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RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
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 measured and disclosed at fair value classified by the fair value hierarchy:
 
Jun 30, 2019
 
Dec 31, 2018
(MILLIONS)
Level 1

 
Level 2

 
Level 3

 
Total

 
Total

Assets measured at fair value:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
322

 
$
—

 
$
—

 
$
322

 
$
173

Restricted cash(1)
184

 
—

 
—

 
184

 
181

Financial instrument assets(2)
 
 
 
 
 
 


 
 
Energy derivative contracts
—

 
26

 
—

 
26

 
3

Interest rate swaps
—

 
1

 
—

 
1

 
9

Foreign exchange swaps
—

 
29

 
—

 
29

 
55

Investments in equity securities
87

 
65

 
77

 
229

 
117

Property, plant and equipment
—

 
—

 
29,317

 
29,317

 
29,025

Liabilities measured at fair value:
 
 
 
 
 
 


 
 
Financial instrument liabilities(3)
 
 
 
 
 
 


 
 
Energy derivative contracts
—

 
—

 
—

 
—

 
(22
)
Interest rate swaps
—

 
(157
)
 
—

 
(157
)
 
(116
)
Foreign exchange swaps
—

 
(9
)
 
—

 
(9
)
 
—

Contingent consideration(3)
—

 
—

 
(3
)
 
(3
)
 
(3
)
Assets for which fair value is disclosed:
 
 
 
 
 
 


 
 
Equity-accounted investments(4)
896

 
—

 
—

 
896

 
703

Liabilities for which fair value is disclosed:
 
 
 
 
 
 


 
 
Corporate borrowings
(1,791
)
 
—

 
—

 
(1,791
)
 
(2,367
)
Non-recourse borrowing
(400
)
 
(9,121
)
 
—

 
(9,521
)
 
(8,696
)
Total
$
(702
)
 
$
(9,166
)
 
$
29,391

 
$
19,523

 
$
19,062

(1) 
Includes both the current amount and long-term amount included in Other long-term assets.
(2) 
Includes both current and long-term amounts.
(3) 
Amount relates to business combinations with obligations lapsing in 2024.
(4) 
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
Disclosure of offsetting of financial assets and financial liabilities
The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:
 
Jun 30, 2019
 
Dec 31, 2018
(MILLIONS)
Assets

 
Liabilities

 
Net Assets
(Liabilities)

 
Net Assets
(Liabilities)

Energy derivative contracts
$
26

 
$
—

 
$
26

 
$
(19
)
Interest rate swaps
1

 
157

 
(156
)
 
(107
)
Foreign exchange swaps
29

 
9

 
20

 
55

Investments in equity securities
229

 
—

 
229

 
117

Total
285

 
166

 
119

 
46

Less: current portion
46

 
21

 
25

 
33

Long-term portion
$
239

 
$
145

 
$
94

 
$
13
Unrealized Gains (Losses) included in Foreign Exchange and Unrealized Financial Instrument Loss
The following table reflects the unrealized gains (losses) included in Foreign exchange and unrealized financial instrument loss in the interim consolidated statements of income:
 
Three months ended Jun 30
 
Six months ended Jun 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

Energy derivative contracts
$
6

 
$
(2
)
 
$
12

 
$
2

Interest rate swaps
(19
)
 
15

 
(32
)
 
20

Foreign exchange swaps - cash flow
(8
)
 
62

 
(19
)
 
46

Foreign exchange gain (loss)
9

 
(108
)
 
9

 
(93
)
 
$
(12
)
 
$
(33
)
 
$
(30
)
 
$
(25
)
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):
 
Three months ended Jun 30
 
Six months ended Jun 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

Energy derivative contracts
$
25

 
$
(4
)
 
$
38

 
$
3

Interest rate swaps
(19
)
 
1

 
(36
)
 
11

 
6

 
(3
)
 
2

 
14

Foreign exchange swaps - net investment
7

 
57

 
1

 
61

Investments in equity securities
(3
)
 
(4
)
 
23

 
(11
)
 
$
10

 
$
50

 
$
26

 
$
64
Reclassification Adjustments Recognized in Net Income
The following table reflects the reclassification adjustments recognized in net income in the interim consolidated statements of comprehensive income:
 
Three months ended Jun 30
 
Six months ended Jun 30
(MILLIONS)
2019

 
2018

 
2019

 
2018

Energy derivative contracts
$
(8
)
 
$
—

 
$
(7
)
 
$
8

Interest rate swaps
4

 
3

 
7

 
6

 
$
(4
)
 
$
3

 
$
—

 
$
14