Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts

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	June 30, 2020	December 31, 2019
Natural Gas	MMBtu	2,820	6,130
Natural Gas Basis	MMBtu	—	42
Electricity	MWh	3,479	6,015

Trading

Commodity	Notional	June 30, 2020	December 31, 2019
Natural Gas	MMBtu	299	204
Natural Gas Basis	MMBtu	—	—

(Losses) Gains 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 June 30,
	2020		2019
Gain (loss) on non-trading derivatives, net	$	7,964	$	(35,466)
Gain on trading derivatives, net	157		10
Gain (loss) on derivatives, net	8,121		(35,456)
Current period settlements on non-trading derivatives	$	10,055	$	12,788
Current period settlements on trading derivatives	(91)		(19)
Total current period settlements on derivatives	$	9,964	$	12,769

	Six Months Ended June 30,
	2020		2019
Loss on non-trading derivatives, net	$	(16,569)	$	(55,269)
Gain on trading derivatives, net	103		272
Loss on derivatives, net	(16,466)		(54,997)
Current period settlements on non-trading derivatives (1)	$	26,664	$	20,913
Current period settlements on trading derivatives	(92)		(119)
Total current period settlements on derivatives	$	26,572	$	20,794

(1) Excludes settlements of $(0.3) million and $(0.9) million, respectively, for the six months ended June 30, 2020 and 2019 related to power call options.

Offsetting Assets

	June 30, 2020
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	1,526	$	(1,288)	$	238	$	—	$	238
Trading commodity derivatives	75		(1)		74		—		74
Total Current Derivative Assets	1,601		(1,289)		312		—		312
Non-trading commodity derivatives	946		(725)		221		—		221
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	946		(725)		221		—		221
Total Derivative Assets	$	2,547	$	(2,014)	$	533	$	—	$	533

	December 31, 2019
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	570	$	(275)	$	295	$	—	$	295
Trading commodity derivatives	170		(1)		169		—		169
Total Current Derivative Assets	740		(276)		464		—		464
Non-trading commodity derivatives	333		(227)		106		—		106
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	333		(227)		106		—		106
Total Derivative Assets	$	1,073	$	(503)	$	570	$	—	$	570

Offsetting Liabilities

	December 31, 2019
Description	Gross  Liabilities		Gross Amounts Offset		Net Liabilities		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(34,434)	$	12,859	$	(21,575)	$	1,632	$	(19,943)
Trading commodity derivatives	(194)		194		—		—		—
Total Current Derivative Liabilities	(34,628)		13,053		(21,575)		1,632		(19,943)
Non-trading commodity derivatives	(1,951)		1,422		(529)		34		(495)
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Liabilities	(1,951)		1,422		(529)		34		(495)
Total Derivative Liabilities	$	(36,579)	$	14,475	$	(22,104)	$	1,666	$	(20,438)