Derivative and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross Notional Volume of Open Derivatives

The gross notional volume of open derivatives is as follows:

	September 30, 2024			December 31, 2023
Commodity derivative contracts		269,120	MWh		392,000	MWh
Commodity derivative contracts		7,900,000	Dth		7,180,000	Dth
FTRs		3,276	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
September 30, 2024
Commodity derivative contracts(a)	$	891	$	2,199	Other current liabilities
Commodity derivative contracts(a)		84		261	Other deferred liabilities and other
FTRs		—		17	Other current liabilities
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 September 30, 2024, and December 31, 2023, collateral of $1.5 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
September 30, 2024
Assets
Commodity derivative contracts	$	975	$	(975	)	$	—		$	—
Liabilities
FTRs		17		—			(17	)		—
Commodity derivative contracts		2,460		(975	)		(1,485	)		—
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
September 30, 2024
Assets
Commodity derivative contracts	$	975	$	(975	)	$	—		$	—
Liabilities
FTRs		17		—			(17	)		—
Commodity derivative contracts		2,460		(975	)		(1,485	)		—
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 (Liability)			Other Current Assets			Current and Long-Term Regulatory Asset (Liability)			Other Current Assets
Three Months Ended September 30:
Balance as of July 1,	$	1,946		$	527		$	5,017		$	1,074
Unrealized loss		1,768			—			1,100			—
Realized (loss) gain reclassified to a deferred account		(639	)		639			(1,676	)		1,676
Realized loss reclassified to income statement		(1,573	)		(707	)		(1,893	)		(2,155	)
Balance as of September 30,	$	1,502		$	459		$	2,548		$	595
Nine Months Ended September 30:
Balance as of January 1,	$	5,226		$	1,569		$	5,094		$	2,747
Unrealized loss		4,666			—			15,495			—
Realized (loss) gain reclassified to a deferred account		(3,333	)		3,333			(10,581	)		10,581
Realized loss reclassified to income statement		(5,057	)		(4,443	)		(7,460	)		(12,733	)
Balance as of September 30,	$	1,502		$	459		$	2,548		$	595

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 September 30:
Commodity derivative contracts	$	1,969	$	—	$	4,179		$	—
FTRs		311		—		(131	)		—
Nine Months Ended September 30:
Commodity derivative contracts	$	5,723	$	3,265	$	14,566		$	6,451
FTRs		512		—		(824	)		—