XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Derivative Instruments | 9 Months Ended
--- | ---
Sep. 30, 2018
Derivative Instruments [Abstract] |
Derivative Instruments | Note 6—Derivative Instruments The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with ASC 815—Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these options or swaps, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At September 30, 2018 and December 31, 2017, GRE’s swaps and options were traded on the New York Mercantile Exchange. The summarized volume of GRE’s outstanding contracts and options at September 30, 2018 was as follows (MWh – Megawatt hour and Dth – Decatherm):
Settlement Dates |  | Volume |
|  | Electricity (In MWH) |  |  | Gas (in Dth) |
October 2018 |  |  | 96,960 |  |  |  | — |
November 2018 |  |  | 68,880 |  |  |  | 538,650 |
December 2018 |  |  | 86,800 |  |  |  | 554,600 |
January 2019 |  |  | 173,360 |  |  |  | 812,530 |
February 2019 |  |  | 157,120 |  |  |  | 694,825 |
March 2019 |  |  | 36,960 |  |  |  | 627,875 |
April 2019 |  |  | 3,520 |  |  |  | 36,175 |
May 2019 |  |  | 3,520 |  |  |  | 30,450 |
June 2019 |  |  | 3,200 |  |  |  | 24,975 |
July 2019 |  |  | 7,040 |  |  |  | 20,100 |
August 2019 |  |  | 7,040 |  |  |  | 18,200 |
September 2019 |  |  | 3,200 |  |  |  | 17,750 |
October 2019 |  |  | 3,680 |  |  |  | 16,900 |
November 2019 |  |  | 3,200 |  |  |  | 18,575 |
December 2019 |  |  | 3,360 |  |  |  | 18,625 |
Calendar 2020 |  |  | — |  |  |  | 112,375 |
Calendar 2021 |  |  | — |  |  |  | 19,850 |
The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows:
Asset Derivatives |  | Balance Sheet Location |  | September 30, 2018 |  |  | December 31, 2017 |
|  |  |  | (in thousands) |
Derivatives not designated or not qualifying as hedging instruments: |  |  |  |  |  |  |  |  |  |
Energy contracts and options |  | Other current assets |  | $ | 2,485 |  |  | $ | 4,358 |
Liability Derivatives |  |  |  |  |  |  |  |
Derivatives not designated or not qualifying as hedging instruments: |  |  |  |  |  |  |  |  |  |
Energy contracts and options |  | Other current liabilities |  | $ | 701 |  |  | $ | 1,228 |
The effects of derivative instruments on the consolidated statements of operations was as follows:
|  | Amount of Gain (Loss) Recognized on Derivatives |
Derivatives not designated or not qualifying as |  | Location of Gain (Loss) Recognized |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
hedging instruments |  | on Derivatives |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  |  |  | (in thousands) |
Energy contracts and options |  | Cost of revenues |  | $ | 1,462 |  |  | $ | (763 | ) |  | $ | 1,911 |  |  | $ | (3,482 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration