Old Dominion Electric Cooperative 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	Sep. 30, 2024	Dec. 31, 2023
Electric Plant:
Property, plant, and equipment	$ 2,579,018	$ 2,566,211
Less accumulated depreciation	(1,212,348)	(1,173,293)
Net Property, plant, and equipment	1,366,670	1,392,918
Nuclear fuel, at amortized cost	16,457	16,340
Construction work in progress	80,046	80,088
Net Electric Plant	1,463,173	1,489,346
Investments:
Nuclear decommissioning trust	296,992	260,607
Unrestricted investments and other	2,283	2,314
Total Investments	299,275	262,921
Current Assets:
Cash and cash equivalents	88,105	31,284
Accounts receivable	3,829	3,371
Accounts receivable-members	102,222	108,160
Fuel, materials, and supplies	130,396	135,445
Prepayments and other	19,621	22,714
Total Current Assets	344,173	300,974
Deferred Charges and Other Assets:
Regulatory assets	68,324	94,274
Other assets	73,032	84,835
Total Deferred Charges and Other Assets	141,356	179,109
Total Assets	2,247,977	2,232,350
CAPITALIZATION AND LIABILITIES:
Patronage capital	497,643	488,635
Non-controlling interest	6,730	6,586
Total Patronage capital and Non-controlling interest	504,373	495,221
Long-term debt	923,838	923,545
Revolving credit facility	55,000	191,000
Total Long-term debt and Revolving credit facility	978,838	1,114,545
Total Capitalization	1,483,211	1,609,766
Current Liabilities:
Long-term debt due within one year	49,041	49,041
Accounts payable	65,365	75,106
Accounts payable-members	119,816	44,540
Accrued expenses	20,224	6,321
Deferred energy	78,187	30,702
Total Current Liabilities	332,633	205,710
Deferred Credits and Other Liabilities:
Asset retirement obligations	201,463	196,747
Regulatory liabilities	173,556	142,101
Other liabilities	57,114	78,026
Total Deferred Credits and Other Liabilities	432,133	416,874
Total Capitalization and Liabilities	$ 2,247,977	$ 2,232,350

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating Revenues	$ 305,779	$ 294,561	$ 839,874	$ 824,614
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 52,096	$ 47,502	$ 151,705	$ 148,335
Purchased power	107,270	89,222	272,528	246,492
Transmission	51,058	44,442	150,110	129,030
Deferred energy	24,122	38,865	47,485	86,557
Operations and maintenance	22,475	25,709	69,770	67,196
Administrative and general	12,536	10,879	37,108	32,121
Depreciation and amortization	17,600	17,439	52,616	52,104
Amortization of regulatory asset/(liability), net	920	634	12,475	1,121
Accretion of asset retirement obligations	1,573	1,520	4,716	4,557
Taxes, other than income taxes	2,323	2,244	6,944	6,837
Total Operating Expenses	291,973	278,456	805,457	774,350
Operating Margin	13,806	16,105	34,417	50,264
Other income (expense), net	9	7	8	(200)
Investment income	2,799	2,530	18,112	6,437
Interest charges, net	(13,692)	(15,426)	(43,335)	(46,634)
Income taxes	(17)	(15)	(50)	(94)
Net Margin including Non-controlling interest	2,905	3,201	9,152	9,773
Non-controlling interest	(49)	(45)	(144)	(242)
Net Margin attributable to ODEC	2,856	3,156	9,008	9,531
Patronage Capital - Beginning of Period	494,787	482,457	488,635	476,082
Patronage Capital - End of Period	$ 497,643	$ 485,613	$ 497,643	$ 485,613

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net Margin including Non-controlling interest	$ 9,152	$ 9,773
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	52,616	52,104
Other non-cash charges	13,010	12,750
Change in current assets	13,622	4,776
Change in deferred energy	47,485	86,557
Change in current liabilities	85,995	(79,003)
Change in regulatory assets and liabilities	36,578	(61,337)
Change in deferred charges and other assets and deferred credits and other liabilities	(9,121)	36,192
Net Cash Provided by Operating Activities	249,337	61,812
Investing Activities:
Purchases of available for sale securities	(15,000)
Proceeds from sale of available for sale securities	15,000
Increase in other investments	(15,515)	(4,167)
Electric plant additions	(41,001)	(35,683)
Net Cash Used for Investing Activities	(56,516)	(39,850)
Financing Activities:
Draws on revolving credit facility	151,000	318,000
Repayments on revolving credit facility	(287,000)	(278,000)
Net Cash (Used for) Provided by Financing Activities	(136,000)	40,000
Net Change in Cash and Cash Equivalents	56,821	61,962
Cash and Cash Equivalents - Beginning of Period	31,284	15,213
Cash and Cash Equivalents - End of Period	$ 88,105	$ 77,175

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,856	$ 3,156	$ 9,008	$ 9,531

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the fiscal quarter ended September 30, 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. Mr. Kirk D. Johnson ceased to serve as Senior Vice President of Member Relations at ODEC effective November 5, 2024.
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	9 Months Ended
	Sep. 30, 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 September 30, 2024, our consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The consolidated results of operations for the three and nine months ended September 30, 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 $ 6.7 million and $ 6.6 million as of September 30, 2024 and December 31, 2023, respectively. 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2024 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 97,510 $ 97,510 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 199,482 — — — Unrestricted investments and other (3) 106 — 106 — Derivatives - gas and power (4) 3,035 — 1,257 1,778 Total financial assets $ 300,133 $ 97,510 $ 1,363 $ 1,778 Derivatives - gas and power (4) $ 56,120 $ 53,591 $ 2,529 $ — Total financial liabilities $ 56,120 $ 53,591 $ 2,529 $ — 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	9 Months Ended
	Sep. 30, 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 123,630,000 111,070,000 Purchased power - financial transmission rights MWh 8,625,308 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 $ 1,257 $ 441 Financial transmission rights Other assets 1,778 — Total Derivatives in an asset position $ 3,035 $ 441 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 56,120 $ 76,000 Financial transmission rights Other liabilities — 1,001 Total Derivatives in a liability position $ 56,120 $ 77,001 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, 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 Nine Months Accounted for Utilizing Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2024 2023 2024 2023 2024 2023 (in thousands) (in thousands) Natural gas futures contracts $ ( 57,853 ) $ ( 29,360 ) Fuel $ ( 15,245 ) $ ( 14,351 ) $ ( 49,580 ) $ ( 56,488 ) Purchased power 1,778 ( 4,674 ) Purchased power 8,176 5,188 ( 3,859 ) ( 12,287 ) Total $ ( 56,075 ) $ ( 34,034 ) $ ( 7,069 ) $ ( 9,163 ) $ ( 53,439 ) $ ( 68,775 ) 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, 2024
Investments [Abstract]
Investments	4. Investments Investments were as follows as of September 30, 2024 and December 31, 2023: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2024 Nuclear decommissioning trust (1) Debt securities $ 107,436 $ — $ ( 10,038 ) $ 97,398 $ 97,398 Equity securities 94,935 107,677 ( 3,130 ) 199,482 199,482 Cash and other 112 — — 112 112 Total Nuclear decommissioning trust $ 202,483 $ 107,677 $ ( 13,168 ) $ 296,992 $ 296,992 Other Equity securities $ 82 $ 24 $ — $ 106 $ 106 Non-marketable equity investments 2,177 2,222 — 4,399 2,177 Total Other $ 2,259 $ 2,246 $ — $ 4,505 $ 2,283 $ 299,275 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 September 30, 2024, were as follows: Description Less than 1-5 years 5-10 years More than Total (in thousands) Other (1) $ — $ — $ 97,398 $ — $ 97,398 Total $ — $ — $ 97,398 $ — $ 97,398 (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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 , we had outstanding under this facility $ 55.0 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 and nine months ended September 30, 2024 and 2023, were as follows: Three Months Nine Months 2024 2023 2024 2023 (in thousands) Operating revenues: Member distribution cooperatives: Formula rate: Energy revenues $ 139,466 $ 155,828 $ 406,442 $ 437,988 Renewable energy credits 335 96 536 269 Demand revenues 125,827 110,922 365,818 323,566 Total Formula rate revenues 265,628 266,846 772,796 761,823 Market-based rates: Energy revenues 11,896 5,006 29,151 12,881 Demand revenues 2,143 750 6,117 1,850 Total Market-based rates revenues 14,039 5,756 35,268 14,731 Total Member distribution cooperatives revenues 279,667 272,602 808,064 776,554 Non-members: Energy revenues (1) 3,499 2,764 7,706 26,216 Renewable energy credits 22,613 19,195 24,104 21,844 Total Non-members revenues 26,112 21,959 31,810 48,060 Total Operating revenues $ 305,779 $ 294,561 $ 839,874 $ 824,614 (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 nine months ended September 30, 2023. Recent EPA Developments In May 2023, the EPA proposed performance standards for both new and existing generating units for reducing carbon dioxide emissions. The proposed standards included emissions guidelines that would set limits for new gas-fired combustion turbines, existing coal, oil, and gas-fired steam generating units, and certain existing gas-fired combustion turbines. On May 9, 2024, the final rule, which contains requirements to either retrofit existing coal units with carbon controls or retire the asset, was published in the Federal Register and became effective July 8, 2024. Also beginning on May 9, 2024, multiple lawsuits were filed against the EPA to seek judicial review of the final regulation and multiple petitions were filed seeking to stay implementation of the rule. On July 19, 2024, the United States Court of Appeals for the District of Columbia Circuit denied requests to stay the rule. On July 23, 2024, multiple entities filed an emergency stay application with the United States Supreme Court and on October 16, 2024, the United States Supreme Court denied the requests to stay the rule. The litigation continues in the United States Court of Appeals for the District of Columbia Circuit and is proceeding on an expedited schedule. We are continuing to monitor this standard as it relates to our generating facilities, particularly Clover. We will be able to determine our compliance strategies after state implementation plans have been developed related to the rule. Based on the uncertainties associated with the state implementation plans, we cannot yet determine whether the final rule will have a material adverse effect on our results of operations, financial condition, or cash flows in future periods. Further, there is no material impact on our results of operations, financial condition, or cash flows for the period ending September 30, 2024.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2024 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 97,510 $ 97,510 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 199,482 — — — Unrestricted investments and other (3) 106 — 106 — Derivatives - gas and power (4) 3,035 — 1,257 1,778 Total financial assets $ 300,133 $ 97,510 $ 1,363 $ 1,778 Derivatives - gas and power (4) $ 56,120 $ 53,591 $ 2,529 $ — Total financial liabilities $ 56,120 $ 53,591 $ 2,529 $ — 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)	9 Months Ended
	Sep. 30, 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 123,630,000 111,070,000 Purchased power - financial transmission rights MWh 8,625,308 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 $ 1,257 $ 441 Financial transmission rights Other assets 1,778 — Total Derivatives in an asset position $ 3,035 $ 441 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 56,120 $ 76,000 Financial transmission rights Other liabilities — 1,001 Total Derivatives in a liability position $ 56,120 $ 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 and Nine Months Ended September 30, 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 Nine Months Accounted for Utilizing Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2024 2023 2024 2023 2024 2023 (in thousands) (in thousands) Natural gas futures contracts $ ( 57,853 ) $ ( 29,360 ) Fuel $ ( 15,245 ) $ ( 14,351 ) $ ( 49,580 ) $ ( 56,488 ) Purchased power 1,778 ( 4,674 ) Purchased power 8,176 5,188 ( 3,859 ) ( 12,287 ) Total $ ( 56,075 ) $ ( 34,034 ) $ ( 7,069 ) $ ( 9,163 ) $ ( 53,439 ) $ ( 68,775 )

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of September 30, 2024 and December 31, 2023: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2024 Nuclear decommissioning trust (1) Debt securities $ 107,436 $ — $ ( 10,038 ) $ 97,398 $ 97,398 Equity securities 94,935 107,677 ( 3,130 ) 199,482 199,482 Cash and other 112 — — 112 112 Total Nuclear decommissioning trust $ 202,483 $ 107,677 $ ( 13,168 ) $ 296,992 $ 296,992 Other Equity securities $ 82 $ 24 $ — $ 106 $ 106 Non-marketable equity investments 2,177 2,222 — 4,399 2,177 Total Other $ 2,259 $ 2,246 $ — $ 4,505 $ 2,283 $ 299,275 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 September 30, 2024, were as follows: Description Less than 1-5 years 5-10 years More than Total (in thousands) Other (1) $ — $ — $ 97,398 $ — $ 97,398 Total $ — $ — $ 97,398 $ — $ 97,398 (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)	9 Months Ended
	Sep. 30, 2024
Other [Abstract]
Schedule of Operating Revenue	Our operating revenues for the three and nine months ended September 30, 2024 and 2023, were as follows: Three Months Nine Months 2024 2023 2024 2023 (in thousands) Operating revenues: Member distribution cooperatives: Formula rate: Energy revenues $ 139,466 $ 155,828 $ 406,442 $ 437,988 Renewable energy credits 335 96 536 269 Demand revenues 125,827 110,922 365,818 323,566 Total Formula rate revenues 265,628 266,846 772,796 761,823 Market-based rates: Energy revenues 11,896 5,006 29,151 12,881 Demand revenues 2,143 750 6,117 1,850 Total Market-based rates revenues 14,039 5,756 35,268 14,731 Total Member distribution cooperatives revenues 279,667 272,602 808,064 776,554 Non-members: Energy revenues (1) 3,499 2,764 7,706 26,216 Renewable energy credits 22,613 19,195 24,104 21,844 Total Non-members revenues 26,112 21,959 31,810 48,060 Total Operating revenues $ 305,779 $ 294,561 $ 839,874 $ 824,614 (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 nine months ended September 30, 2023.

General - Additional Informatio

General - Additional Information (Details) $ in Thousands	Sep. 30, 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 | $	$ 2,247,977	$ 2,232,350
VIE's
Consolidated assets | $	$ 6,700	$ 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		Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		$ 300,133	$ 261,185
Total financial liabilities		56,120	77,001
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[1]	97,510	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]	199,482	182,364
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[3]	106	137
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	[4]	3,035	441
Total financial liabilities	[4]	56,120	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		97,510	78,243
Total financial liabilities		53,591	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]	97,510	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]	53,591	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		1,363	578
Total financial liabilities		2,529	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]	106	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]	1,257	441
Total financial liabilities	[4]	2,529	10,715
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		1,778
Total financial liabilities			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 assets	[4]	$ 1,778
Total financial liabilities	[4]		$ 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)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 MWh MMBTU	Dec. 31, 2023 MMBTU MWh
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	123,630,000	111,070,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	8,625,308	9,382,175

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total Derivatives in an asset position	$ 3,035	$ 441
Total Derivatives in a liability position	56,120	77,001
Natural Gas Future Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in an asset position	1,257	441
Natural Gas Future Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in a liability position	56,120	76,000
Financial Transmission Rights [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in an asset position	$ 1,778
Financial Transmission Rights [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total Derivatives in a liability position		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ (56,075)	$ (34,034)	$ (56,075)	$ (34,034)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(7,069)	(9,163)	(53,439)	(68,775)
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	(57,853)	(29,360)	(57,853)	(29,360)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(15,245)	(14,351)	(49,580)	(56,488)
Financial Transmission Rights [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	1,778	(4,674)	1,778	(4,674)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ 8,176	$ 5,188	$ (3,859)	$ (12,287)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,177	$ 2,177
Equity Method Investment Gross Unrealized Gains	2,222	2,262
Equity, Fair Value	4,399	4,439
Other, Cost	2,259	2,302
Other Gross Unrealized Gains	2,246	2,274
Other, Fair Value	4,505	4,576
Total Other	2,283	2,314
Total Investments	299,275	262,921
Total Nuclear decommissioning trust	296,992	260,607
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	107,436	89,587
Investments, Debt securities, Gross Unrealized Losses	(10,038)	(11,626)
Investments, Debt securities	97,398	77,961
Investments, Equity securities, Cost	94,935	97,056
Investments, Equity securities, Gross Unrealized Gains	107,677	90,539
Investments, Equity securities, Gross Unrealized Losses	(3,130)	(5,231)
Investments, Equity securities	199,482	182,364
Investments, Cash and other	112	282
Investments, Cost	202,483	186,925
Investments, Gross Unrealized Gains	107,677	90,539
Investments, Gross Unrealized Losses	(13,168)	(16,857)
Total Nuclear decommissioning trust	296,992	260,607
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	82	125
Investments, Equity securities, Gross Unrealized Gains	24	12
Total Investments	$ 106	$ 137

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 97,398
Other debt securities, Total	97,398
Contractual maturities of securities, 5-10 years	97,398
Contractual maturities of securities, Total	$ 97,398

Other - Additional Information

Other - Additional Information (Details) - Revolving Credit Facility - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit outstanding	$ 55,000,000	$ 191,000,000
Through December 7, 2028 [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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Energy revenues Formula rate	$ 139,466	$ 155,828	$ 406,442	$ 437,988
Renewable energy credits Formula rate	335	96	536	269
Demand revenues Formula rate	125,827	110,922	365,818	323,566
Total Formula rate revenues	265,628	266,846	772,796	761,823
Energy revenues Market-based rates	11,896	5,006	29,151	12,881
Demand revenues Market-based rates	2,143	750	6,117	1,850
Total Market-based rates revenues	14,039	5,756	35,268	14,731
Total Member distribution cooperatives revenues	279,667	272,602	808,064	776,554
Energy revenues	3,499	2,764	7,706	26,216
Renewable energy credits	22,613	19,195	24,104	21,844
Total Non-members revenues	26,112	21,959	31,810	48,060
Total Operating revenues	$ 305,779	$ 294,561	$ 839,874	$ 824,614
Type Of Revenue Extensible List	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember

Other - (Schedule of Operatin_2

Other - (Schedule of Operating Revenues) (Parenthetical) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Other [Abstract]
TEC Sales to Non member	$ 0	$ 0	$ 8,900,000