Derivative Accounting (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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	September 30, 2022	December 31, 2021
Power	GWh	781	—
Gas	Billion cubic feet	139	155

Schedule of 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 September 30,				Nine Months Ended September 30,
Commodity Contracts		2022		2021		2022		2021
Net Gain Recognized in Income	Fuel and purchased power (a)	$	138,855	$	147,712	$	425,122	$	269,686

(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 September 30, 2022: (dollars in thousands)	Gross  Recognized  Derivatives  (a)		Amounts Offset  (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	175,362	$	(10,586)	$	164,776	$	18	$	164,794
Investments and other assets	87,391		(527)		86,864		—		86,864
Total assets	262,753		(11,113)		251,640		18		251,658
Current liabilities	(2,416)		1,786		(630)		(6,610)		(7,240)
Deferred credits and other	(1,148)		527		(621)		—		(621)
Total liabilities	(3,564)		2,313		(1,251)		(6,610)		(7,861)
Total	$	259,189	$	(8,800)	$	250,389	$	(6,592)	$	243,797

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

(b)Includes cash collateral received from counterparties of $8,800 thousand 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 or received in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $6,610 thousand and cash margin provided to counterparties of $18 thousand.

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 thousand and cash margin provided to counterparties of $50 thousand.

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 September 30, 2022: (dollars in thousands)	Gross  Recognized  Derivatives  (a)		Amounts Offset  (b)		Net  Recognized  Derivatives		Other  (c)		Amount Reported on Balance Sheets
Current assets	$	175,362	$	(10,586)	$	164,776	$	18	$	164,794
Investments and other assets	87,391		(527)		86,864		—		86,864
Total assets	262,753		(11,113)		251,640		18		251,658
Current liabilities	(2,416)		1,786		(630)		(6,610)		(7,240)
Deferred credits and other	(1,148)		527		(621)		—		(621)
Total liabilities	(3,564)		2,313		(1,251)		(6,610)		(7,861)
Total	$	259,189	$	(8,800)	$	250,389	$	(6,592)	$	243,797

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

(b)Includes cash collateral received from counterparties of $8,800 thousand 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 or received in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $6,610 thousand and cash margin provided to counterparties of $18 thousand.

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 thousand and cash margin provided to counterparties of $50 thousand.

Schedule of Information about derivative instruments that have credit-risk-related contingent features

The following table provides information about our derivative instruments that have credit-risk-related contingent features (dollars in thousands):

	September 30, 2022
Aggregate fair value of derivative instruments in a net liability position	$	3,563
Additional cash collateral in the event credit-risk-related contingent features were fully triggered (a)	545

(a)This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details above.