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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
The aggregate notional amount of the company’s derivative positions as at December 31, 2024 and 2023 is as follows:
AS AT DEC. 31
(MILLIONS)
Note20242023
Foreign exchange(a)$63,064 $58,175 
Interest rates(b)97,961 124,265 
Equity derivatives(c)1,936 2,017 
Commodity instruments(d)
Energy (GWh)173,523 98,345 
Natural gas (MMBtu – 000’s)110,828 144,104 
The company held the following foreign exchange contracts with notional amounts as at December 31, 2024 and 2023:
Notional Amount
(U.S. Dollars)
Average Exchange Rate
(MILLIONS)2024202320242023
Foreign exchange contracts
Canadian dollars$7,878 $7,360 0.74 0.76 
British pounds8,334 7,608 1.15 1.07 
European Union euros15,497 14,814 1.01 1.09 
Australian dollars5,228 3,417 0.66 0.69 
Indian rupee1
7,280 5,233 88.12 85.57 
Korean won1
1,002 1,091 1,380 1,303 
Chinese yuan1
3,604 3,083 6.97 6.86 
Japanese yen1
142 77 137.64 138.41 
Colombian pesos1
2,463 2,652 4,541 4,629 
Brazilian reais1,981 3,969 0.19 0.18 
Other currencies763 1,532 VariousVarious
Cross currency interest rate swaps
Canadian dollars5,661 6,457 0.80 0.80 
Australian dollars346 502 0.66 0.68 
Chinese yuan1
825 — 7.17 — 
Foreign exchange options
Indian rupee1
2,060 379 82.87 74.20 
1.Average rate is quoted using USD as base currency.
The following table presents the change in fair values of the company’s derivative positions during the years ended December 31, 2024 and 2023, for derivatives that are fair valued through profit or loss, and derivatives that qualify for hedge accounting:

(MILLIONS)
Unrealized Gains During 2024
Unrealized Losses During 2024
Net Change During 2024
Net Change During 2023
Foreign exchange derivatives$271 $(35)$236 $47 
Interest rate derivatives222 (461)(239)(10)
Equity derivatives500 — 500 (32)
Commodity derivatives
248 (126)122 98 
$1,241 $(622)$619 $103 
The following table presents the notional amounts underlying the company’s derivative instruments by term to maturity as at December 31, 2024 and 2023, for derivatives that are classified as fair value through profit or loss, and derivatives that qualify for hedge accounting:
20242023
AS AT DEC. 31
(MILLIONS)
<1 Year1 to 5 Years>5 Years
Total Notional
Amount
Total Notional
Amount
Fair value through profit or loss
Foreign exchange derivatives$2,576 $4,489 $2,594 $9,659 $6,133 
Interest rate derivatives15,044 15,264 1,393 31,701 45,100 
Equity derivatives1,704 198 34 1,936 2,017 
Commodity instruments
Energy (GWh)3,507 24,011 14,479 41,997 69,394 
Natural gas (MMBtu – 000’s)41,276 470 — 41,746 94,718 
Elected for hedge accounting
Foreign exchange derivatives$15,741 $35,776 $1,888 $53,405 $52,041 
Interest rate derivatives23,888 33,208 9,164 66,260 79,165 
Commodity instruments
Energy (GWh)
14,553 42,697 74,276 131,526 28,951 
Natural gas (MMBtu – 000’s)41,921 27,161 — 69,082 49,386 
Disclosure of derivatives elected for hedge accounting
The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2024 and 2023 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedge are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
20242023
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
NotionalEffective PortionIneffective PortionNotionalEffective PortionIneffective Portion
Cash flow hedges1
$71,646 $(17)$7 $84,119 $(754)$(12)
Net investment hedges
47,408 2,814 — 45,979 (1,200)— 
$119,054 $2,797 $7 $130,098 $(1,954)$(12)
1.Notional amount does not include 131,526 GWh and 69,082 MMBtu – 000’s – of commodity derivatives as at December 31, 2024 (2023 – 28,952 GWh, 49,386 MMBtu – 000’s).