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DERIVATIVE FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
9. DERIVATIVE FINANCIAL INSTRUMENTS
Long Ridge Energy & Power LLC is subject to electricity price volatility stemming from the sales of electricity from the Long Ridge power generation plant. Long Ridge Energy & Power LLC enters into electricity swap agreements to manage our exposure to electricity price fluctuations. The electricity swap derivatives are designated as hedging instruments within cash flow hedging relationships. The Company recognizes the realized gain or loss in Revenues in our Consolidated Statements of Operations.
As of June 30, 2026, we have a $10.0 million letter of credit and a $1.0 million letter of credit that have been provided to electricity swap counterparties and will mature on February 26, 2028 and February 10, 2027, respectively.
Refer to Note 8 for our fair value measurement of derivative financial instruments.
The following table presents information related to our outstanding derivative contracts as of June 30, 2026 and December 31, 2025:
June 30, 2026
Notional AmountFair Value of AssetsFair Value of LiabilitiesTerm
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)741,777 $— $(251,274)
3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)200,000 289 — 
2 Years
Total$289 $(251,274)
December 31, 2025
Notional AmountFair Value of AssetsFair Value of LiabilitiesTerm
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)774,728 $— $(222,894)
3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)200,000 — (432)
2 Years
Natural Gas Forward Prices (MMBtu)2,425 — (171)
0 Years
Total$— $(223,497)
As of June 30, 2026, derivative assets and liabilities were classified as assets held for sale and liabilities held for sale, respectively, on the Consolidated Balance Sheet (refer to Note 2 for additional details).
The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss and earnings related to all derivative instruments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash Flow Hedges
Gains (losses) recognized in accumulated other comprehensive loss:
Electricity swaps$(42,757)$(17,468)$(38,903)$(41,899)
Total$(42,757)$(17,468)$(38,903)$(41,899)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings:
Electricity swaps$(4,731)$1,344 $(20,691)$1,725 
Total$(4,731)$1,344 $(20,691)$1,725 
Gains (losses) recognized in earnings related to:
Not designated as hedging instruments:
Interest rate swaps354 (535)721 (827)
Natural gas forwards(6)— (1,222)— 
Total$348 $(535)$(501)$(827)