Derivative Accounting (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)

The following table shows the outstanding gross notional volume of derivatives, which represent both purchases and sales (does not reflect net position): 

		Quantity
Commodity	Unit of Measure	March 31, 2022	December 31, 2021
Power	GWh	1,171	—
Gas	Billion cubic feet	161	155

Gains and losses from derivative instruments not designated as accounting hedges instruments

The following table provides information about gains and losses from derivative instruments not designated as accounting hedging instruments (dollars in thousands):

	Financial Statement Location	Three Months Ended March 31,
Commodity Contracts		2022		2021
Net Gain Recognized in Income	Fuel and purchased power (a)	$	223,742	$	26,859

(a)Amounts are before the effect of PSA deferrals.

Schedule of offsetting assets

The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting.  These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of our Condensed Consolidated Balance Sheets.

As of March 31, 2022:  (dollars in thousands)	Gross  Recognized  Derivatives  (a)		Amounts Offset  (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	214,723	$	(8,671)	$	206,052	$	50	$	206,102
Investments and other assets	91,521		—		91,521		—		91,521
Total assets	306,244		(8,671)		297,573		50		297,623
Current liabilities	(152)		71		(81)		(1,625)		(1,706)
Deferred credits and other	—		—		—		—		—
Total liabilities	(152)		71		(81)		(1,625)		(1,706)
Total	$	306,092	$	(8,600)	$	297,492	$	(1,575)	$	295,917

(a)All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)Includes cash collateral received from a counterparty of $8,600 that is subject to offsetting.

(c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $1,625 and cash margin provided to counterparties of $50.

As of December 31, 2021:  (dollars in thousands)	Gross Recognized Derivatives  (a)		Amounts Offset (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	66,777	$	(3,346)	$	63,431	$	50	$	63,481
Investments and other assets	48,302		(1,394)		46,908		—		46,908
Total assets	115,079		(4,740)		110,339		50		110,389
Current liabilities	(6,084)		3,346		(2,738)		(1,635)		(4,373)
Deferred credits and other	(1,394)		1,394		—		—		—
Total liabilities	(7,478)		4,740		(2,738)		(1,635)		(4,373)
Total	$	107,601	$	—	$	107,601	$	(1,585)	$	106,016

(a)All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.

(c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $1,635 and cash margin provided to counterparties of $50.

Schedule of offsetting liabilities

The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting.  These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of our Condensed Consolidated Balance Sheets.

As of March 31, 2022:  (dollars in thousands)	Gross  Recognized  Derivatives  (a)		Amounts Offset  (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	214,723	$	(8,671)	$	206,052	$	50	$	206,102
Investments and other assets	91,521		—		91,521		—		91,521
Total assets	306,244		(8,671)		297,573		50		297,623
Current liabilities	(152)		71		(81)		(1,625)		(1,706)
Deferred credits and other	—		—		—		—		—
Total liabilities	(152)		71		(81)		(1,625)		(1,706)
Total	$	306,092	$	(8,600)	$	297,492	$	(1,575)	$	295,917

(a)All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)Includes cash collateral received from a counterparty of $8,600 that is subject to offsetting.

(c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $1,625 and cash margin provided to counterparties of $50.

As of December 31, 2021:  (dollars in thousands)	Gross Recognized Derivatives  (a)		Amounts Offset (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	66,777	$	(3,346)	$	63,431	$	50	$	63,481
Investments and other assets	48,302		(1,394)		46,908		—		46,908
Total assets	115,079		(4,740)		110,339		50		110,389
Current liabilities	(6,084)		3,346		(2,738)		(1,635)		(4,373)
Deferred credits and other	(1,394)		1,394		—		—		—
Total liabilities	(7,478)		4,740		(2,738)		(1,635)		(4,373)
Total	$	107,601	$	—	$	107,601	$	(1,585)	$	106,016

(a)All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.

(c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $1,635 and cash margin provided to counterparties of $50.