Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-16305 |
Entity Tax Identification Number | 91-1969407 |
Entity Incorporation, State or Country Code | WA |
Entity Address, Address Line One | 355 110th Ave NE |
Entity Address, City or Town | Bellevue |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98004 |
City Area Code | (425) |
Local Phone Number | 454-6363 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Shell Company | false |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0001085392 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 200 |
Document Fiscal Year Focus | 2021 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Registrant Name | PUGET ENERGY INC /WA |
Subsidiaries [Member] | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-4393 |
Entity Tax Identification Number | 91-0374630 |
Entity Incorporation, State or Country Code | WA |
Entity Address, Address Line One | 355 110th Ave NE |
Entity Address, City or Town | Bellevue |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98004 |
City Area Code | (425) |
Local Phone Number | 454-6363 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Shell Company | false |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000081100 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 85,903,791 |
Document Fiscal Year Focus | 2021 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Registrant Name | PUGET SOUND ENERGY, INC. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenue: | ||||
Electric | $ 613,386 | $ 500,976 | $ 1,935,800 | $ 1,638,432 |
Natural Gas | 122,808 | 112,357 | 710,838 | 660,997 |
Other | 34,042 | 7,093 | 53,074 | 18,806 |
Total operating revenue | 770,236 | 620,426 | 2,699,712 | 2,318,235 |
Energy costs: | ||||
Purchased electricity | 190,928 | 115,631 | 558,853 | 406,860 |
Electric generation fuel | 92,883 | 54,282 | 209,749 | 150,880 |
Residential exchange | (16,491) | (16,121) | (59,885) | (56,922) |
Purchased natural gas | 35,518 | 31,229 | 253,362 | 247,362 |
Unrealized (gain) loss on derivative instruments, net | (88,517) | (39,942) | (172,795) | (3,563) |
Utility operations and maintenance | 143,873 | 141,032 | 454,580 | 444,074 |
Non-utility expense and other | 24,440 | 6,340 | 43,912 | 35,143 |
Depreciation & Amortization | 162,743 | 161,209 | 537,104 | 462,890 |
Conservation amortization | 19,234 | 21,295 | 75,195 | 69,009 |
Taxes other than income taxes | 68,471 | 62,163 | 255,618 | 236,460 |
Total operating expenses | 633,082 | 537,118 | 2,155,693 | 1,992,193 |
Operating income (loss) | 137,154 | 83,308 | 544,019 | 326,042 |
Other income (expense): | ||||
Other income | 14,626 | 13,050 | 42,746 | 43,685 |
Other expense | (3,317) | (2,160) | (7,177) | (12,910) |
Interest charges: | ||||
AFUDC | 4,337 | 3,847 | 11,698 | 11,404 |
Interest expense | (84,769) | (88,608) | (264,536) | (284,285) |
Income (loss) before income taxes | 68,031 | 9,437 | 326,750 | 83,936 |
Income tax (benefit) expense | 18,462 | (559) | 32,946 | 2,237 |
Net income (loss) | 49,569 | 9,996 | 293,804 | 81,699 |
Subsidiaries [Member] | ||||
Operating revenue: | ||||
Electric | 613,386 | 500,976 | 1,935,800 | 1,638,432 |
Natural Gas | 122,808 | 112,357 | 710,838 | 660,997 |
Other | 34,042 | 7,093 | 53,074 | 18,806 |
Total operating revenue | 770,236 | 620,426 | 2,699,712 | 2,318,235 |
Energy costs: | ||||
Purchased electricity | 190,928 | 115,631 | 558,853 | 406,860 |
Electric generation fuel | 92,883 | 54,282 | 209,749 | 150,880 |
Residential exchange | (16,491) | (16,121) | (59,885) | (56,922) |
Purchased natural gas | 35,518 | 31,229 | 253,362 | 247,362 |
Unrealized (gain) loss on derivative instruments, net | (88,517) | (39,942) | (172,795) | (3,563) |
Utility operations and maintenance | 143,873 | 141,032 | 454,580 | 444,074 |
Non-utility expense and other | 23,920 | 5,510 | 42,290 | 33,293 |
Depreciation & Amortization | 162,629 | 161,155 | 536,794 | 462,742 |
Conservation amortization | 19,234 | 21,295 | 75,195 | 69,009 |
Taxes other than income taxes | 68,471 | 62,163 | 255,618 | 236,460 |
Total operating expenses | 632,448 | 536,234 | 2,153,761 | 1,990,195 |
Operating income (loss) | 137,788 | 84,192 | 545,951 | 328,040 |
Other income (expense): | ||||
Other income | 11,937 | 10,424 | 34,398 | 34,569 |
Other expense | (3,317) | (2,160) | (7,177) | (12,910) |
Interest charges: | ||||
AFUDC | 4,337 | 3,847 | 11,698 | 11,404 |
Interest expense | (57,718) | (61,592) | (182,958) | (184,770) |
Income (loss) before income taxes | 93,027 | 34,711 | 401,912 | 176,333 |
Income tax (benefit) expense | 18,902 | 1,649 | 49,953 | 16,913 |
Net income (loss) | $ 74,125 | $ 33,062 | $ 351,959 | $ 159,420 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income (Loss) Attributable to Parent | $ 49,569 | $ 9,996 | $ 293,804 | $ 81,699 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Net unrealized gain (loss) from pension and postretirement plans, net of tax | 1,608 | 1,090 | 6,379 | 7,890 |
Other comprehensive income (loss) | 1,608 | 1,090 | 6,379 | 7,890 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | 51,177 | 11,086 | 300,183 | 89,589 |
Subsidiaries [Member] | ||||
Net Income (Loss) Attributable to Parent | 74,125 | 33,062 | 351,959 | 159,420 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Net unrealized gain (loss) from pension and postretirement plans, net of tax | 3,757 | 3,195 | 12,674 | 14,765 |
Amortization Of Financing Cash Flow Hedge Contracts To Earnings During Period Net Of Tax | 97 | 97 | 289 | 289 |
Other comprehensive income (loss) | 3,854 | 3,292 | 12,963 | 15,054 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 77,979 | $ 36,354 | $ 364,922 | $ 174,474 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net unrealized gain (loss) from pension and postretirement plans, net of tax | $ 427 | $ 291 | $ 1,695 | $ 2,097 |
Subsidiaries [Member] | ||||
Net unrealized gain (loss) from pension and postretirement plans, net of tax | 1,000 | 853 | 3,369 | 3,925 |
Amortization of treasury interest rate swaps to earnings, net of tax | $ 25 | $ 26 | $ 77 | $ 77 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Utility Plant [Abstract] | ||
Public Utilities Property Plant And Equipment Electric Plant | $ 9,577,534 | $ 9,200,231 |
Public Utilities Property Plant And Equipment Gas Plant | 4,433,625 | 4,227,532 |
Public Utilities Property Plant And Equipment Common Plant | 1,081,770 | 1,116,524 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (3,930,396) | (3,671,094) |
Public Utilities, Property, Plant and Equipment, Net, Total | 11,162,533 | 10,873,193 |
Other Property And Investments [Abstract] | ||
Goodwill | 1,656,513 | 1,656,513 |
Other Property And Investments | 318,611 | 324,184 |
Total Other Property And Investments | 1,975,124 | 1,980,697 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | 104,666 | 52,307 |
Restricted Cash and Cash Equivalents, Current | 11,362 | 29,544 |
Accounts Receivable, after Allowance for Credit Loss, Current | 320,830 | 352,132 |
Unbilled Revenues | 151,364 | 221,871 |
Other Inventory, Supplies, Gross | 119,763 | 118,333 |
Fuel And Gas Inventory At Average Cost | 67,019 | 48,795 |
Derivative Asset, Current | 306,685 | 33,015 |
Prepaid Expense and Other Assets, Current | 68,275 | 45,746 |
Power Contract Acquisition Adjustment Gain Current | 17,213 | 14,874 |
Assets, Current, Total | 1,167,177 | 916,617 |
Other Longterm And Regulatory Assets [Abstract] | ||
Power Cost Adjustment Mechanism Asset, Noncurrent | 74,298 | 82,801 |
purchase gas adjustment, long-term | 56,268 | 87,655 |
Regulatory Assets Related To Power Contracts | 9,996 | 11,728 |
Other Regulatory Assets | 814,015 | 747,651 |
Derivative Asset, Noncurrent | 55,842 | 8,805 |
Power Contract Acquisition Adjustment Non Current | 67,309 | 80,900 |
Operating Lease, Right-of-Use Asset | 187,903 | 172,167 |
Other Assets, Noncurrent | 93,756 | 80,751 |
Total Longterm And Regulatory Assets | 1,359,387 | 1,272,458 |
Assets, Total | 15,664,221 | 15,042,965 |
Capitalization [Abstract] | ||
Common stock | 0 | 0 |
Additional Paid in Capital | 3,523,532 | 3,313,532 |
Retained Earnings (Accumulated Deficit) | 1,138,524 | 912,787 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (80,058) | (86,437) |
Stockholders' Equity Attributable to Parent, Total | 4,581,998 | 4,139,882 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Senior Notes, Noncurrent | 4,662,000 | 4,212,000 |
Long-term Pollution Control Bond | 161,860 | 161,860 |
Other Long-term Debt, Noncurrent | 1,583,000 | 1,724,700 |
Debt discount and other | (206,061) | (206,120) |
Long-term Debt, Excluding Current Maturities, Total | 6,200,799 | 5,892,440 |
Capitalization, Long-term Debt and Equity, Total | 10,782,797 | 10,032,322 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 348,786 | 342,404 |
Short-term Debt | 0 | 373,800 |
Long-term Debt, Current Maturities | 450,000 | 526,412 |
Accrued Expenses [Abstract] | ||
Taxes Payable, Current | 115,174 | 110,752 |
Employee-related Liabilities, Current | 37,288 | 42,530 |
Interest Payable, Current | 80,602 | 73,647 |
Derivative Liability, Current | 50,447 | 31,441 |
Power Contract Acquisition Adjustment Loss Current | 1,817 | 2,039 |
Operating Lease, Liability, Current | 19,646 | 19,204 |
Other Liabilities, Current | 69,739 | 73,385 |
Liabilities, Current, Total | 1,173,499 | 1,595,614 |
Longterm And Regulatory Liabilities [Abstract] | ||
Deferred Tax and Other Liabilities, Noncurrent | 914,749 | 810,729 |
Derivative Liability, Noncurrent | 12,007 | 29,833 |
Regulatory Liabilities, Noncurrent | 924,654 | 732,498 |
Deferred Tax Liabilities, Regulatory Assets and Liabilities | 889,045 | 953,274 |
Regulatory Liabilities Related To Power Contracts | 84,522 | 95,774 |
Power Contract Acquisition Adjustment Loss Non Current | 8,179 | 9,689 |
Operating Lease, Liability, Noncurrent | 176,245 | 160,980 |
Other Deferred Credits | 698,524 | 622,252 |
Total Longterm And Regulatory Liabilities | 3,707,925 | 3,415,029 |
Commitments and Contingencies | ||
Liabilities and Equity, Total | $ 15,664,221 | $ 15,042,965 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common Stock, Shares, Outstanding | 200 | 200 |
Subsidiaries [Member] | ||
Utility Plant [Abstract] | ||
Public Utilities Property Plant And Equipment Electric Plant | $ 11,393,548 | $ 11,035,402 |
Public Utilities Property Plant And Equipment Gas Plant | 4,990,626 | 4,786,419 |
Public Utilities Property Plant And Equipment Common Plant | 1,104,047 | 1,139,120 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (6,325,688) | (6,087,748) |
Public Utilities, Property, Plant and Equipment, Net, Total | 11,162,533 | 10,873,193 |
Other Property And Investments [Abstract] | ||
Other Property And Investments | 74,294 | 83,855 |
Total Other Property And Investments | 74,294 | 83,855 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | 94,286 | 51,177 |
Restricted Cash and Cash Equivalents, Current | 11,362 | 29,544 |
Accounts Receivable, after Allowance for Credit Loss, Current | 323,594 | 355,850 |
Unbilled Revenues | 151,364 | 221,871 |
Other Inventory, Supplies, Gross | 119,763 | 118,333 |
Fuel And Gas Inventory At Average Cost | 65,755 | 47,531 |
Derivative Asset, Current | 306,685 | 33,015 |
Prepaid Expense and Other Assets, Current | 68,275 | 45,746 |
Assets, Current, Total | 1,141,084 | 903,067 |
Other Longterm And Regulatory Assets [Abstract] | ||
Power Cost Adjustment Mechanism Asset, Noncurrent | 74,298 | 82,801 |
purchase gas adjustment, long-term | 56,268 | 87,655 |
Other Regulatory Assets | 814,015 | 747,651 |
Derivative Asset, Noncurrent | 55,842 | 8,805 |
Operating Lease, Right-of-Use Asset | 187,903 | 172,167 |
Other Assets, Noncurrent | 92,638 | 79,231 |
Total Longterm And Regulatory Assets | 1,280,964 | 1,178,310 |
Assets, Total | 13,658,875 | 13,038,425 |
Capitalization [Abstract] | ||
Common stock | 859 | 859 |
Additional Paid in Capital | 3,485,105 | 3,485,105 |
Retained Earnings (Accumulated Deficit) | 1,057,515 | 876,401 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (167,993) | (180,956) |
Stockholders' Equity Attributable to Parent, Total | 4,375,486 | 4,181,409 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Senior Notes, Noncurrent | 4,662,000 | 4,212,000 |
Long-term Pollution Control Bond | 161,860 | 161,860 |
Debt discount and other | (39,268) | (35,816) |
Long-term Debt, Excluding Current Maturities, Total | 4,784,592 | 4,338,044 |
Capitalization, Long-term Debt and Equity, Total | 9,160,078 | 8,519,453 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 358,809 | 342,504 |
Short-term Debt | 0 | 373,800 |
Long-term Debt, Current Maturities | 0 | 2,412 |
Accrued Expenses [Abstract] | ||
Taxes Payable, Current | 114,702 | 107,254 |
Employee-related Liabilities, Current | 37,288 | 42,530 |
Interest Payable, Current | 58,175 | 48,189 |
Derivative Liability, Current | 50,447 | 31,441 |
Operating Lease, Liability, Current | 19,646 | 19,204 |
Other Liabilities, Current | 69,739 | 73,385 |
Liabilities, Current, Total | 708,806 | 1,040,719 |
Longterm And Regulatory Liabilities [Abstract] | ||
Deferred Tax and Other Liabilities, Noncurrent | 1,093,920 | 987,382 |
Derivative Liability, Noncurrent | 12,007 | 29,833 |
Regulatory Liabilities, Noncurrent | 923,390 | 731,234 |
Deferred Tax Liabilities, Regulatory Assets and Liabilities | 889,613 | 953,987 |
Operating Lease, Liability, Noncurrent | 176,245 | 160,980 |
Other Deferred Credits | 694,816 | 614,837 |
Total Longterm And Regulatory Liabilities | 3,789,991 | 3,478,253 |
Commitments and Contingencies | ||
Liabilities and Equity, Total | $ 13,658,875 | $ 13,038,425 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common Stock, Shares, Outstanding | 85,903,791 | 85,903,791 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Construction work in progress | $ 875,382 | $ 712,204 |
Assets, Current [Abstract] | ||
Allowance for doubtful accounts | 37,776 | 20,080 |
Common shareholder’s equity: | ||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 875,382 | 712,204 |
Allowance for doubtful accounts | $ 37,776 | $ 20,080 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common Stock, Shares, Outstanding | 200 | 200 |
Subsidiaries [Member] | ||
ASSETS | ||
Construction work in progress | $ 875,382 | $ 712,204 |
Assets, Current [Abstract] | ||
Allowance for doubtful accounts | 37,776 | 20,080 |
Common shareholder’s equity: | ||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 875,382 | 712,204 |
Allowance for doubtful accounts | $ 37,776 | $ 20,080 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common Stock, Shares, Outstanding | 85,903,791 | 85,903,791 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Subsidiaries [Member] | Subsidiaries [Member]Common Stock [Member] | Subsidiaries [Member]Additional Paid-in Capital [Member] | Subsidiaries [Member]Retained Earnings [Member] | Subsidiaries [Member]AOCI Attributable to Parent [Member] |
Beginning Balance (in shares) at Dec. 31, 2019 | 200 | 85,903,791 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ 4,000,299 | $ 0 | $ 3,308,957 | $ 775,491 | $ (84,149) | $ 4,048,680 | $ 859 | $ 3,485,105 | $ 751,193 | $ (188,477) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 94,936 | 94,936 | 111,321 | 111,321 | ||||||
Dividends, Common Stock | (22,645) | (22,645) | (53,794) | (53,794) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 5,170 | 5,170 | 7,806 | 7,806 | ||||||
Ending Balance (in shares) at Mar. 31, 2020 | 200 | 85,903,791 | ||||||||
Ending Balance at Mar. 31, 2020 | 4,077,760 | $ 0 | 3,308,957 | 847,782 | (78,979) | 4,114,013 | $ 859 | 3,485,105 | 808,720 | (180,671) |
Beginning Balance (in shares) at Dec. 31, 2019 | 200 | 85,903,791 | ||||||||
Beginning Balance at Dec. 31, 2019 | 4,000,299 | $ 0 | 3,308,957 | 775,491 | (84,149) | 4,048,680 | $ 859 | 3,485,105 | 751,193 | (188,477) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 81,699 | 159,420 | ||||||||
Proceeds from Contributions from Parent | 0 | |||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 200 | 85,903,791 | ||||||||
Ending Balance at Sep. 30, 2020 | 4,044,476 | $ 0 | 3,308,957 | 811,778 | (76,259) | 4,097,603 | $ 859 | 3,485,105 | 785,062 | (173,423) |
Beginning Balance (in shares) at Mar. 31, 2020 | 200 | 85,903,791 | ||||||||
Beginning Balance at Mar. 31, 2020 | 4,077,760 | $ 0 | 3,308,957 | 847,782 | (78,979) | 4,114,013 | $ 859 | 3,485,105 | 808,720 | (180,671) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | (23,233) | (23,233) | 15,037 | 15,037 | ||||||
Dividends, Common Stock | (22,419) | (22,419) | (46,015) | (46,015) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,630 | 1,630 | 3,956 | 3,956 | ||||||
Ending Balance (in shares) at Jun. 30, 2020 | 200 | 85,903,791 | ||||||||
Ending Balance at Jun. 30, 2020 | 4,033,738 | $ 0 | 3,308,957 | 802,130 | (77,349) | 4,086,991 | $ 859 | 3,485,105 | 777,742 | (176,715) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 9,996 | 9,996 | 33,062 | 33,062 | ||||||
Dividends, Common Stock | (348) | (348) | (25,742) | (25,742) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,090 | 1,090 | 3,292 | 3,292 | ||||||
Ending Balance (in shares) at Sep. 30, 2020 | 200 | 85,903,791 | ||||||||
Ending Balance at Sep. 30, 2020 | $ 4,044,476 | $ 0 | 3,308,957 | 811,778 | (76,259) | $ 4,097,603 | $ 859 | 3,485,105 | 785,062 | (173,423) |
Beginning Balance (in shares) at Dec. 31, 2020 | 200 | 200 | 85,903,791 | 85,903,791 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 4,139,882 | $ 0 | 3,313,532 | 912,787 | (86,437) | $ 4,181,409 | $ 859 | 3,485,105 | 876,401 | (180,956) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 188,993 | 188,993 | 199,470 | 199,470 | ||||||
Dividends, Common Stock | (22,939) | (22,939) | (52,053) | (52,053) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,385 | 2,385 | 4,554 | 4,554 | ||||||
Ending Balance (in shares) at Mar. 31, 2021 | 200 | 85,903,791 | ||||||||
Ending Balance at Mar. 31, 2021 | $ 4,308,321 | $ 0 | 3,313,532 | 1,078,841 | (84,052) | $ 4,333,380 | $ 859 | 3,485,105 | 1,023,818 | (176,402) |
Beginning Balance (in shares) at Dec. 31, 2020 | 200 | 200 | 85,903,791 | 85,903,791 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 4,139,882 | $ 0 | 3,313,532 | 912,787 | (86,437) | $ 4,181,409 | $ 859 | 3,485,105 | 876,401 | (180,956) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 293,804 | $ 351,959 | ||||||||
Proceeds from Contributions from Parent | $ 210,000 | |||||||||
Ending Balance (in shares) at Sep. 30, 2021 | 200 | 200 | 85,903,791 | 85,903,791 | ||||||
Ending Balance at Sep. 30, 2021 | $ 4,581,998 | $ 0 | 3,523,532 | 1,138,524 | (80,058) | $ 4,375,486 | $ 859 | 3,485,105 | 1,057,515 | (167,993) |
Beginning Balance (in shares) at Mar. 31, 2021 | 200 | 85,903,791 | ||||||||
Beginning Balance at Mar. 31, 2021 | 4,308,321 | $ 0 | 3,313,532 | 1,078,841 | (84,052) | 4,333,380 | $ 859 | 3,485,105 | 1,023,818 | (176,402) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 55,242 | 55,242 | 78,364 | 78,364 | ||||||
Dividends, Common Stock | (23,214) | (23,214) | (44,622) | (44,622) | ||||||
Proceeds from Contributions from Parent | 210,000 | 210,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,386 | 2,386 | 4,555 | 4,555 | ||||||
Ending Balance (in shares) at Jun. 30, 2021 | 200 | 85,903,791 | ||||||||
Ending Balance at Jun. 30, 2021 | 4,552,735 | $ 0 | 3,523,532 | 1,110,869 | (81,666) | 4,371,677 | $ 859 | 3,485,105 | 1,057,560 | (171,847) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) Attributable to Parent | 49,569 | 49,569 | 74,125 | 74,125 | ||||||
Dividends, Common Stock | (21,914) | (21,914) | (74,170) | (74,170) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 1,608 | 1,608 | $ 3,854 | 3,854 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 200 | 200 | 85,903,791 | 85,903,791 | ||||||
Ending Balance at Sep. 30, 2021 | $ 4,581,998 | $ 0 | $ 3,523,532 | $ 1,138,524 | $ (80,058) | $ 4,375,486 | $ 859 | $ 3,485,105 | $ 1,057,515 | $ (167,993) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ 293,804 | $ 81,699 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation & Amortization | 537,104 | 462,890 |
Conservation amortization | 75,195 | 69,009 |
Deferred Income Taxes and Tax Credits | 38,095 | (1,922) |
Unrealized Gain (Loss) on Derivatives | (172,795) | (3,563) |
Gain (Loss) on Extinguishment of Debt | 0 | 13,546 |
Afudc Equity | (19,269) | (17,772) |
Monetized production tax credits | (45,562) | (17,558) |
Other Noncash Income (Expense) | (13,437) | 5,466 |
Payment for Pension Benefits | (18,000) | (18,000) |
Increase (Decrease) in Other Regulatory Assets | (87,076) | (90,513) |
Purchased gas adjustment | 31,387 | 30,859 |
Increase (Decrease) in Other Operating Assets | 552 | (17,094) |
Increase (Decrease) in Operating Capital [Abstract] | ||
Increase (Decrease) in Accounts and Other Receivables | 101,809 | 188,053 |
Increase (Decrease) in Materials and Supplies | (1,430) | (4,365) |
Increase (Decrease) in Fuel Inventories | (18,224) | (4,290) |
Increase (Decrease) in Prepaid Expense and Other Assets | (22,529) | (18,912) |
Increase (Decrease) in Accounts Payable | (5,754) | (26,068) |
Increase (Decrease) in Income Taxes Payable | 4,422 | 9,461 |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (7,161) | (25,086) |
Net Cash Provided by (Used in) Operating Activities, Total | 671,131 | 615,840 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Construction expenditures excluding equity allowance for funds used during construction | (662,189) | (678,085) |
Payments for (Proceeds from) Other Investing Activities | 1,076 | (925) |
Net Cash Provided by (Used in) Investing Activities, Total | (661,113) | (679,010) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from (Repayments of) Short-term Debt | (373,800) | 45,000 |
Payments of Dividends | (68,067) | (45,412) |
Proceeds from Contributions from Parent | 210,000 | 0 |
Proceeds from Issuance of Long-term Debt | 961,238 | 644,690 |
Repayments of Long-term Debt | (502,414) | (450,000) |
Repayments of Debt | (234,000) | (150,200) |
Proceeds from (Payments for) Other Financing Activities | 31,202 | (2,525) |
Net Cash Provided by (Used in) Financing Activities, Total | 24,159 | 41,553 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 34,177 | (21,617) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 81,851 | 66,146 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 116,028 | 44,529 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 237,348 | 245,183 |
Proceeds from Income Tax Refunds | 16,861 | 3,820 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | 69,909 | 67,321 |
right-of-use asset, finance lease | 44,347 | 0 |
Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income (Loss) Attributable to Parent | 351,959 | 159,420 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation & Amortization | 536,794 | 462,742 |
Conservation amortization | 75,195 | 69,009 |
Deferred Income Taxes and Tax Credits | 38,718 | 7,259 |
Unrealized Gain (Loss) on Derivatives | (172,795) | (3,563) |
Afudc Equity | (19,269) | (17,772) |
Monetized production tax credits | (45,562) | (17,558) |
Other Noncash Income (Expense) | (21,497) | (2,441) |
Payment for Pension Benefits | (18,000) | (18,000) |
Increase (Decrease) in Other Regulatory Assets | (87,076) | (90,513) |
Purchased gas adjustment | 31,387 | 30,859 |
Increase (Decrease) in Other Operating Assets | 8,516 | (8,391) |
Increase (Decrease) in Operating Capital [Abstract] | ||
Increase (Decrease) in Accounts and Other Receivables | 102,763 | 185,957 |
Increase (Decrease) in Materials and Supplies | (1,430) | (4,365) |
Increase (Decrease) in Fuel Inventories | (18,224) | (4,290) |
Increase (Decrease) in Prepaid Expense and Other Assets | (22,529) | (18,912) |
Increase (Decrease) in Accounts Payable | 4,169 | (26,038) |
Increase (Decrease) in Income Taxes Payable | 7,448 | 9,542 |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (4,127) | (22,628) |
Net Cash Provided by (Used in) Operating Activities, Total | 746,440 | 690,317 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Construction expenditures excluding equity allowance for funds used during construction | (654,182) | (641,862) |
Payments for (Proceeds from) Other Investing Activities | 1,076 | (925) |
Net Cash Provided by (Used in) Investing Activities, Total | (653,106) | (642,787) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from (Repayments of) Short-term Debt | (373,800) | 45,000 |
Payments of Dividends | (170,845) | (125,551) |
Proceeds from Issuance of Long-term Debt | 446,063 | 0 |
Repayments of Long-term Debt | (2,414) | 0 |
Proceeds from (Payments for) Other Financing Activities | 32,589 | 11,921 |
Net Cash Provided by (Used in) Financing Activities, Total | (68,407) | (68,630) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 24,927 | (21,100) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 80,721 | 64,891 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 105,648 | 43,791 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 157,699 | 161,083 |
Proceeds from Income Tax Refunds | 28,744 | 9,259 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | 69,909 | 67,321 |
right-of-use asset, finance lease | $ 44,347 | $ 0 |
Summary of Consolidation and Si
Summary of Consolidation and Significant Accounting Policy | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Consolidation and Significant Accounting Policy Basis of Presentation Puget Energy is an energy services holding company that owns Puget Sound Energy. PSE is a public utility incorporated in the state of Washington that furnishes electric and natural gas services in a territory covering approximately 6,000 square miles, primarily in the Puget Sound region. Puget Energy also has a wholly-owned non-regulated subsidiary, Puget LNG, LLC, which has the sole purpose of owning, developing and financing the non-regulated activity of the Tacoma LNG facility, currently under construction. PSE and Puget LNG are considered related parties with similar ownership by Puget Energy. Therefore, capital and operating costs that are incurred by PSE and allocated to Puget LNG are related party transactions by nature. In 2009, Puget Holdings LLC (Puget Holdings), owned by a consortium of long-term infrastructure investors, completed its merger with Puget Energy (the merger). As a result of the merger, all of Puget Energy’s common stock is indirectly owned by Puget Holdings. The acquisition of Puget Energy was accounted for in accordance with FASB ASC 805, “Business Combinations”, as of the date of the merger. ASC 805 requires the acquirer to recognize and measure identifiable assets acquired and liabilities assumed at fair value as of the merger date. The consolidated financial statements of Puget Energy reflect the accounts of Puget Energy and its subsidiaries. PSE’s consolidated financial statements include the accounts of PSE and its subsidiary. Puget Energy and PSE are collectively referred to herein as “the Company”. The consolidated financial statements are presented after elimination of all significant intercompany items and transactions. PSE’s consolidated financial statements continue to be accounted for on a historical basis and do not include any ASC 805, “Business Combinations” purchase accounting adjustments. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Allowance for Credit Losses Management measures expected credit losses on trade receivables on a collective basis by receivable type, which include electric retail receivables, gas retail receivables, and electric wholesale receivables. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The allowance increased during both periods due to both an increase in the provision combined with a reduction in receivables charged-off during the period. T he Ratepayer Assistance and Preservation of Essential Services proclamation issued by the Washington State governor in April 2020 included a moratorium on disconnecting customers, which resulted in a cessation of account receivable write-offs for non-payment. The following table presents the activity in the allowance for credit losses for accounts receivable for the nine months ended September 30, 2021 and 2020: Puget Energy and Nine Months (Dollars in Thousands) 2021 2020 Allowance for credit losses: Beginning balance $ 20,080 $ 8,294 Provision for credit loss expense 1 26,424 14,660 Receivables charged-off (8,728) (9,065) Total ending allowance balance $ 37,776 $ 13,889 _______________ 1 $8.5 million of current period provision was deferred as a cost specific to COVID-19 in 2021. Refer to Note 8 "Commitments and Contingencies" for more information. Tacoma LNG Facility In August 2015, PSE filed a proposal with the Washington Commission to develop a liquified natural gas (LNG) facility at the Port of Tacoma. Currently under construction at the Port of Tacoma, the facility is expected to be operational in 2021. The Tacoma LNG facility is designed to provide peak-shaving services to PSE’s natural gas customers. By storing surplus natural gas, PSE is able to meet the requirements of peak consumption. LNG will also provide fuel to transportation customers, particularly in the marine market. On January 24, 2018, Puget Sound Clean Air Agency (PSCAA) determined a Supplemental Environmental Impact Statement (SEIS) was necessary in order to rule on the air quality permit for the facility. As a result of requiring a SEIS, the Company's construction schedule was impacted. PSE received the SEIS which concluded the LNG facility would result in a net decrease in GHG emissions providing, in part, that the natural gas for the facility was sourced from British Columbia or Alberta. On December 10, 2019, the PSCAA approved the Notice of Construction permit, a decision which has been appealed to the Washington Pollution Control Hearings Board by each of the Puyallup Tribe of Indians and nonprofit law firm Earthjustice. A hearing on the appeal before the Washington Pollution Control Hearings Board occurred in April 2021 and a decision is anticipated in late 2021 or early 2022. The facility achieved mechanical completion in February 2021; however, it remains nonoperational as additional construction and testing are still being completed. Pursuant to an order by the Washington Utilities and Transportation Commission (Washington Commission), PSE will be allocated approximately 43.0% of common capital and operating costs, consistent with the regulated portion of the Tacoma LNG facility. The remaining 57.0% of common capital and operating costs of the Tacoma LNG facility will be allocated to Puget LNG, LLC (Puget LNG). Per this allocation of costs, $238.8 million and $231.6 million of construction work in progress related to Puget LNG's portion of the Tacoma LNG facility is reported in the Puget Energy "Other property and investments" line item as of September 30, 2021 and December 31, 2020, respectively. Additionally, $0.9 million and $0.5 million of operating costs are reported in the Puget Energy "Non-utility expense and other" financial statement line item for the nine months ended September 30, 2021, and September 30, 2020, respectively. Further, $232.8 million and $207.7 million of construction work in progress related to PSE’s portion of the Tacoma LNG facility is reported in the PSE “Utility plant - Natural gas plant” financial statement line item as of September 30, 2021 and December 31, 2020, respectively, as PSE is a regulated entity. Variable Interest Entities On April 12, 2017, PSE entered into a power purchase agreement (PPA) with Skookumchuck Wind Energy Project, LLC (Skookumchuck) pursuant to which Skookumchuck would develop a wind generation facility and, once completed, sell bundled energy and associated attributes, namely renewable energy certificates (RECs) to PSE over a term of 20 years. Skookumchuck commenced commercial operation in November 2020. PSE has no equity investment in Skookumchuck but is Skookumchuck’s only customer. Based on the terms of the contract, PSE will receive all of the output of the facility, subject to curtailment rights. PSE has concluded that Skookumchuck is a variable interest entity (VIE) and that PSE is not the primary beneficiary of this VIE since it does not control the commercial and operating activities of the facility. Additionally, PSE does not have the obligation to absorb losses or receive benefits. Therefore, PSE will not consolidate the VIE. Purchased energy of $12.3 million was recognized in purchased electricity on the Company's consolidated statements of income for the nine months ended September 30, 2021 and $2.6 million is included in accounts payable on the Company's consolidated balance sheet as of September 30, 2021. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (Issued March 2020). ASU 2020-04 provides temporary optional expedients and exceptions to the current guidance on contract modifications to ease the financial reporting burdens related to the expected market transition from London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The Company has term loans, credit agreements, and promissory notes that reference LIBOR. As of September 30, 2021, the Company has not utilized any of the expedients discussed within this ASU; however, it continues to assess other agreements to determine if LIBOR is included and if the expedients would be utilized through the allowed period of December 2022. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table presents disaggregated revenue from contracts with customers, and other revenue by major source: Puget Energy and (Dollars in Thousands) Three Months Ended Nine Months Ended Revenue from contracts with customers: 2021 2020 2021 2020 Electric retail $ 508,476 $ 458,573 $ 1,680,290 $ 1,499,378 Natural gas retail 115,460 103,486 681,680 637,239 Other 141,128 46,111 278,911 125,227 Total revenue from contracts with customers 765,064 608,170 2,640,881 2,261,844 Alternative revenue programs (13,539) 2,189 (19,488) 23,089 Other non-customer revenue 18,711 10,067 78,319 33,302 Total operating revenue $ 770,236 $ 620,426 $ 2,699,712 $ 2,318,235 Revenue at PSE is recognized when performance obligations under the terms of a contract or tariff with our customers are satisfied. Performance obligations are satisfied generally through performance of PSE's obligation over time or with transfer of control of electric power, natural gas, and other revenue from contracts with customers. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods and services. Electric and Natural Gas Retail Revenue Electric and natural gas retail revenue consists of tariff-based sales of electricity and natural gas to PSE's customers. For tariff contracts, PSE has elected the portfolio approach practical expedient model to apply the revenue from contracts with customers to groups of contracts. The Company determined that the portfolio approach will not differ from considering each contract or performance obligation separately. Electric and natural gas tariff contracts include the performance obligation of standing ready to perform electric and natural gas services. The electricity and natural gas the customer chooses to consume is considered an option and is recognized over time using the output method when the customer simultaneously consumes the electricity or natural gas. PSE has elected the right to invoice practical expedient for unbilled retail revenue. The obligation of standing ready to perform electric service and the consumption of electricity and natural gas at market value implies a right to consideration for performance completed to date. The Company believes that tariff prices approved by the Washington Commission represent stand-alone selling prices for the performance obligations under ASC 606 "Revenue from Contracts with Customers". PSE collects Washington State excise taxes (which are a component of general retail customer rates) and municipal taxes and presents the taxes on a gross basis, as PSE is the taxpayer for those excise and municipal taxes. Other Revenue from Contracts with Customers Other revenue from contracts with customers is primarily comprised of electric transmission, natural gas transportation, biogas, and wholesale revenue sold on an intra-month basis. Electric Transmission and Natural Gas Transportation Revenue Transmission and transportation tariff contracts include the performance obligation to transmit and transport electricity or natural gas. Transfer of control and recognition of revenue occurs over time as the customer simultaneously receives the transmission and transportation services. Measurement of satisfaction of this performance obligation is determined using the output method. Similar to retail revenue, the Company utilizes the right to invoice practical expedient as PSE’s right to consideration is tied directly to the value of power and natural gas transmitted and transported each month. The price is based on the tariff rates that were approved by the Washington Commission or the FERC and, therefore, corresponds directly to the value to the customer for performance completed to date. Biogas Biogas is a renewable natural gas fuel that PSE purchases and sells along with the renewable green attributes derived from the renewable natural gas. Biogas contracts include the performance obligations of biogas and renewable credit delivery upon PSE receiving produced biogas from its supplier. Transfer of control and recognition of revenue occurs at a point in time as biogas is considered a storable commodity and may not be consumed as it is delivered. Wholesale Wholesale revenue at PSE includes sales of electric power and non-core natural gas to other utilities or marketers. Wholesale revenue contracts include the performance obligation of physical electric power or natural gas. There are typically no added fixed or variable amounts on top of the established rate for power or natural gas and contracts always have a stated, fixed quantity of power or natural gas delivered. Transfer of control and recognition of revenue occurs at a point in time when the customer takes physical possession of electric power or natural gas. Non-core gas consists of natural gas supply in excess of natural gas used for generation, sold to third parties to mitigate the costs of firm transportation and storage capacity for its core natural gas customers. PSE reports non-core gas sold net of costs, as PSE does not take control of the natural gas but is merely an agent within the market that connects a seller to a purchaser. PWI Land Sale On August 13, 2021, Puget Western, Inc. (PWI) a wholly-owned subsidiary of Puget Sound Energy sold a parcel of land that resulted in $23.2 million of other revenue from contracts with customers. PWI purchases, develops, and sells land holdings throughout PSE’s service territory, thus, the sale was reported as non-utility revenue of $23.2 million and non-utility expense of $12.9 million. Other Revenue In accordance with ASC 606, PSE separately presents revenue not collected from contracts with customers that falls under other accounting guidance. Transaction Price Allocated to Remaining Performance Obligations In December 2020, Puget LNG entered into a contract with one customer where Puget LNG is selling LNG over a 10-year delivery period beginning no later than 2024. The contract requires the customer to purchase a minimum annual quantity even if the customer does not take delivery. The price of the LNG includes a fixed charge, a fuel charge that includes both a market index and fixed margin component and other variable consideration. The fixed transaction price is allocated to the remaining performance obligations which is determined by the fixed charge components multiplied by the outstanding minimum annual quantity. Based on management’s best estimate of commencement, the Company expects to recognize this revenue over the following time periods: Puget Energy (Dollars in Thousands) 2024 2025 2026 2027 2028 Thereafter Total Remaining Performance Obligations $ 15,359 $ 19,710 $ 19,454 $ 19,454 $ 19,454 $ 102,135 $ 195,566 |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | PSE's energy risk portfolio management function monitors and manages these risks using analytical models and tools. In order to manage risks effectively, PSE enters into forward physical electric and natural gas purchase and sale agreements, fixed-for-floating swap contracts, and commodity call/put options. Currently, the Company does not apply cash flow hedge accounting and therefore records all mark-to-market gains or losses through earnings. The Company manages its interest rate risk through the issuance of mostly fixed-rate debt with varied maturities. The Company utilizes internal cash from operations, borrowings under its commercial paper program and its credit facilities to meet short-term funding needs. The Company may enter into swap instruments or other financial hedge instruments to manage the interest rate risk associated with these debts. The following table presents the volumes, fair values and classification of the Company's derivative instruments recorded on the balance sheets: Puget Energy and September 30, 2021 December 31, 2020 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes Assets 1 Liabilities 2 Electric portfolio derivatives * $ 193,765 $ 45,349 * $ 22,544 $ 46,922 Natural gas derivatives (MMBtus) 3 315 168,762 17,105 320 19,276 14,352 Total derivative contracts $ 362,527 $ 62,454 $ 41,820 $ 61,274 Current $ 306,685 $ 50,447 $ 33,015 $ 31,441 Long-term 55,842 12,007 8,805 29,833 Total derivative contracts $ 362,527 $ 62,454 $ 41,820 $ 61,274 _______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments. 2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments. 3 All fair value adjustments on derivatives relating to the natural gas business have been deferred in accordance with ASC 980, “Regulated Operations,” due to the purchased gas adjustment (PGA) mechanism. The net derivative asset or liability and offsetting regulatory liability or asset are related to contracts used to economically hedge the cost of physical gas purchased to serve natural gas customers. * Electric portfolio derivatives consist of electric generation fuel of 208.4 million One Million British Thermal Units (MMBtu) and purchased electricity of 8.1 million Megawatt Hours (MWhs) at September 30, 2021, and 212.2 million MMBtus and 6.6 million MWhs at December 31, 2020. It is the Company's policy to record all derivative transactions on a gross basis at the contract level without offsetting assets or liabilities. The Company generally enters into transactions using the following master agreements: WSPP, Inc. (WSPP) agreements, which standardize physical power contracts; International Swaps and Derivatives Association (ISDA) agreements, which standardize financial natural gas and electric contracts; and North American Energy Standards Board (NAESB) agreements, which standardize physical natural gas contracts. The Company believes that such agreements reduce credit risk exposure because such agreements provide for the netting and offsetting of monthly payments as well as the right of set-off in the event of counterparty default. The set-off provision can be used as a final settlement of accounts which extinguishes the mutual debts owed between the parties in exchange for a new net amount. For further details regarding the fair value of derivative instruments, see Note 5, "Fair Value Measurements," to the consolidated financial statements included in Item 1 of this report. The following tables present the potential effect of netting arrangements, including rights of set-off associated with the Company's derivative assets and liabilities: Puget Energy and At September 30, 2021 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 362,527 $ — $ 362,527 $ (48,450) $ — $ 314,077 Liabilities: Energy derivative contracts $ 62,454 $ — $ 62,454 $ (48,450) $ (62) $ 13,942 Puget Energy and At December 31, 2020 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 41,820 $ — $ 41,820 $ (21,696) $ — $ 20,124 Liabilities: Energy derivative contracts $ 61,274 $ — $ 61,274 $ (21,696) $ (9,343) $ 30,235 _______________ 1 All derivative contract deals are executed under ISDA, NAESB and WSPP master netting agreements with right of set-off. The following table presents the effect and classification of the realized and unrealized gains (losses) of the Company's derivatives recorded on the statements of income: Puget Energy and Three Months Ended Nine Months Ended (Dollars in Thousands) Classification 2021 2020 2021 2020 Gas for Power Derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ 42,552 $ 29,940 $ 95,421 $ 24,950 Realized Electric generation fuel 29,404 358 40,502 911 Power Derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net 45,965 10,002 77,374 (21,386) Realized Purchased electricity (3,884) 3,579 (10,900) (8,584) Total gain (loss) recognized in income on derivatives $ 114,037 $ 43,879 $ 202,397 $ (4,109) The Company is exposed to credit risk primarily through buying and selling electricity and natural gas to serve its customers. Credit risk is the potential loss resulting from a counterparty's non-performance under an agreement. The Company manages credit risk with policies and procedures for, among other things, counterparty credit analysis, exposure measurement, and exposure monitoring and mitigation. The Company monitors counterparties for significant swings in credit default swap rates, credit rating changes by external rating agencies, ownership changes or financial distress. Where deemed appropriate, the Company may request collateral or other security from its counterparties to mitigate potential credit default losses. Criteria employed in this decision include, among other things, the perceived creditworthiness of the counterparty and the expected credit exposure. It is possible that volatility in energy commodity prices could cause the Company to have material credit risk exposure with one or more counterparties. If such counterparties fail to perform their obligations under one or more agreements, the Company could suffer a material financial loss. However, as of September 30, 2021, approximately 99.4% of the Company's energy portfolio exposure, excluding normal purchase normal sale (NPNS) transactions, is with counterparties that are rated investment grade by rating agencies and 0.6% are either rated below investment grade or not rated by rating agencies. The Company assesses credit risk internally for counterparties that are not rated by the major rating agencies. The Company computes credit reserves at a master agreement level by counterparty. The Company considers external credit ratings and market factors in the determination of reserves, such as credit default swaps and bond spreads. The Company recognizes that external ratings may not always reflect how a market participant perceives a counterparty's risk of default. The Company uses both default factors published by Standard & Poor's and factors derived through analysis of market risk, which reflect the application of an industry standard recovery rate. The Company selects a default factor by counterparty at an aggregate master agreement level based on a weighted average default tenor for that counterparty's deals. The default tenor is determined by weighting the fair value and contract tenors for all deals for each counterparty to derive an average value. The default factor used is dependent upon whether the counterparty is in a net asset or a net liability position after applying the master agreement levels. The Company applies the counterparty's default factor to compute credit reserves for counterparties that are in a net asset position. The Company calculates a non-performance risk on its derivative liabilities by using its estimated incremental borrowing rate over the risk-free rate. Credit reserves are netted against the unrealized gain (loss) positions. The majority of the Company's derivative contracts are with financial institutions and other utilities operating within the Western Electricity Coordinating Council. PSE also transacts power futures contracts on the Intercontinental Exchange (ICE), and natural gas contracts on the ICE NGX exchange platform. Execution of contracts on ICE requires the daily posting of margin calls as collateral through a futures and clearing agent. As of September 30, 2021, PSE did not have any posted collateral related to contracts executed on the ICE platform. Also, as of September 30, 2021, PSE had $2.0 million in cash posted as collateral and a $1.0 million letter of credit posted as a condition of transacting on the ICE NGX platform. PSE did not trigger any collateral requirements with any of its counterparties nor were any of PSE's counterparties required to post collateral resulting from credit rating downgrades during the three months ended September 30, 2021. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral the Company could be required to post: Puget Energy and (Dollars in Thousands) At September 30, 2021 At December 31, 2020 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 7,145 $ — $ 7,145 $ 26,966 $ — $ 26,966 Requested credit for adequate assurance 6,056 — — 6,576 — — Forward value of contract 3 62 1,993 N/A 9,343 20,903 N/A Total $ 13,263 $ 1,993 $ 7,145 $ 42,885 $ 20,903 $ 26,966 _______________ 1 Represents the derivative fair value of contracts with contingent features for counterparties in net derivative liability positions. Excludes NPNS, accounts payable and accounts receivable. 2 Failure by PSE to maintain an investment grade credit rating from each of the major credit rating agencies provides counterparties a contractual right to demand collateral. 3 . Collateral requirements may vary based on changes in the forward value of underlying transactions relative to contractually defined collateral thresholds. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, "Fair Value Measurement", established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy categorizes the inputs into three levels with the highest priority given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority given to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 1 primarily consists of financial instruments such as exchange-traded derivatives and listed equities. Equity securities that are also classified as cash equivalents are considered Level 1 if there are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Pricing inputs are 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 those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options. Level 3 - Pricing inputs include significant inputs that have little or no observability as of the reporting date. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Financial assets and liabilities measured at fair value are classified in their entirety in the appropriate fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. The Company primarily determines fair value measurements classified as Level 2 or Level 3 using a combination of the income and market valuation approaches. The process of determining the fair values is the responsibility of the derivative accounting department, which reports to the Controller and Principal Accounting Officer. Inputs used to estimate the fair value of forwards, swaps and options include market-price curves, contract terms and prices, credit-risk adjustments, and discount factors. Additionally, for options, the Black-Scholes option valuation model and implied market volatility curves are used. Inputs used to estimate fair value in industry-standard models are categorized as Level 2 inputs as substantially all assumptions and inputs are observable in active markets throughout the full term of the instruments. On a daily basis, the Company obtains quoted forward prices for the electric and natural gas markets from an independent external pricing service. The Company considers its electric and natural gas contracts as Level 2 derivative instruments as such contracts are commonly traded as over-the-counter forwards with indirectly observable price quotes. However, certain energy derivative instruments with maturity dates falling outside the range of observable price quotes are classified as Level 3 in the fair value hierarchy. Management's assessment is based on the trading activity in real-time and forward electric and natural gas markets. Each quarter, the Company confirms the validity of pricing-service quoted prices used to value Level 2 commodity contracts with the actual prices of commodity contracts entered into during the most recent quarter. Assets and Liabilities with Estimated Fair Value The carrying values of cash and cash equivalents, restricted cash, and short-term debt as reported on the balance sheet are reasonable estimates of their fair value due to the short-term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The carrying value of other investments of $53.1 million and $52.7 million at September 30, 2021 and December 31, 2020 respectively, are included in "Other property and investments" on the balance sheet. These values are also reasonable estimates of their fair value and classified as Level 2 in the fair value hierarchy as they are valued based on market rates for similar transactions. The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows: Puget Energy September 30, 2021 December 31, 2020 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,167,799 $ 7,810,416 $ 5,667,740 $ 7,755,946 Long-term debt (variable-rate) 2 33,000 33,000 224,700 224,700 Total liabilities $ 6,200,799 $ 7,843,416 $ 5,892,440 $ 7,980,646 Puget Sound Energy September 30, 2021 December 31, 2020 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,784,592 $ 6,159,385 $ 4,338,044 $ 6,086,358 Total liabilities $ 4,784,592 $ 6,159,385 $ 4,338,044 $ 6,086,358 _______________ 1 The carrying value includes debt issuances costs of $22.8 million and $22.7 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $22.8 million and $22.9 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis: Puget Energy and Fair Value Fair Value (Dollars in Thousands) Level 2 Level 3 Total Level 2 Level 3 Total Assets: Electric derivative instruments $ 178,003 $ 15,762 $ 193,765 $ 21,947 $ 597 $ 22,544 Natural gas derivative instruments 168,690 72 168,762 19,139 137 19,276 Total assets $ 346,693 $ 15,834 $ 362,527 $ 41,086 $ 734 $ 41,820 Liabilities: Electric derivative instruments $ 41,015 $ 4,334 $ 45,349 $ 22,607 $ 24,315 $ 46,922 Natural gas derivative instruments 15,349 1,756 17,105 13,080 1,272 14,352 Total liabilities $ 56,364 $ 6,090 $ 62,454 $ 35,687 $ 25,587 $ 61,274 The following table presents the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy: Puget Energy and Three Months Ended September 30, (Dollars in Thousands) 2021 2020 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (6,348) $ (1,862) $ (8,210) $ (28,609) $ 342 $ (28,267) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 20,510 — 20,510 5,516 — 5,516 Included in regulatory assets / liabilities — (6) (6) — (471) (471) Settlements (2,734) 184 (2,550) 846 (347) 499 Transferred into Level 3 — — — — — — Transferred out of Level 3 — — — — — — Balance at end of period $ 11,428 $ (1,684) $ 9,744 $ (22,247) $ (476) $ (22,723) Puget Energy and Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (23,718) $ (1,135) (24,853) $ (3,378) $ 1,282 $ (2,096) Changes during period: Realized and unrealized energy derivatives: Included in earnings 2 36,020 — 36,020 (21,321) — (21,321) Included in regulatory assets / liabilities — (1,055) (1,055) — (187) (187) Settlements (874) 506 (368) 2,452 (1,571) 881 Transferred into Level 3 — — — — — Transferred out of Level 3 — — — — — — Balance at end of period $ 11,428 $ (1,684) $ 9,744 $ (22,247) $ (476) $ (22,723) _______________ 1 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $20.1 million and $4.8 million for three months ended September 30, 2021 and 2020, respectively. 2 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $33.2 million and $(19.0) million for nine months ended September 30, 2021 and 2020, respectively. Realized gains and losses on energy derivatives for Level 3 recurring items are included in energy costs in the Company's consolidated statements of income under purchased electricity, electric generation fuel or purchased natural gas when settled. Unrealized gains and losses on energy derivatives for Level 3 recurring items are included in net unrealized (gain) loss on derivative instruments in the Company's consolidated statements of income. The Company does not use internally developed models to make adjustments to significant unobservable pricing inputs. The only significant unobservable input into the fair value measurement of the Company's Level 3 assets and liabilities is the forward price for electric and natural gas contracts. The weighted average price is calculated as the total market value divided by the total volume of the Company's Level 3 electric and gas commodity contracts, respectively, as of the reporting date. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of September 30, 2021: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 15,762 $ 4,334 Discounted cash flow Power prices (per MWh) $ 34.50 $ 95.61 $ 53.50 Natural gas $ 72 $ 1,756 Discounted cash flow Natural gas prices (per MMBtu) $ 2.96 $ 7.45 $ 5.66 _______________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2020: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 597 $ 24,315 Discounted cash flow Power prices (per MWh) $ 22.82 $ 41.66 $ 31.54 Natural gas $ 137 $ 1,272 Discounted cash flow Natural gas prices (per MMBtu) $ 1.89 $ 3.42 $ 2.47 ___________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The significant unobservable inputs listed above would have a direct impact on the fair values of the above instruments if they were adjusted. Consequently, significant increases or decreases in the forward prices of electricity or natural gas in isolation would result in a significantly higher or lower fair value for Level 3 assets and liabilities. Generally, interrelationships exist between market prices of natural gas and power. As such, an increase in natural gas pricing would potentially have a similar impact on forward power markets. As of September 30, 2021, and December 31, 2020, a hypothetical 10% increase or decrease in market prices of natural gas and electricity would change the fair value of the Company's derivative portfolio, classified as Level 3 within the fair value hierarchy, by $8.4 million and $5.5 million, respectively. Long-Lived Assets Measured at Fair Value on a Nonrecurring Basis Puget Energy records the fair value of its intangible assets in accordance with ASC 360, “Property, Plant, and Equipment,” (ASC 360). The fair value assigned to the power contracts was determined using an income approach comparing the contract rate to the market rate for power over the remaining period of the contracts incorporating non-performance risk. Management also incorporated certain assumptions related to quantities and market presentation that it believes market participants would make in the valuation. The fair value of the power contracts is amortized as the contracts settle. ASC 360 requires long-lived assets to be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. One such triggering event is a significant decrease in the forward market prices of power. As of September 30, 2021, Puget Energy completed valuation and impairment testing of its power purchase contracts classified as intangible assets and determined that no impairment was needed. These intangible assets exist as a result of the merger in 2009, at which time the consolidated assets and liabilities were revalued in accordance with ASC 805, "Business Combinations". The following table presents the impairment recorded to the Company's intangible asset contracts in 2020, with corresponding reductions to the regulatory liability: Puget Energy (Dollars in Thousands) Valuation Date Contract Name Carrying Value Fair Value Write Down March 31, 2020 Rocky Reach $147,168 $94,603 $52,565 The valuations were measured using a discounted cash flow, income-based valuation methodology. Significant inputs included forward electricity prices and power contract pricing which provided future net cash flow estimates classified as Level 3 within the fair value hierarchy. The unobservable input averages disclosed below represent the arithmetic average of the inputs and are not weighted by volume. A less significant input is the discount rate reflective of a market participant's cost of capital used in the valuation. The following table presents the significant unobservable inputs used in estimating the impaired long-term power purchase contracts' fair value: Puget Energy Valuation Date Unobservable Input Low High Average March 31, 2020 Power prices (per MWh) $10.23 $38.84 $24.43 Power contract costs per quarter (in thousands) $6,308 $7,085 $6,468 |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Subsidiaries [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Benefits PSE has a defined benefit pension plan (Qualified Pension Benefits) covering a substantial majority of PSE employees. For employees hired prior to 2014, pension benefits earned are a function of age, salary, years of service and, in the case of employees in the cash balance formula plan, the applicable annual interest crediting rates. Effective January 1, 2014, all new UA represented employees hired or rehired receive annual pay credits of 4.0% of eligible pay each year in the cash balance formula of the defined pension plan. Effective January 1, 2014 for non-represented employees, and December 12, 2014 for employees represented by the IBEW, newly hired or rehired employees receive annual employer contributions of 4.0% of eligible play each year into the cash balance formula of the defined benefit pension or 401k plan account. PSE also has a non-qualified Supplemental Executive Retirement Plan (SERP) for certain key senior management employees that closed to new participants in 2019. Effective 2019, PSE has an officer restoration benefit for new officers who join PSE or are promoted, such that company contributions under PSE’s applicable tax-qualified plan, which otherwise would have been credited if not for IRS limitations, are credited at 4.0% of earnings to an account with the Deferred Compensation Plan In addition to providing pension benefits, PSE provides legacy group health care and life insurance benefits (Plan) for certain retired employees. These benefits are provided principally through an insurance company. The insurance premiums, paid primarily by retirees, are based on the benefits provided during the prior year. On June 11, 2019, the Company's Welfare Benefits Committee approved the termination of the Plan effective December 31, 2019, and the creation of a Retiree Health Reimbursement Account (HRA) Plan effective January 1, 2020. The components of service cost are included within utility operations and maintenance for PSE and within non-utility expense and other for Puget Energy while all non-service cost components are included in other income. For further information, see Note 13, "Retirement Benefits" to the consolidated financial statements included in Item 8 of the Company's Form 10-K for the period ended December 31, 2020. The following tables summarize the Company’s net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020: Puget Energy Qualified SERP Other Three Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 6,722 $ 6,084 $ 115 $ 176 $ 34 $ 47 Interest cost 5,595 6,295 293 362 72 92 Expected return on plan assets (12,060) (12,476) — — (84) (97) Amortization of prior service cost (476) (393) 87 87 2 — Amortization of net loss (gain) 2,951 2,040 588 512 (10) (20) Net periodic benefit cost $ 2,732 $ 1,550 $ 1,083 $ 1,137 $ 14 $ 22 Puget Energy Qualified SERP Other Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 20,166 $ 18,253 $ 344 $ 580 $ 117 $ 142 Interest cost 16,786 18,885 879 1,102 226 276 Expected return on plan assets (36,179) (37,427) — — (266) (292) Amortization of prior service cost (1,428) (1,180) 262 262 5 — Amortization of net loss (gain) 8,852 6,120 1,763 1,610 (30) (61) Net periodic benefit cost $ 8,197 $ 4,651 $ 3,248 $ 3,554 $ 52 $ 65 Puget Sound Energy Qualified SERP Other Three Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 6,722 $ 6,084 $ 115 $ 176 $ 34 $ 47 Interest cost 5,595 6,295 293 362 72 92 Expected return on plan assets (12,061) (12,478) — — (84) (97) Amortization of prior service cost (378) (393) 87 87 2 — Amortization of net loss (gain) 5,465 4,761 635 575 (11) (34) Net periodic benefit cost $ 5,343 $ 4,269 $ 1,130 $ 1,200 $ 13 $ 8 Puget Sound Energy Qualified SERP Other Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 20,166 $ 18,253 $ 344 $ 580 $ 117 $ 142 Interest cost 16,786 18,885 879 1,102 226 276 Expected return on plan assets (36,182) (37,433) — — (266) (292) Amortization of prior service cost (1,135) (1,180) 262 262 5 — Amortization of net loss (gain) 16,396 14,283 1,906 1,810 (40) (103) Net periodic benefit cost $ 16,031 $ 12,808 $ 3,391 $ 3,754 $ 42 $ 23 The following table summarizes the Company’s change in benefit obligation for the periods ended September 30, 2021 and December 31, 2020: Puget Energy and Qualified SERP Other Nine Months Ended Year Ended Nine Months Ended Year Ended Nine Months Ended Year Ended (Dollars in Thousands) September 30, December 31, September 30, December 31, September 30, December 31, Change in benefit obligation: Benefit obligation at beginning of period $ 849,383 $ 774,305 $ 46,742 $ 63,000 $ 12,114 $ 11,627 Amendments — — — — — 44 Service cost 20,166 24,337 344 756 117 190 Interest cost 16,786 25,180 879 1,464 226 368 Actuarial loss (gain) 4,580 69,413 (630) 3,663 (80) 604 Benefits paid (37,807) (42,775) (1,485) (22,141) (669) (906) Medicare part D subsidy received — — — — 195 187 Administrative Expense — (1,077) — — — — Benefit obligation at end of period $ 853,108 $ 849,383 $ 45,850 $ 46,742 $ 11,903 $ 12,114 The aggregate expected contributions by the Company to fund the qualified pension plan, SERP and the other postretirement plans for the year ending December 31, 2021, are expected to be at least $18.0 million, $6.9 million and $0.3 million, respectively. During the nine months ended September 30, 2021, the Company contributed $18.0 million and $1.5 million to fund the qualified pension plan and the SERP, respectively. During the nine months ended September 30, 2020, the Company contributed $18.0 million and $18.1 million to fund the qualified pension plan and the SERP, respectively. The Company contributed an immaterial amount to fund the other postretirement plans. |
Regulation and Rates
Regulation and Rates | 9 Months Ended |
Sep. 30, 2021 | |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Regulation and Rates Disclosure | Regulation and Rates Power Cost Only Rate Case On December 9, 2020, PSE filed its 2020 power cost only rate case (PCORC). The filing proposed an increase of $78.5 million (or an average of approximately 3.7%) in the Company's overall power supply costs with an anticipated effective date in June 2021. On February 2, 2021, PSE supplemented the PCORC to update its power costs, leading to a requested increase from $78.5 million to $88.0 million (or an average of approximately 4.1%). On March 2, 2021, the parties to the PCORC reached an unopposed multiparty settlement in principle. The settlement resulted in an estimated revenue increase of $65.3 million or 3.1%. A term of the settlement requires PSE to include in its next general rate case (GRC) (or another proceeding in 2022) the issue of whether the PCORC should continue, and further prohibits PSE from filing another PCORC before this issue is litigated. On June 1, 2021, the Washington Commission issued its Final Order approving and adopting the settlement and authorizing and requiring a power cost update through a compliance filing. On June 17, 2021, PSE filed a compliance filing with the Washington Commission with a revenue increase of $70.9 million or 3.3% due to the update on power costs with rates effective July 1, 2021. General Rate Case PSE filed a GRC with the Washington Commission on June 20, 2019 requesting an overall increase in electric and natural gas rates of 6.9% and 7.9% respectively. On July 8, 2020, the Washington Commission issued its order on PSE’s GRC. The ruling provided for a weighted cost of capital of 7.39% or 6.8% after-tax, and a capital structure of 48.5% in common equity with a return on equity of 9.4%. The order also resulted in a combined net increase to electric of $29.5 million, or 1.6%, and to natural gas of $36.5 million, or 4.0%. However, the Washington Commission extended the amortization of certain regulatory assets, PSE’s electric decoupling deferral, and PSE’s PGA deferral to mitigate the impact of the rate increase in response to the economic instability created by the COVID-19 pandemic. This reduced the electric revenue increase to approximately $0.9 million, or 0.05%, and the natural gas increase to $1.3 million, or 0.15%, and became effective October 15, 2020 and October 1, 2020, respectively. On August 6, 2020, PSE filed a petition for judicial review with the Superior Court of the State of Washington for King County (Superior Court) challenging the portion of the final order that requires PSE to pass back to customers the reversal of plant-related excess deferred income taxes in a manner that may deviate from the Internal Revenue Service (IRS) normalization and consistency rules. PSE reviewed the original Washington Commission order including the ramifications of certain tax issues and requested a Private Letter Ruling (PLR) with the IRS regarding this matter. On October 7, 2020, PSE, the Washington Commission and interveners agreed to dismiss the petition for judicial review. The agreement was based on a commitment from the Washington Commission that if the IRS ruling finds that the Washington Commission’s methodology for reversing plant-related excess deferred income taxes is impermissible, the Washington Commission would open a proceeding to review and enact the changes required by the IRS ruling. There is approximately $25.6 million in annual revenue requirement related to the 2019 GRC, which PSE has requested it be allowed to track and, if appropriate recover, pending the outcome of the IRS ruling. On July 30, 2021, the IRS issued a PLR to PSE which concludes that the Washington Commission’s methodology for reversing plant-related excess deferred income taxes is an impermissible methodology under the IRS normalization and consistency rules. The PLR requires that PSE request the Washington Commission allow adjustments to its rates to bring PSE back into compliance with IRS rules. Accordingly, on August 10, 2021, the Commission notified parties of their intent to modify the final orders to address the IRS ruling in their PLR and provided parties the opportunity to comment before a final determination is made. On September 28, 2021, the Washington Commission issued an order amending their order previously issued on July 8, 2020, to correct for items which were determined to be impermissible under IRS normalization and consistency rules as detailed in the PLR. This led to a combined annualized net increase to electric rates of $77.1 million, or 3.7%, an increase of $17.5 million above the $59.6 million granted in the revised final order. The order also led to a combined annualized net increase to natural gas rates of $45.3 million, or 5.9%, an increase of $2.4 million above the $42.9 million granted in the revised final order. The Washington Commission maintained adjustments that mitigated the impacts of the rate increases in response to the economic instability created by the COVID-19 pandemic, which reduced the electric revenue increase to approximately $48.3 million, or 2.3%, and the natural gas increase to $4.9 million, or 0.6%. In the order the Washington Commission also approved the collection of the revenue differences tracked since the 2019 GRC rates went into effect within Schedule 141X. The annualized overall rate impact for this element is an increase of $15.8 million, or 0.7%, for electric and $3.1 million, or 0.3%, for natural gas for a total of $18.9 million with rates effective October 1, 2021. To reflect the impact of the PLR, PSE has recorded a regulatory asset and additional revenues of $24.7 million in its operating results through September 30, 2021. Decoupling Filings On December 23, 2020, the Washington Commission approved PSE’s filing to update Schedule 142 decoupling amortization rates, with an effective date of January 1, 2021, by zeroing out rates still effective past October 15, 2020 on tariff sheet Schedule 142-H, which was replaced by rates on tariff sheet Schedule 142-I effective October 15, 2020. As part of this filing, PSE will true up the over-collection amounts for the period of October 15, 2020 through December 31, 2020 in PSE’s annual May 2021 decoupling filing. On June 1, 2021, the Washington Commission approved the multi-party settlement agreement which was filed within PSE’s PCORC filing. As part of this settlement agreement, the electric annual fixed power cost allowed revenue was updated to reflect changes in the approved revenue requirement. The changes took effect on July 1, 2021. On September 28, 2021, the Washington Commission approved 2019 GRC filing updated to PLR changes. As part of this filing, the annual electric and gas delivery cost allowed revenue was updated to reflect changes in the approved revenue requirement. The changes took effect on October 1, 2021. On September 30, 2021, PSE performed an analysis to determine if electric and natural gas decoupling revenue deferrals would be collected from customers within 24 months of the annual period, per ASC 980. If not, for GAAP purposes only, PSE would need to record a reserve against the decoupling revenue and corresponding regulatory asset balance. Once the reserve is probable of collection within 24 months from the end of the annual period, the reserve can be recognized as decoupling revenue. The analysis indicated that $2.0 million of electric deferred revenue would not be collected within 24 months of the annual period; therefore, a reserve adjustment was booked to 2021 electric decoupling revenue. Natural gas deferred revenue will be collected within 24 months of the annual period; therefore, no reserve adjustment was booked to 2021 natural gas decoupling revenue. Power Cost Adjustment Mechanism PSE currently has a PCA mechanism that provides for the deferral of power costs that vary from the “power cost baseline” level of power costs. The “power cost baseline” levels are set, in part, based on normalized assumptions about weather and hydroelectric conditions. Excess power costs or savings are apportioned between PSE and its customers pursuant to the graduated scale set forth in the PCA mechanism and will trigger a surcharge or refund when the cumulative deferral trigger is reached. Effective January 1, 2017, the following graduated scale is used in the PCA mechanism: Company’s Share Customers' Share Annual Power Cost Variability Over Under Over Under Over or Under Collected by up to $17 million 100 % 100 % — % — % Over or Under Collected by between $17 million - $40 million 35 50 65 50 Over or Under Collected beyond $40 + million 10 10 90 90 For the nine months ended September 30, 2021, in its PCA mechanism, PSE under recovered its allowable costs by $49.7 million of which $20.3 million was apportioned to customers and $1.2 million of interest was accrued on the deferred customer balance. This compares to an under recovery of allowable costs of $51.5 million for the nine months ended September 30, 2020, of which $21.9 million was apportioned to customers and accrued $1.6 million of interest on the total deferred customer balance. Power Cost Adjustment Clause Filing PSE exceeded the $20.0 million cumulative deferral balance in its PCA mechanism in 2020. PSE filed to recover the deferred balance in Docket UE-210300, effective December 1, 2021, and the Washington Commission approved PSE’s request on September 30, 2021. During 2020, actual power costs were higher than baseline power costs; thereby, creating an under-recovery of $76.1 million. Under the terms of the PCA’s sharing mechanism for under-recovered power costs, PSE absorbed $32.1 million of the under-recovered amount, and customers were responsible for the remaining $44.0 million, or $46.0 million including interest. Purchased Gas Adjustment Mechanism On September 17, 2021, PSE filed with the Washington Commission proposed November 2021 PGA rates, which are expected to go into effect on November 1, 2021. As part of that filing, PSE requested an annual revenue increase of $59.1 million; where PGA rates, under Schedule 101, increase annual revenue by $80.6 million, and the tracker rates under Schedule 106, decrease annual revenue by $21.5 million. Those rate increases will be set in addition to continuing the collection on the remaining balance of $69.4 million under Supplemental Schedule 106B. The following table presents the PGA mechanism balances and activity at September 30, 2021 and December 31, 2020: (Dollars in Thousands) At September 30, At December 31, PGA receivable balance and activity 2021 2020 PGA receivable beginning balance $ 87,655 $ 132,766 Actual natural gas costs 218,934 314,792 Allowed PGA recovery (251,633) (363,886) Interest 1,312 3,983 PGA receivable ending balance $ 56,268 $ 87,655 Get to Zero Depreciation Deferral On April 10, 2019, PSE filed an accounting petition with the Washington Commission, requesting authorization to defer depreciation expense associated with Get to Zero (GTZ) projects that were placed in service after June 30, 2018. The GTZ project consists of a number of short-lived technology upgrades. The depreciation expense associated with the GTZ projects with lives of 10 years or less that were placed in service after June 30, 2018, were deferred beginning May 1 per the petition request. At September 30, 2021 and December 31, 2020, PSE deferred $7.9 million and $2.8 million of depreciation expense for GTZ, respectively. In addition to the deferral of depreciation expense, PSE had also requested to defer carrying charges on the GTZ deferral, to be calculated utilizing the Company’s currently authorized after tax rate of return, or 6.89%. The ruling authorized PSE to amortize deferred GTZ expenses as proposed in the original GRC filing. The ruling also allows continued deferral of the depreciation expense associated with GTZ investments not already approved for recovery with a book life of 10 years or less, through PSE's next GRC. Finally, the final order set the rate at which PSE could defer and recover carrying charges from PSE’s authorized rate of return to the quarterly interest rate established by the FERC. Crisis Affected Customer Assistance Program On April 6, 2020, PSE filed with the Washington Commission revisions to its currently effective Tariff WN U-60. The purpose of this filing is to incorporate into PSE’s low-income tariff a new temporary bill assistance program, Crisis Affected Customer Assistance Program (CACAP), to mitigate the economic impact of the COVID-19 pandemic on PSE’s customers. CACAP would allow PSE customers facing financial hardship due to COVID-19 to receive up to $1,000 in bill assistance. The program puts to immediate use $11.0 million in unspent low income funds from prior years, and supplements other forms of financial assistance. The program does not require an increase to rates and is compatible with other low income programs. Based on the COVID-19 pandemic and resulting state of emergency, the Washington Commission allowed the tariff revisions to become effective on April 13, 2020. PSE made an additional filing on July 21, 2020 to increase the amount of electric funds available for distribution by $4.5 million under the CACAP program. The CACAP-1 program successfully distributed over $8.9 million in bill assistance funds to over 15,000 households from its inception in April 2020 through the program end date on September 30, 2020. On March 28, 2021, the Washington Commission approved PSE’s second Crisis Affected Customer Assistance Program (CACAP-2), effective April 12, 2021. CACAP-2 will provide up to $2,500 in bill assistance per year for each qualifying low-income household. The CACAP-2 total program budget is $20.0 million for electric customers and $7.7 million for natural gas customers. Natural gas funds may be used for electric bills if necessary. Customers may apply for CACAP-2 more than once during the 12-month program year of October-September. On October 15, 2021, PSE submitted for the Washington Commission’s review and approval a Supplemental CACAP filing to continue assistance for PSE customers facing financial hardship due to COVID-19. The Supplemental CACAP would utilize carry-over funds not expended in any prior years under PSE’s Schedule 129 Low Income Program (PSE HELP). The Supplemental CACAP benefits, for both electric and natural gas residential customers, would be a combined total of $34.5 million and be capped at $23.7 million and $10.8 million, respectively. Additionally, the Supplemental CACAP filing proposed to revise the CACAP-2 total program budget to $27.7 million for electric customers (instead of $20.0 million for electric customers and $7.7 million for natural gas customers). The Supplemental CACAP budget for natural gas customers of $10.8 million would be used for both the CACAP-2 program and the Supplemental CACAP program benefits. The Supplemental CACAP benefits would be available to PSE’s residential customers who have a past due balance on their PSE electric or natural gas service account and who have a total net household income which is at or below 200% of the federal poverty level guidelines, based on household, as determined by the Company. The Supplemental CACAP benefits would cover a qualifying residential customer’s past due balance, up to $2,500. If the Supplemental CACAP proposed filing is approved by the Washington Commission, PSE would apply the Supplemental CACAP benefits to qualifying residential service accounts automatically with an opt-out option. Both CACAP-2 and Supplemental CACAP would be administered until funds are exhausted. Storm Loss Deferral Mechanism |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Colstrip PSE has a 50% ownership interest in Colstrip Units 1 and 2 and a 25% interest in each of Colstrip Units 3 and 4, which are coal-fired generating units located in Colstrip, Montana. PSE has accelerated the depreciation of Colstrip Units 3 and 4, per the terms of the GRC settlement, to December 31, 2027, which was subsequently updated to December 31, 2025 as part of the 2019 GRC. The 2017 GRC also repurposed PTCs and hydro-related treasury grants to recover unrecovered plant costs and to fund and recover decommissioning and remediation costs for Colstrip Units 1 through 4. Consistent with a June 2019 announcement, Talen permanently shut down Units 1 and 2 at the end of 2019 due to operational losses associated with the Units. Colstrip Units 1 and 2 were retired effective December 31, 2019. The Washington Clean Energy Transition Act requires the Washington Commission to provide recovery of the investment, decommissioning, and remediation costs associated with the facilities that are not recovered through the repurposed PTCs and hydro-related treasury grants. The full scope of decommissioning activities and costs may vary from the estimates that are available at this time. Other Commitments and Contingencies In addition to the contractual obligations and consolidated commercial commitments disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, during the nine months ended September 30, 2021, the Company entered into new Electric Portfolio and Electric Wholesale Market Transaction contracts with estimated payment obligations totaling $826.5 million through 2042. For further information, see Note 16, "Commitments and Contingencies" to the consolidated financial statements included in Item 8 of the Company's Form 10-K for the period ended December 31, 2020. COVID-19 The outbreak of the Coronavirus Disease 2019 (COVID-19) has become a global pandemic. The Company is monitoring the impact of the pandemic and taking steps to mitigate known risks. The full impact on the Company's business from the pandemic, including governmental and regulatory response actions, is unknown at this time and difficult to predict. The Company provides a critical and essential service to its customers and the health and safety of its employees and customers is its first priority. The Company is continuously monitoring its supply chain and is working closely with essential vendors to understand the impact of COVID-19 to its business and does not currently expect service disruptions. Government mandated stay at home orders and private work from home mandates due to COVID-19 have affected electric and gas loads for residential, commercial, and industrial customers. The Company's electric and natural gas loads may continue to be impacted for the remainder of 2021, due to continued work place lock downs, work at home mandates, other government mandated quarantines, economic recession, and resurgence of the COVID-19 virus. At the date of this report, the Company is effectively managing operations during the pandemic in order to continue to provide critical service to its customers. The Company has flexibility with capital investments and other measures to maintain sufficient liquidity over the next twelve months. The situation remains fluid and future impacts to the Company that are presently unknown or unanticipated may occur. Furthermore, the severity of impact to the Company could increase the longer the global pandemic persists. On September 30, 2021, the Company announced that in order to comply with state and federal vaccine mandates all employees and contingent workers are required to be fully vaccinated against COVID-19 by December 8, 2021. The government vaccination mandate may impact the Company and our vendors' staffing levels, which could affect storm response and the timeliness of our response to customers' inquiries. On September 3, 2020, the Company filed an accounting petition with the Washington Commission, requesting authorization to defer the costs and foregone revenue net of offsets associated with the COVID-19 public health emergency. On November 6, 2020, PSE filed a revised petition which was approved on December 10, 2020 by the Washington Commission granting PSE's accounting petition in part by allowing the deferral of COVID-19 incremental costs and foregone revenue net of offsets. As of September 30, 2021, PSE deferred $23.9 million specific to COVID-19 net of offsets. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Other than the items discussed below, there have been no significant changes regarding the Company's leases as described in Note 9, "Leases" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. During the first quarter of 2021, mechanical completion was achieved for the Puget LNG facility which triggered an increase in the lease payments for the Port of Tacoma lease. This remeasurement resulted in an increase of the operating lease right-of-use (ROU) asset and operating lease liabilities of $26.3 million, of which $0.4 million was recorded in current liabilities and $25.9 million was recorded in other long-term and regulatory liabilities. |
Leases | In June 2021, the Kent service center facility reached substantial completion which triggered lease commencement. The lease has a term of 20 years and is classified as a finance lease. The Company recognized a ROU asset within electric utility plant and a finance lease liability of $45.4 million, of which $1.0 million was recorded in other current liabilities and $44.4 million was recorded in other deferred credits, respectively. |
Other
Other | 9 Months Ended |
Sep. 30, 2021 | |
Other [Abstract] | |
Other | Other Long-Term Debt On June 14, 2021, Puget Energy issued $500.0 million of senior secured notes at an interest rate of 2.379%. The notes were issued for a period of 7 years, mature on June 15, 2028, and pay interest semi-annually on June 15 and December 15. Proceeds from the issuance of the notes were invested in short-term money market funds, then used to repay the Company’s $500.0 million 6.00% notes that matured on September 1, 2021. On June 23, 2021, Puget Energy received an equity contribution from Puget Equico LLC, Puget Energy’s parent company. The proceeds from the equity contribution were used to pay off Puget Energy’s $210.0 million term loan. On September 15, 2021, PSE issued $450.0 million of senior secured notes at an interest rate of 2.893%. The notes were issued for a period of 30 years, mature on September 15, 2051, and pay interest semi-annually on March 15 and September 15 of each year. The proceeds from the issuance will be used for repayment of commercial paper as well as general corporate purposes. As of September 30, 2021, Puget Energy maintained an $800.0 million credit facility, of which $33.0 million was drawn and outstanding under the facility. For further information, see Note 7, "Long-Term Debt" and Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's most recent Annual Report on Form 10K for the year ended December 31, 2020. |
Short-term Debt | Short-Term Debt As of September 30, 2021, no amount was drawn under PSE's credit facility and no amount was outstanding under the commercial paper program at PSE. For further information, see Note 8, "Liquidity Facilities and Other Financing Arrangements" in the Company's most recent Annual Report on Form 10K for the year ended December 31, 2020. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for accounts receivable for the nine months ended September 30, 2021 and 2020: Puget Energy and Nine Months (Dollars in Thousands) 2021 2020 Allowance for credit losses: Beginning balance $ 20,080 $ 8,294 Provision for credit loss expense 1 26,424 14,660 Receivables charged-off (8,728) (9,065) Total ending allowance balance $ 37,776 $ 13,889 _______________ 1 $8.5 million of current period provision was deferred as a cost specific to COVID-19 in 2021. Refer to Note 8 "Commitments and Contingencies" for more information. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents disaggregated revenue from contracts with customers, and other revenue by major source: Puget Energy and (Dollars in Thousands) Three Months Ended Nine Months Ended Revenue from contracts with customers: 2021 2020 2021 2020 Electric retail $ 508,476 $ 458,573 $ 1,680,290 $ 1,499,378 Natural gas retail 115,460 103,486 681,680 637,239 Other 141,128 46,111 278,911 125,227 Total revenue from contracts with customers 765,064 608,170 2,640,881 2,261,844 Alternative revenue programs (13,539) 2,189 (19,488) 23,089 Other non-customer revenue 18,711 10,067 78,319 33,302 Total operating revenue $ 770,236 $ 620,426 $ 2,699,712 $ 2,318,235 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Based on management’s best estimate of commencement, the Company expects to recognize this revenue over the following time periods: Puget Energy (Dollars in Thousands) 2024 2025 2026 2027 2028 Thereafter Total Remaining Performance Obligations $ 15,359 $ 19,710 $ 19,454 $ 19,454 $ 19,454 $ 102,135 $ 195,566 |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the volumes, fair values and classification of the Company's derivative instruments recorded on the balance sheets: Puget Energy and September 30, 2021 December 31, 2020 (Dollars in Thousands) Volumes (millions) Assets 1 Liabilities 2 Volumes Assets 1 Liabilities 2 Electric portfolio derivatives * $ 193,765 $ 45,349 * $ 22,544 $ 46,922 Natural gas derivatives (MMBtus) 3 315 168,762 17,105 320 19,276 14,352 Total derivative contracts $ 362,527 $ 62,454 $ 41,820 $ 61,274 Current $ 306,685 $ 50,447 $ 33,015 $ 31,441 Long-term 55,842 12,007 8,805 29,833 Total derivative contracts $ 362,527 $ 62,454 $ 41,820 $ 61,274 _______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments. 2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments. 3 All fair value adjustments on derivatives relating to the natural gas business have been deferred in accordance with ASC 980, “Regulated Operations,” due to the purchased gas adjustment (PGA) mechanism. The net derivative asset or liability and offsetting regulatory liability or asset are related to contracts used to economically hedge the cost of physical gas purchased to serve natural gas customers. * Electric portfolio derivatives consist of electric generation fuel of 208.4 million One Million British Thermal Units (MMBtu) and purchased electricity of 8.1 million Megawatt Hours (MWhs) at September 30, 2021, and 212.2 million MMBtus and 6.6 million MWhs at December 31, 2020. |
Offsetting Assets and Liabilities | The following tables present the potential effect of netting arrangements, including rights of set-off associated with the Company's derivative assets and liabilities: Puget Energy and At September 30, 2021 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 362,527 $ — $ 362,527 $ (48,450) $ — $ 314,077 Liabilities: Energy derivative contracts $ 62,454 $ — $ 62,454 $ (48,450) $ (62) $ 13,942 Puget Energy and At December 31, 2020 Gross Amount Recognized in the Statement of Financial Position 1 Gross Amounts Offset in the Statement of Financial Position Net of Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position (Dollars in Thousands) Commodity Contracts Cash Collateral Received/Posted Net Amount Assets: Energy derivative contracts $ 41,820 $ — $ 41,820 $ (21,696) $ — $ 20,124 Liabilities: Energy derivative contracts $ 61,274 $ — $ 61,274 $ (21,696) $ (9,343) $ 30,235 _______________ 1 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents the effect and classification of the realized and unrealized gains (losses) of the Company's derivatives recorded on the statements of income: Puget Energy and Three Months Ended Nine Months Ended (Dollars in Thousands) Classification 2021 2020 2021 2020 Gas for Power Derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net $ 42,552 $ 29,940 $ 95,421 $ 24,950 Realized Electric generation fuel 29,404 358 40,502 911 Power Derivatives: Unrealized Unrealized gain (loss) on derivative instruments, net 45,965 10,002 77,374 (21,386) Realized Purchased electricity (3,884) 3,579 (10,900) (8,584) Total gain (loss) recognized in income on derivatives $ 114,037 $ 43,879 $ 202,397 $ (4,109) |
Schedule of Credit Risk Related Contingent Features | The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral the Company could be required to post: Puget Energy and (Dollars in Thousands) At September 30, 2021 At December 31, 2020 Fair Value 1 Posted Contingent Fair Value 1 Posted Contingent Contingent Feature Liability Collateral Collateral Liability Collateral Collateral Credit rating 2 $ 7,145 $ — $ 7,145 $ 26,966 $ — $ 26,966 Requested credit for adequate assurance 6,056 — — 6,576 — — Forward value of contract 3 62 1,993 N/A 9,343 20,903 N/A Total $ 13,263 $ 1,993 $ 7,145 $ 42,885 $ 20,903 $ 26,966 _______________ 1 Represents the derivative fair value of contracts with contingent features for counterparties in net derivative liability positions. Excludes NPNS, accounts payable and accounts receivable. 2 Failure by PSE to maintain an investment grade credit rating from each of the major credit rating agencies provides counterparties a contractual right to demand collateral. 3 . Collateral requirements may vary based on changes in the forward value of underlying transactions relative to contractually defined collateral thresholds. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Inputs, Liabilities, Quantitative Information | The fair value of the long-term notes was estimated using the discounted cash flow method with the U.S. Treasury yields and the Company's credit spreads as inputs, interpolating to the maturity date of each issue. The carrying values and estimated fair values were as follows: Puget Energy September 30, 2021 December 31, 2020 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 1 2 $ 6,167,799 $ 7,810,416 $ 5,667,740 $ 7,755,946 Long-term debt (variable-rate) 2 33,000 33,000 224,700 224,700 Total liabilities $ 6,200,799 $ 7,843,416 $ 5,892,440 $ 7,980,646 Puget Sound Energy September 30, 2021 December 31, 2020 (Dollars in Thousands) Level Carrying Fair Carrying Fair Liabilities: Long-term debt (fixed-rate), net of discount 2 2 $ 4,784,592 $ 6,159,385 $ 4,338,044 $ 6,086,358 Total liabilities $ 4,784,592 $ 6,159,385 $ 4,338,044 $ 6,086,358 _______________ 1 The carrying value includes debt issuances costs of $22.8 million and $22.7 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value. 2 The carrying value includes debt issuances costs of $22.8 million and $22.9 million for September 30, 2021 and December 31, 2020, respectively, which are not included in fair value. | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis: Puget Energy and Fair Value Fair Value (Dollars in Thousands) Level 2 Level 3 Total Level 2 Level 3 Total Assets: Electric derivative instruments $ 178,003 $ 15,762 $ 193,765 $ 21,947 $ 597 $ 22,544 Natural gas derivative instruments 168,690 72 168,762 19,139 137 19,276 Total assets $ 346,693 $ 15,834 $ 362,527 $ 41,086 $ 734 $ 41,820 Liabilities: Electric derivative instruments $ 41,015 $ 4,334 $ 45,349 $ 22,607 $ 24,315 $ 46,922 Natural gas derivative instruments 15,349 1,756 17,105 13,080 1,272 14,352 Total liabilities $ 56,364 $ 6,090 $ 62,454 $ 35,687 $ 25,587 $ 61,274 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the Company's reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy: Puget Energy and Three Months Ended September 30, (Dollars in Thousands) 2021 2020 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (6,348) $ (1,862) $ (8,210) $ (28,609) $ 342 $ (28,267) Changes during period: Realized and unrealized energy derivatives: Included in earnings 1 20,510 — 20,510 5,516 — 5,516 Included in regulatory assets / liabilities — (6) (6) — (471) (471) Settlements (2,734) 184 (2,550) 846 (347) 499 Transferred into Level 3 — — — — — — Transferred out of Level 3 — — — — — — Balance at end of period $ 11,428 $ (1,684) $ 9,744 $ (22,247) $ (476) $ (22,723) | Puget Energy and Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 Level 3 Roll-Forward Net Asset/(Liability) Electric Natural Gas Total Electric Natural Gas Total Balance at beginning of period $ (23,718) $ (1,135) (24,853) $ (3,378) $ 1,282 $ (2,096) Changes during period: Realized and unrealized energy derivatives: Included in earnings 2 36,020 — 36,020 (21,321) — (21,321) Included in regulatory assets / liabilities — (1,055) (1,055) — (187) (187) Settlements (874) 506 (368) 2,452 (1,571) 881 Transferred into Level 3 — — — — — Transferred out of Level 3 — — — — — — Balance at end of period $ 11,428 $ (1,684) $ 9,744 $ (22,247) $ (476) $ (22,723) _______________ 1 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $20.1 million and $4.8 million for three months ended September 30, 2021 and 2020, respectively. 2 Income Statement locations: Unrealized (gain) loss on derivative instruments, net. Amounts include unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $33.2 million and $(19.0) million for nine months ended September 30, 2021 and 2020, respectively. |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of September 30, 2021: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 15,762 $ 4,334 Discounted cash flow Power prices (per MWh) $ 34.50 $ 95.61 $ 53.50 Natural gas $ 72 $ 1,756 Discounted cash flow Natural gas prices (per MMBtu) $ 2.96 $ 7.45 $ 5.66 _______________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. The following table presents the forward price ranges for the Company's Level 3 commodity contracts as of December 31, 2020: Puget Energy and Fair Value Range (Dollars in Thousands) Assets 1 Liabilities 1 Valuation Technique Unobservable Input Low High Weighted Average Electric $ 597 $ 24,315 Discounted cash flow Power prices (per MWh) $ 22.82 $ 41.66 $ 31.54 Natural gas $ 137 $ 1,272 Discounted cash flow Natural gas prices (per MMBtu) $ 1.89 $ 3.42 $ 2.47 ___________ 1 The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions. | |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table presents the significant unobservable inputs used in estimating the impaired long-term power purchase contracts' fair value: Puget Energy Valuation Date Unobservable Input Low High Average March 31, 2020 Power prices (per MWh) $10.23 $38.84 $24.43 Power contract costs per quarter (in thousands) $6,308 $7,085 $6,468 | |
Schedule of Impaired Intangible Assets | The following table presents the impairment recorded to the Company's intangible asset contracts in 2020, with corresponding reductions to the regulatory liability: Puget Energy (Dollars in Thousands) Valuation Date Contract Name Carrying Value Fair Value Write Down March 31, 2020 Rocky Reach $147,168 $94,603 $52,565 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following tables summarize the Company’s net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020: Puget Energy Qualified SERP Other Three Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 6,722 $ 6,084 $ 115 $ 176 $ 34 $ 47 Interest cost 5,595 6,295 293 362 72 92 Expected return on plan assets (12,060) (12,476) — — (84) (97) Amortization of prior service cost (476) (393) 87 87 2 — Amortization of net loss (gain) 2,951 2,040 588 512 (10) (20) Net periodic benefit cost $ 2,732 $ 1,550 $ 1,083 $ 1,137 $ 14 $ 22 Puget Energy Qualified SERP Other Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 20,166 $ 18,253 $ 344 $ 580 $ 117 $ 142 Interest cost 16,786 18,885 879 1,102 226 276 Expected return on plan assets (36,179) (37,427) — — (266) (292) Amortization of prior service cost (1,428) (1,180) 262 262 5 — Amortization of net loss (gain) 8,852 6,120 1,763 1,610 (30) (61) Net periodic benefit cost $ 8,197 $ 4,651 $ 3,248 $ 3,554 $ 52 $ 65 Puget Sound Energy Qualified SERP Other Three Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 6,722 $ 6,084 $ 115 $ 176 $ 34 $ 47 Interest cost 5,595 6,295 293 362 72 92 Expected return on plan assets (12,061) (12,478) — — (84) (97) Amortization of prior service cost (378) (393) 87 87 2 — Amortization of net loss (gain) 5,465 4,761 635 575 (11) (34) Net periodic benefit cost $ 5,343 $ 4,269 $ 1,130 $ 1,200 $ 13 $ 8 Puget Sound Energy Qualified SERP Other Nine Months Ended September 30, (Dollars in Thousands) 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 20,166 $ 18,253 $ 344 $ 580 $ 117 $ 142 Interest cost 16,786 18,885 879 1,102 226 276 Expected return on plan assets (36,182) (37,433) — — (266) (292) Amortization of prior service cost (1,135) (1,180) 262 262 5 — Amortization of net loss (gain) 16,396 14,283 1,906 1,810 (40) (103) Net periodic benefit cost $ 16,031 $ 12,808 $ 3,391 $ 3,754 $ 42 $ 23 |
Schedule of Changes in Projected Benefit Obligations | The following table summarizes the Company’s change in benefit obligation for the periods ended September 30, 2021 and December 31, 2020: Puget Energy and Qualified SERP Other Nine Months Ended Year Ended Nine Months Ended Year Ended Nine Months Ended Year Ended (Dollars in Thousands) September 30, December 31, September 30, December 31, September 30, December 31, Change in benefit obligation: Benefit obligation at beginning of period $ 849,383 $ 774,305 $ 46,742 $ 63,000 $ 12,114 $ 11,627 Amendments — — — — — 44 Service cost 20,166 24,337 344 756 117 190 Interest cost 16,786 25,180 879 1,464 226 368 Actuarial loss (gain) 4,580 69,413 (630) 3,663 (80) 604 Benefits paid (37,807) (42,775) (1,485) (22,141) (669) (906) Medicare part D subsidy received — — — — 195 187 Administrative Expense — (1,077) — — — — Benefit obligation at end of period $ 853,108 $ 849,383 $ 45,850 $ 46,742 $ 11,903 $ 12,114 |
Regulation and Rates Public Uti
Regulation and Rates Public Utilities, Regulatory Proceeding (Tables) - Subsidiaries [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Purchased Gas Adjustment [Member] | Natural Gas | |
Regulation and Rates [Line Items] | |
Schedule of PGA Receivable Payable | The following table presents the PGA mechanism balances and activity at September 30, 2021 and December 31, 2020: (Dollars in Thousands) At September 30, At December 31, PGA receivable balance and activity 2021 2020 PGA receivable beginning balance $ 87,655 $ 132,766 Actual natural gas costs 218,934 314,792 Allowed PGA recovery (251,633) (363,886) Interest 1,312 3,983 PGA receivable ending balance $ 56,268 $ 87,655 |
PCA Mechanism [Member] | Electricity | |
Regulation and Rates [Line Items] | |
Schedule of Graduated Scale of Rate Adjustment Mechanism | Effective January 1, 2017, the following graduated scale is used in the PCA mechanism: Company’s Share Customers' Share Annual Power Cost Variability Over Under Over Under Over or Under Collected by up to $17 million 100 % 100 % — % — % Over or Under Collected by between $17 million - $40 million 35 50 65 50 Over or Under Collected beyond $40 + million 10 10 90 90 |
Summary of Consolidation and _2
Summary of Consolidation and Significant Accounting Policy (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021USD ($)mi² | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary of Consolidation Policy | ||||
Allowance for Credit Losses, Beginning Balance | $ 20,080 | $ 8,294 | ||
Provision for Credit Loss | $ 26,424 | $ 14,660 | ||
Receivables Charged-Off | (8,728) | (9,065) | ||
Allowance for Credit Loss, Ending Balance | 37,776 | 13,889 | ||
Variable Interest Entity [Line Items] | ||||
Bad Debt Deferral, COVID 19 | $ 8,500 | |||
Subsidiaries [Member] | ||||
Summary of Consolidation Policy | ||||
Area of Service Territory (in sqmi) | mi² | 6,000 | |||
Variable Interest Entity [Line Items] | ||||
Contract Length, PPA | 20 years | |||
Variable Interest Entity, Measure of Activity, Expense | $ 12,300 | |||
Variable Interest Entity, Payable | $ 2,600 | |||
Subsidiaries [Member] | Tacoma LNG [Member] | ||||
Summary of Consolidation Policy | ||||
Jointly Owned Non-Utility Plant Share | 43.00% | |||
Construction in Progress, Gross | $ 232,800 | 207,700 | ||
Puget LNG [Member] | ||||
Summary of Consolidation Policy | ||||
Jointly Owned Non-Utility Plant Share | 57.00% | |||
Construction in Progress, Gross | $ 238,800 | $ 231,600 | ||
Puget LNG [Member] | ||||
Summary of Consolidation Policy | ||||
Operating Costs and Expenses | $ 900 | $ 500 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | Aug. 13, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 765,064 | $ 608,170 | $ 2,640,881 | $ 2,261,844 | ||
Regulated Operating Revenue, Other | 34,042 | 7,093 | 53,074 | 18,806 | ||
Revenues | 770,236 | 620,426 | 2,699,712 | 2,318,235 | ||
Non-utility expense and other | 24,440 | 6,340 | 43,912 | 35,143 | ||
Electricity, US Regulated [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 508,476 | 458,573 | 1,680,290 | 1,499,378 | ||
Natural Gas, US Regulated [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 115,460 | 103,486 | 681,680 | 637,239 | ||
Other Revenue From Contracts with Customers [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 141,128 | 46,111 | 278,911 | 125,227 | ||
Decoupling over-collection [Domain] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulated Operating Revenue, Other | (13,539) | 2,189 | (19,488) | 23,089 | ||
Other Non-606 Revenue [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulated Operating Revenue, Other | 18,711 | 10,067 | 78,319 | 33,302 | ||
Subsidiaries [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulated Operating Revenue, Other | 34,042 | 7,093 | 53,074 | 18,806 | ||
Revenues | 770,236 | 620,426 | 2,699,712 | 2,318,235 | ||
Non-utility expense and other | 23,920 | $ 5,510 | 42,290 | $ 33,293 | ||
Nonutility Expense | $ 12,900 | |||||
Nonutility Revenue | 23,200 | |||||
Other Non-Customer Revenue | $ 23,200 | |||||
Puget LNG [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2026 | 19,454 | 19,454 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 19,454 | 19,454 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 19,454 | 19,454 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 102,135 | 102,135 | ||||
Revenue, Remaining Performance Obligation, Amount | 195,566 | 195,566 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2025 | 19,710 | 19,710 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, 2025 | $ 15,359 | $ 15,359 | ||||
Remaining Contract Term, PLNG | 10 years |
Accounting for Derivative Ins_3
Accounting for Derivative Instruments and Hedging Activities Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Subsidiaries [Member] | |
Derivative [Line Items] | |
Hedging strategy number of years extended | 3 years |
Natural Gas Portfolio [Member] | |
Derivative [Line Items] | |
Posted Collateral | $ 2 |
External Credit Rating, Investment Grade [Member] | |
Derivative [Line Items] | |
Derivative, Credit Risk Exposure, Percentage | 99.40% |
External Credit Rating, Non Investment Grade [Member] | |
Derivative [Line Items] | |
Derivative, Credit Risk Exposure, Percentage | 0.60% |
Credit Rating [Member] | Natural Gas Portfolio [Member] | |
Derivative [Line Items] | |
Posted Collateral | $ 1 |
Accounting for Derivative Ins_4
Accounting for Derivative Instruments and Hedging Activities Derivative Assets and Liabilities (Details) $ in Thousands, MMBTU in Millions | Sep. 30, 2021USD ($)MMBTU | Dec. 31, 2020USD ($)MMBTU | |
Derivative [Line Items] | |||
Current, Assets | $ 306,685 | $ 33,015 | |
Long-term, Assets | 55,842 | 8,805 | |
Current, Liabilities | 50,447 | 31,441 | |
Long-term, Liabilities | 12,007 | 29,833 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Current, Assets | 306,685 | 33,015 | |
Long-term, Assets | 55,842 | 8,805 | |
Assets | [1] | 362,527 | 41,820 |
Current, Liabilities | 50,447 | 31,441 | |
Long-term, Liabilities | 12,007 | 29,833 | |
Derivative Liability | [2] | $ 62,454 | $ 61,274 |
Not Designated as Hedging Instrument [Member] | Natural Gas Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | 315 | 320 | |
Not Designated as Hedging Instrument [Member] | Electric Portfolio [Member] | |||
Derivative [Line Items] | |||
Assets | $ 193,765 | $ 22,544 | |
Derivative Liability | 45,349 | 46,922 | |
Not Designated as Hedging Instrument [Member] | Natural Gas Portfolio [Member] | |||
Derivative [Line Items] | |||
Assets | 168,762 | 19,276 | |
Derivative Liability | $ 17,105 | $ 14,352 | |
Not Designated as Hedging Instrument [Member] | Electric Generation Fuel [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | 208.4 | 212.2 | |
Not Designated as Hedging Instrument [Member] | Purchased Electricity [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | 8.1 | 6.6 | |
[1] | _______________ 1 Balance sheet classification: Current and Long-term Unrealized gain on derivative instruments. | ||
[2] | 2 Balance sheet classification: Current and Long-term Unrealized loss on derivative instruments. |
Accounting for Derivative Ins_5
Accounting for Derivative Instruments and Hedging Activities Net Amount of Derivatives Reported in the Statement of Financial Position (Details) - Commodity Contract [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Gross Amount Recognized in the Statement of Financial Position | $ 362,527 | $ 41,820 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets | 362,527 | 41,820 |
Commodity Contracts | (48,450) | (21,696) |
Cash Collateral Received | 0 | 0 |
Net Amount | 314,077 | 20,124 |
Liabilities: | ||
Gross Amount Recognized in the Statement of Financial Position | 62,454 | 61,274 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivative Liability | 62,454 | 61,274 |
Commodity Contracts | (48,450) | (21,696) |
Cash Collateral Posted | (62) | (9,343) |
Net Amount | $ 13,942 | $ 30,235 |
Accounting for Derivative Ins_6
Accounting for Derivative Instruments and Hedging Activities Recognized in Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | $ 88,517 | $ 39,942 | $ 172,795 | $ 3,563 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | 114,037 | 43,879 | 202,397 | (4,109) |
Not Designated as Hedging Instrument [Member] | Electric Generation Fuel [Member] | Unrealized (Gain) Loss on Derivative Instruments, Net [Member] | ||||
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | 42,552 | 29,940 | 95,421 | 24,950 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Electric Generation Fuel [Member] | ||||
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | 29,404 | 358 | 40,502 | 911 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Purchased Electricity [Member] | ||||
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | (3,884) | 3,579 | (10,900) | (8,584) |
Not Designated as Hedging Instrument [Member] | Electricity, US Regulated [Member] | Unrealized (Gain) Loss on Derivative Instruments, Net [Member] | ||||
Derivative Instruments, (Loss) Gain [Line Items] | ||||
Unrealized (gain) loss on derivative instruments | $ 45,965 | $ 10,002 | $ 77,374 | $ (21,386) |
Accounting for Derivative Ins_7
Accounting for Derivative Instruments and Hedging Activities Contractual Contingent Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Electric Portfolio [Member] | ||
Derivative [Line Items] | ||
Fair Value Liability | $ 13,263 | $ 42,885 |
Posted Collateral | 1,993 | 20,903 |
Additional Collateral, Aggregate Fair Value | 7,145 | 26,966 |
Natural Gas Portfolio [Member] | ||
Derivative [Line Items] | ||
Posted Collateral | 2,000 | |
Credit Rating [Member] | Electric Portfolio [Member] | ||
Derivative [Line Items] | ||
Fair Value Liability | 7,145 | 26,966 |
Posted Collateral | 0 | 0 |
Additional Collateral, Aggregate Fair Value | 7,145 | 26,966 |
Credit Rating [Member] | Natural Gas Portfolio [Member] | ||
Derivative [Line Items] | ||
Posted Collateral | 1,000 | |
Requested Credit for Adequate Assurance [Member] | Electric Portfolio [Member] | ||
Derivative [Line Items] | ||
Fair Value Liability | 6,056 | 6,576 |
Posted Collateral | 0 | 0 |
Additional Collateral, Aggregate Fair Value | 0 | 0 |
Forward Value of Contract [Member] | Electric Portfolio [Member] | ||
Derivative [Line Items] | ||
Fair Value Liability | 62 | 9,343 |
Posted Collateral | $ 1,993 | $ 20,903 |
Fair Value Measurements Debt at
Fair Value Measurements Debt at at Carrying and Fair Value (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Total long-term debt | $ 6,200,799,000 | $ 5,892,440,000 |
Carrying Value [Member] | Level 2 [Member] | ||
Liabilities: | ||
Notes Receivable, Fair Value Disclosure | 53,100,000 | 52,700,000 |
Subsidiaries [Member] | ||
Liabilities: | ||
Total long-term debt | 4,784,592,000 | 4,338,044,000 |
Discounted cash flow [Member] | Fair Value [Member] | ||
Liabilities: | ||
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure | 7,843,416,000 | 7,980,646,000 |
Discounted cash flow [Member] | Fair Value [Member] | Level 2 [Member] | ||
Liabilities: | ||
Long-term debt (fixed-rate), net of discount | 7,810,416,000 | 7,755,946,000 |
Long-term debt (variable-rate) | 33,000,000 | 224,700,000 |
Discounted cash flow [Member] | Carrying Value [Member] | ||
Liabilities: | ||
Long-term Debt, Excluding Current Maturities, Fair Value Disclosure | 6,200,799,000 | 5,892,440,000 |
Discounted cash flow [Member] | Carrying Value [Member] | Level 2 [Member] | ||
Liabilities: | ||
Long-term debt (fixed-rate), net of discount | 6,167,799,000 | 5,667,740,000 |
Long-term debt (variable-rate) | 33,000,000 | 224,700,000 |
Debt issuance costs | 22,800,000 | 22,700,000 |
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member] | ||
Liabilities: | ||
Total long-term debt | 6,159,385,000 | 6,086,358,000 |
Discounted cash flow [Member] | Subsidiaries [Member] | Fair Value [Member] | Level 2 [Member] | ||
Liabilities: | ||
Long-term debt (fixed-rate), net of discount | 6,159,385,000 | 6,086,358,000 |
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member] | ||
Liabilities: | ||
Total long-term debt | 4,784,592,000 | 4,338,044,000 |
Discounted cash flow [Member] | Subsidiaries [Member] | Carrying Value [Member] | Level 2 [Member] | ||
Liabilities: | ||
Long-term debt (fixed-rate), net of discount | 4,784,592,000 | 4,338,044,000 |
Debt issuance costs | $ 22,800,000 | $ 22,900,000 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 9,744 | $ (22,723) | $ 9,744 | $ (22,723) | $ (8,210) | $ (24,853) | $ (28,267) | $ (2,096) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 20,510 | 5,516 | 36,020 | (21,321) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities) | (6) | (471) | (1,055) | (187) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (2,550) | 499 | (368) | 881 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Electric Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 11,428 | (22,247) | 11,428 | (22,247) | (6,348) | (23,718) | (28,609) | (3,378) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 20,510 | 5,516 | 36,020 | (21,321) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (2,734) | 846 | (874) | 2,452 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Gain (loss) on derivatives | 20,100 | 4,800 | 33,200 | (19,000) | ||||
Natural Gas Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (1,684) | (476) | (1,684) | (476) | $ (1,862) | (1,135) | $ 342 | $ 1,282 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Regulatory Assets (Liabilities) | (6) | (471) | (1,055) | (187) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 184 | (347) | 506 | (1,571) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | $ 0 | 0 | $ 0 | ||||
Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 362,527 | 362,527 | 41,820 | |||||
Derivative Liability | 62,454 | 62,454 | 61,274 | |||||
Fair Value, Recurring [Member] | Electric Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 193,765 | 193,765 | 22,544 | |||||
Derivative Liability | 45,349 | 45,349 | 46,922 | |||||
Fair Value, Recurring [Member] | Natural Gas Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 168,762 | 168,762 | 19,276 | |||||
Derivative Liability | 17,105 | 17,105 | 14,352 | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 346,693 | 346,693 | 41,086 | |||||
Derivative Liability | 56,364 | 56,364 | 35,687 | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | Electric Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 178,003 | 178,003 | 21,947 | |||||
Derivative Liability | 41,015 | 41,015 | 22,607 | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | Natural Gas Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 168,690 | 168,690 | 19,139 | |||||
Derivative Liability | 15,349 | 15,349 | 13,080 | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 15,834 | 15,834 | 734 | |||||
Derivative Liability | 6,090 | 6,090 | 25,587 | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | Electric Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 15,762 | 15,762 | 597 | |||||
Derivative Liability | 4,334 | 4,334 | 24,315 | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | Natural Gas Portfolio [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets | 72 | 72 | 137 | |||||
Derivative Liability | $ 1,756 | $ 1,756 | $ 1,272 |
Fair Value Measurements Valuati
Fair Value Measurements Valuation Techniques for Measurement with Unobservable Inputs (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)$ / MWh | Sep. 30, 2021USD ($)$ / MWh$ / MMBTU | Dec. 31, 2020USD ($)$ / MWh$ / MMBTU | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value measurement, sensitivity analysis, hypothetical increase or decrease of market prices, result on fair value | 0.10% | ||
Fair Value Measurements, Sensitivity Analysis, Hypothetical Increase or Decrease of Market Prices, Result on Fair Value | $ 8,400,000 | $ 5,500,000 | |
Impairment of Intangible Assets, Finite-lived | 0 | ||
Wells Project | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ 147,168,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 52,565,000 | ||
Wells Project | Carrying Value [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 94,603,000 | ||
Discounted cash flow [Member] | Low [Member] | Rocky Reach | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 10.23 | ||
Fair Value Inputs, Power Contract Costs | $ 6,308,000 | ||
Discounted cash flow [Member] | High [Member] | Wells Project | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 38.84 | ||
Discounted cash flow [Member] | High [Member] | Rocky Reach | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Inputs, Power Contract Costs | $ 7,085,000 | ||
Discounted cash flow [Member] | Weighted Average [Member] | Wells Project | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 24.43 | ||
Discounted cash flow [Member] | Weighted Average [Member] | Rocky Reach | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Inputs, Power Contract Costs | $ 6,468,000 | ||
Fair Value, Recurring [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 362,527,000 | 41,820,000 | |
Derivative Liability | 62,454,000 | 61,274,000 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 15,834,000 | 734,000 | |
Derivative Liability | $ 6,090,000 | $ 25,587,000 | |
Electric Portfolio [Member] | Discounted cash flow [Member] | Low [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 34.50 | 22.82 | |
Electric Portfolio [Member] | Discounted cash flow [Member] | High [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 95.61 | 41.66 | |
Electric Portfolio [Member] | Discounted cash flow [Member] | Weighted Average [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Price (per MWh) | $ / MWh | 53.50 | 31.54 | |
Electric Portfolio [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | $ 193,765,000 | $ 22,544,000 | |
Derivative Liability | 45,349,000 | 46,922,000 | |
Electric Portfolio [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 15,762,000 | 597,000 | |
Derivative Liability | 4,334,000 | 24,315,000 | |
Electric Portfolio [Member] | Fair Value, Recurring [Member] | Parent Company [Member] | Level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 15,762,000 | 597,000 | |
Derivative Liability | $ 4,334,000 | $ 24,315,000 | |
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | Low [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU | 2.96 | 1.89 | |
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | High [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU | 7.45 | 3.42 | |
Natural Gas Portfolio [Member] | Discounted cash flow [Member] | Weighted Average [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Inputs, Price Per Millions of BTU | $ / MMBTU | 5.66 | 2.47 | |
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | $ 168,762,000 | $ 19,276,000 | |
Derivative Liability | 17,105,000 | 14,352,000 | |
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 72,000 | 137,000 | |
Derivative Liability | 1,756,000 | 1,272,000 | |
Natural Gas Portfolio [Member] | Fair Value, Recurring [Member] | Parent Company [Member] | Level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Assets | 72,000 | 137,000 | |
Derivative Liability | $ 1,756,000 | $ 1,272,000 |
Retirement Benefits Net Periodi
Retirement Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Qualified Pension Benefits [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | $ 20,166 | $ 24,337 | |||
Defined Benefit Plan, Interest Cost | 16,786 | 25,180 | |||
Qualified Pension Benefits [Member] | Parent Company [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | $ 6,722 | $ 6,084 | 20,166 | $ 18,253 | |
Defined Benefit Plan, Interest Cost | 5,595 | 6,295 | 16,786 | 18,885 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (12,060) | (12,476) | (36,179) | (37,427) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (476) | (393) | (1,428) | (1,180) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 2,951 | 2,040 | 8,852 | 6,120 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 2,732 | 1,550 | 8,197 | 4,651 | |
Qualified Pension Benefits [Member] | Subsidiaries [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 6,722 | 6,084 | 20,166 | 18,253 | |
Defined Benefit Plan, Interest Cost | 5,595 | 6,295 | 16,786 | 18,885 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (12,061) | (12,478) | (36,182) | (37,433) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (378) | (393) | (1,135) | (1,180) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 5,465 | 4,761 | 16,396 | 14,283 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 5,343 | 4,269 | 16,031 | 12,808 | |
Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 344 | 756 | |||
Defined Benefit Plan, Interest Cost | 879 | 1,464 | |||
Supplemental Employee Retirement Plan [Member] | Parent Company [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 115 | 176 | 344 | 580 | |
Defined Benefit Plan, Interest Cost | 293 | 362 | 879 | 1,102 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 87 | 87 | 262 | 262 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 588 | 512 | 1,763 | 1,610 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 1,083 | 1,137 | 3,248 | 3,554 | |
Supplemental Employee Retirement Plan [Member] | Subsidiaries [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 115 | 176 | 344 | 580 | |
Defined Benefit Plan, Interest Cost | 293 | 362 | 879 | 1,102 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 87 | 87 | 262 | 262 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 635 | 575 | 1,906 | 1,810 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 1,130 | 1,200 | 3,391 | 3,754 | |
Other Benefit [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 117 | 190 | |||
Defined Benefit Plan, Interest Cost | 226 | $ 368 | |||
Other Benefit [Member] | Parent Company [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 34 | 47 | 117 | 142 | |
Defined Benefit Plan, Interest Cost | 72 | 92 | 226 | 276 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (84) | (97) | (266) | (292) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2 | 0 | 5 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (10) | (20) | (30) | (61) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 14 | 22 | 52 | 65 | |
Other Benefit [Member] | Subsidiaries [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 34 | 47 | 117 | 142 | |
Defined Benefit Plan, Interest Cost | 72 | 92 | 226 | 276 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (84) | (97) | (266) | (292) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2 | 0 | 5 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (11) | (34) | (40) | (103) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 13 | $ 8 | $ 42 | $ 23 |
Retirement Benefits Change in N
Retirement Benefits Change in Net Benefit Obligation (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Qualified Pension Benefits [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 849,383 | $ 774,305 |
Defined Benefit Plan, Service Cost | 20,166 | 24,337 |
Defined Benefit Plan, Interest Cost | 16,786 | 25,180 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 4,580 | 69,413 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (37,807) | (42,775) |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 0 | 0 |
defined benefit plan expected administration expense | 0 | 1,077 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 853,108 | 849,383 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 46,742 | 63,000 |
Defined Benefit Plan, Service Cost | 344 | 756 |
Defined Benefit Plan, Interest Cost | 879 | 1,464 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (630) | 3,663 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (1,485) | (22,141) |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 0 | 0 |
defined benefit plan expected administration expense | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 45,850 | 46,742 |
Other Benefit [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 12,114 | 11,627 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | (44) |
Defined Benefit Plan, Service Cost | 117 | 190 |
Defined Benefit Plan, Interest Cost | 226 | 368 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (80) | 604 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (669) | (906) |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 195 | 187 |
defined benefit plan expected administration expense | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 11,903 | 12,114 |
Qualified Plan [Member] | Qualified Pension Benefits [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 |
Nonqualified Plan [Member] | Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 0 | $ 0 |
Retirement Benefits Activity (D
Retirement Benefits Activity (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | |
Subsidiaries [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Interest Credit | 4.00% | ||
UA represented [Member] | employer contribution [Member] | Subsidiaries [Member] | Collective Bargaining Arrangement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
IBEW represented | employer contribution [Member] | Subsidiaries [Member] | Collective Bargaining Arrangement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | $ 1.5 | $ 18.1 | |
Qualified Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | $ 18 | $ 18 | |
Forecast [Member] | Qualified Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Aggregate expected contributions | $ 18 | ||
Forecast [Member] | Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Aggregate expected contributions | 6.9 | ||
Forecast [Member] | Other Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Aggregate expected contributions | $ 0.3 |
Regulation and Rates (Details)
Regulation and Rates (Details) - USD ($) | Dec. 01, 2021 | Nov. 01, 2021 | Oct. 15, 2021 | Oct. 01, 2021 | Sep. 28, 2021 | Jul. 01, 2021 | Apr. 12, 2021 | Mar. 02, 2021 | Feb. 02, 2021 | Dec. 09, 2020 | Oct. 07, 2020 | Jul. 31, 2020 | Jul. 08, 2020 | Apr. 13, 2020 | Jun. 20, 2019 | Apr. 10, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jul. 21, 2020 | Apr. 06, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Income tax (benefit) expense | $ 18,462,000 | $ (559,000) | $ 32,946,000 | $ 2,237,000 | |||||||||||||||||||||||
Depreciation & Amortization | 162,743,000 | 161,209,000 | 537,104,000 | 462,890,000 | |||||||||||||||||||||||
Other Regulatory Assets | 814,015,000 | 814,015,000 | $ 747,651,000 | ||||||||||||||||||||||||
Revenues | 770,236,000 | 620,426,000 | 2,699,712,000 | 2,318,235,000 | |||||||||||||||||||||||
Subsidiaries [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Income tax (benefit) expense | 18,902,000 | 1,649,000 | 49,953,000 | 16,913,000 | |||||||||||||||||||||||
Annual Power Cost Variability, Interest | 1,200,000 | 1,600,000 | |||||||||||||||||||||||||
PGA payable | 56,268,000 | 56,268,000 | 87,655,000 | $ 132,766,000 | |||||||||||||||||||||||
Depreciation & Amortization | 162,629,000 | 161,155,000 | 536,794,000 | 462,742,000 | |||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | $ 27,700,000 | 8,900,000 | 8,900,000 | $ 4,500,000 | $ 11,000,000 | ||||||||||||||||||||||
Customer Bill Assistance | 2,500 | $ 1,000 | |||||||||||||||||||||||||
Other Regulatory Assets | 814,015,000 | 814,015,000 | 747,651,000 | ||||||||||||||||||||||||
Revenues | 770,236,000 | $ 620,426,000 | 2,699,712,000 | $ 2,318,235,000 | |||||||||||||||||||||||
Number of Households | 15,000 | 15,000 | |||||||||||||||||||||||||
Subsidiaries [Member] | Under-collection [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | 49,700,000 | $ 51,500,000 | |||||||||||||||||||||||||
Subsidiaries [Member] | Under-collection [Member] | Customer's share [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | 20,300,000 | 21,900,000 | |||||||||||||||||||||||||
Subsidiaries [Member] | Maximum Power | Customer's share plus interest | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | $ 20,000,000 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | $ 34,500,000 | ||||||||||||||||||||||||||
Customer Bill Assistance | 2,500 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Storm Damage Costs Incurred During Period | 29,000,000 | 15,500,000 | |||||||||||||||||||||||||
Public Utilities, Rate Case, Deferred Storm Costs Threshold | $ 10,000,000 | ||||||||||||||||||||||||||
Public Utilities, Rate Case, Deferred Storm Qualifying Costs | $ 500,000 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Electricity | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 20,000,000 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Electricity | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 23,700,000 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Natural Gas | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | $ 7,700,000 | ||||||||||||||||||||||||||
Subsidiaries [Member] | Natural Gas | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | $ 10,800,000 | ||||||||||||||||||||||||||
General Rate Case [Member] | Subsidiaries [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 18,900,000 | ||||||||||||||||||||||||||
Annual Revenue Requirement | $ 25,600,000 | ||||||||||||||||||||||||||
Regulatory Assets | $ 24,700,000 | 24,700,000 | |||||||||||||||||||||||||
Revenues | 24,700,000 | ||||||||||||||||||||||||||
General Rate Case [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 6.90% | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 15,800,000 | $ 900,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 77,100,000 | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 3.70% | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 0.70% | 0.05% | |||||||||||||||||||||||||
Public Utilities, Approved Debt Capital Structure, Percentage | 7.39% | ||||||||||||||||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 48,300,000 | $ 59,600,000 | $ 29,500,000 | ||||||||||||||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 2.30% | 1.60% | |||||||||||||||||||||||||
PublicUtilitiesIncremenalRateIncreaseDecreaseAmount | $ 17,500,000 | ||||||||||||||||||||||||||
General Rate Case [Member] | Subsidiaries [Member] | Natural Gas, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.90% | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3,100,000 | $ 1,300,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 45,300,000 | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 5.90% | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 0.30% | 0.15% | |||||||||||||||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 4,900,000 | $ 42,900,000 | $ 36,500,000 | ||||||||||||||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 0.60% | 4.00% | |||||||||||||||||||||||||
PublicUtilitiesIncremenalRateIncreaseDecreaseAmount | $ 2,400,000 | ||||||||||||||||||||||||||
General Rate Case [Member] | Maximum [Member] | Subsidiaries [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Approved Debt Capital Structure, Net of Tax, Percentage | 6.80% | ||||||||||||||||||||||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 48.50% | ||||||||||||||||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.40% | ||||||||||||||||||||||||||
Decoupling Mechanism [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Deferred Revenue, Revenue Recognized | 0 | ||||||||||||||||||||||||||
Decoupling Mechanism [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 2,000,000 | ||||||||||||||||||||||||||
Purchased Gas Adjustment [Member] | Subsidiaries [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Purchased natural gas costs | 218,934,000 | 314,792,000 | |||||||||||||||||||||||||
Purchased natural gas costs, recoverable | (251,633,000) | (363,886,000) | |||||||||||||||||||||||||
Purchased natural gas adjustment, interest | 1,312,000 | $ 3,983,000 | |||||||||||||||||||||||||
Purchased Gas Adjustment [Member] | Subsidiaries [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 59,100,000 | ||||||||||||||||||||||||||
Out of Cycle PGA | 69,400,000 | ||||||||||||||||||||||||||
Get to Zero Deferral Filing [Member] | Subsidiaries [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulated Utility, Allowed Rate of Return on Net Regulatory Assets and Liabilities | 6.89% | ||||||||||||||||||||||||||
Depreciation & Amortization | $ 2,800,000 | 7,900,000 | |||||||||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Equipment, Useful Life | 10 years | ||||||||||||||||||||||||||
Power Cost Only Rate Case | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.10% | 4.10% | 3.70% | ||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 65,300,000 | $ 88,000,000 | $ 78,500,000 | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 70,900,000 | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.30% | ||||||||||||||||||||||||||
Purchased Gas Adjustment, Schedule 101 | Subsidiaries [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 80,600,000 | ||||||||||||||||||||||||||
purchased gas adjustment, Schedule 106 106B | Subsidiaries [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 21,500,000 | ||||||||||||||||||||||||||
Storm That Occurred In 2018 [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Storm Damage Costs Deferred During Period | $ 5,300,000 | ||||||||||||||||||||||||||
Storm That Occurred In 2019 [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Storm Damage Costs Deferred During Period | 200,000 | ||||||||||||||||||||||||||
storm that occurred in 2020 [Member] | Subsidiaries [Member] | Electricity, US Regulated [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Storm Damage Costs Deferred During Period | $ 19,000,000 | ||||||||||||||||||||||||||
Forecast [Member] | Subsidiaries [Member] | Under-collection [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | $ 76,100,000 | ||||||||||||||||||||||||||
Forecast [Member] | Subsidiaries [Member] | Under-collection [Member] | Companys share [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | 32,100,000 | ||||||||||||||||||||||||||
Forecast [Member] | Subsidiaries [Member] | Under-collection [Member] | Customer's share [Member] | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | 44,000,000 | ||||||||||||||||||||||||||
Forecast [Member] | Subsidiaries [Member] | Under-collection [Member] | Customer's share plus interest | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Annual Power Cost Variability, Amount | $ 46,000,000 |
Schedule of Power Cost Adjustme
Schedule of Power Cost Adjustment Mechanism (Details) - Subsidiaries [Member] $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability, Interest | $ 1.2 | $ 1.6 |
Under-collection [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability, Amount | 49.7 | 51.5 |
Under-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability, Amount | $ 20.3 | $ 21.9 |
Range 1 [Member] | Over-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 1 | |
Range 1 [Member] | Over-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0 | |
Range 1 [Member] | Under-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 1 | |
Range 1 [Member] | Under-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0 | |
Range 2 [Member] | Over-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.35 | |
Range 2 [Member] | Over-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.65 | |
Range 2 [Member] | Under-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.50 | |
Range 2 [Member] | Under-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.50 | |
Range 3 [Member] | Over-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.10 | |
Range 3 [Member] | Over-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.90 | |
Range 3 [Member] | Under-collection [Member] | Companys share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.10 | |
Range 3 [Member] | Under-collection [Member] | Customer's share [Member] | ||
Regulatory Assets and Liabiliaties [Line Items] | ||
Annual Power Cost Variability | 0.90 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Loss Contingencies [Line Items] | |
Purchase Obligation | $ 826,500 |
Subsidiaries [Member] | |
Loss Contingencies [Line Items] | |
Net Regulatory Assets | $ 23,900 |
Colstrip Units 1 and 2 [Member] | |
Loss Contingencies [Line Items] | |
Ownership interest (percent) | 50.00% |
Colstrip Units 3 and 4 [Member] | |
Loss Contingencies [Line Items] | |
Ownership interest (percent) | 25.00% |
Leases (Details)
Leases (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Leases [Abstract] | |
ROU Asset, Modification, Operating | $ 26.3 |
Current Lease Liability, Modification, Operating | 0.4 |
Long-Term Lease Liability, Modification, Operating | 25.9 |
Finance Lease ROU Asset, Addition | 45.4 |
Current Lease Liability, Addition, Finance | 1 |
Long-Term Lease Liability, Addition, Finance | $ 44.4 |
Lease Term, Kent Service Center | 20 years |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Description [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 187,903 | $ 172,167 |
Operating Lease, Liability, Current | 19,646 | 19,204 |
Operating Lease, Liability, Noncurrent | $ 176,245 | $ 160,980 |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 15, 2021 | Jun. 14, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Current Maturities | $ 450,000,000 | $ 450,000,000 | $ 526,412,000 | |||
Repayments of Long-term Debt | 502,414,000 | $ 450,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000,000 | 800,000,000 | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 33,000,000 | |||||
Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Current Maturities | 0 | 0 | $ 2,412,000 | |||
Repayments of Long-term Debt | 2,414,000 | $ 0 | ||||
Commercial Paper | 0 | 0 | ||||
2.379% Senior Secured Note Due 2028 [Member] | Senior Secured Note | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 500,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.379% | |||||
Long-term Debt, Term | 7 years | |||||
6.000% Senior Secured Note Due 2021 | Senior Secured Note | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Long-term Debt, Current Maturities | $ 500,000,000 | |||||
$210M Term Loan Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 210,000,000 | |||||
Working Capital Needs [Member] | Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 0 | |||||
2.893% Senior Secured Note Due 2051 | Senior Secured Note | Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 450,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.893% | |||||
Long-term Debt, Term | 30 years |