DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Derivative Instruments [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months ended March 31, 2025 and 2024 (in thousands):


		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended March 31,
		2025		2024
Financial swaps	Operating revenues	$	46	$	1,012
Financial swaps	Purchased power	(1,030)		953
Financial swaps	Fuel expense	(12,200)		(24,058)

Forward contracts	Operating revenues	366		1,006
Forward contracts	Purchased power	(444)		(991)
Forward contracts	Fuel expense	(603)		(221)

(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at March 31, 2025, and December 31, 2024 (in thousands):


		Asset Derivatives							Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset			Net Assets		Gross Fair Value		Amounts Offset			Net Liabilities

March 31, 2025
Current:
Financial swaps	Other current assets	$	24,372	$	(15,287)	(1)	$	9,085	$	7,876	$	(7,876)		$	—
Financial swaps	Other current liabilities	511		(511)			—		5,252		(1,511)		(2)	3,741

Forward contracts	Other current liabilities	—		—			—		891		—			891
Long-term:
Financial swaps	Other assets	4,752		(150)			4,602		150		(150)			—
Financial swaps	Other liabilities	—		—			—		472		—			472
Forward contracts	Other liabilities	—		—			—		10,900		—			10,900
Total		$	29,635	$	(15,948)		$	13,687	$	25,541	$	(9,537)		$	16,004

December 31, 2024
Current:

Financial swaps	Other current liabilities	3,072		(3,072)			—		18,092		(14,931)		(3)	3,161

Forward contracts	Other current liabilities	—		—			—		1,291		—			1,291
Long-term:
Financial swaps	Other assets	1,939		(1,939)		(4)	—		409		(409)			—
Financial swaps	Other liabilities	177		(177)			—		1,019		(177)			842
Forward contracts	Other liabilities	—		—			—		10,965		—			10,965
Total		$	5,188	$	(5,188)		$	—	$	31,776	$	(15,517)		$	16,259

(1) Current asset derivative amounts offset include $7.4 million of collateral payable at March 31, 2025.

(2) Current liability derivative amounts offset include $1.0 million of collateral receivable at March 31, 2025.

(3) Current liability derivative amounts offset include $11.9 million of collateral receivable at December 31, 2024.

(4) Long-term asset derivative amounts offset include $1.5 million of collateral payable at December 31, 2024.

Schedule of Derivative Instruments

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at March 31, 2025 and 2024 (in thousands of units):


		March 31,
Commodity	Units	2025	2024
Electricity purchases	MWh	223	497
Electricity sales	MWh	37	206
Natural gas purchases	MMBtu	95,363	28,298
Natural gas sales	MMBtu	—	528

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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