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RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract]  
Summary of financial instruments that Brookfield Renewable
Impact of a 5% change in the market price of electricity, on outstanding energy derivative contracts, for the year ended December 31:
Effect on net income(1)
Effect on OCI(1)
(MILLIONS)202120202019202120202019
5% increase$(37)$(13)$(21)$(21)$(16)$(12)
5% decrease40 14 8 22 16 12 
(1)Amounts represent the potential annual net pretax impact.
Impact of a 5% change in U.S. dollar exchange rates, on outstanding foreign exchange swaps, for the year ended December 31:
Effect on net income(1)
Effect on OCI(1)
(MILLIONS)202120202019202120202019
5% increase$29 $10 $49 $95 $73 $41 
5% decrease(29)(7)(40)(95)(72)(41)
(1)Amounts represent the potential annual net pretax impact.
Impact of a 1% change in interest rates, on outstanding interest rate swaps, variable-rate debt and tax equity, for the year ended December 31:
Effect on net income(1)
Effect on OCI(1)
(MILLIONS)202120202019202120202019
1% increase$15 $37 $37 $114 $122 $69 
1% decrease(16)(38)(38)(124)(129)(69)
(1)Amounts represent the potential annual net pretax impact.
The maximum credit exposure at December 31 was as follows:
(MILLIONS)20212020
Trade receivables and other short-term receivables$807 $792 
Long-term receivables216 108 
Financial instrument assets(1)
127 139 
Due from related parties(1)
177 56 
Contract asset(1)
445 455 
$1,772 $1,550 
(1)Includes both the current and long-term amounts.
Summary to classifies the cash obligations related to Brookfield Renewables liabilities into relevant maturity groupings based on the remaining period from the statement of financial position dates to the contractual maturity date
The table below classifies the cash obligations related to Brookfield Renewable’s liabilities into relevant maturity groupings based on the remaining period from the statement of financial position dates to the contractual maturity date. As the amounts are the contractual undiscounted cash flows (gross of unamortized financing fees and accumulated amortization, where applicable), they may not agree with the amounts disclosed in the consolidated statements of financial position.
AS AT DECEMBER 31, 2021
(MILLIONS)		< 1 year2-5 years> 5 yearsTotal
Accounts payable and accrued liabilities$779 $— $— $779 
Financial instrument liabilities(1)(2)
400 358 207 965 
Due to related parties164 34 — 198 
Other long-term liabilities – concession payments
1 6 13 20 
Lease liabilities(1)
30 129 305 464 
Corporate borrowings(1)
— 317 1,839 2,156 
Non-recourse borrowings(1)
1,818 6,926 10,608 19,352 
Interest payable on borrowings(3)
912 2,989 3,987 7,888 
Total$4,104 $10,759 $16,959 $31,822 
AS AT DECEMBER 31, 2020
(MILLIONS)		< 1 year2-5 years> 5 yearsTotal
Accounts payable and accrued liabilities$625 $— $— $625 
Financial instrument liabilities(1)(2)
283 513 155 951 
Due to related parties506 11 — 517 
Other long-term liabilities – concession payments
1 5 12 18 
Lease liabilities(1)
33 112 294 439 
Corporate borrowings(1)
3 314 1,826 2,143 
Non-recourse borrowings(1)
1,141 5,214 9,651 16,006 
Interest payable on borrowings(3)
824 2,682 2,827 6,333 
Total$3,416 $8,851 $14,765 $27,032 
(1)Includes both the current and long-term amounts.
(2)Includes tax equity liabilities that will be partially settled by the delivery of non-cash tax attributes.
(3)Represents aggregate interest payable expected to be paid over the entire term of the obligations, if held to maturity. Variable rate interest payments have been calculated based on estimated interest rates.
Summary of Brookfield Renewables assets and liabilities measured and disclosed at fair value classified by the fair value hierarchy
The following table presents Brookfield Renewable’s assets and liabilities measured and disclosed at fair value classified by the fair value hierarchy as at December 31:
(MILLIONS)Level 1Level 2Level 320212020
Assets measured at fair value:
Cash and cash equivalents$764 $— $— $764 $431 
Restricted cash(1)
312 — — 312 283 
Financial instrument assets(1)
Energy derivative contracts— 34 21 55 135 
Interest rate swaps— 40 — 40 — 
Foreign exchange swaps— 32 — 32 4 
Investments in debt and equity securities(2)
— 95 100 195 175 
Property, plant and equipment— — 49,432 49,432 44,590 
Liabilities measured at fair value:
Financial instrument liabilities(1)
Energy derivative contracts— (184)(42)(226)(33)
Interest rate swaps— (228)— (228)(422)
Foreign exchange swaps— (56)— (56)(94)
Tax equity— — (455)(455)(402)
Contingent consideration(3)
— — (3)(3)(1)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)
(2,334)— — (2,334)(2,448)
Non-recourse borrowings(1)
(2,405)(18,030)— (20,435)(17,991)
Total$(3,663)$(18,297)$49,053 $27,093 $24,227 
(1)Includes both the current amount and long-term amount.
(2)Excludes nil (2020: $155 million) of investments in debt securities that are measured at amortized cost.
(3)Amount relates to business combination completed in 2021 with obligations lapsing from 2022 to 2027.
Summary of Brookfield Renewables net financial instrument positions
The aggregate amount of Brookfield Renewable’s net financial instrument positions as at December 31 are as follows:
20212020
(MILLIONS)AssetsLiabilitiesNet Assets
(Liabilities)		Net Assets
(Liabilities)
Energy derivative contracts$55 $226 $(171)$102 
Interest rate swaps40 228 (188)(422)
Foreign exchange swaps32 56 (24)(90)
Investments in debt and equity securities195 — 195 330 
Tax equity— 455 (455)(402)
Total322 965 (643)(482)
Less: current portion60 400 (340)(221)
Long-term portion$262 $565 $(303)$(261)
Summary of Brookfield Renewables total net financial instrument asset
The following table presents the change in Brookfield Renewable’s total net financial instrument asset position as at and for the year ended December 31:
(MILLIONS)Note20212020
Balance, beginning of year$(482)$(413)
Increases (decreases) in the net financial instrument liability position:
Unrealized (loss) gain through income on tax equity(a)(21)(12)
Unrealized (loss) gain through OCI on investments in equity securities(b)3 (1)
Unrealized (loss) through income on energy derivative contracts
(c)(124)(28)
Unrealized (loss) through OCI on energy derivative contracts
(c)(148)(4)
Unrealized gain (loss) through income on interest rate swaps
(d)72 (28)
Unrealized gain (loss) through OCI on interest rate swaps
(d)96 (57)
Unrealized gain (loss) through income on foreign exchange swaps
(e)102 126 
Unrealized gain (loss) through OCI on foreign exchange swaps
(e)8 (40)
Acquisitions, settlements and other(149)(25)
Balance, end of year
$(643)$(482)
Financial instrument liabilities designated at fair value through profit and loss
Tax equity(a)$(455)$(402)
Financial instrument assets designated at fair value through OCI
Investments in equity securities(b)$195 $175 
Financial instrument assets designated at amortized cost
Investments in debt securities(b)$— $155 
Derivative assets not designated as hedging instruments:
Energy derivative contracts
(c)$42 $78 
Interest rate swaps
(d)18 — 
Foreign exchange swaps
(e)2 4 
$62 $82 
Derivative assets designated as hedging instruments:
Energy derivative contracts
(c)$13 $57 
Interest rate swaps
(d)22 — 
Foreign exchange swaps
(e)30 — 
$65 $57 
Derivative liabilities not designated as hedging instruments:
Energy derivative contracts
(c)$(130)$(32)
Interest rate swaps
(d)(111)(183)
Foreign exchange swaps
(e)(8)(23)
$(249)$(238)
Derivative liabilities designated as hedging instruments:
Energy derivative contracts
(c)$(96)$(1)
Interest rate swaps
(d)(117)(239)
Foreign exchange swaps
(e)(48)(71)
$(261)$(311)
Total financial instruments, net
$(643)$(482)
Summary of derivative contracts designated as hedging instruments
The following table summarizes the energy derivative contracts designated as hedging instruments:
Energy derivative contractsDecember 31, 2021December 31, 2020
Carrying amount (asset/(liability))(83)56 
Notional amount – millions of U.S. dollars351 376 
Notional amount – GWh10,022 11,478 
Weighted average hedged rate for the year ($/MWh)35 33 
Maturity dates2022 - 20272021 - 2027
Hedge ratio1:11:1
Change in discounted spot value of outstanding hedging instruments(124)17 
Change in value of hedged item used to determine hedge effectiveness117 (19)
The following table summarizes the interest rate hedges designated as hedging instruments:
Interest rate hedgesDecember 31, 2021December 31, 2020
Carrying amount (asset/(liability))(95)(239)
Notional amount – $558 546 
Notional amount – C$(1)
377 342 
Notional amount – €(1)
1,572 1,279 
Notional amount – COP(1)
141 619 
Maturity dates2022 - 20392021 - 2039
Hedge ratio1:11:1
Change in discounted spot value of outstanding hedging instruments80 (56)
Change in value of hedged item used to determine hedge effectiveness(97)59 
(1)Notional amounts of foreign currency denominated interest rate hedges are presented at the U.S. dollar equivalent value based on the December 31, 2021 foreign currency spot rate.
The following table summarizes the foreign exchange swaps designated as hedging instruments:
Foreign exchange swapsDecember 31, 2021December 31, 2020
Carrying amount (asset/(liability))(18)(71)
Notional amount for hedges of the Colombian Peso(1)
676 20 
Notional amount for hedges of the euro(1)
571 412 
Notional amount for hedges of the British pounds sterling(1)
125 212 
Notional amount for hedges of the Chinese yuan(1)
427 294 
Notional amount for hedges of the Indian rupee(1)
260 230 
Notional amount for hedges of the Brazilian real(1)
75 73 
Notional amount for hedges of other currencies(1)
6 30 
Maturity date2022 - 20232021 - 2022
Hedge ratio1:11:1
Weighted average hedged rate for the year:
COP/$ foreign exchange forward contracts3,925 3,728 
€/$ foreign exchange forward contracts0.87 0.87 
£/$ foreign exchange forward contracts0.76 0.81 
CNY/$ foreign exchange forward contracts7.18 7.14 
INR/$ foreign exchange forward contracts78 76 
BRL/$ foreign exchange forward contracts5.73 5.38 
(1)Notional amounts expressed in millions of U.S. dollars
The following table presents a reconciliation of the limited partners’ equity reserves impacted by financial instruments:
(MILLIONS)Cash flow
hedges		Investments
in equity
securities		Foreign
currency
translation
Balance, as at December 31, 2019$(32)$12 $(700)
Effective portion of changes in fair value arising from:
Energy derivative contracts1 — — 
Interest rate swaps(3)— — 
Foreign exchange swaps— — (6)
Amount reclassified to profit or loss(7)— — 
Foreign currency revaluation of designated borrowings— — (34)
Foreign currency revaluation of net foreign operations— — (208)
Valuation of investments in equity securities designated FVOCI— 4 — 
Tax effect3 1 (1)
Special distribution/TERP acquisition1 (13)280 
Other(2)(1)(51)
Balance, as at December 31, 2020$(39)$3 $(720)
Effective portion of changes in fair value arising from:
Energy derivative contracts(38)— — 
Interest rate swaps27 — — 
Foreign exchange swaps— — 2 
Amount reclassified to profit or loss(3)— — 
Foreign currency revaluation of designated borrowings— — (17)
Foreign currency revaluation of net foreign operations— — (104)
Valuation of investments in equity securities designated FVOCI— 1 — 
Tax effect3 — 3 
Other2 — (6)
Balance, as at December 31, 2021$(48)$4 $(842)