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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts
The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands):
Non-trading 
Commodity
Notional

March 31, 2020

December 31, 2019
Natural Gas
MMBtu

4,510


6,130

Natural Gas Basis
MMBtu

5


42

Electricity
MWh

4,678


6,015

Trading
Commodity
Notional

March 31, 2020

December 31, 2019
Natural Gas
MMBtu

154


204

Natural Gas Basis
MMBtu

—


—
(Losses) Gains on Derivative Instruments
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):
 
 
 
 


Three Months Ended March 31,
  
2020

2019
Loss on non-trading derivatives, net
$
(24,533
)

$
(19,803
)
 (Loss) gain on trading derivatives, net
(54
)

262

Loss on derivatives, net
(24,587
)

(19,541
)
Current period settlements on non-trading derivatives (1)
16,609


8,125

Current period settlements on trading derivatives
(1
)

(100
)
Total current period settlements on derivatives
$
16,608


$
8,025



(1) Excludes settlements of $(0.3) million and $(0.9) million, respectively, for the three months ended March 31, 2020 and 2019 related to power call options.
Offsetting Assets
  
December 31, 2019
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
570


$
(275
)

$
295


$
—


$
295

Trading commodity derivatives
170


(1
)

169


—


169

Total Current Derivative Assets
740


(276
)

464


—


464

Non-trading commodity derivatives
333


(227
)

106


—


106

Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Assets
333


(227
)

106


—


106

Total Derivative Assets
$
1,073


$
(503
)

$
570


$
—


$
570

The following tables summarize the fair value and offsetting amounts of our derivative instruments by counterparty and collateral received or paid (in thousands):
  
March 31, 2020
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
2,647


$
(2,632
)

$
15


$
—


$
15

Trading commodity derivatives
2


(2
)

—


—


—

Total Current Derivative Assets
2,649


(2,634
)

15


—


15

Non-trading commodity derivatives
—


—


—


—


—

Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Assets
—


—


—


—


—

Total Derivative Assets
$
2,649


$
(2,634
)

$
15


$
—


$
15
Offsetting Liabilities

December 31, 2019
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(34,434
)

$
12,859


$
(21,575
)

$
1,632


$
(19,943
)
Trading commodity derivatives
(194
)

194


—


—


—

Total Current Derivative Liabilities
(34,628
)

13,053


(21,575
)

1,632


(19,943
)
Non-trading commodity derivatives
(1,951
)

1,422


(529
)

34


(495
)
Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Liabilities
(1,951
)

1,422


(529
)

34


(495
)
Total Derivative Liabilities
$
(36,579
)

$
14,475


$
(22,104
)

$
1,666


$
(20,438
)

March 31, 2020
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(39,814
)

$
11,809


$
(28,005
)

$
1,555


$
(26,450
)
Trading commodity derivatives
(126
)

126


—


—


—

Total Current Derivative Liabilities
(39,940
)

11,935


(28,005
)

1,555


(26,450
)
Non-trading commodity derivatives
(2,634
)

796


(1,838
)

6


(1,832
)
Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Liabilities
(2,634
)

796


(1,838
)

6


(1,832
)
Total Derivative Liabilities
$
(42,574
)

$
12,731


$
(29,843
)

$
1,561


$
(28,282
)