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DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2025
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 (in thousands of dollars):
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
Gain/(Loss) on Derivatives Recognized in Income(1)
202520242023
Financial swapsOperating revenues$559 $5,189 $4,216 
Financial swapsPurchased power(3,967)(7,101)(8,542)
Financial swapsFuel expense(37,659)(63,380)(16,209)
Forward contractsOperating revenues917 1,885 2,280 
Forward contractsPurchased power(1,017)(3,742)(4,035)
Forward contractsFuel expense(1,457)(2,510)(866)
(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 (in thousands of dollars):
Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
December 31, 2025
Current:   
Financial swapsOther current liabilities2,535 (2,535)— 34,486 (29,394)(1)5,092 
Forward contractsOther current assets3 — 3 — — — 
Forward contractsOther current liabilities— — — 1,009 — 1,009 
Long-term:  
Financial swapsOther liabilities1,444 (1,444)— 7,479 (4,385)(2)3,094 
Forward contractsOther liabilities— — — 10,524 — 10,524 
Total $3,982 $(3,979)$3 $53,498 $(33,779)$19,719 
December 31, 2024
Current:   
Financial swapsOther current liabilities3,072 (3,072)— 18,092 (14,931)(3)3,161 
Forward contractsOther current liabilities— — — 1,291 — 1,291 
Long-term:   
Financial swapsOther assets1,939 (1,939)(4)— 409 (409)— 
Financial swapsOther liabilities177 (177)— 1,019 (177)842 
Forward contractsOther liabilities— — — 10,965 — 10,965 
Total $5,188 $(5,188)$— $31,776 $(15,517)$16,259 
(1) Current liability derivative amounts offset include $26.9 million of collateral receivable at December 31, 2025.
(2) Long-term liability derivative amounts offset include $2.9 million of collateral receivable at December 31, 2025.
(3) Current liability derivative amounts offset include $11.9 million of collateral receivable at December 31, 2024.
(4) Long-term asset derivative amounts offset include $1.5 million of collateral payable at December 31, 2024.
Schedule of Derivative Instruments
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31 (in thousands of units):
CommodityUnits20252024
Electricity purchasesMWh200 161 
Electricity salesMWh33 16 
Natural gas purchasesMMBtu131,863 88,330