Derivative and Hedging Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Gross Notional Volume of Open Derivatives |
The gross notional volume of open derivatives is as follows:
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June 30, 2026 |
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December 31, 2025 |
Commodity derivative contracts |
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195,080 |
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MWh |
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224,360 |
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MWh |
Commodity derivative contracts |
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7,330,000 |
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Dth |
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8,230,000 |
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Dth |
FTRs |
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5,424 |
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MW |
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2,413 |
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MW |
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| Fair Value of Derivative Instruments on the Balance Sheet |
The following table summarizes the fair value of the derivative instruments on the consolidated balance sheets. All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.
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Derivative |
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Derivative |
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(In thousands) |
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Assets |
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Liabilities |
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Balance Sheet Location |
June 30, 2026 |
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Commodity derivative contracts(a) |
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$ |
1,177 |
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$ |
1,399 |
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Other current liabilities |
Commodity derivative contracts(a) |
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199 |
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139 |
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Other deferred liabilities and other |
FTRs(a) |
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— |
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630 |
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Other current liabilities |
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December 31, 2025 |
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Commodity derivative contracts(a) |
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$ |
448 |
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$ |
2,380 |
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Other current liabilities |
Commodity derivative contracts(a) |
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366 |
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185 |
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Other deferred liabilities and other |
FTRs |
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337 |
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— |
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Other current assets |
(a)As of June 30, 2026, and December 31, 2025, collateral of $0.8 million and $1.8 million, respectively, was posted against and netted with derivative liability positions. The fair value of the derivatives disclosed in this table has not been adjusted for the collateral posted.
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| Offsetting Assets |
The following table shows the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets. Offsetting of Derivative Assets and Liabilities
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(In thousands) |
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Gross Amounts |
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Gross Amounts Offset in Balance Sheets |
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Collateral Posted Against Derivative Positions |
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Net Amount Presented in Balance Sheets |
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June 30, 2026 |
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Assets |
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Commodity derivative contracts |
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$ |
1,376 |
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$ |
(1,376 |
) |
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$ |
— |
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$ |
— |
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Liabilities |
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FTRs |
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630 |
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— |
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(630 |
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— |
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Commodity derivative contracts |
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1,538 |
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(1,376 |
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(162 |
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— |
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December 31, 2025 |
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Assets |
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Commodity derivative contracts |
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$ |
814 |
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$ |
(814 |
) |
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$ |
— |
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$ |
— |
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FTRs |
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337 |
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— |
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— |
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337 |
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Liabilities |
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Commodity derivative contracts |
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2,565 |
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(814 |
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(1,751 |
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— |
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| Offsetting Liabilities |
The following table shows the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets. Offsetting of Derivative Assets and Liabilities
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(In thousands) |
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Gross Amounts |
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Gross Amounts Offset in Balance Sheets |
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Collateral Posted Against Derivative Positions |
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Net Amount Presented in Balance Sheets |
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June 30, 2026 |
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Assets |
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Commodity derivative contracts |
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$ |
1,376 |
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$ |
(1,376 |
) |
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$ |
— |
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$ |
— |
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Liabilities |
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FTRs |
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630 |
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— |
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(630 |
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— |
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Commodity derivative contracts |
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1,538 |
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(1,376 |
) |
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(162 |
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— |
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December 31, 2025 |
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Assets |
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Commodity derivative contracts |
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$ |
814 |
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$ |
(814 |
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$ |
— |
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$ |
— |
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FTRs |
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337 |
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— |
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— |
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337 |
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Liabilities |
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Commodity derivative contracts |
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2,565 |
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(814 |
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(1,751 |
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— |
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| Derivative Gains and Losses in Balance Sheet |
The following tables summarize the unrealized and realized gains (losses) related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.
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2026 |
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2025 |
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(In thousands) |
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Current and Long-Term Regulatory Asset (Liability) |
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Other Current Assets |
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Current and Long-Term Regulatory Asset (Liability) |
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Other Current Assets |
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Three Months Ended June 30: |
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Unrealized loss |
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1,680 |
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— |
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2,118 |
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— |
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Realized (loss) gain reclassified to a deferred account |
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(245 |
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245 |
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(288 |
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288 |
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Realized (loss) gain reclassified to income statement |
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(567 |
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(54 |
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(667 |
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30 |
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Six Months Ended June 30: |
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Unrealized (gain) loss |
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$ |
(3,753 |
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$ |
— |
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$ |
362 |
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$ |
— |
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Realized gain (loss) reclassified to a deferred account |
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2,363 |
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(2,363 |
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263 |
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(263 |
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Realized gain (loss) reclassified to income statement |
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768 |
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2,261 |
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(1,262 |
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271 |
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| Derivative Gains and Losses in Income Statement |
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Realized Losses (Gains) |
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2026 |
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2025 |
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(In thousands) |
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Fuel for Electric Generation/ Purchased Power |
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Cost of Gas Sold |
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Fuel for Electric Generation/ Purchased Power |
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Cost of Gas Sold |
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Three Months Ended June 30: |
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Commodity derivative contracts |
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$ |
306 |
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$ |
— |
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$ |
198 |
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$ |
— |
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FTRs |
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315 |
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— |
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439 |
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— |
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Six Months Ended June 30: |
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Commodity derivative contracts |
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$ |
(566 |
) |
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$ |
(2,231 |
) |
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$ |
596 |
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$ |
(203 |
) |
FTRs |
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(232 |
) |
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— |
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598 |
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— |
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