Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumetric Underlying Derivative Transactions

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, 2021	December 31, 2020
Natural Gas	MMBtu	2,183	2,880
Electricity	MWh	1,843	1,845

Trading

Commodity	Notional	March 31, 2021	December 31, 2020
Natural Gas	MMBtu	105	102

Gains (Losses) 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,
	2021		2020
Gain (Loss) on non-trading derivatives, net	$	7,054	$	(24,533)
Loss on trading derivatives, net	(30)		(54)
Gain (Loss) on derivatives, net	7,024		(24,587)
Current period settlements on non-trading derivatives (1)	$	(1,189)	$	16,609
Current period settlements on trading derivatives	4		(1)
Total current period settlements on derivatives	$	(1,185)	$	16,608

(1) Excludes settlements of $(0.3) million, for the three months ended March 31, 2020 related to power call options.

Offsetting Assets

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, 2021
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	3,759	$	(2,094)	$	1,665	$	—	$	1,665
Trading commodity derivatives	14		(1)		13		—		13
Total Current Derivative Assets	3,773		(2,095)		1,678		—		1,678
Non-trading commodity derivatives	233		(172)		61		—		61
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	233		(172)		61		—		61
Total Derivative Assets	$	4,006	$	(2,267)	$	1,739	$	—	$	1,739

	December 31, 2020
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	308	$	(105)	$	203	$	—	$	203
Trading commodity derivatives	112		(4)		108		—		108
Total Current Derivative Assets	420		(109)		311		—		311
Non-trading commodity derivatives	—		—		—		—		—
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	—		—		—		—		—
Total Derivative Assets	$	420	$	(109)	$	311	$	—	$	311

Offsetting Liabilities

Description	Gross  Liabilities		Gross Amounts Offset		Net Liabilities		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(6,623)	$	3,394	$	(3,229)	$	13	$	(3,216)
Trading commodity derivatives	(3)		—		(3)		—		(3)
Total Current Derivative Liabilities	(6,626)		3,394		(3,232)		13		(3,219)
Non-trading commodity derivatives	(490)		315		(175)		—		(175)
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Liabilities	(490)		315		(175)		—		(175)
Total Derivative Liabilities	$	(7,116)	$	3,709	$	(3,407)	$	13	$	(3,394)

Description	Gross  Liabilities		Gross Amounts Offset		Net Liabilities		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(11,139)	$	3,620	$	(7,519)	$	86	$	(7,433)
Trading commodity derivatives	(74)		2		(72)		—		(72)
Total Current Derivative Liabilities	(11,213)		3,622		(7,591)		86		(7,505)
Non-trading commodity derivatives	(838)		611		(227)		—		(227)
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Liabilities	(838)		611		(227)		—		(227)
Total Derivative Liabilities	$	(12,051)	$	4,233	$	(7,818)	$	86	$	(7,732)