Old Dominion Electric Cooperative 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	OLD DOMINION ELECTRIC COOPERATIVE
Entity Central Index Key	0000885568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity File Number	000-50039
Entity Tax Identification Number	23-7048405
Entity Address, Address Line One	4201 Dominion Boulevard
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Incorporation, State or Country Code	VA
Entity Address, Postal Zip Code	23060
City Area Code	(804)
Local Phone Number	747-0592
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Electric Plant:
Property, plant, and equipment	$ 2,568,949	$ 2,566,211
Less accumulated depreciation	(1,188,824)	(1,173,293)
Net Property, plant, and equipment	1,380,125	1,392,918
Nuclear fuel, at amortized cost	14,067	16,340
Construction work in progress	88,893	80,088
Net Electric Plant	1,483,085	1,489,346
Investments:
Nuclear decommissioning trust	274,836	260,607
Unrestricted investments and other	2,297	2,314
Total Investments	277,133	262,921
Current Assets:
Cash and cash equivalents	27,474	31,284
Accounts receivable	5,458	3,371
Accounts receivable-members	101,098	108,160
Fuel, materials, and supplies	136,164	135,445
Prepayments and other	17,843	22,714
Total Current Assets	288,037	300,974
Deferred Charges and Other Assets:
Regulatory assets	84,065	94,274
Other assets	83,468	84,835
Total Deferred Charges and Other Assets	167,533	179,109
Total Assets	2,215,788	2,232,350
CAPITALIZATION AND LIABILITIES:
Patronage capital	491,825	488,635
Non-controlling interest	6,633	6,586
Total Patronage capital and Non-controlling interest	498,458	495,221
Long-term debt	923,642	923,545
Revolving credit facility	135,000	191,000
Total Long-term debt and Revolving credit facility	1,058,642	1,114,545
Total Capitalization	1,557,100	1,609,766
Current Liabilities:
Long-term debt due within one year	49,041	49,041
Accounts payable	56,079	75,106
Accounts payable-members	95,968	44,540
Accrued expenses	18,807	6,321
Deferred energy	17,778	30,702
Total Current Liabilities	237,673	205,710
Deferred Credits and Other Liabilities:
Asset retirement obligations	198,319	196,747
Regulatory liabilities	154,686	142,101
Other liabilities	68,010	78,026
Total Deferred Credits and Other Liabilities	421,015	416,874
Total Capitalization and Liabilities	$ 2,215,788	$ 2,232,350

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Operating Revenues	$ 271,484	$ 275,913
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 57,566	$ 65,828
Purchased power	108,512	111,241
Transmission	49,863	42,069
Deferred energy	(12,924)	(10,726)
Operations and maintenance	17,963	18,658
Administrative and general	12,264	10,817
Depreciation and amortization	17,497	17,263
Amortization of regulatory asset/(liability), net	12	(294)
Accretion of asset retirement obligations	1,571	1,518
Taxes, other than income taxes	2,418	2,258
Total Operating Expenses	254,742	258,632
Operating Margin	16,742	17,281
Other income (expense), net	56	(55)
Investment income	1,874	1,392
Interest charges, net	(15,418)	(15,268)
Income taxes	(16)	(65)
Net Margin including Non-controlling interest	3,238	3,285
Non-controlling interest	(48)	(157)
Net Margin attributable to ODEC	3,190	3,128
Patronage Capital - Beginning of Period	488,635	476,082
Patronage Capital - End of Period	$ 491,825	$ 479,210

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net Margin including Non-controlling interest	$ 3,238	$ 3,285
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	17,497	17,263
Other non-cash charges	3,941	4,400
Change in current assets	9,127	8,174
Change in deferred energy	(12,924)	(10,726)
Change in current liabilities	51,248	(64,296)
Change in regulatory assets and liabilities	9,605	(61,510)
Change in deferred charges and other assets and deferred credits and other liabilities	(8,656)	23,588
Net Cash Provided by (Used for) Operating Activities	73,076	(79,822)
Investing Activities:
Increase in other investments	(1,016)	(751)
Electric plant additions	(19,870)	(12,420)
Net Cash Used for Investing Activities	(20,886)	(13,171)
Financing Activities:
Draws on revolving credit facility	68,000	421,500
Repayments on revolving credit facility	(124,000)	(326,500)
Net Cash (Used for) Provided by Financing Activities	(56,000)	95,000
Net Change in Cash and Cash Equivalents	(3,810)	2,007
Cash and Cash Equivalents - Beginning of Period	31,284	15,213
Cash and Cash Equivalents - End of Period	$ 27,474	$ 17,220

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,190	$ 3,128

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the fiscal quarter ended March 31, 2024 , none of our directors or officers informed us of the adoption or termination of a “ Rule 10b5-1 trading arrangement ” or “ non-Rule 10b5-1 trading arrangement ,” as those terms are defined in Item 408 of Regulation S-K. We have debt securities but no equity securities outstanding because we are a cooperative. See “Business—Overview” in Item 1 in our 2023 Annual Report on Form 10-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	0

General

General	3 Months Ended
	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General	1. General The accompanying unaudited condensed consolidated financial statements, which represent the consolidated financial statements of ODEC and TEC, 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 March 31, 2024, our consolidated results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The consolidated results of operations for the three months ended March 31, 2024, 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 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission. We have two classes of members. Our eleven Class A members are 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 $ 6.6 million as of March 31, 2024 and December 31, 2023. TEC's assets are utilized to settle TEC's liabilities. The income taxes reported on our Condensed Consolidated Statements 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 and are not regulated by the public service commissions of the states in which our member distribution cooperatives operate. 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 condensed 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 did not have any other comprehensive income for the periods presented.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2024 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 77,504 $ 77,504 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 197,332 — — — Unrestricted investments and other (3) 120 — 120 — Derivatives - gas and power (4) 1,918 — 1,918 — Total financial assets $ 276,874 $ 77,504 $ 2,038 $ — Derivatives - gas and power (4) $ 67,008 $ 62,449 $ 1,786 $ 2,773 Total financial liabilities $ 67,008 $ 62,449 $ 1,786 $ 2,773 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 78,243 $ 78,243 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 182,364 — — — Unrestricted investments and other (3) 137 — 137 — Derivatives - gas and power (4) 441 — 441 — Total financial assets $ 261,185 $ 78,243 $ 578 $ — Derivatives - gas and power (4) $ 77,001 $ 65,285 $ 10,715 $ 1,001 Total financial liabilities $ 77,001 $ 65,285 $ 10,715 $ 1,001 (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Derivatives And Hedging

Derivatives And Hedging	3 Months Ended
	Mar. 31, 2024
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 2023 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. Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of As of Commodity Unit of Measure 2024 2023 Natural gas MMBTU 115,230,000 111,070,000 Purchased power - financial transmission rights MWh 6,282,721 9,382,175 The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of As of Balance Sheet Location 2024 2023 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 1,918 $ 441 Total Derivatives in an asset position $ 1,918 $ 441 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 64,235 $ 76,000 Financial transmission rights Other liabilities 2,773 1,001 Total Derivatives in a liability position $ 67,008 $ 77,001 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2024 and 2023 Amount of Gain Location of Amount of Gain (Loss) Reclassified from (Loss) Recognized Gain (Loss) Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Accounted for Utilizing Derivatives as of Asset/Liability Ended Regulatory Accounting March 31, into Income March 31, 2024 2023 2024 2023 (in thousands) (in thousands) Natural gas futures contracts $ ( 67,687 ) $ ( 18,054 ) Fuel $ ( 22,484 ) $ ( 33,587 ) Purchased power ( 2,773 ) 1,567 Purchased power ( 7,849 ) ( 9,690 ) Total $ ( 70,460 ) $ ( 16,487 ) $ ( 30,333 ) $ ( 43,277 ) 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	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	4. Investments Investments were as follows as of March 31, 2024 and December 31, 2023: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2024 Nuclear decommissioning trust (1) Debt securities $ 90,356 $ — $ ( 13,077 ) $ 77,279 $ 77,279 Equity securities 97,384 103,457 ( 3,509 ) 197,332 197,332 Cash and other 225 — — 225 225 Total Nuclear decommissioning trust $ 187,965 $ 103,457 $ ( 16,586 ) $ 274,836 $ 274,836 Other Equity securities $ 100 $ 20 $ — $ 120 $ 120 Non-marketable equity investments 2,177 2,165 — 4,342 2,177 Total Other $ 2,277 $ 2,185 $ — $ 4,462 $ 2,297 $ 277,133 December 31, 2023 Nuclear decommissioning trust (1) Debt securities $ 89,587 $ — $ ( 11,626 ) $ 77,961 $ 77,961 Equity securities 97,056 90,539 ( 5,231 ) 182,364 182,364 Cash and other 282 — — 282 282 Total Nuclear decommissioning trust $ 186,925 $ 90,539 $ ( 16,857 ) $ 260,607 $ 260,607 Other Equity securities $ 125 $ 12 $ — $ 137 $ 137 Non-marketable equity investments 2,177 2,262 — 4,439 2,177 Total Other $ 2,302 $ 2,274 $ — $ 4,576 $ 2,314 $ 262,921 (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 2023 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively. Contractual maturities of debt securities as of March 31, 2024, were as follows: Description Less than 1-5 years 5-10 years More than Total (in thousands) Other (1) $ — $ — $ 77,279 $ — $ 77,279 Total $ — $ — $ 77,279 $ — $ 77,279 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

Other

Other	3 Months Ended
	Mar. 31, 2024
Other [Abstract]
Other	5. Other Revolving Credit Facility We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. Available funding under this facility totals $ 400 million and commitments under this syndicated credit agreement extend through December 7, 2028. As of March 31, 2024 and December 31, 2023 , we had outstanding under this facility $ 135.0 million and $ 191.0 million in borrowings, respectively. Revenue Recognition Our operating revenues are derived from sales of power and renewable energy credits to our member distribution cooperatives and non-members. We supply power requirements (energy and demand) to our eleven member distribution cooperatives subject to substantially identical wholesale power contracts with each of them. We bill our member distribution cooperatives monthly and each member distribution cooperative is required to pay us monthly for power furnished under its wholesale power contract. We transfer control of the electricity over time and our member distribution cooperatives simultaneously receive and consume the benefits of the electricity. The amount we invoice our member distribution cooperatives on a monthly basis corresponds directly to the value to the member distribution cooperatives of our performance, which is determined by our formula rate included in the wholesale power contract. We sell excess energy and renewable energy credits to non-members at prevailing market prices as control is transferred. ODEC sells excess purchased and generated energy not needed to meet the actual needs of our member distribution cooperatives to PJM, TEC, or other counterparties. Our financial statements represent the consolidated financial statements of ODEC and TEC and through the consolidation process, all intercompany balances and transactions have been eliminated and TEC’s sales are reflected as non-member revenues. The rates we charge our member distribution cooperatives are regulated by FERC and FERC has granted us authority to charge our member distribution cooperatives utilizing a formula rate and market-based rates. Our operating revenues for the three months ended March 31, 2024 and 2023, were as follows: Three Months 2024 2023 (in thousands) Operating revenues: Member distribution cooperatives: Formula rate: Energy revenues $ 144,625 $ 156,839 Renewable energy credits 110 83 Demand revenues 115,694 103,698 Total Formula rate revenues 260,429 260,620 Market-based rates: Energy revenues 7,452 3,485 Demand revenues 1,285 541 Total Market-based rates revenues 8,737 4,026 Total Member distribution cooperatives revenues 269,166 264,646 Non-members: Energy revenues (1) 1,346 11,267 Renewable energy credits 972 — Total Non-members revenues 2,318 11,267 Total Operating revenues $ 271,484 $ 275,913 (1) TEC did no t have sales to non-members after first quarter 2023. TEC’s sales to non-members were $ 8.9 million for the three months ended March 31, 2023.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2024 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 77,504 $ 77,504 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 197,332 — — — Unrestricted investments and other (3) 120 — 120 — Derivatives - gas and power (4) 1,918 — 1,918 — Total financial assets $ 276,874 $ 77,504 $ 2,038 $ — Derivatives - gas and power (4) $ 67,008 $ 62,449 $ 1,786 $ 2,773 Total financial liabilities $ 67,008 $ 62,449 $ 1,786 $ 2,773 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 78,243 $ 78,243 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 182,364 — — — Unrestricted investments and other (3) 137 — 137 — Derivatives - gas and power (4) 441 — 441 — Total financial assets $ 261,185 $ 78,243 $ 578 $ — Derivatives - gas and power (4) $ 77,001 $ 65,285 $ 10,715 $ 1,001 Total financial liabilities $ 77,001 $ 65,285 $ 10,715 $ 1,001 (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Outstanding Derivative Instruments	Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of As of Commodity Unit of Measure 2024 2023 Natural gas MMBTU 115,230,000 111,070,000 Purchased power - financial transmission rights MWh 6,282,721 9,382,175
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: Fair Value As of As of Balance Sheet Location 2024 2023 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 1,918 $ 441 Total Derivatives in an asset position $ 1,918 $ 441 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 64,235 $ 76,000 Financial transmission rights Other liabilities 2,773 1,001 Total Derivatives in a liability position $ 67,008 $ 77,001
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 Months Ended March 31, 2024 and 2023 Amount of Gain Location of Amount of Gain (Loss) Reclassified from (Loss) Recognized Gain (Loss) Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Accounted for Utilizing Derivatives as of Asset/Liability Ended Regulatory Accounting March 31, into Income March 31, 2024 2023 2024 2023 (in thousands) (in thousands) Natural gas futures contracts $ ( 67,687 ) $ ( 18,054 ) Fuel $ ( 22,484 ) $ ( 33,587 ) Purchased power ( 2,773 ) 1,567 Purchased power ( 7,849 ) ( 9,690 ) Total $ ( 70,460 ) $ ( 16,487 ) $ ( 30,333 ) $ ( 43,277 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of March 31, 2024 and December 31, 2023: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2024 Nuclear decommissioning trust (1) Debt securities $ 90,356 $ — $ ( 13,077 ) $ 77,279 $ 77,279 Equity securities 97,384 103,457 ( 3,509 ) 197,332 197,332 Cash and other 225 — — 225 225 Total Nuclear decommissioning trust $ 187,965 $ 103,457 $ ( 16,586 ) $ 274,836 $ 274,836 Other Equity securities $ 100 $ 20 $ — $ 120 $ 120 Non-marketable equity investments 2,177 2,165 — 4,342 2,177 Total Other $ 2,277 $ 2,185 $ — $ 4,462 $ 2,297 $ 277,133 December 31, 2023 Nuclear decommissioning trust (1) Debt securities $ 89,587 $ — $ ( 11,626 ) $ 77,961 $ 77,961 Equity securities 97,056 90,539 ( 5,231 ) 182,364 182,364 Cash and other 282 — — 282 282 Total Nuclear decommissioning trust $ 186,925 $ 90,539 $ ( 16,857 ) $ 260,607 $ 260,607 Other Equity securities $ 125 $ 12 $ — $ 137 $ 137 Non-marketable equity investments 2,177 2,262 — 4,439 2,177 Total Other $ 2,302 $ 2,274 $ — $ 4,576 $ 2,314 $ 262,921 (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 2023 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively.
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of March 31, 2024, were as follows: Description Less than 1-5 years 5-10 years More than Total (in thousands) Other (1) $ — $ — $ 77,279 $ — $ 77,279 Total $ — $ — $ 77,279 $ — $ 77,279 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

Other (Tables)

Other (Tables)	3 Months Ended
	Mar. 31, 2024
Other [Abstract]
Schedule of Operating Revenue	Our operating revenues for the three months ended March 31, 2024 and 2023, were as follows: Three Months 2024 2023 (in thousands) Operating revenues: Member distribution cooperatives: Formula rate: Energy revenues $ 144,625 $ 156,839 Renewable energy credits 110 83 Demand revenues 115,694 103,698 Total Formula rate revenues 260,429 260,620 Market-based rates: Energy revenues 7,452 3,485 Demand revenues 1,285 541 Total Market-based rates revenues 8,737 4,026 Total Member distribution cooperatives revenues 269,166 264,646 Non-members: Energy revenues (1) 1,346 11,267 Renewable energy credits 972 — Total Non-members revenues 2,318 11,267 Total Operating revenues $ 271,484 $ 275,913 (1) TEC did no t have sales to non-members after first quarter 2023. TEC’s sales to non-members were $ 8.9 million for the three months ended March 31, 2023.

General - Additional Informatio

General - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) Representative Member Member_class	Dec. 31, 2023 USD ($)
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 | Representative	2
Number of representatives from each Class B member on the board of directors | Representative	1
Consolidated assets | $	$ 2,215,788	$ 2,232,350
VIE's
Consolidated assets | $	$ 6,600	$ 6,600

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		$ 276,874	$ 261,185
Total financial liabilities		67,008	77,001
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[1]	77,504	78,243
Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[1],[2]	197,332	182,364
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[3]	120	137
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[4]	1,918	441
Total financial liabilities	[4]	67,008	77,001
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		77,504	78,243
Total financial liabilities		62,449	65,285
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[1]	77,504	78,243
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	[4]	62,449	65,285
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		2,038	578
Total financial liabilities		1,786	10,715
Significant Other Observable Inputs (Level 2) [Member] | Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[3]	120	137
Significant Other Observable Inputs (Level 2) [Member] | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[4]	1,918	441
Total financial liabilities	[4]	1,786	10,715
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities		2,773	1,001
Significant Unobservable Inputs (Level 3) | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	[4]	$ 2,773	$ 1,001
[1] For additional information about our nuclear decommissioning trust, see Note 4—Investments below. Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Condensed Consolidated Balance Sheet. Unrestricted investments and other includes investments that are related to equity securities. Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 MMBTU MWh	Dec. 31, 2023 MMBTU MWh
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	115,230,000	111,070,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	6,282,721	9,382,175

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total Derivatives in an asset position	$ 1,918	$ 441
Total Derivatives in a liability position	67,008	77,001
Natural Gas Future Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in an asset position	1,918	441
Natural Gas Future Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in a liability position	64,235	76,000
Financial Transmission Rights [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in a liability position	$ 2,773	$ 1,001

Derivatives And Hedging (Sche_3

Derivatives And Hedging (Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ (70,460)	$ (16,487)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(30,333)	(43,277)
Natural Gas Future Contracts [Member] | Fuel [Member] | Operating Expense Fuel [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	(67,687)	(18,054)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(22,484)	(33,587)
Financial Transmission Rights [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	(2,773)	1,567
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ (7,849)	$ (9,690)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,177	$ 2,177
Equity Method Investment Gross Unrealized Gains	2,165	2,262
Equity, Fair Value	4,342	4,439
Other, Cost	2,277	2,302
Other Gross Unrealized Gains	2,185	2,274
Other, Fair Value	4,462	4,576
Total Other	2,297	2,314
Total Investments	277,133	262,921
Total Nuclear decommissioning trust	274,836	260,607
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	90,356	89,587
Investments, Debt securities, Gross Unrealized Losses	(13,077)	(11,626)
Investments, Debt securities	77,279	77,961
Investments, Equity securities, Cost	97,384	97,056
Investments, Equity securities, Gross Unrealized Gains	103,457	90,539
Investments, Equity securities, Gross Unrealized Losses	(3,509)	(5,231)
Investments, Equity securities	197,332	182,364
Investments, Cash and other	225	282
Investments, Cost	187,965	186,925
Investments, Gross Unrealized Gains	103,457	90,539
Investments, Gross Unrealized Losses	(16,586)	(16,857)
Total Nuclear decommissioning trust	274,836	260,607
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	100	125
Investments, Equity securities, Gross Unrealized Gains	20	12
Total Investments	$ 120	$ 137

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 77,279
Other debt securities, Total	77,279
Contractual maturities of securities, 5-10 years	77,279
Contractual maturities of securities, Total	$ 77,279

Other - Additional Information

Other - Additional Information (Details) - Revolving Credit Facility - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit outstanding	$ 135,000,000	$ 191,000,000
Through February 28, 2025 [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000

Other - (Schedule of Operating

Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Energy revenues Formula rate	$ 144,625	$ 156,839
Renewable energy credits Formula rate	110	83
Demand revenues Formula rate	115,694	103,698
Total Formula rate revenues	260,429	260,620
Energy revenues Market-based rates	7,452	3,485
Demand revenues Market-based rates	1,285	541
Total Market-based rates revenues	8,737	4,026
Total Member distribution cooperatives revenues	269,166	264,646
Energy revenues	1,346	11,267
Renewable energy credits	972	0
Total Non-members revenues	2,318	11,267
Total Operating revenues	$ 271,484	$ 275,913
Type Of Revenue Extensible List	us-gaap:ElectricityMember	us-gaap:ElectricityMember

Other - (Schedule of Operatin_2

Other - (Schedule of Operating Revenues) (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Other [Abstract]
TEC Sales to Non member	$ 0	$ 8,900,000	$ 0