v3.26.3
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		Nine months ended
September 30,
2026202520262025
Financial swapsOperating revenues$65 $270 $935 $559 
Financial swapsPurchased power(417)(1,948)(3,972)(2,927)
Financial swapsFuel expense(6,233)(9,145)(33,823)(21,881)
Forward contractsOperating revenues— (4)58 387 
Forward contractsPurchased power— 12 (58)(458)
Forward contractsFuel expense(1,261)(322)(3,653)(1,153)
(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
September 30, 2026
Current:
Financial swapsOther current liabilities3,969 (3,969)— 41,125 (36,620)
(1)
4,505 
Forward contractsOther current assets443 (40)403 40 (40)— 
Forward contractsOther current liabilities— — — 1,246 — 1,246 
Long-term:
Financial swapsOther assets168 (87)81 87 (87)— 
Financial swapsOther liabilities3,311 (3,311)— 7,395 (5,459)
(2)
1,936 
Forward contractsOther liabilities— — — 9,818 — 9,818 
Total$7,891 $(7,407)$484 $59,711 $(42,206)$17,505 
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 $32.7 million of collateral receivable at September 30, 2026.
(2) Long-term liability derivative amounts offset include $2.1 million of collateral receivable at September 30, 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):
September 30,
CommodityUnits20262025
Electricity purchasesMWh978 208 
Electricity salesMWh793 — 
Natural gas purchasesMMBtu152,950 114,725 
Natural gas salesMMBtu525 —