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Risk Management And Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contract or notional amounts and terms of marketing activities and derivative commodity instruments

The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our utilities are comprised of both short and long positions. We had the following net long positions as of:

				December 31, 2022								December 31, 2021
		Units		Notional Amounts				Maximum Term (months) (a)				Notional Amounts				Maximum Term (months) (a)
Natural gas futures purchased		MMBtus			630,000				3				590,000				3
Natural gas options purchased, net		MMBtus			1,790,000				3				3,100,000				3
Natural gas basis swaps purchased		MMBtus			900,000				3				870,000				3
Natural gas over-the-counter swaps, net (b)		MMBtus			4,460,000				24				4,570,000				34
Natural gas physical commitments, net (c)		MMBtus			17,864,412				12				16,416,677				24

(a)Term reflects the maximum forward period hedged.

(b)As of December 31, 2022, 1,646,200 MMBtus of natural gas over-the-counter swaps purchased were designated as cash flow hedges.

(c)Volumes exclude derivative contracts that qualify for the normal purchase, normal sales exception permitted by GAAP.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands):

		Balance Sheet Location		2022				2021
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives		Derivative assets - current		$	118			$	2,017
Noncurrent commodity derivatives		Other assets, non-current			198				18
Liability derivative instruments:
Current commodity derivatives		Derivative liabilities - current			(1,703	)			—
Total derivatives designated as hedges				$	(1,387	)		$	2,035
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives		Derivative assets - current		$	464			$	2,356
Noncurrent commodity derivatives		Other assets, non-current			337				804
Liability derivative instruments:
Current commodity derivatives		Derivative liabilities - current			(4,897	)			(1,439	)
Noncurrent commodity derivatives		Other deferred credits and other liabilities			(18	)			(20	)
Total derivatives not designated as hedges				$	(4,114	)		$	1,701

Derivative Instruments, Gain (Loss)

The impact of cash flow hedges on our Consolidated Statements of Comprehensive Income and Consolidated Statements of Income is presented below for the years ended December 31, 2022, 2021 and 2020. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.

		2022				2021				2020						2022				2021				2020
Derivatives in Cash Flow Hedging Relationships		Amount of Gain/(Loss) Recognized in OCI												Income Statement Location		Amount of Gain/(Loss) Reclassified from AOCI into Income
		(in thousands)														(in thousands)
Interest rate swaps		$	2,850			$	2,851			$	2,851			Interest expense		$	(2,850	)		$	(2,851	)		$	(2,851	)
Commodity derivatives			(3,532	)			1,952				540			Fuel, purchased power and cost of natural gas sold			2,708				2,051				(601	)
Total		$	(682	)		$	4,803			$	3,391					$	(142	)		$	(800	)		$	(3,452	)

As of December 31, 2022, $4.5 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods.

Derivatives Not Designated as Hedge Instruments

The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.

				2022				2021				2020
Derivatives Not Designated as Hedging Instruments		Income Statement Location		Amount of Gain/(Loss) on Derivatives Recognized in Income
				(in thousands)
Commodity derivatives - Electric		Fuel, purchased power and cost of natural gas sold		$	—			$	(144	)		$	144
Commodity derivatives - Natural Gas		Fuel, purchased power and cost of natural gas sold			(797	)			2,599				1,640
				$	(797	)		$	2,455			$	1,784

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