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DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [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 for the years ended December 31, 2023, 2022, and 2021 (in thousands of dollars):
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
Gain/(Loss) on Derivatives Recognized in Income(1)
202320222021
Financial swapsOperating revenues$4,216 $(6,249)$1,046 
Financial swapsPurchased power(8,542)2,373 1,959 
Financial swapsFuel expense(16,209)68,489 12,180 
Forward contractsOperating revenues2,280 1,090 1,966 
Forward contractsPurchased power(4,035)(2,994)(1,099)
Forward contractsFuel expense(866)(136)(194)
(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 at December 31, 2023 and 2022 (in thousands of dollars):
Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
December 31, 2023
Current:   
Financial swapsOther current assets$241 $(169)$72 $169 $(169)$— 
Financial swapsOther current liabilities1,476 (1,476)— 41,977 (38,045)(1)3,932 
Forward contractsOther current liabilities— — — 2,000 — 2,000 
Long-term:  
Financial swapsOther assets106 (89)17 89 (89)— 
Financial swapsOther liabilities376 (376)— 2,123 (2,123)(2)— 
Total $2,199 $(2,110)$89 $46,358 $(40,426)$5,932 
December 31, 2022
Current:   
Financial swapsOther current assets$72,548 $(32,609)(3)$39,939 $13,982 $(13,982)$— 
Financial swapsOther current liabilities132 (132)— 1,577 (132)1,445 
Forward contractsOther current assets400 — 400 — — — 
Forward contractsOther current liabilities— — — 2,071 — 2,071 
Long-term:   
Financial swapsOther assets622 (43)579 43 (43)— 
Financial swapsOther liabilities644 (644)— 2,136 (644)1,492 
Forward contractsOther liabilities— — — 1,780 — 1,780 
Total $74,346 $(33,428)$40,918 $21,589 $(14,801)$6,788 
(1) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.
(2) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023.
(3) Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022.
Schedule of Derivative Instruments
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2023 and 2022 (in thousands of units):
December 31,
CommodityUnits20232022
Electricity purchasesMWh440 898 
Electricity salesMWh57 32 
Natural gas purchasesMMBtu24,593 26,773 
Natural gas salesMMBtu— 310