Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | BROOKFIELD RENEWABLEPARTNERS L.P. |
Entity Central Index Key | 0001533232 |
Document Period End Date | Jun. 30, 2024 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,236 | $ 1,141 |
Restricted cash | 296 | 310 |
Trade receivables and other current assets | 1,630 | 1,517 |
Financial instrument assets | 239 | 199 |
Due from related parties | 389 | 1,443 |
Assets held for sale | 412 | 0 |
Total current assets | 4,202 | 4,610 |
Financial instrument assets | 2,056 | 1,768 |
Equity-accounted investments | 2,530 | 2,546 |
Property, plant and equipment, at fair value | 61,826 | 64,005 |
Goodwill | 1,888 | 1,944 |
Deferred income tax assets | 248 | 244 |
Other long-term assets | 1,049 | 1,011 |
Total Assets | 73,799 | 76,128 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,348 | 1,539 |
Financial instrument liabilities | 730 | 687 |
Due to related parties | 850 | 835 |
Corporate borrowings | 1,031 | 183 |
Non-recourse borrowings | 3,888 | 4,752 |
Provisions | 36 | 42 |
Liabilities directly associated with assets held for sale | 173 | 0 |
Current liabilities | 8,056 | 8,038 |
Financial instrument liabilities | 2,519 | 2,433 |
Corporate borrowings | 2,865 | 2,650 |
Non-recourse borrowings | 21,969 | 22,117 |
Deferred income tax liabilities | 6,858 | 7,174 |
Provisions | 1,203 | 1,268 |
Due to related parties | 682 | 705 |
Other long-term liabilities | 1,666 | 1,764 |
Equity | ||
Preferred limited partners' equity | 634 | 760 |
Limited partners' equity | 3,415 | 3,963 |
Preferred equity | 27,981 | 29,979 |
Total Liabilities and Equity | 73,799 | 76,128 |
Non-controlling interests | ||
Current assets | ||
Cash and cash equivalents | 754 | 686 |
Property, plant and equipment, at fair value | 32,899 | 33,879 |
Equity | ||
Preferred equity | 23,932 | 25,256 |
Participating non-controlling interests – in operating subsidiaries | ||
Equity | ||
Non-controlling interests | 18,099 | 18,863 |
Preferred equity | 18,099 | 18,863 |
General partnership interest in a holding subsidiary held by Brookfield | ||
Equity | ||
Non-controlling interests | 48 | 55 |
Preferred equity | 48 | 55 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||
Equity | ||
Non-controlling interests | 2,330 | 2,684 |
Preferred equity | 2,330 | 2,684 |
Preferred equity | ||
Equity | ||
Non-controlling interests | 565 | 583 |
Preferred equity | 565 | 583 |
Perpetual subordinated notes | ||
Equity | ||
Non-controlling interests | 738 | 592 |
Preferred equity | $ 738 | $ 592 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 1,482 | $ 1,205 | $ 2,974 | $ 2,536 | |
Other income | 62 | 61 | 96 | 87 | |
Direct operating costs | [1] | (618) | (425) | (1,252) | (826) |
Management service costs | (53) | (55) | (98) | (112) | |
Interest expense | (489) | (402) | (965) | (796) | |
Share of (loss) earnings from equity-accounted investments | (25) | 13 | (58) | 46 | |
Foreign exchange and financial instruments gain | 116 | 172 | 236 | 318 | |
Depreciation | (517) | (458) | (1,019) | (887) | |
Other | (27) | 59 | (39) | 5 | |
Income tax (expense) recovery | |||||
Current | (16) | (37) | (44) | (80) | |
Deferred | (3) | 18 | 11 | 37 | |
Tax expense (income) | 19 | 19 | 33 | 43 | |
Net income (loss) | (88) | 151 | (158) | 328 | |
Net income (loss) attributable to: | |||||
Preferred limited partners' equity | 9 | 10 | 20 | 20 | |
Limited partners' equity | (79) | (28) | (146) | (54) | |
Net income (loss) | $ (88) | $ 151 | $ (158) | $ 328 | |
Basic earnings (loss) per LP Unit (in dollars per share) | $ (0.28) | $ (0.10) | $ (0.51) | $ (0.20) | |
Diluted earnings (loss) per LP Unit (in dollars per share) | $ (0.28) | $ (0.10) | $ (0.51) | $ (0.20) | |
Non-controlling interests | |||||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 846 | $ 536 | $ 1,620 | $ 1,174 | |
Other income | (86) | (35) | (123) | (36) | |
Direct operating costs | (374) | (220) | (743) | (410) | |
Interest expense | (301) | (226) | (586) | (443) | |
Income tax (expense) recovery | |||||
Current | (9) | (25) | (29) | (55) | |
Participating non-controlling interests – in operating subsidiaries | |||||
Income tax (expense) recovery | |||||
Net income (loss) | 41 | 167 | 66 | 352 | |
Net income (loss) attributable to: | |||||
Non-controlling interests | 41 | 167 | 66 | 352 | |
Net income (loss) | 41 | 167 | 66 | 352 | |
General partnership interest in a holding subsidiary held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income (loss) | 30 | 27 | 63 | 55 | |
Net income (loss) attributable to: | |||||
Non-controlling interests | 30 | 27 | 63 | 55 | |
Net income (loss) | 30 | 27 | 63 | 55 | |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income (loss) | (54) | (20) | (99) | (38) | |
Net income (loss) attributable to: | |||||
Non-controlling interests | (54) | (20) | (99) | (38) | |
Net income (loss) | (54) | (20) | (99) | (38) | |
BEPC exchangeable shares | |||||
Net income (loss) attributable to: | |||||
Non-controlling interests | (51) | (18) | (92) | (34) | |
Preferred equity | |||||
Income tax (expense) recovery | |||||
Net income (loss) | 6 | 6 | 13 | 13 | |
Net income (loss) attributable to: | |||||
Non-controlling interests | 6 | 6 | 13 | 13 | |
Net income (loss) | 6 | 6 | 13 | 13 | |
Perpetual subordinated notes | |||||
Income tax (expense) recovery | |||||
Net income (loss) | 10 | 7 | 17 | 14 | |
Net income (loss) attributable to: | |||||
Non-controlling interests | 10 | 7 | 17 | 14 | |
Net income (loss) | $ 10 | $ 7 | $ 17 | $ 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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | $ (88) | $ 151 | $ (158) | $ 328 |
Other comprehensive income (loss) that will not be reclassified to net income (loss) | ||||
Revaluations of property, plant and equipment | (96) | (2) | (121) | (44) |
Actuarial gain (loss) on defined benefit plans | 2 | (5) | 4 | (6) |
Deferred tax recovery (expense) on above item | 0 | 10 | (3) | 10 |
Unrealized gain (loss) on investments in equity securities | (1) | 2 | (1) | 2 |
Equity-accounted investments | 3 | (4) | 3 | 6 |
Total items that will not be reclassified to net income | (92) | 1 | (118) | (32) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Foreign currency translation | (697) | 599 | (938) | 871 |
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges | (88) | 50 | (262) | 178 |
Gain (loss) on foreign exchange swaps – net investment hedge | 124 | 0 | 146 | (19) |
Reclassification adjustments for amounts recognized in net income (loss) | (33) | (23) | (62) | (72) |
Deferred income taxes on above items | 7 | (3) | 31 | (14) |
Equity-accounted investments | (8) | (17) | (21) | (24) |
Total items that may be reclassified subsequently to net income (loss) | (695) | 606 | (1,106) | 920 |
Other comprehensive income (loss) | (787) | 607 | (1,224) | 888 |
Comprehensive income (loss) | (875) | 758 | (1,382) | 1,216 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Preferred limited partners' equity | 9 | 10 | 20 | 20 |
Limited partners' equity | (188) | 41 | (310) | 62 |
Comprehensive income (loss) | (875) | 758 | (1,382) | 1,216 |
Participating non-controlling interests – in operating subsidiaries | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | 41 | 167 | 66 | 352 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (529) | 433 | (826) | 602 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (488) | 600 | (760) | 954 |
General partnership interest in a holding subsidiary held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | 30 | 27 | 63 | 55 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (1) | 1 | (2) | 2 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 29 | 28 | 61 | 57 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | (54) | (20) | (99) | (38) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (74) | 49 | (111) | 82 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (128) | 29 | (210) | 44 |
BEPC exchangeable shares | ||||
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (120) | 26 | (195) | 39 |
Preferred equity | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | 6 | 6 | 13 | 13 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (5) | 11 | (18) | 13 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 1 | 17 | (5) | 26 |
Perpetual subordinated notes | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income (loss) | 10 | 7 | 17 | 14 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | $ 10 | $ 7 | $ 17 | $ 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, 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 | ||||||
Equity issuance | 630 | 389 | 389 | 241 | |||||||||||
Capital contributions | 1,581 | 1,581 | |||||||||||||
Disposal | (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 | 21 | 113 | 16 | (107) | (1) | (21) | |||||||||
Other | 155 | (64) | (259) | (20) | 213 | 1 | 1 | (15) | 129 | 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 | 11 | 44 | 433 | 1 | 49 | ||||
Equity issuance | 630 | 389 | 389 | 0 | 241 | ||||||||||
Capital contributions | 587 | 587 | |||||||||||||
Disposal | (26) | (26) | |||||||||||||
Distributions or dividends declared | (514) | (92) | (92) | (10) | (6) | (7) | (61) | (243) | (29) | (66) | |||||
Distribution reinvestment plan | 2 | 2 | 2 | ||||||||||||
Ownership changes | 0 | 21 | 113 | 16 | (107) | (1) | (21) | ||||||||
Other | 163 | (75) | (256) | (31) | 211 | 1 | (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 |
Beginning balance at Dec. 31, 2023 | 29,979 | 3,963 | (2,118) | (701) | 6,743 | 2 | 36 | 1 | 760 | 583 | 592 | 2,479 | 18,863 | 55 | 2,684 |
Net income (loss) | (158) | (146) | (146) | 20 | 13 | 17 | (92) | 66 | 63 | (99) | |||||
Other comprehensive income (loss) | (1,224) | (164) | (115) | (22) | (27) | (18) | (103) | (826) | (2) | (111) | |||||
Equity issuance | 146 | 146 | |||||||||||||
Equity repurchased for cancellation (Note 11) | (52) | (52) | (52) | ||||||||||||
Capital contributions | 511 | 511 | |||||||||||||
Return of capital | (167) | (167) | |||||||||||||
Redemption of Preferred LP Units | (131) | (131) | |||||||||||||
Disposal | (35) | 3 | (3) | (35) | |||||||||||
Distributions or dividends declared | (940) | (204) | (204) | (20) | (13) | (17) | (129) | (351) | (67) | (139) | |||||
Distribution reinvestment plan | 4 | 4 | 4 | ||||||||||||
Other | 48 | 14 | 26 | 3 | (14) | 0 | (1) | 5 | (3) | 38 | (1) | (5) | |||
Change in period | (1,998) | (548) | (369) | (112) | (39) | 0 | (28) | 0 | (126) | (18) | 146 | (327) | (764) | (7) | (354) |
Ending balance at Jun. 30, 2024 | 27,981 | 3,415 | (2,487) | (813) | 6,704 | 2 | 8 | 1 | 634 | 565 | 738 | 2,152 | 18,099 | 48 | 2,330 |
Beginning balance at Mar. 31, 2024 | 29,373 | 3,719 | (2,305) | (735) | 6,736 | 2 | 20 | 1 | 760 | 570 | 738 | 2,336 | 18,669 | 52 | 2,529 |
Net income (loss) | (88) | (79) | (79) | 9 | 6 | 10 | (51) | 41 | 30 | (54) | |||||
Other comprehensive income (loss) | (787) | (109) | (80) | (17) | 0 | (12) | (5) | (69) | (529) | (1) | (74) | ||||
Equity issuance | 0 | ||||||||||||||
Equity repurchased for cancellation (Note 11) | (24) | (24) | (24) | ||||||||||||
Capital contributions | 344 | 344 | |||||||||||||
Return of capital | (151) | (151) | |||||||||||||
Redemption of Preferred LP Units | (131) | (131) | |||||||||||||
Disposal | (35) | 3 | (3) | (35) | |||||||||||
Distributions or dividends declared | (536) | (101) | (101) | (9) | (6) | (10) | (64) | (244) | (33) | (69) | |||||
Distribution reinvestment plan | 2 | 2 | 2 | ||||||||||||
Other | 14 | 7 | 17 | 2 | (12) | 0 | 5 | 0 | 4 | (2) | |||||
Change in period | (1,392) | (304) | (182) | (78) | (32) | 0 | (12) | 0 | (126) | (5) | 0 | (184) | (570) | (4) | (199) |
Ending balance at Jun. 30, 2024 | $ 27,981 | $ 3,415 | $ (2,487) | $ (813) | $ 6,704 | $ 2 | $ 8 | $ 1 | $ 634 | $ 565 | $ 738 | $ 2,152 | $ 18,099 | $ 48 | $ 2,330 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||||
Net income (loss) | $ (88) | $ 151 | $ (158) | $ 328 |
Adjustments for the following non-cash items: | ||||
Depreciation | 517 | 458 | 1,019 | 887 |
Unrealized foreign exchange and financial instruments gain | (122) | (144) | (239) | (274) |
Share of (earnings) loss from equity-accounted investments | 25 | (13) | 58 | (46) |
Deferred income tax expense | 3 | (18) | (11) | (37) |
Other non-cash items | 37 | (15) | 93 | 22 |
Dividends received from equity-accounted investments | 7 | 2 | 8 | 21 |
Cash flows from (used in) operations before changes in working capital | 379 | 421 | 770 | 901 |
Changes in due to or from related parties | 26 | 7 | 84 | 39 |
Net change in working capital balances | (174) | (46) | (299) | 105 |
Cash flows from (used in) operating activities | 231 | 382 | 555 | 1,045 |
Financing activities | ||||
Proceeds from medium term notes | 0 | 0 | 297 | 293 |
Corporate credit facilities, net | 300 | 0 | 300 | 0 |
Commercial paper, net | 80 | (180) | 556 | (249) |
Proceeds from non-recourse borrowings | 2,161 | 901 | 4,039 | 2,429 |
Repayment of non-recourse borrowings | (1,359) | (1,577) | (4,205) | (3,199) |
Capital contributions from participating non-controlling interests – in operating subsidiaries | 325 | 587 | 492 | 1,581 |
Capital repaid to participating non-controlling interests – in operating subsidiaries | (187) | 0 | (203) | 0 |
Issuance of equity instruments and related costs | 0 | 630 | 146 | 630 |
Redemption and repurchase of equity instruments | (155) | 0 | (183) | 0 |
Distributions paid: | ||||
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes | (269) | (307) | (401) | (449) |
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation | (271) | (246) | (531) | (489) |
Inflows from related parties | 84 | 102 | 1,349 | 102 |
Outflows to related parties | (201) | (40) | (327) | (139) |
Cash flows from (used in) financing activities | 508 | (130) | 1,329 | 510 |
Investing activities | ||||
Acquisitions, net of cash and cash equivalents, in acquired entity | 0 | (6) | (11) | (87) |
Investment in property, plant and equipment | (820) | (484) | (1,660) | (1,056) |
Investment in equity-accounted investments | (74) | (31) | (72) | (124) |
Proceeds from disposal of assets, net of cash and cash equivalents disposed | 190 | 69 | 190 | 72 |
Purchases of financial assets | (254) | (93) | (259) | (545) |
Proceeds from financial assets | 88 | 376 | 93 | 379 |
Restricted cash and other | (24) | (31) | (10) | (15) |
Cash flows from (used in) investing activities | (894) | (200) | (1,729) | (1,376) |
Foreign exchange (gain) loss on cash | (27) | 16 | (44) | 30 |
Cash and cash equivalents | ||||
Increase (decrease) | (182) | 68 | 111 | 209 |
Net change in cash classified within assets held for sale | (5) | (6) | (16) | (5) |
Balance, beginning of period | 1,423 | 1,140 | 1,141 | 998 |
Balance, end of period | 1,236 | 1,202 | 1,236 | 1,202 |
Supplemental cash flow information: | ||||
Interest paid | 523 | 363 | 944 | 668 |
Interest received | 29 | 14 | 53 | 30 |
Income taxes paid | $ 31 | $ 97 | $ 70 | $ 128 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES [ABSTRACT] | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION (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, 2023 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2023 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 2, 2024. 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 International Tax Reform - Amendments to IAS 12- Pillar Two model rules Brookfield Renewable operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. Brookfield Renewable will recognize the top-up tax as a current tax as and when it is incurred but has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection with the global minimum top-up tax. There is no material current tax impact for the period ended June 30, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of Brookfield Renewable. 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 noted no material impact. (e) Future changes in accounting policies IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”) In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Brookfield Renewable has not yet determined the impact of this standard on its disclosures. |
DISPOSAL OF ASSETS
DISPOSAL OF ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Disposal Of Assets [Abstract] | |
DISPOSAL OF ASSETS | DISPOSAL OF ASSETS On April 26, 2024, Brookfield Renewable, together with its institutional partners, completed the sale of a 60 MW battery storage asset in the U.S. for proceeds of approximately $87 million ($25 million net to Brookfield Renewable). As a result of the disposition, Brookfield Renewable derecognized $82 million of total assets from the consolidated statements of financial position. This resulted in a gain on disposition of $5 million ($2 million net to Brookfield Renewable) recognized within Other income in the consolidated statements of income (loss). On May 28, 2024, Brookfield Renewable, together with its institutional partners, completed the sale of a 30 MW hydroelectric asset in the U.S. for proceeds of approximately $67 million ($15 million net to Brookfield Renewable) net of transaction fees. As a result of the disposition, Brookfield Renewable derecognized $42 million of total assets and $4 million of total liabilities from the consolidated statements of financial position. This resulted in a gain on disposition of $29 million ($6 million net to Brookfield Renewable) recognized within Other income in the consolidated statements of income (loss). As a result of the disposition, Brookfield Renewable's post-tax portion of the accumulated revaluation surplus of $28 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 31, 2024, Brookfield Renewable, together with its institutional partners, completed the sale of a 85 MW portfolio of biomass facilities in Brazil for proceeds of approximately R$251 million ($48 million) (R$105 million ($21 million) net to Brookfield Renewable). As a result of the disposition, Brookfield Renewable derecognized $86 million of total assets and $2 million of total liabilities from the consolidated statements of financial position. This resulted in loss on disposition of $24 million ($11 million net to Brookfield Renewable) recognized through other comprehensive income and $12 million ($5 million net to Brookfield Renewable) recognized within Other in the consolidated statements of income (loss) during the year. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024, assets held for sale includes a 67 MW portfolio of wind assets in the United Kingdom, a 90 MW portfolio of hydroelectric assets in Brazil and a 6 MW distributed generation asset in the U.S. The following is a summary of the major items of assets and liabilities classified as held for sale: (MILLIONS) June 30, 2024 Assets Cash and cash equivalents $ 16 Trade receivables and other current assets 7 Property, plant and equipment, at fair value 387 Other long-term assets 2 Assets held for sale $ 412 Liabilities Current liabilities $ 11 Non-recourse borrowings 77 Financial instrument liabilities 52 Other long-term liabilities 33 Liabilities directly associated with assets held for sale $ 173 |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 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, 2024 December 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 1,236 $ — $ — $ 1,236 $ 1,141 Restricted cash (1) 407 — — 407 391 Financial instrument assets (1) IFRS 9 PPAs — — 24 24 50 Energy derivative contracts — 115 — 115 90 Interest rate swaps — 262 — 262 233 Foreign exchange swaps — 85 — 85 27 Tax equity — — 56 56 27 Investments in debt and equity securities — 47 1,706 1,753 1,540 Property, plant and equipment — — 61,826 61,826 64,005 Liabilities measured at fair value: Financial instrument liabilities (1) IFRS 9 PPAs — (48) (953) (1,001) (798) Energy derivative contracts — (161) — (161) (82) Interest rate swaps — (72) — (72) (105) Foreign exchange swaps — (217) — (217) (353) Tax equity — — (1,798) (1,798) (1,782) Contingent consideration (2) — — (90) (90) (92) Liabilities for which fair value is disclosed: Corporate borrowings (1) (2,732) (1,039) — (3,771) (2,731) Non-recourse borrowing (1) (1,759) (23,554) — (25,313) (26,839) Total $ (2,848) $ (24,582) $ 60,771 $ 33,341 $ 34,722 (1) Includes both the current amount and long-term amounts. (2) Amount relates to business combinations completed in 2022 and 2023 with obligations lapsing from 2024 to 2027. There were no transfers between levels during the six months ended June 30, 2024. Financial instruments disclosures The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows: June 30, 2024 December 31, 2023 (MILLIONS) Assets Liabilities Net Assets Net Assets IFRS 9 PPAs $ 24 $ 1,001 $ (977) $ (748) Energy derivative contracts 115 161 (46) 8 Interest rate swaps 262 72 190 128 Foreign exchange swaps 85 217 (132) (326) Investments in debt and equity securities 1,753 — 1,753 1,540 Tax equity 56 1,798 (1,742) (1,755) Total 2,295 3,249 (954) (1,153) Less: current portion 239 730 (491) (488) Long-term portion $ 2,056 $ 2,519 $ (463) $ (665) (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 are classified as FVPL, FVOCI and amortized cost. The following table reflects the gains (losses) included in Foreign exchange and financial instruments 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) 2024 2023 2024 2023 Energy derivative contracts $ (14) $ 10 $ (3) $ 76 IFRS 9 PPAs (15) 14 1 71 Investment in debt and equity securities 19 56 47 69 Interest rate swaps 15 15 26 9 Foreign exchange swaps 28 (1) 24 (6) Tax equity 85 53 141 61 Foreign exchange gain (2) 25 — 38 $ 116 $ 172 $ 236 $ 318 For the three and six months ended June 30, 2024, the gains associated with debt and equity securities of nil (2023: $8 million and $13 million, respectively) were 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) 2024 2023 2024 2023 Energy derivative contracts $ 7 $ 18 $ 13 $ 184 IFRS 9 PPAs (156) 25 (348) 37 Interest rate swaps 56 29 72 (17) Foreign exchange swaps 5 (22) 1 (26) (88) 50 (262) 178 Foreign exchange swaps – net investment 124 — 146 (19) Investments in debt and equity securities (1) 2 (1) 2 $ 35 $ 52 $ (117) $ 161 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) 2024 2023 2024 2023 Energy derivative contracts $ (27) $ (34) $ (58) $ (82) Interest rate swaps (6) 2 (4) 1 Foreign exchange swaps — 9 — 9 $ (33) $ (23) $ (62) $ (72) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
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 operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation and pumped storage), 5) sustainable solutions (renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation), and 6) corporate - with hydroelectric further segmented by geography (i.e., North America, Colombia, and Brazil). This best reflects the way in which the CODM reviews results of our company. The reporting to the CODM was revised during the fourth quarter of 2023 to disaggregate the distributed energy & sustainable solutions business into distributed energy & storage and sustainable solutions. This change is consistent with the development of Brookfield Renewable’s business as distributed generation and sustainable solutions continue to grow as a more significant component of the business. The financial information of operating segments in the prior period has been restated to present the corresponding results of the distributed energy & storage and sustainable solutions. 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 control those entities that have not been consolidated and as such, 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 material accounting policy information. 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, and including investment tax credits not allocated to tax equity partners. 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, 2024: Attributable to Unitholders Contribution from equity-accounted investments Attributable to non-controlling interests As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 256 $ 53 $ 72 $ 154 $ 120 $ 61 $ 114 $ — $ 830 $ (194) $ 846 $ 1,482 Other income 10 1 — 41 30 12 29 50 173 (25) (86) 62 Direct operating costs (101) (19) (41) (59) (33) (19) (92) (10) (374) 130 (374) (618) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 89 — 89 165 35 31 136 117 54 51 40 629 — 386 Management service costs — — — — — — — (53) (53) — — (53) Interest expense (66) (4) (21) (29) (26) (9) (8) (39) (202) 14 (301) (489) Current income taxes (2) (1) (1) (4) — (1) (1) — (10) 3 (9) (16) Distributions attributable to Preferred limited partners equity — — — — — — — (9) (9) — — (9) Preferred equity — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — (10) (10) — — (10) Share of interest and cash taxes from equity accounted investments — — — — — — — — — (17) — (17) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — (76) (76) Funds From Operations 97 30 9 103 91 44 42 (77) 339 — — Depreciation (517) Foreign exchange and financial instrument gain 116 Deferred income tax expense (recovery) (3) Other (27) Share of earnings from equity-accounted investments (97) Net income attributable to non-controlling interests 35 Net income (loss) attributable to Unitholders (2) $ (154) (1) Share of loss from equity-accounted investments of $25 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 $41 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 (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 & storage Sustainable Solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 274 $ 58 $ 66 $ 129 $ 110 $ 68 $ 14 $ — $ 719 $ (50) $ 536 $ 1,205 Other income 4 2 4 42 15 2 7 22 98 (2) (35) 61 Direct operating costs (97) (18) (23) (39) (18) (17) (10) (9) (231) 26 (220) (425) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 26 — 26 181 42 47 132 107 53 11 13 586 — 281 Management service costs — — — — — — — (55) (55) — — (55) Interest expense (64) (4) (21) (24) (28) (8) (1) (32) (182) 6 (226) (402) Current income taxes (3) (2) (5) (2) (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 21 106 77 45 10 (97) 312 — — Depreciation (458) Foreign exchange and financial instrument gain (loss) 172 Deferred income tax expense 18 Other 59 Share of earnings from equity-accounted investments (5) Net income attributable to non-controlling interests (137) Net (loss) attributable to Unitholders (2) $ (39) (1) Share of earning 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 loss 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 (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 six months ended June 30, 2024: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed generation & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 559 $ 112 $ 151 $ 324 $ 213 $ 113 $ 233 $ — $ 1,705 $ (351) $ 1,620 $ 2,974 Other income 16 2 1 51 58 26 42 54 250 (31) (123) 96 Direct operating costs (204) (37) (76) (118) (64) (42) (189) (21) (751) 242 (743) (1,252) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 140 — 140 371 77 76 257 207 97 86 33 1,204 — 754 Management service costs — — — — — — — (98) (98) — — (98) Interest expense (134) (8) (43) (60) (56) (17) (9) (74) (401) 22 (586) (965) Current income taxes (3) (3) (4) (7) 1 (2) (2) — (20) 5 (29) (44) Distributions attributable to Preferred limited partners equity — — — — — — — (20) (20) — — (20) Preferred equity — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — (17) (17) — — (17) Share of interest and cash taxes from equity accounted investments — — — — — — — — — (27) — (27) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — (139) (139) Funds From Operations 234 66 29 190 152 78 75 (189) 635 — — Depreciation (1,019) Foreign exchange and financial instrument gain 236 Deferred income tax expense (recovery) 11 Other (39) Share of earnings from equity-accounted investments (171) Net loss attributable to non-controlling interests 73 Net loss attributable to Unitholders (2) $ (274) (1) Share of loss from equity-accounted investments of $58 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 $66 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 (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 six months ended June 30, 2023: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Utility-scale solar Distributed energy & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 609 $ 119 $ 132 $ 271 $ 198 $ 129 $ 33 $ — $ 1,491 $ (129) $ 1,174 $ 2,536 Other income 8 3 5 43 23 5 9 34 130 (7) (36) 87 Direct operating costs (206) (35) (42) (75) (45) (36) (19) (18) (476) 60 (410) (826) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 76 — 76 411 87 95 239 176 98 23 16 1,145 — 728 — Management service costs — — — — — — — (112) (112) — — (112) Interest expense (135) (9) (39) (50) (55) (19) (2) (60) (369) 16 (443) (796) Current income taxes (4) (4) (12) (5) (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 44 184 117 78 21 (203) 587 — — Depreciation (887) Foreign exchange and financial instrument gain (loss) 318 Deferred income tax recovery 37 Other 5 Share of earnings from equity-accounted investments (9) Net income attributable to non-controlling interests (122) Net loss attributable to Unitholders (2) $ (71) (1) Share of earnings from equity-accounted investments of $46 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 $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 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 & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia As at June 30, 2024 Cash and cash equivalents $ 130 $ 47 $ 21 $ 164 $ 99 $ 67 $ 28 $ 3 $ 559 $ (77) $ 754 $ 1,236 Property, plant and equipment 14,851 1,353 2,259 5,734 3,588 2,443 313 — 30,541 (1,614) 32,899 61,826 Total assets 15,916 1,682 2,505 6,569 4,420 2,923 1,549 185 35,749 (1,573) 39,623 73,799 Total liabilities 9,074 542 1,537 4,410 3,481 1,748 813 4,255 25,860 (1,573) 21,531 45,818 As at December 31, 2023 Cash and cash equivalents $ 77 $ 20 $ 12 $ 225 $ 123 $ 50 $ 30 $ 3 $ 540 $ (85) $ 686 $ 1,141 Property, plant and equipment 15,134 1,694 2,490 6,024 3,635 2,386 341 — 31,704 (1,578) 33,879 64,005 Total assets 16,143 1,880 2,738 6,802 4,518 2,842 1,540 257 36,720 (1,529) 40,937 76,128 Total liabilities 9,231 531 1,645 4,727 3,484 1,705 1,126 3,159 25,608 (1,529) 22,070 46,149 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) 2024 2023 2024 2023 Hydroelectric North America $ 313 $ 286 $ 653 $ 708 Brazil 59 66 125 133 Colombia 310 292 661 575 682 644 1,439 1,416 Wind 424 289 846 608 Utility-scale solar 259 174 488 338 Distributed energy & storage 113 92 190 156 Sustainable solutions 4 6 11 18 Total $ 1,482 $ 1,205 $ 2,974 $ 2,536 The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2024 December 31, 2023 United States $ 34,640 $ 34,303 Colombia 9,696 10,585 Canada 7,146 7,483 Brazil 4,666 5,622 Europe 4,601 5,046 Asia 3,407 3,320 Other 200 192 $ 64,356 $ 66,551 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXESBrookfield Renewable's effective income tax rate was (26)% for the six months ended June 30, 2024 (2023: 12%). |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
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 (2)(3) Property, plant and equipment, at fair value As at December 31, 2023 $ 32,646 $ 15,224 $ 11,022 $ 197 $ 59,089 Additions, net 5 (37) (50) — (82) Transfer from construction work-in-progress 3 514 621 — 1,138 Disposals (38) — — (39) (77) Transfer to assets held for sale (143) (230) — — (373) Items recognized through OCI: Change in fair value (75) — — (23) (98) Foreign exchange (1,223) (293) (286) (16) (1,818) Items recognized through net income: Change in fair value (26) — — (11) (37) Depreciation (314) (437) (259) (9) (1,019) As at June 30, 2024 $ 30,835 $ 14,741 $ 11,048 $ 99 $ 56,723 Construction work-in-progress As at December 31, 2023 $ 300 $ 1,617 $ 2,987 $ 12 $ 4,916 Additions 53 216 1,184 41 1,494 Transfer to property, plant and equipment (3) (514) (621) — (1,138) Disposals — (78) — (3) (81) Transfer to assets held for sale (1) — (12) (1) (14) Items recognized through OCI: Foreign exchange (7) (34) (32) — (73) Items recognized through net income: Change in fair value — — (1) — (1) As at June 30, 2024 $ 342 $ 1,207 $ 3,505 $ 49 $ 5,103 Total property, plant and equipment, at fair value As at December 31, 2023 (2)(3) $ 32,946 $ 16,841 $ 14,009 $ 209 $ 64,005 As at June 30, 2024 (2)(3) $ 31,177 $ 15,948 $ 14,553 $ 148 $ 61,826 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $53 million (2023: $60 million) in hydroelectric, $264 million (2023: $284 million) in wind, $394 million (2023: $385 million) in solar, and nil (2023: nil) in other. (3) Includes land not subject to revaluation of $206 million (2023: $222 million) in hydroelectric, $20 million (2023: $20 million) in wind, $151 million (2023: $92 million) in solar, and $1 million (2023: $1 million) in other. During the period, Brookfield Renewable, together with its institutional partners, completed the acquisitions of the following investments. They are accounted for as asset acquisitions as they do not constitute business combinations under IFRS 3: • A series of distributed generation assets in the U.S. totaling 127 MW with $63 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 20% economic interest. • A series of distributed generation assets in the U.S. totaling 85 MW with $51 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 25% economic interest. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
BORROWINGS | BORROWINGS Corporate Borrowings The composition of corporate borrowings is presented in the following table: June 30, 2024 December 31, 2023 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities 6.6 5 $ 300 300 N/A 5 $ — $ — Commercial paper 5.9 <1 739 739 6.0 <1 183 183 Medium Term Notes: Series 4 (C$150) 5.8 12 110 115 5.8 13 113 121 Series 9 (C$400) 3.8 1 292 289 3.8 1 302 297 Series 10 (C$500) 3.6 3 366 357 3.6 3 377 366 Series 11 (C$475) 4.3 5 347 342 4.3 5 358 353 Series 12 (C$475) 3.4 6 347 326 3.4 6 358 335 Series 13 (C$300) 4.3 25 219 185 4.3 26 226 201 Series 14 (C$425) 3.3 26 311 221 3.3 27 321 240 Series 15 (C$400) (1) 5.9 8 292 311 5.9 9 303 324 Series 16 (C$400) 5.3 9 293 298 5.3 10 302 311 Series 17 (C$400) 5.3 30 292 288 — — — — 4.4 12 2,869 2,732 4.3 10 2,660 2,548 Total corporate borrowings 3,908 $ 3,771 2,843 $ 2,731 Add: Unamortized premiums (2) 1 2 Less: Unamortized financing fees (2) (13) (12) Less: Current portion (1,031) (183) $ 2,865 $ 2,650 (1) Includes $7 million (2023: $8 million) outstanding to an associate of Brookfield. Refer to Note 19 - 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 $739 million commercial paper outstanding as at June 30, 2024 (2023: $183 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 18 – 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, 2024 December 31, 2023 Authorized corporate credit facilities and related party credit facilities (1) $ 2,450 $ 2,375 Draws on corporate credit facilities (1)(2) (450) (165) Authorized letter of credit facility 500 500 Issued letters of credit (320) (307) Available portion of corporate credit facilities $ 2,180 $ 2,403 (1) Amounts are guaranteed by Brookfield Renewable. (2) Relates to letter of credit issued against Brookfield Renewable’s corporate credit facilities. Medium term notes Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 20 – 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 2024, Brookfield Renewable issued C$400 million of Series 17 medium-term notes. The medium-term notes have a fixed interest rate of 5.32% and a maturity date of January 10, 2054. The Series 17 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 Overnight Repo Rate Average (“CORRA”). 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”). 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 the Canadian Dollar Offered Rate (“CDOR”) with CORRA 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. As at June 30, 2024, Brookfield Renewable’s floating rate borrowings have not been materially impacted by SOFR and CORRA reforms. The composition of non-recourse borrowings is presented in the following table: June 30, 2024 December 31, 2023 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 7.5 9 $ 9,181 $ 8,878 7.8 9 $ 9,468 $ 9,292 Wind 6.1 9 6,675 6,453 6.1 9 6,866 6,922 Utility-scale solar 6.2 10 6,228 6,124 6.2 12 5,868 5,879 Distributed energy & storage 6.3 5 3,476 3,390 6.2 6 3,035 2,963 Sustainable solutions 7.1 1 468 468 7.0 1 1,783 1,783 Total 6.7 9 $ 26,028 $ 25,313 6.8 9 $ 27,020 $ 26,839 Add: Unamortized premiums (3) (9) (11) Less: Unamortized financing fees (3) (162) (140) Less: Current portion (3,888) (4,752) $ 21,969 $ 22,117 (1) Includes $1,514 million (2023: 2,626 million) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $99 million (2023: $101 million) outstanding to an associate of Brookfield. Refer to Note 19 - Related party transactions for more details. (3) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. Supplemental Information The following table outlines changes in Brookfield Renewable’s borrowings as at June 30, 2024: (MILLIONS) As at December 31, 2023 Net cash flows from Non-cash Transfer to liabilities held for sale Other (1) As at June 30, 2024 Corporate borrowings $ 2,833 1,152 — (89) $ 3,896 Non-recourse borrowings $ 26,869 (166) (80) (766) $ 25,857 (1) Includes foreign exchange and amortization of unamortized premium and financing fees. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Participating non-controlling interests – in operating subsidiaries $ 18,099 $ 18,863 General partnership interest in a holding subsidiary held by Brookfield 48 55 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,330 2,684 BEPC exchangeable shares 2,152 2,479 Preferred equity 565 583 Perpetual subordinated notes 738 592 $ 23,932 $ 25,256 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 Infrastructure Fund V Brookfield Global Transition Fund I Brookfield Global Transition Fund II Canadian Hydroelectric Portfolio The Catalyst Group Isagen institutional investors Isagen public non-controlling interests Other Total As at December 31, 2023 $ 75 $ 2,463 $ 3,214 $ 2,411 $ 917 $ 3,682 $ 296 $ 1,288 $ 122 $ 2,704 $ 18 $ 1,673 $ 18,863 Net income (loss) 22 (3) 4 32 (9) (31) 5 14 11 25 — (4) 66 Other comprehensive income (loss) — (116) (132) (127) (54) (159) — (39) — (209) (1) 11 (826) Capital contributions — — — 63 53 313 3 — — — — 79 511 Return of capital — — — (12) (142) (13) — — — — — — (167) Disposal (21) (14) — — — — — — — — — — (35) Distributions (22) (33) (73) (17) (33) (3) (12) (27) — (114) (1) (16) (351) Other (1) — 3 10 3 52 31 (1) — — (1) (58) 38 As at June 30, 2024 $ 53 $ 2,297 $ 3,016 $ 2,360 $ 735 $ 3,841 $ 323 $ 1,235 $ 133 $ 2,406 $ 15 $ 1,685 $ 18,099 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 72 % 77% - 80% 54 % 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, 2024, 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 $32 million and $65 million were declared during the three and six months ended June 30, 2024, respectively (2023: $28 million and $55 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, the BEPC exchangeable shares are held 25% by Brookfield Holders, 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, 2024, exchangeable shareholders of BEPC exchanged 7,459 and 10,142 BEPC exchangeable shares (2023: 833 and 2,575 during the same periods) for an equivalent number of LP units amounting to less than $1 million (2023: less than $1 million). No Redeemable/Exchangeable partnership units have been redeemed. 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, 2024, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and units of GP interest outstanding were 194,487,939 units (December 31, 2023: 194,487,939 units), 179,641,384 shares (December 31, 2023: 179,651,526 shares), and 3,977,260 units (December 31, 2023: 3,977,260 units), respectively. In December 2023, 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 14,361,497 LP units and 8,982,586 BEPC exchangeable shares, representing 5% of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three and six months ended June 30, 2024 and 2023, there were nil BEPC exchangeable shares repurchased. 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) 2024 2023 2024 2023 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 1 $ 2 $ 2 Incentive distribution 32 28 65 55 33 29 67 57 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 69 66 139 133 BEPC exchangeable shares held by Brookfield Holders 16 15 32 31 External shareholders 48 46 97 88 Total BEPC exchangeable shares 64 61 129 119 $ 166 $ 156 $ 335 $ 309 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 2024 2023 June 30, 2024 December 31, 2023 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 125 $ 129 Series 2 (C$113) (1) 3.11 7.6 April 2025 2 2 57 58 Series 3 (C$249) 9.96 4.4 July 2024 4 4 181 187 Series 5 (C$103) 4.11 5.0 April 2018 2 2 75 77 Series 6 (C$175) 7.00 5.0 July 2018 3 3 127 132 31.03 $ 13 $ 13 $ 565 $ 583 (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, 2024, totaled $6 million and $13 million, respectively (2023: $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, 2024, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity. In December 2023, 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 to December 17, 2024, 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 months ended June 30, 2024 and 2023. Perpetual subordinated notes Brookfield Renewable's perpetual subordinated notes consists: (MILLIONS EXCEPT AS NOTED) Notes Interest Earliest permitted redemption date Interest expense for the six months ended June 30 Carrying value as at Issuance date 2024 2023 June 30, 2024 December 31, 2023 April, 2021 14.0 4.6 April, 2026 $ 8 $ 8 $ 340 $ 340 December, 2021 10.4 4.9 December, 2026 6 6 252 252 March, 2024 6.00 7.3 March, 2029 3 — 146 — 30.4 $ 17 $ 14 $ 738 $ 592 During the first quarter of 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $150 million of perpetual subordinated notes at a fixed rate of 7.25%. Distributions paid during the three and six months ended June 30, 2024, totaled $10 million and $17 million, respectively (2023: $7 million and $14 million, respectively). |
PREFERRED LIMITED PARTNERS' EQU
PREFERRED LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 2023 June 30, 2024 December 31, 2023 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 13 (C$250) 10.00 6.05 April 2028 6 5 196 196 Series 15 (C$175) — 5.75 April 2024 2 4 — 126 Series 17 ($200) 8.00 5.25 March 2025 5 5 195 195 Series 18 (C$150) 6.00 5.50 April 2027 3 2 115 115 31.00 $ 20 $ 20 $ 634 $ 760 Distributions paid during the three and six months ended June 30, 2024, totaled $9 million and $20 million, respectively (2023: $10 million and $20 million, respectively). During the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 15 Preferred Limited Partnership units for C$175 million. Class A Preferred LP Units - Normal Course Issuer Bid In December 2023, 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 17, 2024, 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 units were repurchased during the three and six months ended June 30, 2024 and 2023. |
LIMITED PARTNERS' EQUITY
LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of limited partners equity [Abstract] | |
LIMITED PARTNERS' EQUITY | LIMITED PARTNERS' EQUITY Limited partners’ equity As at June 30, 2024, 285,052,340 LP units were outstanding (December 31, 2023: 287,164,340 LP units) including 74,339,049 LP units (December 31, 2023: 74,339,049 LP units) held by Brookfield Holders. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest. During the three and six months ended June 30, 2024, 62,494 and 157,512 LP units, respectively (2023: 65,160 and 137,279 LP units, respectively) were issued under the distribution reinvestment plan at a total value of $2 million and $4 million, respectively (2023: $2 million and $4 million, respectively). During the three and six months ended June 30, 2024, exchangeable shareholders of BEPC exchanged 7,459 and 10,142 BEPC exchangeable shares, respectively (2023: 833 and 2,575 shares, respectively) for an equivalent number of LP units amounting to less than $1 million (2023: less than $1 million). As at June 30, 2024, Brookfield Holders held a direct and indirect interest of approximately 48% of Brookfield Renewable on a fully-exchanged basis. Brookfield Holders held a direct and indirect interest of 313,640,823 LP units, Redeemable/Exchangeable partnership units, the remaining is held by public investors. On an unexchanged basis, Brookfield Holders hold a 26% direct and indirect limited partnership interest in Brookfield Renewable, a 41% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a direct 1% GP interest in BRELP and a 25% direct and indirect interest in the exchangeable shares of BEPC as at June 30, 2024. In December 2023, 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 14,361,497 LP units and 8,982,586 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three and six months ended June 30, 2024, there were 983,400 and 2,279,654 LP units, respectively (2023: nil and nil, respectively) repurchased at a total cost of $23 million and $52 million, respectively (2023: nil and nil, respectively). During the three and six months ended June 30, 2024, there was 1,063,400 and 2,279,654 LP units, respectively (2023: nil and nil, respectively) cancelled. During the three and six months ended June 30, 2024 and 2023, there were no BEPC exchangeable shares repurchased. 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) 2024 2023 2024 2023 Brookfield Holders $ 27 $ 23 $ 53 $ 47 External LP unitholders 74 69 151 142 $ 101 $ 92 $ 204 $ 189 In February 2024, Unitholder distributions were increased to $1.42 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect with the distribution paid in March 2024. Distributions paid during the three and six months ended June 30, 2024 totaled $105 million and $199 million, respectively (2023: $91 million and $182 million). |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ 1,944 Foreign exchange and other (56) Balance, as at June 30, 2024 $ 1,888 |
EQUITY-ACCOUNTED INVESTMENTS
EQUITY-ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: (MILLIONS) June 30, 2024 Balance, beginning of year $ 2,546 Investment 72 Share of net loss (58) Share of other comprehensive loss (18) Dividends received (8) Foreign exchange translation and other $ (4) Balance as at June 30, 2024 $ 2,530 During the second quarter of 2024, Brookfield Renewable, together with its institutional partner, subscribed for additional shares in Powen. The subscription increased our total interest in Powen to 47.42% (9.5% net to Brookfield Renewable). The following table presents the ownership interests and carrying values of Brookfield Renewable’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest Carrying Value June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Hydroelectric 14%-50% 14%-50% $ 222 $ 225 Wind 25%-50% 25%-50% 135 159 Utility-scale solar 25%-65% 25%-65% 284 304 Distributed energy & storage 25%-50% 25%-50% 1,059 1,049 Sustainable solutions 4%-49% 4%-49% 830 809 $ 2,530 $ 2,546 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Cash $ 880 $ 821 Cash subject to restriction 273 251 Short-term deposits 83 69 $ 1,236 $ 1,141 |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2024 December 31, 2023 Operations $ 282 $ 299 Capital expenditures and development projects 15 13 Credit obligations 110 79 Total 407 391 Less: non-current (111) (81) Current $ 296 $ 310 |
TRADE RECEIVABLES AND OTHER CUR
TRADE RECEIVABLES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Trade receivables $ 706 $ 662 Collateral deposits (1) 196 178 Prepaids and other 131 127 Inventory 125 111 Sales taxes receivable 87 94 Short-term deposits and advances 79 23 Current portion of contract asset 65 61 Income tax receivable 54 74 Other short-term receivables 187 187 $ 1,630 $ 1,517 (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, 2024 | |
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, 2024 December 31, 2023 Operating accrued liabilities $ 509 $ 603 Accounts payable 346 388 Interest payable on borrowings 264 301 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 60 58 Current portion of lease liabilities 38 41 Current portion of contract liability 41 35 Income tax payable 13 41 Other 77 72 $ 1,348 $ 1,539 (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, 2024 | |
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, 2024, Brookfield Renewable had $3.7 billion (December 31, 2023: $2.8 billion) of capital expenditure commitments outstanding of which $2.1 billion is payable in 2024, $1,173 million is payable in 2025, $488 million is payable in 2026 to 2028, and $3 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, 2024: Region Technology Capacity Consideration Brookfield Renewable Expected Close China Wind 102 MW development CNY $116 million ($16 million) 20% Q4 2024 China Wind 350 MW development CNY $790 million ($109 million) 20% Q4 2024 Brazil Distributed energy & storage 829 MW development 13 MW operating R$340 million ($60 million) 20% 2024-2026 Europe Various 23 GW development 5 GW operating €39.85 per share, implying an enterprise value of €6.1 billion ($6.7 billion) for entire Neon Up to $540 million Q4 2024 India Various 524 MW operating 2.75 GW development $89 million 14% Q3 2024 South Korea Utility-scale solar 238 MW development $51 million 32.5% H2-2024 South Korea Various 103 MW operating and development 2.2 GW development $37 million 46.5% H2-2024 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 8 – 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 Global Transition Fund 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, 2024 December 31, 2023 Brookfield Renewable along with institutional partners $ 115 $ 100 Brookfield Renewable's subsidiaries 1,891 2,026 $ 2,006 $ 2,126 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, 2024 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Brookfield Renewable’s related party transactions are recorded at the exchange amount and are primarily with Brookfield. Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2024 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, 2024 (December 31, 2023: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three and six months ended June 30, 2024 totaled nil (2023: nil). From time to time Brookfield Reinsurance and its related entities may participate in capital raises undertaken by Brookfield Renewable. These financings are typically provided at the market rates and as at June 30, 2024, $99 million of non-recourse borrowings (December 31, 2023: $101 million) and $7 million of corporate borrowings (December 31, 2023: $8 million) were due to Brookfield Reinsurance. Brookfield Reinsurance has also subscribed to tax equity financing of $2 million (December 31, 2023: $2 million) and preferred limited partners equity of $11 million (December 31, 2023: $11 million). As at June 30, 2024, Brookfield Renewable had $431 million (December 31, 2023: $450 million) of borrowings from Brookfield Reinsurance classified as due to related party. 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) 2024 2023 2024 2023 Revenues Power purchase and revenue agreements $ (8) $ (32) $ 8 $ 12 Direct operating costs Energy marketing fee & other services $ (5) $ (4) $ (5) $ (5) Interest expense Borrowings $ (13) $ (7) $ (27) $ (12) Contract balance accretion (9) (7) (17) (15) $ (22) $ (14) $ (44) $ (27) Other Distribution income $ 1 $ 4 $ 3 $ 5 Other related party services 2 1 3 1 Financial instrument gain — 4 2 9 Management service costs $ (53) $ (55) $ (98) $ (112) 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, 2024 December 31, 2023 Current assets Trade receivables and other current assets Contract asset Brookfield $ 65 $ 61 Due from related parties Amounts due from Brookfield (1) 359 1,386 Equity-accounted investments and other 30 57 389 1,443 Non-current assets Financial instrument assets Brookfield 86 170 Other long-term assets Contract asset Brookfield 282 314 Due from related parties Equity-accounted investments and other 135 135 Current liabilities Contract liability Brookfield 41 35 Financial instrument liabilities Brookfield Reinsurance 1 2 Due to related parties Amounts due to Brookfield (2) 559 541 Equity-accounted investments and other 19 13 Brookfield Reinsurance 230 242 Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest Brookfield 42 39 850 835 Non-current liabilities Financial instrument liabilities Brookfield Reinsurance 2 2 Due to related parties Amounts due to Brookfield (2) 460 496 Brookfield Reinsurance 201 208 Equity-accounted investments and other 21 1 682 705 Corporate borrowings Brookfield Reinsurance 7 8 Non-recourse borrowings Brookfield Reinsurance and associates 99 101 Other long-term liabilities Contract liability Brookfield 684 680 Equity Preferred limited partners equity Brookfield Reinsurance and associates $ 11 $ 11 (1) Includes receivables of $272 million (2023: $1,328 million) associated with the Brookfield Global Transition Fund credit facility. (2) Includes payables of nil (2023: $6 million), $83 million (2023: $81 million), and $290 million (2023: $307 million) associated with the Brookfield Infrastructure Fund IV, Brookfield Global Transition Fund, and Brookfield Global Transition Fund II credit facilities, respectively. |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Current assets $ 68 $ 388 $ 2,921 $ 992 $ 4,190 $ (4,357) $ 4,202 Long-term assets 4,062 239 2 41,244 69,506 (45,456) 69,597 Current liabilities 76 8 341 8,980 6,793 (8,142) 8,056 Long-term liabilities — — 2,565 351 34,846 — 37,762 Participating non-controlling interests – in operating subsidiaries — — — — 18,099 — 18,099 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,330 — — 2,330 BEPC exchangeable shares — — — — 2,152 — 2,152 Preferred equity — 565 — — — — 565 Perpetual subordinated notes — — — 738 — — 738 Preferred limited partners' equity 634 — — 639 — (639) 634 As at December 31, 2023 Current assets $ 65 $ 400 $ 2,695 $ 790 $ 4,611 $ (3,951) $ 4,610 Long-term assets 4,735 246 2 44,239 71,435 (49,139) 71,518 Current liabilities 72 8 32 8,406 7,658 (8,138) 8,038 Long-term liabilities — — 2,650 56 35,405 — 38,111 Participating non-controlling interests – in operating subsidiaries — — — — 18,863 — 18,863 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,684 — — 2,684 BEPC exchangeable shares — — — — 2,479 — 2,479 Preferred equity — 583 — — — — 583 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 760 — — 765 — (765) 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, 2024 Revenues $ — $ — $ — $ — $ 1,482 $ — $ 1,482 Net income (loss) (70) — — (505) 216 271 (88) Three months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 1,205 $ — $ 1,205 Net income (loss) (18) — 1 (275) 424 19 151 Six months ended June 30, 2024 Revenues $ — $ — $ — $ — $ 2,974 $ — $ 2,974 Net income (loss) (126) — — (886) 399 455 (158) Six months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 2,536 $ — $ 2,536 Net income (loss) (34) — 2 (461) 777 44 328 (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 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, 2024 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to acquire a 75% interest ( 15% net to Brookfield Renewable) in a leading renewables development platform in Australia with over 2 GW of wind and co-located battery development projects, for $162 million ($32 million net to Brookfield Renewable) with the opportunity for follow on investment . Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed the acquisition of an approximate 74% interest in a leading wind focused commercial and industrial renewable business in India, with 500 MW of operating assets and an approximate 3 GW development pipeline. The transaction structure consists of an upfront payment of approximately $89 million (expected $18 million net to Brookfield Renewable)with the opportunity for follow on investment. Subsequent to the quarter, Brookfield Renewable issued C$300 million of Series 18 medium-term notes. The medium-term notes have a fixed interest rate of 4.96% and a maturity date of October 30, 2034. The Series 18 medium-term notes are corporate-level green bonds. Subsequent to the quarter, Brookfield Renewable issued C$100 million of Series 17 medium-term notes. The medium-term notes have a fixed interest rate of 5.32% and a maturity date of January 10, 2054. The Series 17 medium-term notes are corporate-level green bonds. Subsequent to the quarter, Brookfield Renewable declared the fixed quarterly distributions on the Class A Preference Series 3 Shares during the five years commencing August 1, 2024 will be paid at an annual rate of 6.519%. Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed the acquisition of a fully integrated solar-focused renewables platform in South Korea with an operating and under construction portfolio totaling 103 MW of distributed generation assets and a 2.2 GW development pipeline for an upfront payment of $17 million (expected $3.4 million net to Brookfield Renewable) and total consideration of approximately $37 million (expected $7 million net to Brookfield Renewable) with the opportunity for follow on investment. Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 70% interest in a 238 MW portfolio of utility-scale solar development assets in South Korea for $13 million (expected $3 million net to Brookfield Renewable) with the potential to deploy up to an incremental $104 million (expected $21 million net to Brookfield Renewable). Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 150 MW wind facility in China for proceeds of approximately $42 million ($8 million net to Brookfield Renewable). Subsequent to the quarter, Brookfield Renewable, together with its institutional partner, subscribed for additional shares in Powen. The subscription increased our total interest in Powen to approximately 50% (10% net to Brookfield Renewable). |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2023 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 2, 2024. 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 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. |
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 International Tax Reform - Amendments to IAS 12- Pillar Two model rules Brookfield Renewable operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. Brookfield Renewable will recognize the top-up tax as a current tax as and when it is incurred but has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection with the global minimum top-up tax. There is no material current tax impact for the period ended June 30, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of Brookfield Renewable. 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 noted no material impact. (e) Future changes in accounting policies IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”) In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Brookfield Renewable has not yet determined the impact of this standard on its disclosures. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Assets Cash and cash equivalents $ 16 Trade receivables and other current assets 7 Property, plant and equipment, at fair value 387 Other long-term assets 2 Assets held for sale $ 412 Liabilities Current liabilities $ 11 Non-recourse borrowings 77 Financial instrument liabilities 52 Other long-term liabilities 33 Liabilities directly associated with assets held for sale $ 173 |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 1,236 $ — $ — $ 1,236 $ 1,141 Restricted cash (1) 407 — — 407 391 Financial instrument assets (1) IFRS 9 PPAs — — 24 24 50 Energy derivative contracts — 115 — 115 90 Interest rate swaps — 262 — 262 233 Foreign exchange swaps — 85 — 85 27 Tax equity — — 56 56 27 Investments in debt and equity securities — 47 1,706 1,753 1,540 Property, plant and equipment — — 61,826 61,826 64,005 Liabilities measured at fair value: Financial instrument liabilities (1) IFRS 9 PPAs — (48) (953) (1,001) (798) Energy derivative contracts — (161) — (161) (82) Interest rate swaps — (72) — (72) (105) Foreign exchange swaps — (217) — (217) (353) Tax equity — — (1,798) (1,798) (1,782) Contingent consideration (2) — — (90) (90) (92) Liabilities for which fair value is disclosed: Corporate borrowings (1) (2,732) (1,039) — (3,771) (2,731) Non-recourse borrowing (1) (1,759) (23,554) — (25,313) (26,839) Total $ (2,848) $ (24,582) $ 60,771 $ 33,341 $ 34,722 (1) Includes both the current amount and long-term amounts. (2) Amount relates to business combinations completed in 2022 and 2023 with obligations lapsing from 2024 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, 2024 December 31, 2023 (MILLIONS) Assets Liabilities Net Assets Net Assets IFRS 9 PPAs $ 24 $ 1,001 $ (977) $ (748) Energy derivative contracts 115 161 (46) 8 Interest rate swaps 262 72 190 128 Foreign exchange swaps 85 217 (132) (326) Investments in debt and equity securities 1,753 — 1,753 1,540 Tax equity 56 1,798 (1,742) (1,755) Total 2,295 3,249 (954) (1,153) Less: current portion 239 730 (491) (488) Long-term portion $ 2,056 $ 2,519 $ (463) $ (665) |
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 instruments 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) 2024 2023 2024 2023 Energy derivative contracts $ (14) $ 10 $ (3) $ 76 IFRS 9 PPAs (15) 14 1 71 Investment in debt and equity securities 19 56 47 69 Interest rate swaps 15 15 26 9 Foreign exchange swaps 28 (1) 24 (6) Tax equity 85 53 141 61 Foreign exchange gain (2) 25 — 38 $ 116 $ 172 $ 236 $ 318 |
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) 2024 2023 2024 2023 Energy derivative contracts $ 7 $ 18 $ 13 $ 184 IFRS 9 PPAs (156) 25 (348) 37 Interest rate swaps 56 29 72 (17) Foreign exchange swaps 5 (22) 1 (26) (88) 50 (262) 178 Foreign exchange swaps – net investment 124 — 146 (19) Investments in debt and equity securities (1) 2 (1) 2 $ 35 $ 52 $ (117) $ 161 |
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) 2024 2023 2024 2023 Energy derivative contracts $ (27) $ (34) $ (58) $ (82) Interest rate swaps (6) 2 (4) 1 Foreign exchange swaps — 9 — 9 $ (33) $ (23) $ (62) $ (72) |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: Attributable to Unitholders Contribution from equity-accounted investments Attributable to non-controlling interests As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed energy & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 256 $ 53 $ 72 $ 154 $ 120 $ 61 $ 114 $ — $ 830 $ (194) $ 846 $ 1,482 Other income 10 1 — 41 30 12 29 50 173 (25) (86) 62 Direct operating costs (101) (19) (41) (59) (33) (19) (92) (10) (374) 130 (374) (618) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 89 — 89 165 35 31 136 117 54 51 40 629 — 386 Management service costs — — — — — — — (53) (53) — — (53) Interest expense (66) (4) (21) (29) (26) (9) (8) (39) (202) 14 (301) (489) Current income taxes (2) (1) (1) (4) — (1) (1) — (10) 3 (9) (16) Distributions attributable to Preferred limited partners equity — — — — — — — (9) (9) — — (9) Preferred equity — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — (10) (10) — — (10) Share of interest and cash taxes from equity accounted investments — — — — — — — — — (17) — (17) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — (76) (76) Funds From Operations 97 30 9 103 91 44 42 (77) 339 — — Depreciation (517) Foreign exchange and financial instrument gain 116 Deferred income tax expense (recovery) (3) Other (27) Share of earnings from equity-accounted investments (97) Net income attributable to non-controlling interests 35 Net income (loss) attributable to Unitholders (2) $ (154) (1) Share of loss from equity-accounted investments of $25 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 $41 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 (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 & storage Sustainable Solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 274 $ 58 $ 66 $ 129 $ 110 $ 68 $ 14 $ — $ 719 $ (50) $ 536 $ 1,205 Other income 4 2 4 42 15 2 7 22 98 (2) (35) 61 Direct operating costs (97) (18) (23) (39) (18) (17) (10) (9) (231) 26 (220) (425) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 26 — 26 181 42 47 132 107 53 11 13 586 — 281 Management service costs — — — — — — — (55) (55) — — (55) Interest expense (64) (4) (21) (24) (28) (8) (1) (32) (182) 6 (226) (402) Current income taxes (3) (2) (5) (2) (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 21 106 77 45 10 (97) 312 — — Depreciation (458) Foreign exchange and financial instrument gain (loss) 172 Deferred income tax expense 18 Other 59 Share of earnings from equity-accounted investments (5) Net income attributable to non-controlling interests (137) Net (loss) attributable to Unitholders (2) $ (39) (1) Share of earning 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 loss 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 (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 six months ended June 30, 2024: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Utility-scale solar Distributed generation & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 559 $ 112 $ 151 $ 324 $ 213 $ 113 $ 233 $ — $ 1,705 $ (351) $ 1,620 $ 2,974 Other income 16 2 1 51 58 26 42 54 250 (31) (123) 96 Direct operating costs (204) (37) (76) (118) (64) (42) (189) (21) (751) 242 (743) (1,252) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 140 — 140 371 77 76 257 207 97 86 33 1,204 — 754 Management service costs — — — — — — — (98) (98) — — (98) Interest expense (134) (8) (43) (60) (56) (17) (9) (74) (401) 22 (586) (965) Current income taxes (3) (3) (4) (7) 1 (2) (2) — (20) 5 (29) (44) Distributions attributable to Preferred limited partners equity — — — — — — — (20) (20) — — (20) Preferred equity — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — (17) (17) — — (17) Share of interest and cash taxes from equity accounted investments — — — — — — — — — (27) — (27) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — (139) (139) Funds From Operations 234 66 29 190 152 78 75 (189) 635 — — Depreciation (1,019) Foreign exchange and financial instrument gain 236 Deferred income tax expense (recovery) 11 Other (39) Share of earnings from equity-accounted investments (171) Net loss attributable to non-controlling interests 73 Net loss attributable to Unitholders (2) $ (274) (1) Share of loss from equity-accounted investments of $58 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 $66 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 (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 six months ended June 30, 2023: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Utility-scale solar Distributed energy & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia Revenues $ 609 $ 119 $ 132 $ 271 $ 198 $ 129 $ 33 $ — $ 1,491 $ (129) $ 1,174 $ 2,536 Other income 8 3 5 43 23 5 9 34 130 (7) (36) 87 Direct operating costs (206) (35) (42) (75) (45) (36) (19) (18) (476) 60 (410) (826) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — 76 — 76 411 87 95 239 176 98 23 16 1,145 — 728 — Management service costs — — — — — — — (112) (112) — — (112) Interest expense (135) (9) (39) (50) (55) (19) (2) (60) (369) 16 (443) (796) Current income taxes (4) (4) (12) (5) (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 44 184 117 78 21 (203) 587 — — Depreciation (887) Foreign exchange and financial instrument gain (loss) 318 Deferred income tax recovery 37 Other 5 Share of earnings from equity-accounted investments (9) Net income attributable to non-controlling interests (122) Net loss attributable to Unitholders (2) $ (71) (1) Share of earnings from equity-accounted investments of $46 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 $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. |
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 & storage Sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia As at June 30, 2024 Cash and cash equivalents $ 130 $ 47 $ 21 $ 164 $ 99 $ 67 $ 28 $ 3 $ 559 $ (77) $ 754 $ 1,236 Property, plant and equipment 14,851 1,353 2,259 5,734 3,588 2,443 313 — 30,541 (1,614) 32,899 61,826 Total assets 15,916 1,682 2,505 6,569 4,420 2,923 1,549 185 35,749 (1,573) 39,623 73,799 Total liabilities 9,074 542 1,537 4,410 3,481 1,748 813 4,255 25,860 (1,573) 21,531 45,818 As at December 31, 2023 Cash and cash equivalents $ 77 $ 20 $ 12 $ 225 $ 123 $ 50 $ 30 $ 3 $ 540 $ (85) $ 686 $ 1,141 Property, plant and equipment 15,134 1,694 2,490 6,024 3,635 2,386 341 — 31,704 (1,578) 33,879 64,005 Total assets 16,143 1,880 2,738 6,802 4,518 2,842 1,540 257 36,720 (1,529) 40,937 76,128 Total liabilities 9,231 531 1,645 4,727 3,484 1,705 1,126 3,159 25,608 (1,529) 22,070 46,149 |
Summary of consolidated revenue split by geographical region | 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) 2024 2023 2024 2023 Hydroelectric North America $ 313 $ 286 $ 653 $ 708 Brazil 59 66 125 133 Colombia 310 292 661 575 682 644 1,439 1,416 Wind 424 289 846 608 Utility-scale solar 259 174 488 338 Distributed energy & storage 113 92 190 156 Sustainable solutions 4 6 11 18 Total $ 1,482 $ 1,205 $ 2,974 $ 2,536 |
Summary of consolidated property, plant and equipment and equity-accounted investments split by geographical region | The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2024 December 31, 2023 United States $ 34,640 $ 34,303 Colombia 9,696 10,585 Canada 7,146 7,483 Brazil 4,666 5,622 Europe 4,601 5,046 Asia 3,407 3,320 Other 200 192 $ 64,356 $ 66,551 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (2)(3) Property, plant and equipment, at fair value As at December 31, 2023 $ 32,646 $ 15,224 $ 11,022 $ 197 $ 59,089 Additions, net 5 (37) (50) — (82) Transfer from construction work-in-progress 3 514 621 — 1,138 Disposals (38) — — (39) (77) Transfer to assets held for sale (143) (230) — — (373) Items recognized through OCI: Change in fair value (75) — — (23) (98) Foreign exchange (1,223) (293) (286) (16) (1,818) Items recognized through net income: Change in fair value (26) — — (11) (37) Depreciation (314) (437) (259) (9) (1,019) As at June 30, 2024 $ 30,835 $ 14,741 $ 11,048 $ 99 $ 56,723 Construction work-in-progress As at December 31, 2023 $ 300 $ 1,617 $ 2,987 $ 12 $ 4,916 Additions 53 216 1,184 41 1,494 Transfer to property, plant and equipment (3) (514) (621) — (1,138) Disposals — (78) — (3) (81) Transfer to assets held for sale (1) — (12) (1) (14) Items recognized through OCI: Foreign exchange (7) (34) (32) — (73) Items recognized through net income: Change in fair value — — (1) — (1) As at June 30, 2024 $ 342 $ 1,207 $ 3,505 $ 49 $ 5,103 Total property, plant and equipment, at fair value As at December 31, 2023 (2)(3) $ 32,946 $ 16,841 $ 14,009 $ 209 $ 64,005 As at June 30, 2024 (2)(3) $ 31,177 $ 15,948 $ 14,553 $ 148 $ 61,826 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $53 million (2023: $60 million) in hydroelectric, $264 million (2023: $284 million) in wind, $394 million (2023: $385 million) in solar, and nil (2023: nil) in other. (3) Includes land not subject to revaluation of $206 million (2023: $222 million) in hydroelectric, $20 million (2023: $20 million) in wind, $151 million (2023: $92 million) in solar, and $1 million (2023: $1 million) in other. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of borrowings | The composition of corporate borrowings is presented in the following table: June 30, 2024 December 31, 2023 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities 6.6 5 $ 300 300 N/A 5 $ — $ — Commercial paper 5.9 <1 739 739 6.0 <1 183 183 Medium Term Notes: Series 4 (C$150) 5.8 12 110 115 5.8 13 113 121 Series 9 (C$400) 3.8 1 292 289 3.8 1 302 297 Series 10 (C$500) 3.6 3 366 357 3.6 3 377 366 Series 11 (C$475) 4.3 5 347 342 4.3 5 358 353 Series 12 (C$475) 3.4 6 347 326 3.4 6 358 335 Series 13 (C$300) 4.3 25 219 185 4.3 26 226 201 Series 14 (C$425) 3.3 26 311 221 3.3 27 321 240 Series 15 (C$400) (1) 5.9 8 292 311 5.9 9 303 324 Series 16 (C$400) 5.3 9 293 298 5.3 10 302 311 Series 17 (C$400) 5.3 30 292 288 — — — — 4.4 12 2,869 2,732 4.3 10 2,660 2,548 Total corporate borrowings 3,908 $ 3,771 2,843 $ 2,731 Add: Unamortized premiums (2) 1 2 Less: Unamortized financing fees (2) (13) (12) Less: Current portion (1,031) (183) $ 2,865 $ 2,650 (1) Includes $7 million (2023: $8 million) outstanding to an associate of Brookfield. Refer to Note 19 - 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, 2024 December 31, 2023 Authorized corporate credit facilities and related party credit facilities (1) $ 2,450 $ 2,375 Draws on corporate credit facilities (1)(2) (450) (165) Authorized letter of credit facility 500 500 Issued letters of credit (320) (307) Available portion of corporate credit facilities $ 2,180 $ 2,403 (1) Amounts are guaranteed by Brookfield Renewable. (2) Relates to letter of credit issued against Brookfield Renewable’s corporate credit facilities. The composition of non-recourse borrowings is presented in the following table: June 30, 2024 December 31, 2023 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 7.5 9 $ 9,181 $ 8,878 7.8 9 $ 9,468 $ 9,292 Wind 6.1 9 6,675 6,453 6.1 9 6,866 6,922 Utility-scale solar 6.2 10 6,228 6,124 6.2 12 5,868 5,879 Distributed energy & storage 6.3 5 3,476 3,390 6.2 6 3,035 2,963 Sustainable solutions 7.1 1 468 468 7.0 1 1,783 1,783 Total 6.7 9 $ 26,028 $ 25,313 6.8 9 $ 27,020 $ 26,839 Add: Unamortized premiums (3) (9) (11) Less: Unamortized financing fees (3) (162) (140) Less: Current portion (3,888) (4,752) $ 21,969 $ 22,117 (1) Includes $1,514 million (2023: 2,626 million) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $99 million (2023: $101 million) outstanding to an associate of Brookfield. Refer to Note 19 - Related party transactions for more details. (3) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. |
Summary of Brookfield Renewables borrowings | The following table outlines changes in Brookfield Renewable’s borrowings as at June 30, 2024: (MILLIONS) As at December 31, 2023 Net cash flows from Non-cash Transfer to liabilities held for sale Other (1) As at June 30, 2024 Corporate borrowings $ 2,833 1,152 — (89) $ 3,896 Non-recourse borrowings $ 26,869 (166) (80) (766) $ 25,857 (1) Includes foreign exchange and amortization of unamortized premium and financing fees. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Participating non-controlling interests – in operating subsidiaries $ 18,099 $ 18,863 General partnership interest in a holding subsidiary held by Brookfield 48 55 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,330 2,684 BEPC exchangeable shares 2,152 2,479 Preferred equity 565 583 Perpetual subordinated notes 738 592 $ 23,932 $ 25,256 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 Infrastructure Fund V Brookfield Global Transition Fund I Brookfield Global Transition Fund II Canadian Hydroelectric Portfolio The Catalyst Group Isagen institutional investors Isagen public non-controlling interests Other Total As at December 31, 2023 $ 75 $ 2,463 $ 3,214 $ 2,411 $ 917 $ 3,682 $ 296 $ 1,288 $ 122 $ 2,704 $ 18 $ 1,673 $ 18,863 Net income (loss) 22 (3) 4 32 (9) (31) 5 14 11 25 — (4) 66 Other comprehensive income (loss) — (116) (132) (127) (54) (159) — (39) — (209) (1) 11 (826) Capital contributions — — — 63 53 313 3 — — — — 79 511 Return of capital — — — (12) (142) (13) — — — — — — (167) Disposal (21) (14) — — — — — — — — — — (35) Distributions (22) (33) (73) (17) (33) (3) (12) (27) — (114) (1) (16) (351) Other (1) — 3 10 3 52 31 (1) — — (1) (58) 38 As at June 30, 2024 $ 53 $ 2,297 $ 3,016 $ 2,360 $ 735 $ 3,841 $ 323 $ 1,235 $ 133 $ 2,406 $ 15 $ 1,685 $ 18,099 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 72 % 77% - 80% 54 % 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) 2024 2023 2024 2023 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 1 $ 2 $ 2 Incentive distribution 32 28 65 55 33 29 67 57 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 69 66 139 133 BEPC exchangeable shares held by Brookfield Holders 16 15 32 31 External shareholders 48 46 97 88 Total BEPC exchangeable shares 64 61 129 119 $ 166 $ 156 $ 335 $ 309 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) 2024 2023 2024 2023 Brookfield Holders $ 27 $ 23 $ 53 $ 47 External LP unitholders 74 69 151 142 $ 101 $ 92 $ 204 $ 189 |
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 2024 2023 June 30, 2024 December 31, 2023 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 125 $ 129 Series 2 (C$113) (1) 3.11 7.6 April 2025 2 2 57 58 Series 3 (C$249) 9.96 4.4 July 2024 4 4 181 187 Series 5 (C$103) 4.11 5.0 April 2018 2 2 75 77 Series 6 (C$175) 7.00 5.0 July 2018 3 3 127 132 31.03 $ 13 $ 13 $ 565 $ 583 (1) Dividend rate represents annualized distribution based on the most recent quarterly floating rate . |
Disclosure of subordinated notes | Brookfield Renewable's perpetual subordinated notes consists: (MILLIONS EXCEPT AS NOTED) Notes Interest Earliest permitted redemption date Interest expense for the six months ended June 30 Carrying value as at Issuance date 2024 2023 June 30, 2024 December 31, 2023 April, 2021 14.0 4.6 April, 2026 $ 8 $ 8 $ 340 $ 340 December, 2021 10.4 4.9 December, 2026 6 6 252 252 March, 2024 6.00 7.3 March, 2029 3 — 146 — 30.4 $ 17 $ 14 $ 738 $ 592 |
PREFERRED LIMITED PARTNERS' E_2
PREFERRED LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 2023 June 30, 2024 December 31, 2023 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 13 (C$250) 10.00 6.05 April 2028 6 5 196 196 Series 15 (C$175) — 5.75 April 2024 2 4 — 126 Series 17 ($200) 8.00 5.25 March 2025 5 5 195 195 Series 18 (C$150) 6.00 5.50 April 2027 3 2 115 115 31.00 $ 20 $ 20 $ 634 $ 760 |
LIMITED PARTNERS' EQUITY (Table
LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 General partnership interest in a holding subsidiary held by Brookfield $ 1 $ 1 $ 2 $ 2 Incentive distribution 32 28 65 55 33 29 67 57 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 69 66 139 133 BEPC exchangeable shares held by Brookfield Holders 16 15 32 31 External shareholders 48 46 97 88 Total BEPC exchangeable shares 64 61 129 119 $ 166 $ 156 $ 335 $ 309 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) 2024 2023 2024 2023 Brookfield Holders $ 27 $ 23 $ 53 $ 47 External LP unitholders 74 69 151 142 $ 101 $ 92 $ 204 $ 189 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ 1,944 Foreign exchange and other (56) Balance, as at June 30, 2024 $ 1,888 |
EQUITY-ACCOUNTED INVESTMENTS (T
EQUITY-ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: (MILLIONS) June 30, 2024 Balance, beginning of year $ 2,546 Investment 72 Share of net loss (58) Share of other comprehensive loss (18) Dividends received (8) Foreign exchange translation and other $ (4) Balance as at June 30, 2024 $ 2,530 |
Disclosure of joint operations | The following table presents the ownership interests and carrying values of Brookfield Renewable’s investments in associates and joint ventures, all of which are accounted for using the equity method: Ownership Interest Carrying Value June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Hydroelectric 14%-50% 14%-50% $ 222 $ 225 Wind 25%-50% 25%-50% 135 159 Utility-scale solar 25%-65% 25%-65% 284 304 Distributed energy & storage 25%-50% 25%-50% 1,059 1,049 Sustainable solutions 4%-49% 4%-49% 830 809 $ 2,530 $ 2,546 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Cash $ 880 $ 821 Cash subject to restriction 273 251 Short-term deposits 83 69 $ 1,236 $ 1,141 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
Summary of restricted cash | Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2024 December 31, 2023 Operations $ 282 $ 299 Capital expenditures and development projects 15 13 Credit obligations 110 79 Total 407 391 Less: non-current (111) (81) Current $ 296 $ 310 |
TRADE RECEIVABLES AND OTHER C_2
TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Trade receivables $ 706 $ 662 Collateral deposits (1) 196 178 Prepaids and other 131 127 Inventory 125 111 Sales taxes receivable 87 94 Short-term deposits and advances 79 23 Current portion of contract asset 65 61 Income tax receivable 54 74 Other short-term receivables 187 187 $ 1,630 $ 1,517 (1) |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Operating accrued liabilities $ 509 $ 603 Accounts payable 346 388 Interest payable on borrowings 264 301 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 60 58 Current portion of lease liabilities 38 41 Current portion of contract liability 41 35 Income tax payable 13 41 Other 77 72 $ 1,348 $ 1,539 (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, 2024 | |
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, 2024: Region Technology Capacity Consideration Brookfield Renewable Expected Close China Wind 102 MW development CNY $116 million ($16 million) 20% Q4 2024 China Wind 350 MW development CNY $790 million ($109 million) 20% Q4 2024 Brazil Distributed energy & storage 829 MW development 13 MW operating R$340 million ($60 million) 20% 2024-2026 Europe Various 23 GW development 5 GW operating €39.85 per share, implying an enterprise value of €6.1 billion ($6.7 billion) for entire Neon Up to $540 million Q4 2024 India Various 524 MW operating 2.75 GW development $89 million 14% Q3 2024 South Korea Utility-scale solar 238 MW development $51 million 32.5% H2-2024 South Korea Various 103 MW operating and development 2.2 GW development $37 million 46.5% H2-2024 |
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, 2024 December 31, 2023 Brookfield Renewable along with institutional partners $ 115 $ 100 Brookfield Renewable's subsidiaries 1,891 2,026 $ 2,006 $ 2,126 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Revenues Power purchase and revenue agreements $ (8) $ (32) $ 8 $ 12 Direct operating costs Energy marketing fee & other services $ (5) $ (4) $ (5) $ (5) Interest expense Borrowings $ (13) $ (7) $ (27) $ (12) Contract balance accretion (9) (7) (17) (15) $ (22) $ (14) $ (44) $ (27) Other Distribution income $ 1 $ 4 $ 3 $ 5 Other related party services 2 1 3 1 Financial instrument gain — 4 2 9 Management service costs $ (53) $ (55) $ (98) $ (112) |
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, 2024 December 31, 2023 Current assets Trade receivables and other current assets Contract asset Brookfield $ 65 $ 61 Due from related parties Amounts due from Brookfield (1) 359 1,386 Equity-accounted investments and other 30 57 389 1,443 Non-current assets Financial instrument assets Brookfield 86 170 Other long-term assets Contract asset Brookfield 282 314 Due from related parties Equity-accounted investments and other 135 135 Current liabilities Contract liability Brookfield 41 35 Financial instrument liabilities Brookfield Reinsurance 1 2 Due to related parties Amounts due to Brookfield (2) 559 541 Equity-accounted investments and other 19 13 Brookfield Reinsurance 230 242 Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest Brookfield 42 39 850 835 Non-current liabilities Financial instrument liabilities Brookfield Reinsurance 2 2 Due to related parties Amounts due to Brookfield (2) 460 496 Brookfield Reinsurance 201 208 Equity-accounted investments and other 21 1 682 705 Corporate borrowings Brookfield Reinsurance 7 8 Non-recourse borrowings Brookfield Reinsurance and associates 99 101 Other long-term liabilities Contract liability Brookfield 684 680 Equity Preferred limited partners equity Brookfield Reinsurance and associates $ 11 $ 11 (1) Includes receivables of $272 million (2023: $1,328 million) associated with the Brookfield Global Transition Fund credit facility. (2) Includes payables of nil (2023: $6 million), $83 million (2023: $81 million), and $290 million (2023: $307 million) associated with the Brookfield Infrastructure Fund IV, Brookfield Global Transition Fund, and Brookfield Global Transition Fund II credit facilities, respectively. |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Current assets $ 68 $ 388 $ 2,921 $ 992 $ 4,190 $ (4,357) $ 4,202 Long-term assets 4,062 239 2 41,244 69,506 (45,456) 69,597 Current liabilities 76 8 341 8,980 6,793 (8,142) 8,056 Long-term liabilities — — 2,565 351 34,846 — 37,762 Participating non-controlling interests – in operating subsidiaries — — — — 18,099 — 18,099 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,330 — — 2,330 BEPC exchangeable shares — — — — 2,152 — 2,152 Preferred equity — 565 — — — — 565 Perpetual subordinated notes — — — 738 — — 738 Preferred limited partners' equity 634 — — 639 — (639) 634 As at December 31, 2023 Current assets $ 65 $ 400 $ 2,695 $ 790 $ 4,611 $ (3,951) $ 4,610 Long-term assets 4,735 246 2 44,239 71,435 (49,139) 71,518 Current liabilities 72 8 32 8,406 7,658 (8,138) 8,038 Long-term liabilities — — 2,650 56 35,405 — 38,111 Participating non-controlling interests – in operating subsidiaries — — — — 18,863 — 18,863 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,684 — — 2,684 BEPC exchangeable shares — — — — 2,479 — 2,479 Preferred equity — 583 — — — — 583 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 760 — — 765 — (765) 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, 2024 Revenues $ — $ — $ — $ — $ 1,482 $ — $ 1,482 Net income (loss) (70) — — (505) 216 271 (88) Three months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 1,205 $ — $ 1,205 Net income (loss) (18) — 1 (275) 424 19 151 Six months ended June 30, 2024 Revenues $ — $ — $ — $ — $ 2,974 $ — $ 2,974 Net income (loss) (126) — — (886) 399 455 (158) Six months ended June 30, 2023 Revenues $ — $ — $ — $ — $ 2,536 $ — $ 2,536 Net income (loss) (34) — 2 (461) 777 44 328 (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 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. |
DISPOSAL OF ASSETS - Narrative
DISPOSAL OF ASSETS - Narrative (Details) R$ in Millions, $ in Millions | May 30, 2024 USD ($) MW | May 30, 2024 BRL (R$) | May 28, 2024 USD ($) MW | Apr. 26, 2024 USD ($) MW |
30 MW US Hydroelectric Portfolio | ||||
Disclosure of detailed information about investment property [line items] | ||||
Proceeds from sale | $ 15 | |||
Disposition of assets | 42 | |||
Gains (losses) on disposals of investments | $ 6 | |||
Hydro power capacity | MW | 30 | |||
Disposition of liabilities | $ (4) | |||
Accumulated revaluation surplus post-tax | 28 | |||
30 MW US Hydroelectric Portfolio | Brookfield Renewable and Institutional Partners | ||||
Disclosure of detailed information about investment property [line items] | ||||
Proceeds from sale | 67 | |||
Gains (losses) on disposals of investments | $ 29 | |||
85 MW Portfolio Biomass Asset | ||||
Disclosure of detailed information about investment property [line items] | ||||
Proceeds from sale | $ 21 | R$ 105 | ||
Disposition of assets | 86 | |||
Gains (losses) on disposals of investments | 5 | |||
Disposition of liabilities | (2) | |||
Accumulated revaluation surplus post-tax | $ 11 | |||
Biomass power capacity | MW | 85 | |||
85 MW Portfolio Biomass Asset | Brookfield Renewable and Institutional Partners | ||||
Disclosure of detailed information about investment property [line items] | ||||
Proceeds from sale | $ 48 | R$ 251 | ||
Gains (losses) on disposals of investments | 12 | |||
Accumulated revaluation surplus post-tax | $ 24 | |||
60 MW Battery Storage Assets | ||||
Disclosure of detailed information about investment property [line items] | ||||
Battery storage assets | MW | 60 | |||
Proceeds from sale | $ 25 | |||
Disposition of assets | 82 | |||
Gains (losses) on disposals of investments | 2 | |||
60 MW Battery Storage Assets | Brookfield Renewable and Institutional Partners | ||||
Disclosure of detailed information about investment property [line items] | ||||
Proceeds from sale | 87 | |||
Gains (losses) on disposals of investments | $ 5 |
ASSETS HELD FOR SALE - Narrativ
ASSETS HELD FOR SALE - Narrative (Details) | Jun. 30, 2024 MW |
67 MW US Wind Assets Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Hydro power capacity | 67 |
90 MW Brazil Hydroelectric Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Hydro power capacity | 90 |
6 MW U.S. Distributed Generation Asset | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Wind power capacity, generation facilities (in MW) | 6 |
ASSETS HELD FOR SALE - Assets a
ASSETS HELD FOR SALE - Assets and liabilities classified as held for sale (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||||||
Cash and cash equivalents | $ 1,236 | $ 1,423 | $ 1,141 | $ 1,202 | $ 1,140 | $ 998 |
Trade receivables and other current assets | 1,630 | 1,517 | ||||
Property, plant and equipment, at fair value | 61,826 | 64,005 | ||||
Other long-term assets | 1,049 | 1,011 | ||||
Total Assets | 73,799 | 76,128 | ||||
Current liabilities | 8,056 | 8,038 | ||||
Non-recourse borrowings | 3,888 | 4,752 | ||||
Other long-term liabilities | 1,666 | 1,764 | ||||
Liabilities directly associated with assets held for sale | 45,818 | $ 46,149 | ||||
Assets and liabilities classified as held for sale | ||||||
Statement [Line Items] | ||||||
Cash and cash equivalents | 16 | |||||
Trade receivables and other current assets | 7 | |||||
Property, plant and equipment, at fair value | 387 | |||||
Other long-term assets | 2 | |||||
Total Assets | 412 | |||||
Current liabilities | 11 | |||||
Non-recourse borrowings | 77 | |||||
Financial instrument liabilities | 52 | |||||
Other long-term liabilities | 33 | |||||
Liabilities directly associated with assets held for sale | $ 173 |
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, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets measured at fair value: | ||||||
Cash and cash equivalents | $ 1,236 | $ 1,423 | $ 1,141 | $ 1,202 | $ 1,140 | $ 998 |
Restricted cash | 407 | 391 | ||||
Investments in debt and equity securities | 1,753 | 1,540 | ||||
Property, plant and equipment | 61,826 | 64,005 | ||||
Liabilities measured at fair value: | ||||||
Contingent consideration | (90) | (92) | ||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Non Recourse Borrowings | (21,969) | (22,117) | ||||
Total | 33,341 | 34,722 | ||||
Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (3,771) | (2,731) | ||||
Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Non Recourse Borrowings | (25,313) | (26,839) | ||||
IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 24 | 50 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (1,001) | (798) | ||||
Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 115 | 90 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (161) | (82) | ||||
Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 262 | 233 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (72) | (105) | ||||
Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 85 | 27 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (217) | (353) | ||||
Tax equity | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 56 | 27 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (1,798) | $ (1,782) | ||||
Level 1 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 1,236 | |||||
Restricted cash | 407 | |||||
Investments in debt and equity securities | 0 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (2,848) | |||||
Level 1 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,732) | |||||
Level 1 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Non Recourse Borrowings | (1,759) | |||||
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 | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
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 | 47 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (24,582) | |||||
Level 2 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (1,039) | |||||
Level 2 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Non Recourse Borrowings | (23,554) | |||||
Level 2 | IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (48) | |||||
Level 2 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 115 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (161) | |||||
Level 2 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 262 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (72) | |||||
Level 2 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 85 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (217) | |||||
Level 2 | Tax equity | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
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 | 1,706 | |||||
Property, plant and equipment | 61,826 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration | (90) | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | 60,771 | |||||
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] | ||||||
Non Recourse Borrowings | 0 | |||||
Level 3 | IFRS 9 PPAs | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 24 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (953) | |||||
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 | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 56 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | $ (1,798) |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Aggregate Amount of Net Financial Instrument Positions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ 2,295 | |
Less: current portion | 239 | |
Long-term portion | 2,056 | |
Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 3,249 | |
Less: current portion | 730 | |
Long-term portion | 2,519 | |
Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (954) | $ (1,153) |
Less: current portion | (491) | (488) |
Long-term portion | (463) | (665) |
IFRS 9 PPAs | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 24 | |
IFRS 9 PPAs | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,001 | |
IFRS 9 PPAs | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (977) | (748) |
Energy derivative contracts | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 115 | |
Energy derivative contracts | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 161 | |
Energy derivative contracts | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (46) | 8 |
Interest rate swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 262 | |
Interest rate swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 72 | |
Interest rate swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 190 | 128 |
Foreign exchange swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 85 | |
Foreign exchange swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 217 | |
Foreign exchange swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (132) | (326) |
Investments in debt and equity securities | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,753 | |
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 | 1,753 | 1,540 |
Tax equity | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 56 | |
Tax equity | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,798 | |
Tax equity | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ (1,742) | $ (1,755) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | $ 116 | $ 172 | $ 236 | $ 318 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | (88) | 50 | (262) | 178 |
Unrealized gains (losses) included in other comprehensive income | 35 | 52 | (117) | 161 |
Other Income | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Gains associated with available for sale instruments | 0 | 8 | 0 | 13 |
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 | (14) | 10 | (3) | 76 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 7 | 18 | 13 | 184 |
Reclassification adjustments recognized in net income, net | (27) | (34) | (58) | (82) |
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 | (15) | 14 | 1 | 71 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | (156) | 25 | (348) | 37 |
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 | 19 | 56 | 47 | 69 |
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 | 26 | 9 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 56 | 29 | 72 | (17) |
Reclassification adjustments recognized in net income, net | (6) | 2 | (4) | 1 |
Reclassification adjustments recognized in net income | (33) | (23) | (62) | (72) |
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 | 28 | (1) | 24 | (6) |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 5 | (22) | 1 | (26) |
Reclassification adjustments recognized in net income, net | 0 | 9 | 0 | 9 |
Tax equity | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 85 | 53 | 141 | 61 |
Foreign exchange gain | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | (2) | 25 | 0 | 38 |
Foreign exchange swaps – net investment | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | 124 | 0 | 146 | (19) |
Investments in debt and equity securities | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | $ (1) | $ 2 | $ (1) | $ 2 |
SEGMENTED INFORMATION - FFO Rec
SEGMENTED INFORMATION - FFO Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,482 | $ 1,205 | $ 2,974 | $ 2,536 | |
Other income | 62 | 61 | 96 | 87 | |
Direct operating costs | [1] | (618) | (425) | (1,252) | (826) |
Share of revenue, other income and direct operating costs from equity-accounted investments | 89 | 26 | 140 | 76 | |
Management service costs | (53) | (55) | (98) | (112) | |
Interest expense | (489) | (402) | (965) | (796) | |
Current income taxes | (16) | (37) | (44) | (80) | |
Preferred limited partners equity | (9) | (10) | (20) | (20) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (10) | (7) | (17) | (14) | |
Share of interest and cash taxes from equity accounted investments | (17) | (8) | (27) | (21) | |
Share of Funds From Operations attributable to non-controlling interests | (76) | (30) | (139) | (230) | |
Depreciation | (517) | (458) | (1,019) | (887) | |
Foreign exchange and financial instrument gain | 116 | 172 | 236 | 318 | |
Deferred income tax expense (recovery) | (3) | 18 | 11 | 37 | |
Other | (27) | 59 | (39) | 5 | |
Share of earnings from equity-accounted investments | (97) | (5) | (171) | (9) | |
Share of earnings from equity-accounted investments | 35 | (137) | 73 | (122) | |
Net income attributable to non-controlling interests | (154) | (39) | (274) | (71) | |
Share of (loss) earnings from equity-accounted investments | (25) | 13 | (58) | 46 | |
Net income attributable to participating non-controlling interests | 41 | 167 | 66 | 352 | |
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 682 | 644 | 1,439 | 1,416 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 424 | 289 | 846 | 608 | |
Utility-scale solar | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 259 | 174 | 488 | 338 | |
Distributed energy & storage | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 113 | 92 | 190 | 156 | |
Sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 4 | 6 | 11 | 18 | |
Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 830 | 719 | 1,705 | 1,491 | |
Other income | 173 | 98 | 250 | 130 | |
Direct operating costs | (374) | (231) | (751) | (476) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 629 | 586 | 1,204 | 1,145 | |
Management service costs | (53) | (55) | (98) | (112) | |
Interest expense | (202) | (182) | (401) | (369) | |
Current income taxes | (10) | (14) | (20) | (30) | |
Preferred limited partners equity | (9) | (10) | (20) | (20) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (10) | (7) | (17) | (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 | 339 | 312 | 635 | 587 | |
Attributable to Unitholders | Hydroelectric | North America | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 256 | 274 | 559 | 609 | |
Other income | 10 | 4 | 16 | 8 | |
Direct operating costs | (101) | (97) | (204) | (206) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 165 | 181 | 371 | 411 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (66) | (64) | (134) | (135) | |
Current income taxes | (2) | (3) | (3) | (4) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 97 | 114 | 234 | 272 | |
Attributable to Unitholders | Hydroelectric | Brazil | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 53 | 58 | 112 | 119 | |
Other income | 1 | 2 | 2 | 3 | |
Direct operating costs | (19) | (18) | (37) | (35) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 35 | 42 | 77 | 87 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (4) | (4) | (8) | (9) | |
Current income taxes | (1) | (2) | (3) | (4) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 30 | 36 | 66 | 74 | |
Attributable to Unitholders | Hydroelectric | Colombia | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 72 | 66 | 151 | 132 | |
Other income | 0 | 4 | 1 | 5 | |
Direct operating costs | (41) | (23) | (76) | (42) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 31 | 47 | 76 | 95 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (21) | (21) | (43) | (39) | |
Current income taxes | (1) | (5) | (4) | (12) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 9 | 21 | 29 | 44 | |
Attributable to Unitholders | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 154 | 129 | 324 | 271 | |
Other income | 41 | 42 | 51 | 43 | |
Direct operating costs | (59) | (39) | (118) | (75) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 136 | 132 | 257 | 239 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (29) | (24) | (60) | (50) | |
Current income taxes | (4) | (2) | (7) | (5) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 103 | 106 | 190 | 184 | |
Attributable to Unitholders | Utility-scale solar | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 120 | 110 | 213 | 198 | |
Other income | 30 | 15 | 58 | 23 | |
Direct operating costs | (33) | (18) | (64) | (45) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 117 | 107 | 207 | 176 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (26) | (28) | (56) | (55) | |
Current income taxes | 0 | (2) | 1 | (4) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 91 | 77 | 152 | 117 | |
Attributable to Unitholders | Distributed energy & storage | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 61 | 68 | 113 | 129 | |
Other income | 12 | 2 | 26 | 5 | |
Direct operating costs | (19) | (17) | (42) | (36) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 54 | 53 | 97 | 98 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (9) | (8) | (17) | (19) | |
Current income taxes | (1) | 0 | (2) | (1) | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 44 | 45 | 78 | 78 | |
Attributable to Unitholders | Sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 114 | 14 | 233 | 33 | |
Other income | 29 | 7 | 42 | 9 | |
Direct operating costs | (92) | (10) | (189) | (19) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 51 | 11 | 86 | 23 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (8) | (1) | (9) | (2) | |
Current income taxes | (1) | 0 | (2) | 0 | |
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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 42 | 10 | 75 | 21 | |
Attributable to Unitholders | Corporate | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Other income | 50 | 22 | 54 | 34 | |
Direct operating costs | (10) | (9) | (21) | (18) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 40 | 13 | 33 | 16 | |
Management service costs | (53) | (55) | (98) | (112) | |
Interest expense | (39) | (32) | (74) | (60) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | (9) | (10) | (20) | (20) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (10) | (7) | (17) | (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 | (77) | (97) | (189) | (203) | |
Contribution from equity-accounted investments | |||||
Disclosure of operating segments [line items] | |||||
Revenues | (194) | (50) | (351) | (129) | |
Other income | (25) | (2) | (31) | (7) | |
Direct operating costs | 130 | 26 | 242 | 60 | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 89 | 26 | 140 | 76 | |
Adjusted EBITDA | 0 | 0 | 0 | 0 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | 14 | 6 | 22 | 16 | |
Current income taxes | 3 | 2 | 5 | 5 | |
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 | (17) | (8) | (27) | (21) | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 0 | 0 | 0 | 0 | |
Attributable to non-controlling interests | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 846 | 536 | 1,620 | 1,174 | |
Other income | (86) | (35) | (123) | (36) | |
Direct operating costs | (374) | (220) | (743) | (410) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 386 | 281 | 754 | 728 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (301) | (226) | (586) | (443) | |
Current income taxes | (9) | (25) | (29) | (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 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | (76) | (30) | (139) | (230) | |
Funds From Operations | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] Direct operating costs exclude depreciation expense disclosed below. |
SEGMENTED INFORMATION - Balance
SEGMENTED INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | $ 1,236 | $ 1,423 | $ 1,141 | $ 1,202 | $ 1,140 | $ 998 |
Property, plant and equipment, at fair value | 61,826 | 64,005 | ||||
Total assets | 73,799 | 76,128 | ||||
Liabilities directly associated with assets held for sale | 45,818 | 46,149 | ||||
Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 559 | 540 | ||||
Property, plant and equipment, at fair value | 30,541 | 31,704 | ||||
Total assets | 35,749 | 36,720 | ||||
Liabilities directly associated with assets held for sale | 25,860 | 25,608 | ||||
Contribution from equity-accounted investments | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | (77) | (85) | ||||
Property, plant and equipment, at fair value | (1,614) | (1,578) | ||||
Total assets | (1,573) | (1,529) | ||||
Liabilities directly associated with assets held for sale | (1,573) | (1,529) | ||||
Attributable to non-controlling interests | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 754 | 686 | ||||
Property, plant and equipment, at fair value | 32,899 | 33,879 | ||||
Total assets | 39,623 | 40,937 | ||||
Liabilities directly associated with assets held for sale | 21,531 | 22,070 | ||||
Hydroelectric | ||||||
Disclosure of operating segments [line items] | ||||||
Property, plant and equipment, at fair value | 31,177 | 32,946 | ||||
Hydroelectric | North America | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 130 | 77 | ||||
Property, plant and equipment, at fair value | 14,851 | 15,134 | ||||
Total assets | 15,916 | 16,143 | ||||
Liabilities directly associated with assets held for sale | 9,074 | 9,231 | ||||
Hydroelectric | Brazil | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 47 | 20 | ||||
Property, plant and equipment, at fair value | 1,353 | 1,694 | ||||
Total assets | 1,682 | 1,880 | ||||
Liabilities directly associated with assets held for sale | 542 | 531 | ||||
Hydroelectric | Colombia | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 21 | 12 | ||||
Property, plant and equipment, at fair value | 2,259 | 2,490 | ||||
Total assets | 2,505 | 2,738 | ||||
Liabilities directly associated with assets held for sale | 1,537 | 1,645 | ||||
Wind | ||||||
Disclosure of operating segments [line items] | ||||||
Property, plant and equipment, at fair value | 15,948 | 16,841 | ||||
Wind | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 164 | 225 | ||||
Property, plant and equipment, at fair value | 5,734 | 6,024 | ||||
Total assets | 6,569 | 6,802 | ||||
Liabilities directly associated with assets held for sale | 4,410 | 4,727 | ||||
Utility-scale solar | ||||||
Disclosure of operating segments [line items] | ||||||
Property, plant and equipment, at fair value | 14,553 | 14,009 | ||||
Utility-scale solar | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 99 | 123 | ||||
Property, plant and equipment, at fair value | 3,588 | 3,635 | ||||
Total assets | 4,420 | 4,518 | ||||
Liabilities directly associated with assets held for sale | 3,481 | 3,484 | ||||
Distributed energy & storage | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 67 | 50 | ||||
Property, plant and equipment, at fair value | 2,443 | 2,386 | ||||
Total assets | 2,923 | 2,842 | ||||
Liabilities directly associated with assets held for sale | 1,748 | 1,705 | ||||
Sustainable solutions | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 28 | 30 | ||||
Property, plant and equipment, at fair value | 313 | 341 | ||||
Total assets | 1,549 | 1,540 | ||||
Liabilities directly associated with assets held for sale | 813 | 1,126 | ||||
Corporate | Attributable to Unitholders | ||||||
Disclosure of operating segments [line items] | ||||||
Cash and cash equivalents | 3 | 3 | ||||
Property, plant and equipment, at fair value | 0 | 0 | ||||
Total assets | 185 | 257 | ||||
Liabilities directly associated with assets held for sale | $ 4,255 | $ 3,159 |
SEGMENTED INFORMATION - Geograp
SEGMENTED INFORMATION - Geographical Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,482 | $ 1,205 | $ 2,974 | $ 2,536 | |
Consolidated property, plant and equipment and equity-accounted investments | 64,356 | 64,356 | $ 66,551 | ||
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 682 | 644 | 1,439 | 1,416 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 424 | 289 | 846 | 608 | |
Utility-scale solar | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 259 | 174 | 488 | 338 | |
Distributed energy & storage | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 113 | 92 | 190 | 156 | |
Sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 4 | 6 | 11 | 18 | |
North America | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 313 | 286 | 653 | 708 | |
Brazil | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 4,666 | 4,666 | 5,622 | ||
Brazil | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 59 | 66 | 125 | 133 | |
Colombia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 9,696 | 9,696 | 10,585 | ||
Colombia | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 310 | $ 292 | 661 | $ 575 | |
United States | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 34,640 | 34,640 | 34,303 | ||
Canada | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 7,146 | 7,146 | 7,483 | ||
Europe | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 4,601 | 4,601 | 5,046 | ||
Asia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 3,407 | 3,407 | 3,320 | ||
Other | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | $ 200 | $ 200 | $ 192 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure Of Income Taxes [Abstract] | ||
Effective income tax rate | (26.00%) | 12% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 59,089 | ||
Additions, net | (82) | ||
Transfer from construction work-in-progress | 1,138 | ||
Disposals | (77) | ||
Transfer to assets held for sale | (373) | ||
Change in fair value | |||
Change in fair value | (98) | ||
Foreign exchange | (1,818) | ||
Items recognized through net income: | |||
Change in fair value | (37) | ||
Depreciation | (1,019) | ||
Ending balance | 56,723 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 4,916 | ||
Additions | 1,494 | ||
Transfer to property, plant and equipment | (1,138) | ||
Disposals | (81) | ||
Transfer to assets held for sale | (14) | ||
Items recognized through OCI: | |||
Foreign exchange | (73) | ||
Items recognized through net income: | |||
Change in fair value | (1) | ||
Construction in progress, ending balance | 5,103 | ||
Total property, plant and equipment, at fair value | 61,826 | $ 64,005 | |
Hydroelectric | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 32,646 | ||
Additions, net | 5 | ||
Transfer from construction work-in-progress | 3 | ||
Disposals | (38) | ||
Transfer to assets held for sale | (143) | ||
Change in fair value | |||
Change in fair value | (75) | ||
Foreign exchange | (1,223) | ||
Items recognized through net income: | |||
Change in fair value | (26) | ||
Depreciation | (314) | ||
Ending balance | 30,835 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 300 | ||
Additions | 53 | ||
Transfer to property, plant and equipment | (3) | ||
Disposals | 0 | ||
Transfer to assets held for sale | (1) | ||
Items recognized through OCI: | |||
Foreign exchange | (7) | ||
Items recognized through net income: | |||
Change in fair value | 0 | ||
Construction in progress, ending balance | 342 | ||
Total property, plant and equipment, at fair value | 31,177 | 32,946 | |
Right-of-use asset not subject to revaluation, disposal | 53 | $ 60 | |
Land, disposals | 206 | 222 | |
Wind | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 15,224 | ||
Additions, net | (37) | ||
Transfer from construction work-in-progress | 514 | ||
Disposals | 0 | ||
Transfer to assets held for sale | (230) | ||
Change in fair value | |||
Change in fair value | 0 | ||
Foreign exchange | (293) | ||
Items recognized through net income: | |||
Change in fair value | 0 | ||
Depreciation | (437) | ||
Ending balance | 14,741 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 1,617 | ||
Additions | 216 | ||
Transfer to property, plant and equipment | (514) | ||
Disposals | (78) | ||
Transfer to assets held for sale | 0 | ||
Items recognized through OCI: | |||
Foreign exchange | (34) | ||
Items recognized through net income: | |||
Change in fair value | 0 | ||
Construction in progress, ending balance | 1,207 | ||
Total property, plant and equipment, at fair value | 15,948 | 16,841 | |
Right-of-use asset not subject to revaluation, disposal | 264 | 284 | |
Land, disposals | 20 | 20 | |
Utility-scale solar | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 11,022 | ||
Additions, net | (50) | ||
Transfer from construction work-in-progress | 621 | ||
Disposals | 0 | ||
Transfer to assets held for sale | 0 | ||
Change in fair value | |||
Change in fair value | 0 | ||
Foreign exchange | (286) | ||
Items recognized through net income: | |||
Change in fair value | 0 | ||
Depreciation | (259) | ||
Ending balance | 11,048 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 2,987 | ||
Additions | 1,184 | ||
Transfer to property, plant and equipment | (621) | ||
Disposals | 0 | ||
Transfer to assets held for sale | (12) | ||
Items recognized through OCI: | |||
Foreign exchange | (32) | ||
Items recognized through net income: | |||
Change in fair value | (1) | ||
Construction in progress, ending balance | 3,505 | ||
Total property, plant and equipment, at fair value | 14,553 | 14,009 | |
Right-of-use asset not subject to revaluation, disposal | 394 | 385 | |
Land, disposals | 151 | 92 | |
Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 197 | ||
Additions, net | 0 | ||
Transfer from construction work-in-progress | 0 | ||
Disposals | (39) | ||
Transfer to assets held for sale | 0 | ||
Change in fair value | |||
Change in fair value | (23) | ||
Foreign exchange | (16) | ||
Items recognized through net income: | |||
Change in fair value | (11) | ||
Depreciation | (9) | ||
Ending balance | 99 | ||
Reconciliation of changes in construction in progress [Abstract] | |||
Construction in progress, beginning balance | 12 | ||
Additions | 41 | ||
Transfer to property, plant and equipment | 0 | ||
Disposals | (3) | ||
Transfer to assets held for sale | (1) | ||
Items recognized through OCI: | |||
Foreign exchange | 0 | ||
Items recognized through net income: | |||
Change in fair value | 0 | ||
Construction in progress, ending balance | 49 | ||
Total property, plant and equipment, at fair value | 148 | $ 209 | |
Right-of-use asset not subject to revaluation, disposal | 0 | 0 | |
Land, disposals | $ 1 | $ 1 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - Brookfield Renewable and Institutional Partners $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) MW | |
102 MW U.S. Distributed Generation Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Wind power capacity, generation facilities (in MW) | MW | 127 |
Acquisitions through asset acquisitions | $ | $ 63 |
Economic interest held | 20% |
61 MW U.S. Distributed Generation Portfolio | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Wind power capacity, generation facilities (in MW) | MW | 85 |
Acquisitions through asset acquisitions | $ | $ 51 |
Economic interest held | 25% |
BORROWINGS - Summary of Composi
BORROWINGS - Summary of Composition of Borrowings (Details) $ in Millions | Aug. 02, 2024 USD ($) | Jun. 30, 2024 USD ($) year | Dec. 31, 2023 USD ($) year | Jun. 30, 2023 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Less: Current portion | $ (1,031) | $ (183) | ||
Corporate borrowings | 1,514 | 2,626 | ||
Brookfield Reinsurance | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Corporate borrowings | $ 7 | $ 8 | ||
Credit facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 6.60% | |||
Term (years) | year | 5 | 5 | ||
Carrying value | $ 300 | $ 0 | ||
Estimated fair value | $ 300 | $ 0 | ||
Commercial paper | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 5.90% | 6% | ||
Carrying value | $ 739 | $ 183 | ||
Estimated fair value | $ 739 | $ 183 | ||
Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 4.40% | 4.30% | ||
Term (years) | year | 12 | 10 | ||
Carrying value | $ 2,869 | $ 2,660 | ||
Estimated fair value | 2,732 | 2,548 | ||
Corporate borrowings | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | 3,908 | 2,843 | ||
Estimated fair value | 3,771 | 2,731 | ||
Add: Unamortized premiums | 1 | 2 | ||
Less: Unamortized financing fees | (13) | (12) | ||
Less: Current portion | (1,031) | (183) | ||
Borrowings | 2,865 | $ 2,650 | ||
Series 4 (C$150) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 150 | |||
Interest rate (%) | 5.80% | 5.80% | ||
Term (years) | year | 12 | 13 | ||
Carrying value | $ 110 | $ 113 | ||
Estimated fair value | 115 | $ 121 | ||
Series 9 (C$400) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 400 | |||
Interest rate (%) | 3.80% | 3.80% | ||
Term (years) | year | 1 | 1 | ||
Carrying value | $ 292 | $ 302 | ||
Estimated fair value | 289 | $ 297 | ||
Series 10 (C$500) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 500 | |||
Interest rate (%) | 3.60% | 3.60% | ||
Term (years) | year | 3 | 3 | ||
Carrying value | $ 366 | $ 377 | ||
Estimated fair value | 357 | $ 366 | ||
Series 11 (C$475) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 475 | |||
Interest rate (%) | 4.30% | 4.30% | ||
Term (years) | year | 5 | 5 | ||
Carrying value | $ 347 | $ 358 | ||
Estimated fair value | 342 | $ 353 | ||
Series 12 (C$475) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 475 | |||
Interest rate (%) | 3.40% | 3.40% | ||
Term (years) | year | 6 | 6 | ||
Carrying value | $ 347 | $ 358 | ||
Estimated fair value | 326 | $ 335 | ||
Series 13 (C$300) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 300 | |||
Interest rate (%) | 4.30% | 4.30% | ||
Term (years) | year | 25 | 26 | ||
Carrying value | $ 219 | $ 226 | ||
Estimated fair value | 185 | $ 201 | ||
Series 14 (C$425) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 425 | |||
Interest rate (%) | 3.30% | 3.30% | ||
Term (years) | year | 26 | 27 | ||
Carrying value | $ 311 | $ 321 | ||
Estimated fair value | 221 | $ 240 | ||
Series 15 (C$400) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 400 | |||
Interest rate (%) | 5.90% | 5.90% | ||
Term (years) | year | 8 | 9 | ||
Carrying value | $ 292 | $ 303 | ||
Estimated fair value | 311 | $ 324 | ||
Series 16 (C$400) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 400 | |||
Interest rate (%) | 5.30% | 5.30% | ||
Term (years) | year | 9 | 10 | ||
Carrying value | $ 293 | $ 302 | $ 400 | |
Estimated fair value | 298 | $ 311 | ||
Series 17 (C$400) | Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, face amount | $ 100 | $ 400 | ||
Interest rate (%) | 5.32% | 5.30% | 0% | |
Term (years) | year | 30 | 0 | ||
Carrying value | $ 292 | $ 0 | ||
Estimated fair value | $ 288 | $ 0 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Commercial paper | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 739 | $ 183 | |
Interest rate (%) | 5.90% | 6% | |
Medium Term Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 2,869 | $ 2,660 | |
Interest rate (%) | 4.40% | 4.30% | |
Medium Term Notes | Series 16 (C$400) | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 293 | $ 302 | $ 400 |
Interest rate (%) | 5.30% | 5.30% |
BORROWINGS - Summary of Availab
BORROWINGS - Summary of Available Credit Facilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Authorized corporate credit facilities and related party credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,450 | $ 2,375 |
Draws on corporate credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 450 | 165 |
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 | 320 | 307 |
Available portion of corporate credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,180 | $ 2,403 |
BORROWINGS - Composition of Non
BORROWINGS - Composition of Non-recourse Borrowings (Details) $ in Millions | Jun. 30, 2024 USD ($) year | Dec. 31, 2023 USD ($) year |
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 21,969 | $ 22,117 |
Corporate borrowings | 1,514 | 2,626 |
Subscription Facility | Brookfield Reinsurance and associates | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 99 | $ 101 |
Non-recourse borrowing | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 670% | 680% |
Term (years) | year | 9 | 9 |
Carrying value | $ 26,028 | $ 27,020 |
Estimated fair value | 25,313 | 26,839 |
Add: Unamortized premiums | (9) | (11) |
Less: Unamortized financing fees | (162) | (140) |
Current Portion Of Non-Current Borrowings, Non-Recourse | 3,888 | 4,752 |
Non-recourse borrowings | $ 21,969 | $ 22,117 |
Non-recourse borrowing | Hydroelectric | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 750% | 780% |
Term (years) | year | 9 | 9 |
Carrying value | $ 9,181 | $ 9,468 |
Estimated fair value | $ 8,878 | $ 9,292 |
Non-recourse borrowing | Wind | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 610% | 610% |
Term (years) | year | 9 | 9 |
Carrying value | $ 6,675 | $ 6,866 |
Estimated fair value | $ 6,453 | $ 6,922 |
Non-recourse borrowing | Utility-scale solar | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 620% | 620% |
Term (years) | year | 10 | 12 |
Carrying value | $ 6,228 | $ 5,868 |
Estimated fair value | $ 6,124 | $ 5,879 |
Non-recourse borrowing | Distributed energy & storage | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 630% | 620% |
Term (years) | year | 5 | 6 |
Carrying value | $ 3,476 | $ 3,035 |
Estimated fair value | $ 3,390 | $ 2,963 |
Non-recourse borrowing | Sustainable solutions | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 710% | 700% |
Term (years) | year | 1 | 1 |
Carrying value | $ 468 | $ 1,783 |
Estimated fair value | $ 468 | $ 1,783 |
BORROWINGS - Supplemental Infor
BORROWINGS - Supplemental Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Credit facilities [Line Items] | ||||
Net cash flows from financing activities | $ 508 | $ (130) | $ 1,329 | $ 510 |
Corporate borrowings | ||||
Credit facilities [Line Items] | ||||
Beginning balance | 2,833 | |||
Net cash flows from financing activities | 1,152 | |||
Transfer to liabilities held for sale | 0 | |||
Other | (89) | |||
Ending balance | 3,896 | 3,896 | ||
Non-recourse borrowing | ||||
Credit facilities [Line Items] | ||||
Beginning balance | 26,869 | |||
Net cash flows from financing activities | (166) | |||
Transfer to liabilities held for sale | (80) | |||
Other | (766) | |||
Ending balance | $ 25,857 | $ 25,857 |
NON-CONTROLLING INTERESTS - Sum
NON-CONTROLLING INTERESTS - Summary of Non-controlling Interests (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | $ 27,981 | $ 29,373 | $ 29,979 | $ 28,512 | $ 26,912 | $ 26,286 |
Non-controlling interests | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 23,932 | 25,256 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 18,099 | 18,669 | 18,863 | 16,604 | 15,526 | 14,755 |
General partnership interest in a holding subsidiary held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 48 | 52 | 55 | 59 | 58 | 59 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 2,330 | 2,529 | 2,684 | 2,908 | 2,848 | 2,892 |
BEPC exchangeable shares | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 2,152 | 2,336 | 2,479 | 2,686 | 2,522 | 2,561 |
Preferred equity | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | 565 | 570 | 583 | 584 | 573 | 571 |
Perpetual subordinated notes | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | $ 738 | $ 738 | $ 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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of subsidiaries [line items] | ||||
Capital contributions | $ 344 | $ 587 | $ 511 | $ 1,581 |
Return of capital | (151) | (167) | ||
Disposal | 35 | 26 | 35 | 414 |
Participating non-controlling interests – in operating subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 18,863 | |||
Net income (loss) | 41 | 167 | 66 | 352 |
Other comprehensive income (loss) | (826) | |||
Capital contributions | 344 | 587 | 511 | 1,581 |
Return of capital | (151) | (167) | ||
Disposal | 35 | $ 26 | 35 | $ 414 |
Distributions | (351) | |||
Other | 38 | |||
Ending balance | 18,099 | 18,099 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 75 | |||
Net income (loss) | 22 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 21 | |||
Distributions | (22) | |||
Other | (1) | |||
Ending balance | 53 | $ 53 | ||
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 | $ 2,463 | |||
Net income (loss) | (3) | |||
Other comprehensive income (loss) | (116) | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 14 | |||
Distributions | (33) | |||
Other | 0 | |||
Ending balance | 2,297 | $ 2,297 | ||
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 | $ 3,214 | |||
Net income (loss) | 4 | |||
Other comprehensive income (loss) | (132) | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (73) | |||
Other | 3 | |||
Ending balance | 3,016 | $ 3,016 | ||
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 | $ 2,411 | |||
Net income (loss) | 32 | |||
Other comprehensive income (loss) | (127) | |||
Capital contributions | 63 | |||
Return of capital | (12) | |||
Disposal | 0 | |||
Distributions | (17) | |||
Other | 10 | |||
Ending balance | 2,360 | $ 2,360 | ||
Interests held by third parties | 75% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund V | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 917 | |||
Net income (loss) | (9) | |||
Other comprehensive income (loss) | (54) | |||
Capital contributions | 53 | |||
Return of capital | (142) | |||
Disposal | 0 | |||
Distributions | (33) | |||
Other | 3 | |||
Ending balance | 735 | $ 735 | ||
Interests held by third parties | 72% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Global Transition Fund I | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 3,682 | |||
Net income (loss) | (31) | |||
Other comprehensive income (loss) | (159) | |||
Capital contributions | 313 | |||
Return of capital | (13) | |||
Disposal | 0 | |||
Distributions | (3) | |||
Other | 52 | |||
Ending balance | 3,841 | $ 3,841 | ||
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 | Brookfield Global Transition Fund II | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 296 | |||
Net income (loss) | 5 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 3 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (12) | |||
Other | 31 | |||
Ending balance | 323 | $ 323 | ||
Interests held by third parties | 54% | |||
Participating non-controlling interests – in operating subsidiaries | Canadian Hydroelectric Portfolio | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 1,288 | |||
Net income (loss) | 14 | |||
Other comprehensive income (loss) | (39) | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (27) | |||
Other | (1) | |||
Ending balance | 1,235 | $ 1,235 | ||
Interests held by third parties | 50% | |||
Participating non-controlling interests – in operating subsidiaries | The Catalyst Group | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 122 | |||
Net income (loss) | 11 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | 0 | |||
Other | 0 | |||
Ending balance | 133 | $ 133 | ||
Interests held by third parties | 25% | |||
Participating non-controlling interests – in operating subsidiaries | Isagen institutional investors | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,704 | |||
Net income (loss) | 25 | |||
Other comprehensive income (loss) | (209) | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (114) | |||
Other | 0 | |||
Ending balance | 2,406 | $ 2,406 | ||
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 | $ 18 | |||
Net income (loss) | 0 | |||
Other comprehensive income (loss) | (1) | |||
Capital contributions | 0 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (1) | |||
Other | (1) | |||
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 | $ 1,673 | |||
Net income (loss) | (4) | |||
Other comprehensive income (loss) | 11 | |||
Capital contributions | 79 | |||
Return of capital | 0 | |||
Disposal | 0 | |||
Distributions | (16) | |||
Other | (58) | |||
Ending balance | $ 1,685 | $ 1,685 | ||
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 ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Non Controlling Interest [Line Items] | ||||||
Redeemable and exchangeable partnership units, exchange ratio | 1 | |||||
Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners of parent | $ 166 | $ 156 | $ 335 | $ 309 | ||
BEPC Exchangeable Participating Noncontrolling Interests Holding Subsidiaries | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares redeemed (in shares) | 0 | 0 | ||||
BRELP | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.2253 | |||||
Incentive distribution, percent | 25% | |||||
GP interests | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners of parent | $ 33 | 29 | $ 67 | 57 | ||
Number of shares outstanding (in shares) | 3,977,260 | 3,977,260 | 3,977,260 | |||
GP interests | Incentive distribution | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners of parent | $ 32 | $ 28 | $ 65 | $ 55 | ||
LP Units | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 1.42 | |||||
Number of shares authorized for repurchase (in shares) | 14,361,497 | |||||
Authorised share repurchases as a percent of issued and outstanding shares | 5% | |||||
LP Units | BRELP | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.20 | |||||
Incentive distribution, percent | 15% | |||||
Redeemable Exchangeable Partnership Units And General Partnership Units | ||||||
Non Controlling Interest [Line Items] | ||||||
Ownership percentage | 25% | 25% | ||||
Redeemable Exchangeable Partnership Units And General Partnership Units | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Ownership percentage | 100% | 100% | ||||
Exchangeable Shares | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares authorized for repurchase (in shares) | 8,982,586 | |||||
Exchangeable Shares | TerraForm Power Inc | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares exchanged | 7,459 | 833 | 10,142 | 2,575 | ||
Exchangeable Shares | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares outstanding (in shares) | 179,641,384 | 179,641,384 | 179,651,526 | |||
Ordinary shares | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares outstanding (in shares) | 285,052,340 | 285,052,340 | 287,164,340 | |||
Increase (decrease) in number of shares outstanding | 0 | 0 | 0 | 0 | ||
Ordinary shares | TerraForm Power Inc | ||||||
Non Controlling Interest [Line Items] | ||||||
Payments for shares exchanged | $ 1 | $ 1 | $ 1 | $ 1 | ||
Redeemable/Exchangeable partnership units | Non-controlling interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares outstanding (in shares) | 194,487,939 | 194,487,939 | 194,487,939 | |||
Brookfield Holders | ||||||
Non Controlling Interest [Line Items] | ||||||
Ownership percentage | 48% | 48% | ||||
Number of shares outstanding (in shares) | 313,640,823 | 313,640,823 | ||||
Brookfield Holders | Ordinary shares | ||||||
Non Controlling Interest [Line Items] | ||||||
Number of shares outstanding (in shares) | 74,339,049 | 74,339,049 | 74,339,049 | |||
Ownership Interest In BRELP | Brookfield Holders | GP interests | ||||||
Non Controlling Interest [Line Items] | ||||||
Ownership percentage | 1% | 1% |
NON-CONTROLLING INTERESTS - Com
NON-CONTROLLING INTERESTS - Components of Distributions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Non-controlling interests | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 166 | $ 156 | $ 335 | $ 309 |
GP interests | Non-controlling interests | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 33 | 29 | 67 | 57 |
GP interests | General partnership interest in a holding subsidiary held by Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 1 | 1 | 2 | 2 |
GP interests | Incentive distribution | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 32 | 28 | 65 | 55 |
Redeemable/Exchangeable partnership units | 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 | 69 | 66 | 139 | 133 |
Redeemable/Exchangeable partnership units | Limited partners' equity | Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 16 | 15 | 32 | 31 |
Redeemable/Exchangeable partnership units | External shareholders | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 48 | 46 | 97 | 88 |
BEPC exchangeable shares | Brookfield Renewable | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 64 | $ 61 | $ 129 | $ 119 |
NON-CONTROLLING INTERESTS - Pre
NON-CONTROLLING INTERESTS - Preferred Equity (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of preference shares [Line Items] | |||||
Distributions or dividends declared | $ (536) | $ (514) | $ (940) | $ (946) | |
Dividends paid to non-controlling interests | 6 | $ 6 | 13 | 13 | |
Preferred equity | |||||
Disclosure of preference shares [Line Items] | |||||
Non-controlling interests | $ 583 | $ 565 | $ 565 | ||
Class A Preference Shares | |||||
Disclosure of preference shares [Line Items] | |||||
Number of shares redeemed (in shares) | 0 | 0 | |||
Percent of public float allowable for repurchase | 10% | ||||
Repurchase of shares (in shares) | 0 | 0 | |||
Class A Preference Shares | |||||
Disclosure of preference shares [Line Items] | |||||
Number of shares outstanding (in shares) | 31,030,000 | 31,030,000 | |||
Distributions or dividends declared | $ 13 | 13 | |||
Series 1 (C$136) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 136 | $ 136 | |||
Number of shares outstanding (in shares) | 6,850,000 | 6,850,000 | |||
Cumulative distribution rate (%) | 3.10% | ||||
Earliest permitted redemption date | April 2025 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | $ 129 | $ 125 | 125 | ||
Series 2 (C$113) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 113 | $ 113 | |||
Number of shares outstanding (in shares) | 3,110,000 | 3,110,000 | |||
Cumulative distribution rate (%) | 7.60% | ||||
Earliest permitted redemption date | April 2025 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | 58 | $ 57 | 57 | ||
Series 3 (C$249) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 249 | $ 249 | |||
Number of shares outstanding (in shares) | 9,960,000 | 9,960,000 | |||
Cumulative distribution rate (%) | 4.40% | ||||
Earliest permitted redemption date | July 2024 | ||||
Distributions or dividends declared | $ 4 | 4 | |||
Non-controlling interests | 187 | $ 181 | 181 | ||
Series 5 (C$103) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 103 | $ 103 | |||
Number of shares outstanding (in shares) | 4,110,000 | 4,110,000 | |||
Cumulative distribution rate (%) | 5% | ||||
Earliest permitted redemption date | April 2018 | ||||
Distributions or dividends declared | $ 2 | 2 | |||
Non-controlling interests | 77 | $ 75 | 75 | ||
Series 6 (C$175) | |||||
Disclosure of preference shares [Line Items] | |||||
Notional amount | $ 175 | $ 175 | |||
Number of shares outstanding (in shares) | 7,000,000 | 7,000,000 | |||
Cumulative distribution rate (%) | 5% | ||||
Earliest permitted redemption date | July 2018 | ||||
Distributions or dividends declared | $ 3 | $ 3 | |||
Non-controlling interests | $ 132 | $ 127 | $ 127 |
NON-CONTROLLING INTERESTS - S_2
NON-CONTROLLING INTERESTS - Summary of Perpetual subordinated notes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Disclosure of classes of share capital [line items] | ||||||
Interest expense on borrowings | $ 489,000,000 | $ 402,000,000 | $ 965,000,000 | $ 796,000,000 | ||
4.6% Perpetual Subordinated Notes | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 14 | 14 | ||||
Cumulative distribution rate (%) | 4.60% | |||||
Earliest permitted redemption date | April, 2026 | |||||
Interest expense on borrowings | $ 8,000,000 | 8,000,000 | ||||
Non-controlling interests | $ 340,000,000 | $ 340,000,000 | $ 340,000,000 | |||
4.9% Perpetual Subordinated Notes | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 10.4 | 10.4 | ||||
Cumulative distribution rate (%) | 4.90% | |||||
Earliest permitted redemption date | December, 2026 | |||||
Interest expense on borrowings | $ 6,000,000 | 6,000,000 | ||||
Non-controlling interests | $ 252,000,000 | $ 252,000,000 | 252,000,000 | |||
7.3% Perpetual Subordinated Notes | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 6 | 6 | ||||
Cumulative distribution rate (%) | 7.30% | |||||
Earliest permitted redemption date | March, 2029 | |||||
Interest expense on borrowings | $ 3,000,000 | 0 | ||||
Non-controlling interests | $ 146,000,000 | $ 146,000,000 | 0 | |||
Perpetual subordinated notes | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 30.4 | 30.4 | ||||
Interest expense on borrowings | $ 17,000,000 | 14,000,000 | ||||
Non-controlling interests | $ 738,000,000 | 738,000,000 | $ 592,000,000 | |||
Amount issued | $ 150,000,000 | |||||
Interest rate (%) | 7.25% | |||||
Distributions | $ 10,000,000 | $ 7,000,000 | $ 17,000,000 | $ 14,000,000 |
PREFERRED LIMITED PARTNERS' E_3
PREFERRED LIMITED PARTNERS' EQUITY - Summary of Preferred Limited Partners' Equity (Details) shares in Thousands, $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 CAD ($) shares | Dec. 31, 2023 USD ($) | |
Disclosure of classes of share capital [line items] | ||||||
Preferred limited partners' equity | $ 634 | $ 634 | $ 760 | |||
Preferred limited partners' equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | shares | 31,000 | 31,000 | 31,000 | |||
Dividends declared for the year ended | $ 20 | $ 20 | ||||
Preferred limited partners' equity | $ 634 | 634 | 760 | |||
Dividends paid | $ 9 | $ 10 | $ 20 | 20 | ||
Series 7 (C$175) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 175 | |||||
Number of shares outstanding (in shares) | shares | 7,000 | 7,000 | 7,000 | |||
Cumulative distribution rate (%) | 5.50% | |||||
Earliest permitted redemption date | January 2026 | |||||
Dividends declared for the year ended | $ 4 | 4 | ||||
Preferred limited partners' equity | $ 128 | $ 128 | 128 | |||
Series 7 (C$175) | Brookfield Renewable | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 175 | |||||
Series 13 (C$250) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 250 | |||||
Number of shares outstanding (in shares) | shares | 10,000 | 10,000 | 10,000 | |||
Cumulative distribution rate (%) | 6.05% | |||||
Earliest permitted redemption date | April 2028 | |||||
Dividends declared for the year ended | $ 6 | 5 | ||||
Preferred limited partners' equity | $ 196 | $ 196 | 196 | |||
Series 15 (C$175) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 175 | |||||
Number of shares outstanding (in shares) | shares | 0 | 0 | 0 | |||
Cumulative distribution rate (%) | 5.75% | |||||
Earliest permitted redemption date | April 2024 | |||||
Dividends declared for the year ended | $ 2 | 4 | ||||
Preferred limited partners' equity | $ 0 | 0 | 126 | |||
Series 17 ($200) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 200 | $ 200 | ||||
Number of shares outstanding (in shares) | shares | 8,000 | 8,000 | 8,000 | |||
Cumulative distribution rate (%) | 5.25% | |||||
Earliest permitted redemption date | March 2025 | |||||
Dividends declared for the year ended | $ 5 | 5 | ||||
Preferred limited partners' equity | $ 195 | $ 195 | 195 | |||
Series 18 (C$150) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 150 | |||||
Number of shares outstanding (in shares) | shares | 6,000 | 6,000 | 6,000 | |||
Cumulative distribution rate (%) | 5.50% | |||||
Earliest permitted redemption date | April 2027 | |||||
Dividends declared for the year ended | $ 3 | $ 2 | ||||
Preferred limited partners' equity | $ 115 | $ 115 | $ 115 |
PREFERRED LIMITED PARTNERS' E_4
PREFERRED LIMITED PARTNERS' EQUITY - Narrative (Details) shares in Thousands, $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2024 CAD ($) | |
Preferred limited partners' equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends paid | $ 9 | $ 10 | $ 20 | $ 20 | ||
Series 7 (C$175) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 175 | |||||
Series 7 (C$175) | Brookfield Renewable | ||||||
Disclosure of classes of share capital [line items] | ||||||
Carrying value | $ 175 | |||||
Class A Preferred Limited Partnership Units | ||||||
Disclosure of classes of share capital [line items] | ||||||
Percent of public float allowable for repurchase | 10% | |||||
Repurchase of shares (in shares) | shares | 0 | 0 | 0 | 0 |
LIMITED PARTNERS' EQUITY - Narr
LIMITED PARTNERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Limited partners' equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share issue related cost | $ 2 | $ 4 | $ 4 | |||
Brookfield Holders | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 313,640,823 | 313,640,823 | ||||
Ownership percentage | 48% | 48% | ||||
Brookfield Holders | Ownership interest in BEP | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ownership percentage | 26% | 26% | ||||
Brookfield Holders | Ownership interest in BRELP | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ownership percentage | 41% | 41% | ||||
Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 285,052,340 | 285,052,340 | 287,164,340 | |||
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 classes of share capital [line items] | ||||||
Payments for shares exchanged | $ 1 | $ 1 | $ 1 | $ 1 | ||
Ordinary shares | Brookfield Holders | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 74,339,049 | 74,339,049 | 74,339,049 | |||
GP interests | Brookfield Holders | Ownership interest in BEP | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ownership percentage | 0.01% | 0.01% | ||||
GP interests | Brookfield Holders | Ownership interest in BRELP | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ownership percentage | 1% | 1% | ||||
LP Units | ||||||
Disclosure of classes of share capital [line items] | ||||||
Maximum number of units for normal course issuer bid | 14,361,497 | |||||
Number of shares repurchased (in shares) | 983,400 | 0 | 2,279,654 | 0 | ||
Purchase of preferred limited partner units for cancellation | $ 23 | $ 0 | $ 52 | $ 0 | ||
Number of shares repurchased and cancelled (in shares) | 1,063,400 | 0 | 2,279,654 | 0 | ||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 1.42 | |||||
Incremental increase in distributions (in dollars per share) | $ 0.07 | |||||
Distributions paid | $ 105 | $ 91 | $ 199 | $ 182 | ||
LP Units | Distribution reinvestment plan | ||||||
Disclosure of classes of share capital [line items] | ||||||
Units issued under distribution reinvestment plan (in units) | 62,494 | 65,160 | 157,512 | 137,279 | ||
Exchangeable Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Maximum number of units for normal course issuer bid | 8,982,586 | |||||
Exchangeable Shares | TerraForm Power Inc | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares exchanged | 7,459 | 833 | 10,142 | 2,575 | ||
Redeemable Exchangeable Partnership Units And General Partnership Units | ||||||
Disclosure of classes of share capital [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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 101 | $ 92 | $ 204 | $ 189 |
Brookfield Holders | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | 27 | 23 | 53 | 47 |
External LP unitholders | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 74 | $ 69 | $ 151 | $ 142 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Reconciliation of changes in goodwill [abstract] | |
Beginning of year | $ 1,944 |
Foreign exchange and other | 56 |
End of year | $ 1,888 |
EQUITY-ACCOUNTED INVESTMENTS -
EQUITY-ACCOUNTED INVESTMENTS - Summary of Equity-Accounted Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity Accounted Investments [Roll Forward] | ||||
Balance, beginning of year | $ 2,546 | |||
Investment | 72 | |||
Share of net loss | $ (25) | $ 13 | (58) | $ 46 |
Share of other comprehensive loss | (18) | |||
Dividends received | (8) | |||
Change in basis of accounting | (4) | |||
Balance as at June 30, 2024 | $ 2,530 | $ 2,530 |
EQUITY-ACCOUNTED INVESTMENTS _2
EQUITY-ACCOUNTED INVESTMENTS - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of joint ventures [line items] | |
Percentage of entity's revenue | 47.42% |
Brookfield Renewable | |
Disclosure of joint ventures [line items] | |
Percentage of entity's revenue | 9.50% |
EQUITY-ACCOUNTED INVESTMENTS _3
EQUITY-ACCOUNTED INVESTMENTS - Ownership Interests and Carrying Value of Joint Ventures (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 2,530 | $ 2,546 |
Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | 2,530 | 2,546 |
Hydroelectric | Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 222 | $ 225 |
Hydroelectric | Bottom of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 14% | 14% |
Hydroelectric | Top of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 50% | 50% |
Wind | Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 135 | $ 159 |
Wind | Bottom of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 25% | 25% |
Wind | Top of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 50% | 50% |
Utility-scale solar | Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 284 | $ 304 |
Utility-scale solar | Bottom of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 25% | 25% |
Utility-scale solar | Top of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 65% | 65% |
Distributed energy & storage | Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 1,059 | $ 1,049 |
Distributed energy & storage | Bottom of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 25% | 25% |
Distributed energy & storage | Top of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 50% | 50% |
Sustainable solutions | Joint ventures | ||
Disclosure of associates [line items] | ||
Equity-accounted investments | $ 830 | $ 809 |
Sustainable solutions | Bottom of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 4% | 4% |
Sustainable solutions | Top of range | Joint ventures | ||
Disclosure of associates [line items] | ||
Ownership Interest | 49% | 49% |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | ||||||
Cash | $ 880 | $ 821 | ||||
Cash subject to restriction | 273 | 251 | ||||
Short-term deposits | 83 | 69 | ||||
Cash and cash equivalents, net | $ 1,236 | $ 1,423 | $ 1,141 | $ 1,202 | $ 1,140 | $ 998 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | ||
Operations | $ 282 | $ 299 |
Capital expenditures and development projects | 15 | 13 |
Credit obligations | 110 | 79 |
Total | 407 | 391 |
Less: non-current | (111) | (81) |
Current | $ 296 | $ 310 |
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, 2024 | Dec. 31, 2023 |
Disclosure Trade Receivables and Other Current Assets [Abstract] | ||
Trade receivables | $ 706 | $ 662 |
Collateral deposits | 196 | 178 |
Prepaids and other | 131 | 127 |
Inventory | 125 | 111 |
Sales taxes receivable | 87 | 94 |
Short-term deposits and advances | 79 | 23 |
Current portion of contract asset | 65 | 61 |
Income tax receivable | 54 | 74 |
Other short-term receivables | 187 | 187 |
Trade receivables and other current assets | $ 1,630 | $ 1,517 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | ||
Operating accrued liabilities | $ 509 | $ 603 |
Accounts payable | 346 | 388 |
Interest payable on borrowings | 264 | 301 |
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable and exchange shares dividends | 60 | 58 |
Current portion of lease liabilities | 38 | 41 |
Current portion of contract liability | 41 | 35 |
Income tax payable | 13 | 41 |
Other | 77 | 72 |
Total accounts payable and accrued liabilities | $ 1,348 | $ 1,539 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of contingent liabilities [line items] | ||
Agreements renewable and extended period maximum | 2089 | |
Capital expenditure commitments | $ 3,700 | $ 2,800 |
2024 | ||
Disclosure of contingent liabilities [line items] | ||
Payments for development project expenditure | 2,100 | |
2025 | ||
Disclosure of contingent liabilities [line items] | ||
Payments for development project expenditure | 1,173 | |
2026 to 2028 | ||
Disclosure of contingent liabilities [line items] | ||
Payments for development project expenditure | 488 | |
Thereafter | ||
Disclosure of contingent liabilities [line items] | ||
Payments for development project expenditure | $ 3 |
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 | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||
Dec. 31, 2024 USD ($) $ / shares MW GW | Dec. 31, 2024 CNY (¥) | Sep. 30, 2024 USD ($) MW GW | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2024 USD ($) $ / shares MW GW | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2024 USD ($) $ / shares MW GW | Dec. 31, 2024 EUR (€) | Dec. 31, 2026 USD ($) MW | Dec. 31, 2026 BRL (R$) MW | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 74 | $ 31 | $ 72 | $ 124 | ||||||||
Forecast | China, Wind, 102 MW development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Wind power capacity (in MW) | MW | 102 | 102 | 102 | |||||||||
Consideration | $ 16 | ¥ 116 | ||||||||||
Brookfield Renewable Economic Interest | 20% | 20% | ||||||||||
Forecast | China, Wind, 350 MW development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Wind power capacity (in MW) | MW | 350 | 350 | 350 | |||||||||
Consideration | $ 109 | ¥ 790 | ||||||||||
Brookfield Renewable Economic Interest | 20% | 20% | ||||||||||
Forecast | Brazil 829 MW Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 60 | R$ 340 | ||||||||||
Brookfield Renewable Economic Interest | 20% | 20% | ||||||||||
Distributed energy And Storage Capacity | MW | 829 | 829 | ||||||||||
Forecast | Brazil 13 MW Operating | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Brookfield Renewable Economic Interest | 20% | 20% | ||||||||||
Distributed energy And Storage Capacity | MW | 13 | 13 | ||||||||||
Forecast | Europe 23GW Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 6,700 | € 6.1 | ||||||||||
Acquisition Consideration per Share | $ / shares | $ 39.85 | $ 39.85 | $ 39.85 | |||||||||
Brookfield Renewable Economic Interest | $ 540 | |||||||||||
Distributed energy And Storage Capacity | GW | 23 | 23 | 23 | |||||||||
Forecast | Europe 5 GW Operating | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 6,700 | € 6.1 | ||||||||||
Acquisition Consideration per Share | $ / shares | $ 39.85 | $ 39.85 | $ 39.85 | |||||||||
Brookfield Renewable Economic Interest | $ 540 | |||||||||||
Distributed energy And Storage Capacity | GW | 5 | 5 | 5 | |||||||||
Forecast | India 524 MW Operating Portfolio | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 89 | |||||||||||
Brookfield Renewable Economic Interest | 14% | |||||||||||
Distributed energy And Storage Capacity | MW | 524 | |||||||||||
Forecast | India 2.75 GW Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 89 | |||||||||||
Brookfield Renewable Economic Interest | 14% | |||||||||||
Distributed energy And Storage Capacity | GW | 2.75 | |||||||||||
Forecast | South Korea 238 MW Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 51 | |||||||||||
Brookfield Renewable Economic Interest | 32.50% | |||||||||||
Distributed energy And Storage Capacity | GW | 238 | 238 | 238 | |||||||||
Forecast | South korea 103 MW Operating and Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 37 | |||||||||||
Brookfield Renewable Economic Interest | 46.50% | |||||||||||
Distributed energy And Storage Capacity | MW | 103 | 103 | 103 | |||||||||
Forecast | South Korea 4 GW Development | ||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||
Consideration | $ 37 | |||||||||||
Brookfield Renewable Economic Interest | 46.50% | |||||||||||
Distributed energy And Storage Capacity | MW | 2.2 | 2.2 | 2.2 |
COMMITMENTS, CONTINGENCIES AN_5
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Summary of Letters of Credit Issued (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 2,006 | $ 2,126 |
Brookfield Renewable along with institutional partners | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | 115 | 100 |
Brookfield Renewable's subsidiaries | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 1,891 | $ 2,026 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of transactions between related parties [line items] | |||||
Interest expense (less than) | $ 13,000,000 | $ 7,000,000 | $ 27,000,000 | $ 12,000,000 | |
Non-recourse borrowings | 21,969,000,000 | 21,969,000,000 | $ 22,117,000,000 | ||
Corporate borrowings | 1,514,000,000 | 1,514,000,000 | 2,626,000,000 | ||
Financial instrument liabilities | 2,519,000,000 | 2,519,000,000 | 2,433,000,000 | ||
Other long-term liabilities | 1,666,000,000 | 1,666,000,000 | 1,764,000,000 | ||
Due to related parties | 850,000,000 | 850,000,000 | 835,000,000 | ||
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 Holders | |||||
Disclosure of transactions between related parties [line items] | |||||
Deposit | 0 | 0 | 0 | ||
Interest expense (less than) | 0 | 0 | $ 0 | ||
Brookfield Holders | 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 Holders | Unsecured Revolving Credit Facility | |||||
Disclosure of transactions between related parties [line items] | |||||
Proceeds from non-current borrowings | 0 | ||||
Brookfield Reinsurance and associates | |||||
Disclosure of transactions between related parties [line items] | |||||
Other long-term liabilities | 11,000,000 | 11,000,000 | 11,000,000 | ||
Brookfield Reinsurance and associates | Subscription Facility | |||||
Disclosure of transactions between related parties [line items] | |||||
Non-recourse borrowings | 99,000,000 | 99,000,000 | 101,000,000 | ||
Brookfield Reinsurance | |||||
Disclosure of transactions between related parties [line items] | |||||
Corporate borrowings | 7,000,000 | 7,000,000 | 8,000,000 | ||
Financial instrument liabilities | 2,000,000 | 2,000,000 | 2,000,000 | ||
Due to related parties | $ 431,000,000 | $ 431,000,000 | $ 450,000,000 |
RELATED PARTY TRANSACTIONS - In
RELATED PARTY TRANSACTIONS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Power purchase and revenue agreements | $ (8) | $ (32) | $ 8 | $ 12 |
Direct operating costs | ||||
Energy marketing fee & other services | (5) | (4) | (5) | (5) |
Total related party direct operating costs | ||||
Interest expense | ||||
Borrowings | (13) | (7) | (27) | (12) |
Contract balance accretion | (9) | (7) | (17) | (15) |
Total interest expense | (22) | (14) | (44) | (27) |
Other | ||||
Distribution income | 1 | 4 | 3 | 5 |
Other related party services | 2 | 1 | 3 | 1 |
Financial instrument gain | 0 | 4 | 2 | 9 |
Management service costs | $ (53) | $ (55) | $ (98) | $ (112) |
RELATED PARTY TRANSACTIONS - Ba
RELATED PARTY TRANSACTIONS - Balance sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of transactions between related parties [line items] | ||
Due from related parties and current contract assets | $ 389 | $ 1,443 |
Financial instrument assets | 239 | 199 |
Current portion of contract liability | 41 | 35 |
Financial instrument liabilities | 730 | 687 |
To Current Liabilities Due To Related Parties | 850 | 835 |
Financial instrument liabilities | 2,519 | 2,433 |
Due to related parties | 682 | 705 |
Corporate borrowings | 1,514 | 2,626 |
Non-recourse borrowings | 21,969 | 22,117 |
Other long-term liabilities | 1,666 | 1,764 |
Brookfield | ||
Disclosure of transactions between related parties [line items] | ||
Contract asset | 65 | 61 |
Amounts due from | 359 | 1,386 |
Financial instrument assets | 86 | 170 |
Contract asset | 282 | 314 |
Current portion of contract liability | 41 | 35 |
Amounts due to | 559 | 541 |
Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest | 42 | 39 |
Due to related parties | 460 | 496 |
Contract liability | 684 | 680 |
Brookfield | Brookfield Global Transition Fund I | ||
Disclosure of transactions between related parties [line items] | ||
Due to related parties | 83 | 81 |
Receivables due from related parties | 272 | 1,328 |
Brookfield | Subsidiaries With Material Noncontrolling Interests Brookfield Infrastructure Fund IV | ||
Disclosure of transactions between related parties [line items] | ||
Due to related parties | 0 | 6 |
Brookfield | Brookfield Global Transition Fund II | ||
Disclosure of transactions between related parties [line items] | ||
Due to related parties | 290 | 307 |
Equity-accounted investments and other | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due from | 30 | 57 |
Non-current amounts due from related parties | 135 | 135 |
Amounts due to | 19 | 13 |
Due to related parties | 21 | 1 |
Brookfield Reinsurance | ||
Disclosure of transactions between related parties [line items] | ||
Financial instrument liabilities | 1 | 2 |
Amounts due to | 230 | 242 |
Financial instrument liabilities | 2 | 2 |
Due to related parties | 201 | 208 |
Corporate borrowings | 7 | 8 |
Brookfield Reinsurance and associates | ||
Disclosure of transactions between related parties [line items] | ||
Other long-term liabilities | 11 | 11 |
Brookfield Reinsurance and associates | Subscription Facility | ||
Disclosure of transactions between related parties [line items] | ||
Non-recourse borrowings | $ 99 | $ 101 |
SUBSIDIARY PUBLIC ISSUERS - Bal
SUBSIDIARY PUBLIC ISSUERS - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of subsidiaries [line items] | ||||||
Current assets | $ 4,202 | $ 4,610 | ||||
Long-term assets | 69,597 | 71,518 | ||||
Current liabilities | 8,056 | 8,038 | ||||
Long-term liabilities | 37,762 | 38,111 | ||||
Preferred equity | 27,981 | $ 29,373 | 29,979 | $ 28,512 | $ 26,912 | $ 26,286 |
Non-controlling interests | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 23,932 | 25,256 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 18,099 | 18,863 | ||||
Preferred equity | 18,099 | 18,669 | 18,863 | 16,604 | 15,526 | 14,755 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,330 | 2,684 | ||||
Preferred equity | 2,330 | 2,529 | 2,684 | 2,908 | 2,848 | 2,892 |
BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,152 | 2,479 | ||||
Preferred equity | 2,152 | 2,336 | 2,479 | 2,686 | 2,522 | 2,561 |
Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 565 | 583 | ||||
Preferred equity | 565 | 570 | 583 | 584 | 573 | 571 |
Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 738 | 592 | ||||
Preferred equity | 738 | $ 738 | 592 | $ 592 | $ 592 | $ 592 |
Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 634 | 760 | ||||
Brookfield Renewable | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 68 | 65 | ||||
Long-term assets | 4,062 | 4,735 | ||||
Current liabilities | 76 | 72 | ||||
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 | 634 | 760 | ||||
BRP Equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 388 | 400 | ||||
Long-term assets | 239 | 246 | ||||
Current liabilities | 8 | 8 | ||||
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 | 565 | 583 | ||||
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 | 2,921 | 2,695 | ||||
Long-term assets | 2 | 2 | ||||
Current liabilities | 341 | 32 | ||||
Long-term liabilities | 2,565 | 2,650 | ||||
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 | 992 | 790 | ||||
Long-term assets | 41,244 | 44,239 | ||||
Current liabilities | 8,980 | 8,406 | ||||
Long-term liabilities | 351 | 56 | ||||
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 | 2,330 | 2,684 | ||||
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 | 738 | 592 | ||||
Subsidiary Credit Supporters | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 639 | 765 | ||||
Other Subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 4,190 | 4,611 | ||||
Long-term assets | 69,506 | 71,435 | ||||
Current liabilities | 6,793 | 7,658 | ||||
Long-term liabilities | 34,846 | 35,405 | ||||
Other Subsidiaries | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 18,099 | 18,863 | ||||
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 | 2,152 | 2,479 | ||||
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 | (4,357) | (3,951) | ||||
Long-term assets | (45,456) | (49,139) | ||||
Current liabilities | (8,142) | (8,138) | ||||
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 | $ (639) | $ (765) |
SUBSIDIARY PUBLIC ISSUERS - Inc
SUBSIDIARY PUBLIC ISSUERS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of subsidiaries [line items] | ||||
Revenues | $ 1,482 | $ 1,205 | $ 2,974 | $ 2,536 |
Net income (loss) | (88) | 151 | (158) | 328 |
Brookfield Renewable | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | (70) | (18) | (126) | (34) |
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) | 0 | 1 | 0 | 2 |
Subsidiary Credit Supporters | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | (505) | (275) | (886) | (461) |
Other Subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 1,482 | 1,205 | 2,974 | 2,536 |
Net income (loss) | 216 | 424 | 399 | 777 |
Consolidating adjustments | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | $ 271 | $ 19 | $ 455 | $ 44 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 02, 2024 USD ($) MW GW | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | $ 74 | $ 31 | $ 72 | $ 124 | ||
Fixed quarterly distributions term | 5 years | |||||
Class A preference shares annual rate | 0.06519 | |||||
Medium Term Notes | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Interest rate (%) | 4.40% | 4.40% | 4.30% | |||
Series 18 | Medium Term Notes | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Interest rate (%) | 4.96% | |||||
Borrowings, face amount | $ 300 | |||||
Series 17 (C$400) | Medium Term Notes | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Interest rate (%) | 5.32% | 5.30% | 5.30% | 0% | ||
Borrowings, face amount | $ 100 | $ 400 | $ 400 | |||
2.00 GW Operating And Under Construction | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ownership percentage | 15% | |||||
Consideration | $ 32 | |||||
2.00 GW Operating And Under Construction | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ownership percentage | 75% | |||||
Consideration | $ 162 | |||||
Utility-scale solar capacity, development | GW | 2 | |||||
500 MW Operating Capacity | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | $ 18 | |||||
500 MW Operating Capacity | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ownership percentage | 74% | |||||
Consideration | $ 89 | |||||
Operating and under construction assets, power capacity | MW | 500 | |||||
3 GW Development Pipeline | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Utility-scale solar capacity, development | GW | 3 | |||||
103 MW Distributed Generation And 2.2 GW Development Pipeline | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | $ 7 | |||||
Upfront payment | 3.4 | |||||
103 MW Distributed Generation And 2.2 GW Development Pipeline | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | $ 37 | |||||
Power capacity | MW | 103 | |||||
Solar power capacity | GW | 2.2 | |||||
Upfront payment | $ 17 | |||||
238 MW South Korea Portfolio | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | 3 | |||||
Incremental value | $ 21 | |||||
238 MW South Korea Portfolio | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ownership percentage | 70% | |||||
Consideration | $ 13 | |||||
Solar power capacity | MW | 238 | |||||
Incremental value | $ 104 | |||||
150 MW Wind Facility In China | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | 42 | |||||
150 MW Wind Facility In China | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Consideration | $ 8 | |||||
Operating and under construction assets, power capacity | MW | 150 | |||||
Powen | Major business combination | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Economic interest held | 10% | |||||
Powen | Major business combination | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Economic interest held | 50% |