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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
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 2024 2023 2024 2023 Regulatory deferral: Commodity swaps and forwards $ 25 $ 16 $ 44 $ 76 FX forwards 27 3 3 3 52 19 47 79 HFT derivatives: Power swaps and physical contracts 34 29 30 36 Natural gas swaps, futures, forwards, physical contracts 236 319 660 531 270 348 690 567 Other derivatives: Equity derivatives - 4 2 - FX forwards - 18 34 7 - 22 36 7 Total gross current derivatives 322 389 773 653 Impact of master netting agreements: Regulatory deferral (7) (3) (7) (3) HFT derivatives (148) (146) (148) (146) Total impact of master netting agreements (155) (149) (155) (149) Less: Derivatives classified as held for sale (1) (1) - (1) - Total derivatives $ 166 $ 240 $ 617 $ 504 Current (2) 115 174 526 386 Long-term (2) 51 66 91 118 Total derivatives $ 166 $ 240 $ 617 $ 504 (1) On August 5, 2024, Emera announced an agreement to sell NMGC. As at December 31, 2024, NMGC's assets and liabilities were classified as held for sale. For further details on the pending transaction, refer to note 4. (2) Derivative assets and liabilities are classified as current or long-term based upon the maturities of the underlying contracts.
Changes in Realized and Unrealized Gains (Losses) on Derivatives | Commodity Physical Commodity swaps and FX natural gas swaps and FX millions of dollars forwards forwards purchases forwards forwards For the year ended December 31 2024 2023 Unrealized gain (loss) in regulatory assets $ (27) $ 5 $ - $ (109) $ (3) Unrealized gain (loss) in regulatory liabilities 11 33 (3) (73) - Realized gain in regulatory assets (8) - - (5) - Realized loss in regulatory liabilities 4 - - 2 - Realized (gain) loss in inventory (1) 11 (8) - 4 (10) Realized (gain) loss in regulated fuel for generation and purchased power (2) 50 (6) (49) (9) (4) Other - - - (14) - Total change in derivative instruments $ 41 $ 24 $ (52) $ (204) $ (17) (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 2024 2023 Power swaps and physical contracts in non-regulated operating revenues $ 12 $ (6) Natural gas swaps, forwards, futures and physical contracts in non-regulated operating revenues 195 1,043 Total gains in net income $ 207 $ 1,037 For the Year ended December 31 millions of dollars 2024 2023 FX Equity FX Equity Forwards Derivatives Forwards Derivatives Unrealized gain (loss) in OM&G $ - $ (2) $ - $ 4 Unrealized gain (loss) in other income, net (44) - 28 - Realized gain (loss) in OM&G - 16 - (13) Realized loss in other income, net (12) - (11) - Total gains (losses) in net income $ (56) $ 14 $ 17 $ (9)
Notional Volumes of Outstanding Derivatives | millions 2025 2026-2027 Physical natural gas purchases: Natural gas (MMBtu) 6 - Commodity swaps and forwards purchases: Natural gas (MMBtu) 21 23 Power (MWh) 1 - Coal (metric tonnes) 1 - FX forwards: FX contracts (millions of USD) $ 208 $ 69 Weighted average rate 1.3361 1.3296 % of USD requirements 50% 17% 2029 and millions 2025 2026 2027 2028 thereafter Natural gas purchases (Mmbtu) 262 111 43 30 73 Natural gas sales (Mmbtu) 299 69 16 8 4 Power purchases (MWh) 1 - - - - Power sales (MWh) 1 - - - -
Summary of Concentration Risk | Concentration Risk The Company's concentrations of risk consisted of the following: As at December 31, 2024 December 31, 2023 millions of dollars % of total exposure millions of dollars % of total exposure Receivables, net Regulated utilities: Residential $ 376 22% $ 476 31% Commercial 184 11% 194 13% Industrial 73 4% 84 5% Other 105 6% 103 7% Cash collateral 46 3% 94 6% 784 46% 951 62% Trading group: Credit rating of A- or above 88 5% 47 3% Credit rating of BBB- to BBB+ 42 2% 33 2% Not rated 165 10% 108 7% 295 17% 188 12% Other accounts receivable 331 20% 151 10% Classification as assets held for sale (1) 118 7% - 0% 1,528 90% 1,290 84% Derivative Instruments (current and long-term) Credit rating of A- or above 91 5% 138 9% Credit rating of BBB- to BBB+ 1 0% 7 1% Not rated 74 5% 95 6% 166 10% 240 16% $ 1,694 100% $ 1,530 100% (1) On August 5, 2024, Emera announced the sale of NMGC. As at December 31, 2024 NMGC's assets and liabilities were classified as held for sale. For further details, refer to note 4.
Cash Collateral Positions | As at December 31 December 31 millions of dollars 2024 2023 Cash collateral provided to others $ 198 $ 101 Cash collateral received from others $ 5 $ 22

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