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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 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$4,518 $— $— $— $4,518 
Risk management activities — derivative instruments:
Commodity contracts— 2,436 56 (1,851)(a)641 
Nuclear decommissioning trusts:
Equity securities16,920 — — 1,608 (b)18,528 
U.S. commingled equity funds— — — 413,297 (c)413,297 
U.S. Treasury debt366,093 — — —  366,093 
Corporate debt— 217,396 — —  217,396 
Mortgage-backed securities— 216,113 — —  216,113 
Municipal bonds— 41,634 — —  41,634 
Other fixed income— 26,951 — —  26,951 
Subtotal nuclear decommissioning trusts383,013 502,094 — 414,905 1,300,012 
Other special use funds:
Equity securities53,976 — — 1,760 (b)55,736 
U.S. Treasury debt331,763 — — — 331,763 
Subtotal other special use funds385,739 — — 1,760 387,499 
Total assets$773,270 $504,530 $56 $414,814 $1,692,670 
LIABILITIES
Risk management activities — derivative instruments:
Commodity contracts$— $(83,373)$(18,144)$(7,015)(a)$(108,532)

(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 trusts:
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 trusts330,798 461,599 — 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 September 30,Nine Months Ended September 30,
Commodity Contracts2024202320242023
Balance at beginning of period$(21,640)$(1,279)$4,921 $(4,888)
Total net losses realized/unrealized:
Deferred as a regulatory asset or liability(25,576)(9,999)(58,984)(67,285)
Settlements29,128 18,103 39,076 68,681 
Transfers into Level 3 from Level 2— — (4,565)(1,289)
Transfers from Level 3 into Level 2— — 1,464 11,606 
Balance at end of period$(18,088)$6,825 $(18,088)$6,825 
Net unrealized gains included in earnings related to instruments still held at end of period$— $— $— $— 
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 September 30, 2024, and December 31, 2023:

September 30, 2024
 Fair Value (thousands)		ValuationSignificantWeighted-Average
Commodity ContractsAssetsLiabilitiesTechniqueUnobservable InputRange(c)
Electricity:     
Forward Contracts (a)$— $17,034 Discounted cash flowsElectricity forward price (per MWh)$116.60-$155.13$136.61 
Option Contracts (b)— 928 Option modelElectricity price volatilities294 %-377%336%
  Natural gas price volatilities101 %-131%118%
Natural Gas:  
Forward Contracts (a)56 182 Discounted cash flowsNatural gas forward price (per MMBtu)$(0.06)-$0.11$0.01 
Total$56 $18,144    

(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.