Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 581

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 581
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 exchangeable shareholders. Amounts payable to Brookfield Holders are included in due to related parties.

26. PROVISIONS

The following table presents the change in the decommissioning liabilities for Brookfield Renewable:

  (MILLIONS)                                       2024                 2023           
 ───────────────────────────────────────────────────────────────────────────────────────
  Balance, beginning of the year                      $        976      $         479  
  Additions                                          50                 —              
  Acquisitions through business combinations        183                 227            
  Disposal                                        ( 50)                 ( 1)           
  Accretion                                          47                 13             
  Changes in estimates (1)                        ( 98)                 253            
  Foreign exchange                                ( 16)                 6              
  Other                                               3                 ( 1)           
  Balance, end of the year                            $      1,095      $         976  

(1) Changes in estimates are driven by changes in underlying assumptions used as inputs to determine the value of the retirement obligation.

Brookfield Renewable has recorded decommissioning retirement obligations associated with certain power generating assets. The decommissioning retirement obligation has been established for hydroelectric, wind and solar operation sites that are substantially expected to be restored between the years 2031 to 2063. The estimated cost of decommissioning activities is based on a third-party assessment.

For details on other legal provisions, please refer to Note 28 - Commitments, contingencies and guarantees.

Provisions also includes contingent and deferred acquisition consideration of $ 283 270

  F - 84  

27. OTHER LONG-TERM LIABILITIES

Brookfield Renewable’s other long-term liabilities as at December 31 are comprised of the following:

  (MILLIONS)                      2024                 2023             
 ────────────────────────────────────────────────────────────────────────
  Lease liabilities               $         1,109      $           727  
  Contract liabilities            686                  680              
  Pension obligations             56                   66               
  Regulatory liabilities (1)      —                    104              
  Other                           225                  187              
                                  $         2,076      $         1,764  

(1) Regulatory liabilities are related to the regulated pricing mechanism at certain of Brookfield Renewable’s Spanish assets.

Contract liabilities are the result of the amendment to the energy revenue agreement between Brookfield and several entities owned by Brookfield