DERIVATIVE INSTRUMENTS (Tables)
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6 Months Ended |
Sep. 30, 2022 |
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| DERIVATIVE INSTRUMENTS |
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| Schedule of gain (loss) derivative instruments |
| | | | | | | | | | | | | | | | For the three months ended September 30, | | For the six months ended September 30, | | | | 2022 | | | 2021 | | 2022 | | | 2021 | | Physical forward contracts and options (i) | | $ | (325,580) | | $ | 106,036 | | $ | (141,030) | | $ | 288,567 | | Financial swap contracts and options (ii) | | | 31,395 | | | 122,891 | | | 67,632 | | | 177,969 | | Foreign exchange forward contracts | | | 4,411 | | | 473 | | | 6,063 | | | 1,368 | | Other derivative options | | | – | | | 3,636 | | | – | | | 1,187 | | Unrealized gain (loss) on derivative instruments | | $ | (289,774) | | $ | 233,036 | | $ | (67,335) | | $ | 469,091 | |
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| Schedule of derivative instruments, fair value |
| | | | | | | | | | | | | | | Derivative | | Derivative | | Derivative | | Derivative | | | instrument | | instrument | | instrument | | instrument | | | assets | | assets | | liabilities | | liabilities | | | (current) | | (non-current) | | (current) | | (non-current) | | | | | | | | | | | | | | Physical forward contracts and options (i) | | $ | 296,046 | | $ | 64,142 | | $ | 17,023 | | $ | 43,196 | Financial swap contracts and options (ii) | | | 192,558 | | | 73,874 | | | 4,934 | | | 3,577 | Foreign exchange forward contracts | | | 3,372 | | | 1,421 | | | – | | | – | Other derivative options | | | 2,488 | | | 1,324 | | | – | | | 5 | As at September 30, 2022 | | $ | 494,464 | | $ | 140,761 | | $ | 21,957 | | $ | 46,778 |
| | | | | | | | | | | | | | | Derivative | | Derivative | | Derivative | | Derivative | | | instrument | | instrument | | instrument | | instrument | | | assets | | assets | | liabilities | | liabilities | | | (current) | | (non-current) | | (current) | | (non-current) | | | | | | | | | | | | | | Physical forward contracts and options (i) | | $ | 373,268 | | $ | 81,392 | | $ | 10,195 | | $ | 5,865 | Financial swap contracts and options (ii) | | | 161,838 | | | 51,161 | | | 2,134 | | | 6,856 | Foreign exchange forward contracts | | | – | | | – | | | 841 | | | 195 | Other derivative options | | | 3,594 | | | 461 | | | – | | | – | As at March 31, 2022 | | $ | 538,700 | | $ | 133,014 | | $ | 13,170 | | $ | 12,916 |
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| Schedule of impact of netting derivative assets and liabilities |
| | | | | | | | | | | | | Gross basis amount | | Netting impact | | Net basis amount | | Derivative instrument assets | | $ | 1,069,207 | | $ | (433,982) | | $ | 635,225 | | Derivative instrument liabilities | | | (506,776) | | | 438,041 | | | (68,735) | | As at September 30, 2022 | | $ | 562,431 | | $ | 4,059 | | $ | 566,490 | | | | | | | | | | | | | | | Gross basis amount | | Netting impact | | Net basis amount | | Derivative instrument assets | | $ | 910,174 | | $ | (238,460) | | $ | 671,714 | | Derivative instrument liabilities | | | (265,011) | | | 238,925 | | | (26,085) | | As at March 31, 2022 | | $ | 645,163 | | $ | 465 | | $ | 645,629 | |
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| Schedule of derivative instruments classified through the Interim Condensed Consolidated Statement of Operations |
| | | | | | | | | | | | | Total remaining volume | | Weighted average price | | Expiry date | (i) | Physical forward contracts and options | | | | | | | | | | Electricity contracts | | 31,490,189 | MWh | | $50.69 | /MWh | | December 31, 2029 | | Natural gas contracts | | 70,403,970 | MMBtu | | $5.33 | /MMBtu | | March 31, 2027 | | RECs | | 4,450,234 | MWh | | $11.04 | /REC | | December 31, 2029 | | Green Gas Certificates | | (140,000) | tonnes | | $1.39 | /tonnes | | June 1, 2023 | | Electricity generation capacity contracts | | 1,209 | MWCap | | $4,027.58 | /MWCap | | May 31, 2026 | | Ancillary contracts | | 874,520 | MWh | | $20.41 | /MWh | | December 31, 2025 | | | | | | | | | | | (ii) | Financial swap contracts and options | | | | | | | | | | Electricity contracts | | 24,117,816 | MWh | | $59.88 | /MWh | | December 31, 2026 | | Natural gas contracts | | 110,708,400 | MMBtu | | $4.05 | /MMBtu | | December 31, 2027 | | Ancillary contracts | | 1,806,946 | MWh | | $20.36 | /MWh | | December 31, 2025 |
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| Schedule of classification of assets and liabilities in fair value hierarchy |
| | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Physical forward contracts | | $ | – | | $ | – | | $ | 299,969 | | $ | 299,969 | Financial swap contracts | | | – | | | 138,268 | | | 119,652 | | | 257,920 | Foreign exchange forward contracts | | | – | | | – | | | 4,794 | | | 4,795 | Other derivative options | | | – | | | – | | | 3,807 | | | 3,807 | Total net derivative instrument assets | | $ | – | | $ | 138,268 | | $ | 428,222 | | $ | 566,490 |
| | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Physical forward contracts and options | | $ | – | | $ | – | | $ | 438,600 | | $ | 438,600 | Financial swap contracts and options | | | – | | | 124,188 | | | 79,821 | | | 204,009 | Foreign exchange forward contracts | | | – | | | – | | | (1,036) | | | (1,036) | Other derivative options | | | – | | | – | | | 4,055 | | | 4,055 | Total net derivative instrument assets | | $ | – | | $ | 124,188 | | $ | 521,440 | | $ | 645,628 |
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| Schedule of changes in net fair value of derivative assets and liabilities classified as Level 3 |
| | | | | | | | | | As at September 30, | | | As at March 31, | | | 2022 | | | 2022 | Balance, beginning of period | | $ | 521,440 | | $ | (33,489) | Total gains | | | 292,029 | | | 349,541 | Purchases | | | (157,695) | | | 283,394 | Sales | | | 62,491 | | | (71,514) | Settlements | | | (290,043) | | | (6,492) | Balance, end of period | | $ | 428,222 | | $ | 521,440 |
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