Derivative and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021		December 31, 2020
Commodity derivative contracts	277,400	MWh	259,080	MWh
Commodity derivative contracts	2,190,000	Dth	6,030,000	Dth
FTRs	1,152	MW	2,869	MW
PPA	700	MW	850	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, 2021
Commodity derivative contracts(a)	$	653	$	174	Other current assets
Commodity derivative contracts(a)		30		16	Other deferred charges
FTRs		38		-	Other current assets
PPA		N/A		9,790	Derivative liability (current)
PPA		N/A		1,800	Derivative liability (long-term)
December 31, 2020
Commodity derivative contracts(a)	$	617	$	593	Other current assets
Commodity derivative contracts(a)		189		39	Other deferred charges
FTRs		-		23	Other current liabilities
PPA		N/A		10,160	Derivative liability (current)
PPA		N/A		3,980	Derivative liability (long-term)

(a) No collateral was posted against derivative positions as of March 31, 2021, and December 31, 2020.

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
March 31, 2021
Commodity derivative contracts	$	683	$	(190)	$	-	$	493
FTRs		38		-		-		38
December 31, 2020
Commodity derivative contracts	$	806	$	(632)	$	-	$	174

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
March 31, 2021
Commodity derivative contracts	$	190	$	(190)	$	-	$	-
PPA		11,590		-		-		11,590
December 31, 2020
Commodity derivative contracts	$	632	$	(632)	$	-	$	-
FTRs		23		-		-		23
PPA		14,140		-		-		14,140

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.

		2021				2020
(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 at January 1,	$	13,989	$	1,162	$	26,875	$	1,100
Unrealized gain		(3,588)		-		(689)		-
Realized (loss) gain reclassified to a deferred account		(50)		50		(1,063)		1,063
Realized gain (loss) reclassified to income statement		708		(1,039)		204		(1,733)
Balance at March 31,	$	11,059	$	173	$	25,327	$	430

Derivative Gains and Losses in Income Statement

		Realized losses (gains)
		2021				2020
(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	$	(195)	$	1,022	$	680	$	1,607
FTRs		(256)		-		(65)		-
PPA		(240)		-		(693)		-