financing costs (Tables)

6 Months Ended

Jun. 30, 2023

financing costs

Schedule of financing costs

		Three months				Six months
Periods ended June 30 (millions)	Note	2023		2022		2023		2022
Interest expense
Interest on long-term debt, excluding lease liabilities – gross		$	270	$	179	$	533	$	348
Interest on long-term debt, excluding lease liabilities – capitalized 1			(1)		(12)		(3)		(27)
Interest on long-term debt, excluding lease liabilities			269		167		530		321
Interest on lease liabilities	19		31		17		59		33
Interest on short-term borrowings and other			9		3		12		7
Interest accretion on provisions	25		7		5		15		8
			316		192		616		369
Employee defined benefit plans net interest	15		2		2		4		4
Foreign exchange			—		(17)		4		(16)
Virtual power purchase agreements unrealized change in forward element			7		(80)		26		(80)
			325		97		650		277
Interest income			(2)		—		(7)		(1)
		$	323	$	97	$	643	$	276
Net interest cost	3					$	616	$	379
Interest on long-term debt, excluding lease liabilities – capitalized 1							(3)		(27)
Employee defined benefit plans net interest							4		4
Virtual power purchase agreements unrealized change in forward element							26		(80)
						$	643	$	276

1 Interest on long-term debt, excluding lease liabilities, at a composite rate of 3.10% was capitalized to intangible assets with indefinite lives during the period.