v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)
 3 Months Ended
Mar. 31, 2026
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 (in thousands of dollars):
Gain/(Loss) on Derivatives Recognized in Income(1)
Location of Realized Gain/(Loss) on Derivatives Recognized in IncomeThree months ended
March 31,
20262025
Financial swapsOperating revenues$871 $46 
Financial swapsPurchased power(2,564)(1,030)
Financial swapsFuel expense(26,512)(12,200)
Forward contractsOperating revenues35 366 
Forward contractsPurchased power(35)(444)
Forward contractsFuel expense(339)(603)
(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 (in thousands of dollars):
Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
March 31, 2026
Current:    
Financial swapsOther current assets$143 $(114)$29 $114 $(114)$— 
Financial swapsOther current liabilities674 (674)— 25,716 (21,153)
(1)
4,563 
Forward contractsOther current liabilities— — — 905 — 905 
Long-term:  
Financial swapsOther assets3,092 (3,092)
(2)
— 2,072 (2,072)— 
Financial swapsOther liabilities216 (216)— 5,977 (216)5,761 
Forward contractsOther liabilities— — — 12,035 — 12,035 
Total $4,125 $(4,096)$29 $46,819 $(23,555)$23,264 
December 31, 2025
Current:  
Financial swapsOther current liabilities$2,535 $(2,535)$— $34,486 $(29,394)
(3)
$5,092 
Forward contractsOther current assets3 — 3 — — — 
Forward contractsOther current liabilities— — — 1,009 — 1,009 
Long-term:   
Financial swapsOther liabilities1,444 (1,444)— 7,479 (4,385)
(4)
3,094 
Forward contractsOther liabilities— — — 10,524 — 10,524 
Total $3,982 $(3,979)$3 $53,498 $(33,779)$19,719 
(1) Current liability derivative amounts offset include $20.5 million of collateral receivable at March 31, 2026.
(2) Long-term asset derivative amounts offset include $1.0 million of collateral payable at March 31, 2026.
(3) Current liability derivative amounts offset include $26.9 million of collateral receivable at December 31, 2025.
(4) Long-term liability derivative amounts offset include $2.9 million of collateral receivable at December 31, 2025.
Schedule of Derivative Instruments
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding (in thousands of units):
March 31,
CommodityUnits20262025
Electricity purchasesMWh628 223 
Electricity salesMWh8 37 
Natural gas purchasesMMBtu132,308 95,363