Old Dominion Electric Cooperative 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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	Mar. 31, 2017	Dec. 31, 2016
Electric Plant:
Property, plant, and equipment	$ 1,747,639	$ 1,746,852
Less accumulated depreciation	(865,735)	(855,068)
Net Property, plant, and equipment	881,904	891,784
Nuclear fuel, at amortized cost	18,852	22,138
Construction work in progress	773,657	736,996
Net Electric Plant	1,674,413	1,650,918
Investments:
Nuclear decommissioning trust	166,281	159,155
Lease deposits	105,265	104,514
Unrestricted investments and other	7,161	6,599
Total Investments	278,707	270,268
Current Assets:
Cash and cash equivalents	620	2,946
Accounts receivable	7,583	6,563
Accounts receivable–members	64,103	85,116
Fuel, materials, and supplies	60,471	56,353
Prepayments and other	3,456	4,737
Total Current Assets	136,233	155,715
Deferred Charges:
Regulatory assets	47,759	49,682
Other	4,340	3,533
Total Deferred Charges	52,099	53,215
Total Assets	2,141,452	2,130,116
CAPITALIZATION AND LIABILITIES:
Patronage capital	405,825	402,857
Non-controlling interest	5,726	5,725
Total Patronage capital and Non-controlling interest	411,551	408,582
Long-term debt	990,182	990,083
Revolving credit facility	181,750	152,000
Total long-term debt and revolving credit facility	1,171,932	1,142,083
Total Capitalization	1,583,483	1,550,665
Current Liabilities:
Long-term debt due within one year	28,292	28,292
Accounts payable	109,256	131,581
Accounts payable–members	68,022	66,380
Accrued expenses	20,577	5,806
Deferred energy	18,491	40,029
Total Current Liabilities	244,638	272,088
Deferred Credits and Other Liabilities:
Asset retirement obligations	121,312	120,083
Obligations under long-term lease	98,615	96,930
Regulatory liabilities	92,335	89,020
Other	1,069	1,330
Total Deferred Credits and Other Liabilities	313,331	307,363
Commitments and Contingencies
Total Capitalization and Liabilities	$ 2,141,452	$ 2,130,116

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Operating Revenues	$ 189,779	$ 256,459
Operating Expenses:
Fuel	17,683	34,322
Purchased power	122,116	139,282
Transmission	23,742	31,588
Deferred energy	(21,538)	1,545
Operations and maintenance	12,473	12,559
Administrative and general	11,130	10,639
Depreciation and amortization	11,343	11,538
Amortization of regulatory asset/(liability), net	830	(569)
Accretion of asset retirement obligations	1,255	1,210
Taxes, other than income taxes	2,104	2,121
Total Operating Expenses	181,138	244,235
Operating Margin	8,641	12,224
Other expense, net	(949)	(1,044)
Investment income	1,521	138
Interest charges, net	(6,244)	(8,365)
Income taxes	0	(1)
Net Margin including Non-controlling interest	2,969	2,952
Non-controlling interest	(1)	1
Net Margin attributable to ODEC	2,968	2,953
Patronage Capital - Beginning of Period	402,857	390,976
Patronage Capital - End of Period	$ 405,825	$ 393,929

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net Margin including Non-controlling interest	$ 2,969	$ 2,952
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	11,343	11,538
Other non-cash charges	4,769	4,424
Amortization of lease obligations	1,685	1,573
Interest on lease deposits	(751)	(737)
Change in current assets	17,156	13,384
Change in deferred energy	(21,538)	1,545
Change in current liabilities	6,854	9,802
Change in regulatory assets and liabilities	(418)	(1,212)
Change in deferred charges-other and deferred credits and other liabilities-other	(833)	594
Net Cash Provided by Operating Activities	21,236	43,863
Investing Activities:
Purchases of held to maturity securities	(2,523)
Proceeds from sale of held to maturity securities	2,000
Increase in other investments	(1,499)	(42)
Electric plant additions	(51,290)	(75,992)
Net Cash Used for Investing Activities	(53,312)	(76,034)
Financing Activities:
Draws on revolving credit facility	183,250
Repayments on revolving credit facility	(153,500)
Net Cash Provided by Financing Activities	29,750
Net Change in Cash and Cash Equivalents	(2,326)	(32,171)
Cash and Cash Equivalents - Beginning of Period	2,946	58,383
Cash and Cash Equivalents - End of Period	$ 620	$ 26,212

General

General	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General	1. 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 March 31, 2017, our consolidated results of operations for the three months ended March 31, 2017 and 2016, and cash flows for the three months ended March 31, 2017 and 2016. The consolidated results of operations for the three months ended March 31, 2017, 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 2016 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 March 31, 2017 and December 31, 2016. 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 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 do not have any other comprehensive income for the periods presented.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. 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 March 31, 2017 and December 31, 2016: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 48,741 $ 48,741 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 117,540 — — — Unrestricted investments and other (3) 257 — 257 — Derivatives - gas and power (4) 4,554 2,905 1,649 — Total Financial Assets $ 171,092 $ 51,646 $ 1,906 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 48,142 $ 48,142 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 111,013 — — — Unrestricted investments and other (3) 247 — 247 — Derivatives - gas and power (4) 6,968 4,874 2,094 — Total Financial Assets $ 166,370 $ 53,016 $ 2,341 $ — (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 2016 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	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives And Hedging	3. 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 2016 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 March 31, 2017 December 31, 2016 Commodity Unit of Measure Quantity Quantity Natural Gas MMBTU 15,180,000 14,250,000 The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of March 31, As of December 31, Balance Sheet Location 2017 2016 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 4,554 $ 6,968 Total derivatives in an asset position $ 4,554 $ 6,968 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2017 and 2016 Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory in Regulatory Reclassified Asset/Liability Asset/Liability for from Regulatory into Income for Derivatives Accounted for Derivatives as of Asset/Liability the Three Months Utilizing Regulatory Accounting March 31, into Income Ended March 31, 2017 2016 2017 2016 (in thousands) (in thousands) Natural gas futures contracts $ 4,519 $ (5,575 ) Fuel $ (131 ) $ (1,023 ) Total $ 4,519 $ (5,575 ) $ (131 ) $ (1,023 ) 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, 2017
Investments [Abstract]
Investments	4. Investments were as follows as of March 31, 2017 and December 31, 2016: Gross Gross Unrealized Unrealized Fair Carrying Description Designation Cost Gains Losses Value Value (in thousands) March 31, 2017 Nuclear decommissioning trust (1) Debt securities Available for sale $ 44,349 $ 3,924 $ — $ 48,273 $ 48,273 Equity securities Available for sale 76,590 40,950 — 117,540 117,540 Cash and other Available for sale 468 — — 468 468 Total Nuclear Decommissioning Trust $ 121,407 $ 44,874 $ — $ 166,281 $ 166,281 Lease Deposits (2) Government obligations Held to maturity $ 105,265 $ 2,498 $ — $ 107,763 $ 105,265 Total Lease Deposits $ 105,265 $ 2,498 $ — $ 107,763 $ 105,265 Unrestricted investments Government obligations Held to maturity $ 2,338 $ — $ (4 ) $ 2,334 $ 2,338 Debt securities Held to maturity 2,395 4 — 2,399 2,395 Total Unrestricted Investments $ 4,733 $ 4 $ (4 ) $ 4,733 $ 4,733 Other Equity securities Trading $ 198 $ 59 $ — $ 257 $ 257 Non-marketable equity investments Equity 2,171 2,036 — 4,207 2,171 Total Other $ 2,369 $ 2,095 $ — $ 4,464 $ 2,428 $ 278,707 December 31, 2016 Nuclear decommissioning trust (1) Debt securities Available for sale $ 44,086 $ 3,537 $ — $ 47,623 $ 47,623 Equity securities Available for sale 75,332 35,958 (277 ) 111,013 111,013 Cash and other Available for sale 519 — — 519 519 Total Nuclear Decommissioning Trust $ 119,937 $ 39,495 $ (277 ) $ 159,155 $ 159,155 Lease Deposits (2) Government obligations Held to maturity $ 104,514 $ 2,948 $ — $ 107,462 $ 104,514 Total Lease Deposits $ 104,514 $ 2,948 $ — $ 107,462 $ 104,514 Unrestricted investments Government obligations Held to maturity $ 2,000 $ 1 $ — $ 2,001 $ 2,000 Debt securities Held to maturity 2,210 6 — 2,216 2,210 Total Unrestricted Investments $ 4,210 $ 7 $ — $ 4,217 $ 4,210 Other Equity securities Trading $ 198 $ 49 $ — $ 247 $ 247 Non-marketable equity investments Equity 2,142 2,012 — 4,154 2,142 Total Other $ 2,340 $ 2,061 $ — $ 4,401 $ 2,389 $ 270,268 (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 2016 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 2016 Annual Report on Form 10-K. Our investments by classification as of March 31, 2017 and December 31, 2016, were as follows: March 31, 2017 December 31, 2016 Carrying Carrying Description Cost Value Cost Value (in thousands) (in thousands) Available for sale $ 121,407 $ 166,281 $ 119,937 $ 159,155 Held to maturity 109,998 109,998 108,724 108,724 Equity 2,171 2,171 2,142 2,142 Trading 198 257 198 247 Total $ 233,774 $ 278,707 $ 231,001 $ 270,268 Contractual maturities of debt securities as of March 31, 2017, 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) $ — $ — $ 48,273 $ — $ 48,273 Held to maturity 11,684 98,314 — — 109,998 Total $ 11,684 $ 98,314 $ 48,273 $ — $ 158,271 (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	3 Months Ended
	Mar. 31, 2017
Other [Abstract]
Other	5. 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 current construction schedule has Wildcat Point achieving commercial operation mid-2017. While the contractual completion date has not been revised, our engineering consultant advises us that it expects that commercial operation of the facility is more likely to occur at the end of the third quarter or early in the fourth quarter of 2017. The EPC contractor advises us that the delay is associated with the incurrence of additional work and other matters, for which it will seek recovery, in whole or in part, from its subcontractors and us. We disagree that we have additional liability under the contract and therefore have not revised our estimated project cost of $834.3 million. We do not believe that any such delay in the commencement of commercial operation of the Wildcat Point facility, or any additional amounts associated with the delay, including PJM capacity delay charges, for which we may be ultimately responsible, are reasonably likely to have a material adverse effect on our results of operations or financial condition due to our ability to collect such amounts through rates charged to our member distribution cooperatives. Even if we are ultimately responsible for additional costs, any such amounts may be offset in part by liquidated damages under the contract associated with the EPC contractor’s delay in achieving substantial completion. Wildcat Point's major equipment will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator. Through March 31, 2017, we capitalized construction costs related to Wildcat Point totaling $748.5 million, including $51.1 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. On April 13, 2015, we received an initial decision from the hearing judge. On January 19, 2017, FERC issued its order on the hearing judge's initial decision. On February 21, 2017, we submitted our compliance filing, revising the formula rate as directed in the order. Additionally, on February 21, 2017, Bear Island filed a request for rehearing. On March 22, 2017, FERC issued an order granting rehearing of its initial order for the limited purpose of FERC's further consideration of the matter. 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. Also related to this matter, on January 5, 2017, we filed a complaint and request for relief in the Circuit Court for the County of Henrico in the Commonwealth of Virginia. 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. The syndicated credit agreement associated with the facility was amended and restated on March 3, 2017, and commitments under this agreement extend until March 3, 2022. As of March 31, 2017, we had outstanding under this facility, $181.8 million in borrowings and $12.2 million in letters of credit. As of December 31, 2016, we had outstanding under this facility, $152.0 million in borrowings and $5.2 million in letters of credit. Long-term Debt We currently anticipate that we will issue long-term debt in the third quarter of 2017 to fund capital expenditures related to Wildcat Point construction costs. 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 each of our member distribution cooperatives to receive up to the greater of 5% of its demand and associated energy or 5 MW of demand and associated energy from owned generation or other suppliers. If all of our member distribution cooperatives elected to utilize the 5% or 5 MW exception, we estimate the current impact would be a reduction of approximately 175 MW of demand and associated energy. As of March 31, 2016, our member distribution cooperatives collectively received approximately 9 MW under this exception. Effective May 1, 2016, one of our member distribution cooperatives elected to purchase 51 MW of demand and associated energy from an alternate supplier, bringing the collective removal of load requirements under this exception to approximately 60 MW. We do not anticipate that utilization of this exception 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. We do not anticipate that this will have a material impact on our financial condition, results of operations, or cash flows. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers. This update requires entities to recognize revenue when the transfer of promised goods or services to customers occurs in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are currently evaluating the impact of this pronouncement. We plan to adopt this standard for the fiscal year beginning January 1, 2018.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 48,741 $ 48,741 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 117,540 — — — Unrestricted investments and other (3) 257 — 257 — Derivatives - gas and power (4) 4,554 2,905 1,649 — Total Financial Assets $ 171,092 $ 51,646 $ 1,906 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 48,142 $ 48,142 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 111,013 — — — Unrestricted investments and other (3) 247 — 247 — Derivatives - gas and power (4) 6,968 4,874 2,094 — Total Financial Assets $ 166,370 $ 53,016 $ 2,341 $ — (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 2016 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 December 31, 2016 Commodity Unit of Measure Quantity Quantity Natural Gas MMBTU 15,180,000 14,250,000
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 March 31, As of December 31, Balance Sheet Location 2017 2016 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 4,554 $ 6,968 Total derivatives in an asset position $ 4,554 $ 6,968
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, 2017 and 2016 Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory in Regulatory Reclassified Asset/Liability Asset/Liability for from Regulatory into Income for Derivatives Accounted for Derivatives as of Asset/Liability the Three Months Utilizing Regulatory Accounting March 31, into Income Ended March 31, 2017 2016 2017 2016 (in thousands) (in thousands) Natural gas futures contracts $ 4,519 $ (5,575 ) Fuel $ (131 ) $ (1,023 ) Total $ 4,519 $ (5,575 ) $ (131 ) $ (1,023 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of March 31, 2017 and December 31, 2016: Gross Gross Unrealized Unrealized Fair Carrying Description Designation Cost Gains Losses Value Value (in thousands) March 31, 2017 Nuclear decommissioning trust (1) Debt securities Available for sale $ 44,349 $ 3,924 $ — $ 48,273 $ 48,273 Equity securities Available for sale 76,590 40,950 — 117,540 117,540 Cash and other Available for sale 468 — — 468 468 Total Nuclear Decommissioning Trust $ 121,407 $ 44,874 $ — $ 166,281 $ 166,281 Lease Deposits (2) Government obligations Held to maturity $ 105,265 $ 2,498 $ — $ 107,763 $ 105,265 Total Lease Deposits $ 105,265 $ 2,498 $ — $ 107,763 $ 105,265 Unrestricted investments Government obligations Held to maturity $ 2,338 $ — $ (4 ) $ 2,334 $ 2,338 Debt securities Held to maturity 2,395 4 — 2,399 2,395 Total Unrestricted Investments $ 4,733 $ 4 $ (4 ) $ 4,733 $ 4,733 Other Equity securities Trading $ 198 $ 59 $ — $ 257 $ 257 Non-marketable equity investments Equity 2,171 2,036 — 4,207 2,171 Total Other $ 2,369 $ 2,095 $ — $ 4,464 $ 2,428 $ 278,707 December 31, 2016 Nuclear decommissioning trust (1) Debt securities Available for sale $ 44,086 $ 3,537 $ — $ 47,623 $ 47,623 Equity securities Available for sale 75,332 35,958 (277 ) 111,013 111,013 Cash and other Available for sale 519 — — 519 519 Total Nuclear Decommissioning Trust $ 119,937 $ 39,495 $ (277 ) $ 159,155 $ 159,155 Lease Deposits (2) Government obligations Held to maturity $ 104,514 $ 2,948 $ — $ 107,462 $ 104,514 Total Lease Deposits $ 104,514 $ 2,948 $ — $ 107,462 $ 104,514 Unrestricted investments Government obligations Held to maturity $ 2,000 $ 1 $ — $ 2,001 $ 2,000 Debt securities Held to maturity 2,210 6 — 2,216 2,210 Total Unrestricted Investments $ 4,210 $ 7 $ — $ 4,217 $ 4,210 Other Equity securities Trading $ 198 $ 49 $ — $ 247 $ 247 Non-marketable equity investments Equity 2,142 2,012 — 4,154 2,142 Total Other $ 2,340 $ 2,061 $ — $ 4,401 $ 2,389 $ 270,268 (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 2016 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 2016 Annual Report on Form 10-K. Our investments by classification as of March 31, 2017 and December 31, 2016, were as follows: March 31, 2017 December 31, 2016 Carrying Carrying Description Cost Value Cost Value (in thousands) (in thousands) Available for sale $ 121,407 $ 166,281 $ 119,937 $ 159,155 Held to maturity 109,998 109,998 108,724 108,724 Equity 2,171 2,171 2,142 2,142 Trading 198 257 198 247 Total $ 233,774 $ 278,707 $ 231,001 $ 270,268
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of March 31, 2017, 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) $ — $ — $ 48,273 $ — $ 48,273 Held to maturity 11,684 98,314 — — 109,998 Total $ 11,684 $ 98,314 $ 48,273 $ — $ 158,271

General - Additional Informatio

General - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)member_classmemberrepresentative	Dec. 31, 2016USD ($)
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	Mar. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	$ 171,092	$ 166,370
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	4,554	6,968
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	51,646	53,016
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	2,905	4,874
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	1,906	2,341
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	1,649	2,094
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	48,741	48,142
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	48,741	48,142
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	117,540	111,013
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	257	247
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	$ 257	$ 247

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details) - MMBTU	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Natural Gas [Member]
Derivative [Line Items]
Quantity	15,180,000	14,250,000

Derivatives And Hedging (Sche16

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 4,554	$ 6,968
Natural Gas Future Contracts [Member] | Deferred Charges - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 4,554	$ 6,968

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
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 4,519	$ (5,575)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(131)	(1,023)
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	4,519	(5,575)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ (131)	$ (1,023)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of Invested Securities [Line Items]
Available for sale investments, Debt securities	$ 48,273
Held to maturity investments, Cost	105,265	$ 104,514
Trading, Cost	198	198
Trading, Gross Unrealized Gains	59	49
Total Investments	257	247
Equity, Cost	2,171	2,142
Equity Method Investment Gross Unrealized Gains	2,036	2,012
Equity, Fair Value	4,207	4,154
Other, Cost	2,369	2,340
Other Gross Unrealized Gains	2,095	2,061
Other, Fair Value	4,464	4,401
Total Other	2,428	2,389
Held to maturity Investments	109,998	108,724
Total Investments	278,707	270,268
Available for sale investments, Cost	121,407	119,937
Total Nuclear Decommissioning Trust	166,281	159,155
Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains		1
Held to maturity Investments	2,338	2,000
Held to maturity investments, Gross Unrealized Losses	(4)
Held to maturity investments, Fair Value	2,334	2,001
Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains	4	6
Held to maturity Investments	2,395	2,210
Held to maturity investments, Fair Value	2,399	2,216
Unrestricted Investments [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Gross Unrealized Gains	4	7
Held to maturity Investments	4,733	4,210
Held to maturity investments, Gross Unrealized Losses	(4)
Held to maturity investments, Fair Value	4,733	4,217
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Available for sale investments, Debt securities, Cost	44,349	44,086
Available for sale investments, Debt securities, Gross Unrealized Gains	3,924	3,537
Available for sale investments, Debt securities	48,273	47,623
Available for sale investments, Equity securities, Cost	76,590	75,332
Available for sale investments, Equity securities, Gross Unrealized Gains	40,950	35,958
Available for sale Securities, Equity securities, Gross Unrealized Losses		(277)
Available for sale investments, Equity securities	117,540	111,013
Available for sale investments, Cash and other	468	519
Available for sale investments, Cost	121,407	119,937
Available for sale investments, Gross Unrealized Gains	44,874	39,495
Available-for-sale Securities, Gross Unrealized Loss		(277)
Total Nuclear Decommissioning Trust	166,281	159,155
Lease Deposits [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Cost	105,265	104,514
Held to maturity investments, Gross Unrealized Gains	2,498	2,948
Held to maturity investments, Fair Value	107,763	107,462
Lease Deposits [Member] | Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments, Cost	105,265	104,514
Held to maturity investments, Gross Unrealized Gains	2,498	2,948
Held to maturity investments, Fair Value	$ 107,763	$ 107,462

Investments (Schedule Of Inve19

Investments (Schedule Of Investments By Classification) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Available for sale, Cost	$ 121,407	$ 119,937
Held to maturity	109,998	108,724
Equity	2,171	2,142
Trading, Cost	198	198
Investments, Cost	233,774	231,001
Available for sale, Carrying Value	166,281	159,155
Trading, Carrying Value	257	247
Total Investments	$ 278,707	$ 270,268

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Available for sale securities, 5-10 years	$ 48,273
Available for sale securities, Total	48,273
Held to maturity securities, Less than 1 year	11,684
Held to maturity securities, 1-5 years	98,314
Held to maturity securities, 5-10 years	0
Held to maturity, carrying value	109,998	$ 108,724
Contractual maturities of securities, Less than 1 year	11,684
Contractual maturities of securities, 1-5 years	98,314
Contractual maturities of securities, 5-10 years	48,273
Contractual maturities of securities, Total	$ 158,271

Other - Additional Information

Other - Additional Information (Details)	May 01, 2016MW	Jun. 23, 2014USD ($)	Mar. 31, 2017USD ($)MWItemgeneratorCustomer	Mar. 31, 2016MW	Dec. 31, 2016USD ($)
Public Utilities General Disclosures [Line Items]
Construction work in progress			$ 773,657,000		$ 736,996,000
Unreimbursed costs		$ 14,900,000
Power received under limited exception to wholesale power contract, percent of power received from owned generation or other suppliers			5.00%
Power received under limited exception to wholesale power contract, amount of power received from owned generation or other suppliers | MW	51		5	9
Current maximum reduction in demand and associated energy | MW			175
VIRGINIA
Public Utilities General Disclosures [Line Items]
Power received under limited exception to wholesale power contract, 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%
Number of customers elected to choose alternate power supplier under provision of retail choice | Customer			0
VIRGINIA | Maximum [Member]
Public Utilities General Disclosures [Line Items]
Noncoincident peak demand minimum requirement for availability of retail choice in selection of power supplier | MW			90
Member Distribution Cooperatives [Member]
Public Utilities General Disclosures [Line Items]
Power received under limited exception to wholesale power contract, amount of power received from owned generation or other suppliers | MW	60
Revolving Credit Facility [Member]
Public Utilities General Disclosures [Line Items]
Credit facility, maximum borrowing capacity			$ 500,000,000
Line of credit outstanding			181,800,000		152,000,000
Letter of Credit [Member]
Public Utilities General Disclosures [Line Items]
Line of credit outstanding			$ 12,200,000		$ 5,200,000
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			$ 748,500,000
Interest costs capitalized			$ 51,100,000