XML 49 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Derivative and Hedging Instruments (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Volume of Open Derivatives The gross notional volume of open derivatives is as follows:

 

 

June 30, 2019

 

December 31, 2018

 

 

Commodity derivative contracts

507,720 MWh

 

386,440 MWh

 

 

Commodity derivative contracts

7,140,000 Dth

 

5,260,000 Dth

 

 

FTRs

5,853 MW

 

2,252 MW

 

 

PPA

1,750 MW

 

2,050 MW

 
Fair Value of Derivative Instruments on the Balance Sheet The following table summarizes the fair value of the derivative instruments on the consolidated balance sheets. All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral. As of June 30, 2019, and December 31, 2018, the receivable margin account balance of $1.3 million and $1.2 million, respectively, is shown net of any collateral posted against derivative positions.

 

 

 

Derivative

 

Derivative

 

 

 

 

(In thousands)

 

Assets

 

Liabilities

 

Balance Sheet Location

 

 

June 30, 2019

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

578

$

1,322

 

Other current assets(a)

 

 

Commodity derivative contracts

 

81

 

713

 

Other deferred charges(a)

 

 

FTRs

 

430

 

-

 

Other current assets

 

 

PPA

 

N/A

 

10,670

 

Derivative liability (current)

 

 

PPA

 

N/A

 

21,900

 

Derivative liability (long-term)

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

727

$

270

 

Other current assets

 

 

Commodity derivative contracts

 

74

 

72

 

Other deferred charges

 

 

FTRs

 

241

 

-

 

Other current assets

 

 

PPA

 

N/A

 

8,550

 

Derivative liability (current)

 

 

PPA

 

N/A

 

23,980

 

Derivative liability (long-term)

 

(a)As of June 30, 2019, collateral of $0 million was posted against and netted with derivative liability positions on the consolidated balance sheets. No collateral was posted against derivative positions as of December 31, 2018.
Offsetting Assets The following tables show the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets.

 

Offsetting of Derivative Assets

 

 

(In thousands)

 

Gross Amounts

 

Gross Amounts Offset in Balance Sheets

 

Collateral Posted Against Derivative Positions

 

Net Amount Presented in Balance Sheets

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

659

$

(343)

$

-

$

316

 

 

FTRs

 

430

 

-

 

-

 

430

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

801

$

(342)

$

-

$

459

 

 

FTRs

 

241

 

-

 

-

 

241

 
Offsetting Liabilities

 

Offsetting of Derivative Liabilities

 

 

(In thousands)

 

Gross Amounts

 

Gross Amounts Offset in Balance Sheets

 

Collateral Posted Against Derivative Positions

 

Net Amount Presented in Balance Sheets

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

2,035

$

(343)

$

(1,692)

$

-

 

 

PPA

 

32,570

 

-

 

-

 

32,570

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

342

$

(342)

$

-

$

-

 

 

PPA

 

32,530

 

-

 

-

 

32,530

 
Derivative Gains and Losses in Balance Sheet The following tables summarize the unrealized and realized gains (losses) related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.

 

 

2019

 

 

2018

(In thousands)

 

Current and Long-Term Regulatory Asset

 

Other Current Assets

 

 

Current and Long-Term Regulatory Asset

 

Other Current Assets

Three Months Ended June 30:

 

 

 

 

 

 

 

 

 

Balance at April 1,

$

31,023

$

259

 

$

41,241

$

319

Unrealized gain

 

3,228

 

-

 

 

(4,027)

 

-

Realized (loss) gain reclassified to a deferred account

 

(731)

 

731

 

 

(363)

 

363

Realized (loss) gain reclassified to income statement

 

(4)

 

(112)

 

 

73

 

(42)

Balance as of June 30,

$

33,516

$

878

 

$

36,924

$

640

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30:

 

 

 

 

 

 

 

 

 

Balance at January 1,

$

31,830

$

377

 

$

41,958

$

806

Unrealized gain

 

2,306

 

-

 

 

(3,899)

 

-

Realized (loss) gain reclassified to a deferred account

 

(991)

 

991

 

 

(521)

 

521

Realized (loss) gain reclassified to income statement

 

371

 

(490)

 

 

(614)

 

(687)

Balance as of June 30,

$

33,516

$

878

 

$

36,924

$

640
Derivative Gains and Losses in Income Statement

 

 

Realized Losses (Gains)

 

 

2019

 

 

2018

(In thousands)

 

Fuel for Electric Generation/ Purchased Power

 

Cost of Gas Sold

 

 

Fuel for Electric Generation/ Purchased Power

 

Cost of Gas Sold

Three Months Ended June 30:

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

299

$

99

 

$

(190)

$

22

FTRs

 

61

 

-

 

 

(300)

 

-

PPA

 

(343)

 

-

 

 

437

 

-

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30:

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

$

568

$

377

 

$

184

$

637

FTRs

 

(74)

 

-

 

 

(475)

 

-

PPA

 

(752)

 

-

 

 

955

 

-