Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | OLD DOMINION ELECTRIC COOPERATIVE |
Entity Central Index Key | 0000885568 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity File Number | 000-50039 |
Entity Tax Identification Number | 23-7048405 |
Entity Address, Address Line One | 4201 Dominion Boulevard |
Entity Address, City or Town | Glen Allen |
Entity Address, State or Province | VA |
Entity Incorporation, State or Country Code | VA |
Entity Address, Postal Zip Code | 23060 |
City Area Code | (804) |
Local Phone Number | 747-0592 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Electric Plant: | ||
Property, plant, and equipment | $ 2,525,477 | $ 2,531,986 |
Less accumulated depreciation | (960,520) | (927,065) |
Net Property, plant, and equipment | 1,564,957 | 1,604,921 |
Nuclear fuel, at amortized cost | 12,313 | 20,705 |
Construction work in progress | 43,112 | 31,462 |
Net Electric Plant | 1,620,382 | 1,657,088 |
Investments: | ||
Nuclear decommissioning trust | 217,126 | 211,108 |
Unrestricted investments and other | 2,276 | 5,380 |
Total Investments | 219,402 | 216,488 |
Current Assets: | ||
Cash and cash equivalents | 70,364 | 3,469 |
Restricted cash and cash equivalents | 24,230 | |
Accounts receivable | 9,783 | 12,422 |
Accounts receivable–members | 73,156 | 101,185 |
Fuel, materials, and supplies | 57,928 | 62,083 |
Deferred energy | 3,548 | |
Prepayments and other | 2,996 | 4,702 |
Total Current Assets | 214,227 | 211,639 |
Deferred Charges and Other Assets: | ||
Regulatory assets | 28,818 | 57,742 |
Other assets | 9,650 | 26,287 |
Total Deferred Charges and Other Assets | 38,468 | 84,029 |
Total Assets | 2,092,479 | 2,169,244 |
CAPITALIZATION AND LIABILITIES: | ||
Patronage capital | 450,545 | 441,311 |
Non-controlling interest | 5,858 | 5,846 |
Total Patronage capital and Non-controlling interest | 456,403 | 447,157 |
Long-term debt | 1,118,241 | 1,117,867 |
Revolving credit facility | 67,200 | |
Total Long-term debt and Revolving credit facility | 1,118,241 | 1,185,067 |
Total Capitalization | 1,574,644 | 1,632,224 |
Current Liabilities: | ||
Long-term debt due within one year | 40,792 | 40,792 |
Accounts payable | 53,341 | 147,916 |
Accounts payable–members | 85,646 | 26,804 |
Accrued expenses | 23,172 | 5,850 |
Deferred energy | 5,100 | |
Total Current Liabilities | 208,051 | 221,362 |
Deferred Credits and Other Liabilities: | ||
Asset retirement obligations | 177,766 | 173,669 |
Regulatory liabilities | 129,264 | 117,483 |
Other liabilities | 2,754 | 24,506 |
Total Deferred Credits and Other Liabilities | 309,784 | 315,658 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 2,092,479 | $ 2,169,244 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 216,281 | $ 252,729 | $ 614,589 | $ 708,493 |
Type of Revenue [Extensible List] | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember |
Operating Expenses: | ||||
Fuel | $ 45,893 | $ 51,000 | $ 111,277 | $ 143,921 |
Purchased power | 47,721 | 83,851 | 200,756 | 238,828 |
Transmission | 31,815 | 38,107 | 98,737 | 121,476 |
Deferred energy | 25,691 | 15,403 | 8,648 | 17,855 |
Operations and maintenance | 16,490 | 23,721 | 46,524 | 59,638 |
Administrative and general | 10,653 | 11,358 | 32,817 | 38,395 |
Depreciation and amortization | 17,423 | 17,207 | 52,447 | 51,539 |
Amortization of regulatory asset/(liability), net | 7,895 | (9,163) | 7,044 | (26,342) |
Accretion of asset retirement obligations | 1,366 | 1,386 | 4,096 | 4,154 |
Taxes, other than income taxes | 2,281 | 2,350 | 7,130 | 7,185 |
Total Operating Expenses | 207,228 | 235,220 | 569,476 | 656,649 |
Operating Margin | 9,053 | 17,509 | 45,113 | 51,844 |
Other income (expense), net | (18) | (41) | (78) | (43) |
Investment income | 8,800 | 1,358 | 10,052 | 5,369 |
Interest charges, net | (14,845) | (15,648) | (45,837) | (47,519) |
Income taxes | 2 | (4) | (4) | (19) |
Net Margin including Non-controlling interest | 2,992 | 3,174 | 9,246 | 9,632 |
Non-controlling interest | 4 | (16) | (12) | (54) |
Net Margin attributable to ODEC | 2,996 | 3,158 | 9,234 | 9,578 |
Patronage Capital - Beginning of Period | 447,549 | 435,083 | 441,311 | 428,663 |
Patronage Capital - End of Period | $ 450,545 | $ 438,241 | $ 450,545 | $ 438,241 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities: | ||
Net Margin including Non-controlling interest | $ 9,246 | $ 9,632 |
Adjustments to reconcile net margin to net cash provided by operating activities: | ||
Depreciation and amortization | 52,447 | 51,539 |
Other non-cash charges | 12,864 | 12,674 |
Change in current assets | 36,529 | (11,806) |
Change in deferred energy | 8,648 | 17,855 |
Change in current liabilities | 47,286 | 18,063 |
Change in regulatory assets and liabilities | 44,330 | (38,127) |
Change in other assets and other liabilities | (4,886) | (3,225) |
Net Cash Provided by Operating Activities | 206,464 | 56,605 |
Investing Activities: | ||
Purchases of held to maturity securities | (2,875) | |
Proceeds from sale of held to maturity securities | 3,115 | 3,078 |
Purchases of available for sale securities | (12,400) | (53,828) |
Proceeds from sale of available for sale securities | 12,400 | 53,828 |
Increase in other investments | (9,648) | (4,069) |
Electric plant additions | (89,831) | (28,747) |
Net Cash Used for Investing Activities | (96,364) | (32,613) |
Financing Activities: | ||
Debt issuance costs | (235) | (257) |
Draws on revolving credit facility | 349,225 | 167,250 |
Repayments on revolving credit facility | (416,425) | (167,250) |
Net Cash Used for Financing Activities | (67,435) | (257) |
Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 42,665 | 23,735 |
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 | $ 70,364 | $ 46,713 |
General
General | 9 Months Ended |
Sep. 30, 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 September 30, 2020, our consolidated results of operations for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 30, 2020 and 2019. The consolidated results of operations for the three and nine months ended September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 81,118 $ 81,118 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 136,008 — — — Unrestricted investments and other (3) 132 — 132 — Derivatives - gas and power (4) 13,274 10,931 1,179 1,164 Total Financial Assets $ 230,532 $ 92,049 $ 1,311 $ 1,164 Derivatives - gas and power (4) $ 2,105 $ — $ 2,105 $ — Total Financial Liabilities $ 2,105 $ — $ 2,105 $ — 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 our Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts and call option premiums (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 | 9 Months Ended |
Sep. 30, 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 September 30, As of December 31, Commodity Unit of Measure 2020 2019 Natural gas MMBTU 57,190,000 73,560,000 Purchased power - financial transmission rights MWh 4,860,209 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 September 30, As of December 31, Balance Sheet Location 2020 2019 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 12,110 $ — Financial transmission rights Other assets 1,164 1,013 Total derivatives in an asset position $ 13,274 $ 1,013 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 2,105 $ 24,125 Total derivatives in a liability position $ 2,105 $ 24,125 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2020 and 2019 Amount of Gain Location of Amount of Gain (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Nine Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2020 2019 2020 2019 2020 2019 (in thousands) (in thousands) Natural $ 9,090 $ (13,603 ) Fuel $ (6,621 ) $ (5,175 ) $ (33,813 ) $ (15,081 ) Purchased power 1,164 1,053 Purchased power 3,192 3,334 (1,291 ) (2,068 ) Total $ 10,254 $ (12,550 ) $ (3,429 ) $ (1,841 ) $ (35,104 ) $ (17,149 ) Our hedging activities expose us to credit-related risks. We use hedging instruments, including forwards, futures, financial transmission rights, and options, to mitigate our power market price risks. Because we rely substantially on the use of hedging instruments, we are exposed to the risk that counterparties will default in performance of their obligations to us. Although we assess the creditworthiness of counterparties and other credit issues related to these hedging instruments, and we may require our counterparties to post collateral with us, defaults may still occur. Defaults may take the form of failure to physically deliver purchased energy or failure to pay. If a default occurs, we may be forced to enter into alternative contractual arrangements or purchase energy in the forward, short-term, or spot markets at then-current market prices that may exceed the prices previously agreed upon with the defaulting counterparty. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
Investments | 4. Investments were as follows as of September 30, 2020 and December 31, 2019: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2020 Nuclear decommissioning trust (1) Debt securities $ 60,809 $ 7,656 $ — $ 68,465 $ 68,465 Equity securities 81,662 59,375 (5,030 ) 136,007 136,007 Cash and other (2) 12,654 — — 12,654 12,654 Total Nuclear Decommissioning Trust $ 155,125 $ 67,031 $ (5,030 ) $ 217,126 $ 217,126 Other Equity securities $ 111 $ 21 $ — $ 132 $ 132 Non-marketable equity investments 2,144 2,403 — 4,547 2,144 Total Other $ 2,255 $ 2,424 $ — $ 4,679 $ 2,276 $ 219,402 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. (2) Cash and other includes funds related to the rebalancing of equity securities which will be invested in equity and debt securities in the fourth quarter of 2020. Contractual maturities of debt securities as of September 30, 2020, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 68,465 $ — $ 68,465 Held to maturity — — — — — Total $ — $ — $ 68,465 $ — $ 68,465 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. |
Other
Other | 9 Months Ended |
Sep. 30, 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 medium-term funding needs that are not met by cash from operations or other available funds. Commitments under this syndicated credit agreement extend until February 28, 2025. Available funding under this facility totals $500 million through March 3, 2022, and $400 million from March 4, 2022 through February 28, 2025. As of September 30, 2020, we had no borrowings outstanding under this facility and had a $0.5 million letter of credit. As of December 31, 2019, we had $67.2 million in borrowings outstanding under this facility and a $0.5 million letter of credit. 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 our Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in our Condensed Consolidated Statements of Cash Flows: As of September 30, 2020 2019 (in thousands) Cash and cash equivalents $ 70,364 $ 22,583 Restricted cash and cash equivalents — 24,130 Total $ 70,364 $ 46,713 Restricted cash and cash equivalents related to funds held in escrow for payments related to the construction of Wildcat Point and in July 2020, the funds were released and paid to the contractors. 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 and nine months ended September 30, 2020 and 2019, we had no sales to TEC and TEC had no sales to third parties. Our operating revenues for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 201,620 $ 237,661 $ 589,648 $ 678,789 Renewable energy credit sales to member distribution cooperatives 13 4 26 21 Total sales to member distribution cooperatives $ 201,633 $ 237,665 $ 589,674 $ 678,810 Non-members Sales to non-members, excluding renewable energy credit sales $ 9,314 $ 11,812 $ 19,477 $ 25,011 Renewable energy credit sales to non-members 5,334 3,252 5,438 4,672 Total sales to non-members $ 14,648 $ 15,064 $ 24,915 $ 29,683 Total operating revenues $ 216,281 $ 252,729 $ 614,589 $ 708,493 Virginia CO 2 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 | 9 Months Ended |
Sep. 30, 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 continuing to evaluate the impact of this standard on our financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 81,118 $ 81,118 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 136,008 — — — Unrestricted investments and other (3) 132 — 132 — Derivatives - gas and power (4) 13,274 10,931 1,179 1,164 Total Financial Assets $ 230,532 $ 92,049 $ 1,311 $ 1,164 Derivatives - gas and power (4) $ 2,105 $ — $ 2,105 $ — Total Financial Liabilities $ 2,105 $ — $ 2,105 $ — 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 our Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts and call option premiums (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) | 9 Months Ended |
Sep. 30, 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 September 30, As of December 31, Commodity Unit of Measure 2020 2019 Natural gas MMBTU 57,190,000 73,560,000 Purchased power - financial transmission rights MWh 4,860,209 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 September 30, As of December 31, Balance Sheet Location 2020 2019 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 12,110 $ — Financial transmission rights Other assets 1,164 1,013 Total derivatives in an asset position $ 13,274 $ 1,013 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 2,105 $ 24,125 Total derivatives in a liability position $ 2,105 $ 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 and Nine Months Ended September 30, 2020 and 2019 Amount of Gain Location of Amount of Gain (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Nine Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2020 2019 2020 2019 2020 2019 (in thousands) (in thousands) Natural $ 9,090 $ (13,603 ) Fuel $ (6,621 ) $ (5,175 ) $ (33,813 ) $ (15,081 ) Purchased power 1,164 1,053 Purchased power 3,192 3,334 (1,291 ) (2,068 ) Total $ 10,254 $ (12,550 ) $ (3,429 ) $ (1,841 ) $ (35,104 ) $ (17,149 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
Schedule Of Investments | Investments were as follows as of September 30, 2020 and December 31, 2019: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2020 Nuclear decommissioning trust (1) Debt securities $ 60,809 $ 7,656 $ — $ 68,465 $ 68,465 Equity securities 81,662 59,375 (5,030 ) 136,007 136,007 Cash and other (2) 12,654 — — 12,654 12,654 Total Nuclear Decommissioning Trust $ 155,125 $ 67,031 $ (5,030 ) $ 217,126 $ 217,126 Other Equity securities $ 111 $ 21 $ — $ 132 $ 132 Non-marketable equity investments 2,144 2,403 — 4,547 2,144 Total Other $ 2,255 $ 2,424 $ — $ 4,679 $ 2,276 $ 219,402 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. (2) Cash and other includes funds related to the rebalancing of equity securities which will be invested in equity and debt securities in the fourth quarter of 2020. |
Schedule Of Contractual Maturities Of Debt Securities | Contractual maturities of debt securities as of September 30, 2020, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 68,465 $ — $ 68,465 Held to maturity — — — — — Total $ — $ — $ 68,465 $ — $ 68,465 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. |
Other (Tables)
Other (Tables) | 9 Months Ended |
Sep. 30, 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 our Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in our Condensed Consolidated Statements of Cash Flows: As of September 30, 2020 2019 (in thousands) Cash and cash equivalents $ 70,364 $ 22,583 Restricted cash and cash equivalents — 24,130 Total $ 70,364 $ 46,713 |
Schedule of Operating Revenue | Our operating revenues for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 201,620 $ 237,661 $ 589,648 $ 678,789 Renewable energy credit sales to member distribution cooperatives 13 4 26 21 Total sales to member distribution cooperatives $ 201,633 $ 237,665 $ 589,674 $ 678,810 Non-members Sales to non-members, excluding renewable energy credit sales $ 9,314 $ 11,812 $ 19,477 $ 25,011 Renewable energy credit sales to non-members 5,334 3,252 5,438 4,672 Total sales to non-members $ 14,648 $ 15,064 $ 24,915 $ 29,683 Total operating revenues $ 216,281 $ 252,729 $ 614,589 $ 708,493 |
General - Additional Informatio
General - Additional Information (Details) $ in Thousands | Sep. 30, 2020USD ($)member_classmemberrepresentative | Dec. 31, 2019USD ($) |
Number of classes of members | member_class | 2 | |
Number of Class A members | member | 11 | |
Number of representatives from each Class A member on the board of directors | representative | 2 | |
Number of representatives from each Class B member on the board of directors | representative | 1 | |
Consolidated assets | $ | $ 2,092,479 | $ 2,169,244 |
VIE's | ||
Consolidated assets | $ | $ 5,900 | $ 5,800 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Financial Assets | $ 230,532 | $ 212,247 | |
Total Financial Liabilities | 2,105 | 24,125 | |
Nuclear Decommissioning Trust [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Financial Assets | [1] | 81,118 | 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] | 136,008 | 146,604 |
Unrestricted Investment And Other [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Financial Assets | [3] | 132 | 126 |
Derivatives - Gas And Power [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Financial Assets | [4] | 13,274 | 1,013 |
Total Financial Liabilities | [4] | 2,105 | 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 | 92,049 | 64,504 | |
Total Financial Liabilities | 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] | 81,118 | 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 Assets | [4] | 10,931 | |
Total Financial Liabilities | [4] | 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 | 1,311 | 126 | |
Total Financial Liabilities | 2,105 | 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] | 132 | 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] | 1,179 | |
Total Financial Liabilities | [4] | 2,105 | 7,016 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Financial Assets | 1,164 | 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] | $ 1,164 | $ 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 our Condensed Consolidated Balance Sheet. | ||
[3] | Unrestricted investments and other includes investments that are related to equity securities. | ||
[4] | Derivatives - gas and power represent natural gas futures contracts and call option premiums (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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020MMBTUMWh | Dec. 31, 2019MMBTUMWh | |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Quantity | MMBTU | 57,190,000 | 73,560,000 |
Financial Transmission Rights [Member] | ||
Derivative [Line Items] | ||
Quantity | MWh | 4,860,209 | 5,771,291 |
Derivatives And Hedging (Sche_2
Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | $ 13,274 | $ 1,013 |
Total derivatives in a liability position | 2,105 | 24,125 |
Natural Gas Future Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | 12,110 | |
Natural Gas Future Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in a liability position | 2,105 | 24,125 |
Financial Transmission Rights [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | $ 1,164 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives | $ 10,254 | $ (12,550) | $ 10,254 | $ (12,550) |
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | (3,429) | (1,841) | (35,104) | (17,149) |
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 | 9,090 | (13,603) | 9,090 | (13,603) |
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | (6,621) | (5,175) | (33,813) | (15,081) |
Financial Transmission Rights [Member] | Purchased Power [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives | 1,164 | 1,053 | 1,164 | 1,053 |
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | $ 3,192 | $ 3,334 | $ (1,291) | $ (2,068) |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Schedule of Invested Securities [Line Items] | ||
Equity, Cost | $ 2,144 | $ 2,146 |
Equity Method Investment Gross Unrealized Gains | 2,403 | 2,176 |
Equity, Fair Value | 4,547 | 4,322 |
Other, Cost | 2,255 | 2,256 |
Other Gross Unrealized Gains | 2,424 | 2,191 |
Other, Fair Value | 4,679 | 4,447 |
Total Other | 2,276 | 2,271 |
Total Investments | 219,402 | 216,488 |
Total Nuclear Decommissioning Trust | 217,126 | 211,108 |
Government Obligations [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 2,869 | |
Held to maturity investments, Gross Unrealized Gains | 4 | |
Held to maturity investments, Fair Value | 2,873 | |
Unrestricted Investments [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 3,109 | |
Held to maturity investments, Gross Unrealized Gains | 4 | |
Held to maturity investments, Fair Value | 3,113 | |
Debt Securities [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 240 | |
Held to maturity investments, Fair Value | 240 | |
Nuclear Decommissioning Trust [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Investments, Debt securities, Cost | 60,809 | 59,748 |
Investments, Debt securities, Gross Unrealized Gains | 7,656 | 4,325 |
Investments, Debt securities | 68,465 | 64,073 |
Investments, Equity securities, Cost | 81,662 | 85,303 |
Investments, Equity securities, Gross Unrealized Gains | 59,375 | 63,858 |
Investments, Equity securities, Gross Unrealized Losses | (5,030) | (2,557) |
Investments, Equity securities | 136,007 | 146,604 |
Investments, Cash and other | 12,654 | 431 |
Investments, Cost | 155,125 | 145,482 |
Investments, Gross Unrealized Gains | 67,031 | 68,183 |
Investments, Gross Unrealized Loss | (5,030) | (2,557) |
Total Nuclear Decommissioning Trust | 217,126 | 211,108 |
Other [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Investments, Equity securities, Cost | 111 | 110 |
Investments, Equity securities, Gross Unrealized Gains | 21 | 15 |
Total Investments | $ 132 | $ 125 |
Investments (Schedule Of Contra
Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Investments [Abstract] | |
Other debt securities, 5-10 years | $ 68,465 |
Other debt securities, Total | 68,465 |
Held to maturity securities, 5-10 years | 0 |
Contractual maturities of securities, 5-10 years | 68,465 |
Contractual maturities of securities, Total | $ 68,465 |
Other - Additional Information
Other - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)MW | Sep. 30, 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 | 0 | $ 0 | $ 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 | 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 | 400,000,000 | ||
Letter of Credit [Member] | ||||
Public Utilities General Disclosures [Line Items] | ||||
Line of credit outstanding | $ 500,000 | $ 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 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 70,364 | $ 3,469 | $ 22,583 | |
Restricted cash and cash equivalents | 24,230 | 24,130 | ||
Cash, cash equivalents, restricted cash and cash equivalents | $ 70,364 | $ 27,699 | $ 46,713 | $ 22,978 |
Other - (Schedule of Operating
Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other [Abstract] | ||||
Sales to member distribution cooperatives, excluding renewable energy credit sales | $ 201,620 | $ 237,661 | $ 589,648 | $ 678,789 |
Renewable energy credit sales to member distribution cooperatives | 13 | 4 | 26 | 21 |
Total sales to member distribution cooperatives | 201,633 | 237,665 | 589,674 | 678,810 |
Sales to non-members, excluding renewable energy credit sales | 9,314 | 11,812 | 19,477 | 25,011 |
Renewable energy credit sales to non-members | 5,334 | 3,252 | 5,438 | 4,672 |
Total sales to non-members | 14,648 | 15,064 | 24,915 | 29,683 |
Total operating revenues | $ 216,281 | $ 252,729 | $ 614,589 | $ 708,493 |
Type of Revenue [Extensible List] | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember |