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v3.26.1

Derivative and Hedging Instruments (Tables) | 6 Months Ended
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Jun. 30, 2026
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, 2026 |  | December 31, 2025
Commodity derivative contracts |  |  | 195,080 |  |  | MWh |  |  | 224,360 |  |  | MWh
Commodity derivative contracts |  |  | 7,330,000 |  |  | Dth |  |  | 8,230,000 |  |  | Dth
FTRs |  |  | 5,424 |  |  | MW |  |  | 2,413 |  |  | 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.
|  | Derivative |  |  | Derivative |  |  |
(In thousands) |  | Assets |  |  | Liabilities |  |  | Balance Sheet Location
June 30, 2026 |  |  |  |  |  |  |  |
Commodity derivative contracts(a) |  | $ | 1,177 |  |  | $ | 1,399 |  |  | Other current liabilities
Commodity derivative contracts(a) |  |  | 199 |  |  |  | 139 |  |  | Other deferred liabilities and other
FTRs(a) |  |  | — |  |  |  | 630 |  |  | Other current liabilities
December 31, 2025 |  |  |  |  |  |  |  |
Commodity derivative contracts(a) |  | $ | 448 |  |  | $ | 2,380 |  |  | Other current liabilities
Commodity derivative contracts(a) |  |  | 366 |  |  |  | 185 |  |  | Other deferred liabilities and other
FTRs |  |  | 337 |  |  |  | — |  |  | Other current assets
(a) As of June 30, 2026, and December 31, 2025, collateral of $0.8 million and $1.8 million, respectively, was posted against and netted with derivative liability positions. The fair value of the derivatives disclosed in this table has not been adjusted for the collateral posted.
Offsetting Assets | The following table shows 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 and Liabilities
(In thousands) |  | Gross Amounts |  |  | Gross Amounts Offset in Balance Sheets |  |  | Collateral Posted Against Derivative Positions |  |  | Net Amount Presented in Balance Sheets |
June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | 1,376 |  |  | $ | (1,376 | ) |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
FTRs |  |  | 630 |  |  |  | — |  |  |  | (630 | ) |  |  | — |
Commodity derivative contracts |  |  | 1,538 |  |  |  | (1,376 | ) |  |  | (162 | ) |  |  | — |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | 814 |  |  | $ | (814 | ) |  | $ | — |  |  | $ | — |
FTRs |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | 337 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  |  | 2,565 |  |  |  | (814 | ) |  |  | (1,751 | ) |  |  | — |
Offsetting Liabilities | The following table shows 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 and Liabilities
(In thousands) |  | Gross Amounts |  |  | Gross Amounts Offset in Balance Sheets |  |  | Collateral Posted Against Derivative Positions |  |  | Net Amount Presented in Balance Sheets |
June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | 1,376 |  |  | $ | (1,376 | ) |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
FTRs |  |  | 630 |  |  |  | — |  |  |  | (630 | ) |  |  | — |
Commodity derivative contracts |  |  | 1,538 |  |  |  | (1,376 | ) |  |  | (162 | ) |  |  | — |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | 814 |  |  | $ | (814 | ) |  | $ | — |  |  | $ | — |
FTRs |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | 337 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  |  | 2,565 |  |  |  | (814 | ) |  |  | (1,751 | ) |  |  | — |
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.
|  | 2026 |  |  | 2025 |
(In thousands) |  | Current and Long-Term Regulatory Asset (Liability) |  |  | Other Current Assets |  |  | Current and Long-Term Regulatory Asset (Liability) |  |  | Other Current Assets |
Three Months Ended June 30: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss |  |  | 1,680 |  |  |  | — |  |  |  | 2,118 |  |  |  | — |
Realized (loss) gain reclassified to a deferred account |  |  | (245 | ) |  |  | 245 |  |  |  | (288 | ) |  |  | 288 |
Realized (loss) gain reclassified to income statement |  |  | (567 | ) |  |  | (54 | ) |  |  | (667 | ) |  |  | 30 |
Six Months Ended June 30: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (gain) loss |  | $ | (3,753 | ) |  | $ | — |  |  | $ | 362 |  |  | $ | — |
Realized gain (loss) reclassified to a deferred account |  |  | 2,363 |  |  |  | (2,363 | ) |  |  | 263 |  |  |  | (263 | )
Realized gain (loss) reclassified to income statement |  |  | 768 |  |  |  | 2,261 |  |  |  | (1,262 | ) |  |  | 271 |
Derivative Gains and Losses in Income Statement |
|  | Realized Losses (Gains) |
|  | 2026 |  |  | 2025 |
(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 |  | $ | 306 |  |  | $ | — |  |  | $ | 198 |  |  | $ | — |
FTRs |  |  | 315 |  |  |  | — |  |  |  | 439 |  |  |  | — |
Six Months Ended June 30: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | (566 | ) |  | $ | (2,231 | ) |  | $ | 596 |  |  | $ | (203 | )
FTRs |  |  | (232 | ) |  |  | — |  |  |  | 598 |  |  |  | — |

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