Risk Management And Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contract or notional amounts and terms of marketing activities and derivative commodity instruments

The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our Utilities are comprised of both short and long positions. We had the following net long positions as of:


		December 31, 2025				December 31, 2024
	Units	Notional Amounts			Maximum Term (months) (a)	Notional Amounts			Maximum Term (months) (a)
Natural gas futures purchased	MMBtus		620,000		3		660,000		3
Natural gas options purchased, net	MMBtus		2,750,000		3		2,780,000		3
Natural gas basis swaps purchased	MMBtus		1,040,000		3		1,080,000		3
Natural gas over-the-counter swaps, net (b)	MMBtus		3,430,000		23		3,480,000		20
Natural gas physical commitments, net (c)	MMBtus		14,285,200		10		20,276,230		10

(a)

Term reflects the maximum forward period hedged.

(b)

As of December 31, 2025, 1,915,000 MMBtus of natural gas over-the-counter swaps purchased were designated as cash flow hedges.

(c)

Volumes exclude derivative contracts that qualify for the normal purchase, normal sales exception permitted by GAAP.

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

The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31:


	Balance Sheet Location	2025			2024
	(in millions)
Derivatives designated as hedges:
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current	$	(2.8	)	$	(0.7	)
Total derivatives designated as hedges		$	(2.8	)	$	(0.7	)

Derivatives not designated as hedges:
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current	$	(3.0	)	$	(3.5	)
Total derivatives not designated as hedges		$	(3.0	)	$	(3.5	)

Derivative Instruments, Gain (Loss)

The impact of cash flow hedges on our Consolidated Statements of Comprehensive Income and Consolidated Statements of Income is presented below for the years ended December 31, 2025, 2024, and 2023. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.


	2025			2024			2023				2025			2024			2023
Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in OCI									Income Statement Location	Amount of Gain/(Loss) Reclassified from AOCI into Income
	(in millions)										(in millions)
Interest rate swaps	$	2.9		$	2.9		$	2.9		Interest expense	$	(2.9	)	$	(2.9	)	$	(2.9	)
Commodity derivatives		(2.4	)		2.9			(1.6	)	Fuel, purchased power and cost of natural gas sold		(1.0	)		(3.5	)		(3.0	)
Total	$	0.5		$	5.8		$	1.3			$	(3.9	)	$	(6.4	)	$	(5.9	)

As of December 31, 2025, $5.5 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods.

Derivatives Not Designated as Hedge Instruments

The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.


		2025			2024			2023
Derivatives Not Designated as Hedging Instruments	Location of Gain/(Loss) on Derivatives Recognized in Income	Amount of Gain/(Loss) on Derivatives Recognized in Income
		(in millions)
Commodity derivatives - Natural Gas	Fuel, purchased power and cost of natural gas sold	$	(0.3	)	$	0.7		$	(4.2	)
		$	(0.3	)	$	0.7		$	(4.2	)