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Derivative and Hedging Instruments (Tables) | 6 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Notional Volume of Open Derivatives | The gross notional volume of open derivatives is as follows:
|  | June 30, 2016 |  | December 31, 2015 |
| Commodity derivative contracts | 479,725 MWh |  | 355,580 MWh |
| Commodity derivative contracts | 1,887,500 Dth |  | 5,037,500 Dth |
| FTRs | 5,653 MW |  | 2,000 MW |
Fair Value of Derivative Instruments on the Balance Sheet | The following table summarizes the fair value of the derivative instruments on the consolidat ed balance sheet s. 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 collatera l. For financia l statement purposes, MGE Energy and MGE have netted instruments with the same counterparty under a master netting agreement as well as the netting of collatera l.
|  | Asset Derivatives |  | Liability Derivatives
(In thousands) |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
June 30, 2016 |  |  |  |  |  |  |  |
Commodity derivative contracts |  | Other current assets | $ | 1,814 | Derivative liability (current) | $ | 212
Commodity derivative contracts |  | Other deferred charges |  | 143 |  | Derivative liability (long-term) |  | 60
FTRs |  | Other current assets |  | 34 |  | Derivative liability (current) |  | -
PPA |  | N/A |  | N/A |  | Derivative liability (current) |  | 8,650
PPA |  | N/A |  | N/A |  | Derivative liability (long-term) |  | 43,590
December 31, 2015 |  |  |  |  |  |  |  |
Commodity derivative contracts |  | Other current assets | $ | 146 |  | Derivative liability (current) | $ | 1,266
Commodity derivative contracts |  | Other deferred charges |  | 144 |  | Derivative liability (long-term) |  | 70
FTRs |  | Other current assets |  | 234 |  | Derivative liability (current) |  | -
PPA |  | N/A |  | N/A |  | Derivative liability (current) |  | 8,340
PPA |  | N/A |  | N/A |  | Derivative liability (long-term) |  | 44,930
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 sheets.
| Offsetting of Derivative Assets |
| (In thousands) |  | Gross Amounts |  | Gross Amounts Offset in Balance Sheets |  | Collateral Posted Against Derivative Positions |  | Net Amount Presented in Balance Sheets |
| June 30, 2016 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 1,957 | $ | (272) | $ | - | $ | 1,685 |
| FTRs |  | 34 |  | - |  | - |  | 34 |
| December 31, 2015 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 290 | $ | (290) | $ | - | $ | - |
| FTRs |  | 234 |  | - |  | - |  | 234 |
Offsetting Liabilities |
| Offsetting of Derivative Liabilities |
| (In thousands) |  | Gross Amounts |  | Gross Amounts Offset in Balance Sheets |  | Collateral Posted Against Derivative Positions |  | Net Amount Presented in Balance Sheets |
| June 30, 2016 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 272 | $ | (272) | $ | - | $ | - |
| PPA |  | 52,240 |  | - |  | - |  | 52,240 |
| December 31, 2015 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 1,336 | $ | (290) | $ | (1,038) | $ | 8 |
| PPA |  | 53,270 |  | - |  | - |  | 53,270 |
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 s at June 30, 2016 and 2015, and the consolidated income statement s for the three and six months ended June 30, 2016 and 2015.
|  | 2016 |  |  | 2015
(In thousands) |  | Current and Long-Term Regulatory Asset |  | Other Current Assets |  |  | Current and Long-Term Regulatory Asset |  | Other Current Assets
Three Months Ended June 30: |  |  |  |  |  |  |  |  |
Balance at April 1, | $ | 56,884 | $ | 655 |  | $ | 53,966 | $ | 268
Unrealized (gain) loss |  | (4,580) |  | - |  |  | 3,160 |  | -
Realized gain (loss) reclassified to a deferred account |  | 17 |  | (17) |  |  | (231) |  | 231
Realized (loss) gain reclassified to income statement |  | (1,800) |  | 21 |  |  | (847) |  | (44)
Balance at June 30, | $ | 50,521 | $ | 659 |  | $ | 56,048 | $ | 455
Six Months Ended June 30: |  |  |  |  |  |  |  |  |
Balance at January 1, | $ | 54,082 | $ | 1,208 |  | $ | 54,998 | $ | 1,001
Unrealized loss |  | 1,791 |  | - |  |  | 4,478 |  | -
Realized (loss) gain reclassified to a deferred account |  | (1,434) |  | 1,434 |  |  | (1,292) |  | 1,292
Realized (loss) gain reclassified to income statement |  | (3,918) |  | (1,983) |  |  | (2,136) |  | (1,838)
Balance at June 30, | $ | 50,521 | $ | 659 |  | $ | 56,048 | $ | 455
Derivative Gains and Losses in Income Statement |
|  | Realized Losses (Gains)
|  | 2016 |  |  | 2015
(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 June 30: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 417 | $ | - |  | $ | 578 | $ | (2)
FTRs |  | 136 |  | - |  |  | (255) |  | -
PPA |  | 1,226 |  | - |  |  | 570 |  | -
Six Months Ended June 30: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 1,424 | $ | 1,814 |  | $ | 998 | $ | 1,759
FTRs |  | 68 |  | - |  |  | (374) |  | -
PPA |  | 2,595 |  | - |  |  | 1,591 |  | -

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