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Derivatives and Risk Management (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 expected to be delivered in each respective year (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 2024 |  |  | 6 |  |  |  | — |  |  |  | 12,866 |  |  |  | 19,734 |  |  |  | 194 |  |  |  | 408 |  |  |  | 581 |  |  |  | 2,690 |
2025 |  |  | — |  |  |  | — |  |  |  | 24,248 |  |  |  | 29,315 |  |  |  | 348 |  |  |  | 175 |  |  |  | 1,115 |  |  |  | 1,125 |
2026 |  |  | — |  |  |  | — |  |  |  | 14,663 |  |  |  | 10,765 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2027 |  |  | — |  |  |  | — |  |  |  | 3,910 |  |  |  | 1,350 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
As of September 30, 2024, there were no expected deliveries of energy commodity derivatives after 2 0 27. The following table presents the underlying energy commodity derivative volumes as of December 31, 2023 expected to be delivered in each respective year (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 |
2024 |  |  | 9 |  |  |  | — |  |  |  | 22,747 |  |  |  | 74,596 |  |  |  | 472 |  |  |  | 510 |  |  |  | 1,723 |  |  |  | 12,038 |
2025 |  |  | — |  |  |  | — |  |  |  | 12,505 |  |  |  | 19,590 |  |  |  | 11 |  |  |  | 96 |  |  |  | 1,115 |  |  |  | 1,125 |
2026 |  |  | — |  |  |  | — |  |  |  | 5,570 |  |  |  | 3,940 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
As of December 31, 2023, there were no expected deliveries of energy commodity derivatives after 2 0 26. (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, 2024 and December 31, 2023 (dollars in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Number of contracts |  |  | 27 |  |  |  | 5 |
Notional amount (in United States dollars) |  | $ | 1,660 |  |  | $ | 81 |
Notional amount (in Canadian dollars) |  |  | 2,251 |  |  |  | 109 |
Summary of Unsettled Interest Rate Swap Derivatives | The following table summarizes the unsettled interest rate swap derivatives outstanding as of September 30, 2024 and December 31, 2023 (dollars in thousands):
Balance Sheet Date |  | Number of Contracts |  |  | Notional Amount |  |  | Mandatory Cash Settlement Date
September 30, 2024 |  |  | 1 |  |  | $ | 10,000 |  |  | 2025
December 31, 2023 |  |  | 2 |  |  | $ | 20,000 |  |  | 2024
|  |  | 1 |  |  |  | 10,000 |  |  | 2025
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, 2024 (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 |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Interest rate swap derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities and deferred credits |  |  | — |  |  |  | (75 | ) |  |  | — |  |  |  | (75 | )
Energy commodity derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 7,612 |  |  |  | (834 | ) |  |  | — |  |  |  | 6,778 |
Other property and investments-net and other non-current assets |  |  | 1,594 |  |  |  | — |  |  |  | — |  |  |  | 1,594 |
Other current liabilities |  |  | 10,161 |  |  |  | (54,972 | ) |  |  | 17,199 |  |  |  | (27,612 | )
Other non-current liabilities and deferred credits |  |  | 2,028 |  |  |  | (16,330 | ) |  |  | 2,716 |  |  |  | (11,586 | )
Total derivative instruments recorded on the balance sheet |  | $ | 21,402 |  |  | $ | (72,211 | ) |  | $ | 19,915 |  |  | $ | (30,894 | )
The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 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 |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Interest rate swap derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 3,667 |  |  |  | — |  |  |  | — |  |  |  | 3,667 |
Other non-current liabilities and deferred credits |  |  | — |  |  |  | (182 | ) |  |  | — |  |  |  | (182 | )
Energy commodity derivatives |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 8,531 |  |  |  | (379 | ) |  |  | — |  |  |  | 8,152 |
Other current liabilities |  |  | 19,510 |  |  |  | (79,082 | ) |  |  | 42,355 |  |  |  | (17,217 | )
Other non-current liabilities and deferred credits |  |  | 2,913 |  |  |  | (20,633 | ) |  |  | — |  |  |  | (17,720 | )
Total derivative instruments recorded on the balance sheet |  | $ | 34,623 |  |  | $ | (100,276 | ) |  | $ | 42,355 |  |  | $ | (23,298 | )
Schedule of Collateral Outstanding Related to Derivative Instruments | The following table presents collateral outstanding related to its derivative instruments as of September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Energy commodity derivatives |  |  |  |  |  |
Cash collateral posted |  | $ | 24,773 |  |  | $ | 43,095 |
Letters of credit outstanding |  |  | 7,000 |  |  |  | 20,000 |
No letters of credit were outstanding, and no cash collateral was on deposit, related to interest rate swap derivatives a s of September 30, 2024 and December 31, 2023. 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 energy commodity 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, 2024 (in thousands):
|  | September 30, |
|  | 2024 |
Energy commodity derivatives |  |  |
Liabilities with credit-risk-related contingent features |  | $ | 32,051 |
Additional collateral to post |  |  | 31,799 |
As of September 30, 2024, there are no material interest rate swap derivative instruments with credit-risk-related contingent features in a liability position.

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