DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Derivative Instruments [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The table below presents the gains and losses on derivatives not designated as hedging instruments for the three and nine months endedSeptember 30, 2015 and 2014 (in thousands of dollars).

		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended September 30,						Nine months ended September 30,
		2015			2014			2015			2014
Financial swaps	Off-system sales	$	472		$	517		$	2,627		$	(6,026	)
Financial swaps	Purchased power	992			(2,265		)	1,098			(785		)
Financial swaps	Fuel expense	(3,774		)	239			(4,152		)	3,907
Financial swaps	Other operations and maintenance	(15		)	(34		)	(21		)	(44		)
Forward contracts	Off-system sales	—			112			—			164
Forward contracts	Purchased power	—			(113		)	3			(163		)
Forward contracts	Fuel expense	51			53			56			101

⁽¹⁾ Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Derivatives, Reporting of Derivative Activity [Policy Text Block]

Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract.  Settlement gains and losses on contracts for natural gas are reflected in fuel expense.  Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2015 and December 31, 2014 (in thousands of dollars).

		Asset Derivatives								Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset				Net Assets		Gross Fair Value		Amounts Offset			Net Liabilities
September 30, 2015
Current:
Financial swaps	Other current assets	$	626	$	(289	)		$	337	$	289	$	(289	)	$	—
Financial swaps	Other current liabilities	193		(193		)		—		3,693		(193		)	3,500
Forward contracts	Other current assets	64		—				64		—		—			—
Long-term:
Financial swaps	Other assets	32		(19		)		13		19		(19		)	—
Financial swaps	Other liabilities	—		—				—		178		—			178
Total		$	915	$	(501	)		$	414	$	4,179	$	(501	)	$	3,678
December 31, 2014
Current:
Financial swaps	Other current assets	$	2,509	$	(2,002	)	(1)	$	507	$	756	$	(756	)	$	—
Financial swaps	Other current liabilities	379		(379		)		—		4,335		(379		)	3,956
Forward contracts	Other current assets	64		—				64		—		—			—
Forward contracts	Other current liabilities	—		—				—		5		—			5
Long-term:
Forward contracts	Other assets	63		—				63		—		—			—
Total		$	3,015	$	(2,381	)		$	634	$	5,096	$	(1,135	)	$	3,961

⁽¹⁾ Current asset derivative amounts offset include $1.2 million of collateral payable for the period ending December 31, 2014.

Schedule of Derivative Instruments [Table Text Block]

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2015 and 2014 (in thousands of units).

		September 30,
Commodity	Units	2015	2014
Electricity purchases	MWh	350	227
Electricity sales	MWh	160	391
Natural gas purchases	MMBtu	14,570	5,455
Natural gas sales	MMBtu	944	1,137
Diesel purchases	Gallons	61	222