Old Dominion Electric Cooperative 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	OLD DOMINION ELECTRIC COOPERATIVE
Entity Central Index Key	0000885568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Electric Plant:
Property, plant, and equipment	$ 2,460,403	$ 2,454,568
Less accumulated depreciation	(883,851)	(869,478)
Net Property, plant, and equipment	1,576,552	1,585,090
Nuclear fuel, at amortized cost	12,154	14,694
Construction work in progress	37,608	40,112
Net Electric Plant	1,626,314	1,639,896
Investments:
Nuclear decommissioning trust	190,685	173,951
Unrestricted investments and other	7,805	8,066
Total Investments	198,490	182,017
Current Assets:
Cash and cash equivalents	24,594	8,649
Restricted cash and cash equivalents	23,893	14,329
Accounts receivable	11,331	9,310
Accounts receivable–members	71,357	84,410
Fuel, materials, and supplies	61,009	54,494
Deferred energy	36,056	26,069
Prepayments and other	3,195	4,648
Total Current Assets	231,435	201,909
Deferred Charges:
Regulatory assets	36,702	38,016
Other	3,815	5,063
Total Deferred Charges	40,517	43,079
Total Assets	2,096,756	2,066,901
CAPITALIZATION AND LIABILITIES:
Patronage capital	431,875	428,663
Non-controlling interest	5,793	5,776
Total Patronage capital and Non-controlling interest	437,668	434,439
Long-term debt	1,158,269	1,158,141
Total Capitalization	1,595,937	1,592,580
Current Liabilities:
Long-term debt due within one year	40,792	40,792
Accounts payable	119,316	113,477
Accounts payable–members	55,367	57,549
Accrued expenses	21,891	5,997
Regulatory liability–deferral of gain on sale of asset	28,292	37,723
Total Current Liabilities	265,658	255,538
Deferred Credits and Other Liabilities:
Asset retirement obligations	131,872	130,488
Regulatory liabilities	102,383	87,300
Other	906	995
Total Deferred Credits and Other Liabilities	235,161	218,783
Commitments and Contingencies
Total Capitalization and Liabilities	$ 2,096,756	$ 2,066,901

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Operating Revenues	$ 240,779	$ 228,009
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 62,614	$ 32,916
Purchased power	86,194	167,145
Transmission	41,518	33,146
Deferred energy	(9,987)	(52,272)
Operations and maintenance	18,477	13,401
Administrative and general	12,357	11,602
Depreciation and amortization	17,139	11,678
Amortization of regulatory asset/(liability), net	(9,360)	(2,803)
Accretion of asset retirement obligations	1,384	1,330
Taxes, other than income taxes	2,446	2,137
Total Operating Expenses	222,782	218,280
Operating Margin	17,997	9,729
Other income (expense), net	33	(1,217)
Investment income	1,173	1,845
Interest charges, net	(15,969)	(7,090)
Income taxes	(5)	(1)
Net Margin including Non-controlling interest	3,229	3,266
Non-controlling interest	(17)	(3)
Net Margin attributable to ODEC	3,212	3,263
Patronage Capital - Beginning of Period	428,663	415,384
Patronage Capital - End of Period	$ 431,875	$ 418,647

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities:
Net Margin including Non-controlling interest	$ 3,229	$ 3,266
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	17,139	11,678
Other non-cash charges	4,052	4,476
Amortization of lease obligations		1,825
Interest on lease deposits		(728)
Change in current assets	5,970	40,008
Change in deferred energy	(9,987)	(52,272)
Change in current liabilities	22,317	(505)
Change in regulatory assets and liabilities	(8,905)	(1,370)
Change in deferred charges-other and deferred credits and other liabilities-other	1,459	(87)
Net Cash Provided by Operating Activities	35,274	6,291
Investing Activities:
Purchases of held to maturity securities		240
Proceeds from sale of held to maturity securities		10,650
Increase in other investments	645	1,755
Electric plant additions	8,863	30,995
Net Cash Used for Investing Activities	(9,508)	(22,340)
Financing Activities:
Debt issuance costs	(257)	(255)
Draws on revolving credit facility		155,750
Repayments on revolving credit facility		(132,150)
Net Cash (Used for)/Provided by Financing Activities	(257)	23,345
Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	25,509	7,296
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period	22,978	4,084
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period	$ 48,487	$ 11,380

General

General	3 Months Ended
	Mar. 31, 2019
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, 2019, our consolidated results of operations for the three months ended March 31, 2019 and 2018, and cash flows for the three months ended March 31, 2019 and 2018. The consolidated results of operations for the three months ended March 31, 2019, 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 2018 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 eleven Class A members are customer-owned electric distribution cooperatives engaged in the retail sale of power to member customers located in Virginia, Delaware, and Maryland. Our sole Class B member is TEC, a taxable corporation owned by our member distribution cooperatives. Our board of directors is composed of two representatives from each of the member distribution cooperatives and one representative from TEC. In accordance with Consolidation Accounting, TEC is considered a variable interest entity for which we are the primary beneficiary. We have eliminated all intercompany balances and transactions in consolidation. The assets and liabilities and non-controlling interest of TEC are recorded at carrying value and the consolidated assets were $5.8 million as of March 31, 2019, and December 31, 2018. 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 public service commissions of the states in which our member distribution cooperatives operate. We comply with the Uniform System of Accounts as prescribed by FERC. In conformity with GAAP, the accounting policies and practices applied by us in the determination of rates are also employed for financial reporting purposes. The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results could differ from those estimates. We did not have any other comprehensive income for the periods presented.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 61,424 $ 61,424 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 129,261 — — — Unrestricted investments and other (3) 93 — 93 — Derivatives - gas and power (4) 1,801 1,481 — 320 Total Financial Assets $ 192,579 $ 62,905 $ 93 $ 320 Derivatives - gas and power (4) $ 695 $ — $ 695 $ — Total Financial Liabilities $ 695 $ — $ 695 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 59,150 $ 59,150 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 114,801 — — — Unrestricted investments and other (3) 394 — 394 — Derivatives - gas and power (4) 784 — 784 — Total Financial Assets $ 175,129 $ 59,150 $ 1,178 $ — Derivatives - gas and power (4) $ 591 $ 591 $ — $ — Total Financial Liabilities $ 591 $ 591 $ — $ — (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in 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 and 2) and financial transmission rights (level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. We recorded the fair value of financial transmission rights (level 3) in 2019 and as of March 31, 2019, the fair value was $0.3 million. Sensitivity in the market price of financial transmission rights could impact the fair value. The unrealized gain (change in market value) was reported in regulatory liabilities in our Condensed Consolidated Balance Sheet as of March 31, 2019.

Derivatives And Hedging

Derivatives And Hedging	3 Months Ended
	Mar. 31, 2019
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 2018 Annual Report on Form 10-K. Changes in the fair value of our derivative instruments accounted for at fair value are recorded as a regulatory asset or regulatory liability. The change in these accounts is included in the operating activities section of our Condensed Consolidated Statements of Cash Flows. Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of March 31, As of December 31, Commodity Unit of Measure 2019 2018 Natural gas MMBTU 34,570,000 36,790,000 Purchased power - financial transmission rights MWh 4,126,062 — 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 2019 2018 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 1,481 $ 784 Financial transmission rights Deferred charges-other 320 — Total derivatives in an asset position $ 1,801 $ 784 Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 695 $ 591 Total derivatives in a liability position $ 695 $ 591 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2019 and 2018 Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory in Regulatory Reclassified Asset/Liability Derivatives Asset/Liability for from Regulatory into Income for Accounted Derivatives as of Asset/Liability the Three Months Regulatory Accounting March 31, into Income Ended March 31, 2019 2018 2019 2018 (in thousands) (in thousands) Natural $ 737 $ (1,260 ) Fuel $ (7,802 ) $ (804 ) Purchased power 320 — Purchased power (3,365 ) — Total $ 1,057 $ (1,260 ) $ (11,167 ) $ (804 ) 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, 2019
Investments [Abstract]
Investments	4. Investments were as follows as of March 31, 2019 and December 31, 2018: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2019 Nuclear decommissioning trust (1) Debt securities $ 56,511 $ 4,848 $ — $ 61,359 $ 61,359 Equity securities 83,935 48,304 (2,978 ) 129,261 129,261 Cash and other 65 — — 65 65 Total Nuclear Decommissioning Trust $ 140,511 $ 53,152 $ (2,978 ) $ 190,685 $ 190,685 Unrestricted investments Government obligations $ 4,949 $ 1 $ — $ 4,950 $ 4,949 Debt securities 595 — — 595 595 Total Unrestricted Investments $ 5,544 $ 1 $ — $ 5,545 $ 5,544 Other Equity securities $ 89 $ 4 $ — $ 93 $ 93 Non-marketable equity investments 2,168 2,180 — 4,348 2,168 Total Other $ 2,257 $ 2,184 $ — $ 4,441 $ 2,261 $ 198,490 December 31, 2018 Nuclear decommissioning trust (1) Debt securities $ 56,055 $ 2,955 $ — $ 59,010 $ 59,010 Equity securities 83,453 38,611 (7,264 ) 114,800 114,800 Cash and other 141 — — 141 141 Total Nuclear Decommissioning Trust $ 139,649 $ 41,566 $ (7,264 ) $ 173,951 $ 173,951 Unrestricted investments Government obligations $ 4,935 $ — $ (5 ) $ 4,930 $ 4,935 Debt securities 595 — (2 ) 593 595 Total Unrestricted Investments $ 5,530 $ — $ (7 ) $ 5,523 $ 5,530 Other Equity securities $ 347 $ 46 $ — $ 393 $ 393 Non-marketable equity investments 2,143 2,080 — 4,223 2,143 Total Other $ 2,490 $ 2,126 $ — $ 4,616 $ 2,536 $ 182,017 (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 2018 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively. Contractual maturities of debt securities as of March 31, 2019, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 61,359 $ — $ 61,359 Held to maturity 5,544 — — — 5,544 Total $ 5,544 $ — $ 61,359 $ — $ 66,903 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

Other

Other	3 Months Ended
	Mar. 31, 2019
Other [Abstract]
Other	5. Wildcat Point Generation Facility We own Wildcat Point, a 940 MW (net capacity entitlement) natural gas-fueled combined cycle generation facility. Wildcat Point achieved commercial operation on April 17, 2018. The facility originally was scheduled to become operational in mid-2017. WOPC, a joint venture between PCL Industrial Construction Company and Sargent & Lundy, L.L.C., as the EPC contractor, claims the delay was associated with the incurrence of additional work and other matters, including alleged misrepresentation in the EPC contract, for which it will seek recovery, in whole or in part, from its subcontractors and us. In 2017, WOPC filed a complaint against Alstom and us, in the United States District Court for the District of Maryland. Venue was later transferred from the United States District Court for the District of Maryland to the United States District Court for the Eastern District of Virginia. We have reviewed the asserted claims of WOPC against us and believe they are without merit. We have not recorded any liability related to these claims as we do not believe any liability is estimable or probable. We intend to vigorously defend against these claims. We have offset the capitalized construction costs of Wildcat Point by $53.2 million of liquidated damages. Additionally, in 2017, we filed a complaint in the United States District Court for the Eastern District of Virginia against WOPC, alleging that WOPC breached the EPC contract. Later that year, the United States District Court for the Eastern District of Virginia ordered that the WOPC complaint against Alstom and us, our complaint against WOPC, and a separate complaint filed by WOPC against Mitsubishi, be consolidated into one case. On January 10, 2019, a trial date was set to begin on February 3, 2020. If it is ultimately determined that we owe any such amounts to WOPC, the amounts are not expected to have a material impact on our financial position or results of operations due to our ability to collect such amounts through rates to our member distribution cooperatives. Revolving Credit Facility We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. Commitments under this syndicated credit agreement extend until March 1, 2024. Available funding under this facility totals $500 million through March 3, 2022, and $400 million from March 4, 2022 through March 1, 2024. As of March 31, 2019 and December 31, 2018, we had no borrowings outstanding under this facility Cash and Cash Equivalents For purposes of our Condensed Consolidated Statements of Cash Flows, we consider all unrestricted highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: As of March 31, 2019 2018 (in thousands) Cash and cash equivalents $ 24,594 $ 747 Restricted cash and cash equivalents 23,893 10,633 Total $ 48,487 $ 11,380 Restricted cash and cash equivalents relates to funds held in escrow for payments related to the construction of Wildcat Point. Revenue Recognition Our operating revenues are derived from sales to our members and non-members. We supply power requirements (energy and demand) to our eleven member distribution cooperatives subject to substantially identical wholesale power contracts with each of them. We bill our member distribution cooperatives monthly and each member distribution cooperative is required to pay us monthly for power furnished under its wholesale power contract. We transfer control of the electricity over time and our member distribution cooperatives simultaneously receive and consume the benefits of the electricity. The amount we invoice our member distribution cooperatives on a monthly basis corresponds directly to the value to the member distribution cooperatives of our performance, which is determined by our formula rate included in the wholesale power contract. We also sell excess energy and renewable energy credits to non-members at prevailing market prices as control is transferred. We sell excess purchased and generated energy to PJM, TEC, or third parties. Sales to TEC consist of sales of excess energy that we do not need to meet the actual needs of our member distribution cooperatives. TEC’s sales to third parties are reflected as non-member revenues. For the three months ended March 31, 2019 and 2018, we had no sales to TEC and TEC had no sales to third parties. Our operating revenues for the three months ended March 31, 2019 and 2018, were as follows: Three Months Ended March 31, 2019 2018 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 234,325 $ 224,291 Renewable energy credit sales to member distribution cooperatives 14 11 Total sales to member distribution cooperatives $ 234,339 $ 224,302 Non-members Sales to non-members, excluding renewable energy credit sales $ 6,252 $ 3,142 Renewable energy credit sales to non-members 188 565 Total sales to non-members $ 6,440 $ 3,707 Total operating revenues $ 240,779 $ 228,009

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	6. In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases. This update revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires the recognition of lease assets and liabilities for those leases currently classified as operating leases while also refining the definition of a lease. In addition, lessees will be required to disclose key information about the amount, timing, and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued Accounting Standards Update 2018-11 Leases (Topic 842): Targeted Improvements, which provides an adoption method that would allow companies to apply the new guidance to the financial statements in the period of adoption and thereafter, and not apply the new guidance to comparative periods presented. Effective January 1, 2019, we elected the adoption method provided by Accounting Standards Update 2018-11 and are not adjusting prior year comparative financial statements. We also elected the package of practical expedients under the transition guidance which permits us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under Topic 842. Additionally, we elected the practical expedient related to land easements, allowing us to not reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. Upon adoption of the new lease standard, we recognized right-of-use assets and offsetting lease liabilities totaling approximately $0.1 million.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases. This update revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires the recognition of lease assets and liabilities for those leases currently classified as operating leases while also refining the definition of a lease. In addition, lessees will be required to disclose key information about the amount, timing, and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued Accounting Standards Update 2018-11 Leases (Topic 842): Targeted Improvements, which provides an adoption method that would allow companies to apply the new guidance to the financial statements in the period of adoption and thereafter, and not apply the new guidance to comparative periods presented. Effective January 1, 2019, we elected the adoption method provided by Accounting Standards Update 2018-11 and are not adjusting prior year comparative financial statements. We also elected the package of practical expedients under the transition guidance which permits us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under Topic 842. Additionally, we elected the practical expedient related to land easements, allowing us to not reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. Upon adoption of the new lease standard, we recognized right-of-use assets and offsetting lease liabilities totaling approximately $0.1 million

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 61,424 $ 61,424 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 129,261 — — — Unrestricted investments and other (3) 93 — 93 — Derivatives - gas and power (4) 1,801 1,481 — 320 Total Financial Assets $ 192,579 $ 62,905 $ 93 $ 320 Derivatives - gas and power (4) $ 695 $ — $ 695 $ — Total Financial Liabilities $ 695 $ — $ 695 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 59,150 $ 59,150 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 114,801 — — — Unrestricted investments and other (3) 394 — 394 — Derivatives - gas and power (4) 784 — 784 — Total Financial Assets $ 175,129 $ 59,150 $ 1,178 $ — Derivatives - gas and power (4) $ 591 $ 591 $ — $ — Total Financial Liabilities $ 591 $ 591 $ — $ — (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in 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 and 2) and financial transmission rights (level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule Of Outstanding Derivative Instruments	Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of March 31, As of December 31, Commodity Unit of Measure 2019 2018 Natural gas MMBTU 34,570,000 36,790,000 Purchased power - financial transmission rights MWh 4,126,062 —
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 2019 2018 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 1,481 $ 784 Financial transmission rights Deferred charges-other 320 — Total derivatives in an asset position $ 1,801 $ 784 Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 695 $ 591 Total derivatives in a liability position $ 695 $ 591
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, 2019 and 2018 Amount of Gain Amount of Gain Location of (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory in Regulatory Reclassified Asset/Liability Derivatives Asset/Liability for from Regulatory into Income for Accounted Derivatives as of Asset/Liability the Three Months Regulatory Accounting March 31, into Income Ended March 31, 2019 2018 2019 2018 (in thousands) (in thousands) Natural $ 737 $ (1,260 ) Fuel $ (7,802 ) $ (804 ) Purchased power 320 — Purchased power (3,365 ) — Total $ 1,057 $ (1,260 ) $ (11,167 ) $ (804 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of March 31, 2019 and December 31, 2018: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2019 Nuclear decommissioning trust (1) Debt securities $ 56,511 $ 4,848 $ — $ 61,359 $ 61,359 Equity securities 83,935 48,304 (2,978 ) 129,261 129,261 Cash and other 65 — — 65 65 Total Nuclear Decommissioning Trust $ 140,511 $ 53,152 $ (2,978 ) $ 190,685 $ 190,685 Unrestricted investments Government obligations $ 4,949 $ 1 $ — $ 4,950 $ 4,949 Debt securities 595 — — 595 595 Total Unrestricted Investments $ 5,544 $ 1 $ — $ 5,545 $ 5,544 Other Equity securities $ 89 $ 4 $ — $ 93 $ 93 Non-marketable equity investments 2,168 2,180 — 4,348 2,168 Total Other $ 2,257 $ 2,184 $ — $ 4,441 $ 2,261 $ 198,490 December 31, 2018 Nuclear decommissioning trust (1) Debt securities $ 56,055 $ 2,955 $ — $ 59,010 $ 59,010 Equity securities 83,453 38,611 (7,264 ) 114,800 114,800 Cash and other 141 — — 141 141 Total Nuclear Decommissioning Trust $ 139,649 $ 41,566 $ (7,264 ) $ 173,951 $ 173,951 Unrestricted investments Government obligations $ 4,935 $ — $ (5 ) $ 4,930 $ 4,935 Debt securities 595 — (2 ) 593 595 Total Unrestricted Investments $ 5,530 $ — $ (7 ) $ 5,523 $ 5,530 Other Equity securities $ 347 $ 46 $ — $ 393 $ 393 Non-marketable equity investments 2,143 2,080 — 4,223 2,143 Total Other $ 2,490 $ 2,126 $ — $ 4,616 $ 2,536 $ 182,017 (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 2018 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively.
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of March 31, 2019, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 61,359 $ — $ 61,359 Held to maturity 5,544 — — — 5,544 Total $ 5,544 $ — $ 61,359 $ — $ 66,903 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

Other (Tables)

Other (Tables)	3 Months Ended
	Mar. 31, 2019
Other [Abstract]
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Reported Within Condensed Consolidated Balance Sheet and Shown in Condensed Consolidated Statement of Cash Flows	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: As of March 31, 2019 2018 (in thousands) Cash and cash equivalents $ 24,594 $ 747 Restricted cash and cash equivalents 23,893 10,633 Total $ 48,487 $ 11,380
Schedule of Operating Revenue	Our operating revenues for the three months ended March 31, 2019 and 2018, were as follows: Three Months Ended March 31, 2019 2018 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 234,325 $ 224,291 Renewable energy credit sales to member distribution cooperatives 14 11 Total sales to member distribution cooperatives $ 234,339 $ 224,302 Non-members Sales to non-members, excluding renewable energy credit sales $ 6,252 $ 3,142 Renewable energy credit sales to non-members 188 565 Total sales to non-members $ 6,440 $ 3,707 Total operating revenues $ 240,779 $ 228,009

General - Additional Informatio

General - Additional Information (Details) $ in Millions	Mar. 31, 2019USD ($)member_classmemberrepresentative	Dec. 31, 2018USD ($)
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 | $	$ 5.8	$ 5.8

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	$ 192,579	$ 175,129
Total Financial Liabilities	695	591
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	61,424	59,150
Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	129,261	114,801
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	93	394
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	1,801	784
Total Financial Liabilities	695	591
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	62,905	59,150
Total Financial Liabilities		591
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	61,424	59,150
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
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	1,481
Total Financial Liabilities		591
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	93	1,178
Total Financial Liabilities	695
Significant Other Observable Inputs (Level 2) [Member] | Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
Significant Other Observable Inputs (Level 2) [Member] | Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	0	0
Significant Other Observable Inputs (Level 2) [Member] | Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	93	394
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		$ 784
Total Financial Liabilities	695
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	320
Significant Unobservable Inputs (Level 3) | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	$ 320

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) $ in Millions	Mar. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Fair value of financial transmission rights (level 3)	$ 0.3

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019MMBTUMWh	Dec. 31, 2018MMBTU
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	34,570,000	36,790,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	4,126,062

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 1,801	$ 784
Total derivatives in a liability position	695	591
Natural Gas Future Contracts [Member] | Deferred Charges - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	1,481	784
Natural Gas Future Contracts [Member] | Deferred Credits And Other Liabilities - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	695	$ 591
Financial Transmission Rights [Member] | Deferred Charges - Other [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 320

Derivatives And Hedging (Sche_3

Derivatives And Hedging (Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 1,057	$ (1,260)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(11,167)	(804)
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	737	(1,260)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(7,802)	$ (804)
Purchased Power [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	320
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ (3,365)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,168	$ 2,143
Equity Method Investment Gross Unrealized Gains	2,180	2,080
Equity, Fair Value	4,348	4,223
Other, Cost	2,257	2,490
Other Gross Unrealized Gains	2,184	2,126
Other, Fair Value	4,441	4,616
Total Other	2,261	2,536
Total Investments	198,490	182,017
Total Nuclear Decommissioning Trust	190,685	173,951
Held to maturity investments	5,544
Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	4,949	4,935
Held to maturity investments, Gross Unrealized Gains	1
Held to maturity investments, Gross Unrealized Losses		(5)
Held to maturity investments, Fair Value	4,950	4,930
Unrestricted Investments [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	5,544	5,530
Held to maturity investments, Gross Unrealized Gains	1
Held to maturity investments, Gross Unrealized Losses		(7)
Held to maturity investments, Fair Value	5,545	5,523
Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	595	595
Held to maturity investments, Gross Unrealized Losses		(2)
Held to maturity investments, Fair Value	595	593
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	89	347
Investments, Equity securities, Gross Unrealized Gains	4	46
Total Investments	93	393
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	56,511	56,055
Investments, Debt securities, Gross Unrealized Gains	4,848	2,955
Investments, Debt securities	61,359	59,010
Investments, Equity securities, Cost	83,935	83,453
Investments, Equity securities, Gross Unrealized Gains	48,304	38,611
Investments, Equity securities, Gross Unrealized Losses	(2,978)	(7,264)
Investments, Equity securities	129,261	114,800
Investments, Cash and other	65	141
Investments, Cost	140,511	139,649
Investments, Gross Unrealized Gains	53,152	41,566
Investments, Gross Unrealized Loss	(2,978)	(7,264)
Total Nuclear Decommissioning Trust	$ 190,685	$ 173,951

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 61,359
Other debt securities, Total	61,359
Held to maturity securities, Less than 1 year	5,544
Held to maturity securities, 5-10 years	0
Held to maturity investments	5,544
Contractual maturities of securities, Less than 1 year	5,544
Contractual maturities of securities, 5-10 years	61,359
Contractual maturities of securities, Total	$ 66,903

Other - Additional Information

Other - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019USD ($)MW	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
TEC [Member]
Public Utilities General Disclosures [Line Items]
Sales to TEC	$ 0	$ 0
Sales to Non member	0	$ 0
Revolving Credit Facility [Member]
Public Utilities General Disclosures [Line Items]
Line of credit outstanding	0		$ 0
Revolving Credit Facility [Member] | Through March 3, 2022 [Member]
Public Utilities General Disclosures [Line Items]
Credit facility, maximum borrowing capacity	500,000,000
Revolving Credit Facility [Member] | March 4, 2022 through March 1, 2024 [Member]
Public Utilities General Disclosures [Line Items]
Credit facility, maximum borrowing capacity	400,000,000
Letter of Credit [Member]
Public Utilities General Disclosures [Line Items]
Line of credit outstanding	$ 2,500,000		$ 2,500,000
Wildcat Point [Member]
Public Utilities General Disclosures [Line Items]
Power facility output | MW	940
Amount of liquidated damages	$ 53,200,000

Other - (Reconciliation of Cash

Other - (Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Reported Within Balance Sheet and Cash Flows) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 24,594	$ 8,649	$ 747
Restricted cash and cash equivalents	23,893	14,329	10,633
Cash, cash equivalents, restricted cash and cash equivalents	$ 48,487	$ 22,978	$ 11,380	$ 4,084

Other - (Schedule of Operating

Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other [Abstract]
Sales to member distribution cooperatives, excluding renewable energy credit sales	$ 234,325	$ 224,291
Renewable energy credit sales to member distribution cooperatives	14	11
Total sales to member distribution cooperatives	234,339	224,302
Sales to non-members, excluding renewable energy credit sales	6,252	3,142
Renewable energy credit sales to non-members	188	565
Total sales to non-members	6,440	3,707
Total operating revenues	$ 240,779	$ 228,009
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Right-of-use assets and offsetting lease liabilities	$ 0.1