Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'OGLETHORPE POWER CORP |
Entity Central Index Key | '0000788816 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Electric plant: | ' | ' |
In service | $7,860,834 | $7,506,707 |
Less: Accumulated provision for depreciation | -3,581,212 | -3,472,087 |
Total in service | 4,279,622 | 4,034,620 |
Nuclear fuel, at amortized cost | 311,355 | 321,196 |
Construction work in progress | 2,261,374 | 2,240,920 |
Total electric plant | 6,852,351 | 6,596,736 |
Investments and funds: | ' | ' |
Nuclear decommissioning trust fund | 325,924 | 300,785 |
Deposit on Rocky Mountain transactions | 15,128 | 14,392 |
Investment in associated companies | 62,720 | 60,770 |
Long-term investments | 78,353 | 77,022 |
Restricted cash | 31,064 | 8,953 |
Other | 472 | 1,084 |
Total investments and funds | 513,661 | 463,006 |
Current assets: | ' | ' |
Cash and cash equivalents | 436,639 | 298,565 |
Restricted short-term investments | 254,854 | 64,671 |
Receivables | 136,973 | 134,896 |
Inventories, at average cost | 277,633 | 263,949 |
Prepayments and other current assets | 16,310 | 16,073 |
Total current assets | 1,122,409 | 778,154 |
Deferred charges: | ' | ' |
Deferred debt expense, being amortized | 63,808 | 63,210 |
Regulatory assets | 339,274 | 352,902 |
Other | 43,818 | 60,558 |
Total deferred charges | 446,900 | 476,670 |
Total assets | 8,935,321 | 8,314,566 |
Capitalization: | ' | ' |
Patronage capital and membership fees | 739,639 | 673,009 |
Accumulated other comprehensive (deficit) margin | -194 | 903 |
Total patronage capital and membership fees and accumulated other comprehensive margin | 739,445 | 673,912 |
Long-term debt | 6,076,645 | 5,784,130 |
Obligation under capital leases | 126,187 | 135,943 |
Obligation under Rocky Mountain transactions | 15,128 | 14,392 |
Total capitalization | 6,957,405 | 6,608,377 |
Current liabilities: | ' | ' |
Long-term debt and capital leases due within one year | 447,388 | 168,393 |
Short-term borrowings | 603,812 | 569,480 |
Accounts payable | 82,790 | 145,451 |
Accrued interest | 49,357 | 58,649 |
Accrued and withheld taxes | 24,482 | 4,881 |
Member power bill prepayments, current | 75,410 | 65,079 |
Other current liabilities | 14,960 | 19,539 |
Total current liabilities | 1,298,199 | 1,031,472 |
Deferred credits and other liabilities: | ' | ' |
Gain on sale of plant, being amortized | 22,528 | 23,638 |
Asset retirement obligations | 394,724 | 381,362 |
Member power bill prepayments, non-current | 32,613 | 40,853 |
Power sale agreement, being amortized | 29,669 | 40,355 |
Regulatory liabilities | 139,187 | 129,985 |
Other | 60,996 | 58,524 |
Total deferred credits and other liabilities | 679,717 | 674,717 |
Total equity and liabilities | $8,935,321 | $8,314,566 |
Condensed_Statements_of_Revenu
Condensed Statements of Revenues and Expenses (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues: | ' | ' | ' | ' |
Sales to Members | $315,646 | $338,768 | $908,490 | $944,481 |
Sales to non-Members | 34,079 | 38,628 | 71,498 | 99,842 |
Total operating revenues | 349,725 | 377,396 | 979,988 | 1,044,323 |
Operating expenses: | ' | ' | ' | ' |
Fuel | 138,252 | 171,178 | 351,467 | 419,594 |
Production | 88,689 | 91,753 | 272,703 | 280,096 |
Depreciation and amortization | 40,779 | 37,789 | 116,440 | 122,889 |
Purchased power | 12,989 | 11,396 | 40,373 | 35,332 |
Accretion | 5,755 | 4,884 | 17,062 | 14,599 |
Deferral of Hawk Road and Smith Energy Facilities effect on net margin | -7,005 | -655 | -25,672 | -15,214 |
Total operating expenses | 279,459 | 316,345 | 772,373 | 857,296 |
Operating margin | 70,266 | 61,051 | 207,615 | 187,027 |
Other income: | ' | ' | ' | ' |
Investment income | 8,353 | 6,435 | 23,778 | 22,450 |
Gain on termination of Rocky Mountain transactions | ' | 14,719 | ' | 14,719 |
Other | 2,317 | 2,591 | 6,834 | 9,490 |
Total other income | 10,670 | 23,745 | 30,612 | 46,659 |
Interest charges: | ' | ' | ' | ' |
Interest expense | 80,569 | 76,443 | 232,597 | 231,290 |
Allowance for debt funds used during construction | -23,597 | -21,151 | -73,013 | -61,588 |
Amortization of debt discount and expense | 3,860 | 5,761 | 12,013 | 15,843 |
Net interest charges | 60,832 | 61,053 | 171,597 | 185,545 |
Net margin | $20,104 | $23,743 | $66,630 | $48,141 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Margin (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Statements of Comprehensive Margin | ' | ' | ' | ' |
Net margin | $20,104 | $23,743 | $66,630 | $48,141 |
Other comprehensive margin: | ' | ' | ' | ' |
Unrealized (loss) gain on available-for-sale securities | 205 | 42 | -1,097 | 870 |
Total comprehensive margin | $20,309 | $23,785 | $65,533 | $49,011 |
Condensed_Statements_of_Patron
Condensed Statements of Patronage Capital and Membership Fees and Accumulated Other Comprehensive Margin (Deficit) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Members' Capital | ' | ' | ' | ' |
Balance | ' | ' | $673,912 | $634,307 |
Components of comprehensive margin: | ' | ' | ' | ' |
Net margin | 20,104 | 23,743 | 66,630 | 48,141 |
Unrealized (loss) gain on available-for-sale securities | 205 | 42 | -1,097 | 870 |
Balance | 739,445 | 683,318 | 739,445 | 683,318 |
Patronage Capital and Membership Fees | ' | ' | ' | ' |
Increase (Decrease) in Members' Capital | ' | ' | ' | ' |
Balance | ' | ' | 673,009 | 633,689 |
Components of comprehensive margin: | ' | ' | ' | ' |
Net margin | ' | ' | 66,630 | 48,141 |
Balance | 739,639 | 681,830 | 739,639 | 681,830 |
Accumulated Other Comprehensive Margin (Deficit) | ' | ' | ' | ' |
Increase (Decrease) in Members' Capital | ' | ' | ' | ' |
Balance | ' | ' | 903 | 618 |
Components of comprehensive margin: | ' | ' | ' | ' |
Unrealized (loss) gain on available-for-sale securities | ' | ' | -1,097 | 870 |
Balance | ($194) | $1,488 | ($194) | $1,488 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net margin | $66,630 | $48,141 |
Adjustments to reconcile net margin to net cash provided by operating activities: | ' | ' |
Depreciation and amortization, including nuclear fuel | 218,425 | 229,787 |
Accretion cost | 17,062 | 14,599 |
Amortization of deferred gains | -1,341 | -35,579 |
Allowance for equity funds used during construction | -1,938 | -2,123 |
Deferred outage costs | -33,347 | -22,583 |
Deferral of Hawk Road and Smith Energy Facilities effect on net margin | -25,672 | -15,214 |
Gain on sale of investments | -21,694 | -8,001 |
Regulatory deferral of costs associated with nuclear decommissioning | 10,652 | -528 |
Other | -5,416 | -6,321 |
Change in operating assets and liabilities: | ' | ' |
Receivables | -2,995 | -8,742 |
Inventories | -13,684 | 11,609 |
Prepayments and other current assets | -234 | 206 |
Accounts payable | -76,892 | -54,392 |
Accrued interest | -9,292 | -20,080 |
Accrued taxes | 19,601 | 3,930 |
Other current liabilities | -4,264 | -3,888 |
Member power bill prepayments | 2,091 | 12,227 |
Total adjustments | 71,062 | 94,907 |
Net cash provided by operating activities | 137,692 | 143,048 |
Cash flows from investing activities: | ' | ' |
Property additions | -414,493 | -495,925 |
Activity in decommissioning fund - Purchases | -479,622 | -536,224 |
Activity in decommissioning fund - Proceeds | 475,446 | 532,041 |
(Increase) decrease in restricted cash | -22,111 | 35,714 |
(Increase) decrease in restricted short-term investments | -190,184 | 42,808 |
Activity in other long-term investments - Purchases | -34,510 | -4,404 |
Activity in other long-term investments - Proceeds | 36,753 | 13,689 |
Activity on interest rate options - Collateral returned | -146,730 | -43,070 |
Activity on interest rate options - Collateral received | 168,840 | 7,810 |
Other | 11,563 | -17,198 |
Net cash used in investing activities | -595,048 | -464,759 |
Cash flows from financing activities: | ' | ' |
Long-term debt proceeds | 875,640 | 108,792 |
Long-term debt payments | -313,983 | -94,706 |
Increase in short-term borrowings, net | 34,332 | 296,222 |
Other | -559 | 5,542 |
Net cash provided by financing activities | 595,430 | 315,850 |
Net increase (decrease) in cash and cash equivalents | 138,074 | -5,861 |
Cash and cash equivalents at beginning of period | 298,565 | 443,671 |
Cash and cash equivalents at end of period | 436,639 | 437,810 |
Cash paid for - | ' | ' |
Interest (net of amounts capitalized) | 165,388 | 181,675 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Change in plant expenditures included in accounts payable | $19,488 | ($13,069) |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General | ' |
General | ' |
General. The condensed financial statements included in this report have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the information furnished in this report reflects all adjustments (which include only normal recurring adjustments) and estimates necessary to fairly state, in all material respects, the results for the three- and nine-month periods ended September 30, 2013 and 2012. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. Certain prior year amounts have been reclassified to conform with the current year presentation. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC. The results of operations for the three-and nine-month periods ended September 30, 2013 are not necessarily indicative of results to be expected for the full year. As noted in our 2012 Form 10-K, our revenues consist primarily of sales to our 38 electric distribution cooperative members and, thus, the receivables on the condensed balance sheets are principally from our members. (See "Notes to Financial Statements" in our 2012 Form 10-K.) |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value | ' | |||||||||||||
Fair Value | ' | |||||||||||||
Fair Value. Authoritative guidance regarding fair value measurements for financial and non-financial assets and liabilities defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. | ||||||||||||||
The guidance establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||
• | ||||||||||||||
Level 1. Quoted prices from active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Quoted prices in active markets provide the most reliable evidence of fair value and are used to measure fair value whenever available. Level 1 primarily consists of financial instruments that are exchange-traded. | ||||||||||||||
• | ||||||||||||||
Level 2. Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Level 2 primarily consists of financial instruments that are non-exchange-traded but have significant observable inputs. | ||||||||||||||
• | ||||||||||||||
Level 3. Pricing inputs that include significant inputs which are generally less observable from objective sources. These inputs may include internally developed methodologies that result in management's best estimate of fair value. Level 3 financial instruments are those whose fair value is based on significant unobservable inputs. | ||||||||||||||
As required by the guidance, assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: | ||||||||||||||
1. Market approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business) and deriving fair value based on these inputs. | ||||||||||||||
2. Income approach. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. | ||||||||||||||
3. Cost approach. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (often referred to as current replacement cost). This approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset or comparable utility, adjusted for obsolescence. | ||||||||||||||
The tables below detail assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012. | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
September 30, | Quoted Prices in | Significant Other | Significant | |||||||||||
2013 | Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
(dollars in thousands) | ||||||||||||||
Nuclear decommissioning trust funds: | ||||||||||||||
Domestic equity | $ | 131,348 | $ | 131,348 | $ | — | $ | — | ||||||
International equity | 67,142 | 67,142 | — | — | ||||||||||
Corporate bonds | 37,334 | — | 37,334 | — | ||||||||||
US Treasury and government agency securities | 48,013 | 48,013 | — | — | ||||||||||
Agency mortgage and asset backed securities | 28,594 | — | 28,594 | — | ||||||||||
Municipal Bonds | 634 | — | 634 | — | ||||||||||
Other | 12,859 | 12,859 | — | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 6,383 | — | 6,383 | — | ||||||||||
US Treasury and government agency securities | 8,518 | 8,518 | — | — | ||||||||||
Agency mortgage and asset backed securities | 3,947 | — | 3,947 | — | ||||||||||
International equity | 10,327 | 10,327 | — | — | ||||||||||
Mutual funds | 49,028 | 49,028 | — | — | ||||||||||
Other | 150 | 150 | — | — | ||||||||||
Interest rate options | 43,531 | — | — | 43,531 | -1 | |||||||||
Natural gas swaps | (197 | ) | — | (197 | ) | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||
2012 | Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
(dollars in thousands) | ||||||||||||||
Nuclear decommissioning trust funds: | ||||||||||||||
Domestic equity | $ | 118,329 | $ | 118,329 | $ | — | $ | — | ||||||
International equity | 48,105 | 48,105 | — | — | ||||||||||
Corporate bonds | 53,172 | — | 53,172 | — | ||||||||||
US Treasury and government agency securities | 46,626 | 46,626 | — | — | ||||||||||
Agency mortgage and asset backed securities | 21,273 | — | 21,273 | — | ||||||||||
Other | 13,280 | 13,280 | — | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 5,762 | — | 5,762 | — | ||||||||||
US Treasury and government agency securities | 7,387 | 7,387 | — | — | ||||||||||
Agency mortgage and asset backed securities | 2,526 | — | 2,526 | — | ||||||||||
Mutual funds | 60,972 | 60,972 | — | — | ||||||||||
Other | 375 | 375 | — | — | ||||||||||
Bond, reserve and construction funds | 1 | 1 | — | — | ||||||||||
Interest rate options | 25,783 | — | — | 25,783 | -1 | |||||||||
Natural gas swaps | (1,085 | ) | — | (1,085 | ) | — | ||||||||
-1 | ||||||||||||||
Interest rate options as reflected on the unaudited condensed Balance Sheet include the fair value of the interest rate options offset by $31,060,000 and $8,950,000 of collateral received from the counterparties at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||
The Level 2 investments above in corporate bonds and agency mortgage and asset backed securities may not be exchange traded. The fair value measurements for these investments are based on a market approach, including the use of observable inputs. Common inputs include reported trades and broker/dealer bid/ask prices. | ||||||||||||||
The following tables present the changes in our Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2013 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at June 30, 2013 | $ | 43,680 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | (149 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 43,531 | ||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2012 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at June 30, 2012 | $ | 39,215 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | (9,294 | ) | ||||||||||||
Balance at September 30, 2012 | $ | 29,921 | ||||||||||||
Nine Months Ended | ||||||||||||||
September 30, 2013 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at December 31, 2012 | $ | 25,783 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | 17,748 | |||||||||||||
Balance at September 30, 2013 | $ | 43,531 | ||||||||||||
Nine Months Ended | ||||||||||||||
September 30, 2012 | ||||||||||||||
Decommissioning | Long-term | Interest Rate | ||||||||||||
funds | investments | Options | ||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at December 31, 2011 | $ | (982 | ) | $ | 7,713 | $ | 69,446 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | 982 | — | (39,525 | ) | ||||||||||
Impairment included in other comprehensive margin (deficit) | — | 887 | — | |||||||||||
Liquidations | — | (8,600 | ) | — | ||||||||||
Balance at September 30, 2012 | $ | — | $ | — | $ | 29,921 | ||||||||
The estimated fair values of our long-term debt, including current maturities at September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Value | Value | Value | Value | |||||||||||
Long-term debt | $ | 6,509,240 | $ | 7,065,111 | $ | 5,930,449 | $ | 7,213,365 | ||||||
Long-term debt is classified as Level 2 and is estimated based on observed or quoted market prices for the same or similar issues or on the current rates offered to us for debt of similar maturities. The primary sources of our long-term debt consist of first mortgage bonds, pollution control revenue bonds and long-term debt issued by the Federal Financing Bank. We also have small amounts of long-term debt provided by National Rural Utilities Cooperative Finance Corporation (CFC) and by CoBank, ACB in addition to a multi-year term loan with Bank of Tokyo. The valuations for the first mortgage bonds and the pollution control revenue bonds were obtained from a third party subscription service and are based on secondary market trading of our debt. Valuations for debt issued by the Federal Financing Bank are based on U.S. Treasury rates as of September 30, 2013 plus 1/8 percent, which reflects our borrowing rate for new loans of this type from the Federal Financing Bank. We use an interest rate quote sheet provided by CoBank for valuation of the CoBank debt, which reflects current rates for a similar loan. The rates on the CFC debt are fixed and the valuation is based on rate quotes provided by CFC. The rate in effect at September 30, 2013 for our term loan, which resets each month and is based on a spread to LIBOR, was used for valuation of the term loan. | ||||||||||||||
We use the methods and assumptions described above to estimate the fair value of each class of financial instruments. For cash and cash equivalents, restricted cash and receivables, the carrying amount approximates fair value because of the short-term maturity of those instruments. | ||||||||||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments. Our risk management and compliance committee provides general oversight over all risk management and compliance activities, including but not limited to, commodity trading, investment portfolio management and interest rate risk management. We use commodity trading derivatives to manage our exposure to fluctuations in the market price of natural gas. Prior to December 2012, our commodity trading derivatives were designated as hedging instruments under authoritative guidance for accounting for derivatives and hedging. In December 2012, we discontinued hedge accounting for these derivatives and began applying regulatory accounting. Consistent with our rate-making, unrealized gains or losses on natural gas swaps are reflected as a regulatory asset or liability. To hedge the risk of rising interest rates due to the significant amount of new long-term debt we expect to incur in connection with anticipated capital expenditures, we have entered into interest rate options. Hedge accounting is not applied to our interest rate options. Consistent with our rate-making, unrealized losses from the interest rate options are recorded as a regulatory asset. Within our nuclear decommissioning trust fund, derivatives including options, swaps and credit default swaps, which are non-speculative, could be utilized to mitigate volatility associated with duration, default, yield curve and the interest rate risks of the portfolio. Consistent with our rate-making, unrealized gains or losses related to the decommissioning trust funds are recorded as an increase or decrease in the associated regulatory asset or liability. We do not hold or enter into derivative transactions for trading or speculative purposes. | ||||||||||||||||
We are exposed to credit risk as a result of entering into these hedging arrangements. Credit risk is the potential loss resulting from a counterparty's nonperformance under an agreement. We have established policies and procedures to manage credit risk through counterparty analysis, exposure calculation and monitoring, exposure limits, collateralization and certain other contractual provisions. | ||||||||||||||||
It is possible that volatility in commodity prices and/or interest rates could cause us to have credit risk exposures with one or more counterparties. We currently have credit risk exposure to our interest rate options counterparties. If such counterparties fail to perform their obligations, we could suffer a financial loss. However, as of September 30, 2013, all of the counterparties with transaction amounts outstanding under our hedging programs are rated investment grade by the major rating agencies or have provided a guaranty from one of their affiliates that is rated investment grade. | ||||||||||||||||
We have entered into International Swaps and Derivatives Association agreements with our natural gas hedge and interest rate option counterparties that mitigate credit exposure by creating contractual rights relating to creditworthiness, collateral, termination and netting (which, in certain cases, allows us to use the net value of affected transactions with the same counterparty in the event of default by the counterparty or early termination of the agreement). | ||||||||||||||||
Additionally, we have implemented procedures to monitor the creditworthiness of our counterparties and to evaluate nonperformance in valuing counterparty positions. We have contracted with a third party to assist in monitoring certain of our counterparties' credit standing and condition. Net liability positions are generally not adjusted as we use derivative transactions as hedges and have the ability and intent to perform under each of our contracts. In the instance of net asset positions, we consider general market conditions and the observable financial health and outlook of specific counterparties, forward looking data such as credit default swaps, when available, and historical default probabilities from credit rating agencies in evaluating the potential impact of nonperformance risk to derivative positions. | ||||||||||||||||
The contractual agreements contain provisions that could require us or the counterparty to post collateral or credit support. The amount of collateral or credit support that could be required is calculated as the difference between the aggregate fair value of the hedges and pre-established credit thresholds. The credit thresholds are contingent upon each party's credit ratings from the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. | ||||||||||||||||
Gas hedges. Under the natural gas swap arrangements, we pay the counterparty a fixed price for specified natural gas quantities and receive a payment for such quantities based on a market price index. These payment obligations are netted, such that if the market price index is lower than the fixed price, we will make a net payment, and if the market price index is higher than the fixed price, we will receive a net payment. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the estimated fair values of our natural gas contracts were net liabilities of approximately $197,000 and $1,085,000, respectively. | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, neither we nor any counterparties were required to post credit support or collateral under the natural gas swap agreements. If the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2013 due to our credit rating being downgraded below investment grade, we would have been required to post letters of credit totaling up to $278,000 with our counterparties. | ||||||||||||||||
The following table reflects the volume activity of our natural gas derivatives as of September 30, 2013 that is expected to settle or mature each year: | ||||||||||||||||
Year | Natural Gas Swaps | |||||||||||||||
(MMBTUs) | ||||||||||||||||
(in millions) | ||||||||||||||||
2013 | 0.3 | |||||||||||||||
2014 | 3.7 | |||||||||||||||
2015 | 0.3 | |||||||||||||||
Total | 4.3 | |||||||||||||||
Interest rate options. We are exposed to the risk of rising interest rates due to the significant amount of new long-term debt we expect to incur in connection with anticipated capital expenditures, particularly the construction of Vogtle Units No. 3 and No. 4. In fourth quarter of 2011, we purchased LIBOR swaptions at a cost of $100,000,000 to hedge the interest rates on approximately $2.2 billion of the expected debt that will be used to finance two additional nuclear units at Plant Vogtle. As of September 30, 2013, our outstanding swaptions hedged approximately $1.6 billion of the expected debt for the new Vogtle units. | ||||||||||||||||
The LIBOR swaptions are each designed to cap our effective interest rate at a specified fixed interest rate on a specified option expiration date. This is accomplished by means of a payment of the cash settlement value our counterparties are obligated to make to us if prevailing fixed LIBOR swap rates exceed the specified fixed rate on the option expiration date. This payment would partially offset our interest costs, thereby reducing our effective interest rate. The cash settlement value would be zero if swap rates are at or below the specified fixed rate on the expiration date. The cash settlement value is calculated based on the value of an underlying swap which we have the right, but not the obligation, to enter into, which would begin on the option expiration date and extend until 2042 and under which we would pay the specified fixed rate and receive a floating LIBOR rate. The fixed rates on the unexpired swaptions we hold are in the range of 50 to 100 basis points above LIBOR swap rates that were in effect as of September 30, 2013 and the weighted average fixed rate is 4.16%. Swaptions having notional amounts totaling $562,894,000 expired without value during the nine months ended September 30, 2013. The remaining swaptions expire quarterly through 2017. | ||||||||||||||||
We paid all the premiums to purchase these LIBOR swaptions at the time we entered into these transactions and have no additional payment obligations. These derivatives are recorded at fair value, and hedge accounting is not applied. At September 30, 2013 and December 31, 2012, the fair value of these swaptions was approximately $43,531,000 and $25,783,000, respectively. To manage our credit exposure to our counterparties, we negotiated credit support provisions that require each counterparty to provide us collateral in the form of cash or securities to the extent that the value of the swaptions outstanding for that counterparty exceeds a certain threshold. The collateral thresholds can range from $0 to $10,000,000 depending on each counterparty's credit rating. As of September 30, 2013 and December 31, 2012, we held $31,060,000 and $8,950,000 of funds posted as collateral by the counterparties, respectively. The collateral received is recorded as restricted cash on our balance sheet. The liability associated with the collateral is recorded as an offset to the fair values of the swaptions, which are recorded within other deferred charges on the balance sheet, resulting in a net carrying amount of the interest rate options of $12,471,000 and $16,833,000 at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
We are deferring gains or losses from the change in fair value of each LIBOR swaption and related carrying and other incidental costs in accordance with our rate-making treatment. The deferred costs and deferred gains, if any, from the settlement of the interest rate options will be amortized and collected in rates over the life of the $2.2 billion of debt that we hedged with the swaptions. | ||||||||||||||||
We estimate the value of the LIBOR swaptions utilizing an option pricing model based on several inputs including the notional amount, the forward LIBOR swap rates, the option volatility, the fixed rate on the underlying swap, the time to expiration, the term of the underlying swap and discount rates, as well as credit attributes, including the credit spread of the counterparty and the amount of credit support that is available for each swaption. The fair value of the swaptions is sensitive to certain of these inputs, especially option volatility. We are able to effectively observe all of these factors using a variety of market sources except for the credit spreads of certain counterparties and the option volatility. We are able to estimate option volatility implied by valuations we obtain from various sources, but the valuations, and therefore the implied option volatilities, vary considerably from one source to another. Since valuations of comparable instruments are generally not publicly available, we have categorized these LIBOR swaptions as Level 3. We considered both any intrinsic value and the remaining time value associated with the derivatives and considered counterparty credit risk in our determination of all estimated fair values. We believe the estimated fair values for the LIBOR swaptions we hold are based on the most accurate information available for these types of derivative contracts. The following table reflects the remaining notional amount of forecasted debt issuances we have hedged in each year with LIBOR swaptions as of September 30, 2013. | ||||||||||||||||
Year | LIBOR Swaption | |||||||||||||||
Notional Dollar | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
2013 | $ | 191,559 | ||||||||||||||
2014 | 563,425 | |||||||||||||||
2015 | 470,625 | |||||||||||||||
2016 | 310,533 | |||||||||||||||
2017 | 80,169 | |||||||||||||||
Total | $ | 1,616,311 | ||||||||||||||
The table below reflects the fair value of derivative instruments and their effect on our condensed balance sheets at September 30, 2013 and December 31, 2012. | ||||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||
Location | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate options(1) | Other deferred charges | $ | 43,531 | $ | 25,783 | |||||||||||
Liabilities: | ||||||||||||||||
Natural gas swaps | Other current liabilities | $ | 197 | $ | 1,085 | |||||||||||
-1 | ||||||||||||||||
Excludes liability associated with cash collateral of $31,060,000 and $8,950,000 as of September 30, 2013 and December 31, 2012, respectively, which is recorded as an offset to the fair value of the swaptions on the unaudited condensed balance sheets. | ||||||||||||||||
The following table presents the gross realized gains and (losses) on derivative instruments recognized in margin for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Statement of | Three months ended | Nine months ended | ||||||||||||||
Revenues and | September 30, | September 30, | ||||||||||||||
Expenses Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Designated as hedges: | ||||||||||||||||
Natural Gas Swaps | Fuel | $ | — | $ | 173 | $ | — | $ | 197 | |||||||
Natural Gas Swaps | Fuel | — | (3,934 | ) | — | (9,204 | ) | |||||||||
Not Designated as hedges: | ||||||||||||||||
Natural Gas Swaps | Fuel | 122 | — | 688 | — | |||||||||||
Natural Gas Swaps | Fuel | (3,089 | ) | — | (4,002 | ) | — | |||||||||
$ | (2,967 | ) | $ | (3,761 | ) | $ | (3,314 | ) | $ | (9,007 | ) | |||||
The following table presents the gross unrealized gains and (losses) on derivative instruments deferred on the balance sheet at September 30, 2013 and December 31, 2012. | ||||||||||||||||
Balance Sheet | 2013 | 2012 | ||||||||||||||
Location | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||
Interest rate options | Regulatory asset | $ | (41,544 | ) | $ | (74,217 | ) | |||||||||
Natural gas swaps | Regulatory asset | (197 | ) | (1,085 | ) | |||||||||||
$ | (41,741 | ) | $ | (75,302 | ) | |||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements and obligations to return cash collateral at September 30, 2013. | ||||||||||||||||
Gross Amounts | Gross | Cash | Net Amounts of | |||||||||||||
of Recognized | Amounts | Collateral | Assets | |||||||||||||
Assets | offset on the | Presented on the | ||||||||||||||
(Liabilities) | Balance Sheet | Balance Sheet | ||||||||||||||
(dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Natural gas swaps | $ | (409 | ) | $ | 212 | $ | — | $ | (197 | ) | ||||||
Interest rate options | $ | 43,531 | $ | — | $ | (31,060 | ) | $ | 12,471 | |||||||
Investments_in_Debt_and_Equity
Investments in Debt and Equity Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments in Debt and Equity Securities | ' | |||||||||||||
Investments in Debt and Equity Securities | ' | |||||||||||||
Investments in Debt and Equity Securities. Investment securities we hold are classified as available-for-sale. Available-for-sale securities are carried at market value with unrealized gains and losses, net of any tax effect, added to or deducted from other comprehensive margin, except that, in accordance with our rate-making treatment, unrealized gains and losses from investment securities held in the nuclear decommissioning trust fund are directly added to or deducted from the regulatory asset for asset retirement obligations. Realized gains and losses on the nuclear decommissioning trust fund are also recorded to the regulatory asset. All realized and unrealized gains and losses are determined using the specific identification method. Approximately 76% of these gross unrealized losses were in effect for less than one year. | ||||||||||||||
The following tables summarize the activities for available-for-sale securities as of September 30, 2013 and December 31, 2012. | ||||||||||||||
Gross Unrealized | ||||||||||||||
(dollars in thousands) | ||||||||||||||
September 30, 2013 | Cost | Gains | Losses | Fair | ||||||||||
Value | ||||||||||||||
Equity | $ | 178,794 | $ | 51,750 | $ | (1,230 | ) | $ | 229,314 | |||||
Debt | 162,452 | 7,593 | (8,090 | ) | 161,955 | |||||||||
Other | 13,008 | — | — | 13,008 | ||||||||||
Total | $ | 354,254 | $ | 59,343 | $ | (9,320 | ) | $ | 404,277 | |||||
Gross Unrealized | ||||||||||||||
(dollars in thousands) | ||||||||||||||
December 31, 2012 | Cost | Gains | Losses | Fair | ||||||||||
Value | ||||||||||||||
Equity | $ | 153,846 | $ | 45,071 | $ | (3,675 | ) | $ | 195,242 | |||||
Debt | 163,127 | 10,286 | (4,501 | ) | 168,912 | |||||||||
Other | 13,654 | — | — | 13,654 | ||||||||||
Total | $ | 330,627 | $ | 55,357 | $ | (8,176 | ) | $ | 377,808 | |||||
Recently_Issued_or_Adopted_Acc
Recently Issued or Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements. In July 2013, the Financial Accounting Standards Board (FASB) issued "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist." The update provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this standard is effective for us January 1, 2014 and is not expected to have a material effect on our consolidated financial statements. | |
In December 2011, FASB issued "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which modifies the disclosure requirements for offsetting financial instruments and derivative instruments. The update requires an entity to disclose information about offsetting and related arrangements and the effect of those arrangements on its financial position. The adoption of this standard was effective for us January 1, 2013 and did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued "Comprehensive Income (Topic 220): Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income," which amended certain provisions of ASC 220 "Comprehensive Income." The update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective items on the income statement for reclassified amounts that are required by U.S. GAAP to be reclassified entirely to net income. The update also requires additional footnote disclosures for reclassified amounts that are not required by U.S. GAAP to be reclassified entirely to net income. The adoption of this standard did not have a material impact on our consolidated financial statements. | |
Accumulated_Comprehensive_Marg
Accumulated Comprehensive Margin | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accumulated Comprehensive Margin | ' | ||||
Accumulated Comprehensive Margin | ' | ||||
Accumulated Comprehensive Margin. The table below provides detail of the beginning and ending balance for each classification of other comprehensive margin (deficit) along with the amount of any reclassification adjustments included in margin for each of the periods presented in the unaudited Condensed Statements of Patronage Capital and Membership Fees and Accumulated Other Comprehensive Margin. There were no material changes in the nature, timing or amounts of expected (gain) loss reclassified to net margin from the amounts disclosed in our 2012 Form 10-K. Amounts reclassified to net margin in the table below are reflected in "Other income" on our unaudited Condensed Statement of Revenues and Expenses. | |||||
Our effective tax rate is zero; therefore, all amounts below are presented net of tax. | |||||
Accumulated Other | |||||
Comprehensive Margin | |||||
Three Months Ended | |||||
(dollars in thousands) | |||||
Available-for-sale | |||||
Securities | |||||
Balance at June 30, 2012 | $ | 1,446 | |||
Unrealized gain | 165 | ||||
(Gain) reclassified to net margin | (123 | ) | |||
Balance at September 30, 2012 | $ | 1,488 | |||
Balance at June 30, 2013 | $ | (399 | ) | ||
Unrealized gain | 181 | ||||
Loss reclassified to net margin | 24 | ||||
Balance at September 30, 2013 | $ | (194 | ) | ||
Nine Months Ended | |||||
(dollars in thousands) | |||||
Available-for-sale | |||||
Securities | |||||
Balance at December 31, 2011 | $ | 618 | |||
Unrealized gain | 1,076 | ||||
(Gain) reclassified to net margin | (206 | ) | |||
Balance at September 30, 2012 | $ | 1,488 | |||
Balance at December 31, 2012 | $ | 903 | |||
Unrealized (loss) | (1,041 | ) | |||
(Gain) reclassified to net margin | (56 | ) | |||
Balance at September 30, 2013 | $ | (194 | ) | ||
Contingencies_and_Regulatory_M
Contingencies and Regulatory Matters | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies and Regulatory Matters | ' |
Contingencies and Regulatory Matters | ' |
Contingencies and Regulatory Matters. | |
General | |
We are subject to certain claims and legal actions arising in the ordinary course of our business. The ultimate outcome of any pending or current proceedings against us cannot be predicted at this time; however, except as discussed in "—Nuclear Construction" below, management does not anticipate that the liabilities, if any, for any current proceedings against us, if adversely determined, will have a material effect on our financial condition or results of operations. | |
Nuclear Construction | |
In April 2008, Georgia Power Company, acting for itself and as agent for Oglethorpe, the Municipal Electric Authority of Georgia, and the City of Dalton, Georgia (collectively, the Co-owners), and Westinghouse Electric Company LLC and Stone & Webster, Inc. (collectively, the Contractor) entered into an engineering, procurement, and construction agreement (Vogtle No. 3 and No. 4 Agreement) to design, engineer, procure, and construct two AP1000 nuclear units with electric generating capacity of approximately 1,100 megawatts each and related facilities, structures, and improvements at Plant Vogtle (Vogtle Units No. 3 and No. 4). | |
Under the Vogtle No. 3 and No. 4 Agreement, the Co-owners and the Contractor have established both informal and formal dispute resolution procedures in order to resolve issues arising during the course of constructing a project of this magnitude. Georgia Power, on behalf of the Co-owners, has successfully initiated both formal and informal claims through these procedures, including ongoing claims. When matters are not resolved through these procedures, the parties may proceed to litigation. The Contractor and the Co-owners are involved in litigation with respect to certain claims that have not been resolved through the formal dispute resolution process. | |
The most significant litigation relates to costs associated with design changes to the Westinghouse AP1000 Design Control Document (DCD) and costs associated with delays in the project schedule related to the timing of approval of the DCD and issuance of the combined construction permits and operating licenses by the Nuclear Regulatory Commission. In July 2012, the Co-owners and Contractor began negotiations regarding these costs, including the assertion by the Contractor that the Co-owners are responsible for these costs under the terms of the contract. The Contractor has claimed that its estimated adjustment attributable to us, based on our ownership interest, is approximately $280,000,000 in 2008 dollars with respect to these issues. The Contractor has also asserted that it is entitled to schedule extensions. Georgia Power, on behalf of the Co-owners, has not agreed with either the proposed cost or schedule adjustments or that the Co-owners have any responsibility for costs related to these issues. On November 1, 2012, the Co-owners filed suit against the Contractor in the U.S. District Court for the Southern District of Georgia, seeking a declaratory judgment that the Co-owners are not responsible for these costs. Also on November 1, 2012, the Contractor filed suit against the Co-owners in the U.S. District Court for the District of Columbia alleging the Co-owners are responsible for these costs. On August 30, 2013, the U.S. District Court for the District of Columbia dismissed the Contractor's suit, ruling that proper venue is the U.S. District Court for the Southern District of Georgia. The Contractor appealed the decision to the U.S. Court of Appeals for the District of Columbia Circuit on September 27, 2013. While litigation has commenced and Georgia Power and the Co-owners intend to vigorously defend their positions, Georgia Power and the Co-owners also expect negotiations with the Contractor to continue with respect to cost and schedule during which time the parties will attempt to reach a mutually acceptable compromise of their positions. | |
If any or all of these costs are ultimately imposed on the Co-owners, we will capitalize the costs attributable to us. As of September 30, 2013, no material amounts have been recorded related to this claim. Additional claims by the Contractor or Georgia Power, on behalf of the Co-owners, are also likely to arise throughout construction. | |
The ultimate outcome of these matters cannot be determined at this time. | |
Environmental Matters | |
As is typical for electric utilities, we are subject to various federal, state and local environmental laws which represent significant future risks and uncertainties. Air emissions, water discharges and water usage are extensively controlled, closely monitored and periodically reported. Handling and disposal requirements govern the manner of transportation, storage and disposal of various types of waste. We are also subject to climate change regulations that impose restrictions on emissions of greenhouse gases, including carbon dioxide, for certain new and modified facilities. | |
In general, these and other types of environmental requirements are becoming increasingly stringent. Such requirements may substantially increase the cost of electric service, by requiring modifications in the design or operation of existing facilities, the purchase of emission allowances, or changes or delays in the location, design, construction or operation of new facilities. Failure to comply with these requirements could result in civil and criminal penalties and could include the complete shutdown of individual generating units not in compliance. Certain of our debt instruments require us to comply in all material respects with laws, rules, regulations and orders imposed by applicable governmental authorities, which include current or future environmental laws or regulations. Should we fail to be in compliance with these requirements, it would constitute a default under those debt instruments. We believe that we are in compliance with those environmental regulations currently applicable to our business and operations. Although it is our intent to comply with current and future regulations, we cannot provide assurance that we will always be in compliance. | |
At this time, the ultimate impact of any new and more stringent environmental regulations described above is uncertain and could have an effect on our financial condition, results of operations and cash flows as a result of future additional capital expenditures and increased operations and maintenance costs. | |
Additionally, litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental requirements such as air quality and water standards, has increased generally throughout the United States. In particular, personal injury and other claims for damages caused by alleged exposure to hazardous materials, and common law nuisance claims for injunctive relief, personal injury and property damage allegedly caused by coal combustion residue, greenhouse gas and other emissions have become more frequent. For example, during 2013, approximately 150 plaintiffs have filed complaints against us and the other co-owners of Plant Scherer claiming personal injury and property damage arising from the alleged release of hazardous substances from the plant, primarily related to the coal-ash pond, into the surrounding groundwater and air. | |
Restricted_Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Cash | ' |
Restricted Cash | ' |
Restricted Cash. At September 30, 2013 and December 31, 2012, we had restricted cash totaling $31,221,000 and $9,109,000, respectively, of which $31,064,000 and $8,953,000, respectively, was classified as long-term. The long-term restricted cash balance at September 30, 2013 and December 31, 2012 consisted primarily of funds posted as collateral by counterparties to our interest rate options. |
Restricted_Shortterm_Investmen
Restricted Short-term Investments | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Short-term Investments | ' |
Restricted Short-term Investments | ' |
Restricted Short-term Investments. At September 30, 2013 and December 31, 2012, we had $254,854,000 and $64,671,000, respectively, on deposit with the Rural Utilities Service in the Cushion of Credit Account. The restricted funds will be utilized for future Rural Utilities Service Federal Financing Bank debt service payments. The deposit earns interest at a Rural Utilities Service guaranteed rate of 5% per annum. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Assets and Liabilities | ' | |||||||
Regulatory Assets and Liabilities | ' | |||||||
Regulatory Assets and Liabilities. We apply the accounting guidance for regulated operations. Regulatory assets represent certain costs that are probable of recovery from our members in future revenues through rates under the wholesale power contracts with our members extending through December 31, 2050. Regulatory liabilities represent certain items of income that we are retaining and that will be applied in the future to reduce revenues required to be recovered from our members. | ||||||||
The following regulatory assets and liabilities are reflected on the accompanying condensed balance sheet as of September 30, 2013 and December 31, 2012. | ||||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Regulatory Assets: | ||||||||
Premium and loss on reacquired debt(a) | $ | 77,911 | $ | 86,319 | ||||
Amortization on capital leases(b) | 19,154 | 28,670 | ||||||
Outage costs(c) | 35,329 | 30,901 | ||||||
Interest rate swap termination fees(d) | 14,333 | 17,326 | ||||||
Asset retirement obligations(e) | — | 11,382 | ||||||
Depreciation expense(f) | 48,718 | 49,785 | ||||||
Deferred charges related to Vogtle Units No. 3 and No. 4 training costs(g) | 26,627 | 23,030 | ||||||
Interest rate options cost(h) | 58,691 | 75,716 | ||||||
Deferral of effects on net margin—Smith Energy Facility(i) | 52,384 | 21,394 | ||||||
Other regulatory assets(j) | 6,127 | 8,379 | ||||||
Total Regulatory Assets | $ | 339,274 | $ | 352,902 | ||||
Regulatory Liabilities: | ||||||||
Accumulated retirement costs for other obligations(e) | $ | 25,106 | $ | 28,846 | ||||
Deferral of effects on net margin—Hawk Road Energy Facility(i) | 22,302 | 17,113 | ||||||
Major maintenance reserve(k) | 28,012 | 30,948 | ||||||
Deferred debt service adder(l) | 54,785 | 47,486 | ||||||
Other regulatory liabilities(j) | 8,982 | 5,592 | ||||||
Total Regulatory Liabilities | $ | 139,187 | $ | 129,985 | ||||
Net Regulatory Assets | $ | 200,087 | $ | 222,917 | ||||
(a) | ||||||||
Represents premiums paid, together with unamortized transaction costs related to reacquired debt amortized over the period of the refunding debt, which range up to 30 years. | ||||||||
(b) | ||||||||
Represents the difference between lease payments and the aggregate of the amortization on the capital lease assets and the interest on the capital lease obligations for rate-making purposes. Recovered over the remaining terms of the leases through 2031. | ||||||||
(c) | ||||||||
Consists of both coal-fired and nuclear refueling outage costs. Coal-fired outages are amortized on a straight-line basis to expense over an 18 to 36-month period. Nuclear refueling outage costs are amortized on a straight-line basis to expense over the 18 to 24-month operating cycles of each unit. | ||||||||
(d) | ||||||||
Represents losses on settled interest rate swap arrangements that are being amortized through 2016 and 2019. | ||||||||
(e) | ||||||||
Represents difference in timing of recognition of the costs of decommissioning for financial statement purposes and for ratemaking purposes. | ||||||||
(f) | ||||||||
Prior to Nuclear Regulatory Commission (NRC) approval of a 20-year license extension for Plant Vogtle, we deferred the difference between Plant Vogtle depreciation expense based on the then 40-year operating license and depreciation expense assuming an expected 20-year license extension. Amortization commenced upon NRC approval of the license extension in 2009 and is being amortized over the remaining life of the plant. | ||||||||
(g) | ||||||||
Deferred charges related to Vogtle Units No. 3 and No. 4 training and interest related carrying costs of such training. Amortization will commence effective with the commercial operation date of each unit and amortized to expense over the life of the units. | ||||||||
(h) | ||||||||
Deferral of net loss associated with the change in fair value of the interest rate options to hedge interest rates on a portion of expected borrowings related to Vogtle Units No. 3 and No. 4 construction. Amortization will commence effective with the expected principal repayment of the Department of Energy (DOE)-guaranteed loan and amortized over the expected remaining life of the DOE-guaranteed loan which will finance a portion of the construction project. | ||||||||
(i) | ||||||||
Effects on net margin for Smith and Hawk Road Energy Facilities are deferred until the end of 2015 and will be amortized over the remaining life of each respective plant. | ||||||||
(j) | ||||||||
The amortization period for other regulatory assets range up to 36 years and the amortization period of other regulatory liabilities range up to 13 years. | ||||||||
(k) | ||||||||
Represents collections for future major maintenance costs; revenues to be recognized as major maintenance costs are incurred. | ||||||||
(l) | ||||||||
Collections to fund debt payments in excess of depreciation expense through the end of 2025; deferred revenues will be amortized over the remaining useful life of the plants. | ||||||||
Member_Power_Bill_Prepayments
Member Power Bill Prepayments | 9 Months Ended |
Sep. 30, 2013 | |
Member Power Bill Prepayments | ' |
Member Power Bill Prepayments | ' |
Member Power Bill Prepayments. We have a power bill prepayment program pursuant to which members can prepay their power bills from us at a discount based on our avoided cost of borrowing. The prepayments are credited against the participating members' power bills in the month(s) agreed upon in advance. The discounts are credited against the power bills and are recorded as a reduction to member revenues. At September 30, 2013, member power bill prepayments as reflected on the unaudited condensed balance sheets are $108,023,000, of which $75,410,000 is classified as current liabilities and $32,613,000 as deferred credits and other liabilities. The prepayments are being credited against members' power bills through January 2018, with the majority of the balance scheduled to be credited by the end of 2013. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt | ' |
Debt | ' |
Debt. On March 1, 2013, instead of remarketing the $212,760,000 of pollution control revenue bonds that were originally issued on our behalf by the Development Authorities of Appling, Burke and Monroe Counties, and were subject to mandatory tender, we elected to redeem the bonds with commercial paper. On April 23, 2013, the Development Authority of Appling County (Georgia), the Development Authority of Burke County (Georgia) and the Development Authority of Monroe County (Georgia) issued, on our behalf, $212,760,000 in aggregate principal amount of tax-exempt pollution control revenue bonds for the purpose of refinancing costs associated with certain of our air or water pollution control and sewage or solid waste disposal facilities. The proceeds were used to repay the outstanding commercial paper utilized to redeem the pollution control revenue bonds that were redeemed on March 1, 2013. Each series of bonds bear interest at 2.40% per annum until April 1, 2020, the initial mandatory tender date. The pollution control revenue bonds are scheduled to mature starting in 2038 through 2040. Our payment obligations related to these bonds are secured under our first mortgage indenture. | |
For the nine month period ended September 30, 2013, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $662,880,000 for long-term financing of the Smith Energy Facility and general and environmental improvements at existing plants. | |
On October 31, 2013, we received $13,217,000 in advances from RUS for general and environmental improvements at existing plants. | |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value | ' | |||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
September 30, | Quoted Prices in | Significant Other | Significant | |||||||||||
2013 | Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
(dollars in thousands) | ||||||||||||||
Nuclear decommissioning trust funds: | ||||||||||||||
Domestic equity | $ | 131,348 | $ | 131,348 | $ | — | $ | — | ||||||
International equity | 67,142 | 67,142 | — | — | ||||||||||
Corporate bonds | 37,334 | — | 37,334 | — | ||||||||||
US Treasury and government agency securities | 48,013 | 48,013 | — | — | ||||||||||
Agency mortgage and asset backed securities | 28,594 | — | 28,594 | — | ||||||||||
Municipal Bonds | 634 | — | 634 | — | ||||||||||
Other | 12,859 | 12,859 | — | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 6,383 | — | 6,383 | — | ||||||||||
US Treasury and government agency securities | 8,518 | 8,518 | — | — | ||||||||||
Agency mortgage and asset backed securities | 3,947 | — | 3,947 | — | ||||||||||
International equity | 10,327 | 10,327 | — | — | ||||||||||
Mutual funds | 49,028 | 49,028 | — | — | ||||||||||
Other | 150 | 150 | — | — | ||||||||||
Interest rate options | 43,531 | — | — | 43,531 | -1 | |||||||||
Natural gas swaps | (197 | ) | — | (197 | ) | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||
2012 | Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
(dollars in thousands) | ||||||||||||||
Nuclear decommissioning trust funds: | ||||||||||||||
Domestic equity | $ | 118,329 | $ | 118,329 | $ | — | $ | — | ||||||
International equity | 48,105 | 48,105 | — | — | ||||||||||
Corporate bonds | 53,172 | — | 53,172 | — | ||||||||||
US Treasury and government agency securities | 46,626 | 46,626 | — | — | ||||||||||
Agency mortgage and asset backed securities | 21,273 | — | 21,273 | — | ||||||||||
Other | 13,280 | 13,280 | — | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 5,762 | — | 5,762 | — | ||||||||||
US Treasury and government agency securities | 7,387 | 7,387 | — | — | ||||||||||
Agency mortgage and asset backed securities | 2,526 | — | 2,526 | — | ||||||||||
Mutual funds | 60,972 | 60,972 | — | — | ||||||||||
Other | 375 | 375 | — | — | ||||||||||
Bond, reserve and construction funds | 1 | 1 | — | — | ||||||||||
Interest rate options | 25,783 | — | — | 25,783 | -1 | |||||||||
Natural gas swaps | (1,085 | ) | — | (1,085 | ) | — | ||||||||
-1 | ||||||||||||||
Interest rate options as reflected on the unaudited condensed Balance Sheet include the fair value of the interest rate options offset by $31,060,000 and $8,950,000 of collateral received from the counterparties at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2013 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at June 30, 2013 | $ | 43,680 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | (149 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 43,531 | ||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2012 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at June 30, 2012 | $ | 39,215 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | (9,294 | ) | ||||||||||||
Balance at September 30, 2012 | $ | 29,921 | ||||||||||||
Nine Months Ended | ||||||||||||||
September 30, 2013 | ||||||||||||||
Interest rate options | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at December 31, 2012 | $ | 25,783 | ||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | 17,748 | |||||||||||||
Balance at September 30, 2013 | $ | 43,531 | ||||||||||||
Nine Months Ended | ||||||||||||||
September 30, 2012 | ||||||||||||||
Decommissioning | Long-term | Interest Rate | ||||||||||||
funds | investments | Options | ||||||||||||
(dollars in thousands) | ||||||||||||||
Assets (Liabilities): | ||||||||||||||
Balance at December 31, 2011 | $ | (982 | ) | $ | 7,713 | $ | 69,446 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings (or changes in net assets) | 982 | — | (39,525 | ) | ||||||||||
Impairment included in other comprehensive margin (deficit) | — | 887 | — | |||||||||||
Liquidations | — | (8,600 | ) | — | ||||||||||
Balance at September 30, 2012 | $ | — | $ | — | $ | 29,921 | ||||||||
Schedule of estimated fair values of long term debt, including current maturities | ' | |||||||||||||
The estimated fair values of our long-term debt, including current maturities at September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Value | Value | Value | Value | |||||||||||
Long-term debt | $ | 6,509,240 | $ | 7,065,111 | $ | 5,930,449 | $ | 7,213,365 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Schedule of volume activity of natural gas derivatives that is expected to settle or mature each year | ' | |||||||||||||||
The following table reflects the volume activity of our natural gas derivatives as of September 30, 2013 that is expected to settle or mature each year: | ||||||||||||||||
Year | Natural Gas Swaps | |||||||||||||||
(MMBTUs) | ||||||||||||||||
(in millions) | ||||||||||||||||
2013 | 0.3 | |||||||||||||||
2014 | 3.7 | |||||||||||||||
2015 | 0.3 | |||||||||||||||
Total | 4.3 | |||||||||||||||
Schedule of remaining notional amount of forecasted debt issuances hedged in each year with LIBOR swaptions | ' | |||||||||||||||
The following table reflects the remaining notional amount of forecasted debt issuances we have hedged in each year with LIBOR swaptions as of September 30, 2013. | ||||||||||||||||
Year | LIBOR Swaption | |||||||||||||||
Notional Dollar | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
2013 | $ | 191,559 | ||||||||||||||
2014 | 563,425 | |||||||||||||||
2015 | 470,625 | |||||||||||||||
2016 | 310,533 | |||||||||||||||
2017 | 80,169 | |||||||||||||||
Total | $ | 1,616,311 | ||||||||||||||
Schedule of fair value of derivative instruments and their effect on condensed balance sheets | ' | |||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||
Location | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate options(1) | Other deferred charges | $ | 43,531 | $ | 25,783 | |||||||||||
Liabilities: | ||||||||||||||||
Natural gas swaps | Other current liabilities | $ | 197 | $ | 1,085 | |||||||||||
-1 | ||||||||||||||||
Excludes liability associated with cash collateral of $31,060,000 and $8,950,000 as of September 30, 2013 and December 31, 2012, respectively, which is recorded as an offset to the fair value of the swaptions on the unaudited condensed balance sheets. | ||||||||||||||||
Schedule of the gross realized gains and (losses) on derivative instruments recognized in margin | ' | |||||||||||||||
Statement of | Three months ended | Nine months ended | ||||||||||||||
Revenues and | September 30, | September 30, | ||||||||||||||
Expenses Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Designated as hedges: | ||||||||||||||||
Natural Gas Swaps | Fuel | $ | — | $ | 173 | $ | — | $ | 197 | |||||||
Natural Gas Swaps | Fuel | — | (3,934 | ) | — | (9,204 | ) | |||||||||
Not Designated as hedges: | ||||||||||||||||
Natural Gas Swaps | Fuel | 122 | — | 688 | — | |||||||||||
Natural Gas Swaps | Fuel | (3,089 | ) | — | (4,002 | ) | — | |||||||||
$ | (2,967 | ) | $ | (3,761 | ) | $ | (3,314 | ) | $ | (9,007 | ) | |||||
Schedule of gross unrealized gains and (losses) on derivative instruments deferred on the balance sheet | ' | |||||||||||||||
Balance Sheet | 2013 | 2012 | ||||||||||||||
Location | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||
Interest rate options | Regulatory asset | $ | (41,544 | ) | $ | (74,217 | ) | |||||||||
Natural gas swaps | Regulatory asset | (197 | ) | (1,085 | ) | |||||||||||
$ | (41,741 | ) | $ | (75,302 | ) | |||||||||||
Schedule of gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements and obligation to return cash collateral | ' | |||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements and obligations to return cash collateral at September 30, 2013. | ||||||||||||||||
Gross Amounts | Gross | Cash | Net Amounts of | |||||||||||||
of Recognized | Amounts | Collateral | Assets | |||||||||||||
Assets | offset on the | Presented on the | ||||||||||||||
(Liabilities) | Balance Sheet | Balance Sheet | ||||||||||||||
(dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Natural gas swaps | $ | (409 | ) | $ | 212 | $ | — | $ | (197 | ) | ||||||
Interest rate options | $ | 43,531 | $ | — | $ | (31,060 | ) | $ | 12,471 | |||||||
Investments_in_Debt_and_Equity1
Investments in Debt and Equity Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments in Debt and Equity Securities | ' | |||||||||||||
Summary of activities for available-for-sale securities | ' | |||||||||||||
Gross Unrealized | ||||||||||||||
(dollars in thousands) | ||||||||||||||
September 30, 2013 | Cost | Gains | Losses | Fair | ||||||||||
Value | ||||||||||||||
Equity | $ | 178,794 | $ | 51,750 | $ | (1,230 | ) | $ | 229,314 | |||||
Debt | 162,452 | 7,593 | (8,090 | ) | 161,955 | |||||||||
Other | 13,008 | — | — | 13,008 | ||||||||||
Total | $ | 354,254 | $ | 59,343 | $ | (9,320 | ) | $ | 404,277 | |||||
Gross Unrealized | ||||||||||||||
(dollars in thousands) | ||||||||||||||
December 31, 2012 | Cost | Gains | Losses | Fair | ||||||||||
Value | ||||||||||||||
Equity | $ | 153,846 | $ | 45,071 | $ | (3,675 | ) | $ | 195,242 | |||||
Debt | 163,127 | 10,286 | (4,501 | ) | 168,912 | |||||||||
Other | 13,654 | — | — | 13,654 | ||||||||||
Total | $ | 330,627 | $ | 55,357 | $ | (8,176 | ) | $ | 377,808 | |||||
Accumulated_Comprehensive_Marg1
Accumulated Comprehensive Margin (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accumulated Comprehensive Margin | ' | ||||
Schedule of changes in accumulated other comprehensive margin (deficit) | ' | ||||
Accumulated Other | |||||
Comprehensive Margin | |||||
Three Months Ended | |||||
(dollars in thousands) | |||||
Available-for-sale | |||||
Securities | |||||
Balance at June 30, 2012 | $ | 1,446 | |||
Unrealized gain | 165 | ||||
(Gain) reclassified to net margin | (123 | ) | |||
Balance at September 30, 2012 | $ | 1,488 | |||
Balance at June 30, 2013 | $ | (399 | ) | ||
Unrealized gain | 181 | ||||
Loss reclassified to net margin | 24 | ||||
Balance at September 30, 2013 | $ | (194 | ) | ||
Nine Months Ended | |||||
(dollars in thousands) | |||||
Available-for-sale | |||||
Securities | |||||
Balance at December 31, 2011 | $ | 618 | |||
Unrealized gain | 1,076 | ||||
(Gain) reclassified to net margin | (206 | ) | |||
Balance at September 30, 2012 | $ | 1,488 | |||
Balance at December 31, 2012 | $ | 903 | |||
Unrealized (loss) | (1,041 | ) | |||
(Gain) reclassified to net margin | (56 | ) | |||
Balance at September 30, 2013 | $ | (194 | ) | ||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Assets and Liabilities | ' | |||||||
Schedule of regulatory assets and liabilities | ' | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Regulatory Assets: | ||||||||
Premium and loss on reacquired debt(a) | $ | 77,911 | $ | 86,319 | ||||
Amortization on capital leases(b) | 19,154 | 28,670 | ||||||
Outage costs(c) | 35,329 | 30,901 | ||||||
Interest rate swap termination fees(d) | 14,333 | 17,326 | ||||||
Asset retirement obligations(e) | — | 11,382 | ||||||
Depreciation expense(f) | 48,718 | 49,785 | ||||||
Deferred charges related to Vogtle Units No. 3 and No. 4 training costs(g) | 26,627 | 23,030 | ||||||
Interest rate options cost(h) | 58,691 | 75,716 | ||||||
Deferral of effects on net margin—Smith Energy Facility(i) | 52,384 | 21,394 | ||||||
Other regulatory assets(j) | 6,127 | 8,379 | ||||||
Total Regulatory Assets | $ | 339,274 | $ | 352,902 | ||||
Regulatory Liabilities: | ||||||||
Accumulated retirement costs for other obligations(e) | $ | 25,106 | $ | 28,846 | ||||
Deferral of effects on net margin—Hawk Road Energy Facility(i) | 22,302 | 17,113 | ||||||
Major maintenance reserve(k) | 28,012 | 30,948 | ||||||
Deferred debt service adder(l) | 54,785 | 47,486 | ||||||
Other regulatory liabilities(j) | 8,982 | 5,592 | ||||||
Total Regulatory Liabilities | $ | 139,187 | $ | 129,985 | ||||
Net Regulatory Assets | $ | 200,087 | $ | 222,917 | ||||
(a) | ||||||||
Represents premiums paid, together with unamortized transaction costs related to reacquired debt amortized over the period of the refunding debt, which range up to 30 years. | ||||||||
(b) | ||||||||
Represents the difference between lease payments and the aggregate of the amortization on the capital lease assets and the interest on the capital lease obligations for rate-making purposes. Recovered over the remaining terms of the leases through 2031. | ||||||||
(c) | ||||||||
Consists of both coal-fired and nuclear refueling outage costs. Coal-fired outages are amortized on a straight-line basis to expense over an 18 to 36-month period. Nuclear refueling outage costs are amortized on a straight-line basis to expense over the 18 to 24-month operating cycles of each unit. | ||||||||
(d) | ||||||||
Represents losses on settled interest rate swap arrangements that are being amortized through 2016 and 2019. | ||||||||
(e) | ||||||||
Represents difference in timing of recognition of the costs of decommissioning for financial statement purposes and for ratemaking purposes. | ||||||||
(f) | ||||||||
Prior to Nuclear Regulatory Commission (NRC) approval of a 20-year license extension for Plant Vogtle, we deferred the difference between Plant Vogtle depreciation expense based on the then 40-year operating license and depreciation expense assuming an expected 20-year license extension. Amortization commenced upon NRC approval of the license extension in 2009 and is being amortized over the remaining life of the plant. | ||||||||
(g) | ||||||||
Deferred charges related to Vogtle Units No. 3 and No. 4 training and interest related carrying costs of such training. Amortization will commence effective with the commercial operation date of each unit and amortized to expense over the life of the units. | ||||||||
(h) | ||||||||
Deferral of net loss associated with the change in fair value of the interest rate options to hedge interest rates on a portion of expected borrowings related to Vogtle Units No. 3 and No. 4 construction. Amortization will commence effective with the expected principal repayment of the Department of Energy (DOE)-guaranteed loan and amortized over the expected remaining life of the DOE-guaranteed loan which will finance a portion of the construction project. | ||||||||
(i) | ||||||||
Effects on net margin for Smith and Hawk Road Energy Facilities are deferred until the end of 2015 and will be amortized over the remaining life of each respective plant. | ||||||||
(j) | ||||||||
The amortization period for other regulatory assets range up to 36 years and the amortization period of other regulatory liabilities range up to 13 years. | ||||||||
(k) | ||||||||
Represents collections for future major maintenance costs; revenues to be recognized as major maintenance costs are incurred. | ||||||||
(l) | ||||||||
Collections to fund debt payments in excess of depreciation expense through the end of 2025; deferred revenues will be amortized over the remaining useful life of the plants. | ||||||||
General_Details
General (Details) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
General | ' |
Number of electric distribution cooperative members | 38 |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair value measurement | ' | ' |
Long-term investments | $78,353,000 | $77,022,000 |
Interest rate options | ' | ' |
Fair value measurement | ' | ' |
Derivative assets | 43,531,000 | 25,783,000 |
Collateral received from counterparties against which fair value of derivative instruments offset | 31,060,000 | 8,950,000 |
Natural gas swaps | ' | ' |
Fair value measurement | ' | ' |
Derivative liabilities | -197,000 | -1,085,000 |
Recurring basis | Total Fair Value | ' | ' |
Fair value measurement | ' | ' |
Bond, reserve and construction funds | ' | 1,000 |
Recurring basis | Total Fair Value | Interest rate options | ' | ' |
Fair value measurement | ' | ' |
Derivative assets | 43,531,000 | 25,783,000 |
Recurring basis | Total Fair Value | Natural gas swaps | ' | ' |
Fair value measurement | ' | ' |
Derivative liabilities | -197,000 | -1,085,000 |
Recurring basis | Total Fair Value | Domestic equity | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 131,348,000 | 118,329,000 |
Recurring basis | Total Fair Value | International equity | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 67,142,000 | 48,105,000 |
Long-term investments | 10,327,000 | ' |
Recurring basis | Total Fair Value | Corporate bonds | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 37,334,000 | 53,172,000 |
Long-term investments | 6,383,000 | 5,762,000 |
Recurring basis | Total Fair Value | US Treasury and government agency securities | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 48,013,000 | 46,626,000 |
Long-term investments | 8,518,000 | 7,387,000 |
Recurring basis | Total Fair Value | Agency mortgage and asset backed securities | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 28,594,000 | 21,273,000 |
Long-term investments | 3,947,000 | 2,526,000 |
Recurring basis | Total Fair Value | Municipal Bonds | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 634,000 | ' |
Recurring basis | Total Fair Value | Other | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 12,859,000 | 13,280,000 |
Long-term investments | 150,000 | 375,000 |
Recurring basis | Total Fair Value | Mutual funds | ' | ' |
Fair value measurement | ' | ' |
Long-term investments | 49,028,000 | 60,972,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair value measurement | ' | ' |
Bond, reserve and construction funds | ' | 1,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic equity | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 131,348,000 | 118,329,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | International equity | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 67,142,000 | 48,105,000 |
Long-term investments | 10,327,000 | ' |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury and government agency securities | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 48,013,000 | 46,626,000 |
Long-term investments | 8,518,000 | 7,387,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 12,859,000 | 13,280,000 |
Long-term investments | 150,000 | 375,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ' | ' |
Fair value measurement | ' | ' |
Long-term investments | 49,028,000 | 60,972,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Natural gas swaps | ' | ' |
Fair value measurement | ' | ' |
Derivative liabilities | -197,000 | -1,085,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate bonds | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 37,334,000 | 53,172,000 |
Long-term investments | 6,383,000 | 5,762,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage and asset backed securities | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 28,594,000 | 21,273,000 |
Long-term investments | 3,947,000 | 2,526,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal Bonds | ' | ' |
Fair value measurement | ' | ' |
Nuclear decommissioning trust funds | 634,000 | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | Interest rate options | ' | ' |
Fair value measurement | ' | ' |
Derivative assets | $43,531,000 | $25,783,000 |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Decommissioning funds | ' | ' | ' | ' |
Assets (Liabilities): | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ($982) |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in earnings (or changes in net assets) | ' | ' | ' | 982 |
Long-term investments | ' | ' | ' | ' |
Assets (Liabilities): | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 7,713 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Impairment included in other comprehensive margin (deficit) | ' | ' | ' | 887 |
Liquidations | ' | ' | ' | -8,600 |
Interest rate options | ' | ' | ' | ' |
Assets (Liabilities): | ' | ' | ' | ' |
Balance at the beginning of the period | 43,680 | 39,215 | 25,783 | 69,446 |
Total gains or losses (realized/unrealized): | ' | ' | ' | ' |
Included in earnings (or changes in net assets) | -149 | -9,294 | 17,748 | -39,525 |
Balance at the end of the period | $43,531 | $29,921 | $43,531 | $29,921 |
Fair_Value_Details_3
Fair Value (Details 3) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Carrying Value | Carrying Value | Fair Value | Fair Value | ||
Grouping Financial Statement Captions | ' | ' | ' | ' | ' |
Long-term debt | ' | $6,509,240 | $5,930,449 | $7,065,111 | $7,213,365 |
Description of Variable Rate Basis | 'LIBOR | ' | ' | ' | ' |
Basis Spread on Variable Rate (as a percent) | 0.13% | ' | ' | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (Natural Gas Swaps, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
MMBTU | ||
Gas hedges | ' | ' |
Fair values of price risk derivative liabilities | $197,000 | $1,085,000 |
Derivative volume activity that is expected to settle or mature each year (in MMBTUs) | 4,300,000 | ' |
Maximum | ' | ' |
Gas hedges | ' | ' |
Letters of credit required to be posted with counterparties, if credit-risk-related contingent features were triggered due to credit rating being downgraded below investment grade | $278,000 | ' |
2013 | ' | ' |
Gas hedges | ' | ' |
Derivative volume activity that is expected to settle or mature each year (in MMBTUs) | 300,000 | ' |
2014 | ' | ' |
Gas hedges | ' | ' |
Derivative volume activity that is expected to settle or mature each year (in MMBTUs) | 3,700,000 | ' |
2015 | ' | ' |
Gas hedges | ' | ' |
Derivative volume activity that is expected to settle or mature each year (in MMBTUs) | 300,000 | ' |
Derivative_Instruments_Details1
Derivative Instruments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative instruments and hedging activities | ' | ' | ' |
Variable rate basis | ' | 'LIBOR | ' |
Department of Energy-guaranteed loan | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Number of nuclear units expected to be financed | 2 | ' | ' |
LIBOR swaptions | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Purchased amount of derivative instrument | $100,000,000 | ' | ' |
Variable rate basis | ' | 'LIBOR | ' |
Cash settlement value, if swap rates are at or below the specified fixed rate on the expiration date | ' | 0 | ' |
Weighted average fixed rate (as a percent) | ' | 4.16% | ' |
Notional amount of derivatives, expired without value | ' | 562,894,000 | ' |
Additional premium payment obligations on interest rate option transactions | ' | 0 | ' |
Fair value of assets | ' | 43,531,000 | 25,783,000 |
Funds posted as collateral by the counterparties | ' | 31,060,000 | 8,950,000 |
Carrying amount of derivative assets | ' | 12,471,000 | 16,833,000 |
Notional Dollar Amount | ' | 1,616,311,000 | ' |
LIBOR swaptions | 2013 | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Notional Dollar Amount | ' | 191,559,000 | ' |
LIBOR swaptions | 2014 | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Notional Dollar Amount | ' | 563,425,000 | ' |
LIBOR swaptions | 2015 | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Notional Dollar Amount | ' | 470,625,000 | ' |
LIBOR swaptions | 2016 | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Notional Dollar Amount | ' | 310,533,000 | ' |
LIBOR swaptions | 2017 | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Notional Dollar Amount | ' | 80,169,000 | ' |
LIBOR swaptions | Minimum | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Fixed interest rates above current LIBOR swap rates (as a percent) | ' | 0.50% | ' |
Collateral thresholds range | ' | 0 | ' |
LIBOR swaptions | Maximum | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Fixed interest rates above current LIBOR swap rates (as a percent) | ' | 1.00% | ' |
Collateral thresholds range | ' | 10,000,000 | ' |
LIBOR swaptions | Department of Energy-guaranteed loan | ' | ' | ' |
Derivative instruments and hedging activities | ' | ' | ' |
Hedged amount of expected debt | $2,200,000,000 | $1,600,000,000 | ' |
Derivative_Instruments_Details2
Derivative Instruments (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Natural gas swaps | ' | ' |
Liabilities: | ' | ' |
Fair Value of liabilities | $197,000 | $1,085,000 |
Interest rate options | ' | ' |
Assets: | ' | ' |
Fair value of assets | 43,531,000 | 25,783,000 |
Not designated as hedges | Natural gas swaps | ' | ' |
Liabilities: | ' | ' |
Fair Value of liabilities | 197,000 | 1,085,000 |
Not designated as hedges | Interest rate options | ' | ' |
Assets: | ' | ' |
Fair value of assets | 43,531,000 | 25,783,000 |
Liabilities: | ' | ' |
Liability associated with cash collateral, which is recorded as an offset to the fair value of derivatives | $31,060,000 | $8,950,000 |
Derivative_Instruments_Details3
Derivative Instruments (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | Designated as hedges | Designated as hedges | Designated as hedges | Designated as hedges | |
Natural gas swaps | Natural gas swaps | Natural gas swaps | Natural gas swaps | Interest rate options | Interest rate options | Natural gas swaps | Natural gas swaps | ||||||
Regulatory asset | Regulatory asset | Fuel | Fuel | Regulatory asset | Regulatory asset | Fuel | Fuel | ||||||
Effect of Derivative Instruments on the Condensed Statement of Revenues and Expenses or Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains | ' | ' | ' | ' | ' | $122 | $688 | ' | ' | ' | ' | $173 | $197 |
Losses | ' | ' | ' | ' | ' | -3,089 | -4,002 | ' | ' | ' | ' | -3,934 | -9,204 |
Total gains (losses) on derivatives | -2,967 | -3,314 | ' | ' | ' | ' | ' | ' | ' | -3,761 | -9,007 | ' | ' |
Unrealized losses on derivatives | ' | ' | ' | -197 | -1,085 | ' | ' | -41,544 | -74,217 | ' | ' | ' | ' |
Unrealized gains and (losses) on derivatives | ($41,741) | ($41,741) | ($75,302) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Details4
Derivative Instruments (Details 5) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Natural gas swaps | ' |
Assets: | ' |
Gross Amounts of Recognized Assets (Liabilities) | ($409) |
Gross Amounts offset on the Balance Sheet | 212 |
Net Amounts of Assets Presented on the Balance Sheet | -197 |
Interest rate options | ' |
Assets: | ' |
Gross Amounts of Recognized Assets (Liabilities) | 43,531 |
Cash Collateral | -31,060 |
Net Amounts of Assets Presented on the Balance Sheet | $12,471 |
Investments_in_Debt_and_Equity2
Investments in Debt and Equity Securities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments in Debt and Equity Securities | ' | ' |
Available-for-sale securities, gross unrealized losses that were in effect for less than one year (as a percent) | 76.00% | ' |
Available-for-sale securities | ' | ' |
Cost | $354,254 | $330,627 |
Gross Unrealized Gains | 59,343 | 55,357 |
Gross Unrealized Losses | -9,320 | -8,176 |
Fair Value | 404,277 | 377,808 |
Equity | ' | ' |
Available-for-sale securities | ' | ' |
Cost | 178,794 | 153,846 |
Gross Unrealized Gains | 51,750 | 45,071 |
Gross Unrealized Losses | -1,230 | -3,675 |
Fair Value | 229,314 | 195,242 |
Debt | ' | ' |
Available-for-sale securities | ' | ' |
Cost | 162,452 | 163,127 |
Gross Unrealized Gains | 7,593 | 10,286 |
Gross Unrealized Losses | -8,090 | -4,501 |
Fair Value | 161,955 | 168,912 |
Other | ' | ' |
Available-for-sale securities | ' | ' |
Cost | 13,008 | 13,654 |
Fair Value | $13,008 | $13,654 |
Accumulated_Comprehensive_Marg2
Accumulated Comprehensive Margin (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated other comprehensive margin (deficit) | ' | ' | ' | ' |
Balance at the beginning of the period | ($399) | $1,446 | $903 | $618 |
Unrealized gain (loss) | 181 | 165 | -1,041 | 1,076 |
(Gain) loss reclassified to net margin | 24 | -123 | -56 | -206 |
Balance at the end of the period | ($194) | $1,488 | ($194) | $1,488 |
Effective income tax rate (as a percent) | ' | ' | 0.00% | ' |
Contingencies_and_Regulatory_M1
Contingencies and Regulatory Matters (Details) (USD $) | 12 Months Ended | 9 Months Ended | |
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | Vogtle Units No.3 and No.4 | Costs associated with design changes, delays in the project schedule and issuance of the combined construction permits and operating licenses | |
item | Vogtle Units No.3 and No.4 | ||
MW | |||
Nuclear Construction | ' | ' | ' |
Number of Westinghouse AP1000 nuclear generating units | ' | 2 | ' |
Nominally rated generating capacity for each unit | ' | 1,100 | ' |
Contractor's estimated adjustment attributable to the entity | ' | ' | $280,000,000 |
Number of plaintiffs | 150 | ' | ' |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Restricted Cash | ' | ' |
Restricted cash balance | $31,221,000 | $9,109,000 |
Long-term restricted cash | $31,064,000 | $8,953,000 |
Restricted_Shortterm_Investmen1
Restricted Short-term Investments (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Restricted Short-term Investments | ' | ' |
Deposit with Rural Utilities Service in Cushion of Credit Account | $254,854 | $64,671 |
Guaranteed interest rate on deposit with Rural Utilities Service (as a percent) | 5.00% | 5.00% |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Accumulated retirement costs for other obligations | Accumulated retirement costs for other obligations | Major maintenance reserve | Major maintenance reserve | Deferred debt service adder | Deferred debt service adder | Other regulatory liabilities | Other regulatory liabilities | Other regulatory liabilities | Premium and loss on reacquired debt | Premium and loss on reacquired debt | Premium and loss on reacquired debt | Amortization on capital leases | Amortization on capital leases | Outage costs | Outage costs | Interest rate swap termination fees | Interest rate swap termination fees | Asset retirement obligations | Depreciation expense | Depreciation expense | Depreciation expense | Deferred charges related to Vogtle Units No. 3 and No. 4 training costs | Deferred charges related to Vogtle Units No. 3 and No. 4 training costs | Interest rate options cost | Interest rate options cost | Deferral of effects on net margin - Smith Energy Facility | Deferral of effects on net margin - Smith Energy Facility | Deferral of effects on net margin - Smith Energy Facility | Deferral of effects on net margin - Smith Energy Facility | Other regulatory assets | Other regulatory assets | Other regulatory assets | Coal-fired outage costs | Coal-fired outage costs | Nuclear refueling outage costs | Nuclear refueling outage costs | ||
Maximum | Maximum | Plant Vogtle | Vogtle Units No.3 and No.4 | Vogtle Units No.3 and No.4 | Smith | Smith | Hawk Road | Hawk Road | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||
Regulatory assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Regulatory Assets | $339,274 | $352,902 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $77,911 | $86,319 | ' | $19,154 | $28,670 | $35,329 | $30,901 | $14,333 | $17,326 | $11,382 | $48,718 | $49,785 | ' | $26,627 | $23,030 | $58,691 | $75,716 | $52,384 | $21,394 | ' | ' | $6,127 | $8,379 | ' | ' | ' | ' | ' |
Total Regulatory Liabilities | 139,187 | 129,985 | 25,106 | 28,846 | 28,012 | 30,948 | 54,785 | 47,486 | 8,982 | 5,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,302 | 17,113 | ' | ' | ' | ' | ' | ' | ' |
Net Regulatory Assets | $200,087 | $222,917 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 years | '18 months | '36 months | ' | ' |
Operating license expected extension period for Plant Vogtle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating license, expected extension period, for Plant Vogtle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '13 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | '24 months |
Member_Power_Bill_Prepayments_
Member Power Bill Prepayments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Member Power Bill Prepayments | ' | ' |
Member power bill prepayments | $108,023,000 | ' |
Member power bill prepayments classified as current liabilities | 75,410,000 | 65,079,000 |
Member power bill prepayments classified as deferred credits and other liabilities | $32,613,000 | $40,853,000 |
Debt_Details
Debt (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |
Oct. 31, 2013 | Sep. 30, 2013 | Apr. 23, 2013 | Mar. 02, 2013 | |
FFB | FFB | Pollution control revenue bonds | Pollution control revenue bonds | |
Debt | ' | ' | ' | ' |
Debt issued | $13,217,000 | $662,880,000 | $212,760,000 | ' |
Refund of pollution control revenue bonds | ' | ' | ' | $212,760,000 |
Interest rate (as a percent) | ' | ' | 2.40% | ' |