Derivative and Hedging Instruments (Tables)
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9 Months Ended |
Sep. 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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September 30, 2026 |
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December 31, 2025 |
Commodity derivative contracts |
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233,040 |
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MWh |
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224,360 |
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MWh |
Commodity derivative contracts |
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9,902,500 |
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Dth |
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8,230,000 |
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Dth |
FTRs |
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3,750 |
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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 |
September 30, 2026 |
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Commodity derivative contracts(a) |
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$ |
1,974 |
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$ |
2,416 |
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Other current liabilities |
Commodity derivative contracts(a) |
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326 |
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96 |
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Other deferred liabilities and other |
FTRs(a) |
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— |
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481 |
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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 September 30, 2026, and December 31, 2025, collateral of $0.7 million and $1.8 million, respectively, was posted against and netted with derivative liability positions. The fair value of the derivatives disclosed in this table has not been adjusted for the collateral posted.
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| Offsetting Assets |
The following table shows the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets. Offsetting of Derivative Assets and Liabilities
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(In thousands) |
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Gross Amounts |
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Gross Amounts Offset in Balance Sheets |
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Collateral Posted Against Derivative Positions |
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Net Amount Presented in Balance Sheets |
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September 30, 2026 |
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Assets |
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Commodity derivative contracts |
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$ |
2,300 |
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$ |
(2,300 |
) |
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$ |
— |
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$ |
— |
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Liabilities |
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FTRs |
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481 |
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— |
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(481 |
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— |
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Commodity derivative contracts |
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2,512 |
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(2,300 |
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(212 |
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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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September 30, 2026 |
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Assets |
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Commodity derivative contracts |
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$ |
2,300 |
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$ |
(2,300 |
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$ |
— |
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$ |
— |
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Liabilities |
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FTRs |
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481 |
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— |
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(481 |
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— |
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Commodity derivative contracts |
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2,512 |
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(2,300 |
) |
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(212 |
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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 September 30: |
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Unrealized loss |
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1,387 |
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— |
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1,484 |
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— |
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Realized (loss) gain reclassified to a deferred account |
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(421 |
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421 |
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(381 |
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381 |
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Realized loss reclassified to income statement |
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(1,066 |
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(269 |
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(383 |
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(167 |
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Nine Months Ended September 30: |
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Unrealized (gain) loss |
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$ |
(2,365 |
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$ |
— |
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$ |
1,846 |
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$ |
— |
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Realized gain (loss) reclassified to a deferred account |
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1,942 |
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(1,942 |
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(118 |
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118 |
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Realized gain (loss) reclassified to income statement |
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(298 |
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1,992 |
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(1,645 |
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104 |
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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 September 30: |
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Commodity derivative contracts |
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$ |
174 |
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$ |
— |
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$ |
288 |
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$ |
— |
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FTRs |
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1,161 |
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— |
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262 |
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— |
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Nine Months Ended September 30: |
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Commodity derivative contracts |
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$ |
(392 |
) |
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$ |
(2,231 |
) |
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$ |
884 |
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$ |
(203 |
) |
FTRs |
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929 |
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— |
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860 |
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— |
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