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Derivative and Hedging Instruments (Tables) | 3 Months Ended
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Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Notional Volume of Open Derivatives | The gross notional volume of open derivatives is as follows:
|  | March 31, 2015 |  | December 31, 2014 |
| Commodity derivative contracts | 408,920 MWh |  | 448,000 MWh |
| Commodity derivative contracts | 2,785,000 Dth |  | 4,405,000 Dth |
| FTRs | 691 MW |  | 1,854 MW |
Fair Value of Derivative Instruments on the Balance Sheet | The following table summarizes the fair value of the derivative instruments on the consolidated balance sheet. All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, MGE Energy and MGE have netted instruments with the same counterparty under a master netting agreement as well as the netting of collateral. At March 31, 2015, MGE Energy and MGE had the right to reclaim collateral (a receivable) of $0.6 million.
|  | Asset Derivatives |  | Liability Derivatives
(In thousands) |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
March 31, 2015 |  |  |  |  |  |  |  |
Commodity derivative contracts |  | Other current assets | $ | 336 | Derivative liability (current) | $ | 821
Commodity derivative contracts |  | Other deferred charges |  | 7 |  | Derivative liability (long-term) |  | 116
FTRs |  | Other current assets |  | 38 |  | Derivative liability (current) |  | -
Ten-year PPA |  | N/A |  | N/A |  | Derivative liability (current) |  | 7,090
Ten-year PPA |  | N/A |  | N/A |  | Derivative liability (long-term) |  | 46,320
December 31, 2014 |  |  |  |  |  |  |  |
Commodity derivative contracts |  | Other current assets | $ | 130 |  | Derivative liability (current) | $ | 2,262
Commodity derivative contracts |  | Other deferred charges |  | 93 |  | Derivative liability (long-term) |  | 171
FTRs |  | Other current assets |  | 642 |  | Derivative liability (current) |  | -
Ten-year PPA |  | N/A |  | N/A |  | Derivative liability (current) |  | 6,870
Ten-year PPA |  | N/A |  | N/A |  | Derivative liability (long-term) |  | 46,560
Offsetting Assets | The foll owing tables show the ef fect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arr angement or similar arrangement on the consolidated balance sheet.
| Offsetting of Derivative Assets |
| (In thousands) |  | Gross amounts |  | Gross amounts offset in balance sheet |  | Collateral posted against derivative positions |  | Net amount presented in balance sheet |
| March 31, 2015 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 343 | $ | (343) | $ | - | $ | - |
| FTRs |  | 38 |  | - |  | - |  | 38 |
| December 31, 2014 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 223 | $ | (223) | $ | - | $ | - |
| FTRs |  | 642 |  | - |  | - |  | 642 |
Offsetting Liabilities |
| Offsetting of Derivative Liabilities |
| (In thousands) |  | Gross amounts |  | Gross amounts offset in balance sheet |  | Collateral posted against derivative positions |  | Net amount presented in balance sheet |
| March 31, 2015 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 937 | $ | (343) | $ | (565) | $ | 29 |
| Ten-year PPA |  | 53,410 |  | - |  | - |  | 53,410 |
| December 31, 2014 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 2,433 | $ | (223) | $ | (2,179) | $ | 31 |
| Ten-year PPA |  | 53,430 |  | - |  | - |  | 53,430 |
Derivative Gains and Losses in Balance Sheet | The following table s summarize the unrealized and realized gains (losses) related to the derivative instruments on the consolidated balance sheet at March 31, 2015 and 2014, and the consolidated income statement for the three months ended March 31, 2015 and 2014.
|  | 2015 |  |  | 2014
(In thousands) |  | Current and long-term regulatory asset |  | Other current assets |  |  | Current and long-term regulatory asset |  | Other current assets
Three Months Ended March 31: |  |  |  |  |  |  |  |  |
Balance at January 1, | $ | 54,998 | $ | 1,001 |  | $ | 63,893 | $ | 411
Change in unrealized (loss) gain |  | 1,318 |  | - |  |  | (13,601) |  | -
Realized (loss) gain reclassified to a deferred account |  | (1,061) |  | 1,061 |  |  | 1,535 |  | (1,535)
Realized gain (loss) reclassified to income |  |  |  |  |  |  |  |  |
statement |  | (1,289) |  | (1,794) |  |  | 6,386 |  | 1,475
Balance at March 31, | $ | 53,966 | $ | 268 |  | $ | 58,213 | $ | 351
Derivative Gains and Losses in Income Statement |
|  | Realized losses (gains)
|  | 2015 |  |  | 2014
(In thousands) |  | Fuel for electric generation/ purchased power |  | Cost of gas sold |  |  | Fuel for electric generation/ purchased power |  | Cost of gas sold
Three Months Ended March 31: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 420 | $ | 1,761 |  | $ | (4,795) | $ | (1,220)
FTRs |  | (119) |  | - |  |  | (636) |  | -
Ten-year PPA |  | 1,021 |  | - |  |  | (1,210) |  | -

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