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Derivative Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments OTP enters into derivative instruments to manage its exposure to future market energy price variability and reduce price volatility for our retail customers. These derivative instruments are not designated as qualifying hedging transactions but provide for an economic hedge against future market energy price variability. The instruments are recorded at fair value on the consolidated balance sheets. In accordance with ratemaking and cost recovery processes, we recognize a regulatory asset or liability to defer losses or gains from derivative activity until settlement of the associated derivative instrument. As of September 30, 2025, OTP had multiple outstanding pay-fixed, receive-variable swap agreements with various settlement dates extending to December 31, 2026. The following presents the notional amounts and fair value of our derivative instruments as of September 30, 2025 and December 31, 2024:
(in thousands) | September 30, 2025 |  | December 31, 2024
Megawatt hours of electricity | 347 |  | 167
Derivative Assets: |  |  |
Other Current Assets | $ | 1,285 |  |  | $ | — |
Other Noncurrent Assets | 119 |  |  | — |
Total Derivative Assets | 1,404 |  |  | — |
Derivative Liabilities: |  |  |
Other Current Liabilities | 795 |  |  | 1,989 |
Other Noncurrent Liabilities | 512 |  |  | — |
Total Derivative Liabilities | $ | 1,307 |  |  | $ | 1,989 |
During the nine months ended September 30, 2025 and 2024, contracts matured and were settled resulting in losses of $2.6 million and $2.7 million, respectively. Gains and losses recognized on the settlement of derivative instruments are returned to or recovered from our electric customers through fuel recovery mechanisms in each state. When recognized in the consolidated statements of income, these gains or losses are included in electric purchased power. Gains or losses related to the settlement of derivative instruments are included in cash flows from operations in the consolidated statements of cash flows.

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