earnings from equity-accounted investments — (5) — (5) Net income attributable to non-controlling interests — — (137) (137) Net income (loss) attributable to Unitholders (2) $ (39) $ — $ — $ (39) (1) Share of earnings from equity-accounted investments of $13 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $167 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 297 $ 45 $ 67 $ 85 $ 32 $ 7 $ 10 $ 112 $ 68 $ — $ 723 $ (47) $ 598 $ 1,274 Other income — 2 — — 7 — 1 19 3 19 51 (1) (36) 14 Direct operating costs (93) (13) (22) (31) (6) (1) (2) (27) (24) (8) (227) 18 (157) (366) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 30 2 32 204 34 45 54 33 6 9 104 47 11 547 — 407 Management service costs — — — — — — — — — (65) (65) — — (65) Interest expense (46) (7) (14) (16) (5) (2) (3) (28) (12) (20) (153) 4 (145) (294) Current income taxes (3) (3) (5) — — — — (2) 3 — (10) 4 (25) (31) Distributions attributable to Preferred limited partners equity — — — — — — — — — (12) (12) — — (12) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (2) (10) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (235) (235) Funds From Operations 155 24 26 38 28 4 6 74 38 (99) 294 — — Depreciation (233) 10 (166) (389) Foreign exchange and financial instrument gain (loss) (12) — — (12) Deferred income tax expense (4) (2) (25) (31) Other (44) (15) 52 (7) Share of loss from equity-accounted investments — 7 — 7 Net income attributable to non-controlling interests — — 139 139 Net income attributable to Unitholders (2) $ 1 $ — $ — $ 1 (1) Share of loss from equity-accounted investments of $29 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net loss attributable to participating non-controlling interests – in operating subsidiaries of $96 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2023: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed generation, storage & other Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 609 119 132 158 75 17 23 198 160 — 1,491 (129) 1,174 2,536 Other income 8 3 5 36 5 1 1 23 14 34 130 (7) (36) 87 Direct operating costs (206) (35) (42) (49) (16) (5) (5) (45) (55) (18) (476) 60 (410) (826) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 76 — 76 411 87 95 145 64 13 19 176 119 16 1,145 — 728 Management service costs — — — — — — — — — (112) (112) — — (112) Interest expense (135) (9) (39) (33) (8) (3) (6) (55) (21) (60) (369) 16 (443) (796) Current income taxes (4) (4) (12) (1) (3) — (1) (4) (1) — (30) 5 (55) (80) Distributions attributable to Preferred limited partners equity — — — — — — — — — (20) (20) — — (20) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — — — (14) (14) — — (14) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (21) — (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (230) (230) Funds From Operations 272 74 44 111 53 10 12 117 97 (203) 587 — — Depreciation (489) 24 (422) (887) Foreign exchange and financial instrument gain (loss) 69 15 211 295 Deferred income tax expense 34 4 (1) 37 Other (272) (34) 334 28 Share of loss from equity-accounted investments — (9) — (9) Net loss attributable to non-controlling interests — — (122) (122) Net loss attributable to Unitholders (2) (71) — — (71) (1) Share of earnings from equity-accounted investments of $46 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $352 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2022: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 533 93 140 171 83 13 19 193 127 — 1,372 (96) 1,134 2,410 Other income 2 20 — — 11 — 1 55 16 24 129 (13) (31) 85 Direct operating costs (190) (26) (42) (57) (15) (3) (4) (54) (48) (16) (455) 39 (300) (716) Share of revenue, other income and direct operating costs from equity-accounted investments — 70 4 74 345 87 98 114 79 10 16 194 95 8 1,046 — 807 — Management service costs — — — — — — — — — (141) (141) — — (141) Interest expense (91) (12) (24) (32) (9) (3) (6) (54) (22) (40) (293) 10 (277) (560) Current income taxes (5) (6) (13) — (1) — — (2) 2 — (25) 7 (55) (73) Distributions attributable to Preferred limited partners equity — — — — — — — — — (23) (23) — — (23) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes (14) (14) — — (14) Share of interest and cash taxes from equity-accounted investments — — — — — — — — — — — (17) (4) (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (471) (471) Funds From Operations 249 69 61 82 69 7 10 138 75 (223) 537 — — Depreciation (479) 19 (330) (790) Foreign exchange and financial instrument gain (loss) (36) 1 (14) (49) Deferred income tax expense 26 (2) (29) (5) Other (125) (13) 84 (54) Share of loss from equity-accounted investments — (5) — (5) Net income attributable to non-controlling interests — — 289 289 Net loss attributable to Unitholders (2) (77) — — (77) (1) Share of earnings from equity-accounted investments of $48 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests– in operating subsidiaries of $182 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia As at June 30, 2023 Cash and cash equivalents $ 122 $ 30 $ 22 $ 61 $ 48 $ 34 $ 16 $ 93 $ 74 $ 18 $ 518 $ (56) $ 740 $ 1,202 Property, plant and equipment 15,452 1,843 2,121 3,598 670 425 299 3,006 2,387 3 29,804 (1,287) 27,745 56,262 Total assets 16,698 2,012 2,362 3,964 841 484 397 3,612 3,063 289 33,722 (793) 32,972 65,901 Total borrowings 4,150 267 608 1,259 359 121 219 2,357 928 2,661 12,929 (557) 12,043 24,415 Other liabilities 5,009 118 748 1,111 210 31 43 622 688 307 8,887 (236) 4,323 12,974 As at December 31, 2022 Cash and cash equivalents $ 55 $ 15 $ 14 $ 48 $ 56 $ 22 $ 24 $ 139 $ 72 $ — $ 445 $ (43) $ 596 $ 998 Property, plant and equipment 15,331 1,743 1,826 3,563 650 346 294 3,046 2,337 — 29,136 (1,165) 26,312 54,283 Total assets 16,971 1,880 2,036 3,969 816 381 399 3,520 2,794 581 33,347 (587) 31,351 64,111 Total borrowings 4,206 258 526 1,356 358 83 238 2,382 928 2,556 12,891 (373) 12,332 24,850 Other liabilities 5,250 99 634 1,344 244 15 71 492 507 271 8,927 (204) 4,252 12,975 Geographical Information The following table presents consolidated revenue split by reportable segment for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Hydroelectric North America $ 286 $ 371 $ 708 $ 656 Brazil 66 46 133 93 Colombia 292 274 575 579 644 691 1,416 1,328 Wind North America 172 175 358 339 Europe 30 47 91 124 Brazil 31 21 54 38 Asia 56 44 105 82 289 287 608 583 Utility-scale solar 174 207 338 349 Distributed energy & sustainable solutions 98 89 174 150 Total $ 1,205 $ 1,274 $ 2,536 $ 2,410 The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2023 December 31, 2022 United States $ 29,394 $ 29,056 Colombia 9,460 8,264 Canada 7,636 7,560 Brazil 5,222 4,754 Europe 3,976 3,963 Asia 2,057 1,932 Other 161 146 $ 57,906 $ 55,675 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXESBrookfield Renewable's effective income tax rate was 12% for the six months ended June 30, 2023 (2022: 33%). The effective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' income or loss not subject to tax. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table presents a reconciliation of property, plant and equipment at fair value: (MILLIONS) Hydroelectric Wind Solar Other (1) Total Property, plant and equipment, at fair value As at December 31, 2022 $ 31,168 $ 11,302 $ 8,239 $ 242 $ 50,951 Additions, net 2 47 (13) 3 39 Transfer from construction work-in-progress 13 149 441 — 603 Acquisitions through business combinations — 125 — — 125 Disposals — — — (5) (5) Transfer to assets held for sale — — (30) — (30) Items recognized through OCI: Change in fair value — — (2) — (2) Foreign exchange 1,478 68 145 9 1,700 Items recognized through net income: Depreciation (314) (331) (224) (18) (887) As at June 30, 2023 $ 32,347 $ 11,360 $ 8,556 $ 231 $ 52,494 Construction work-in-progress As at December 31, 2022 $ 299 $ 1,132 $ 1,897 $ 4 $ 3,332 Additions 43 390 542 1 976 Transfer to property, plant and equipment (13) (149) (441) — (603) Acquisitions through business combinations — — 8 — 8 Items recognized through OCI: Change in fair value — — 7 — 7 Foreign exchange 8 20 20 — 48 As at June 30, 2023 $ 337 $ 1,393 $ 2,033 $ 5 $ 3,768 Total property, plant and equipment, at fair value As at December 31, 2022 (2) $ 31,467 $ 12,434 $ 10,136 $ 246 $ 54,283 As at June 30, 2023 (2) $ 32,684 $ 12,753 $ 10,589 $ 236 $ 56,262 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $62 million (2022: $64 million) in hydroelectric, $229 million (2022: $242 million) in wind, $239 million (2022: $215 million) in solar, and nil (2022: nil) in other. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
BORROWINGS | BORROWINGS Corporate Borrowings The composition of corporate borrowings is presented in the following table: June 30, 2023 December 31, 2022 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities N/A 5 $ — — N/A 5 $ — $ — Commercial paper N/A N/A — — 5.1 <1 249 249 Medium Term Notes: Series 4 (C$150) 5.8 13 113 118 5.8 14 111 114 Series 9 (C$400) 3.8 2 302 292 3.8 2 295 286 Series 10 (C$500) 3.6 4 378 357 3.6 4 369 350 Series 11 (C$475) 4.3 6 359 343 4.3 6 351 338 Series 12 (C$475) 3.4 7 359 324 3.4 7 351 316 Series 13 (C$300) 4.3 26 227 193 4.3 27 221 184 Series 14 (C$425) 3.3 27 321 229 3.3 28 314 218 Series 15 (C$400) (1) 5.9 9 301 314 5.9 10 295 307 Series 16 (C$400) 5.3 10 301 301 — — — — 4.3 11 2,661 2,471 4.1 % 11 2,307 2,113 Total corporate borrowings 2,661 $ 2,471 2,556 $ 2,362 Add: Unamortized premiums (2) 2 2 Less: Unamortized financing fees (2) (12) (10) Less: Current portion — (249) $ 2,651 $ 2,299 (1) Includes $8 million (2022: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details. (2) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. Credit facilities and commercial paper Brookfield Renewable had nil commercial paper outstanding as at June 30, 2023 (2022: $249 million). Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 19 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries. The following table summarizes the available portion of corporate credit facilities: (MILLIONS) June 30, 2023 December 31, 2022 Authorized corporate credit facilities and related party credit facilities (1) $ 2,375 $ 2,375 Authorized letter of credit facility 500 500 Issued letters of credit (325) (344) Available portion of corporate credit facilities (3) $ 2,550 $ 2,531 (1) Amounts are guaranteed by Brookfield Renewable. Medium term notes Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 21 – Subsidiary public issuers). Canadian Finco may redeem some or all of the borrowings from time to time, pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually. The term notes payable by Canadian Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries. During the first quarter of 2023, Brookfield Renewable issued C$400 million of Series 16 medium-term notes. The medium-term notes have a fixed interest rate of 5.29% and a maturity date of October 28, 2033. The Series 16 medium-term notes are corporate-level green bonds. Non-recourse borrowings Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (IBR), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (IPC), Colombia inflation rate, plus a margin. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”). Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”). Effective January 1, 2022, SONIA replaced the £ London Interbank Offered Rate (“LIBOR”), and Euro Short-term Rate (“€STR”) replaced € LIBOR. The Canadian Overnight Repo Rate Average (“CORRA”) is expected to replace CDOR after June 28, 2024. As at June 30, 2023, Brookfield Renewable’s floating rate borrowings have not been materially impacted by SONIA and €STR reforms. Brookfield Renewable has completed an assessment and implemented its transition plan to address the impact and effect changes as a result of amendments to the contractual terms for the replacement of US$ LIBOR with the Secured Overnight Financing Rate (“SOFR”) referenced floating-rate borrowings, interest rate swaps, and updating hedge designations. The adoption did not have a significant impact on Brookfield Renewable’s financial reporting. The composition of non-recourse borrowings is presented in the following table: June 30, 2023 December 31, 2022 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 7.8 11 $ 8,739 $ 8,568 7.2 10 $ 8,813 $ 8,104 Wind 5.8 8 5,065 $ 4,997 5.4 8 5,943 5,824 Utility-scale solar 6.0 13 4,668 $ 4,592 5.6 13 4,625 4,502 Distributed energy & sustainable solutions 6.0 6 3,326 3,118 5.1 7 2,940 2,687 Total 6.7 10 $ 21,798 $ 21,275 6.1 10 $ 22,321 $ 21,117 Add: Unamortized premiums (3) 94 105 Less: Unamortized financing fees (3) (128) (124) Less: Current portion (1,457) (2,027) $ 20,307 $ 20,275 (1) Includes $923 million (2022: 1,838 million ) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $115 million (2022: $93 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details. (3) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. Brookfield Renewable’s financing and refinancing completed for the six months ended June 30, 2023 are as follows: Period Closed Region Technology Average Interest rate 1 Maturity Carrying Value Q1 2023 US Distributed generation 7.03% Financing 2026 $100 million Q1 2023 China Wind 4.4% Financing 2040 CNY 971 million ($141 million) Q1 2023 China Wind 4.6% Financing 2030 CNY 200 million ($29 million) Q1 2023 China Wind 4.6% Financing 2039 CNY 70 million ($10 million) Q1 2023 China Wind 4.4% Financing 2039 CNY 97 million ($14 million) Q2 2023 India Solar MCLR Financing 2043 INR 10 billion ($123 million) Q2 2023 Brazil Wind CDI Financing 2024 BRL $450 million ($93 million) Q2 2023 Canada Hydroelectric 6.19% Financing 2045 CAD $30 million ($22 million) Q2 2023 US Solar 6.62% Financing 2058 - 2060 $45 million Q2 2023 US Wind SOFR Refinancing 2033 $311 million (1) Benchmarked financings bear a variable interest at the applicable rate plus a margin. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Non-controlling Interests [Abstract] | |
NON-CONTROLLING INTERESTS | NON-CONTROLLING INTERESTS Brookfield Renewable`s non-controlling interests are comprised of the following: (MILLIONS) June 30, 2023 December 31, 2022 Participating non-controlling interests – in operating subsidiaries $ 16,604 $ 14,755 General partnership interest in a holding subsidiary held by Brookfield 59 59 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,908 2,892 BEPC exchangeable shares 2,686 2,561 Preferred equity 584 571 Perpetual subordinated notes 592 592 $ 23,433 $ 21,430 Participating non-controlling interests – in operating subsidiaries The net change in participating non-controlling interests – in operating subsidiaries is as follows: (MILLIONS) Brookfield Americas Infrastructure Fund Brookfield Infrastructure Fund II Brookfield Infrastructure Fund III Brookfield Infrastructure Fund IV Brookfield Global Transition Fund I Canadian Hydroelectric Portfolio The Catalyst Group Isagen institutional investors Isagen public non-controlling interests Other Total As at December 31, 2022 $ 477 $ 2,617 $ 3,490 $ 2,134 $ 1,461 $ 1,148 $ 115 $ 2,159 $ 14 $ 1,140 $ 14,755 Net income 30 44 90 24 54 14 9 63 — 24 352 Other comprehensive income (loss) (30) 50 201 67 12 25 — 308 2 (33) 602 Capital contributions — — — 86 1,437 — — — — 58 1,581 Disposal (388) — — — (26) — — — — — (414) Distributions (21) (44) (119) (63) (2) (28) (3) (86) (1) (34) (401) Other 27 1 (22) — (19) 166 — — — (24) 129 As at June 30, 2023 $ 95 $ 2,668 $ 3,640 $ 2,248 $ 2,917 $ 1,325 $ 121 $ 2,444 $ 15 $ 1,131 $ 16,604 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 77% - 80% 50 % 25 % 53 % 0.3 % 0.3% - 71% General partnership interest in a holding subsidiary held by Brookfield, Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield and BEPC Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and Brookfield Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specified target levels. As at June 30, 2023, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $28 million and $55 million were declared during the three and six months ended June 30, 2023, respectively (2022: $23 million and $47 million, respectively). Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield and the BEPC exchangeable shares are held 25% by Brookfield with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units and BEPC exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable on a one-for-one basis, the Redeemable/Exchangeable partnership units and BEPC exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. During the three and six months ended June 30, 2023, exchangeable shareholders of BEPC exchanged 833 and 2,575 BEPC exchangeable shares (2022: 4,743 and 8,084 shares during the same periods) for an equivalent number of LP units amounting to less than $1 million (2022: less than $1 million). No Redeemable/Exchangeable partnership units have been redeemed. On June 16, 2023, Brookfield Renewable completed the issuance of 8,200,000 LP Units and 7,430,000 BEPC exchangeable shares on a bought deal basis at a price of $30.35 per LP Unit and $33.80 per BEPC exchangeable Share for gross proceeds of $500 million. The Redeemable/Exchangeable partnership units issued by BRELP and the BEPC exchangeable shares issued by BEPC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable. As at June 30, 2023, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and units of GP interest outstanding were 194,487,939 units (December 31, 2022: 194,487,939 units), 179,657,416 shares (December 31, 2022: 172,218,098 shares), and 3,977,260 units (December 31, 2022: 3,977,260 units), respectively. In December 2022, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and entered into a normal course issuer bid for its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,764,352 LP units and 8,610,905 BEPC exchangeable shares, representing 5% of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 15, 2023, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units or BEPC exchangeable shares repurchased during the three and six months ended June 30, 2023 and 2022. Distributions The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 2 $ 2 $ 3 Incentive distribution 28 23 55 47 29 25 57 50 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 66 63 133 126 BEPC exchangeable shares held by Brookfield 15 15 31 30 External shareholders 46 40 88 80 Total BEPC exchangeable shares 61 55 119 110 $ 156 $ 143 $ 309 $ 286 Preferred equity Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows: (MILLIONS EXCEPT AS NOTED) Shares Cumulative Earliest Distributions declared for the six months ended June 30 Carrying value as at 2023 2022 June 30, 2023 December 31, 2022 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 129 $ 126 Series 2 (C$113) (1) 3.11 7.0 April 2025 2 2 59 57 Series 3 (C$249) 9.96 4.4 July 2024 4 4 186 183 Series 5 (C$103) 4.11 5.0 April 2018 2 2 77 76 Series 6 (C$175) 7.00 5.0 July 2018 3 3 134 129 31.03 $ 13 $ 13 $ 584 $ 571 (1) Dividend rate represents annualized distribution based on the most recent quarterly floating rate. Distributions paid during the three and six months ended June 30, 2023, totaled $6 million and $13 million, respectively (2022: $6 million and $13 million, respectively). The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2023, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity. In December 2022, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to December 15, 2023, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Class A Preference Shares during the three and six months ended June 30, 2023 and 2022. Perpetual subordinated notes In April 2021 and December 2021, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million and $260 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625% and 4.875%, respectively. The interest expense on the perpetual subordinated notes during the three and six months ended June 30, 2023 of $7 million and $14 million, respectively (2022: $7 million and $14 million, respectively) are presented as distributions in the consolidated statements of changes in equity. The carrying value of the perpetual subordinated notes, net of transaction cost, is $592 million as at June 30, 2023 (December 31, 2022: $592 million). Distributions paid during the three and six months ended June 30, 2023, totaled $7 million and $14 million, respectively (2022: $9 million and $13 million, respectively). |
PREFERRED LIMITED PARTNERS' EQU
PREFERRED LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Disclsoure of Preferred Limited Partners Equity [Abstract] | |
PREFERRED LIMITED PARTNERS' EQUITY | PREFERRED LIMITED PARTNERS' EQUITY Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows: (MILLIONS, EXCEPT AS NOTED) Shares outstanding Cumulative distribution rate (%) Earliest permitted redemption date Distributions declared for the six months ended June 30 Carrying value as at 2023 2022 June 30, 2023 December 31, 2022 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 11 (C$250) (1) — 5.00 April 2022 — 3 — — Series 13 (C$250) 10.00 6.05 April 2028 5 5 196 196 Series 15 (C$175) 7.00 5.75 April 2024 4 4 126 126 Series 17 ($200) 8.00 5.25 March 2025 5 5 195 195 Series 18 (C$150) 6.00 5.50 April 2027 2 2 115 115 38.00 $ 20 $ 23 $ 760 $ 760 (1) In the second quarter of 2022, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Limited Partnership units. Distributions paid during the three and six months ended June 30, 2023, totaled $10 million and $20 million, respectively (2022: $12 million and $23 million, respectively). During the quarter, Brookfield Renewable declared the fixed quarterly distributions on the Class A Preferred Limited Partnership Series 13 Units during the five years commencing May 1, 2023 will be paid at an annual rate of 6.05%. Class A Preferred LP Units - Normal Course Issuer Bid In December 2022, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 15, 2023, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preferred Limited Partnership Units. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No shares were repurchased during the three and six months ended June 30, 2023 and 2022. |
LIMITED PARTNERS' EQUITY
LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of limited partners equity [Abstract] | |
LIMITED PARTNERS' EQUITY | LIMITED PARTNERS' EQUITY Limited partners’ equity On June 16, 2023, Brookfield Renewable completed the issuance of 8,200,000 LP Units and 7,430,000 BEPC Exchangeable shares on a bought deal basis at a price of $30.35 per LP Unit and $33.80 per BEPC Exchangeable Share for gross proceeds of $500 million. Concurrently, a subsidiary of Brookfield Reinsurance purchased 5,148,270 LP units at the LP unit offering price (net of underwriting commission). The aggregate gross proceeds of the offering and the concurrent private placement was approximately $650 million. Brookfield Renewable incurred $20 million in related transaction costs inclusive of fees paid to underwriters. As at June 30, 2023, 288,846,874 LP units were outstanding (December 31, 2022: 275,358,750 LP units) including 73,897,686 LP units (December 31, 2022: 68,749,416 LP units) held by Brookfield. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest. During the three and six months ended June 30, 2023, 65,160 and 137,279 LP units, respectively (2022: 78,327 and 147,192 LP units, respectively) were issued under the distribution reinvestment plan at a total cost of $2 million and $4 million, respectively (2022: $3 million and $6 million, respectively). During the three and six months ended June 30, 2023, shareholders of BEPC exchangeable shares exchanged 833 and 2,575 exchangeable shares, respectively (2022: 4,743 and 8,084 exchangeable shares, respectively) for an equivalent number of LP units amounting to less than $1 million (2022: less than $1 million). As at June 30, 2023, Brookfield Corporation’s direct and indirect interest of 313,199,460 LP units, 5,148,270 LP units owned by a subsidiary of Brookfield Reinsurance Limited, Redeemable/Exchangeable partnership units and BEPC exchangeable shares represents approximately 47% of Brookfield Renewable on a fully-exchanged basis and the remaining approximate 53% is held by public investors. On an unexchanged basis, Brookfield Corporation holds a 26% direct limited partnership interest in Brookfield Renewable, a 40% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a 1% direct GP interest in BRELP and a 25% direct interest in the exchangeable shares of BEPC as at June 30, 2023. In December 2022, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,764,352 LP units and 8,610,905 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 15, 2023, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units or BEPC exchangeable shares repurchased during the three and six months ended June 30, 2023 and 2022. Distributions The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Brookfield $ 23 $ 22 $ 47 $ 45 External LP unitholders 69 66 142 134 $ 92 $ 88 $ 189 $ 179 In February 2023, Unitholder distributions were increased to $1.35 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect with the distribution paid in March 2023. Distributions paid during the three and six months ended June 30, 2023 totaled $91 million and $182 million (2022: $85 million and $174 million). |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
GOODWILL | GOODWILL The following table provides a reconciliation of goodwill: (MILLIONS) Total Balance, as at December 31, 2022 1,526 Transfer to Assets held for sale (18) Foreign exchange and other 95 Balance, as at June 30, 2023 $ 1,603 |
EQUITY-ACCOUNTED INVESTMENTS
EQUITY-ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Equity-Accounted Investments [Abstract] | |
EQUITY-ACCOUNTED INVESTMENTS | EQUITY-ACCOUNTED INVESTMENTS The following are Brookfield Renewable’s equity-accounted investments for the six months ended June 30, 2023: (MILLIONS) June 30, 2023 Balance, beginning of year $ 1,392 Investment 222 Share of net income 46 Share of other comprehensive income (18) Dividends received (21) Foreign exchange translation and other 23 Balance as at June 30, 2023 $ 1,644 On March 17, 2023, Brookfield Renewable’s institutional partners completed the sale of a 78% interest in a 378 MW operating hydroelectric portfolio in the U.S., of which 28% was sold to affiliates of Brookfield Corporation. Brookfield Renewable retained its 22% interest in the investment and accordingly, did not receive any proceeds from the sale. Subsequent to the completion of the sale, Brookfield Renewable no longer consolidates this investment and recognized $105 million as an equity-accounted investment for its interest. During the first quarter of 2023, Brookfield Renewable, together with institutional partners, acquired an approximately 4% equity interest in a sustainable agricultural solutions company in India for INR 7 billion ($86 million) (approximately INR 1.4 billion ($17 million) net to Brookfield Renewable). During the second quarter of 2023, Brookfield Renewable, together with its institutional partner, subscribed for additional shares in Powen. This subscription increased the total interest in Powen to 38% (8% net to Brookfield Renewable). |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Brookfield Renewable’s cash and cash equivalents are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Cash $ 863 $ 728 Cash subject to restriction 281 268 Short-term deposits 58 2 $ 1,202 $ 998 |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2023 December 31, 2022 Operations $ 139 $ 93 Credit obligations 47 56 Capital expenditures and development projects 10 42 Total 196 191 Less: non-current (60) (52) Current $ 136 $ 139 |
TRADE RECEIVABLES AND OTHER CUR
TRADE RECEIVABLES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Trade Receivables and Other Current Assets [Abstract] | |
TRADE RECEIVABLES AND OTHER CURRENT ASSETS | TRADE RECEIVABLES AND OTHER CURRENT ASSETS Brookfield Renewable's trade receivables and other current assets are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Trade receivables $ 652 $ 672 Collateral deposits (1) 335 609 Short-term deposits and advances 140 113 Prepaids and other 113 86 Income tax receivable 74 74 Sales taxes receivable 73 73 Current portion of contract asset 61 54 Inventory 40 42 Other short-term receivables 145 137 $ 1,633 $ 1,860 (1) Collateral deposits are related to energy derivative contracts that Brookfield Renewable enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of Brookfield Renewable's risk management strategy. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Brookfield Renewable's accounts payable and accrued liabilities are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Operating accrued liabilities $ 398 $ 440 Accounts payable 219 276 Interest payable on borrowings 191 153 Income tax payable 44 78 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 58 53 Current portion of lease liabilities 34 33 Current portion of contract liability 30 24 Other 46 29 $ 1,020 $ 1,086 (1) Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield are included in due to related parties. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Commitments Contingencies and Guarantess [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089. In the normal course of business, Brookfield Renewable will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at June 30, 2023, Brookfield Renewable had $1.4 billion (2022: $1 billion) of capital expenditure commitments outstanding of which $1,003 million is payable in 2023, $425 million is payable in 2024, $11 million is payable in 2025 to 2027, and $6 million thereafter. The following table lists the assets and portfolio of assets that Brookfield Renewable, together with institutional partners have agreed to acquire which are subject to customary closing conditions as at June 30, 2023: Region Technology Capacity Consideration Brookfield Renewable Expected Close China Wind 102 MW development CNY $255 million ($38 million) 20 % Q4 2023 U.S. Nuclear Services N/A $4.5 billion Approximately $450 million Second half of 2023 U.S. Utility-scale solar 473 MW operating $135 million 20 % First of three projects in Q4 2023 China Wind 350 MW development CNY $853 million ($125 million) 20 % First of two projects in Q4 2023 Europe Utility-scale solar 649 MW operating 531 MW development $900 million 17 % Second half of 2023 Australia Integrated power generator and energy retailer 7 GW of operating and contracted assets with $4.5 million customer accounts A$8.91 per share, implying an enterprise value of A$18.7 billion for entire Origin Up to $750 million Q1 2024 U.S Distributed energy & sustainable solutions 220 MW development $14 million 20 % Q3 2023 U.S Integrated developer and operator of renewable power 5,900 MW of operating and under construction 6,100 MW development $1.05 billion 25 % Second half of 2023 U.S Distributed energy & sustainable solutions 14 MW development $30 million 25 % Q3 2023 India C&I renewable platform 4,500 megawatts of operating and development pipeline; INR $15.4 billion ($188 million) 20 % Second half of 2023 Brazil Distributed energy & sustainable solutions 730 MW development BRL $430 million ($83 million) 20 % 2023-2026 Brazil Wind 60 MW operating BRL $112 million ($20 million) 25 % Q3 2023 An integral part of Brookfield Renewable’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit Brookfield Renewable’s profile. In the normal course of business, Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors. Contingencies Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on Brookfield Renewable’s consolidated financial position or results of operations. Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 9 – Borrowings. Brookfield Renewable, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Infrastructure Income Fund, Brookfield Global Transition Fund I and Brookfield Global Transition Fund II. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates: (MILLIONS) June 30, 2023 December 31, 2022 Brookfield Renewable along with institutional partners $ 99 $ 99 Brookfield Renewable's subsidiaries 1,438 1,510 $ 1,537 $ 1,609 Guarantees In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, credit facilities of certain Brookfield private funds and that are also secured by committed capital of our third-party institutional partners, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents Brookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewable could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnification agreements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Brookfield Renewable’s related party transactions are recorded at the exchange amount. Brookfield Renewable`s related party transactions are primarily with Brookfield and Brookfield Reinsurance Ltd (“Brookfield Reinsurance”). On June 16, 2023, Brookfield Renewable completed the issuance of 8,200,000 LP Units and 7,430,000 BEPC exchangeable shares on a bought deal basis at a price of $30.35 per LP Unit and $33.80 per BEPC exchangeable Share for gross proceeds of $500 million. Concurrently, a subsidiary of Brookfield Reinsurance purchased 5,148,270 LP units at the LP unit offering price (net of underwriting commission). The aggregate gross proceeds of the offering and the concurrent private placement was approximately $650 million. Brookfield Renewable incurred $20 million in related transaction costs inclusive of fees paid to underwriters. Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2023 and the draws bear interest at Secured Overnight Financing Rate plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation. Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at June 30, 2023 (December 31, 2022: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three and six months ended June 30, 2023 totaled nil (2022: less than $1 million). The following table reflects the related party agreements and transactions for the three and six months ended June 30 in the interim consolidated statements of income (loss): Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Revenues Power purchase and revenue agreements $ 8 $ 9 $ 52 $ 22 Direct operating costs Energy marketing fee & other services (4) (1) (5) (4) $ (4) $ (1) $ (5) $ (4) Interest expense Borrowings $ (5) $ — $ (10) $ — Contract balance accretion (7) (6) $ (15) $ (12) $ (12) $ (6) $ (25) $ (12) Other Distribution income $ 4 $ — $ 5 $ — Related party services $ 6 $ (1) $ 6 $ (2) Management service costs $ (55) $ (65) $ (112) $ (141) The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position: (MILLIONS) Related party June 30, 2023 December 31, 2022 Current assets Trade receivables and other current assets Contract asset Brookfield $ 57 $ 54 Due from related parties Amounts due from Brookfield 155 105 Equity-accounted investments and other 56 18 211 123 Financial instrument assets Brookfield 197 395 Non-current assets Other long-term assets Contract asset Brookfield 330 341 Amounts due from Brookfield — — Amounts due from Equity-accounted investments and other 135 128 Current liabilities Contract liability Brookfield 30 24 Financial instrument liabilities Brookfield Reinsurance 10 3 Due to related parties Amounts due to Brookfield 236 166 Equity-accounted investments and other 95 62 Brookfield Reinsurance 309 321 Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest Brookfield 42 38 682 587 Non-recourse borrowings Brookfield 10 18 Non-current liabilities Financial instrument liabilities Brookfield Reinsurance 15 3 Corporate borrowings Brookfield Reinsurance 8 7 Non-recourse borrowings Brookfield Reinsurance and associates 115 93 Brookfield 923 1,750 Other long-term liabilities Amounts due to Equity-accounted investments, Brookfield Reinsurance and associates and other 1 1 Contract liability Brookfield 670 662 $ 671 $ 663 Equity Preferred limited partners equity Brookfield Reinsurance and associates $ 12 $ 12 |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARY PUBLIC ISSUERS | SUBSIDIARY PUBLIC ISSUERS The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco: (MILLIONS) Brookfield Renewable (1) BRP Canadian Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield As at June 30, 2023 Current assets $ 65 $ 400 $ 2,723 $ 902 $ 3,608 $ (4,080) $ 3,618 Long-term assets 5,086 246 3 46,078 62,208 (51,337) 62,283 Current liabilities 67 7 61 8,254 3,710 (8,143) 3,956 Long-term liabilities — — 2,651 15 30,767 — 33,433 Participating non-controlling interests – in operating subsidiaries — — — — 16,604 — 16,604 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,908 — — 2,908 BEPC exchangeable shares — — — — 2,686 — 2,686 Preferred equity — 584 — — — — 584 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 As at December 31, 2022 Current assets $ 61 $ 391 $ 2,336 $ 834 $ 4,172 $ (3,611) $ 4,183 Long-term assets 4,860 241 3 33,830 59,860 (38,866) 59,928 Current liabilities 60 7 30 7,877 4,455 (7,486) 4,943 Long-term liabilities — — 2,299 16 30,567 — 32,882 Participating non-controlling interests – in operating subsidiaries — — — — 14,755 — 14,755 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,892 — — 2,892 BEPC exchangeable shares — — — — 2,561 — 2,561 Preferred equity — 571 — — — — 571 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 (1) Includes investments in subsidiaries under the equity method. (2) Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters". (3) Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters. (4) Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis. (MILLIONS) Brookfield Renewable (1) BRP Canadian Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield Three months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 1,205 $ — $ 1,205 Net income (loss) (18) — 1 (275) 424 19 151 Three months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 1,274 $ — $ 1,274 Net income (loss) 3 — — (124) 188 55 122 Six months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 2,536 $ — $ 2,536 Net income (loss) (34) — 2 (461) 777 44 328 Six months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 2,410 $ — $ 2,410 Net income (loss) (30) — (3) (407) 363 232 155 (1) Includes investments in subsidiaries under the equity method. (2) Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters". (3) Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters. (4) Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to the quarter, Brookfield Renewable, together with institutional partners, completed the subscription of additional shares in Powen for €25 million ($28 million and $6 million net to Brookfield Renewable) which increased the total interest in Powen to 44% (8.8% net to Brookfield Renewable). |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES [ABSTRACT] | |
Statement of compliance | Statement of compliance The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2022 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2022 audited consolidated financial statements. The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS. The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on August 4, 2023. Certain comparative figures have been reclassified to conform to the current year’s presentation. References to $, C$, €, £, R$, COP, INR, and CNY are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Indian rupees, and Chinese yuan, respectively. All figures are presented in millions of U.S. dollars unless otherwise noted. |
Basis of preparation | Basis of preparationThe interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets. |
Consolidation | (c) Consolidation These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the combined statements of financial position. |
Recently adopted accounting standards and Future changes in accounting policies | Recently adopted accounting standards IFRS Interpretations Committee Agenda Decision - Demand Deposits with Restriction on Use Arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows) In April 2022, the IFRS Interpretations Committee (“IFRS IC”) concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7 Statement of Cash Flows. In the fact pattern described in the request, the contractual restrictions on the use of the amounts held in the demand deposit did not change the nature of the deposit — the entity can access those amounts on demand. Therefore, the entity should include the demand deposit as a component of “cash and cash equivalents” in its statement of financial position and in its statement of cash flows. Brookfield Renewable has completed the assessment and implemented its transition plan that addresses the impact of this IFRS IC agenda decision. The effect on the consolidated statements of cash flows is an increase to Cash and cash equivalents of $176 million and $236 million, and a decrease of $60 million and $100 million to cash used in investing activities, respectively, for the three months and six months ended June 30, 2022 Deferred Tax related to Assets and Liabilities arising from a Single transaction - Amendments to IAS 12- Pillar Two model rules In May 2023, the IASB issued amendments to IAS 12 “Income Taxes” to give entities temporary mandatory relief from accounting for deferred taxes arising from the Organization for Economic Co-operation and Developments (“OECD”) international tax reform. The amendments are effective immediately upon their issue and retrospectively in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” except for some targeted disclosure requirements which become effective for annual reporting periods on or after January 1,2023. Brookfield Renewable has applied the temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. (e) Future changes in accounting policies Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. Brookfield Renewable is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with potential impact on Brookfield Renewable. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of preliminary purchase price allocation | The preliminary purchase price allocations, at fair value, as at June 30, 2023, with respect to the acquisitions are as follows: (MILLIONS) Brazil Wind Portfolio Cash and cash equivalents $ 10 Trade receivables and other current assets 9 Property, plant and equipment, at fair value 125 Other non-current assets 19 Accounts payable and accrued liabilities (16) Current portion of non-recourse borrowings (4) Non-recourse borrowings (46) Provisions (2) Fair value of net assets acquired 95 Purchase price $ 95 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Major items of assets and liabilities reclassified as held for sale, table | The following is a summary of the major items of assets and liabilities classified as held for sale: (MILLIONS) June 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 5 $ 9 Restricted cash 2 5 Trade receivables and other current assets 8 4 Financial instrument assets 2 3 Property, plant and equipment, at fair value 30 911 Intangible assets 198 — Goodwill 18 — Other long-term assets — 6 Assets held for sale $ 263 $ 938 Liabilities Current liabilities $ 4 $ 9 Non-recourse borrowings 168 171 Financial instrument liabilities — 167 Other long-term liabilities 6 1 Deferred tax liability 17 $ — Provisions — $ 3 Liabilities directly associated with assets held for sale $ 195 $ 351 |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
Assets and liabilities measured and disclosed at fair value | The following table presents Brookfield Renewable's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy: June 30, 2023 December 31, 2022 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 1,202 $ — $ — $ 1,202 $ 998 Restricted cash (1) 196 — — 196 191 Financial instrument assets (1) IFRS 9 PPAs — — 10 10 2 Energy derivative contracts — 56 — 56 37 Interest rate swaps — 313 — 313 335 Foreign exchange swaps — 39 — 39 16 Investments in debt and equity securities (2) — 43 1,414 1,457 1,235 Property, plant and equipment — — 56,262 56,262 54,283 Liabilities measured at fair value: Financial instrument liabilities (1) IFRS 9 PPAs — — (540) (540) (670) Energy derivative contracts — (120) — (120) (236) Interest rate swaps — (86) — (86) (82) Foreign exchange swaps — (168) — (168) (110) Tax equity — — (1,087) (1,087) (1,131) Contingent consideration (1)(3) — — (76) (76) (68) Liabilities for which fair value is disclosed: Corporate borrowings (1) (2,471) — — (2,471) (2,362) Non-recourse borrowing (1) (2,109) (19,166) — (21,275) (21,117) Total $ (3,182) $ (19,089) $ 55,983 $ 33,712 $ 31,321 (1) Includes both the current amount and long-term amounts. (2) Excludes $30 million (2022: nil) of investments in debt securities that are measured at amortized cost. (3) Amount relates to business combinations completed in 2022 with obligations lapsing from 2023 to 2027. |
Disclosure of offsetting of financial assets and financial liabilities | The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows: June 30, 2023 December 31, 2022 (MILLIONS) Assets Liabilities Net Assets Net Assets IFRS 9 PPAs 10 540 (530) (668) Energy derivative contracts $ 56 $ 120 $ (64) $ (199) Interest rate swaps 313 86 227 253 Foreign exchange swaps 39 168 (129) (94) Investments in debt and equity securities 1,487 — 1,487 1,235 Tax equity — 1,087 (1,087) (1,131) Total 1,905 2,001 (96) (604) Less: current portion 173 567 (394) (434) Long-term portion $ 1,732 $ 1,434 $ 298 $ (170) |
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument loss | The following table reflects the gains (losses) included in Foreign exchange and financial instrument gain (loss) in the interim consolidated statements of income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ 10 $ (23) $ 76 $ (61) IFRS 9 PPAs 14 (25) 71 (103) Investment in debt and equity securities 46 (6) 46 (6) Interest rate swaps 15 15 9 65 Foreign exchange swaps (1) 28 (6) 36 Tax equity 44 32 61 62 Foreign exchange (loss) gain 25 (33) 38 (42) $ 153 $ (12) $ 295 $ (49) |
Unrealized gains (losses) included in other comprehensive income | The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ 18 $ (61) $ 184 $ (173) IFRS 9 PPAs 25 (16) 37 (53) Interest rate swaps 29 95 (17) 222 Foreign exchange swaps (22) 9 (26) (2) 50 27 178 (6) Foreign exchange swaps – net investment — 97 (19) 52 Investments in debt and equity securities 2 (4) 2 (9) $ 52 $ 120 $ 161 $ 37 |
Reclassification adjustments recognized in net income | The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Energy derivative contracts $ (34) $ 35 $ (82) $ 86 IFRS 9 PPAs — — — 2 Interest rate swaps 2 1 1 4 $ (23) $ 36 $ (72) $ 92 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Disclosure of operating segments | The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2023: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 274 $ 58 $ 66 $ 73 $ 35 $ 9 $ 13 $ 110 $ 81 $ — $ 719 $ (50) $ 536 $ 1,205 Other income 4 2 4 35 5 1 1 15 9 22 98 (2) (35) 61 Direct operating costs (97) (18) (23) (24) (8) (3) (4) (18) (27) (9) (231) 26 (220) (425) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 26 — 26 181 42 47 84 32 7 10 107 63 13 586 — 281 Management service costs — — — — — — — — — (55) (55) — — (55) Interest expense (64) (4) (21) (15) (4) (2) (3) (28) (9) (32) (182) 6 (226) (402) Current income taxes (3) (2) (5) (1) (1) — — (2) — — (14) 2 (25) (37) Distributions attributable to Preferred limited partners equity — — — — — — — — — (10) (10) — — (10) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — — — (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) — (8) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (30) (30) Funds From Operations 114 36 21 68 27 5 7 77 54 (97) 312 — — Depreciation (248) 11 (221) (458) Foreign exchange and financial instrument gain (loss) 31 (3) 125 153 Deferred income tax expense 31 1 (14) 18 Other (165) (4) 247 78 Share of earnings from equity-accounted investments — (5) — (5) Net income attributable to non-controlling interests — — (137) (137) Net income (loss) attributable to Unitholders (2) $ (39) $ — $ — $ (39) (1) Share of earnings from equity-accounted investments of $13 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $167 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 297 $ 45 $ 67 $ 85 $ 32 $ 7 $ 10 $ 112 $ 68 $ — $ 723 $ (47) $ 598 $ 1,274 Other income — 2 — — 7 — 1 19 3 19 51 (1) (36) 14 Direct operating costs (93) (13) (22) (31) (6) (1) (2) (27) (24) (8) (227) 18 (157) (366) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 30 2 32 204 34 45 54 33 6 9 104 47 11 547 — 407 Management service costs — — — — — — — — — (65) (65) — — (65) Interest expense (46) (7) (14) (16) (5) (2) (3) (28) (12) (20) (153) 4 (145) (294) Current income taxes (3) (3) (5) — — — — (2) 3 — (10) 4 (25) (31) Distributions attributable to Preferred limited partners equity — — — — — — — — — (12) (12) — — (12) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (2) (10) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (235) (235) Funds From Operations 155 24 26 38 28 4 6 74 38 (99) 294 — — Depreciation (233) 10 (166) (389) Foreign exchange and financial instrument gain (loss) (12) — — (12) Deferred income tax expense (4) (2) (25) (31) Other (44) (15) 52 (7) Share of loss from equity-accounted investments — 7 — 7 Net income attributable to non-controlling interests — — 139 139 Net income attributable to Unitholders (2) $ 1 $ — $ — $ 1 (1) Share of loss from equity-accounted investments of $29 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net loss attributable to participating non-controlling interests – in operating subsidiaries of $96 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2023: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed generation, storage & other Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 609 119 132 158 75 17 23 198 160 — 1,491 (129) 1,174 2,536 Other income 8 3 5 36 5 1 1 23 14 34 130 (7) (36) 87 Direct operating costs (206) (35) (42) (49) (16) (5) (5) (45) (55) (18) (476) 60 (410) (826) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 76 — 76 411 87 95 145 64 13 19 176 119 16 1,145 — 728 Management service costs — — — — — — — — — (112) (112) — — (112) Interest expense (135) (9) (39) (33) (8) (3) (6) (55) (21) (60) (369) 16 (443) (796) Current income taxes (4) (4) (12) (1) (3) — (1) (4) (1) — (30) 5 (55) (80) Distributions attributable to Preferred limited partners equity — — — — — — — — — (20) (20) — — (20) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — — — (14) (14) — — (14) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (21) — (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (230) (230) Funds From Operations 272 74 44 111 53 10 12 117 97 (203) 587 — — Depreciation (489) 24 (422) (887) Foreign exchange and financial instrument gain (loss) 69 15 211 295 Deferred income tax expense 34 4 (1) 37 Other (272) (34) 334 28 Share of loss from equity-accounted investments — (9) — (9) Net loss attributable to non-controlling interests — — (122) (122) Net loss attributable to Unitholders (2) (71) — — (71) (1) Share of earnings from equity-accounted investments of $46 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $352 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2022: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 533 93 140 171 83 13 19 193 127 — 1,372 (96) 1,134 2,410 Other income 2 20 — — 11 — 1 55 16 24 129 (13) (31) 85 Direct operating costs (190) (26) (42) (57) (15) (3) (4) (54) (48) (16) (455) 39 (300) (716) Share of revenue, other income and direct operating costs from equity-accounted investments — 70 4 74 345 87 98 114 79 10 16 194 95 8 1,046 — 807 — Management service costs — — — — — — — — — (141) (141) — — (141) Interest expense (91) (12) (24) (32) (9) (3) (6) (54) (22) (40) (293) 10 (277) (560) Current income taxes (5) (6) (13) — (1) — — (2) 2 — (25) 7 (55) (73) Distributions attributable to Preferred limited partners equity — — — — — — — — — (23) (23) — — (23) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes (14) (14) — — (14) Share of interest and cash taxes from equity-accounted investments — — — — — — — — — — — (17) (4) (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (471) (471) Funds From Operations 249 69 61 82 69 7 10 138 75 (223) 537 — — Depreciation (479) 19 (330) (790) Foreign exchange and financial instrument gain (loss) (36) 1 (14) (49) Deferred income tax expense 26 (2) (29) (5) Other (125) (13) 84 (54) Share of loss from equity-accounted investments — (5) — (5) Net income attributable to non-controlling interests — — 289 289 Net loss attributable to Unitholders (2) (77) — — (77) (1) Share of earnings from equity-accounted investments of $48 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests– in operating subsidiaries of $182 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. (2) Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes. |
Summary of segmented basis about certain items in Brookfield Renewables statement of financial position | The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per Hydroelectric Wind Utility-scale solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia As at June 30, 2023 Cash and cash equivalents $ 122 $ 30 $ 22 $ 61 $ 48 $ 34 $ 16 $ 93 $ 74 $ 18 $ 518 $ (56) $ 740 $ 1,202 Property, plant and equipment 15,452 1,843 2,121 3,598 670 425 299 3,006 2,387 3 29,804 (1,287) 27,745 56,262 Total assets 16,698 2,012 2,362 3,964 841 484 397 3,612 3,063 289 33,722 (793) 32,972 65,901 Total borrowings 4,150 267 608 1,259 359 121 219 2,357 928 2,661 12,929 (557) 12,043 24,415 Other liabilities 5,009 118 748 1,111 210 31 43 622 688 307 8,887 (236) 4,323 12,974 As at December 31, 2022 Cash and cash equivalents $ 55 $ 15 $ 14 $ 48 $ 56 $ 22 $ 24 $ 139 $ 72 $ — $ 445 $ (43) $ 596 $ 998 Property, plant and equipment 15,331 1,743 1,826 3,563 650 346 294 3,046 2,337 — 29,136 (1,165) 26,312 54,283 Total assets 16,971 1,880 2,036 3,969 816 381 399 3,520 2,794 581 33,347 (587) 31,351 64,111 Total borrowings 4,206 258 526 1,356 358 83 238 2,382 928 2,556 12,891 (373) 12,332 24,850 Other liabilities 5,250 99 634 1,344 244 15 71 492 507 271 8,927 (204) 4,252 12,975 |
Disclosure of geographical areas | The following table presents consolidated revenue split by reportable segment for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Hydroelectric North America $ 286 $ 371 $ 708 $ 656 Brazil 66 46 133 93 Colombia 292 274 575 579 644 691 1,416 1,328 Wind North America 172 175 358 339 Europe 30 47 91 124 Brazil 31 21 54 38 Asia 56 44 105 82 289 287 608 583 Utility-scale solar 174 207 338 349 Distributed energy & sustainable solutions 98 89 174 150 Total $ 1,205 $ 1,274 $ 2,536 $ 2,410 The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2023 December 31, 2022 United States $ 29,394 $ 29,056 Colombia 9,460 8,264 Canada 7,636 7,560 Brazil 5,222 4,754 Europe 3,976 3,963 Asia 2,057 1,932 Other 161 146 $ 57,906 $ 55,675 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Reconciliation of property, plant and equipment | The following table presents a reconciliation of property, plant and equipment at fair value: (MILLIONS) Hydroelectric Wind Solar Other (1) Total Property, plant and equipment, at fair value As at December 31, 2022 $ 31,168 $ 11,302 $ 8,239 $ 242 $ 50,951 Additions, net 2 47 (13) 3 39 Transfer from construction work-in-progress 13 149 441 — 603 Acquisitions through business combinations — 125 — — 125 Disposals — — — (5) (5) Transfer to assets held for sale — — (30) — (30) Items recognized through OCI: Change in fair value — — (2) — (2) Foreign exchange 1,478 68 145 9 1,700 Items recognized through net income: Depreciation (314) (331) (224) (18) (887) As at June 30, 2023 $ 32,347 $ 11,360 $ 8,556 $ 231 $ 52,494 Construction work-in-progress As at December 31, 2022 $ 299 $ 1,132 $ 1,897 $ 4 $ 3,332 Additions 43 390 542 1 976 Transfer to property, plant and equipment (13) (149) (441) — (603) Acquisitions through business combinations — — 8 — 8 Items recognized through OCI: Change in fair value — — 7 — 7 Foreign exchange 8 20 20 — 48 As at June 30, 2023 $ 337 $ 1,393 $ 2,033 $ 5 $ 3,768 Total property, plant and equipment, at fair value As at December 31, 2022 (2) $ 31,467 $ 12,434 $ 10,136 $ 246 $ 54,283 As at June 30, 2023 (2) $ 32,684 $ 12,753 $ 10,589 $ 236 $ 56,262 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $62 million (2022: $64 million) in hydroelectric, $229 million (2022: $242 million) in wind, $239 million (2022: $215 million) in solar, and nil (2022: nil) in other. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of borrowings | The composition of corporate borrowings is presented in the following table: June 30, 2023 December 31, 2022 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities N/A 5 $ — — N/A 5 $ — $ — Commercial paper N/A N/A — — 5.1 <1 249 249 Medium Term Notes: Series 4 (C$150) 5.8 13 113 118 5.8 14 111 114 Series 9 (C$400) 3.8 2 302 292 3.8 2 295 286 Series 10 (C$500) 3.6 4 378 357 3.6 4 369 350 Series 11 (C$475) 4.3 6 359 343 4.3 6 351 338 Series 12 (C$475) 3.4 7 359 324 3.4 7 351 316 Series 13 (C$300) 4.3 26 227 193 4.3 27 221 184 Series 14 (C$425) 3.3 27 321 229 3.3 28 314 218 Series 15 (C$400) (1) 5.9 9 301 314 5.9 10 295 307 Series 16 (C$400) 5.3 10 301 301 — — — — 4.3 11 2,661 2,471 4.1 % 11 2,307 2,113 Total corporate borrowings 2,661 $ 2,471 2,556 $ 2,362 Add: Unamortized premiums (2) 2 2 Less: Unamortized financing fees (2) (12) (10) Less: Current portion — (249) $ 2,651 $ 2,299 (1) Includes $8 million (2022: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details. (2) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. The following table summarizes the available portion of corporate credit facilities: (MILLIONS) June 30, 2023 December 31, 2022 Authorized corporate credit facilities and related party credit facilities (1) $ 2,375 $ 2,375 Authorized letter of credit facility 500 500 Issued letters of credit (325) (344) Available portion of corporate credit facilities (3) $ 2,550 $ 2,531 (1) Amounts are guaranteed by Brookfield Renewable. The composition of non-recourse borrowings is presented in the following table: June 30, 2023 December 31, 2022 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 7.8 11 $ 8,739 $ 8,568 7.2 10 $ 8,813 $ 8,104 Wind 5.8 8 5,065 $ 4,997 5.4 8 5,943 5,824 Utility-scale solar 6.0 13 4,668 $ 4,592 5.6 13 4,625 4,502 Distributed energy & sustainable solutions 6.0 6 3,326 3,118 5.1 7 2,940 2,687 Total 6.7 10 $ 21,798 $ 21,275 6.1 10 $ 22,321 $ 21,117 Add: Unamortized premiums (3) 94 105 Less: Unamortized financing fees (3) (128) (124) Less: Current portion (1,457) (2,027) $ 20,307 $ 20,275 (1) Includes $923 million (2022: 1,838 million ) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $115 million (2022: $93 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details. (3) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. Period Closed Region Technology Average Interest rate 1 Maturity Carrying Value Q1 2023 US Distributed generation 7.03% Financing 2026 $100 million Q1 2023 China Wind 4.4% Financing 2040 CNY 971 million ($141 million) Q1 2023 China Wind 4.6% Financing 2030 CNY 200 million ($29 million) Q1 2023 China Wind 4.6% Financing 2039 CNY 70 million ($10 million) Q1 2023 China Wind 4.4% Financing 2039 CNY 97 million ($14 million) Q2 2023 India Solar MCLR Financing 2043 INR 10 billion ($123 million) Q2 2023 Brazil Wind CDI Financing 2024 BRL $450 million ($93 million) Q2 2023 Canada Hydroelectric 6.19% Financing 2045 CAD $30 million ($22 million) Q2 2023 US Solar 6.62% Financing 2058 - 2060 $45 million Q2 2023 US Wind SOFR Refinancing 2033 $311 million (1) Benchmarked financings bear a variable interest at the applicable rate plus a margin. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Non-controlling Interests [Abstract] | |
Summary of non-controlling interests | Brookfield Renewable`s non-controlling interests are comprised of the following: (MILLIONS) June 30, 2023 December 31, 2022 Participating non-controlling interests – in operating subsidiaries $ 16,604 $ 14,755 General partnership interest in a holding subsidiary held by Brookfield 59 59 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,908 2,892 BEPC exchangeable shares 2,686 2,561 Preferred equity 584 571 Perpetual subordinated notes 592 592 $ 23,433 $ 21,430 The net change in participating non-controlling interests – in operating subsidiaries is as follows: (MILLIONS) Brookfield Americas Infrastructure Fund Brookfield Infrastructure Fund II Brookfield Infrastructure Fund III Brookfield Infrastructure Fund IV Brookfield Global Transition Fund I Canadian Hydroelectric Portfolio The Catalyst Group Isagen institutional investors Isagen public non-controlling interests Other Total As at December 31, 2022 $ 477 $ 2,617 $ 3,490 $ 2,134 $ 1,461 $ 1,148 $ 115 $ 2,159 $ 14 $ 1,140 $ 14,755 Net income 30 44 90 24 54 14 9 63 — 24 352 Other comprehensive income (loss) (30) 50 201 67 12 25 — 308 2 (33) 602 Capital contributions — — — 86 1,437 — — — — 58 1,581 Disposal (388) — — — (26) — — — — — (414) Distributions (21) (44) (119) (63) (2) (28) (3) (86) (1) (34) (401) Other 27 1 (22) — (19) 166 — — — (24) 129 As at June 30, 2023 $ 95 $ 2,668 $ 3,640 $ 2,248 $ 2,917 $ 1,325 $ 121 $ 2,444 $ 15 $ 1,131 $ 16,604 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 77% - 80% 50 % 25 % 53 % 0.3 % 0.3% - 71% |
Summary of distributions | The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 2 $ 2 $ 3 Incentive distribution 28 23 55 47 29 25 57 50 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 66 63 133 126 BEPC exchangeable shares held by Brookfield 15 15 31 30 External shareholders 46 40 88 80 Total BEPC exchangeable shares 61 55 119 110 $ 156 $ 143 $ 309 $ 286 The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Brookfield $ 23 $ 22 $ 47 $ 45 External LP unitholders 69 66 142 134 $ 92 $ 88 $ 189 $ 179 |
Disclosure of preference shares | Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows: (MILLIONS EXCEPT AS NOTED) Shares Cumulative Earliest Distributions declared for the six months ended June 30 Carrying value as at 2023 2022 June 30, 2023 December 31, 2022 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 129 $ 126 Series 2 (C$113) (1) 3.11 7.0 April 2025 2 2 59 57 Series 3 (C$249) 9.96 4.4 July 2024 4 4 186 183 Series 5 (C$103) 4.11 5.0 April 2018 2 2 77 76 Series 6 (C$175) 7.00 5.0 July 2018 3 3 134 129 31.03 $ 13 $ 13 $ 584 $ 571 (1) Dividend rate represents annualized distribution based on the most recent quarterly floating rate. |
PREFERRED LIMITED PARTNERS' E_2
PREFERRED LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclsoure of Preferred Limited Partners Equity [Abstract] | |
Summary of preferred limited partners' equity | Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows: (MILLIONS, EXCEPT AS NOTED) Shares outstanding Cumulative distribution rate (%) Earliest permitted redemption date Distributions declared for the six months ended June 30 Carrying value as at 2023 2022 June 30, 2023 December 31, 2022 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 11 (C$250) (1) — 5.00 April 2022 — 3 — — Series 13 (C$250) 10.00 6.05 April 2028 5 5 196 196 Series 15 (C$175) 7.00 5.75 April 2024 4 4 126 126 Series 17 ($200) 8.00 5.25 March 2025 5 5 195 195 Series 18 (C$150) 6.00 5.50 April 2027 2 2 115 115 38.00 $ 20 $ 23 $ 760 $ 760 (1) In the second quarter of 2022, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Limited Partnership units. |
LIMITED PARTNERS' EQUITY (Table
LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of limited partners equity [Abstract] | |
Summary of distributions | The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 2 $ 2 $ 3 Incentive distribution 28 23 55 47 29 25 57 50 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 66 63 133 126 BEPC exchangeable shares held by Brookfield 15 15 31 30 External shareholders 46 40 88 80 Total BEPC exchangeable shares 61 55 119 110 $ 156 $ 143 $ 309 $ 286 The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Brookfield $ 23 $ 22 $ 47 $ 45 External LP unitholders 69 66 142 134 $ 92 $ 88 $ 189 $ 179 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Summary of reconciliation of goodwill | The following table provides a reconciliation of goodwill: (MILLIONS) Total Balance, as at December 31, 2022 1,526 Transfer to Assets held for sale (18) Foreign exchange and other 95 Balance, as at June 30, 2023 $ 1,603 |
EQUITY-ACCOUNTED INVESTMENTS (T
EQUITY-ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Equity-Accounted Investments [Abstract] | |
Summary of equity-accounted investments | The following are Brookfield Renewable’s equity-accounted investments for the six months ended June 30, 2023: (MILLIONS) June 30, 2023 Balance, beginning of year $ 1,392 Investment 222 Share of net income 46 Share of other comprehensive income (18) Dividends received (21) Foreign exchange translation and other 23 Balance as at June 30, 2023 $ 1,644 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | |
Summary of cash and cash equivalents | Brookfield Renewable’s cash and cash equivalents are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Cash $ 863 $ 728 Cash subject to restriction 281 268 Short-term deposits 58 2 $ 1,202 $ 998 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
Summary of restricted cash | Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2023 December 31, 2022 Operations $ 139 $ 93 Credit obligations 47 56 Capital expenditures and development projects 10 42 Total 196 191 Less: non-current (60) (52) Current $ 136 $ 139 |
TRADE RECEIVABLES AND OTHER C_2
TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Trade Receivables and Other Current Assets [Abstract] | |
Summary of trade receivables and other current assets | Brookfield Renewable's trade receivables and other current assets are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Trade receivables $ 652 $ 672 Collateral deposits (1) 335 609 Short-term deposits and advances 140 113 Prepaids and other 113 86 Income tax receivable 74 74 Sales taxes receivable 73 73 Current portion of contract asset 61 54 Inventory 40 42 Other short-term receivables 145 137 $ 1,633 $ 1,860 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | |
Summary of accounts payable and accrued liabilities | Brookfield Renewable's accounts payable and accrued liabilities are as follows: (MILLIONS) June 30, 2023 December 31, 2022 Operating accrued liabilities $ 398 $ 440 Accounts payable 219 276 Interest payable on borrowings 191 153 Income tax payable 44 78 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 58 53 Current portion of lease liabilities 34 33 Current portion of contract liability 30 24 Other 46 29 $ 1,020 $ 1,086 (1) Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield are included in due to related parties. |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Commitments Contingencies and Guarantess [Abstract] | |
Schedule Of Assets To Be Acquired | The following table lists the assets and portfolio of assets that Brookfield Renewable, together with institutional partners have agreed to acquire which are subject to customary closing conditions as at June 30, 2023: Region Technology Capacity Consideration Brookfield Renewable Expected Close China Wind 102 MW development CNY $255 million ($38 million) 20 % Q4 2023 U.S. Nuclear Services N/A $4.5 billion Approximately $450 million Second half of 2023 U.S. Utility-scale solar 473 MW operating $135 million 20 % First of three projects in Q4 2023 China Wind 350 MW development CNY $853 million ($125 million) 20 % First of two projects in Q4 2023 Europe Utility-scale solar 649 MW operating 531 MW development $900 million 17 % Second half of 2023 Australia Integrated power generator and energy retailer 7 GW of operating and contracted assets with $4.5 million customer accounts A$8.91 per share, implying an enterprise value of A$18.7 billion for entire Origin Up to $750 million Q1 2024 U.S Distributed energy & sustainable solutions 220 MW development $14 million 20 % Q3 2023 U.S Integrated developer and operator of renewable power 5,900 MW of operating and under construction 6,100 MW development $1.05 billion 25 % Second half of 2023 U.S Distributed energy & sustainable solutions 14 MW development $30 million 25 % Q3 2023 India C&I renewable platform 4,500 megawatts of operating and development pipeline; INR $15.4 billion ($188 million) 20 % Second half of 2023 Brazil Distributed energy & sustainable solutions 730 MW development BRL $430 million ($83 million) 20 % 2023-2026 Brazil Wind 60 MW operating BRL $112 million ($20 million) 25 % Q3 2023 |
Schedule of letters of credit issued | Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates: (MILLIONS) June 30, 2023 December 31, 2022 Brookfield Renewable along with institutional partners $ 99 $ 99 Brookfield Renewable's subsidiaries 1,438 1,510 $ 1,537 $ 1,609 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Schedule of related party agreements and transactions | The following table reflects the related party agreements and transactions for the three and six months ended June 30 in the interim consolidated statements of income (loss): Three months ended June 30 Six months ended June 30 (MILLIONS) 2023 2022 2023 2022 Revenues Power purchase and revenue agreements $ 8 $ 9 $ 52 $ 22 Direct operating costs Energy marketing fee & other services (4) (1) (5) (4) $ (4) $ (1) $ (5) $ (4) Interest expense Borrowings $ (5) $ — $ (10) $ — Contract balance accretion (7) (6) $ (15) $ (12) $ (12) $ (6) $ (25) $ (12) Other Distribution income $ 4 $ — $ 5 $ — Related party services $ 6 $ (1) $ 6 $ (2) Management service costs $ (55) $ (65) $ (112) $ (141) |
Summary of related party agreements and transactions on the consolidated statements of financial position | The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position: (MILLIONS) Related party June 30, 2023 December 31, 2022 Current assets Trade receivables and other current assets Contract asset Brookfield $ 57 $ 54 Due from related parties Amounts due from Brookfield 155 105 Equity-accounted investments and other 56 18 211 123 Financial instrument assets Brookfield 197 395 Non-current assets Other long-term assets Contract asset Brookfield 330 341 Amounts due from Brookfield — — Amounts due from Equity-accounted investments and other 135 128 Current liabilities Contract liability Brookfield 30 24 Financial instrument liabilities Brookfield Reinsurance 10 3 Due to related parties Amounts due to Brookfield 236 166 Equity-accounted investments and other 95 62 Brookfield Reinsurance 309 321 Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest Brookfield 42 38 682 587 Non-recourse borrowings Brookfield 10 18 Non-current liabilities Financial instrument liabilities Brookfield Reinsurance 15 3 Corporate borrowings Brookfield Reinsurance 8 7 Non-recourse borrowings Brookfield Reinsurance and associates 115 93 Brookfield 923 1,750 Other long-term liabilities Amounts due to Equity-accounted investments, Brookfield Reinsurance and associates and other 1 1 Contract liability Brookfield 670 662 $ 671 $ 663 Equity Preferred limited partners equity Brookfield Reinsurance and associates $ 12 $ 12 |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of subsidiaries [abstract] | |
Consolidated summarized statement of financial position | The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco: (MILLIONS) Brookfield Renewable (1) BRP Canadian Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield As at June 30, 2023 Current assets $ 65 $ 400 $ 2,723 $ 902 $ 3,608 $ (4,080) $ 3,618 Long-term assets 5,086 246 3 46,078 62,208 (51,337) 62,283 Current liabilities 67 7 61 8,254 3,710 (8,143) 3,956 Long-term liabilities — — 2,651 15 30,767 — 33,433 Participating non-controlling interests – in operating subsidiaries — — — — 16,604 — 16,604 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,908 — — 2,908 BEPC exchangeable shares — — — — 2,686 — 2,686 Preferred equity — 584 — — — — 584 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 As at December 31, 2022 Current assets $ 61 $ 391 $ 2,336 $ 834 $ 4,172 $ (3,611) $ 4,183 Long-term assets 4,860 241 3 33,830 59,860 (38,866) 59,928 Current liabilities 60 7 30 7,877 4,455 (7,486) 4,943 Long-term liabilities — — 2,299 16 30,567 — 32,882 Participating non-controlling interests – in operating subsidiaries — — — — 14,755 — 14,755 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,892 — — 2,892 BEPC exchangeable shares — — — — 2,561 — 2,561 Preferred equity — 571 — — — — 571 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 (1) Includes investments in subsidiaries under the equity method. (2) Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters". (3) Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters. (4) Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis. |
Consolidated summarized statement of operations | (MILLIONS) Brookfield Renewable (1) BRP Canadian Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield Three months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 1,205 $ — $ 1,205 Net income (loss) (18) — 1 (275) 424 19 151 Three months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 1,274 $ — $ 1,274 Net income (loss) 3 — — (124) 188 55 122 Six months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 2,536 $ — $ 2,536 Net income (loss) (34) — 2 (461) 777 44 328 Six months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 2,410 $ — $ 2,410 Net income (loss) (30) — (3) (407) 363 232 155 (1) Includes investments in subsidiaries under the equity method. (2) Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters". (3) Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters. (4) Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis. |
BASIS OF PREPARATION AND SIGN_3
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Recently Adopted Accounting Standards [Line Items] | ||||
Increase (decrease) in cash and cash equivalents | $ 68 | $ 150 | $ 209 | $ 159 |
Decrease in cash flows from (used in) investing activities | $ (200) | (536) | $ (1,376) | (1,739) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Recently Adopted Accounting Standards [Line Items] | ||||
Increase (decrease) in cash and cash equivalents | 176 | 236 | ||
Decrease in cash flows from (used in) investing activities | $ 60 | $ (100) |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 04, 2023 USD ($) MW | Mar. 03, 2023 USD ($) MW | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||
Investment in equity-accounted investments | $ 31 | $ 54 | $ 124 | $ 74 | ||
Brazil Wind Portfolio | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Ownership percentage | 100% | |||||
Wind power capacity, generation facilities (in MW) | MW | 136 | |||||
Consideration transferred, acquisition-date fair value | $ 95 | |||||
Economic interest held | 25% | |||||
Fair value of assets acquired | $ 95 | |||||
730 MW Development Pipeline In Brazil | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Ownership percentage | 90% | |||||
Wind power capacity, generation facilities (in MW) | MW | 730 | |||||
Economic interest held | 20% | |||||
Investment in equity-accounted investments | $ 4 | |||||
Fair value of assets acquired | 5 | |||||
Fair value of liabilities assumed | $ 1 |
ACQUISITIONS - Provisional Purc
ACQUISITIONS - Provisional Purchase Price Allocations (Details) - Brazil Wind Portfolio $ in Millions | Mar. 03, 2023 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 10 |
Trade receivables and other current assets | 9 |
Property, plant and equipment, at fair value | 125 |
Other non-current assets | 19 |
Accounts payable and accrued liabilities | (16) |
Current portion of non-recourse borrowings | (4) |
Non-recourse borrowings | (46) |
Provisions | (2) |
Fair value of net assets acquired | 95 |
Purchase price | $ 95 |
DISPOSAL OF ASSETS - Narrative
DISPOSAL OF ASSETS - Narrative (Details) $ in Millions | Mar. 17, 2023 USD ($) MW | Jun. 30, 2023 USD ($) | May 17, 2023 USD ($) |
378 MW US Hydroelectric Portfolio | |||
Disclosure of detailed information about investment property [line items] | |||
Portion of ownership interest sold | 78% | ||
Ownership interest | 22% | ||
Hydro power capacity | MW | 378 | ||
Disposition of assets | $ 667 | ||
Disposition of liabilities | $ (191) | ||
Accumulated revaluation surplus post-tax | $ 34 | ||
378 MW US Hydroelectric Portfolio | Brookfield Corporation Affiliates | |||
Disclosure of detailed information about investment property [line items] | |||
Ownership interest | 28% | ||
Wind Assets | |||
Disclosure of detailed information about investment property [line items] | |||
Disposition of assets | $ 254 | ||
Disposition of liabilities | (164) | ||
Disposition of non-controlling interests | $ 26 |
ASSETS HELD FOR SALE - Narrativ
ASSETS HELD FOR SALE - Narrative (Details) | Jun. 30, 2023 MW |
95 MW Wind Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Wind power capacity (in MW) | 95 |
26 MW Solar Asset | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Solar power capacity (in MW) | 26 |
ASSETS HELD FOR SALE - Assets a
ASSETS HELD FOR SALE - Assets and liabilities classified as held for sale (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||||||
Cash and cash equivalents | $ 1,202 | $ 1,140 | $ 998 | $ 1,059 | $ 910 | $ 900 |
Restricted cash | 136 | 139 | ||||
Trade receivables and other current assets | 1,633 | 1,860 | ||||
Property, plant and equipment, at fair value | 56,262 | 54,283 | ||||
Intangible assets | 8 | 209 | ||||
Goodwill | 1,603 | 1,526 | ||||
Other long-term assets | 823 | 842 | ||||
Total Assets | 65,901 | 64,111 | ||||
Current liabilities | 3,956 | 4,943 | ||||
Non-recourse borrowings | 1,457 | 2,027 | ||||
Other long-term liabilities | 1,540 | 1,531 | ||||
Deferred income tax liabilities | 6,876 | 6,507 | ||||
Assets and liabilities classified as held for sale | ||||||
Statement [Line Items] | ||||||
Cash and cash equivalents | 5 | 9 | ||||
Restricted cash | 2 | 5 | ||||
Trade receivables and other current assets | 8 | 4 | ||||
Financial instrument assets | 2 | 3 | ||||
Property, plant and equipment, at fair value | 30 | 911 | ||||
Intangible assets | 198 | 0 | ||||
Goodwill | 18 | 0 | ||||
Other long-term assets | 0 | 6 | ||||
Total Assets | 263 | 938 | ||||
Current liabilities | 4 | 9 | ||||
Non-recourse borrowings | 168 | 171 | ||||
Financial instrument liabilities | 0 | 167 | ||||
Other long-term liabilities | 6 | 1 | ||||
Provisions | 0 | 3 | ||||
Liabilities directly associated with assets held for sale | 195 | 351 | ||||
Deferred income tax liabilities | $ 17 | $ 0 |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Assets and Liabilities Measured and Disclosed at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets measured at fair value: | ||||||
Cash and cash equivalents | $ 1,202 | $ 1,140 | $ 998 | $ 1,059 | $ 910 | $ 900 |
Restricted cash | 196 | 191 | ||||
Investments in debt and equity securities | 1,457 | 1,235 | ||||
Property, plant and equipment | 56,262 | 54,283 | ||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(3) | (76) | (68) | ||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | 33,712 | 31,321 | ||||
Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,471) | (2,362) | ||||
Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (21,275) | (21,117) | ||||
IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 10 | 2 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (540) | (670) | ||||
Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 56 | 37 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (120) | (236) | ||||
Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 313 | 335 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (86) | (82) | ||||
Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 39 | 16 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (168) | (110) | ||||
Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (1,087) | (1,131) | ||||
Investments in debt and equity securities | Debt securities | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 30 | $ 0 | ||||
Level 1 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 1,202 | |||||
Restricted cash | 196 | |||||
Investments in debt and equity securities | 0 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(3) | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (3,182) | |||||
Level 1 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,471) | |||||
Level 1 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,109) | |||||
Level 1 | IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 2 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 0 | |||||
Restricted cash | 0 | |||||
Investments in debt and equity securities | 43 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(3) | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (19,089) | |||||
Level 2 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | 0 | |||||
Level 2 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (19,166) | |||||
Level 2 | IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 2 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 56 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (120) | |||||
Level 2 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 313 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (86) | |||||
Level 2 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 39 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (168) | |||||
Level 2 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 0 | |||||
Restricted cash | 0 | |||||
Investments in debt and equity securities | 1,414 | |||||
Property, plant and equipment | 56,262 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(3) | (76) | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | 55,983 | |||||
Level 3 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | 0 | |||||
Level 3 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | 0 | |||||
Level 3 | IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 10 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (540) | |||||
Level 3 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | $ (1,087) |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Aggregate Amount of Net Financial Instrument Positions (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ 1,905 | |
Less: current portion | 173 | |
Long-term portion | 1,732 | |
Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 2,001 | |
Less: current portion | 567 | |
Long-term portion | 1,434 | |
Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (96) | $ (604) |
Less: current portion | (394) | (434) |
Long-term portion | 298 | (170) |
Energy derivative contracts | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 56 | |
Energy derivative contracts | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 120 | |
Energy derivative contracts | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (64) | (199) |
Interest rate swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 313 | |
Interest rate swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 86 | |
Interest rate swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 227 | 253 |
Foreign exchange swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 39 | |
Foreign exchange swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 168 | |
Foreign exchange swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (129) | (94) |
Investments in debt and equity securities | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,487 | |
Investments in debt and equity securities | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 0 | |
Investments in debt and equity securities | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,487 | 1,235 |
Tax equity | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 0 | |
Tax equity | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,087 | |
Tax equity | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (1,087) | (1,131) |
IFRS 9 PPAs | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 10 | |
IFRS 9 PPAs | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 540 | |
IFRS 9 PPAs | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ (530) | $ (668) |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Unrealized Gains (Losses) Included in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | $ 153 | $ (12) | $ 295 | $ (49) |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 50 | 27 | 178 | (6) |
Unrealized gains (losses) included in other comprehensive income | 52 | 120 | 161 | 37 |
Other Income | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Gains associated with available for sale instruments | 8 | 2 | 8 | 2 |
Energy derivative contracts | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 10 | (23) | 76 | (61) |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 18 | (61) | 184 | (173) |
Reclassification adjustments recognized in net income, net | (34) | 35 | (82) | 86 |
IFRS 9 PPAs | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 14 | (25) | 71 | (103) |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 25 | (16) | 37 | (53) |
Reclassification adjustments recognized in net income, net | 0 | 0 | 0 | 2 |
Investment in debt and equity securities | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 46 | (6) | 46 | (6) |
Interest rate swaps | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 15 | 15 | 9 | 65 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 29 | 95 | (17) | 222 |
Reclassification adjustments recognized in net income, net | 2 | 1 | 1 | 4 |
Reclassification adjustments recognized in net income | (23) | 36 | (72) | 92 |
Foreign exchange swaps | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | (1) | 28 | (6) | 36 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | (22) | 9 | (26) | (2) |
Tax equity | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 44 | 32 | 61 | 62 |
Foreign exchange (loss) gain | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 25 | (33) | 38 | (42) |
Foreign exchange swaps – net investment | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | 0 | 97 | (19) | 52 |
Investments in debt and equity securities | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | $ 2 | $ (4) | $ 2 | $ (9) |
SEGMENTED INFORMATION - Summary
SEGMENTED INFORMATION - Summary of Operating Results by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,205 | $ 1,274 | $ 2,536 | $ 2,410 | |
Other income | 61 | 14 | 87 | 85 | |
Direct operating costs | [1] | (425) | (366) | (826) | (716) |
Share of revenue, other income and direct operating costs from equity-accounted investments | 26 | 32 | 76 | 74 | |
Management service costs | (55) | (65) | (112) | (141) | |
Interest expense | (402) | (294) | (796) | (560) | |
Current income taxes | (37) | (31) | (80) | (73) | |
Preferred limited partners equity | (10) | (12) | (20) | (23) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (7) | (14) | (14) | |
Share of interest and cash taxes from equity accounted investments | (8) | (10) | (21) | (21) | |
Share of Funds From Operations attributable to non-controlling interests | (30) | (235) | (230) | (471) | |
Depreciation | (458) | (389) | (887) | (790) | |
Foreign exchange and financial instrument gain (loss) | 153 | (12) | 295 | (49) | |
Deferred | 18 | (31) | 37 | (5) | |
Other | 78 | (7) | 28 | (54) | |
Share of earnings (loss) from equity-accounted investments | (5) | 7 | (9) | (5) | |
Net income (loss) attributable to non-controlling interests | (137) | 139 | (122) | 289 | |
Net income (loss) attributable to Unitholders | (39) | 1 | (71) | (77) | |
Share of earnings from equity-accounted investments | 13 | 29 | 46 | 48 | |
Net income attributable to participating non-controlling interests | 167 | 96 | 352 | 182 | |
Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 719 | 723 | 1,491 | 1,372 | |
Other income | 98 | 51 | 130 | 129 | |
Direct operating costs | (231) | (227) | (476) | (455) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 586 | 547 | 1,145 | 1,046 | |
Management service costs | (55) | (65) | (112) | (141) | |
Interest expense | (182) | (153) | (369) | (293) | |
Current income taxes | (14) | (10) | (30) | (25) | |
Preferred limited partners equity | (10) | (12) | (20) | (23) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (7) | (14) | (14) | |
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 312 | 294 | 587 | 537 | |
Depreciation | (248) | (233) | (489) | (479) | |
Foreign exchange and financial instrument gain (loss) | 31 | (12) | 69 | (36) | |
Deferred | 31 | (4) | 34 | 26 | |
Other | (165) | (44) | (272) | (125) | |
Share of earnings (loss) from equity-accounted investments | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Unitholders | (39) | 1 | (71) | (77) | |
Contribution from equity-accounted investments | |||||
Disclosure of operating segments [line items] | |||||
Revenues | (50) | (47) | (129) | (96) | |
Other income | (2) | (1) | (7) | (13) | |
Direct operating costs | 26 | 18 | 60 | 39 | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 26 | 30 | 76 | 70 | |
Adjusted EBITDA | 0 | 0 | 0 | 0 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | 6 | 4 | 16 | 10 | |
Current income taxes | 2 | 4 | 5 | 7 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | 0 | 0 | |
Share of interest and cash taxes from equity accounted investments | (8) | (8) | (21) | (17) | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 0 | 0 | 0 | 0 | |
Depreciation | 11 | 10 | 24 | 19 | |
Foreign exchange and financial instrument gain (loss) | (3) | 0 | 15 | 1 | |
Deferred | 1 | (2) | 4 | (2) | |
Other | (4) | (15) | (34) | (13) | |
Share of earnings (loss) from equity-accounted investments | (5) | 7 | (9) | (5) | |
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Unitholders | 0 | 0 | 0 | 0 | |
Non-controlling interests | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 536 | 598 | 1,174 | 1,134 | |
Other income | (35) | (36) | (36) | (31) | |
Direct operating costs | (220) | (157) | (410) | (300) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 2 | 0 | 4 | |
Adjusted EBITDA | 281 | 407 | 728 | 807 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (226) | (145) | (443) | (277) | |
Current income taxes | (25) | (25) | (55) | (55) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | 0 | 0 | |
Share of interest and cash taxes from equity accounted investments | 0 | (2) | 0 | (4) | |
Share of Funds From Operations attributable to non-controlling interests | (30) | (235) | (230) | (471) | |
Funds From Operations | 0 | 0 | 0 | 0 | |
Depreciation | (221) | (166) | (422) | (330) | |
Foreign exchange and financial instrument gain (loss) | 125 | 0 | 211 | (14) | |
Deferred | (14) | (25) | (1) | (29) | |
Other | 247 | 52 | 334 | 84 | |
Share of earnings (loss) from equity-accounted investments | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to non-controlling interests | (137) | 139 | (122) | 289 | |
Net income (loss) attributable to Unitholders | 0 | 0 | 0 | 0 | |
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 644 | 691 | 1,416 | 1,328 | |
Hydroelectric | North America | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 274 | 297 | 609 | 533 | |
Other income | 4 | 0 | 8 | 2 | |
Direct operating costs | (97) | (93) | (206) | (190) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 181 | 204 | 411 | 345 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (64) | (46) | (135) | (91) | |
Current income taxes | (3) | (3) | (4) | (5) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 114 | 155 | 272 | 249 | |
Hydroelectric | Brazil | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 58 | 45 | 119 | 93 | |
Other income | 2 | 2 | 3 | 20 | |
Direct operating costs | (18) | (13) | (35) | (26) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 42 | 34 | 87 | 87 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (4) | (7) | (9) | (12) | |
Current income taxes | (2) | (3) | (4) | (6) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 36 | 24 | 74 | 69 | |
Hydroelectric | Colombia | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 66 | 67 | 132 | 140 | |
Other income | 4 | 0 | 5 | 0 | |
Direct operating costs | (23) | (22) | (42) | (42) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 47 | 45 | 95 | 98 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (21) | (14) | (39) | (24) | |
Current income taxes | (5) | (5) | (12) | (13) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 21 | 26 | 44 | 61 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 289 | 287 | 608 | 583 | |
Wind | North America | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 73 | 85 | 158 | 171 | |
Other income | 35 | 0 | 36 | 0 | |
Direct operating costs | (24) | (31) | (49) | (57) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 84 | 54 | 145 | 114 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (15) | (16) | (33) | (32) | |
Current income taxes | (1) | 0 | (1) | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 68 | 38 | 111 | 82 | |
Wind | Brazil | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 9 | 7 | 17 | 13 | |
Other income | 1 | 0 | 1 | 0 | |
Direct operating costs | (3) | (1) | (5) | (3) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 7 | 6 | 13 | 10 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (2) | (2) | (3) | (3) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 5 | 4 | 10 | 7 | |
Wind | Europe | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 35 | 32 | 75 | 83 | |
Other income | 5 | 7 | 5 | 11 | |
Direct operating costs | (8) | (6) | (16) | (15) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 32 | 33 | 64 | 79 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (4) | (5) | (8) | (9) | |
Current income taxes | (1) | 0 | (3) | (1) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 27 | 28 | 53 | 69 | |
Wind | Asia | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 13 | 10 | 23 | 19 | |
Other income | 1 | 1 | 1 | 1 | |
Direct operating costs | (4) | (2) | (5) | (4) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 10 | 9 | 19 | 16 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (3) | (3) | (6) | (6) | |
Current income taxes | 0 | 0 | (1) | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 7 | 6 | 12 | 10 | |
Utility-scale solar | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 110 | 112 | 198 | 193 | |
Other income | 15 | 19 | 23 | 55 | |
Direct operating costs | (18) | (27) | (45) | (54) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 107 | 104 | 176 | 194 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (28) | (28) | (55) | (54) | |
Current income taxes | (2) | (2) | (4) | (2) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 77 | 74 | 117 | 138 | |
Distributed energy & sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 98 | 89 | 174 | 150 | |
Distributed energy & sustainable solutions | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 81 | 68 | 160 | 127 | |
Other income | 9 | 3 | 14 | 16 | |
Direct operating costs | (27) | (24) | (55) | (48) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 63 | 47 | 119 | 95 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (9) | (12) | (21) | (22) | |
Current income taxes | 0 | 3 | (1) | 2 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 54 | 38 | 97 | 75 | |
Corporate | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Other income | 22 | 19 | 34 | 24 | |
Direct operating costs | (9) | (8) | (18) | (16) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 13 | 11 | 16 | 8 | |
Management service costs | (55) | (65) | (112) | (141) | |
Interest expense | (32) | (20) | (60) | (40) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | (10) | (12) | (20) | (23) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (7) | (14) | (14) | |
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | $ (97) | $ (99) | $ (203) | $ (223) | |
[1]Direct operating costs exclude depreciation expense disclosed below. |
SEGMENTED INFORMATION - Summa_2
SEGMENTED INFORMATION - Summary of Segments by Balance Sheet Disclosures (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | $ 1,202 | $ 998 |
Property, plant and equipment, at fair value | 56,262 | 54,283 |
Total assets | 65,901 | 64,111 |
Total borrowings | 24,415 | 24,850 |
Other liabilities | 12,974 | 12,975 |
Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 518 | 445 |
Property, plant and equipment, at fair value | 29,804 | 29,136 |
Total assets | 33,722 | 33,347 |
Total borrowings | 12,929 | 12,891 |
Other liabilities | 8,887 | 8,927 |
Contribution from equity-accounted investments | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | (56) | (43) |
Property, plant and equipment, at fair value | (1,287) | (1,165) |
Total assets | (793) | (587) |
Total borrowings | (557) | (373) |
Other liabilities | (236) | (204) |
Non-controlling interests | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 740 | 596 |
Property, plant and equipment, at fair value | 27,745 | 26,312 |
Total assets | 32,972 | 31,351 |
Total borrowings | 12,043 | 12,332 |
Other liabilities | 4,323 | 4,252 |
Hydroelectric | North America | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 122 | 55 |
Property, plant and equipment, at fair value | 15,452 | 15,331 |
Total assets | 16,698 | 16,971 |
Total borrowings | 4,150 | 4,206 |
Other liabilities | 5,009 | 5,250 |
Hydroelectric | Brazil | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 30 | 15 |
Property, plant and equipment, at fair value | 1,843 | 1,743 |
Total assets | 2,012 | 1,880 |
Total borrowings | 267 | 258 |
Other liabilities | 118 | 99 |
Hydroelectric | Colombia | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 22 | 14 |
Property, plant and equipment, at fair value | 2,121 | 1,826 |
Total assets | 2,362 | 2,036 |
Total borrowings | 608 | 526 |
Other liabilities | 748 | 634 |
Wind | North America | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 61 | 48 |
Property, plant and equipment, at fair value | 3,598 | 3,563 |
Total assets | 3,964 | 3,969 |
Total borrowings | 1,259 | 1,356 |
Other liabilities | 1,111 | 1,344 |
Wind | Brazil | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 34 | 22 |
Property, plant and equipment, at fair value | 425 | 346 |
Total assets | 484 | 381 |
Total borrowings | 121 | 83 |
Other liabilities | 31 | 15 |
Wind | Europe | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 48 | 56 |
Property, plant and equipment, at fair value | 670 | 650 |
Total assets | 841 | 816 |
Total borrowings | 359 | 358 |
Other liabilities | 210 | 244 |
Wind | Asia | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 16 | 24 |
Property, plant and equipment, at fair value | 299 | 294 |
Total assets | 397 | 399 |
Total borrowings | 219 | 238 |
Other liabilities | 43 | 71 |
Utility-scale solar | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 93 | 139 |
Property, plant and equipment, at fair value | 3,006 | 3,046 |
Total assets | 3,612 | 3,520 |
Total borrowings | 2,357 | 2,382 |
Other liabilities | 622 | 492 |
Distributed energy & sustainable solutions | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 74 | 72 |
Property, plant and equipment, at fair value | 2,387 | 2,337 |
Total assets | 3,063 | 2,794 |
Total borrowings | 928 | 928 |
Other liabilities | 688 | 507 |
Corporate | Attributable to Unitholders | ||
Disclosure of operating segments [line items] | ||
Cash and cash equivalents | 18 | 0 |
Property, plant and equipment, at fair value | 3 | 0 |
Total assets | 289 | 581 |
Total borrowings | 2,661 | 2,556 |
Other liabilities | $ 307 | $ 271 |
SEGMENTED INFORMATION - Summa_3
SEGMENTED INFORMATION - Summary of Geographical Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,205 | $ 1,274 | $ 2,536 | $ 2,410 | |
Consolidated property, plant and equipment and equity-accounted investments | 57,906 | 57,906 | $ 55,675 | ||
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 644 | 691 | 1,416 | 1,328 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 289 | 287 | 608 | 583 | |
Utility-scale solar | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 174 | 207 | 338 | 349 | |
Distributed energy & sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 98 | 89 | 174 | 150 | |
North America | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 286 | 371 | 708 | 656 | |
North America | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 172 | 175 | 358 | 339 | |
Brazil | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 5,222 | 5,222 | 4,754 | ||
Brazil | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 66 | 46 | 133 | 93 | |
Brazil | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 31 | 21 | 54 | 38 | |
Colombia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 9,460 | 9,460 | 8,264 | ||
Colombia | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 292 | 274 | 575 | 579 | |
Europe | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 3,976 | 3,976 | 3,963 | ||
Europe | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 30 | 47 | 91 | 124 | |
Asia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 2,057 | 2,057 | 1,932 | ||
Asia | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 56 | $ 44 | 105 | $ 82 | |
United States | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 29,394 | 29,394 | 29,056 | ||
Canada | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 7,636 | 7,636 | 7,560 | ||
Other | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | $ 161 | $ 161 | $ 146 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Income Taxes [Abstract] | ||
Effective income tax rate | 12% | 33% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 50,951 | ||
Additions, net | 39 | ||
Transfer from construction work-in-progress | 603 | ||
Acquisitions through business combinations | 125 | ||
Disposals | (5) | ||
Transfer to assets held for sale | (30) | ||
Items recognized through OCI: | |||
Change in fair value | (2) | ||
Foreign exchange | 1,700 | ||
Items recognized through net income: | |||
Depreciation | (887) | ||
Ending balance | 52,494 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 3,332 | ||
Additions, net | 976 | ||
Transfer to property, plant and equipment | (603) | ||
Acquisitions through business combinations | 8 | ||
Items recognized through OCI: | |||
Change in fair value | 7 | ||
Foreign exchange | 48 | ||
Construction in progress, ending balance | 3,768 | ||
Total property, plant and equipment, at fair value | 56,262 | $ 54,283 | |
Hydroelectric | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 31,168 | ||
Additions, net | 2 | ||
Transfer from construction work-in-progress | 13 | ||
Acquisitions through business combinations | 0 | ||
Disposals | 0 | ||
Transfer to assets held for sale | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 1,478 | ||
Items recognized through net income: | |||
Depreciation | (314) | ||
Ending balance | 32,347 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 299 | ||
Additions, net | 43 | ||
Transfer to property, plant and equipment | (13) | ||
Acquisitions through business combinations | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 8 | ||
Construction in progress, ending balance | 337 | ||
Total property, plant and equipment, at fair value | 32,684 | 31,467 | |
Right-of-use asset not subject to revaluation, disposal | 62 | $ 64 | |
Wind | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 11,302 | ||
Additions, net | 47 | ||
Transfer from construction work-in-progress | 149 | ||
Acquisitions through business combinations | 125 | ||
Disposals | 0 | ||
Transfer to assets held for sale | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 68 | ||
Items recognized through net income: | |||
Depreciation | (331) | ||
Ending balance | 11,360 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 1,132 | ||
Additions, net | 390 | ||
Transfer to property, plant and equipment | (149) | ||
Acquisitions through business combinations | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 20 | ||
Construction in progress, ending balance | 1,393 | ||
Total property, plant and equipment, at fair value | 12,753 | 12,434 | |
Right-of-use asset not subject to revaluation, disposal | 229 | 242 | |
Solar | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 8,239 | ||
Additions, net | (13) | ||
Transfer from construction work-in-progress | 441 | ||
Acquisitions through business combinations | 0 | ||
Disposals | 0 | ||
Transfer to assets held for sale | (30) | ||
Items recognized through OCI: | |||
Change in fair value | (2) | ||
Foreign exchange | 145 | ||
Items recognized through net income: | |||
Depreciation | (224) | ||
Ending balance | 8,556 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 1,897 | ||
Additions, net | 542 | ||
Transfer to property, plant and equipment | (441) | ||
Acquisitions through business combinations | 8 | ||
Items recognized through OCI: | |||
Change in fair value | 7 | ||
Foreign exchange | 20 | ||
Construction in progress, ending balance | 2,033 | ||
Total property, plant and equipment, at fair value | 10,589 | 10,136 | |
Right-of-use asset not subject to revaluation, disposal | 239 | 215 | |
Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 242 | ||
Additions, net | 3 | ||
Transfer from construction work-in-progress | 0 | ||
Acquisitions through business combinations | 0 | ||
Disposals | (5) | ||
Transfer to assets held for sale | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 9 | ||
Items recognized through net income: | |||
Depreciation | (18) | ||
Ending balance | 231 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 4 | ||
Additions, net | 1 | ||
Transfer to property, plant and equipment | 0 | ||
Acquisitions through business combinations | 0 | ||
Items recognized through OCI: | |||
Change in fair value | 0 | ||
Foreign exchange | 0 | ||
Construction in progress, ending balance | 5 | ||
Total property, plant and equipment, at fair value | 236 | $ 246 | |
Right-of-use asset not subject to revaluation, disposal | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - Brookfield Renewable and Institutional Partners $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) MW | |
U.S. Distributed Generation Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Power capacity | MW | 19 |
Acquisitions through asset acquisitions | $ | $ 75 |
Economic interest held | 25% |
48 MW Wind Asset In China | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Acquisitions through asset acquisitions | $ | $ 53 |
Economic interest held | 25% |
Wind power capacity (in MW) | MW | 48 |
BORROWINGS - Summary of Composi
BORROWINGS - Summary of Composition of Borrowings (Details) $ in Millions | Jun. 30, 2023 USD ($) year | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) year |
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 24,415 | $ 24,850 | |
Less: Current portion | $ 0 | $ (249) | |
Medium Term Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate (%) | 4.30% | 4.10% | |
Term (years) | year | 11 | 11 | |
Carrying value | $ 2,661 | $ 2,307 | |
Estimated fair value | 2,471 | $ 2,113 | |
Medium Term Notes | Series 4 (C$150) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 150 | ||
Interest rate (%) | 5.80% | 5.80% | |
Term (years) | year | 13 | 14 | |
Carrying value | $ 113 | $ 111 | |
Estimated fair value | 118 | $ 114 | |
Medium Term Notes | Series 9 (C$400) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 400 | ||
Interest rate (%) | 3.80% | 3.80% | |
Term (years) | year | 2 | 2 | |
Carrying value | $ 302 | $ 295 | |
Estimated fair value | 292 | $ 286 | |
Medium Term Notes | Series 10 (C$500) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 500 | ||
Interest rate (%) | 3.60% | 3.60% | |
Term (years) | year | 4 | 4 | |
Carrying value | $ 378 | $ 369 | |
Estimated fair value | 357 | $ 350 | |
Medium Term Notes | Series 11 (C$475) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 475 | ||
Interest rate (%) | 4.30% | 4.30% | |
Term (years) | year | 6 | 6 | |
Carrying value | $ 359 | $ 351 | |
Estimated fair value | 343 | $ 338 | |
Medium Term Notes | Series 12 (C$475) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 475 | ||
Interest rate (%) | 3.40% | 3.40% | |
Term (years) | year | 7 | 7 | |
Carrying value | $ 359 | $ 351 | |
Estimated fair value | 324 | $ 316 | |
Medium Term Notes | Series 13 (C$300) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 300 | ||
Interest rate (%) | 4.30% | 4.30% | |
Term (years) | year | 26 | 27 | |
Carrying value | $ 227 | $ 221 | |
Estimated fair value | 193 | $ 184 | |
Medium Term Notes | Series 14 (C$425) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 425 | ||
Interest rate (%) | 3.30% | 3.30% | |
Term (years) | year | 27 | 28 | |
Carrying value | $ 321 | $ 314 | |
Estimated fair value | 229 | $ 218 | |
Medium Term Notes | Series 15 (C$400) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 400 | ||
Interest rate (%) | 5.90% | 5.90% | |
Term (years) | year | 9 | 10 | |
Carrying value | $ 301 | $ 295 | |
Estimated fair value | 314 | $ 307 | |
Medium Term Notes | Series 16 (C$400) | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | $ 400 | $ 400 | |
Interest rate (%) | 5.30% | 5.29% | 0% |
Term (years) | year | 10 | 0 | |
Carrying value | $ 301 | $ 0 | |
Estimated fair value | $ 301 | $ 0 | |
Credit facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Term (years) | year | 5 | 5 | |
Carrying value | $ 0 | $ 0 | |
Estimated fair value | 0 | $ 0 | |
Commercial paper | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate (%) | 5.10% | ||
Carrying value | 0 | $ 249 | |
Estimated fair value | 0 | 249 | |
Corporate borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | 2,661 | 2,556 | |
Estimated fair value | 2,471 | 2,362 | |
Add: Unamortized premiums | (2) | (2) | |
Less: Unamortized financing fees | (12) | (10) | |
Less: Current portion | 0 | (249) | |
Borrowings | $ 2,651 | $ 2,299 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 24,415 | $ 24,850 | |
Q2 2023, US, Distributed generation, Refinancing, 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | 650 | ||
Commercial paper | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 0 | $ 249 | |
Interest rate (%) | 5.10% | ||
Medium Term Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 2,661 | $ 2,307 | |
Interest rate (%) | 4.30% | 4.10% | |
Medium Term Notes | Series 16 (C$400) | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 301 | $ 0 | |
Carrying value | $ 400 | $ 400 | |
Interest rate (%) | 5.30% | 5.29% | 0% |
BORROWINGS - Summary of Availab
BORROWINGS - Summary of Available Credit Facilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Authorized corporate credit facilities and related party credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,375 | $ 2,375 |
Authorized letter of credit facility | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 500 | 500 |
Issued letters of credit | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 325 | 344 |
Available portion of corporate credit facilities(3) | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,550 | $ 2,531 |
BORROWINGS - Composition of Non
BORROWINGS - Composition of Non-recourse Borrowings (Details) $ in Millions | Jun. 30, 2023 USD ($) year | Dec. 31, 2022 USD ($) year |
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 20,307 | $ 20,275 |
Non-recourse borrowings with related parties | $ 923 | $ 1,838 |
Non-recourse borrowing | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 670% | 6.10% |
Term (years) | year | 10 | 10 |
Carrying value | $ 21,798 | $ 22,321 |
Estimated fair value | 21,275 | 21,117 |
Add: Unamortized premium | 94 | 105 |
Less: Unamortized financing fees | (128) | (124) |
Less: Current portion | (1,457) | (2,027) |
Non-recourse borrowings | $ 20,307 | $ 20,275 |
Non-recourse borrowing | Hydroelectric | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 780% | 7.20% |
Term (years) | year | 11 | 10 |
Carrying value | $ 8,739 | $ 8,813 |
Estimated fair value | $ 8,568 | $ 8,104 |
Non-recourse borrowing | Wind | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 580% | 5.40% |
Term (years) | year | 8 | 8 |
Carrying value | $ 5,065 | $ 5,943 |
Estimated fair value | $ 4,997 | $ 5,824 |
Non-recourse borrowing | Utility-scale solar | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 600% | 5.60% |
Term (years) | year | 13 | 13 |
Carrying value | $ 4,668 | $ 4,625 |
Estimated fair value | $ 4,592 | $ 4,502 |
Non-recourse borrowing | Distributed energy & sustainable solutions | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 600% | 5.10% |
Term (years) | year | 6 | 7 |
Carrying value | $ 3,326 | $ 2,940 |
Estimated fair value | 3,118 | 2,687 |
Subscription Facility | Parent | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 923 | $ 1,750 |
BORROWINGS - Non-recourse borro
BORROWINGS - Non-recourse borrowings (Details) ₨ in Millions, ¥ in Millions, R$ in Millions, $ in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 INR (₨) | Jun. 30, 2023 BRL (R$) | Jun. 30, 2023 CAD ($) |
Q1 2023, US, Distributed generation, Financing, 2026 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 7.03% | 7.03% | 7.03% | 7.03% | 7.03% |
Carrying value | $ 100 | ||||
Q1 2023, China, Wind, Financing, 2040 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 4.40% | 4.40% | 4.40% | 4.40% | 4.40% |
Carrying value | $ 141 | ¥ 971 | |||
Q1 2023, China, Wind, Financing, 2030 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 4.60% | 4.60% | 4.60% | 4.60% | 4.60% |
Carrying value | $ 29 | ¥ 200 | |||
Q1 2023, China, Wind, Financing, 2039, 4.6% Interest | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 4.60% | 4.60% | 4.60% | 4.60% | 4.60% |
Carrying value | $ 10 | ¥ 70 | |||
Q1 2023, China, Wind, Financing, 2039, 4.4% Interest | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 4.40% | 4.40% | 4.40% | 4.40% | 4.40% |
Carrying value | $ 14 | ¥ 97 | |||
Q2 2023, India, Solar, Financing, 2043 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying value | 123 | ₨ 10,000 | |||
Q2 2023, Brazil, Wind, Financing 2024 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying value | $ 93 | R$ 450 | |||
Q2 2023, Canada. Hydroelectric, Financing, 2046, 6.19% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 6.19% | 6.19% | 6.19% | 6.19% | 6.19% |
Carrying value | $ 22 | $ 30 | |||
Q2 2023, US, Solar, Financing, 2059, 6.73% Interest | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Average Interest rate | 6.62% | 6.62% | 6.62% | 6.62% | 6.62% |
Carrying value | $ 45 | ||||
Q2 2023, US, Wind, Refinancing, 2023 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying value | $ 311 |
NON-CONTROLLING INTERESTS - Sum
NON-CONTROLLING INTERESTS - Summary of Non-controlling Interests (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | $ 28,512 | $ 26,912 | $ 26,286 | $ 23,001 | $ 24,458 | $ 23,996 |
Non-controlling interests | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 23,433 | 21,430 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 16,604 | 14,755 | ||||
Preferred equity | 16,604 | 15,526 | 14,755 | 11,845 | 12,708 | 12,303 |
General partnership interest in a holding subsidiary held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 59 | 59 | ||||
Preferred equity | 59 | 58 | 59 | 57 | 60 | 59 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 2,908 | 2,892 | ||||
Preferred equity | 2,908 | 2,848 | 2,892 | 2,771 | 2,923 | 2,894 |
BEPC exchangeable shares | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 2,686 | 2,561 | ||||
Preferred equity | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 584 | 571 | ||||
Preferred equity | 584 | 573 | 571 | 601 | 619 | 613 |
Perpetual subordinated notes | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 592 | 592 | ||||
Preferred equity | $ 592 | $ 592 | $ 592 | $ 592 | $ 592 | $ 592 |
NON-CONTROLLING INTERESTS - Rol
NON-CONTROLLING INTERESTS - Rollforward of Participating Non-controlling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of subsidiaries [line items] | ||||
Capital contributions | $ (587) | $ (168) | $ (1,581) | $ (274) |
Disposal | (26) | (21) | (414) | (21) |
Other | 163 | (22) | 155 | 13 |
Participating non-controlling interests – in operating subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 14,755 | |||
Net income (loss) | 167 | 96 | 352 | 182 |
Other comprehensive income (loss) | 602 | |||
Capital contributions | 1,581 | |||
Disposal | (26) | (21) | (414) | $ (21) |
Distributions | (401) | |||
Other | 160 | $ (10) | 129 | |
Ending balance | 16,604 | 16,604 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 477 | |||
Net income (loss) | 30 | |||
Other comprehensive income (loss) | (30) | |||
Capital contributions | 0 | |||
Disposal | (388) | |||
Distributions | (21) | |||
Other | 27 | |||
Ending balance | 95 | $ 95 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 75% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 78% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,617 | |||
Net income (loss) | 44 | |||
Other comprehensive income (loss) | 50 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (44) | |||
Other | 1 | |||
Ending balance | 2,668 | $ 2,668 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 43% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 60% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 3,490 | |||
Net income (loss) | 90 | |||
Other comprehensive income (loss) | 201 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (119) | |||
Other | (22) | |||
Ending balance | 3,640 | $ 3,640 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 23% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 71% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund IV | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,134 | |||
Net income (loss) | 24 | |||
Other comprehensive income (loss) | 67 | |||
Capital contributions | 86 | |||
Disposal | 0 | |||
Distributions | (63) | |||
Other | 0 | |||
Ending balance | 2,248 | $ 2,248 | ||
Interests held by third parties | 75% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Global Transition Fund I | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 1,461 | |||
Net income (loss) | 54 | |||
Other comprehensive income (loss) | 12 | |||
Capital contributions | 1,437 | |||
Disposal | (26) | |||
Distributions | (2) | |||
Other | (19) | |||
Ending balance | 2,917 | $ 2,917 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Global Transition Fund I | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 77% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Global Transition Fund I | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 80% | |||
Participating non-controlling interests – in operating subsidiaries | Canadian Hydroelectric Portfolio | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 1,148 | |||
Net income (loss) | 14 | |||
Other comprehensive income (loss) | 25 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (28) | |||
Other | 166 | |||
Ending balance | 1,325 | $ 1,325 | ||
Interests held by third parties | 50% | |||
Participating non-controlling interests – in operating subsidiaries | The Catalyst Group | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 115 | |||
Net income (loss) | 9 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (3) | |||
Other | 0 | |||
Ending balance | 121 | $ 121 | ||
Interests held by third parties | 25% | |||
Participating non-controlling interests – in operating subsidiaries | Isagen institutional investors | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,159 | |||
Net income (loss) | 63 | |||
Other comprehensive income (loss) | 308 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (86) | |||
Other | 0 | |||
Ending balance | 2,444 | $ 2,444 | ||
Interests held by third parties | 53% | |||
Participating non-controlling interests – in operating subsidiaries | Isagen public non-controlling interests | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 14 | |||
Net income (loss) | 0 | |||
Other comprehensive income (loss) | 2 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (1) | |||
Other | 0 | |||
Ending balance | 15 | $ 15 | ||
Interests held by third parties | 0.30% | |||
Participating non-controlling interests – in operating subsidiaries | Other | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 1,140 | |||
Net income (loss) | 24 | |||
Other comprehensive income (loss) | (33) | |||
Capital contributions | 58 | |||
Disposal | 0 | |||
Distributions | (34) | |||
Other | (24) | |||
Ending balance | $ 1,131 | $ 1,131 | ||
Participating non-controlling interests – in operating subsidiaries | Other | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 0.30% | |||
Participating non-controlling interests – in operating subsidiaries | Other | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 71% |
NON-CONTROLLING INTERESTS - Nar
NON-CONTROLLING INTERESTS - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Apr. 30, 2021 | |
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners of parent | $ 156,000,000 | $ 143,000,000 | $ 309,000,000 | $ 286,000,000 | |||
Redeemable and exchangeable partnership units, exchange ratio | 1 | ||||||
Dividends paid to non-controlling interests | 6,000,000 | 6,000,000 | $ 13,000,000 | 13,000,000 | |||
Interest expense on borrowings | 402,000,000 | 294,000,000 | 796,000,000 | 560,000,000 | |||
Perpetual subordinated notes | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Amount issued | $ 260,000,000 | $ 350,000,000 | |||||
Interest rate | 4.875% | 4.625% | |||||
Interest expense on borrowings | 7,000,000 | 7,000,000 | 14,000,000 | 14,000,000 | |||
Distributions | $ 7,000,000 | $ 9,000,000 | $ 14,000,000 | $ 13,000,000 | |||
Brookfield | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 47% | 47% | |||||
GP interests | Brookfield | Ownership Interest In BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 1% | 1% | |||||
LP Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 1.35 | ||||||
Number of shares outstanding (in shares) | 313,199,460 | 313,199,460 | |||||
Number of shares authorized for repurchase (in shares) | 13,764,352 | ||||||
Authorised share repurchases as a percent of issued and outstanding shares | 5% | ||||||
Number of shares repurchased | 0 | 0 | 0 | 0 | |||
Redeemable Exchangeable Partnership Units And General Partnership Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 25% | 25% | |||||
Exchangeable Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares authorized for repurchase (in shares) | 8,610,905 | ||||||
Exchangeable Shares | TerraForm Power Inc | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares exchanged | 833 | 4,743 | 2,575 | 8,084 | |||
Ordinary shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 288,846,874 | 288,846,874 | 275,358,750 | ||||
Ordinary shares | TerraForm Power Inc | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Payments for shares exchanged (less than) | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||
Ordinary shares | Brookfield | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 73,897,686 | 73,897,686 | 68,749,416 | ||||
Class A Preference Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares redeemed (in shares) | 0 | 0 | |||||
Non-controlling interests | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Interest expense on borrowings | $ 226,000,000 | 145,000,000 | $ 443,000,000 | 277,000,000 | |||
Non-controlling interests | $ 23,433,000,000 | $ 23,433,000,000 | $ 21,430,000,000 | ||||
Non-controlling interests | BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.2253 | ||||||
Incentive distribution, percent | 25% | ||||||
Non-controlling interests | GP interests | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 3,977,260 | 3,977,260 | 3,977,260 | ||||
Non-controlling interests | LP Units | BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.20 | ||||||
Incentive distribution, percent | 15% | ||||||
Non-controlling interests | Redeemable Exchangeable Partnership Units And General Partnership Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 100% | 100% | |||||
Non-controlling interests | Exchangeable Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 179,657,416 | 179,657,416 | 172,218,098 | ||||
Non-controlling interests | Redeemable/Exchangeable partnership units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 194,487,939 | 194,487,939 | 194,487,939 | ||||
Incentive distribution | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners of parent | $ 28,000,000 | $ 23,000,000 | $ 55,000,000 | $ 47,000,000 | |||
BEPC Exchangeable Participating Noncontrolling Interests Holding Subsidiaries | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares redeemed (in shares) | 0 | 0 | |||||
Perpetual subordinated notes | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Non-controlling interests | $ 592,000,000 | $ 592,000,000 | $ 592,000,000 |
NON-CONTROLLING INTERESTS - Com
NON-CONTROLLING INTERESTS - Components of Distributions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 156 | $ 143 | $ 309 | $ 286 |
Non-participating Noncontrolling Interests | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 29 | 25 | 57 | 50 |
General partnership interest in a holding subsidiary held by Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 1 | 2 | 2 | 3 |
Incentive distribution | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 28 | 23 | 55 | 47 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 66 | 63 | 133 | 126 |
Brookfield Renewable | BEPC exchangeable shares | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 61 | 55 | 119 | 110 |
Limited partners' equity | Redeemable/Exchangeable partnership units | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 15 | 15 | 31 | 30 |
External Shareholders | Redeemable/Exchangeable partnership units | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 46 | $ 40 | $ 88 | $ 80 |
NON-CONTROLLING INTERESTS - S_2
NON-CONTROLLING INTERESTS - Summary of Preferred Equity (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of preference shares [Line Items] | |||||
Distributions or dividends declared | $ (514) | $ (895) | $ (946) | $ (1,323) | |
Class A Preference Shares | |||||
Disclosure of preference shares [Line Items] | |||||
Number of shares outstanding (in shares) | 31,030 | 31,030 | |||
Distributions or dividends declared | $ 13 | 13 | |||
Non-controlling interests | $ 584 | 584 | $ 571 | ||
Series 1 (C$136) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 136 | $ 136 | |||
Number of shares outstanding (in shares) | 6,850 | 6,850 | |||
Cumulative distribution rate (%) | 3.10% | ||||
Earliest permitted redemption date | April 2025 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | $ 129 | 129 | 126 | ||
Series 2 (C$113) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 113 | $ 113 | |||
Number of shares outstanding (in shares) | 3,110 | 3,110 | |||
Cumulative distribution rate (%) | 7% | ||||
Earliest permitted redemption date | April 2025 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | $ 59 | 59 | 57 | ||
Series 3 (C$249) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 249 | $ 249 | |||
Number of shares outstanding (in shares) | 9,960 | 9,960 | |||
Cumulative distribution rate (%) | 4.40% | ||||
Earliest permitted redemption date | July 2024 | ||||
Distributions or dividends declared | $ 4 | 4 | |||
Non-controlling interests | $ 186 | 186 | 183 | ||
Series 5 (C$103) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 103 | $ 103 | |||
Number of shares outstanding (in shares) | 4,110 | 4,110 | |||
Cumulative distribution rate (%) | 5% | ||||
Earliest permitted redemption date | April 2018 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | $ 77 | 77 | 76 | ||
Series 6 (C$175) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 175 | $ 175 | |||
Number of shares outstanding (in shares) | 7,000 | 7,000 | |||
Cumulative distribution rate (%) | 5% | ||||
Earliest permitted redemption date | July 2018 | ||||
Distributions or dividends declared | $ 3 | $ 3 | |||
Non-controlling interests | $ 134 | $ 134 | $ 129 |
PREFERRED LIMITED PARTNERS' E_3
PREFERRED LIMITED PARTNERS' EQUITY - Summary of Preferred Limited Partners' Equity (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||||
Preferred limited partners' equity | $ 760 | $ 760 | $ 760 | ||
Preferred limited partners' equity | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares outstanding (in shares) | 38,000 | 38,000 | |||
Distributions declared for the six months ended June 30 | $ 10 | $ 12 | $ 20 | $ 23 | |
Preferred limited partners' equity | 760 | 760 | 760 | ||
Series 7 (C$175) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 175 | $ 175 | |||
Number of shares outstanding (in shares) | 7,000 | 7,000 | |||
Cumulative distribution rate (%) | 5.50% | ||||
Earliest permitted redemption date | January 2026 | ||||
Distributions declared for the six months ended June 30 | $ 4 | 4 | |||
Preferred limited partners' equity | $ 128 | 128 | 128 | ||
Series 11 (C$250) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 250 | $ 250 | |||
Number of shares outstanding (in shares) | 0 | 0 | |||
Cumulative distribution rate (%) | 5% | ||||
Earliest permitted redemption date | April 2022 | ||||
Distributions declared for the six months ended June 30 | $ 0 | 3 | |||
Preferred limited partners' equity | $ 0 | 0 | 0 | ||
Series 13 (C$250) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 250 | $ 250 | |||
Number of shares outstanding (in shares) | 10,000 | 10,000 | |||
Cumulative distribution rate (%) | 6.05% | ||||
Earliest permitted redemption date | April 2028 | ||||
Distributions declared for the six months ended June 30 | $ 5 | 5 | |||
Preferred limited partners' equity | $ 196 | 196 | 196 | ||
Series 15 (C$175) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 175 | $ 175 | |||
Number of shares outstanding (in shares) | 7,000 | 7,000 | |||
Cumulative distribution rate (%) | 5.75% | ||||
Earliest permitted redemption date | April 2024 | ||||
Distributions declared for the six months ended June 30 | $ 4 | 4 | |||
Preferred limited partners' equity | $ 126 | 126 | 126 | ||
Series 17 ($200) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 200 | $ 200 | |||
Number of shares outstanding (in shares) | 8,000 | 8,000 | |||
Cumulative distribution rate (%) | 5.25% | ||||
Earliest permitted redemption date | March 2025 | ||||
Distributions declared for the six months ended June 30 | $ 5 | 5 | |||
Preferred limited partners' equity | $ 195 | 195 | 195 | ||
Series 18 (C$150) | |||||
Disclosure of classes of share capital [line items] | |||||
Face amount | $ 150 | $ 150 | |||
Number of shares outstanding (in shares) | 6,000 | 6,000 | |||
Cumulative distribution rate (%) | 5.50% | ||||
Earliest permitted redemption date | April 2027 | ||||
Distributions declared for the six months ended June 30 | $ 2 | $ 2 | |||
Preferred limited partners' equity | $ 115 | $ 115 | $ 115 |
PREFERRED LIMITED PARTNERS' E_4
PREFERRED LIMITED PARTNERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Preferred limited partners' equity | ||||
Disclosure of preferred limited partners [Line Items] | ||||
Dividends paid | $ 10 | $ 12 | $ 20 | $ 23 |
Class A Preferred Limited Partnership Series 13 Units | ||||
Disclosure of preferred limited partners [Line Items] | ||||
Quarterly fixed distribution yield percentage | 6.05% |
LIMITED PARTNERS' EQUITY - Narr
LIMITED PARTNERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 16, 2023 USD ($) | Feb. 28, 2023 $ / shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 16, 2023 dollarsPerShare shares | Dec. 31, 2022 shares | |
Limited partners' equity | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Share issue related cost | $ | $ 2 | $ 3 | $ 4 | $ 6 | ||||
Bought Deal Basis | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Proceeds from issuing shares | $ | $ 500 | |||||||
Private Placement Offering | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Proceeds from issuing shares | $ | 650 | |||||||
Bought Deal And Private Placement Offering | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Share issue related cost | $ | $ 20 | |||||||
Brookfield | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 47% | 47% | ||||||
Brookfield | Ownership interest in BEP | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 26% | 26% | ||||||
Brookfield | Ownership interest in BRELP | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 40% | 40% | ||||||
External LP unitholders | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 53% | 53% | ||||||
Ordinary shares | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares outstanding (in shares) | 288,846,874 | 288,846,874 | 275,358,750 | |||||
Percentage of units for normal course issuer bid | 5% | |||||||
Increase (decrease) in number of shares outstanding | 0 | 0 | 0 | 0 | ||||
Ordinary shares | TerraForm Power Inc | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Payments for shares exchanged | $ | $ 1 | $ 1 | $ 1 | $ 1 | ||||
Ordinary shares | Brookfield | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares outstanding (in shares) | 73,897,686 | 73,897,686 | 68,749,416 | |||||
GP interests | Brookfield | Ownership interest in BEP | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 0.01% | 0.01% | ||||||
GP interests | Brookfield | Ownership interest in BRELP | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 1% | 1% | ||||||
LP Units | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares outstanding (in shares) | 313,199,460 | 313,199,460 | ||||||
Maximum number of units for normal course issuer bid | 13,764,352 | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 1.35 | |||||||
Incremental increase in distributions (in dollars per share) | $ / shares | $ 0.07 | |||||||
Distributions paid | $ | $ 91 | $ 85 | $ 182 | $ 174 | ||||
LP Units | Brookfield Reinsurance Limited Subsidiary | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares outstanding (in shares) | 5,148,270 | 5,148,270 | ||||||
LP Units | Distribution reinvestment plan | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Units issued under distribution reinvestment plan (in units) | 65,160 | 78,327 | 137,279 | 147,192 | ||||
LP Units | Bought Deal Basis | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares issued (in shares) | 8,200,000 | |||||||
Value of shares issued (in dollars per share) | dollarsPerShare | dollarsPerShare 30.35 | |||||||
LP Units | Private Placement Offering | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares issued (in shares) | 5,148,270 | |||||||
Exchangeable Shares | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Maximum number of units for normal course issuer bid | 8,610,905 | |||||||
Exchangeable Shares | TerraForm Power Inc | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares exchanged | 833 | 4,743 | 2,575 | 8,084 | ||||
Exchangeable Shares | Bought Deal Basis | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Number of shares issued (in shares) | 7,430,000 | |||||||
Value of shares issued (in dollars per share) | dollarsPerShare | dollarsPerShare 33.80 | |||||||
Redeemable Exchangeable Partnership Units And General Partnership Units | ||||||||
Disclosure of limited partners equity [Line Items] | ||||||||
Ownership percentage | 25% | 25% |
LIMITED PARTNERS' EQUITY - Comp
LIMITED PARTNERS' EQUITY - Composition of Distributions (Details) - LP Units - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 92 | $ 88 | $ 189 | $ 179 |
Brookfield | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | 23 | 22 | 47 | 45 |
External LP unitholders | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 69 | $ 66 | $ 142 | $ 134 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Reconciliation of changes in goodwill [abstract] | |
Beginning of year | $ 1,526 |
Transfer to Assets held for sale | (18) |
Foreign exchange and other | 95 |
End of year | $ 1,603 |
EQUITY-ACCOUNTED INVESTMENTS -
EQUITY-ACCOUNTED INVESTMENTS - Summary of Equity-Accounted Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity Accounted Investments [Roll Forward] | ||||
Balance, beginning of year | $ 1,392 | |||
Investment | 222 | |||
Share of net income | $ 13 | $ 29 | 46 | $ 48 |
Share of other comprehensive income | (18) | |||
Dividends received | (21) | |||
Foreign exchange translation and other | 23 | |||
Balance as at June 30, 2023 | $ 1,644 | $ 1,644 |
EQUITY-ACCOUNTED INVESTMENTS _2
EQUITY-ACCOUNTED INVESTMENTS - Narrative (Details) $ in Millions, ₨ in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 18, 2023 USD ($) | Mar. 17, 2023 MW | Aug. 04, 2023 USD ($) | Jun. 30, 2023 | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Jun. 30, 2023 USD ($) | |
Disclosure of joint ventures [line items] | |||||||
Investment | $ 222 | ||||||
India Agricultural Solutions Company | |||||||
Disclosure of joint ventures [line items] | |||||||
Ownership percentage | 4% | 4% | |||||
Initial investment | $ 86 | ₨ 7 | |||||
Other cash payments | $ 17 | ₨ 1.4 | |||||
Powen | |||||||
Disclosure of joint ventures [line items] | |||||||
Other cash payments | $ 28 | ||||||
Economic interest held | 44% | 38% | |||||
Brookfield Renewable and Institutional Partners | Powen | |||||||
Disclosure of joint ventures [line items] | |||||||
Other cash payments | $ 6 | ||||||
Economic interest held | 8.80% | 8% | |||||
378 MW US Hydroelectric Portfolio | |||||||
Disclosure of joint ventures [line items] | |||||||
Portion of ownership interest sold | 78% | ||||||
Ownership interest | 22% | ||||||
Hydro power capacity | MW | 378 | ||||||
Investment | $ 105 | ||||||
378 MW US Hydroelectric Portfolio | Brookfield Corporation Affiliates | |||||||
Disclosure of joint ventures [line items] | |||||||
Ownership interest | 28% |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | ||||||
Cash | $ 863 | $ 728 | ||||
Cash subject to restriction | 281 | 268 | ||||
Short-term deposits | 58 | 2 | ||||
Cash and cash equivalents, net | $ 1,202 | $ 1,140 | $ 998 | $ 1,059 | $ 910 | $ 900 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | ||
Operations | $ 139 | $ 93 |
Credit obligations | 47 | 56 |
Capital expenditures and development projects | 10 | 42 |
Total | 196 | 191 |
Less: non-current | (60) | (52) |
Current | $ 136 | $ 139 |
TRADE RECEIVABLES AND OTHER C_3
TRADE RECEIVABLES AND OTHER CURRENT ASSETS - Summary of Trade Receivables and Other Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Trade Receivables and Other Current Assets [Abstract] | ||
Trade receivables | $ 652 | $ 672 |
Collateral deposits | 335 | 609 |
Short-term deposits and advances | 140 | 113 |
Prepaids and other | 113 | 86 |
Income tax receivable | 74 | 74 |
Sales taxes receivable | 73 | 73 |
Current portion of contract asset | 61 | 54 |
Inventory | 40 | 42 |
Other short-term receivables | 145 | 137 |
Trade receivables and other current assets, net | $ 1,633 | $ 1,860 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | ||
Operating accrued liabilities | $ 398 | $ 440 |
Accounts payable | 219 | 276 |
Interest payable on borrowings | 191 | 153 |
Income tax payable | 44 | 78 |
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable and exchange shares dividends | 58 | 53 |
Current portion of lease liabilities | 34 | 33 |
Current portion of contract liability | 30 | 24 |
Other | 46 | 29 |
Total accounts payable and accrued liabilities | $ 1,020 | $ 1,086 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of contingent liabilities [line items] | |||||
Agreements renewable and extended period maximum | 2089 | ||||
Capital expenditure commitments | $ 1,400 | $ 1,000 | |||
Investment in equity-accounted investments | $ 31 | $ 54 | 124 | $ 74 | |
2023 | |||||
Disclosure of contingent liabilities [line items] | |||||
Payments for development project expenditure | 1,003 | ||||
2024 | |||||
Disclosure of contingent liabilities [line items] | |||||
Payments for development project expenditure | 425 | ||||
2025 to 2027 | |||||
Disclosure of contingent liabilities [line items] | |||||
Payments for development project expenditure | 11 | ||||
Thereafter | |||||
Disclosure of contingent liabilities [line items] | |||||
Payments for development project expenditure | $ 6 |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Assets and Portfolio Assets Brookfield & Partners Have Agreed to Acquire (Details) $ / shares in Units, ¥ in Millions, R$ in Millions, $ in Millions, ₨ in Billions, $ in Billions | 3 Months Ended | 6 Months Ended | |||||||||||||
Sep. 30, 2026 USD ($) MW | Sep. 30, 2026 BRL (R$) MW | Mar. 31, 2024 USD ($) GW | Mar. 31, 2024 AUD ($) | Dec. 31, 2023 USD ($) MW | Dec. 31, 2023 CNY (¥) MW | Sep. 30, 2023 USD ($) MW | Sep. 30, 2023 BRL (R$) MW | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) MW | Dec. 31, 2023 INR (₨) MW | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2024 $ / shares | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Investment in equity-accounted investments | $ | $ 31 | $ 54 | $ 124 | $ 74 | |||||||||||
Forecast | 102 MW Wind Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Wind power capacity (in MW) | 102 | 102 | 102 | 102 | |||||||||||
Investment in equity-accounted investments | $ 38 | ¥ 255 | |||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | U.S. Nuclear Services Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Investment in equity-accounted investments | $ | $ 4,500 | ||||||||||||||
Brookfield Renewable Economic Interest | $ | $ 450 | ||||||||||||||
Forecast | 473 MW Utility-scale Solar Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Solar power capacity (in MW) | 473 | 473 | 473 | 473 | |||||||||||
Investment in equity-accounted investments | $ | $ 135 | ||||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | 350 MW Wind Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Wind power capacity (in MW) | 350 | 350 | 350 | 350 | |||||||||||
Investment in equity-accounted investments | $ 125 | ¥ 853 | |||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | Europe Utility-scale Solar Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Utility-scale solar capacity, operating (in MW) | 649 | 649 | 649 | 649 | |||||||||||
Utility-scale solar capacity, development (in MW) | 531 | 531 | 531 | 531 | |||||||||||
Investment in equity-accounted investments | $ | $ 900 | ||||||||||||||
Ownership interest | 17% | 17% | |||||||||||||
Forecast | Australia 7 GW Operating | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Integrated power generator and energy retailer capacity (in GW) | GW | 7 | ||||||||||||||
Contracted assets under customer accounts | $ | $ 4.5 | ||||||||||||||
Investment in equity-accounted investments | $ | $ 18.7 | ||||||||||||||
Consideration (in australian dollars per share) | $ / shares | $ 8.91 | ||||||||||||||
Brookfield Renewable Economic Interest | $ | $ 750 | ||||||||||||||
Forecast | 220 MW Distributed Energy And Sustainable Solutions Portfolio | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Distributed energy and sustainable solutions capacity (in MW) | 220 | 220 | |||||||||||||
Investment in equity-accounted investments | $ | $ 14 | ||||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | 5,900 MW Operating And Under Construction, 6,100 MW Development | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Integrated developer and operator of renewable power, operating and under construction capacity (in MW) | 5,900 | 5,900 | 5,900 | 5,900 | |||||||||||
Integrated developer and operator of renewable power, development capacity (in MW) | 6,100 | 6,100 | 6,100 | 6,100 | |||||||||||
Investment in equity-accounted investments | $ | $ 1,050 | ||||||||||||||
Ownership interest | 25% | 25% | |||||||||||||
Forecast | U.S. 14 MW Development | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Distributed energy and sustainable solutions capacity (in MW) | 14 | 14 | |||||||||||||
Investment in equity-accounted investments | $ | $ 30 | ||||||||||||||
Ownership interest | 25% | 25% | |||||||||||||
Forecast | India 4,500 MW Operating and Development | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Renewable platform capacity (in MW) | 4,500 | 4,500 | 4,500 | 4,500 | |||||||||||
Investment in equity-accounted investments | $ 188 | ₨ 15.4 | |||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | Brazil 730 MW Development | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Distributed energy and sustainable solutions capacity (in MW) | 730 | 730 | |||||||||||||
Investment in equity-accounted investments | $ 83 | R$ 430 | |||||||||||||
Ownership interest | 20% | 20% | |||||||||||||
Forecast | Brazil 60 MW Development | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Wind power capacity (in MW) | 60 | 60 | |||||||||||||
Investment in equity-accounted investments | $ 20 | R$ 112 | |||||||||||||
Ownership interest | 25% | 25% |
COMMITMENTS, CONTINGENCIES AN_5
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Summary of Letters of Credit Issued (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 1,537 | $ 1,609 |
Brookfield Renewable along with institutional partners | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | 99 | 99 |
Brookfield Renewable's subsidiaries | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 1,438 | $ 1,510 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 16, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 16, 2023 dollarsPerShare shares | Dec. 31, 2022 USD ($) | |
Disclosure of transactions between related parties [line items] | |||||||
Interest expense (less than) | $ 5,000,000 | $ 0 | $ 10,000,000 | $ 0 | |||
Bought Deal Basis | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Proceeds from issuing shares | $ 500,000,000 | ||||||
Bought Deal Basis | LP Units | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Number of shares issued (in shares) | shares | 8,200,000 | ||||||
Value of shares issued (in dollars per share) | dollarsPerShare | dollarsPerShare 30.35 | ||||||
Bought Deal Basis | Exchangeable Shares | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Number of shares issued (in shares) | shares | 7,430,000 | ||||||
Value of shares issued (in dollars per share) | dollarsPerShare | dollarsPerShare 33.80 | ||||||
Private Placement Offering | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Proceeds from issuing shares | 650,000,000 | ||||||
Private Placement Offering | LP Units | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Number of shares issued (in shares) | shares | 5,148,270 | ||||||
Bought Deal And Private Placement Offering | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Share issue related cost | $ 20,000,000 | ||||||
Authorized letter of credit facility | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Available portion of corporate credit facilities | 500,000,000 | 500,000,000 | $ 500,000,000 | ||||
Brookfield | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Deposit | 0 | 0 | 0 | $ 0 | |||
Interest expense (less than) | 0 | $ 1,000,000 | 0 | ||||
Brookfield | Authorized letter of credit facility | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Available portion of corporate credit facilities | 400,000,000 | $ 400,000,000 | |||||
Brookfield | Unsecured Revolving Credit Facility | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Proceeds from non-current borrowings | $ 0 |
RELATED PARTY TRANSACTIONS - In
RELATED PARTY TRANSACTIONS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Power purchase and revenue agreements | $ 8 | $ 9 | $ 52 | $ 22 |
Direct operating costs | ||||
Energy marketing fee & other services | (4) | (1) | (5) | (4) |
Total related party direct operating costs | (4) | (1) | (5) | (4) |
Interest expense | ||||
Borrowings | (5) | 0 | (10) | 0 |
Contract balance accretion | (7) | (6) | (15) | (12) |
Total interest expense | (12) | (6) | (25) | (12) |
Other | ||||
Distribution income | 4 | 0 | 5 | 0 |
Related party services | 6 | (1) | 6 | (2) |
Management service costs | (55) | (65) | (112) | $ (141) |
Brookfield | ||||
Interest expense | ||||
Borrowings | $ 0 | $ (1) | $ 0 |
RELATED PARTY TRANSACTIONS - Ba
RELATED PARTY TRANSACTIONS - Balance sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Disclosure of transactions between related parties [line items] | |||
Due from related parties and current contract assets | $ 211 | $ 123 | |
Financial instrument assets | 173 | 125 | |
Financial instrument liabilities | 567 | 559 | |
Current amounts due to related parties | 682 | 587 | |
Non-recourse borrowings due to related parties | 10 | 18 | |
Financial instrument liabilities | 1,434 | 1,670 | |
Corporate borrowings | 2,651 | 2,299 | |
Non-current liabilities, non-recourse borrowings | 20,307 | 20,275 | |
Other long-term liabilities | 1,540 | 1,531 | |
Preferred limited partners' equity | 760 | 760 | |
Parent | |||
Disclosure of transactions between related parties [line items] | |||
Current contract assets | 57 | 54 | |
Current amounts due from related parties | 155 | 105 | |
Financial instrument assets | 197 | 395 | |
Non-current contract assets | 330 | 341 | |
Non-current amounts due from related parties | 0 | 0 | |
Financial instrument liabilities | 30 | 24 | |
Current amounts due to related parties | 236 | 166 | |
Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest | 42 | 38 | |
Other long-term liabilities, contract liability | 670 | 662 | |
Parent | Subscription Facility | |||
Disclosure of transactions between related parties [line items] | |||
Non-current liabilities, non-recourse borrowings | 923 | 1,750 | |
Equity-accounted investments and other | |||
Disclosure of transactions between related parties [line items] | |||
Current amounts due from related parties | 56 | 18 | |
Non-current amounts due from related parties | 135 | 128 | |
Current amounts due to related parties | 95 | 62 | |
Non-recourse borrowings due to related party | 1 | 1 | |
Joint Ventures Where Entity Is Venturer and Parent | |||
Disclosure of transactions between related parties [line items] | |||
Other long-term liabilities | 671 | 663 | |
Brookfield Reinsurance and Associates | |||
Disclosure of transactions between related parties [line items] | |||
Financial instrument liabilities | 15 | 3 | |
Preferred limited partners' equity | 12 | 12 | |
Brookfield Reinsurance and Associates | Subscription Facility | |||
Disclosure of transactions between related parties [line items] | |||
Non-current liabilities, non-recourse borrowings | 115 | 93 | |
Brookfield Reinsurance | |||
Disclosure of transactions between related parties [line items] | |||
Financial instrument liabilities | 10 | 3 | |
Current amounts due to related parties | 309 | 321 | |
Corporate borrowings | $ 8 | $ 7 | $ 7 |
SUBSIDIARY PUBLIC ISSUERS - Bal
SUBSIDIARY PUBLIC ISSUERS - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of subsidiaries [line items] | ||||||
Current assets | $ 3,618 | $ 4,183 | ||||
Long-term assets | 62,283 | 59,928 | ||||
Current liabilities | 3,956 | 4,943 | ||||
Long-term liabilities | 33,433 | 32,882 | ||||
Preferred equity | 28,512 | $ 26,912 | 26,286 | $ 23,001 | $ 24,458 | $ 23,996 |
Borrowings | 24,415 | 24,850 | ||||
Non-controlling interests | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 23,433 | 21,430 | ||||
Borrowings | 12,043 | 12,332 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 16,604 | 14,755 | ||||
Preferred equity | 16,604 | 15,526 | 14,755 | 11,845 | 12,708 | 12,303 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,908 | 2,892 | ||||
Preferred equity | 2,908 | 2,848 | 2,892 | 2,771 | 2,923 | 2,894 |
BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,686 | 2,561 | ||||
Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 584 | 571 | ||||
Preferred equity | 584 | 573 | 571 | 601 | 619 | 613 |
Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 592 | 592 | ||||
Preferred equity | 592 | $ 592 | 592 | $ 592 | $ 592 | $ 592 |
Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 760 | 760 | ||||
Brookfield Renewable | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 65 | 61 | ||||
Long-term assets | 5,086 | 4,860 | ||||
Current liabilities | 67 | 60 | ||||
Long-term liabilities | 0 | 0 | ||||
Brookfield Renewable | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Brookfield Renewable | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Brookfield Renewable | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 761 | 761 | ||||
BRP Equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 400 | 391 | ||||
Long-term assets | 246 | 241 | ||||
Current liabilities | 7 | 7 | ||||
Long-term liabilities | 0 | 0 | ||||
BRP Equity | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 584 | 571 | ||||
BRP Equity | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
BRP Equity | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Canadian Finco | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 2,723 | 2,336 | ||||
Long-term assets | 3 | 3 | ||||
Current liabilities | 61 | 30 | ||||
Long-term liabilities | 2,651 | 2,299 | ||||
Canadian Finco | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Canadian Finco | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Canadian Finco | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Canadian Finco | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Canadian Finco | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Canadian Finco | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Subsidiary Credit Supporters | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 902 | 834 | ||||
Long-term assets | 46,078 | 33,830 | ||||
Current liabilities | 8,254 | 7,877 | ||||
Long-term liabilities | 15 | 16 | ||||
Subsidiary Credit Supporters | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Subsidiary Credit Supporters | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,908 | 2,892 | ||||
Subsidiary Credit Supporters | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Subsidiary Credit Supporters | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Subsidiary Credit Supporters | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 592 | 592 | ||||
Subsidiary Credit Supporters | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 765 | 765 | ||||
Other Subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 3,608 | 4,172 | ||||
Long-term assets | 62,208 | 59,860 | ||||
Current liabilities | 3,710 | 4,455 | ||||
Long-term liabilities | 30,767 | 30,567 | ||||
Other Subsidiaries | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 16,604 | 14,755 | ||||
Other Subsidiaries | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Other Subsidiaries | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,686 | 2,561 | ||||
Other Subsidiaries | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Other Subsidiaries | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Other Subsidiaries | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Consolidating adjustments | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | (4,080) | (3,611) | ||||
Long-term assets | (51,337) | (38,866) | ||||
Current liabilities | (8,143) | (7,486) | ||||
Long-term liabilities | 0 | 0 | ||||
Consolidating adjustments | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Consolidating adjustments | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | |||||
Consolidating adjustments | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | $ (766) | $ (766) |
SUBSIDIARY PUBLIC ISSUERS - Inc
SUBSIDIARY PUBLIC ISSUERS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of subsidiaries [line items] | ||||
Revenues | $ 1,205 | $ 1,274 | $ 2,536 | $ 2,410 |
Net income (loss) | 151 | 122 | 328 | 155 |
Brookfield Renewable | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | (18) | 3 | (34) | (30) |
BRP Equity | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Canadian Finco | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | 1 | 0 | 2 | (3) |
Subsidiary Credit Supporters | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | (275) | (124) | (461) | (407) |
Other Subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 1,205 | 1,274 | 2,536 | 2,410 |
Net income (loss) | 424 | 188 | 777 | 363 |
Consolidating adjustments | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | $ 19 | $ 55 | $ 44 | $ 232 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - Powen € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 04, 2023 USD ($) | Aug. 04, 2023 EUR (€) | Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Initial investment | € | € 25 | ||
Net investment | $ 28 | ||
Economic interest held | 44% | 44% | 38% |
Brookfield Renewable and Institutional Partners | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Net investment | $ 6 | ||
Economic interest held | 8.80% | 8.80% | 8% |