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Derivative financial instruments (Tables)
 12 Months Ended
Mar. 31, 2020
Financial Instruments [Abstract]  
Disclosure of detailed information about derivative financial instruments
The fair values of derivatives by category are as follows:
 
2020
 
2019
 
Assets
£m

Liabilities
£m

Total
£m

 
Assets
£m

Liabilities
£m

Total
£m

Financing derivatives
1,267

(1,134
)
133

 
1,052

(1,084
)
(32
)
Commodity contract derivatives
75

(200
)
(125
)
 
101

(99
)
2

 
1,342

(1,334
)
8

 
1,153

(1,183
)
(30
)
The notional contract1 amounts of financing derivatives by type are as follows:
 
2020

2019

 
£m

£m

Interest rate swaps
(3,101
)
(6,299
)
Cross-currency interest rate swaps
(8,097
)
(6,700
)
Foreign exchange forward contracts
(3,284
)
(2,937
)
Inflation-linked swaps
(500
)
(500
)
Equity options
(800
)
(800
)
 
(15,782
)
(17,236
)
1.
The notional contract amounts of derivatives indicate the gross nominal value of transactions outstanding at the reporting date.
The fair values of financing derivatives by type are as follows:
 
2020
 
2019
 
Assets
£m

Liabilities
£m

Total
£m

 
Assets
£m

Liabilities
£m

Total
£m

Interest rate swaps
556

(337
)
219

 
539

(384
)
155

Cross-currency interest rate swaps
643

(514
)
129

 
470

(443
)
27

Foreign exchange forward contracts¹
58

(39
)
19

 
41

(41
)
—

Inflation-linked swaps
—

(234
)
(234
)
 
—

(214
)
(214
)
Equity options
10

(10
)
—

 
2

(2
)
—

 
1,267

(1,134
)
133

 
1,052

(1,084
)
(32
)
1.
Included within the foreign exchange forward contracts balance is £(3) million (2019: £32 million) of derivatives in relation to hedging of capital expenditure.
The notional quantities of commodity contract derivatives by type are as follows:
 
2020
2019
Forward purchases of gas1
102m Dth
52m Dth
Electricity swaps
12,836 GWh
12,848 GWh
Electricity options
0 GWh
10,444 GWh
Gas swaps
89m Dth
87m Dth
Gas options
26m Dth
34m Dth
1.
Forward gas purchases have terms up to four years (2019: two years). The contractual obligations under these contracts are £128 million (2019: £108 million).

The fair values of commodity contract derivatives by type are as follows:
 
2020
 
2019
 
Assets
£m

Liabilities
£m

Total
£m

 
Assets
£m

Liabilities
£m

Total
£m

Commodity purchase contracts accounted for as derivative contracts
 
 
 
 
 
 
 
Forward purchases of gas
64

(108
)
(44
)
 
66

(78
)
(12
)
Derivative financial instruments linked to commodity prices
 
 
 
 
 
 
 
Electricity swaps
4

(83
)
(79
)
 
29

(19
)
10

Gas swaps
7

(8
)
(1
)
 
5

(1
)
4

Gas options
—

(1
)
(1
)
 
1

(1
)
—

 
75

(200
)
(125
)
 
101

(99
)
2
Disclosure of maturity analysis for derivative financial liabilities
The maturity profile of financing derivatives is as follows:
 
2020
 
2019
 
Assets
£m

Liabilities
£m

Total
£m

 
Assets
£m

Liabilities
£m

Total
£m

Current
 
 
 
 
 
 
 
Less than 1 year
62

(254
)
(192
)
 
56

(282
)
(226
)
 
62

(254
)
(192
)
 
56

(282
)
(226
)
Non-current
 
 
 
 
 
 
 
In 1 to 2 years
480

(51
)
429

 
19

(193
)
(174
)
In 2 to 3 years
13

(5
)
8

 
416

(1
)
415

In 3 to 4 years
20

(28
)
(8
)
 
11

—

11

In 4 to 5 years
31

(109
)
(78
)
 
20

(14
)
6

More than 5 years
661

(687
)
(26
)
 
530

(594
)
(64
)
 
1,205

(880
)
325

 
996

(802
)
194

 
1,267

(1,134
)
133

 
1,052

(1,084
)
(32
)
The maturity profile of commodity contract derivatives is as follows:
 
2020
 
2019
 
Assets
£m

Liabilities
£m

Total
£m

 
Assets
£m
Liabilities
£m
Total
£m
Current
 
 
 
 
 
 
 
Less than one year
31

(126
)
(95
)
 
52
(68)
(16)
 
31

(126
)
(95
)
 
52
(68)
(16)
Non-current
 
 
 
 
 
 
 
In 1 to 2 years
8

(35
)
(27
)
 
14
(9)
5
In 2 to 3 years
9

(24
)
(15
)
 
9
(8)
1
In 3 to 4 years
8

(12
)
(4
)
 
6
(4)
2
In 4 to 5 years
7

(1
)
6

 
6
(4)
2
More than 5 years
12

(2
)
10

 
14
(6)
8
 
44

(74
)
(30
)
 
49
(31)
18
 
75

(200
)
(125
)
 
101
(99)
2