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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
The company’s PP&E relates to the operating segments as shown below:
Renewable Power and Transition (a)
Infrastructure (b)
Private Equity (c)
Real Estate (Core and Transitional & Development)2 (d)
Real Estate (LP Investments)
and Other2 (e)
Total
AS AT DEC. 31
(MILLIONS)
202420232024202320242023202420232024202320242023
Cost$52,279 $46,284 $56,560 $51,635 $19,317 $22,470 $545 $543 $11,105 $16,663 $139,806 $137,595 
Accumulated fair value changes36,324 31,989 5,419 4,137 (549)(701)9 50 1,676 2,464 42,879 37,939 
Accumulated depreciation(12,189)(11,922)(9,354)(7,226)(5,381)(5,934)(239)(248)(2,503)(2,587)(29,666)(27,917)
Total1
$76,414 $66,351 $52,625 $48,546 $13,387 $15,835 $315 $345 $10,278 $16,540 $153,019 $147,617 
1.As at December 31, 2024, the total includes $6.2 billion (2023 – $6.8 billion) of PP&E leased to third parties as operating leases. Our ROU PP&E assets include $1.1 billion (2023 – $757 million) in our Renewable Power and Transition segment, $5.2 billion (2023 – $3.6 billion) in our Infrastructure segment, $924 million (2023 – $1.3 billion) in our Private Equity, $80 million (2023 – $86 million) in our core and transitional and development investments within our Real Estate segment, and $829 million (2023 – $1.1 billion) within our Asset Management segment, totaling $8.1 billion (2023 – $6.8 billion) of ROU assets.
2.Real estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Our Renewable Power and Transition PP&E consists of the following:
HydroelectricWindSolar and OtherTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023202420232024202320242023
Cost, beginning of year$13,656 $12,480 $16,787 $11,904 $15,841 $10,099 $46,284 $34,483 
Additions, net of disposals and assets reclassified as held for sale(187)148 (862)1,147 2,472 1,981 1,423 3,276 
Acquisitions through business combinations— — 3,263 3,712 4,176 3,488 7,439 7,200 
Foreign currency translation and other(1,646)1,028 (840)24 (381)273 (2,867)1,325 
Cost, end of year11,823 13,656 18,348 16,787 22,108 15,841 52,279 46,284 
Accumulated fair value changes, beginning of year26,653 25,642 3,614 3,253 1,722 1,831 31,989 30,726 
Fair value changes3,215 (596)1,531 296 1,185 (84)5,931 (384)
Dispositions and assets reclassified as held for sale— 49 — 6 (60)(23)(60)32 
Foreign currency translation and other(1,307)1,558 (168)59 (61)(2)(1,536)1,615 
Accumulated fair value changes, end of year28,561 26,653 4,977 3,614 2,786 1,722 36,324 31,989 
Accumulated depreciation, beginning of year(6,332)(5,564)(3,560)(2,861)(2,030)(1,541)(11,922)(9,966)
Depreciation expenses(646)(667)(802)(709)(602)(499)(2,050)(1,875)
Dispositions and assets reclassified as held for sale143 5 566 4 221 2 930 11 
Foreign currency translation and other698 (106)382 6 (227)8 853 (92)
Accumulated depreciation, end of year(6,137)(6,332)(3,414)(3,560)(2,638)(2,030)(12,189)(11,922)
Balance, end of year$34,247 $33,977 $19,911 $16,841 $22,256 $15,533 $76,414 $66,351 
The following table presents our Renewable Power and Transition PP&E measured at fair value by geography:
AS AT DEC. 31
(MILLIONS)
20242023
North America$44,538 $41,636 
Colombia12,431 10,585 
Brazil4,283 5,578 
Europe7,144 5,409 
Asia and other8,018 3,143 
$76,414 $66,351 
Key valuation metrics of the company’s hydroelectric, wind and solar generating facilities at the end of 2024 and 2023 are summarized below.
North AmericaColombiaBrazilEurope
AS AT DEC. 31
20242023202420232024202320242023
Discount rate
Contracted
5.1% – 5.8%
5.1% – 5.7%
8.5 %8.7 %9.6 %8.4 %
4.9% – 6.6%
4.8 %
Uncontracted
6.3% – 7.2%
6.3% – 7.0%
9.8 %10.0 %10.9 %9.7 %
4.9% – 6.6%
4.8 %
Terminal capitalization rate1
4.3% – 5.1%
4.4% – 5.0%
7.3 %8.0 %n/an/an/an/a
Terminal year20482046204420432052205320472037
1.    Terminal capitalization rate applies only to hydroelectric assets in North America and Colombia.
Key assumptions on contracted generation and future power pricing are summarized below:
AS AT DEC. 31, 2024
Total Generation Contracted under Power Purchase Agreements
Power Prices from Long-Term Power Purchase Agreements
(weighted average)
Estimates of Future Electricity Prices
(weighted average)
1 – 10 years11 – 20 years1 – 10 years11 – 20 years1 – 10 years11 – 20 years
North America (prices in US$/MWh)
64 %25 %61 65 90 104 
Colombia (prices in COP$/MWh)49 %4 %310 398 494 684 
Brazil (prices in R$/MWh)79 %36 %310 393 309 430 
Europe (prices in €/MWh)95 %45 %91 93 94 86 
Our Infrastructure PP&E consists of the following:
UtilitiesTransportMidstreamDataTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
2024202320242023202420232024202320242023
Cost, beginning of year$8,278 $7,292 $18,866 $9,285 $15,405 $14,679 $9,086 $8,184 $51,635 $39,440 
Additions, net of disposals and assets reclassified as held for sale572 547 867 606 480 407 818 918 2,737 2,478 
Acquisitions through business combinations— 118 — 8,811 — — 4,141 35 4,141 8,964 
Foreign currency translation and other(270)321 (330)164 (1,127)319 (226)(51)(1,953)753 
Cost, end of year8,580 8,278 19,403 18,866 14,758 15,405 13,819 9,086 56,560 51,635 
Accumulated fair value changes, beginning of year1,894 1,624 1,410 1,104 833 523 — — 4,137 3,251 
Disposition and assets reclassified as held for sale— — — — — — (4)— (4)— 
Fair value changes120 143 92 330 1,189 312 12 — 1,413 785 
Foreign currency translation and other(57)127 (69)(24)(1)(2)— — (127)101 
Accumulated fair value changes, end of year1,957 1,894 1,433 1,410 2,021 833 8 — 5,419 4,137 
Accumulated depreciation, beginning of year(1,836)(1,456)(2,605)(2,040)(1,538)(982)(1,247)(920)(7,226)(5,398)
Depreciation expenses(413)(392)(1,003)(601)(629)(557)(775)(419)(2,820)(1,969)
Dispositions and assets reclassified as held for sale109 72 103 82 101 30 28 90 341 274 
Foreign currency translation and other70 (60)128 (46)120 (29)33 2 351 (133)
Accumulated depreciation, end of year(2,070)(1,836)(3,377)(2,605)(1,946)(1,538)(1,961)(1,247)(9,354)(7,226)
Balance, end of year$8,467 $8,336 $17,459 $17,671 $14,833 $14,700 $11,866 $7,839 $52,625 $48,546 
Key valuation metrics of the company’s utilities, transport, and midstream assets at the end of 2024 and 2023 are summarized below.
UtilitiesTransportMidstream
AS AT DEC. 31
202420232024202320242023
Discount rates
8% – 15%
8% – 11%
10%
9 %
15%
15%
Terminal value multiples
16x
15x
9x – 20x
8x – 20x
8x – 10x
10x
Investment horizon
10 – 20 yrs
10 – 20 yrs
10 yrs
10 yrs
1 – 2 yrs
6 yrs
The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
CostAccumulated ImpairmentAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023202420232024202320242023
Balance, beginning of year$22,470 $21,548 $(701)$(611)$(5,934)$(5,271)$15,835 $15,666 
Additions/(dispositions)1, net of assets reclassified as held for sale
(1,908)(137)307 93 1,960 1,469 359 1,425 
Acquisitions through business combinations32 239 — — — — 32 239 
Foreign currency translation and other(1,277)820 12 (9)257 (234)(1,008)577 
Depreciation expenses— — — — (1,664)(1,898)(1,664)(1,898)
Impairment charges
— — (167)(174)— — (167)(174)
Balance, end of year$19,317 $22,470 $(549)$(701)$(5,381)$(5,934)$13,387 $15,835 
1.For accumulated impairment and accumulated depreciation, (additions)/dispositions.
d)    Real Estate (Core and Transitional & Development)
CostAccumulated Fair Value ChangesAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023202420232024202320242023
Balance, beginning of year$543 $562 $50 $58 $(248)$(236)$345 $384 
Additions/(dispositions)1, net of assets reclassified as held for sale
13 (19)— — 48 30 61 11 
Foreign currency translation and other(11)— — 24 8 1 (3)25 
Fair value changes— — (21)(32)— — (21)(32)
Depreciation expenses— — — — (47)(43)(47)(43)
Impairment charges— — (20)— — — (20)— 
Balance, end of year$545 $543 $9 $50 $(239)$(248)$315 $345 
1.For accumulated depreciation, (additions)/dispositions.
The following table presents the changes to the carrying value of the company’s PP&E assets included in these businesses:
CostAccumulated Fair Value ChangesAccumulated DepreciationTotal
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023202420232024202320242023
Balance, beginning of year$16,663 $16,281 $2,464 $1,506 $(2,587)$(2,105)$16,540 $15,682 
Changes in basis of accounting1
(4,668)— (476)— 304 — (4,840)— 
Additions/(dispositions)2, net of assets reclassified as held for sale
(634)613 (234)(34)359 106 (509)685 
Acquisitions through business combinations45 — — — — — 45 — 
Foreign currency translation and other(301)(231)(36)86 81 72 (256)(73)
Fair value changes— 20 976 — — 20 976 
Depreciation expenses— — — — (660)(660)(660)(660)
Impairment charges
— — (62)(70)— — (62)(70)
Balance, end of year$11,105 $16,663 $1,676 $2,464 $(2,503)$(2,587)$10,278 $16,540 
1.Following the completion of the partial sale of BSREP IV to BWS, our investment in BSREP IV was deconsolidated and recognized within equity accounted investments. BN was issued additional Class C shares in BWS as consideration for the acquisition by BWS.
2.For accumulated depreciation, (additions)/dispositions.