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Derivatives and Risk Management (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedges, Assets [Abstract] |
Schedule of Energy Commodity Derivative Volumes | The following table presents the underlying energy commodity derivative volumes as of September 30, 2023 expected to be delivered or mature in the respective years shown (in thousands of MWhs and mmBTUs):
|  | Purchases |  |  | Sales |
|  | Electric Derivatives |  |  | Gas Derivatives |  |  | Electric Derivatives |  |  | Gas Derivatives |
Year |  | Physical (1) MWh |  |  | Financial (1) MWh |  |  | Physical (1) mmBTUs |  |  | Financial (1) mmBTUs |  |  | Physical (1) MWh |  |  | Financial (1) MWh |  |  | Physical (1) mmBTUs |  |  | Financial (1) mmBTUs |
Remainder 2023 |  |  | 5 |  |  |  | — |  |  |  | 12,377 |  |  |  | 33,810 |  |  |  | 74 |  |  |  | 267 |  |  |  | 735 |  |  |  | 5,295 |
2024 |  |  | 7 |  |  |  | — |  |  |  | 14,810 |  |  |  | 61,090 |  |  |  | 31 |  |  |  | 400 |  |  |  | 1,370 |  |  |  | 11,965 |
2025 |  |  | — |  |  |  | — |  |  |  | 6,363 |  |  |  | 14,130 |  |  |  | — |  |  |  | 96 |  |  |  | 1,115 |  |  |  | 1,125 |
2026 |  |  | — |  |  |  | — |  |  |  | 1,660 |  |  |  | 1,800 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
As of September 30, 2023, there were no expected deliveries of energy commodity derivatives after 2 0 26. The following table presents the underlying energy commodity derivative volumes as of December 31, 2022 expected to be delivered or mature in the respective years shown (in thousands of MWhs and mmBTUs):
|  | Purchases |  |  | Sales |
|  | Electric Derivatives |  |  | Gas Derivatives |  |  | Electric Derivatives |  |  | Gas Derivatives |
Year |  | Physical (1) MWh |  |  | Financial (1) MWh |  |  | Physical (1) mmBTUs |  |  | Financial (1) mmBTUs |  |  | Physical (1) MWh |  |  | Financial (1) MWh |  |  | Physical (1) mmBTUs |  |  | Financial (1) mmBTUs |
2023 |  |  | 5 |  |  |  | — |  |  |  | 19,140 |  |  |  | 79,253 |  |  |  | 136 |  |  |  | 1,011 |  |  |  | 4,145 |  |  |  | 29,473 |
2024 |  |  | — |  |  |  | — |  |  |  | 533 |  |  |  | 30,658 |  |  |  | — |  |  |  | — |  |  |  | 1,370 |  |  |  | 9,668 |
2025 |  |  | — |  |  |  | — |  |  |  | 450 |  |  |  | 4,895 |  |  |  | — |  |  |  | — |  |  |  | 1,115 |  |  |  | 1,125 |
As of December 31, 2022, there were no expected deliveries of energy commodity derivatives after 2 0 25. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts.
Summary of Foreign Currency Exchange Derivatives | The following table summarizes the foreign currency exchange derivatives outstanding as of September 30, 2023 and December 31, 2022 (dollars in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Number of contracts |  |  | 20 |  |  |  | 19 |
Notional amount (in United States dollars) |  | $ | 5,292 |  |  | $ | 8,563 |
Notional amount (in Canadian dollars) |  |  | 7,159 |  |  |  | 11,659 |
Summary of Unsettled Interest Rate Swap Derivatives | The following table summarizes the unsettled interest rate swap derivatives outstanding as of September 30, 2023 and December 31, 2022 (dollars in thousands):
Balance Sheet Date |  | Number of Contracts |  |  | Notional Amount |  |  | Mandatory Cash Settlement Date
September 30, 2023 |  |  | 2 |  |  | $ | 20,000 |  |  | 2024
|  |  | 1 |  |  | $ | 10,000 |  |  | 2025
December 31, 2022 |  |  | 4 |  |  | $ | 40,000 |  |  | 2023
|  |  | 1 |  |  |  | 10,000 |  |  | 2024
Schedules of Fair Values and Locations of Derivative Instruments | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of September 30, 2023 (in thousands):
|  | Fair Value |
Derivative and Balance Sheet Location |  | Gross Asset |  |  | Gross Liability |  |  | Collateral Netted |  |  | Net Asset (Liability) on Balance Sheet |
Foreign currency exchange derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
Interest rate swap derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other property and investments-net and other non-current assets |  |  | 6,379 |  |  |  | — |  |  |  | — |  |  |  | 6,379 |
Energy commodity derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 3,622 |  |  |  | (1,664 | ) |  |  | — |  |  |  | 1,958 |
Other property and investments-net and other non-current assets |  |  | 534 |  |  |  | (214 | ) |  |  | — |  |  |  | 320 |
Other current liabilities |  |  | 23,784 |  |  |  | (70,886 | ) |  |  | 27,418 |  |  |  | (19,684 | )
Other non-current liabilities and deferred credits |  |  | 4,378 |  |  |  | (18,413 | ) |  |  | — |  |  |  | (14,035 | )
Total derivative instruments recorded on the balance sheet |  | $ | 38,720 |  |  | $ | (91,177 | ) |  | $ | 27,418 |  |  | $ | (25,039 | )
The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2022 (in thousands):
|  | Fair Value |
Derivative and Balance Sheet Location |  | Gross Asset |  |  | Gross Liability |  |  | Collateral Netted |  |  | Net Asset (Liability) on Balance Sheet |
Foreign currency exchange derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 43 |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |
Other current liabilities |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (3 | )
Interest rate swap derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 8,536 |  |  |  | — |  |  |  | — |  |  |  | 8,536 |
Other property and investments-net and other non-current assets |  |  | 2,648 |  |  |  | — |  |  |  | — |  |  |  | 2,648 |
Other current liabilities |  |  | — |  |  |  | (52 | ) |  |  | — |  |  |  | (52 | )
Energy commodity derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 32,257 |  |  |  | (22,638 | ) |  |  | — |  |  |  | 9,619 |
Other property and investments-net and other non-current assets |  |  | 312 |  |  |  | (16 | ) |  |  | — |  |  |  | 296 |
Other current liabilities |  |  | 107,902 |  |  |  | (229,607 | ) |  |  | 94,850 |  |  |  | (26,855 | )
Other non-current liabilities and deferred credits |  |  | 6,049 |  |  |  | (24,530 | ) |  |  | 10,589 |  |  |  | (7,892 | )
Total derivative instruments recorded on the balance sheet |  | $ | 157,747 |  |  | $ | (276,846 | ) |  | $ | 105,439 |  |  | $ | (13,660 | )
Schedule of Collateral Outstanding Related to Derivative Instruments | The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Energy commodity derivatives |  |  |  |  |  |
Cash collateral posted |  | $ | 27,418 |  |  | $ | 171,581 |
Letters of credit outstanding |  |  | 9,000 |  |  |  | 49,425 |
Balance sheet offsetting |  |  | 27,418 |  |  |  | 105,439 |
No letters of credit or cash collateral were outstanding related to interest rate swap derivatives a s of September 30, 2023 and December 31, 2022. Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position and the amount of additional collateral Avista Corp. could be required to post as of September 30, 2023 (in thousands):
|  | September 30, |
|  | 2023 |
Interest rate swap derivatives |  |  |
Liabilities with credit-risk-related contingent features |  | $ | — |
Additional collateral to post |  |  | — |
Energy commodity derivatives |  |  |
Liabilities with credit-risk-related contingent features |  |  | 5,334 |
Additional collateral to post |  |  | 3,996 |

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