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Derivative and Hedging Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Volume of Open Derivatives

The gross notional volume of open derivatives is as follows:

 

 

 

March 31, 2024

 

December 31, 2023

Commodity derivative contracts

 

 

340,680

 

 

MWh

 

 

392,000

 

 

MWh

Commodity derivative contracts

 

 

5,240,000

 

 

Dth

 

 

7,180,000

 

 

Dth

FTRs

 

 

701

 

 

MW

 

 

1,824

 

 

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.

 

 

 

Derivative

 

 

Derivative

 

 

 

(In thousands)

 

Assets

 

 

Liabilities

 

 

Balance Sheet Location

March 31, 2024

 

 

 

 

 

 

 

 

Commodity derivative contracts(a)

 

$

449

 

 

$

3,264

 

 

Other current liabilities

Commodity derivative contracts(a)

 

 

42

 

 

 

247

 

 

Other deferred liabilities and other

FTRs

 

 

11

 

 

 

—

 

 

Other current assets

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

Commodity derivative contracts(a)

 

$

263

 

 

$

4,942

 

 

Other current liabilities

Commodity derivative contracts(a)

 

 

156

 

 

 

882

 

 

Other deferred liabilities and other

FTRs

 

 

179

 

 

 

—

 

 

Other current assets

 

(a)
As of March 31, 2024, and December 31, 2023, collateral of $3.0 million and $5.4 million, respectively, was posted against and netted with derivative liability positions on the consolidated balance sheets. The fair value of the derivative liability disclosed in this table has not been reduced for the collateral posted.
Offsetting Assets

The following table shows 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 and Liabilities

(In thousands)

 

Gross Amounts

 

 

Gross Amounts Offset in Balance Sheets

 

 

Collateral Posted Against Derivative Positions

 

 

Net Amount Presented in Balance Sheets

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

$

491

 

 

$

(491

)

 

$

—

 

 

$

—

 

FTRs

 

 

11

 

 

 

—

 

 

 

—

 

 

 

11

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

 

3,511

 

 

 

(491

)

 

 

(3,020

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

$

419

 

 

$

(419

)

 

$

—

 

 

$

—

 

FTRs

 

 

179

 

 

 

—

 

 

 

—

 

 

 

179

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

 

5,824

 

 

 

(419

)

 

 

(5,405

)

 

 

—

 
Offsetting Liabilities

The following table shows 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 and Liabilities

(In thousands)

 

Gross Amounts

 

 

Gross Amounts Offset in Balance Sheets

 

 

Collateral Posted Against Derivative Positions

 

 

Net Amount Presented in Balance Sheets

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

$

491

 

 

$

(491

)

 

$

—

 

 

$

—

 

FTRs

 

 

11

 

 

 

—

 

 

 

—

 

 

 

11

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

 

3,511

 

 

 

(491

)

 

 

(3,020

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

$

419

 

 

$

(419

)

 

$

—

 

 

$

—

 

FTRs

 

 

179

 

 

 

—

 

 

 

—

 

 

 

179

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

 

5,824

 

 

 

(419

)

 

 

(5,405

)

 

 

—

 
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.

 

 

 

2024

 

 

2023

 

(In thousands)

 

Current and Long-Term Regulatory Asset

 

 

Other Current Assets

 

 

Current and Long-Term Regulatory Asset

 

 

Other Current Assets

 

Three Months Ended March 31:

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1,

 

$

5,226

 

 

$

1,569

 

 

$

5,094

 

 

$

2,747

 

Unrealized loss

 

 

2,140

 

 

 

—

 

 

 

14,303

 

 

 

—

 

Realized (loss) gain reclassified to a deferred account

 

 

(2,157

)

 

 

2,157

 

 

 

(6,917

)

 

 

6,917

 

Realized loss reclassified to income statement

 

 

(2,200

)

 

 

(3,451

)

 

 

(4,667

)

 

 

(9,209

)

Balance as of March 31,

 

$

3,009

 

 

$

275

 

 

$

7,813

 

 

$

455

 
Derivative Gains and Losses in Income Statement

 

 

Realized Losses (Gains)

 

 

 

2024

 

 

2023

 

(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 March 31:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative contracts

 

$

2,426

 

 

$

3,265

 

 

$

7,445

 

 

$

6,451

 

FTRs

 

 

(40

)

 

 

—

 

 

 

(20

)

 

 

—