Derivative and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025			December 31, 2024
Commodity derivative contracts		301,200	MWh		307,640	MWh
Commodity derivative contracts		11,032,500	Dth		6,285,000	Dth
FTRs		3,682	MW		2,131	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, 2025
Commodity derivative contracts(a)	$	1,382	$	1,850	Other current liabilities
Commodity derivative contracts(a)		333		134	Other deferred liabilities and other
FTRs		246		—	Other current assets
December 31, 2024
Commodity derivative contracts(a)	$	927	$	1,121	Other current liabilities
Commodity derivative contracts(a)		286		140	Other deferred liabilities and other
FTRs		108		—	Other current assets

(a)As of September 30, 2025, and December 31, 2024, collateral of $0.3 million and less than $0.1 million, respectively, was posted against and netted with derivative liability positions. The fair value of the derivatives disclosed in this table has not been adjusted 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, 2025
Assets
Commodity derivative contracts	$	1,715	$	(1,715	)	$	—		$	—
FTRs		246		—			—			246
Liabilities
Commodity derivative contracts		1,984		(1,715	)		(269	)		—
December 31, 2024
Assets
Commodity derivative contracts	$	1,213	$	(1,213	)	$	—		$	—
FTRs		108		—			—			108
Liabilities
Commodity derivative contracts		1,261		(1,213	)		(48	)		—

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, 2025
Assets
Commodity derivative contracts	$	1,715	$	(1,715	)	$	—		$	—
FTRs		246		—			—			246
Liabilities
Commodity derivative contracts		1,984		(1,715	)		(269	)		—
December 31, 2024
Assets
Commodity derivative contracts	$	1,213	$	(1,213	)	$	—		$	—
FTRs		108		—			—			108
Liabilities
Commodity derivative contracts		1,261		(1,213	)		(48	)		—

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.

	2025						2024
(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,	$	(697	)	$	396		$	1,946		$	527
Unrealized loss		1,484			—			1,768			—
Realized (loss) gain reclassified to a deferred account		(381	)		381			(639	)		639
Realized (loss) gain reclassified to income statement		(383	)		(167	)		(1,573	)		(707	)
Balance as of September 30,	$	23		$	610		$	1,502		$	459
Nine Months Ended September 30:
Balance as of January 1,	$	(60	)	$	388		$	5,226		$	1,569
Unrealized loss		1,846			—			4,666			—
Realized (loss) gain reclassified to a deferred account		(118	)		118			(3,333	)		3,333
Realized (loss) gain reclassified to income statement		(1,645	)		104			(5,057	)		(4,443	)
Balance as of September 30,	$	23		$	610		$	1,502		$	459

Derivative Gains and Losses in Income Statement

	Realized Losses (Gains)
	2025					2024
(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	$	288	$	—		$	1,969	$	—
FTRs		262		—			311		—
Nine Months Ended September 30:
Commodity derivative contracts	$	884	$	(203	)	$	5,723	$	3,265
FTRs		860		—			512		—