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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of derivative assets and liabilities | The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below were designated as hedging instruments.
|  | September 30, 2025 |  | December 31, 2024
(in millions) |  | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Current |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 26.8 |  |  | $ | 26.3 |  |  | $ | 29.2 |  |  | $ | 13.9 |
FTRs and TCRs |  | 10.7 |  |  | 0.1 |  |  | 7.8 |  |  | — |
Total current |  | 37.5 |  |  | 26.4 |  |  | 37.0 |  |  | 13.9 |
Long-term |  |  |  |  |  |  |  |
Natural gas contracts |  | 0.7 |  |  | 0.9 |  |  | 4.1 |  |  | — |
Total |  | $ | 38.2 |  |  | $ | 27.3 |  |  | $ | 41.1 |  |  | $ | 13.9 |
Schedule of estimated notional sales volumes and realized gains and losses | Our estimated notional sales volumes and realized gains and losses were as follows:
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(in millions) |  | Volumes |  | Gains (Losses) |  | Volumes |  | Gains (Losses)
Natural gas contracts |  | 37.6 Dth |  | $ | (13.6) |  |  | 38.6 Dth |  | $ | (24.0) |
FTRs and TCRs |  | 6.8 MWh |  | 6.6 |  |  | 7.9 MWh |  | 4.0 |
Total |  |  |  | $ | (7.0) |  |  |  |  | $ | (20.0) |
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(in millions) |  | Volumes |  | Gains (Losses) |  | Volumes |  | Gains (Losses)
Natural gas contracts |  | 146.4 Dth |  | $ | (9.0) |  |  | 154.5 Dth |  | $ | (110.7) |
FTRs and TCRs |  | 21.2 MWh |  | 11.4 |  |  | 23.1 MWh |  | 7.6 |
Total |  |  |  | $ | 2.4 |  |  |  |  | $ | (103.1) |
Schedule of net derivative instruments | The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:
|  | September 30, 2025 |  | December 31, 2024
(in millions) |  | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Gross amount recognized on the balance sheet |  | $ | 38.2 |  |  | $ | 27.3 |  |  | $ | 41.1 |  |  | $ | 13.9 |
Gross amount not offset on the balance sheet |  | (9.2) |  |  | (20.3) |  | (1) | (11.5) |  | (2) | (7.3) |
Net amount |  | $ | 29.0 |  |  | $ | 7.0 |  |  | $ | 29.6 |  |  | $ | 6.6 |
(1)Includes cash collateral posted of $11.1 million. (2)Includes cash collateral received of $4.2 million.

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