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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
15. Derivative Instruments  
Derivative assets and liabilities
Derivative assets and liabilities relating to the foregoing categories consisted of the following:
Derivative Assets
Derivative Liabilities
As at
December 31
December 31
December 31
December 31
millions of dollars
2022
2021
2022
2021
Regulatory deferral:
 
Commodity swaps and forwards
$
 
186
$
 
146
$
 
42
$
 
16
 
FX forwards
 
18
 
7
 
1
 
8
 
Physical natural gas purchases and sales
 
52
 
88
-
 
-
 
 
256
 
241
 
43
 
24
HFT derivatives:
 
Power swaps and physical contracts
 
89
 
33
 
77
 
32
 
Natural gas swaps, futures, forwards, physical
 
 
contracts
 
340
 
208
 
1,224
 
818
 
429
 
241
 
1,301
 
850
Other derivatives:
 
Equity derivatives
 
-
 
 
11
 
5
-
 
 
FX forwards
 
5
-
 
 
23
-
 
 
5
 
11
 
28
-
 
Total gross current derivatives
 
690
 
493
 
1,372
 
874
Impact of master netting agreements:
 
Regulatory deferral
(18)
(4)
(18)
(4)
 
HFT derivatives
(276)
(188)
(276)
(188)
Total impact of master netting agreements
(294)
(192)
(294)
(192)
Total derivatives
$
 
396
$
 
301
$
 
1,078
$
 
682
Current
(1)
 
296
 
195
 
888
 
533
Long-term
(1)
 
100
 
106
 
190
 
149
Total derivatives
$
 
396
$
 
301
$
 
1,078
$
 
682
(1) Derivative assets and liabilities are classified as current or long-term based upon the maturities of the underlying contracts.
Realized and unrealized gains (losses) with respect to derivatives
Physical
Commodity
Physical
Commodity
natural gas
swaps and
FX
natural gas
swaps and
FX
millions of dollars
purchases
forwards
forwards
purchases
forwards
forwards
For the year ended December 31
2022
2021
Unrealized gain (loss) in regulatory
assets
$
-
 
$
(69)
$
 
1
$
-
 
$
(7)
$
 
9
Unrealized gain (loss) in regulatory
liabilities
 
28
 
343
 
16
 
88
 
218
(3)
Realized loss in regulatory assets
-
 
 
48
-
 
-
 
-
 
-
 
Realized gain in regulatory liabilities
-
 
(41)
-
 
-
 
(3)
-
 
Realized (gain) loss in inventory
(1)
-
 
(121)
 
1
-
 
(8)
 
5
Realized (gain) loss in regulated fuel
for generation and purchased power
(2)
(64)
(146)
-
 
-
 
(39)
 
5
Total change in derivative instruments
$
(36)
$
 
14
$
 
18
$
 
88
$
 
161
$
 
16
(1) Realized (gains) losses will be recognized in fuel for generation and purchased power when the hedged item is consumed.
(2) Realized (gains) losses on derivative instruments settled and consumed in the period and hedging relationships that have been
terminated or the hedged transaction is no longer probable.
For the
 
Year ended December 31
millions of dollars
2022
2021
Power swaps and physical contracts in non-regulated operating revenues
$
 
17
$
 
4
Natural gas swaps, forwards, futures and physical contracts in non-regulated
operating revenues
 
47
(142)
Total gains (losses) in net income
$
 
64
$
(138)
For the
Year ended December 31
millions of dollars
2022
2021
FX
Equity
FX
Equity
Forwards
Derivatives
Forwards
Derivatives
Unrealized gain (loss) in OM&G
$
-
 
$
(5)
$
-
 
$
 
11
Unrealized loss in other income, net
(18)
-
 
(15)
-
 
Realized gain (loss) in OM&G
-
 
(17)
-
 
 
15
Realized gain (loss) in other income, net
(6)
-
 
 
18
-
 
Total gains (losses) in net income
$
(24)
$
(22)
$
 
3
$
 
26
Notional volumes of derivatives designated for regulatory deferral that are expected to settle as outlined
millions
2023
2024-2026
Physical natural gas purchases:
Natural gas (Mmbtu)
 
6
-
 
Commodity swaps and forwards purchases:
Natural gas (Mmbtu)
 
18
 
12
Power (MWh)
 
1
 
1
FX swaps and forwards:
FX contracts (millions of USD)
$
 
206
$
 
123
Weighted average rate
 
1.2832
 
1.3064
% of USD requirements
50%
28%
2027 and
 
millions
 
2023
2024
2025
2026
thereafter
Natural gas purchases (Mmbtu)
 
319
 
92
 
42
 
36
 
131
Natural gas sales (Mmbtu)
 
492
 
205
 
105
 
6
 
19
Power purchases (MWh)
 
2
-
 
-
 
-
 
-
 
Power sales (MWh)
 
2
-
 
-
 
-
 
-
Concentration Risk
Concentration Risk
The Company's concentrations of risk consisted of the following:
As at
December 31, 2022
December 31, 2021
millions of
dollars
% of total
exposure
millions of
dollars
% of total
exposure
Receivables, net
Regulated utilities:
Residential
$
 
455
19%
$
 
384
24%
Commercial
 
192
8%
 
167
10%
Industrial
 
121
5%
 
54
3%
Other
 
122
5%
 
91
6%
 
890
37%
 
696
43%
Trading group:
Credit rating of A- or above
 
125
5%
 
66
4%
Credit rating of BBB- to BBB+
 
75
3%
 
107
7%
Not rated
 
307
13%
 
132
8%
 
507
21%
 
305
19%
Other accounts receivable
 
585
25%
 
329
20%
 
1,982
83%
 
1,330
82%
Derivative Instruments
(current and long-term)
Credit rating of A- or above
 
202
9%
 
155
9%
Credit rating of BBB- to BBB+
 
8
0%
 
22
1%
Not rated
 
186
8%
 
124
8%
 
396
17%
 
301
18%
$
 
2,378
100%
$
 
1,631
100%
Cash Collateral
As at
December 31
December 31
millions of dollars
2022
2021
Cash collateral provided to others
$
 
224
$
 
212
Cash collateral received from others
$
 
112
$
 
100