Old Dominion Electric Cooperative 10-Q 10 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	OLD DOMINION ELECTRIC COOPERATIVE
Entity Central Index Key	885,568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Electric Plant:
Property, plant, and equipment	$ 1,713,175	$ 1,690,555
Less accumulated depreciation	(811,942)	(784,215)
Net Property, plant, and equipment	901,233	906,340
Nuclear fuel, at amortized cost	19,222	19,376
Construction work in progress	442,316	171,953
Net Electric Plant	1,362,771	1,097,669
Investments:
Nuclear decommissioning trust	140,692	145,822
Lease deposits	101,080	99,191
Unrestricted investments and other	7,013	7,049
Total Investments	248,785	252,062
Current Assets:
Cash and cash equivalents	174,312	1,424
Accounts receivable	6,345	8,656
Accounts receivable–members	77,713	83,108
Fuel, materials, and supplies	60,998	64,154
Deferred energy	0	19,948
Prepayments and other	37,892	5,131
Total Current Assets	357,260	182,421
Deferred Charges:
Regulatory assets	84,380	87,987
Other	11,224	18,603
Total Deferred Charges	95,604	106,590
Total Assets	2,064,420	1,638,742
CAPITALIZATION AND LIABILITIES:
Patronage capital	387,988	379,097
Non-controlling interest	5,694	5,687
Total Patronage capital and Non-controlling interest	393,682	384,784
Long-term debt	1,053,038	721,038
Revolving credit facility	0	86,000
Total Long-term debt and Revolving credit facility	1,053,038	807,038
Total Capitalization	1,446,720	1,191,822
Current Liabilities:
Long-term debt due within one year	28,292	28,292
Accounts payable	142,896	96,702
Accounts payable–members	103,291	35,217
Accrued expenses	23,742	4,568
Deferred Energy	13,227	0
Total Current Liabilities	311,448	164,779
Deferred Credits and Other Liabilities:
Asset retirement obligations	117,038	104,936
Obligations under long-term lease	89,148	84,730
Regulatory liabilities	69,918	78,764
Other	30,148	13,711
Total Deferred Credits and Other Liabilities	306,252	282,141
Commitments and Contingencies	0	0
Total Capitalization and Liabilities	$ 2,064,420	$ 1,638,742

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Operating Revenues	$ 254,265	$ 233,904	$ 795,862	$ 716,331
Operating Expenses:
Fuel	48,717	33,667	127,945	178,294
Purchased power	95,339	118,605	391,772	391,951
Transmission	29,456	19,688	84,614	56,504
Deferred energy	31,481	12,704	33,175	(64,256)
Operations and maintenance	10,750	12,468	39,584	39,151
Administrative and general	9,702	9,000	30,193	31,453
Depreciation and amortization	11,456	10,476	33,657	31,480
Amortization of regulatory asset/(liability), net	835	1,282	2,421	4,080
Accretion of asset retirement obligations	1,161	1,019	3,533	3,057
Taxes, other than income taxes	2,071	1,980	6,263	6,287
Total Operating Expenses	240,968	220,889	753,157	678,001
Operating Margin	13,297	13,015	42,705	38,330
Other expense, net	(801)	(785)	(2,489)	(2,224)
Investment income	1,542	1,650	4,498	5,177
Interest charges, net	(11,035)	(11,537)	(35,815)	(34,305)
Income taxes	1	1	(1)	2
Net Margin including Non-controlling interest	3,004	2,344	8,898	6,980
Non-controlling interest	1	5	(7)	9
Net Margin attributable to ODEC	3,005	2,349	8,891	6,989
Patronage Capital - Beginning of Period	384,983	374,637	379,097	369,997
Patronage Capital - End of Period	$ 387,988	$ 376,986	$ 387,988	$ 376,986

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net Margin including Non-controlling interest	$ 8,898	$ 6,980
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	33,657	31,480
Other non-cash charges	13,881	13,512
Amortization of lease obligations	4,418	4,126
Interest on lease deposits	(2,174)	(2,121)
Change in current assets	(21,899)	(2,562)
Change in deferred energy	33,175	(64,256)
Change in current liabilities	75,756	42,992
Change in regulatory assets and liabilities	3,969	336
Change in deferred charges-other and deferred credits and other liabilities-other	6,425	(2,643)
Net Cash Provided by Operating Activities	156,106	27,844
Investing Activities:
Purchases of held to maturity securities	(130,000)	(2,240)
Proceeds from sale of held to maturity securities	130,000	20,000
Increase in other investments	(3,769)	(4,409)
Electric plant additions	(223,695)	(91,921)
Net Cash Used for Investing Activities	(227,464)	(78,570)
Financing Activities:
Issuance of long-term debt	332,000	0
Debt issuance costs	(1,754)	0
Draws on revolving credit facility	104,000	222,954
Repayments on revolving credit facility	(190,000)	(187,954)
Net Cash Provided by Financing Activities	244,246	35,000
Net Change in Cash and Cash Equivalents	172,888	(15,726)
Cash and Cash Equivalents - Beginning of Period	1,424	51,669
Cash and Cash Equivalents - End of Period	$ 174,312	$ 35,943

General

General	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. General The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our consolidated financial position as of September 30, 2015 , our consolidated results of operations for the three and nine months ended September 30, 2015 and 2014 , and cash flows for the nine months ended September 30, 2015 and 2014 . The consolidated results of operations for the three and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the entire year. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The accompanying financial statements reflect the consolidated accounts of Old Dominion Electric Cooperative and TEC. We are a not-for-profit wholesale power supply cooperative, incorporated under the laws of the Commonwealth of Virginia in 1948. We have two classes of members. Our Class A members are eleven customer-owned electric distribution cooperatives engaged in the retail sale of power to member customers located in Virginia, Delaware, and Maryland. Our sole Class B member is TEC, a taxable corporation owned by our member distribution cooperatives. Our board of directors is composed of two representatives from each of the member distribution cooperatives and one representative from TEC. In accordance with Consolidation Accounting, TEC is considered a variable interest entity for which we are the primary beneficiary. We have eliminated all intercompany balances and transactions in consolidation. The assets and liabilities and non-controlling interest of TEC are recorded at carrying value and the consolidated assets were $5.7 million at September 30, 2015 and December 31, 2014 . The income taxes reported on our Condensed Consolidated Statement of Revenues, Expenses, and Patronage Capital relate to the tax provision for TEC. As TEC is wholly-owned by our Class A members, its equity is presented as a non-controlling interest in our consolidated financial statements. Our rates are set periodically by a formula that was accepted for filing by FERC, but are not regulated by the respective public service commissions of the states in which our member distribution cooperatives operate. See Note 5—Other—FERC Proceeding Related to Formula Rate below. We comply with the Uniform System of Accounts as prescribed by FERC. In conformity with GAAP, the accounting policies and practices applied by us in the determination of rates are also employed for financial reporting purposes. The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results could differ from those estimates. We do not have any other comprehensive income for the periods presented. Transmission expense has been presented as a separate line item in the prior year's condensed consolidated financial statements to conform to the current year's presentation.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. Fair Value Measurements The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 : September 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Nuclear decommissioning trust (1)(2) $ 140,692 $ 46,103 $ 94,589 $ — Unrestricted investments and other (3) 202 — 202 — Total Financial Assets $ 140,894 $ 46,103 $ 94,791 $ — Derivatives - gas and power (4) $ 2,490 $ 2,490 $ — $ — Total Financial Liabilities $ 2,490 $ 2,490 $ — $ — December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Nuclear decommissioning trust (1)(2) $ 145,822 $ 45,573 $ 100,249 $ — Unrestricted investments and other (3) 198 — 198 — Total Financial Assets $ 146,020 $ 45,573 $ 100,447 $ — Derivatives - gas and power (4) $ 5,215 $ 5,215 $ — $ — Total Financial Liabilities $ 5,215 $ 5,215 $ — $ — (1) For additional information about our nuclear decommissioning trust see Note 4 below. (2) Nuclear decommissioning trust includes investments that are available for sale and classified as Level 2. These Level 2 assets consist of an equity fund that attempts to replicate the return of the S&P 500, an equity fund that invests in small capitalization stocks, and an equity fund that invests in international stocks. The fair values of the investments in the nuclear decommissioning trust have been estimated using the net asset value per share. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts which are recorded on our Condensed Consolidated Balance Sheet in deferred credits and other liabilities-other, and which are indexed against NYMEX. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K. We did not have any financial assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category.

Derivatives And Hedging

Derivatives And Hedging	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives And Hedging	3. Derivatives and Hedging We are exposed to market price risk by purchasing power to supply the power requirements of our member distribution cooperatives that are not met by our owned generation. In addition, the purchase of fuel to operate our generating facilities also exposes us to market price risk. To manage this exposure, we utilize derivative instruments. See Note 1 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K. Changes in the fair value of our derivative instruments accounted for at fair value are recorded as a regulatory asset or regulatory liability. The change in these accounts is included in the operating activities section of our Condensed Consolidated Statements of Cash Flows. Excluding contracts accounted for as normal purchase/normal sale, we had the following outstanding derivative instruments: As of As of September 30, 2015 December 31, 2014 Commodity Unit of Measure Quantity Quantity Natural gas MMBTU 5,130,000 5,610,000 The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Balance Sheet Location Fair Value As of September 30, 2015 As of December 31, 2014 (in thousands) Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 2,490 $ 5,215 Total derivatives in a liability position $ 2,490 $ 5,215 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2015 and 2014 Derivatives Accounted for Utilizing Regulatory Accounting Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives as of September 30, Location of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income for the Three Months Ended September 30, Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income for the Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 (in thousands) (in thousands) (in thousands) Natural gas futures contracts (1) $ (2,530 ) $ (135 ) Fuel $ (4,079 ) $ (1,081 ) $ (5,737 ) $ (746 ) Purchased power contracts — — Purchased power — — (14 ) — Purchased power contracts - excess sales — (115 ) Operating revenues — — — — Total $ (2,530 ) $ (250 ) Total $ (4,079 ) $ (1,081 ) $ (5,751 ) $ (746 ) (1) Includes $39.4 thousand of loss on NYMEX contracts designated for October 2015 that were physically sold in September 2015 and the impact on the Statement of Financial Position has been deferred until October 2015. Our hedging activities expose us to credit-related risks. We use hedging instruments, including forwards, futures, financial transmission rights, and options, to mitigate our power market price risks. Because we rely substantially on the use of hedging instruments, we are exposed to the risk that counterparties will default in performance of their obligations to us. Although we assess the creditworthiness of counterparties and other credit issues related to these hedging instruments, and we may require our counterparties to post collateral with us, defaults may still occur. Defaults may take the form of failure to physically deliver purchased energy or failure to pay. If a default occurs, we may be forced to enter into alternative contractual arrangements or purchase energy in the forward, short-term, or spot markets at then-current market prices that may exceed the prices previously agreed upon with the defaulting counterparty.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	4. Investments Investments were as follows at September 30, 2015 and December 31, 2014 : Description Designation Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value (in thousands) September 30, 2015 Nuclear decommissioning trust (1) Debt securities Available for sale $ 42,565 $ 3,250 $ — $ 45,815 $ 45,815 Equity securities Available for sale 71,541 23,048 — 94,589 94,589 Cash and other Available for sale 288 — — 288 288 Total Nuclear Decommissioning Trust $ 114,394 $ 26,298 $ — $ 140,692 $ 140,692 Lease Deposits (2) Government obligations Held to maturity $ 101,080 $ 5,731 $ — $ 106,811 $ 101,080 Total Lease Deposits $ 101,080 $ 5,731 $ — $ 106,811 $ 101,080 Unrestricted investments Government obligations Held to maturity $ 2,004 $ 7 $ — $ 2,011 $ 2,004 Debt securities Held to maturity 2,636 2 — 2,638 2,636 Total Unrestricted Investments $ 4,640 $ 9 $ — $ 4,649 $ 4,640 Other Equity securities Trading $ 167 $ 35 $ — $ 202 $ 202 Non-marketable equity investments Equity 2,171 1,954 — 4,125 2,171 Total Other $ 2,338 $ 1,989 $ — $ 4,327 $ 2,373 $ 248,785 December 31, 2014 Nuclear decommissioning trust (1) Debt securities Available for sale $ 41,654 $ 3,516 $ — $ 45,170 $ 45,170 Equity securities Available for sale 68,259 31,990 — 100,249 100,249 Cash and other Available for sale 403 — — 403 403 Total Nuclear Decommissioning Trust $ 110,316 $ 35,506 $ — $ 145,822 $ 145,822 Lease Deposits (2) Government obligations Held to maturity $ 99,191 $ 5,569 $ — $ 104,760 $ 99,191 Total Lease Deposits $ 99,191 $ 5,569 $ — $ 104,760 $ 99,191 Unrestricted investments Government obligations Held to maturity $ 2,005 $ — $ — $ 2,005 $ 2,005 Debt securities Held to maturity 2,636 — (18 ) 2,618 2,636 Total Unrestricted Investments $ 4,641 $ — $ (18 ) $ 4,623 $ 4,641 Other Equity securities Trading $ 151 $ 47 $ — $ 198 $ 198 Non-marketable equity investments Equity 2,210 1,821 — 4,031 2,210 Total Other $ 2,361 $ 1,868 $ — $ 4,229 $ 2,408 $ 252,062 (1) Investments in the nuclear decommissioning trust are restricted for the use of funding our share of the asset retirement obligations of the future decommissioning of North Anna. See Note 3 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K. Unrealized gains and losses related to assets held in the nuclear decommissioning trust are deferred as a regulatory asset or liability. (2) Investments in lease deposits are restricted for the use of funding our future lease obligations. See Note 8 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K. Our investments by classification at September 30, 2015 and December 31, 2014 , were as follows: September 30, 2015 December 31, 2014 Description Cost Carrying Value Cost Carrying Value (in thousands) Available for sale $ 114,394 $ 140,692 $ 110,316 $ 145,822 Held to maturity 105,720 105,720 103,832 103,832 Equity 2,171 2,171 2,210 2,210 Trading 167 202 151 198 $ 222,452 $ 248,785 $ 216,509 $ 252,062 Contractual maturities of debt securities at September 30, 2015 , were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Available for sale (1) $ — $ — $ 45,815 $ — $ 45,815 Held to maturity 517 105,203 — — 105,720 $ 517 $ 105,203 $ 45,815 $ — $ 151,535 (1) The contractual maturities of available for sale debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

Other

Other	9 Months Ended
	Sep. 30, 2015
Other [Abstract]
Other	5. Other Wildcat Point Generation Facility We are currently constructing, and will be the sole owner of, an approximate 1,000 MW natural gas-fueled generation facility, named Wildcat Point, in Cecil County, Maryland. The development, construction, and operation of Wildcat Point are subject to obtainment of necessary governmental and regulatory approvals. On April 8, 2014, we received a Final Order granting approval of the CPCN from the MPSC. On June 2, 2014, we selected White Oak Power Constructors as the EPC contractor. Site preparation and engineering activities are in process, and permanent construction began in January 2015. The facility is scheduled to become operational in mid-2017. We currently have a ground lease related to land and land rights associated with Wildcat Point that is being accounted for as an operating lease. On June 22, 2015, we reached an agreement to purchase this land and these land rights from Essential Power, LLC for $40.0 million and a payment of $35.5 million was made in the third quarter and is recorded in prepayments and other. We anticipate the transaction will close in the fourth quarter of 2015. Upon closing of the transaction, title will be transferred to us and we will make the remaining payment of $4.5 million . Prior to entering into the agreement to purchase the land and land rights, thus terminating the ground lease, we made prepaid rent payments related to the ground lease. We established a regulatory asset for the unamortized portion of the prepaid rent that will be amortized through May 31, 2017. The balance of this regulatory asset as of September 30, 2015, was $3.5 million . As a result of the agreement to purchase the land and land rights, we currently anticipate that the project cost will be approximately $834.3 million , including financing costs. To fund a portion of the project cost, on January 15, 2015, we issued $332.0 million of first mortgage bonds in a private placement transaction. Wildcat Point will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator. Beginning in June 2014, following the approval of the CPCN and our selection of the EPC contractor, we began capitalizing all construction-related costs related to Wildcat Point. Through December 31, 2014 , we capitalized construction costs related to Wildcat Point totaling $115.8 million , which are recorded in construction work in progress. In January 2015, we began capitalizing interest with respect to the facility upon commencement of permanent construction. Through September 30, 2015 , we capitalized construction costs related to Wildcat Point totaling $390.8 million , including $7.6 million of capitalized interest. FERC Proceeding Related to Formula Rate On September 30, 2013, we filed with FERC to revise our cost-based formula rate in order to more closely align our cost recovery from our member distribution cooperatives with the methodologies used by PJM to allocate costs to us. On November 8, 2013, Bear Island, a customer of REC, filed a motion to intervene, protest, and request for hearing. On December 2, 2013, FERC issued its order accepting the proposed revisions for filing to become effective January 1, 2014, subject to refund, and establishing hearing and settlement procedures. A hearing was held in December 2014, briefs were filed in January 2015, and we received an initial decision from the hearing judge on April 13, 2015. The hearing judge found many components of the formula rate to be just and reasonable. We believe all components of the formula rate are just and reasonable and addressed the components the hearing judge found to be unjust and unreasonable in our brief on exceptions. Briefs on exceptions to the initial decision and briefs opposing exceptions to the initial decision were filed on May 13, 2015, and June 2, 2015, respectively. The FERC commissioners have the ultimate authority in this proceeding and they have no timetable to issue a final order. Our formula rate remains in effect subject to refund pending a final order from FERC. If a refund is ultimately determined, we believe it will result in a reallocation of costs among our member distribution cooperatives. Recovery of Costs from PJM On June 23, 2014, we filed a petition at FERC seeking recovery from PJM of approximately $14.9 million of unreimbursed costs, which were incurred during the first quarter of 2014 related to the dispatch of our combustion turbine generating facilities. On June 9, 2015, FERC denied our petition, on July 9, 2015, we filed a request for rehearing, and on August 10, 2015, FERC issued an order granting rehearing for the limited purpose of FERC's further consideration of the matter. The results of FERC's further consideration of the matter cannot currently be determined and we have not recorded a receivable related to this matter. Revolving Credit Facility We currently maintain a $500.0 million revolving credit facility to cover our short-term and medium-term funding needs. Commitments under this syndicated credit agreement extend until March 5, 2019. At September 30, 2015 , we did not have any borrowings outstanding under this facility, as compared to December 31, 2014, when we had $86.0 million outstanding. At September 30, 2015 , and December 31, 2014, we had letters of credit outstanding in the amount of $8.2 million and $10.0 million , respectively. Long-term Debt On January 15, 2015, we issued $332.0 million of first mortgage bonds in a private placement transaction. The issuance consisted of $260.0 million of 4.46% First Mortgage Bonds, 2015 Series A due December 1, 2044 and $72.0 million of 4.56% First Mortgage Bonds, 2015 Series B due December 1, 2053. Disposal of Coal Combustion Residual In December 2014, the EPA issued the final rule regulating the disposal of CCRs, commonly known as coal ash. The rule establishes technical requirements for CCR landfills and surface impoundments under Subtitle D of the Resource Conservation and Recovery Act. The final rule was published in the Federal Register in April 2015 and, as a result, we established asset retirement obligations totaling $8.6 million during the second quarter of 2015. New Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update 2015-03 Interest-Imputation of Interest (Subtopic 835-30). This update requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We currently present debt issuance costs as an asset in deferred charges-other on our Condensed Consolidated Balance Sheet. We plan to adopt this standard for the fiscal year beginning January 1, 2016. In May 2015, the FASB issued Accounting Standards Update 2015-07 Fair Value Measurement (Topic 820). This update affects the presentation of investments for which fair value is measured at net asset value per share (or its equivalent). We are currently evaluating the impact of this pronouncement on the presentation of the fair value of our nuclear decommissioning trust. We plan to adopt this standard for the fiscal year beginning January 1, 2016.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 : September 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Nuclear decommissioning trust (1)(2) $ 140,692 $ 46,103 $ 94,589 $ — Unrestricted investments and other (3) 202 — 202 — Total Financial Assets $ 140,894 $ 46,103 $ 94,791 $ — Derivatives - gas and power (4) $ 2,490 $ 2,490 $ — $ — Total Financial Liabilities $ 2,490 $ 2,490 $ — $ — December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Nuclear decommissioning trust (1)(2) $ 145,822 $ 45,573 $ 100,249 $ — Unrestricted investments and other (3) 198 — 198 — Total Financial Assets $ 146,020 $ 45,573 $ 100,447 $ — Derivatives - gas and power (4) $ 5,215 $ 5,215 $ — $ — Total Financial Liabilities $ 5,215 $ 5,215 $ — $ — (1) For additional information about our nuclear decommissioning trust see Note 4 below. (2) Nuclear decommissioning trust includes investments that are available for sale and classified as Level 2. These Level 2 assets consist of an equity fund that attempts to replicate the return of the S&P 500, an equity fund that invests in small capitalization stocks, and an equity fund that invests in international stocks. The fair values of the investments in the nuclear decommissioning trust have been estimated using the net asset value per share. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts which are recorded on our Condensed Consolidated Balance Sheet in deferred credits and other liabilities-other, and which are indexed against NYMEX. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Outstanding Derivative Instruments	Excluding contracts accounted for as normal purchase/normal sale, we had the following outstanding derivative instruments: As of As of September 30, 2015 December 31, 2014 Commodity Unit of Measure Quantity Quantity Natural gas MMBTU 5,130,000 5,610,000
Schedule Of Fair Value Of Derivative Instruments	The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Balance Sheet Location Fair Value As of September 30, 2015 As of December 31, 2014 (in thousands) Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 2,490 $ 5,215 Total derivatives in a liability position $ 2,490 $ 5,215
Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital	The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2015 and 2014 Derivatives Accounted for Utilizing Regulatory Accounting Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives as of September 30, Location of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income for the Three Months Ended September 30, Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income for the Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 (in thousands) (in thousands) (in thousands) Natural gas futures contracts (1) $ (2,530 ) $ (135 ) Fuel $ (4,079 ) $ (1,081 ) $ (5,737 ) $ (746 ) Purchased power contracts — — Purchased power — — (14 ) — Purchased power contracts - excess sales — (115 ) Operating revenues — — — — Total $ (2,530 ) $ (250 ) Total $ (4,079 ) $ (1,081 ) $ (5,751 ) $ (746 )

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Schedule Of Investments	Investments were as follows at September 30, 2015 and December 31, 2014 : Description Designation Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value (in thousands) September 30, 2015 Nuclear decommissioning trust (1) Debt securities Available for sale $ 42,565 $ 3,250 $ — $ 45,815 $ 45,815 Equity securities Available for sale 71,541 23,048 — 94,589 94,589 Cash and other Available for sale 288 — — 288 288 Total Nuclear Decommissioning Trust $ 114,394 $ 26,298 $ — $ 140,692 $ 140,692 Lease Deposits (2) Government obligations Held to maturity $ 101,080 $ 5,731 $ — $ 106,811 $ 101,080 Total Lease Deposits $ 101,080 $ 5,731 $ — $ 106,811 $ 101,080 Unrestricted investments Government obligations Held to maturity $ 2,004 $ 7 $ — $ 2,011 $ 2,004 Debt securities Held to maturity 2,636 2 — 2,638 2,636 Total Unrestricted Investments $ 4,640 $ 9 $ — $ 4,649 $ 4,640 Other Equity securities Trading $ 167 $ 35 $ — $ 202 $ 202 Non-marketable equity investments Equity 2,171 1,954 — 4,125 2,171 Total Other $ 2,338 $ 1,989 $ — $ 4,327 $ 2,373 $ 248,785 December 31, 2014 Nuclear decommissioning trust (1) Debt securities Available for sale $ 41,654 $ 3,516 $ — $ 45,170 $ 45,170 Equity securities Available for sale 68,259 31,990 — 100,249 100,249 Cash and other Available for sale 403 — — 403 403 Total Nuclear Decommissioning Trust $ 110,316 $ 35,506 $ — $ 145,822 $ 145,822 Lease Deposits (2) Government obligations Held to maturity $ 99,191 $ 5,569 $ — $ 104,760 $ 99,191 Total Lease Deposits $ 99,191 $ 5,569 $ — $ 104,760 $ 99,191 Unrestricted investments Government obligations Held to maturity $ 2,005 $ — $ — $ 2,005 $ 2,005 Debt securities Held to maturity 2,636 — (18 ) 2,618 2,636 Total Unrestricted Investments $ 4,641 $ — $ (18 ) $ 4,623 $ 4,641 Other Equity securities Trading $ 151 $ 47 $ — $ 198 $ 198 Non-marketable equity investments Equity 2,210 1,821 — 4,031 2,210 Total Other $ 2,361 $ 1,868 $ — $ 4,229 $ 2,408 $ 252,062 (1) Investments in the nuclear decommissioning trust are restricted for the use of funding our share of the asset retirement obligations of the future decommissioning of North Anna. See Note 3 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K. Unrealized gains and losses related to assets held in the nuclear decommissioning trust are deferred as a regulatory asset or liability. (2) Investments in lease deposits are restricted for the use of funding our future lease obligations. See Note 8 of the Notes to Consolidated Financial Statements in our 2014 Annual Report on Form 10-K.
Schedule Of Investments By Classification	Our investments by classification at September 30, 2015 and December 31, 2014 , were as follows: September 30, 2015 December 31, 2014 Description Cost Carrying Value Cost Carrying Value (in thousands) Available for sale $ 114,394 $ 140,692 $ 110,316 $ 145,822 Held to maturity 105,720 105,720 103,832 103,832 Equity 2,171 2,171 2,210 2,210 Trading 167 202 151 198 $ 222,452 $ 248,785 $ 216,509 $ 252,062
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities at September 30, 2015 , were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Available for sale (1) $ — $ — $ 45,815 $ — $ 45,815 Held to maturity 517 105,203 — — 105,720 $ 517 $ 105,203 $ 45,815 $ — $ 151,535

General (Details)

General (Details) $ in Millions	Sep. 30, 2015USD ($)representativemembermember_class	Dec. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of classes of members | member_class	2
Number of Class A members | member	11
Number of representatives from each Class A member on the board of directors	2
Number of representatives from each Class B member on the board of directors	1
Consolidated assets | $	$ 5.7	$ 5.7

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	$ 140,894	$ 146,020
Total Financial Liabilities	2,490	5,215
Derivatives - Gas And Power [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Liabilities	2,490	5,215
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	46,103	45,573
Total Financial Liabilities	2,490	5,215
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Derivatives - Gas And Power [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Liabilities	2,490	5,215
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	94,791	100,447
Nuclear Decommissioning Trust [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	140,692	145,822
Nuclear Decommissioning Trust [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	46,103	45,573
Nuclear Decommissioning Trust [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	94,589	100,249
Unrestricted Investment And Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	202	198
Unrestricted Investment And Other [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	0	0
Unrestricted Investment And Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Financial Assets	$ 202	$ 198

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details) - MMBTU	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Natural Gas [Member]
Derivative [Line Items]
Quantity	5,130,000	5,610,000

Derivatives And Hedging (Sche16

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	$ 2,490	$ 5,215
Natural Gas Future Contracts [Member] | Deferred Credits And Other Liabilities - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	$ 2,490	$ 5,215

Derivatives And Hedging (Sche17

Derivatives And Hedging (Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ (2,530,000)	$ (250,000)	$ (2,530,000)	$ (250,000)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(4,079,000)	(1,081,000)	(5,751,000)	(746,000)
Natural Gas Future Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	(2,530,000)	(135,000)	(2,530,000)	(135,000)
Natural Gas Future Contracts [Member] | Fuel [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(4,079,000)	(1,081,000)	(5,737,000)	(746,000)
Purchased Power Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	0	0	0	0
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	0	0	(14,000)	0
Purchased power contracts-excess sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	0	(115,000)	0	(115,000)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	0	$ 0	0	$ 0
NYMEX Contracts [Member] | Natural Gas Future Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 39,400		$ 39,400

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Invested Securities [Line Items]
Available for sale, Cost	$ 114,394	$ 110,316
Available for sale, Fair Value	140,692	145,822
Held to maturity, Cost	105,720	103,832
Held to maturity, Fair Value	105,720
Equity, Cost	2,171	2,210
Trading, Cost	167	151
Trading, Fair Value	202	198
Total Nuclear Decommissioning Trust	140,692	145,822
Total Lease Deposits	101,080	99,191
Total Carrying Value	248,785	252,062
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Available for sale, Cost	114,394	110,316
Available for sale, Gross Unrealized Gains	26,298	35,506
Available for sale, Fair Value	140,692	145,822
Total Nuclear Decommissioning Trust	140,692	145,822
Nuclear Decommissioning Trust [Member] | Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Available for sale, Cost	42,565	41,654
Available for sale, Gross Unrealized Gains	3,250	3,516
Available for sale, Fair Value	45,815	45,170
Total Carrying Value	45,815	45,170
Nuclear Decommissioning Trust [Member] | Equity Securities [Member]
Schedule of Invested Securities [Line Items]
Available for sale, Cost	71,541	68,259
Available for sale, Gross Unrealized Gains	23,048	31,990
Available for sale, Fair Value	94,589	100,249
Total Carrying Value	94,589	100,249
Nuclear Decommissioning Trust [Member] | Cash And Other [Member]
Schedule of Invested Securities [Line Items]
Available for sale, Cost	288	403
Available for sale, Fair Value	288	403
Total Carrying Value	288	403
Lease Deposits [Member]
Schedule of Invested Securities [Line Items]
Held to maturity, Cost	101,080	99,191
Held to maturity, Gross Unrealized Gains	5,731	5,569
Held to maturity, Fair Value	106,811	104,760
Total Carrying Value	101,080	99,191
Lease Deposits [Member] | Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity, Cost	101,080	99,191
Held to maturity, Gross Unrealized Gains	5,731	5,569
Held to maturity, Fair Value	106,811	104,760
Total Lease Deposits	101,080	99,191
Unrestricted Investments [Member]
Schedule of Invested Securities [Line Items]
Held to maturity, Cost	4,640	4,641
Held to maturity, Gross Unrealized Gains	9
Held to maturity, Gross Unrealized Losses	0	(18)
Held to maturity, Fair Value	4,649	4,623
Total Unrestricted Investments	4,640	4,641
Unrestricted Investments [Member] | Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity, Cost	2,004	2,005
Held to maturity, Gross Unrealized Gains	7
Held to maturity, Gross Unrealized Losses	0
Held to maturity, Fair Value	2,011	2,005
Total Carrying Value	2,004	2,005
Unrestricted Investments [Member] | Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Held to maturity, Cost	2,636	2,636
Held to maturity, Gross Unrealized Gains	2
Held to maturity, Gross Unrealized Losses		(18)
Held to maturity, Fair Value	2,638	2,618
Total Carrying Value	2,636	2,636
Other Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Other, Cost	2,338	2,361
Other, Gross Unrealized Gains	1,989	1,868
Other, Fair Value	4,327	4,229
Total Other	2,373	2,408
Other Debt Securities [Member] | Equity Securities [Member]
Schedule of Invested Securities [Line Items]
Trading, Cost	167	151
Trading, Gross Unrealized Gains	35	47
Trading, Fair Value	202	198
Total Carrying Value	202	198
Other Debt Securities [Member] | Non-Marketable Equity Investments [Member]
Schedule of Invested Securities [Line Items]
Equity, Cost	2,171	2,210
Equity, Gross Unrealized Gains	1,954	1,821
Equity, Fair Value	4,125	4,031
Total Carrying Value	$ 2,171	$ 2,210

Investments (Schedule Of Inve19

Investments (Schedule Of Investments By Classification) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments [Abstract]
Available for sale, Cost	$ 114,394	$ 110,316
Held to maturity, Cost	105,720	103,832
Equity, Cost	2,171	2,210
Trading, Cost	167	151
Investments, Cost	222,452	216,509
Available for sale, Carrying Value	140,692	145,822
Held to maturity, Carrying Value	105,720	103,832
Equity, Carrying Value	2,171	2,210
Trading, Carrying Value	202	198
Total Investments	$ 248,785	$ 252,062

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Investments [Abstract]
Available for sale securities, 5-10 years	$ 45,815
Available for sale securities, Total	45,815
Held to maturity securities, Less than 1 year	517
Held to maturity securities, 1-5 years	105,203
Held to maturity securities, 5-10 years	0
Held to maturity, carrying value	105,720
Contractual maturities of securities, Less than 1 year	517
Contractual maturities of securities, 1-5 years	105,203
Contractual maturities of securities, 5-10 years	45,815
Contractual maturities of securities, Total	$ 151,535

Other (Details)

Other (Details)	Jun. 22, 2015USD ($)	Jun. 23, 2014USD ($)	Apr. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)ItemMW	Jan. 15, 2015USD ($)	Dec. 31, 2014USD ($)
Other Events [Line Items]
Construction work in progress					$ 442,316,000	$ 442,316,000		$ 171,953,000
Unreimbursed costs		$ 14,900,000
Asset retirement obligation			$ 8,600,000
Revolving Credit Facility [Member]
Other Events [Line Items]
Credit facility, maximum borrowing capacity					500,000,000	500,000,000
Line of credit outstanding					0	0		86,000,000
Letter of Credit [Member]
Other Events [Line Items]
Line of credit outstanding					8,200,000	$ 8,200,000		10,000,000
First Mortgage Bonds [Member]
Other Events [Line Items]
Debt Instrument, Face Amount							$ 332,000,000
4.46% First Mortgage Bonds, 2015 Series A [Member] | First Mortgage Bonds [Member]
Other Events [Line Items]
Debt Instrument, Face Amount							$ 260,000,000
Stated interest rate							4.46%
4.56% First Mortgage Bonds, 2015 Series B [Member] | First Mortgage Bonds [Member]
Other Events [Line Items]
Debt Instrument, Face Amount							$ 72,000,000
Stated interest rate							4.56%
Wildcat Point [Member]
Other Events [Line Items]
Power facility output | MW						1,000
Payments to acquire land, per agreement	$ 40,000,000
Payments to Acquire Land Held-for-use					35,500,000
Regulatory Assets					3,500,000	$ 3,500,000
Estimated project cost						$ 834,300,000
Number of combustion turbines | Item						2
Number of heat recovery steam generators | Item						2
Number of steam turbine generators | Item						1
Construction work in progress					$ 390,800,000	$ 390,800,000		$ 115,800,000
Capitalized interest						$ 7,600,000
Subsequent Event [Member] | Wildcat Point [Member]
Other Events [Line Items]
Payments to Acquire Land Held-for-use				$ 4,500,000