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Derivative and Hedging Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Notional Volume of Open Derivatives | The gross notional volume of open derivatives is as follows:
|  | December 31, 2019 |  | December 31, 2018 |
| Commodity derivative contracts | 417,840 | MWh |  | 386,440 | MWh |
| Commodity derivative contracts | 6,605,000 | Dth |  | 5,260,000 | Dth |
| FTRs | 2,750 | MW |  | 2,252 | MW |
| PPA | 1,450 | MW |  | 2,050 | 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 sheets. 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, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.
| (In thousands) |  | Derivative Assets |  | Derivative Liabilities |  | Balance Sheet Location
| December 31, 2019 |  |  |  |  |  |
| Commodity derivative contracts(a) | $ | 157 | $ | 1,521 | Derivative liability (current)(b)
| Commodity derivative contracts(a) |  | 73 |  | 217 |  | Derivative liability (long-term)
| FTRs |  | 73 |  | - |  | Other current assets
| PPA |  | N/A |  | 10,100 |  | Derivative liability (current)
| PPA |  | N/A |  | 15,340 |  | Derivative liability (long-term)
| December 31, 2018 |  |  |  |  |  |
| Commodity derivative contracts(a) | $ | 727 | $ | 270 |  | Other current assets
| Commodity derivative contracts(a) |  | 74 |  | 72 |  | Other deferred charges
| FTRs |  | 241 |  | - |  | Other current assets
| PPA |  | N/A |  | 8,550 |  | Derivative liability (current)
| PPA |  | N/A |  | 23,980 |  | Derivative liability (long-term)
(a)As of December 31, 2019, collateral of $1.5 million was posted against and netted with derivative liability positions on the consolidated balance sheets. No collateral was posted against derivative positions as of December 31, 2018. (b)As of December 31, 2019, MGE posted $0.1 million as other current assets on the consolidated balance sheets.
Offsetting Assets | The following tables show the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement 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 |
| December 31, 2019 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 230 | $ | (192) | $ | - | $ | 38 |
| FTRs |  | 73 |  | - |  | - |  | 73 |
| December 31, 2018 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 801 | $ | (342) | $ | - | $ | 459 |
| FTRs |  | 241 |  | - |  | - |  | 241 |
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 |
| December 31, 2019 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 1,738 | $ | (192) | $ | (1,546) | $ | - |
| PPA |  | 25,440 |  | - |  | - |  | 25,440 |
| December 31, 2018 |  |  |  |  |  |  |  |  |
| Commodity derivative contracts | $ | 342 | $ | (342) | $ | - | $ | - |
| PPA |  | 32,530 |  | - |  | - |  | 32,530 |
Derivative Gains and Losses in Balance Sheet | The following tables summarize the unrealized and realized gains/losses related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.
|  | 2019 |  |  | 2018
|  | Current and Long-Term Regulatory Asset |  | Other Current Assets |  |  | Current and Long-Term Regulatory Asset |  | Other Current Assets
(In thousands) |  |  |  |  |  |  |  |  |
Balance as of January 1, | $ | 31,830 | $ | 377 |  | $ | 41,958 | $ | 806
Unrealized gain |  | (5,493) |  | - |  |  | (11,094) |  | -
Realized (loss) gain reclassified to a deferred account |  | (1,896) |  | 1,896 |  |  | 523 |  | (523)
Realized gain (loss) reclassified to income statement |  | 2,434 |  | (1,173) |  |  | 443 |  | 94
Balance as of December 31, | $ | 26,875 | $ | 1,100 |  | $ | 31,830 | $ | 377
Derivative Gains and Losses in Income Statement |
|  | Realized Losses (Gains)
|  | 2019 |  | 2018
(In thousands) |  | Fuel for Electric Generation/ Purchased Power |  | Cost of Gas Sold |  | Fuel for Electric Generation/ Purchased Power |  | Cost of Gas Sold
Year Ended December 31: |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 1,258 | $ | 863 | $ | (716) | $ | (199)
FTRs |  | (574) |  | - |  | (702) |  | -
PPA |  | (2,808) |  | - |  | 1,080 |  | -

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