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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value at June 30, 2024, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
 
 Level 1Level 2Level 3Other Total
ASSETS      
Cash equivalents$16 $— $— $— $16 
Risk management activities — derivative instruments:
Commodity contracts— 3,207 238 (2,685)(a)760 
Nuclear decommissioning trust:
Equity securities16,797 — — 1,444 (b)18,241 
U.S. commingled equity funds— — — 391,008 (c)391,008 
U.S. Treasury debt323,847 — — —  323,847 
Corporate debt— 219,337 — —  219,337 
Mortgage-backed securities— 215,154 — —  215,154 
Municipal bonds— 48,332 — —  48,332 
Other fixed income— 29,674 — —  29,674 
Subtotal nuclear decommissioning trust340,644 512,497 — 392,452 1,245,593 
Other special use funds:
Equity securities46,789 — — 2,287 (b)49,076 
U.S. Treasury debt318,728 — — — 318,728 
Subtotal other special use funds365,517 — — 2,287 367,804 
Total assets$706,177 $515,704 $238 $392,054 $1,614,173 
LIABILITIES
Risk management activities — derivative instruments:
Commodity contracts$— $(103,714)$(21,878)$(5,081)(a)$(130,673)

(a)Represents counterparty netting, margin, and collateral. See Note 7.
(b)Represents net pending securities sales and purchases.
(c)Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy.
The following table presents the fair value at December 31, 2023, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
 
 Level 1Level 2Level 3Other Total
ASSETS
Cash equivalents$10 $— $— $— $10 
Risk management activities — derivative instruments:
Commodity contracts— 1,881 6,616 (1,689)(a)6,808 
Nuclear decommissioning trust:
Equity securities11,064 — — (767)(b)10,297 
U.S. commingled equity funds— — — 409,616 (c)409,616 
U.S. Treasury debt319,734 — — — 319,734 
Corporate debt— 188,317 — — 188,317 
Mortgage-backed securities— 208,306 — — 208,306 
Municipal bonds— 59,323 — — 59,323 
Other fixed income— 5,653 — — 5,653 
Subtotal nuclear decommissioning trust330,798 461,599 — 408,849 1,201,246 
Other special use funds:
Equity securities40,991 — — 2,196 (b)43,187 
U.S. Treasury debt319,594 — — — 319,594 
Subtotal other special use funds360,585 — — 2,196 362,781 
Total assets$691,393 $463,480 $6,616 $409,356 $1,570,845 
LIABILITIES
Risk management activities — derivative instruments:
Commodity contracts$— $(127,016)$(1,695)$4,823 (a)$(123,888)

(a)Represents counterparty netting, margin, and collateral. See Note 7.
(b)Represents net pending securities sales and purchases.
(c)Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy.
The following table shows the changes in fair value for our risk management activities’ assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):

 Three Months Ended June 30,Six Months Ended June 30,
Commodity Contracts2024202320242023
Net derivative balance at beginning of period$(15,971)$6,622 $4,921 $(4,888)
Total net losses realized/unrealized:
Deferred as a regulatory asset or liability(9,808)(26,859)(33,408)(57,286)
Settlements7,240 8,641 9,948 50,578 
Transfers into Level 3 from Level 2(4,565)(1,289)(4,565)(1,289)
Transfers from Level 3 into Level 21,464 11,606 1,464 11,606 
Net derivative balance at end of period$(21,640)$(1,279)$(21,640)$(1,279)
Net unrealized gains included in earnings related to instruments still held at end of period$— $— $— $— 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables provide information regarding our significant unobservable inputs used to value our risk management derivative Level 3 instruments at June 30, 2024, and December 31, 2023:

June 30, 2024
 Fair Value (thousands)		ValuationSignificantWeighted-Average
Commodity ContractsAssetsLiabilitiesTechniqueUnobservable InputRange(c)
Electricity:
Forward Contracts (a)$238 $19,228 Discounted cash flowsElectricity forward price (per MWh)$25.27 -$240.98 $142.10 
Option Contracts (b)— 573 Option modelElectricity forward price (per MWh)$43.90 -$68.60 $53.66 
Electricity price volatilities235%-384%296%
Natural gas price volatilities65%-86%78%
Natural Gas:
Forward Contracts (a)— 2,077 Discounted cash flowsNatural gas forward price (per MMBtu)$(0.10)-$— $(0.04)
Total$238 $21,878 

(a)Includes swaps and physical and financial contracts.
(b)Option contracts classified as Level 3 relate to purchase power heat rate options. Electricity and natural gas price volatilities are estimated based on historical forward price movements due to lack of market quotes for implied volatilities.
(c)Unobservable inputs were weighted by the relative fair value of the instrument.

December 31, 2023
 Fair Value (thousands) 		ValuationSignificantWeighted-Average
Commodity ContractsAssetsLiabilitiesTechniqueUnobservable InputRange (b)
Electricity:
Forward Contracts (a)$6,587 $658 Discounted cash flowsElectricity forward price (per MWh)$37.79-$259.04$158.08 
Natural Gas:
Forward Contracts (a)29 1,037 Discounted cash flowsNatural gas forward price (per MMBtu)$0.00-$0.08$0.03 
Total$6,616 $1,695 
(a)Includes swaps and physical and financial contracts.
(b)Unobservable inputs were weighted by the relative fair value of the instrument.