Old Dominion Electric Cooperative 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	OLD DOMINION ELECTRIC COOPERATIVE
Entity Central Index Key	0000885568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity File Number	000-50039
Entity Tax Identification Number	23-7048405
Entity Address, Address Line One	4201 Dominion Boulevard
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Incorporation, State or Country Code	VA
Entity Address, Postal Zip Code	23060
City Area Code	(804)
Local Phone Number	747-0592
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Electric Plant:
Property, plant, and equipment	$ 2,535,887	$ 2,531,986
Less accumulated depreciation	(943,629)	(927,065)
Net Property, plant, and equipment	1,592,258	1,604,921
Nuclear fuel, at amortized cost	17,723	20,705
Construction work in progress	30,808	31,462
Net Electric Plant	1,640,789	1,657,088
Investments:
Nuclear decommissioning trust	177,566	211,108
Unrestricted investments and other	5,359	5,380
Total Investments	182,925	216,488
Current Assets:
Cash and cash equivalents	231,128	3,469
Restricted cash and cash equivalents	24,320	24,230
Accounts receivable	11,414	12,422
Accounts receivable–members	61,997	101,185
Fuel, materials, and supplies	65,328	62,083
Deferred energy	28,683	3,548
Prepayments and other	4,321	4,702
Total Current Assets	427,191	211,639
Deferred Charges and Other Assets:
Regulatory assets	50,434	57,742
Other assets	25,306	26,287
Total Deferred Charges and Other Assets	75,740	84,029
Total Assets	2,326,645	2,169,244
CAPITALIZATION AND LIABILITIES:
Patronage capital	444,435	441,311
Non-controlling interest	5,856	5,846
Total Patronage capital and Non-controlling interest	450,291	447,157
Long-term debt	1,117,990	1,117,867
Total Capitalization	1,818,281	1,632,224
Current Liabilities:
Long-term debt due within one year	40,792	40,792
Accounts payable	86,865	147,916
Accounts payable–members	82,300	26,804
Accrued expenses	21,353	5,850
Total Current Liabilities	231,310	221,362
Deferred Credits and Other Liabilities:
Asset retirement obligations	175,034	173,669
Regulatory liabilities	82,443	117,483
Other liabilities	19,577	24,506
Total Deferred Credits and Other Liabilities	277,054	315,658
Commitments and Contingencies
Total Capitalization and Liabilities	2,326,645	2,169,244
Revolving credit facility	250,000	67,200
Total Long-term debt and Revolving credit facility	$ 1,367,990	$ 1,185,067

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Operating Revenues	$ 208,746	$ 240,779
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 42,578	$ 62,614
Purchased power	92,890	86,194
Transmission	33,916	41,518
Deferred energy	(25,135)	(9,987)
Operations and maintenance	13,742	18,477
Administrative and general	11,856	12,357
Depreciation and amortization	17,522	17,139
Amortization of regulatory asset/(liability), net	(790)	(9,360)
Accretion of asset retirement obligations	1,365	1,384
Taxes, other than income taxes	2,422	2,446
Total Operating Expenses	190,366	222,782
Operating Margin	18,380	17,997
Other income (expense), net	(57)	33
Investment income	350	1,173
Interest charges, net	(15,537)	(15,969)
Income taxes	(3)	(5)
Net Margin including Non-controlling interest	3,133	3,229
Non-controlling interest	(9)	(17)
Net Margin attributable to ODEC	3,124	3,212
Patronage Capital - Beginning of Period	441,311	428,663
Patronage Capital - End of Period	$ 444,435	$ 431,875

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities:
Net Margin including Non-controlling interest	$ 3,133	$ 3,229
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	17,522	17,139
Other non-cash charges	4,471	4,052
Change in current assets	37,332	5,970
Change in deferred energy	(25,135)	(9,987)
Change in current liabilities	53,259	22,317
Change in regulatory assets and liabilities	5,886	(8,905)
Change in other assets and other liabilities	(3,690)	1,459
Net Cash Provided by Operating Activities	92,778	35,274
Investing Activities:
Increase in other investments	(78)	(645)
Electric plant additions	(47,516)	(8,863)
Net Cash Used for Investing Activities	(47,594)	(9,508)
Financing Activities:
Debt issuance costs	(235)	(257)
Draws on revolving credit facility	349,225
Repayments on revolving credit facility	(166,425)
Net Cash Provided by/(Used for) Financing Activities	182,565	(257)
Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	227,749	25,509
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period	27,699	22,978
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period	$ 255,448	$ 48,487

General

General	3 Months Ended
	Mar. 31, 2020
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, 2020, our consolidated results of operations for the three months ended March 31, 2020 and 2019, and cash flows for the three months ended March 31, 2020 and 2019. The consolidated results of operations for the three months ended March 31, 2020, 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 2019 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 $5.9 million and $5.8 million as of March 31, 2020 and December 31, 2019, respectively. The income taxes reported on our Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital relate to the tax provision for TEC. As TEC is wholly-owned by our Class A members, its equity is presented as a non-controlling interest in our consolidated financial statements. Our rates are set periodically by a formula that was accepted for filing by FERC, 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. The impact that the COVID-19 pandemic will have on our consolidated results of operations, financial condition, and cash flows is uncertain. We continue to actively manage our business to respond to this health crisis and will continue to evaluate the nature and extent of any impact. We did not have any other comprehensive income for the periods presented.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,306 $ 64,306 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 113,260 — — — Unrestricted investments and other (3) 103 — 103 — Derivatives - gas and power (4) 1,010 — 478 532 Total Financial Assets $ 178,679 $ 64,306 $ 581 $ 532 Derivatives - gas and power (4) $ 19,116 $ 17,932 $ 1,184 $ — Total Financial Liabilities $ 19,116 $ 17,932 $ 1,184 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,504 $ 64,504 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 146,604 — — — Unrestricted investments and other (3) 126 — 126 — Derivatives - gas and power (4) 1,013 — — 1,013 Total Financial Assets $ 212,247 $ 64,504 $ 126 $ 1,013 Derivatives - gas and power (4) $ 24,125 $ 17,109 $ 7,016 $ — Total Financial Liabilities $ 24,125 $ 17,109 $ 7,016 $ — (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 Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form 10-K.

Derivatives And Hedging

Derivatives And Hedging	3 Months Ended
	Mar. 31, 2020
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 2019 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 2020 2019 Natural gas MMBTU 66,810,000 73,560,000 Purchased power - financial transmission rights MWh 3,245,113 5,771,291 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 2020 2019 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 478 $ — Financial transmission rights Other assets 532 1,013 Total derivatives in an asset position $ 1,010 $ 1,013 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 19,116 $ 24,125 Total derivatives in a liability position $ 19,116 $ 24,125 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2020 and 2019 Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Recognized Location of Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Accounted Derivatives as of Asset/Liability Ended Regulatory Accounting March 31, into Income March 31, 2020 2019 2020 2019 (in thousands) (in thousands) Natural $ (19,521 ) $ 737 Fuel $ (21,466 ) $ (7,802 ) Purchased power 532 320 Purchased power (3,585 ) (3,365 ) Total $ (18,989 ) $ 1,057 $ (25,051 ) $ (11,167 ) 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, 2020
Investments [Abstract]
Investments	4. Investments were as follows as of March 31, 2020 and December 31, 2019: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2020 Nuclear decommissioning trust (1) Debt securities $ 60,161 $ 3,775 $ — $ 63,936 $ 63,936 Equity securities 85,027 40,375 (12,142 ) 113,260 113,260 Cash and other 370 — — 370 370 Total Nuclear Decommissioning Trust $ 145,558 $ 44,150 $ (12,142 ) $ 177,566 $ 177,566 Unrestricted investments Government obligations $ 2,872 $ 11 $ — $ 2,883 $ 2,872 Debt securities 240 — — 240 240 Total Unrestricted Investments $ 3,112 $ 11 $ — $ 3,123 $ 3,112 Other Equity securities $ 110 $ — $ (7 ) $ 103 $ 103 Non-marketable equity investments 2,144 2,331 — 4,475 2,144 Total Other $ 2,254 $ 2,331 $ (7 ) $ 4,578 $ 2,247 $ 182,925 December 31, 2019 Nuclear decommissioning trust (1) Debt securities $ 59,748 $ 4,325 $ — $ 64,073 $ 64,073 Equity securities 85,303 63,858 (2,557 ) 146,604 146,604 Cash and other 431 — — 431 431 Total Nuclear Decommissioning Trust $ 145,482 $ 68,183 $ (2,557 ) $ 211,108 $ 211,108 Unrestricted investments Government obligations $ 2,869 $ 4 $ — $ 2,873 $ 2,869 Debt securities 240 — — 240 240 Total Unrestricted Investments $ 3,109 $ 4 $ — $ 3,113 $ 3,109 Other Equity securities $ 110 $ 15 $ — $ 125 $ 125 Non-marketable equity investments 2,146 2,176 — 4,322 2,146 Total Other $ 2,256 $ 2,191 $ — $ 4,447 $ 2,271 $ 216,488 (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 2019 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, 2020, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 63,936 $ — $ 63,936 Held to maturity 3,112 — — — 3,112 Total $ 3,112 $ — $ 63,936 $ — $ 67,048 (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, 2020
Other [Abstract]
Other	5. Wildcat Point Generation Facility We own Wildcat Point, a 973 MW (net capacity entitlement) natural gas-fueled combined cycle generation facility. Wildcat Point achieved commercial operation on April 17, 2018. In 2017, WOPC, a joint venture between PCL Industrial Construction Company and Sargent & Lundy, L.L.C., as EPC contractor, made a claim against Alstom and us for recovery of additional amounts under the EPC contract for Wildcat Point. Additionally, in 2017, we filed a complaint alleging that WOPC breached the EPC contract. Subsequently, 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. In December 2019, ODEC and WOPC held formal settlement discussions and we recognized the probable impact of the settlement as of December 31, 2019, resulting in a $29.6 million increase to property, plant, and equipment. On January 9, 2020, ODEC and WOPC settled their dispute and ODEC was dismissed as a party from the case. Revolving Credit Facility We maintain a revolving credit facility to cover our short-term and 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, 2020 2019 (in thousands) Cash and cash equivalents $ 231,128 $ 24,594 Restricted cash and cash equivalents 24,320 23,893 Total $ 255,448 $ 48,487 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 of power and renewable energy credits to our member distribution cooperatives and non-members. We supply power requirements (energy and demand) to our eleven member distribution cooperatives subject to substantially identical wholesale power contracts with each of them. We bill our member distribution cooperatives monthly and each member distribution cooperative is required to pay us monthly for power furnished under its wholesale power contract. We transfer control of the electricity over time and our member distribution cooperatives simultaneously receive and consume the benefits of the electricity. The amount we invoice our member distribution cooperatives on a monthly basis corresponds directly to the value to the member distribution cooperatives of our performance, which is determined by our formula rate included in the wholesale power contract. We sell excess energy and renewable energy credits to non-members at prevailing market prices as control is transferred. 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, 2020 and 2019, we had no sales to TEC and TEC had no sales to third parties. Our operating revenues for the three months ended March 31, 2020 and 2019, were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 204,165 $ 234,325 Renewable energy credit sales to member distribution cooperatives — 14 Total sales to member distribution cooperatives $ 204,165 $ 234,339 Non-members Sales to non-members, excluding renewable energy credit sales $ 4,477 $ 6,252 Renewable energy credit sales to non-members 104 188 Total sales to non-members $ 4,581 $ 6,440 Total operating revenues $ 208,746 $ 240,779 Subsequent Event On April 12, 2020, the governor of Virginia signed legislation that requires that all investor-owned utility generating facilities that emit CO 2 2 2

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	6. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses in Financial Instruments. FASB issued subsequent amendments to the initial guidance in November 2018 with ASU No. 2018-19, in April 2019 with ASU No. 2019-04, and in May 2019 with ASU No. 2019-05. The ASU amends the guidance on the impairment of financial instruments and adds an impairment model, known as the current expected credit loss (“CECL”) model. The CECL model requires an entity to recognize its current estimate of all expected credit losses, rather than incurred losses, and applies to trade receivables and other receivables. The CECL model is designed to capture expected credit losses through the establishment of an allowance account, which will be presented as an offset to the amortized cost basis of the related financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is applied using the modified-retrospective approach. We adopted this standard for the fiscal year beginning January 1, 2020, and it did not have a material impact on our financial statements. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides temporary optional expedients and exceptions related to contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. The new guidance allows entities to elect not to apply certain modification accounting requirements, if certain criteria are met, to contracts affected by what the guidance calls reference rate reform. An entity that makes this election would consider changes in reference rates and other contract modifications related to reference rate reform to be events that do not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The ASU notes that changes in contract terms that are made to effect the reference rate reform transition are considered related to the replacement of a reference rate if they are not the result of a business decision that is separate from or in addition to changes to the terms of a contract to effect that transition. The guidance is effective upon issuance and generally can be applied as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of this standard on our financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,306 $ 64,306 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 113,260 — — — Unrestricted investments and other (3) 103 — 103 — Derivatives - gas and power (4) 1,010 — 478 532 Total Financial Assets $ 178,679 $ 64,306 $ 581 $ 532 Derivatives - gas and power (4) $ 19,116 $ 17,932 $ 1,184 $ — Total Financial Liabilities $ 19,116 $ 17,932 $ 1,184 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,504 $ 64,504 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 146,604 — — — Unrestricted investments and other (3) 126 — 126 — Derivatives - gas and power (4) 1,013 — — 1,013 Total Financial Assets $ 212,247 $ 64,504 $ 126 $ 1,013 Derivatives - gas and power (4) $ 24,125 $ 17,109 $ 7,016 $ — Total Financial Liabilities $ 24,125 $ 17,109 $ 7,016 $ — (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 Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Natural gas MMBTU 66,810,000 73,560,000 Purchased power - financial transmission rights MWh 3,245,113 5,771,291
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 2020 2019 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 478 $ — Financial transmission rights Other assets 532 1,013 Total derivatives in an asset position $ 1,010 $ 1,013 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 19,116 $ 24,125 Total derivatives in a liability position $ 19,116 $ 24,125
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, 2020 and 2019 Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Recognized Location of Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Accounted Derivatives as of Asset/Liability Ended Regulatory Accounting March 31, into Income March 31, 2020 2019 2020 2019 (in thousands) (in thousands) Natural $ (19,521 ) $ 737 Fuel $ (21,466 ) $ (7,802 ) Purchased power 532 320 Purchased power (3,585 ) (3,365 ) Total $ (18,989 ) $ 1,057 $ (25,051 ) $ (11,167 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of March 31, 2020 and December 31, 2019: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2020 Nuclear decommissioning trust (1) Debt securities $ 60,161 $ 3,775 $ — $ 63,936 $ 63,936 Equity securities 85,027 40,375 (12,142 ) 113,260 113,260 Cash and other 370 — — 370 370 Total Nuclear Decommissioning Trust $ 145,558 $ 44,150 $ (12,142 ) $ 177,566 $ 177,566 Unrestricted investments Government obligations $ 2,872 $ 11 $ — $ 2,883 $ 2,872 Debt securities 240 — — 240 240 Total Unrestricted Investments $ 3,112 $ 11 $ — $ 3,123 $ 3,112 Other Equity securities $ 110 $ — $ (7 ) $ 103 $ 103 Non-marketable equity investments 2,144 2,331 — 4,475 2,144 Total Other $ 2,254 $ 2,331 $ (7 ) $ 4,578 $ 2,247 $ 182,925 December 31, 2019 Nuclear decommissioning trust (1) Debt securities $ 59,748 $ 4,325 $ — $ 64,073 $ 64,073 Equity securities 85,303 63,858 (2,557 ) 146,604 146,604 Cash and other 431 — — 431 431 Total Nuclear Decommissioning Trust $ 145,482 $ 68,183 $ (2,557 ) $ 211,108 $ 211,108 Unrestricted investments Government obligations $ 2,869 $ 4 $ — $ 2,873 $ 2,869 Debt securities 240 — — 240 240 Total Unrestricted Investments $ 3,109 $ 4 $ — $ 3,113 $ 3,109 Other Equity securities $ 110 $ 15 $ — $ 125 $ 125 Non-marketable equity investments 2,146 2,176 — 4,322 2,146 Total Other $ 2,256 $ 2,191 $ — $ 4,447 $ 2,271 $ 216,488 (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 2019 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, 2020, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 63,936 $ — $ 63,936 Held to maturity 3,112 — — — 3,112 Total $ 3,112 $ — $ 63,936 $ — $ 67,048 (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, 2020
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, 2020 2019 (in thousands) Cash and cash equivalents $ 231,128 $ 24,594 Restricted cash and cash equivalents 24,320 23,893 Total $ 255,448 $ 48,487
Schedule of Operating Revenue	Our operating revenues for the three months ended March 31, 2020 and 2019, were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 204,165 $ 234,325 Renewable energy credit sales to member distribution cooperatives — 14 Total sales to member distribution cooperatives $ 204,165 $ 234,339 Non-members Sales to non-members, excluding renewable energy credit sales $ 4,477 $ 6,252 Renewable energy credit sales to non-members 104 188 Total sales to non-members $ 4,581 $ 6,440 Total operating revenues $ 208,746 $ 240,779

General - Additional Informatio

General - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)member_classmemberrepresentative	Dec. 31, 2019USD ($)
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 | $	$ 5.9	$ 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, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		$ 178,679	$ 212,247
Total Financial Liabilities		19,116	24,125
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[1]	64,306	64,504
Nuclear Decommissioning Trust - Net Asset Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[1],[2]	113,260	146,604
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[3]	103	126
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[4]	1,010	1,013
Total Financial Liabilities	[4]	19,116	24,125
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		64,306	64,504
Total Financial Liabilities		17,932	17,109
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[1]	64,306	64,504
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	[1],[2]	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	[3]	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 Liabilities	[4]	17,932	17,109
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		581	126
Total Financial Liabilities		1,184	7,016
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	[1]	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	[1],[2]	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	[3]	103	126
Significant Other Observable Inputs (Level 2) [Member] | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[4]	478
Total Financial Liabilities	[4]	1,184	7,016
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		532	1,013
Significant Unobservable Inputs (Level 3) | Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[4]	$ 532	$ 1,013
[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 Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form 10-K.

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020MMBTUMWh	Dec. 31, 2019MMBTUMWh
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	66,810,000	73,560,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	3,245,113	5,771,291

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 1,010	$ 1,013
Total derivatives in a liability position	19,116	24,125
Natural Gas Future Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	478
Natural Gas Future Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	19,116	24,125
Financial Transmission Rights [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 532	$ 1,013

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, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ (18,989)	$ 1,057
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(25,051)	(11,167)
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	(19,521)	737
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(21,466)	(7,802)
Financial Transmission Rights [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	532	320
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ (3,585)	$ (3,365)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,144	$ 2,146
Equity Method Investment Gross Unrealized Gains	2,331	2,176
Equity, Fair Value	4,475	4,322
Other, Cost	2,254	2,256
Other Gross Unrealized Gains	2,331	2,191
Other, Fair Value	4,578	4,447
Total Other	2,247	2,271
Total Investments	182,925	216,488
Total Nuclear Decommissioning Trust	177,566	211,108
Held to maturity investments	3,112
Debt Securities [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	240	240
Held to maturity investments, Fair Value	240	240
Government Obligations [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	2,872	2,869
Held to maturity investments, Gross Unrealized Gains	11	4
Held to maturity investments, Fair Value	2,883	2,873
Unrestricted Investments [Member]
Schedule of Invested Securities [Line Items]
Held to maturity investments	3,112	3,109
Held to maturity investments, Gross Unrealized Gains	11	4
Held to maturity investments, Fair Value	3,123	3,113
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	60,161	59,748
Investments, Debt securities, Gross Unrealized Gains	3,775	4,325
Investments, Debt securities	63,936	64,073
Investments, Equity securities, Cost	85,027	85,303
Investments, Equity securities, Gross Unrealized Gains	40,375	63,858
Investments, Equity securities, Gross Unrealized Losses	(12,142)	(2,557)
Investments, Equity securities	113,260	146,604
Investments, Cash and other	370	431
Investments, Cost	145,558	145,482
Investments, Gross Unrealized Gains	44,150	68,183
Investments, Gross Unrealized Loss	(12,142)	(2,557)
Total Nuclear Decommissioning Trust	177,566	211,108
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	110	110
Investments, Equity securities, Gross Unrealized Gains		15
Investments, Equity securities, Gross Unrealized Losses	(7)
Total Investments	$ 103	$ 125

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 63,936
Other debt securities, Total	63,936
Held to maturity securities, Less than 1 year	3,112
Held to maturity securities, 5-10 years	0
Held to maturity investments	3,112
Contractual maturities of securities, Less than 1 year	3,112
Contractual maturities of securities, 5-10 years	63,936
Contractual maturities of securities, Total	$ 67,048

Other - Additional Information

Other - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)MW	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Public Utilities General Disclosures [Line Items]
Sales to TEC	$ 0	$ 0
Sales to Non member	0	$ 0
Revolving Credit Facility
Public Utilities General Disclosures [Line Items]
Line of credit outstanding	250,000,000		$ 67,200,000
Revolving Credit Facility | Through March 3, 2022 [Member]
Public Utilities General Disclosures [Line Items]
Credit facility, maximum borrowing capacity	500,000,000
Revolving Credit Facility | March 4, 2022 through February 28, 2025 [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	$ 500,000		500,000
Wildcat Point [Member]
Public Utilities General Disclosures [Line Items]
Power facility output | MW	973
Increase in property, plant and equipment			$ 29,600,000

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, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 231,128	$ 3,469	$ 24,594
Restricted cash and cash equivalents	24,320	24,230	23,893
Cash, cash equivalents, restricted cash and cash equivalents	$ 255,448	$ 27,699	$ 48,487	$ 22,978

Other - (Schedule of Operating

Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other [Abstract]
Sales to member distribution cooperatives, excluding renewable energy credit sales	$ 204,165	$ 234,325
Renewable energy credit sales to member distribution cooperatives		14
Total sales to member distribution cooperatives	204,165	234,339
Sales to non-members, excluding renewable energy credit sales	4,477	6,252
Renewable energy credit sales to non-members	104	188
Total sales to non-members	4,581	6,440
Total operating revenues	$ 208,746	$ 240,779
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember