Derivatives And Hedging (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Outstanding Derivative Instruments

Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows:



				Quantity
				As of June 30,				As of December 31,
Commodity		Unit of Measure		2025				2024
Natural gas		MMBTU			98,530,000				113,120,000
Purchased power - financial transmission rights		MWh			8,646,739				7,621,183

Schedule Of Fair Value Of Derivative Instruments

The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows:


				Fair Value
				As of June 30,				As of December 31,
		Balance Sheet Location		2025				2024
				(in thousands)
Derivatives in an asset position:
Natural gas futures contracts		Other assets		$	6,819			$	6,448
Financial transmission rights		Other assets			8,166				2,316
Total Derivatives in an asset position				$	14,985			$	8,764

Derivatives in a liability position:
Natural gas futures contracts		Other liabilities		$	2,890			$	26,753
Total Derivatives in a liability position				$	2,890			$	26,753

Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Six Months Ended June 30, 2025 and 2024


		Amount of Gain								Location of		Amount of Gain (Loss) Reclassified from
		(Loss) Recognized								Gain (Loss)		Regulatory Asset/Liability
		in Regulatory								Reclassified		into Income for the
Derivatives		Asset/Liability for								from Regulatory		Three Months								Six Months
Accounted for Utilizing		Derivatives as of								Asset/Liability		Ended								Ended
Regulatory Accounting		June 30,								into Income		June 30,								June 30,
		2025				2024						2025				2024				2025				2024
		(in thousands)										(in thousands)
Natural gas futures contracts		$	549			$	(53,915	)		Fuel		$	7,313			$	(11,851	)		$	1,428			$	(34,335	)
Purchased power			8,166				6,499			Purchased power			(5,178	)			(4,186	)			(21	)			(12,036	)
Total		$	8,715			$	(47,416	)		Total		$	2,135			$	(16,037	)		$	1,407			$	(46,371	)