Old Dominion Electric Cooperative 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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, 2016	Dec. 31, 2015
Electric Plant:
Property, plant, and equipment	$ 1,744,164	$ 1,722,477
Less accumulated depreciation	(846,994)	(821,947)
Net Property, plant, and equipment	897,170	900,530
Nuclear fuel, at amortized cost	16,239	15,720
Construction work in progress	704,730	541,323
Net Electric Plant	1,618,139	1,457,573
Investments:
Nuclear decommissioning trust	156,370	145,715
Lease deposits	103,759	101,816
Unrestricted investments and other	7,070	7,093
Total Investments	267,199	254,624
Current Assets:
Cash and cash equivalents	564	58,383
Accounts receivable	14,885	10,960
Accounts receivable–deposits		1,200
Accounts receivable–members	82,624	83,248
Fuel, materials, and supplies	53,526	63,829
Prepayments and other	3,173	4,683
Total Current Assets	154,772	222,303
Deferred Charges:
Regulatory assets	51,606	61,073
Other	1,060	6,026
Total Deferred Charges	52,666	67,099
Total Assets	2,092,776	2,001,599
CAPITALIZATION AND LIABILITIES:
Patronage capital	399,875	390,976
Non-controlling interest	5,711	5,704
Total Patronage capital and Non-controlling interest	405,586	396,680
Long-term debt	1,018,263	1,017,926
Revolving credit facility	80,250	0
Total long-term debt and revolving credit facility	1,098,513	1,017,926
Total Capitalization	1,504,099	1,414,606
Current Liabilities:
Long-term debt due within one year	28,292	28,292
Accounts payable	115,745	109,887
Accounts payable–members	72,508	98,462
Accrued expenses	23,252	5,580
Deferred energy	48,811	27,835
Total Current Liabilities	288,608	270,056
Deferred Credits and Other Liabilities:
Asset retirement obligations	121,772	118,200
Obligations under long-term lease	95,352	90,622
Regulatory liabilities	81,216	73,702
Other	1,729	34,413
Total Deferred Credits and Other Liabilities	300,069	316,937
Commitments and Contingencies
Total Capitalization and Liabilities	$ 2,092,776	$ 2,001,599

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Operating Revenues	$ 222,802	$ 254,265	$ 678,410	$ 795,862
Operating Expenses:
Fuel	47,337	48,717	111,925	127,945
Purchased power	86,320	95,339	306,601	391,772
Transmission	30,008	29,456	92,368	84,614
Deferred energy	10,562	31,481	20,976	33,175
Operations and maintenance	13,100	10,750	38,277	39,584
Administrative and general	10,843	9,702	31,638	30,193
Depreciation and amortization	11,686	11,456	34,854	33,657
Amortization of regulatory asset/(liability), net	608	835	685	2,421
Accretion of asset retirement obligations	1,212	1,161	3,633	3,533
Taxes, other than income taxes	2,104	2,071	6,323	6,263
Total Operating Expenses	213,780	240,968	647,280	753,157
Operating Margin	9,022	13,297	31,130	42,705
Other expense, net	(887)	(801)	(2,836)	(2,489)
Investment income	1,712	1,542	3,177	4,498
Interest charges, net	(6,856)	(11,035)	(22,562)	(35,815)
Income taxes	0	1	(3)	(1)
Net Margin including Non-controlling interest	2,991	3,004	8,906	8,898
Non-controlling interest	0	1	(7)	(7)
Net Margin attributable to ODEC	2,991	3,005	8,899	8,891
Patronage Capital - Beginning of Period	396,884	384,983	390,976	379,097
Patronage Capital - End of Period	$ 399,875	$ 387,988	$ 399,875	$ 387,988

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities:
Net Margin including Non-controlling interest	$ 8,906	$ 8,898
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	34,854	33,657
Other non-cash charges	13,739	13,881
Amortization of lease obligations	4,730	4,418
Interest on lease deposits	(2,229)	(2,174)
Change in current assets	9,712	(21,899)
Change in deferred energy	20,976	33,175
Change in current liabilities	(19,774)	75,756
Change in regulatory assets and liabilities	8,796	3,969
Change in deferred charges-other and deferred credits and other liabilities-other	1,406	6,425
Net Cash Provided by Operating Activities	81,116	156,106
Investing Activities:
Purchases of held to maturity securities	0	(130,000)
Proceeds from sale of held maturity securities	0	130,000
Increase in other investments	(2,152)	(3,769)
Electric plant additions	(217,033)	(223,695)
Net Cash Used for Investing Activities	(219,185)	(227,464)
Financing Activities:
Issuance of long-term debt	0	332,000
Debt issuance costs	0	(1,754)
Draws on revolving credit facility	177,850	104,000
Repayments on revolving credit facility	(97,600)	(190,000)
Net Cash Provided by Financing Activities	80,250	244,246
Net Change in Cash and Cash Equivalents	(57,819)	172,888
Cash and Cash Equivalents - Beginning of Period	58,383	1,424
Cash and Cash Equivalents - End of Period	$ 564	$ 174,312

General

General	9 Months Ended
	Sep. 30, 2016
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, 2016, our consolidated results of operations for the three and nine months ended September 30, 2016 and 2015, and cash flows for the nine months ended September 30, 2016 and 2015. The consolidated results of operations for the three and nine months ended September 30, 2016, 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 2015 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, 2016 and December 31, 2015. 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. As charges-other

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Observable September 30, Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 49,074 $ 49,074 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 107,296 — — — Unrestricted investments and other (3) 237 — 237 — Derivatives - gas and power (4) 842 842 — — Total Financial Assets $ 157,449 $ 49,916 $ 237 $ — Derivatives - gas and power (4) $ 138 $ - $ 138 $ — Total Financial Liabilities $ 138 $ - $ 138 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Observable December Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 46,051 $ 46,051 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 99,664 — — — Unrestricted investments and other (3) 211 — 211 — Total Financial Assets $ 145,926 $ 46,051 $ 211 $ — Derivatives - gas and power (4) $ 3,653 $ 3,653 $ — $ — Total Financial Liabilities $ 3,653 $ 3,653 $ — $ — (1) For additional information about our nuclear decommissioning trust see Note 4 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 the 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 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2015 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, 2016
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 2015 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, 2016 December 31, 2015 Commodity Unit of Measure Quantity Quantity Natural Gas MMBTU 8,430,000 10,620,000 The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of September 30, As of December 31, Balance Sheet Location 2016 2015 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 842 $ — Total derivatives in an asset position $ 842 $ — Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 138 $ 3,653 Total derivatives in a liability position $ 138 $ 3,653 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, 2016 and 2015 Amount of Gain Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory from Regulatory in Regulatory Reclassified Asset/Liability Asset/Liability Asset/Liability for from Regulatory into Income for into Income for Derivatives Accounted for Derivatives as of Asset/Liability the Three Months the Nine Months Utilizing Regulatory Accounting September 30, into Income Ended September 30, Ended September 30, 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) (in thousands) Natural gas futures contracts $ 704 $ (2,530 ) Fuel $ 77 $ (4,079 ) $ (2,421 ) $ (5,737 ) Purchased power contracts — — Purchased Power — — — (14 ) Total $ 704 $ (2,530 ) Total $ 77 $ (4,079 ) $ (2,421 ) $ (5,751 ) 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, 2016
Investments [Abstract]
Investments	4. Investments Investments were as follows as of September 30, 2016 and December 31, 2015: Gross Gross Unrealized Unrealized Fair Carrying Description Designation Cost Gains Losses Value Value (in thousands) September 30, 2016 Nuclear decommissioning trust (1) Debt securities Available for sale $ 43,814 $ 5,156 $ — $ 48,970 $ 48,970 Equity securities Available for sale 73,876 33,442 (22 ) 107,296 107,296 Cash and other Available for sale 104 — — 104 104 Total Nuclear Decommissioning Trust $ 117,794 $ 38,598 $ (22 ) $ 156,370 $ 156,370 Lease Deposits (2) Government obligations Held to maturity $ 103,759 $ 4,097 $ — $ 107,856 $ 103,759 Total Lease Deposits $ 103,759 $ 4,097 $ — $ 107,856 $ 103,759 Unrestricted investments Government obligations Held to maturity $ 2,001 $ 3 $ — $ 2,004 $ 2,001 Debt securities Held to maturity 2,689 18 — 2,707 2,689 Total Unrestricted Investments $ 4,690 $ 21 $ — $ 4,711 $ 4,690 Other Equity securities Trading $ 191 $ 46 $ — $ 237 $ 237 Non-marketable equity investments Equity 2,143 2,082 — 4,225 2,143 Total Other $ 2,334 $ 2,128 $ — $ 4,462 $ 2,380 $ 267,199 December 31, 2015 Nuclear decommissioning trust (1) Debt securities Available for sale $ 42,898 $ 2,940 $ — $ 45,838 $ 45,838 Equity securities Available for sale 72,213 29,164 (1,713 ) 99,664 99,664 Cash and other Available for sale 213 — — 213 213 Total Nuclear Decommissioning Trust $ 115,324 $ 32,104 $ (1,713 ) $ 145,715 $ 145,715 Lease Deposits (2) Government obligations Held to maturity $ 101,816 $ 4,428 $ — $ 106,244 $ 101,816 Total Lease Deposits $ 101,816 $ 4,428 $ — $ 106,244 $ 101,816 Unrestricted investments Government obligations Held to maturity $ 2,003 $ — $ (2 ) $ 2,001 $ 2,003 Debt securities Held to maturity 2,689 — (5 ) 2,684 2,689 Total Unrestricted Investments $ 4,692 $ — $ (7 ) $ 4,685 $ 4,692 Other Equity securities Trading $ 175 $ 36 $ — $ 211 $ 211 Non-marketable equity investments Equity 2,190 1,978 — 4,168 2,190 Total Other $ 2,365 $ 2,014 $ — $ 4,379 $ 2,401 $ 254,624 (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 2015 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, respectively. (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 2015 Annual Report on Form 10-K. Our investments by classification as of September 30, 2016 and December 31, 2015, were as follows: September 30, 2016 December 31, 2015 Carrying Carrying Description Cost Value Cost Value (in thousands) (in thousands) Available for sale $ 117,794 $ 156,370 $ 115,324 $ 145,715 Held to maturity 108,449 108,449 106,508 106,508 Equity 2,143 2,143 2,190 2,190 Trading 191 237 175 211 Total $ 228,577 $ 267,199 $ 224,197 $ 254,624 Contractual maturities of debt securities as of September 30, 2016, were as follows: Less than More than Description 1 year 1-5 years 5-10 years 10 years Total (in thousands) Available for sale (1) $ — $ — $ 48,970 $ — $ 48,970 Held to maturity 3,532 104,917 — — 108,449 Total $ 3,532 $ 104,917 $ 48,970 $ — $ 157,419 (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, 2016
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 combined cycle generation facility, named Wildcat Point, in Cecil County, Maryland. The development, construction, and operation of Wildcat Point are subject to 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 and permanent construction began in January 2015. We currently anticipate that the project cost will be approximately $834.3 million, including capitalized interest. On September 14, 2016, a transformer at Wildcat Point caught fire. The fire was contained and extinguished, and did not present an environmental hazard. There was no other damage to the facility and no loss is expected to be recorded. The facility is still scheduled to become operational in mid-2017. Wildcat Point's major equipment will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator. 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. In January 2015, we began capitalizing interest with respect to the facility upon commencement of permanent construction. Through September 30, 2016, we capitalized construction costs related to Wildcat Point totaling $670.0 million, including $34.3 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. 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 in 2015. 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. On March 1, 2016, FERC denied our request for rehearing and on April 11, 2016, we filed a Petition for Review in the U.S. Court of Appeals for the District of Columbia Circuit. We have not recorded a receivable related to this matter. Revolving Credit Facility We maintain a $500.0 million 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. Commitments under this syndicated credit agreement extend until March 5, 2019. At September 30, 2016, we had $80.3 million outstanding under this facility. At December 31, 2015, we did not have any borrowings outstanding under this facility. At September 30, 2016 and December 31, 2015, we had letters of credit outstanding in the amount of $5.2 million and $8.2 million, respectively. Limited Exception under Wholesale Power Contracts We have a wholesale power contract with each of our member distribution cooperatives. Each contract obligates us to sell and deliver to the member distribution cooperative, and obligates the member distribution cooperative to purchase and receive from us, all power that it requires for the operation of its system, with limited exceptions. One of the limited exceptions permits the member distribution cooperative to receive up to the greater of 5% of its power requirements or 5 MW from owned generation or other suppliers. As of March 31, 2016, our member distribution cooperatives collectively received approximately 9 MW under this exception. Beginning May 1, 2016, our member distribution cooperatives collectively receive approximately 60 MW under this exception. We do not anticipate that this will have a material impact on our financial condition, results of operations, or cash flows. Retail Choice in Virginia In Virginia, retail choice in the selection of a power supplier is available to customers that consume at least 5 MW of power individually or in the aggregate (with aggregation subject to the approval of the VSCC) and that do not account for more than 1% of the incumbent utility's peak load during the past year. Currently, no customer of our member distribution cooperatives has elected to choose an alternate supplier under this provision. Retail choice is also available to any customer whose noncoincident peak demand exceeds 90 MW. Beginning June 1, 2016, Bear Island, an industrial customer of REC and the only customer of any of our member distribution cooperatives that has noncoincident peak demand that exceeds 90 MW, elected to purchase its power requirements from an alternate supplier. During 2015, Bear Island represented approximately 3.3% of our revenues from our member distribution cooperatives. We do not anticipate that this will have a material impact on our financial condition, results of operations, or cash flows. New Accounting Pronouncements We adopted Accounting Standards Update 2015-03 Interest-Imputation of Interest (Subtopic 835-30) for the fiscal year beginning January 1, 2016. Debt issuance costs related to a recognized debt liability are presented on our Condensed Consolidated Balance Sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs were previously presented as an asset in deferred charges-other on our Condensed Consolidated Balance Sheet. We have reclassified debt issuance costs in the prior year's Condensed Consolidated Balance Sheet to conform to the current year's presentation. Debt issuance costs related to a recognized debt liability were $6.5 million and $6.8 million as of September 30, 2016 and December 31, 2015, respectively, and are included as a direct deduction to long-term debt. We adopted Accounting Standards Update 2015-07 Fair Value Measurement (Topic 820) for the fiscal year beginning January 1, 2016. This update affects the presentation of investments for which fair value is measured at net asset value per share (or its equivalent) as a practical expedient. See Note 2 - Fair Value Measurements above.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Observable September 30, Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 49,074 $ 49,074 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 107,296 — — — Unrestricted investments and other (3) 237 — 237 — Derivatives - gas and power (4) 842 842 — — Total Financial Assets $ 157,449 $ 49,916 $ 237 $ — Derivatives - gas and power (4) $ 138 $ - $ 138 $ — Total Financial Liabilities $ 138 $ - $ 138 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Observable December Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 46,051 $ 46,051 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 99,664 — — — Unrestricted investments and other (3) 211 — 211 — Total Financial Assets $ 145,926 $ 46,051 $ 211 $ — Derivatives - gas and power (4) $ 3,653 $ 3,653 $ — $ — Total Financial Liabilities $ 3,653 $ 3,653 $ — $ — (1) For additional information about our nuclear decommissioning trust see Note 4 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 the 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 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2015 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 Commodity Unit of Measure Quantity Quantity Natural Gas MMBTU 8,430,000 10,620,000
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: Fair Value As of September 30, As of December 31, Balance Sheet Location 2016 2015 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 842 $ — Total derivatives in an asset position $ 842 $ — Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 138 $ 3,653 Total derivatives in a liability position $ 138 $ 3,653
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, 2016 and 2015 Amount of Gain Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory from Regulatory in Regulatory Reclassified Asset/Liability Asset/Liability Asset/Liability for from Regulatory into Income for into Income for Derivatives Accounted for Derivatives as of Asset/Liability the Three Months the Nine Months Utilizing Regulatory Accounting September 30, into Income Ended September 30, Ended September 30, 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) (in thousands) Natural gas futures contracts $ 704 $ (2,530 ) Fuel $ 77 $ (4,079 ) $ (2,421 ) $ (5,737 ) Purchased power contracts — — Purchased Power — — — (14 ) Total $ 704 $ (2,530 ) Total $ 77 $ (4,079 ) $ (2,421 ) $ (5,751 )

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of September 30, 2016 and December 31, 2015: Gross Gross Unrealized Unrealized Fair Carrying Description Designation Cost Gains Losses Value Value (in thousands) September 30, 2016 Nuclear decommissioning trust (1) Debt securities Available for sale $ 43,814 $ 5,156 $ — $ 48,970 $ 48,970 Equity securities Available for sale 73,876 33,442 (22 ) 107,296 107,296 Cash and other Available for sale 104 — — 104 104 Total Nuclear Decommissioning Trust $ 117,794 $ 38,598 $ (22 ) $ 156,370 $ 156,370 Lease Deposits (2) Government obligations Held to maturity $ 103,759 $ 4,097 $ — $ 107,856 $ 103,759 Total Lease Deposits $ 103,759 $ 4,097 $ — $ 107,856 $ 103,759 Unrestricted investments Government obligations Held to maturity $ 2,001 $ 3 $ — $ 2,004 $ 2,001 Debt securities Held to maturity 2,689 18 — 2,707 2,689 Total Unrestricted Investments $ 4,690 $ 21 $ — $ 4,711 $ 4,690 Other Equity securities Trading $ 191 $ 46 $ — $ 237 $ 237 Non-marketable equity investments Equity 2,143 2,082 — 4,225 2,143 Total Other $ 2,334 $ 2,128 $ — $ 4,462 $ 2,380 $ 267,199 December 31, 2015 Nuclear decommissioning trust (1) Debt securities Available for sale $ 42,898 $ 2,940 $ — $ 45,838 $ 45,838 Equity securities Available for sale 72,213 29,164 (1,713 ) 99,664 99,664 Cash and other Available for sale 213 — — 213 213 Total Nuclear Decommissioning Trust $ 115,324 $ 32,104 $ (1,713 ) $ 145,715 $ 145,715 Lease Deposits (2) Government obligations Held to maturity $ 101,816 $ 4,428 $ — $ 106,244 $ 101,816 Total Lease Deposits $ 101,816 $ 4,428 $ — $ 106,244 $ 101,816 Unrestricted investments Government obligations Held to maturity $ 2,003 $ — $ (2 ) $ 2,001 $ 2,003 Debt securities Held to maturity 2,689 — (5 ) 2,684 2,689 Total Unrestricted Investments $ 4,692 $ — $ (7 ) $ 4,685 $ 4,692 Other Equity securities Trading $ 175 $ 36 $ — $ 211 $ 211 Non-marketable equity investments Equity 2,190 1,978 — 4,168 2,190 Total Other $ 2,365 $ 2,014 $ — $ 4,379 $ 2,401 $ 254,624 (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 2015 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, respectively. (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 2015 Annual Report on Form 10-K. Our investments by classification as of September 30, 2016 and December 31, 2015, were as follows: September 30, 2016 December 31, 2015 Carrying Carrying Description Cost Value Cost Value (in thousands) (in thousands) Available for sale $ 117,794 $ 156,370 $ 115,324 $ 145,715 Held to maturity 108,449 108,449 106,508 106,508 Equity 2,143 2,143 2,190 2,190 Trading 191 237 175 211 Total $ 228,577 $ 267,199 $ 224,197 $ 254,624
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of September 30, 2016, were as follows: Less than More than Description 1 year 1-5 years 5-10 years 10 years Total (in thousands) Available for sale (1) $ — $ — $ 48,970 $ — $ 48,970 Held to maturity 3,532 104,917 — — 108,449 Total $ 3,532 $ 104,917 $ 48,970 $ — $ 157,419

General - Additional Informatio

General - Additional Information (Details) $ in Millions	Sep. 30, 2016USD ($)member_classmemberrepresentative	Dec. 31, 2015USD ($)
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, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	$ 157,449	$ 145,926
Total Financial Liabilities	138	3,653
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	842
Total Financial Liabilities	138	3,653
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	49,916	46,051
Total Financial Liabilities		3,653
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 Assets	842
Total Financial Liabilities		3,653
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	237	211
Total Financial Liabilities	138
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 Liabilities	138
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	49,074	46,051
Nuclear Decommissioning Trust [Member] | 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	49,074	46,051
Nuclear Decommissioning Trust [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	107,296	99,664
Nuclear Decommissioning Trust - Net Asset Value [Member] | 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	0	0
Nuclear Decommissioning Trust - Net Asset Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	237	211
Unrestricted Investment And Other [Member] | 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	0	0
Unrestricted Investment And Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	$ 237	$ 211

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details) - MMBTU	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Natural Gas [Member]
Derivative [Line Items]
Quantity	8,430,000	10,620,000

Derivatives And Hedging (Sche16

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 842
Total derivatives in a liability position	138	$ 3,653
Natural Gas Future Contracts [Member] | Deferred Charges - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	842
Natural Gas Future Contracts [Member] | Deferred Credits And Other Liabilities - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	$ 138	$ 3,653

Derivatives And Hedging (Sche17

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 704	$ (2,530)	$ 704	$ (2,530)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	77	(4,079)	(2,421)	(5,751)
Natural Gas Future Contracts [Member] | Fuel [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	704	(2,530)	704	(2,530)
Natural Gas Future Contracts [Member] | Fuel [Member] | Operating Expense Fuel [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ 77	$ (4,079)	$ (2,421)	(5,737)
Energy Related Derivative [Member] | Purchased Power Contracts [Member] | Operating Expense Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income				$ (14)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Invested Securities [Line Items]
Available for sale investments, Debt securities	$ 48,970
Held to maturity investments, Cost	103,759	$ 101,816
Trading, Cost	191	175
Trading, Gross Unrealized Gains	46	36
Total Investments	237	211
Equity, Cost	2,143	2,190
Equity Method Investment Gross Unrealized Gains	2,082	1,978
Equity, Fair Value	4,225	4,168
Other, Cost	2,334	2,365
Other Gross Unrealized Gains	2,128	2,014
Other, Fair Value	4,462	4,379
Total Other	2,380	2,401
Held to maturity investments	108,449	106,508
Total Investments	267,199	254,624
Available for sale investments, Cost	117,794	115,324
Total Nuclear Decommissioning Trust	156,370	145,715
Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains	3
Held to maturity investments	2,001	2,003
Held to maturity investments, Gross Unrealized Losses		(2)
Held to maturity investments, Fair Value	2,004	2,001
Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains	18
Held to maturity investments	2,689	2,689
Held to maturity investments, Gross Unrealized Losses		(5)
Held to maturity investments, Fair Value	2,707	2,684
Unrestricted Investments
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains	21
Held to maturity investments	4,690	4,692
Held to maturity investments, Gross Unrealized Losses		(7)
Held to maturity investments, Fair Value	4,711	4,685
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Available for sale investments, Debt securities, Cost	43,814	42,898
Available for sale investments, Debt securities, Gross Unrealized Gains	5,156	2,940
Available for sale investments, Debt securities	48,970	45,838
Available for sale investments, Equity securities, Cost	73,876	72,213
Available for sale investments, Equity securities, Gross Unrealized Gains	33,442	29,164
Available for sale Securities, Equity securities, Gross Unrealized Losses	(22)	(1,713)
Available for sale investments, Equity securities	107,296	99,664
Available for sale investments, Cash and other	104	213
Available for sale investments, Cost	117,794	115,324
Available for sale investments, Gross Unrealized Gains	38,598	32,104
Available-for-sale Securities, Gross Unrealized Loss	(22)	(1,713)
Total Nuclear Decommissioning Trust	156,370	145,715
Lease Deposits [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Cost	103,759	101,816
Held to maturity investments, Gross Unrealized Gains	4,097	4,428
Held to maturity investments, Fair Value	107,856	106,244
Lease Deposits [Member] | Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Cost	103,759	101,816
Held to maturity investments, Gross Unrealized Gains	4,097	4,428
Held to maturity investments, Fair Value	$ 107,856	$ 106,244

Investments (Schedule Of Inve19

Investments (Schedule Of Investments By Classification) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments [Abstract]
Available for sale, Cost	$ 117,794	$ 115,324
Held to maturity	108,449	106,508
Equity	2,143	2,190
Trading, Cost	191	175
Investments, Cost	228,577	224,197
Available for sale, Carrying Value	156,370	145,715
Trading, Carrying Value	237	211
Total Investments	$ 267,199	$ 254,624

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments [Abstract]
Available for sale securities, 5-10 years	$ 48,970
Available for sale securities, Total	48,970
Held to maturity securities, Less than 1 year	3,532
Held to maturity securities, 1-5 years	104,917
Held to maturity securities, 5-10 years	0
Held to maturity, carrying value	108,449	$ 106,508
Contractual maturities of securities, Less than 1 year	3,532
Contractual maturities of securities, 1-5 years	104,917
Contractual maturities of securities, 5-10 years	48,970
Contractual maturities of securities, Total	$ 157,419

Other - Additional Information

Other - Additional Information (Details)	May 01, 2016MW	Jun. 23, 2014USD ($)	Mar. 31, 2016MW	Sep. 30, 2016USD ($)ItemgeneratorCustomerMW	Dec. 31, 2015USD ($)	Sep. 14, 2016USD ($)
Public Utilities General Disclosures [Line Items]
Construction work in progress				$ 704,730,000	$ 541,323,000
Unreimbursed costs		$ 14,900,000
Purchases Under Contract Exception, Percent of Power Received from Owned Generation or Other Suppliers				5.00%
Purchases Under Contract Exception, Amount of Power Received from Owned Generation or Other Suppliers | MW				5
Member Distribution Cooperatives Receipt of Power Under Limited Exception to Wholesale Power Contract | MW	60		9
Purchases Under Contract Exceptions, Amount of Power Received from Owned Generation or Other Suppliers | MW				5
Maximum Required Incumbent Utility Peak Load Percentage During Past Year for Availability of Retail Choice in Selection of Power Supplier to Customers				1.00%
Retail Choice Demand Description				Retail choice is also available to any customer whose noncoincident peak demand exceeds 90 MW.
Revenue Percentage					3.30%
Debt issuance costs				$ 6,500,000	$ 6,800,000
Virginia [Member]
Public Utilities General Disclosures [Line Items]
Number of Customers Elected to Choose Alternate Supply | Customer				0
Revolving Credit Facility [Member]
Public Utilities General Disclosures [Line Items]
Credit facility, maximum borrowing capacity				$ 500,000,000
Line of credit outstanding				80,300,000	0
Letter of Credit [Member]
Public Utilities General Disclosures [Line Items]
Line of credit outstanding				$ 5,200,000	$ 8,200,000
Wildcat Point [Member]
Public Utilities General Disclosures [Line Items]
Power facility output | MW				1,000
Estimated project cost				$ 834,300,000
Number of combustion turbines | Item				2
Number of heat recovery steam generators | generator				2
Number of steam turbine generators | Item				1
Construction work in progress				$ 670,000,000
Capitalized interest				$ 34,300,000
Wildcat Point [Member] | Fire Hazard [Member]
Public Utilities General Disclosures [Line Items]
Expected loss to be recorded						$ 0