Old Dominion Electric Cooperative 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Electric Plant:
Property, plant, and equipment	$ 2,537,293	$ 2,536,395
Less accumulated depreciation	(1,001,287)	(984,076)
Net Property, plant, and equipment	1,536,006	1,552,319
Nuclear fuel, at amortized cost	14,722	17,321
Construction work in progress	42,694	38,810
Net Electric Plant	1,593,422	1,608,450
Investments:
Nuclear decommissioning trust	250,290	242,337
Unrestricted investments and other	2,317	2,311
Total Investments	252,607	244,648
Current Assets:
Cash and cash equivalents	55,232	9,288
Accounts receivable	13,342	16,909
Accounts receivable–members	47,113	79,813
Fuel, materials, and supplies	62,502	61,273
Prepayments and other	3,650	5,598
Total Current Assets	181,839	172,881
Deferred Charges and Other Assets:
Regulatory assets	26,192	31,131
Other assets	8,998	10,534
Total Deferred Charges and Other Assets	35,190	41,665
Total Assets	2,063,058	2,067,644
CAPITALIZATION AND LIABILITIES:
Patronage capital	456,310	453,470
Non-controlling interest	5,848	5,853
Total Patronage capital and Non-controlling interest	462,158	459,323
Long-term debt	1,069,441	1,069,324
Total Capitalization	1,531,599	1,528,647
Current Liabilities:
Long-term debt due within one year	49,041	49,041
Accounts payable	57,595	61,044
Accounts payable–members	60,599	70,546
Accrued expenses	21,157	6,292
Deferred energy	7,171	23,112
Total Current Liabilities	195,563	210,035
Deferred Credits and Other Liabilities:
Asset retirement obligations	180,548	179,133
Regulatory liabilities	152,941	142,724
Other liabilities	2,407	7,105
Total Deferred Credits and Other Liabilities	335,896	328,962
Commitments and Contingencies
Total Capitalization and Liabilities	$ 2,063,058	$ 2,067,644

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Operating Revenues	$ 191,117	$ 208,746
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 39,754	$ 42,578
Purchased power	70,992	92,890
Transmission	31,626	33,916
Deferred energy	(15,940)	(25,135)
Operations and maintenance	16,436	13,742
Administrative and general	10,880	11,856
Depreciation and amortization	17,676	17,522
Amortization of regulatory asset/(liability), net	2,487	(790)
Accretion of asset retirement obligations	1,415	1,365
Taxes, other than income taxes	2,425	2,422
Total Operating Expenses	177,751	190,366
Operating Margin	13,366	18,380
Other income (expense), net	71	(57)
Investment income	3,406	350
Interest charges, net	(14,010)	(15,537)
Income taxes	2	(3)
Net Margin including Non-controlling interest	2,835	3,133
Non-controlling interest	5	(9)
Net Margin attributable to ODEC	2,840	3,124
Patronage Capital - Beginning of Period	453,470	441,311
Patronage Capital - End of Period	$ 456,310	$ 444,435

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net Margin including Non-controlling interest	$ 2,835	$ 3,133
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	17,676	17,522
Other non-cash charges	4,129	4,471
Change in current assets	36,986	37,332
Change in deferred energy	(15,940)	(25,135)
Change in current liabilities	2,981	53,259
Change in regulatory assets and liabilities	10,594	5,886
Change in deferred charges and other assets and deferred credits and other liabilities	(3,167)	(3,690)
Net Cash Provided by Operating Activities	56,094	92,778
Investing Activities:
Increase in other investments	(3,392)	(78)
Electric plant additions	(6,758)	(47,516)
Net Cash Used for Investing Activities	(10,150)	(47,594)
Financing Activities:
Debt issuance costs		(235)
Draws on revolving credit facility		349,225
Repayments on revolving credit facility		(166,425)
Net Cash Provided by Financing Activities		182,565
Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	45,944	227,749
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period	9,288	27,699
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period	$ 55,232	$ 255,448

General

General	3 Months Ended
	Mar. 31, 2021
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, 2021, our consolidated results of operations for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 31, 2021 and 2020. The consolidated results of operations for the three months ended March 31, 2021, 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 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The accompanying financial statements reflect the consolidated accounts of Old Dominion Electric Cooperative and TEC. We are a not-for-profit wholesale power supply cooperative, incorporated under the laws of the Commonwealth of Virginia in 1948. We have two classes of members. Our eleven Class A members are customer-owned electric distribution cooperatives engaged in the retail sale of power to member customers located in Virginia, Delaware, and Maryland. Our sole Class B member is TEC, a taxable corporation owned by our member distribution cooperatives. Our board of directors is composed of two representatives from each of the member distribution cooperatives and one representative from TEC. In accordance with Consolidation Accounting, TEC is considered a variable interest entity for which we are the primary beneficiary. We have eliminated all intercompany balances and transactions in consolidation. The assets and liabilities and non-controlling interest of TEC are recorded at carrying value and the consolidated assets were $5.8 million as of March 31, 2021 and December 31, 2020. 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 and are not regulated by the public service commissions of the states in which our member distribution cooperatives operate. We comply with the Uniform System of Accounts as prescribed by FERC. In conformity with GAAP, the accounting policies and practices applied by us in the determination of rates are also employed for financial reporting purposes. The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results could differ from those estimates. We did not have any other comprehensive income for the periods presented. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 73,029 $ 73,029 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 177,261 — — — Unrestricted investments and other (3) 172 — 172 — Derivatives - gas and power (4) 5,145 4,531 526 88 Total Financial Assets $ 255,607 $ 77,560 $ 698 $ 88 Derivatives - gas and power (4) $ 1,409 $ — $ 1,409 $ — Total Financial Liabilities $ 1,409 $ — $ 1,409 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 76,037 $ 76,037 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 166,300 — — — Unrestricted investments and other (3) 166 — 166 — Derivatives - gas and power (4) 3,478 1,582 480 1,416 Total Financial Assets $ 245,981 $ 77,619 $ 646 $ 1,416 Derivatives - gas and power (4) $ 6,406 $ — $ 6,406 $ — Total Financial Liabilities $ 6,406 $ — $ 6,406 $ — (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 2020 Annual Report on Form 10-K.

Derivatives And Hedging

Derivatives And Hedging	3 Months Ended
	Mar. 31, 2021
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 2020 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 2021 2020 Natural gas MMBTU 46,440,000 55,630,000 Purchased power - financial transmission rights MWh 7,109,024 6,922,373 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 2021 2020 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 5,057 $ 2,062 Financial transmission rights Other assets 88 1,416 Total derivatives in an asset position $ 5,145 $ 3,478 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 1,409 $ 6,406 Total derivatives in a liability position $ 1,409 $ 6,406 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2021 and 2020 Amount of Gain (Loss) Reclassified Amount of Gain Location of from Regulatory (Loss) Recognized Gain (Loss) 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, 2021 2020 2021 2020 (in thousands) (in thousands) Natural $ 3,711 $ (19,521 ) Fuel $ (4,365 ) $ (21,466 ) Purchased power 88 532 Purchased power 3,612 (3,585 ) Total $ 3,799 $ (18,989 ) $ (753 ) $ (25,051 ) 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, 2021
Investments [Abstract]
Investments	4. Investments were as follows as of March 31, 2021 and December 31, 2020: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2021 Nuclear decommissioning trust (1) Debt securities $ 68,197 $ 4,188 $ — $ 72,385 $ 72,385 Equity securities 92,567 84,694 — 177,261 177,261 Cash and other 644 — — 644 644 Total Nuclear Decommissioning Trust $ 161,408 $ 88,882 $ — $ 250,290 $ 250,290 Other Equity securities $ 132 $ 39 $ — $ 171 $ 171 Non-marketable equity investments 2,146 2,372 — 4,518 2,146 Total Other $ 2,278 $ 2,411 $ — $ 4,689 $ 2,317 $ 252,607 December 31, 2020 Nuclear decommissioning trust (1) Debt securities $ 66,727 $ 7,493 $ — $ 74,220 $ 74,220 Equity securities 89,472 76,828 — 166,300 166,300 Cash and other 1,817 — — 1,817 1,817 Total Nuclear Decommissioning Trust $ 158,016 $ 84,321 $ — $ 242,337 $ 242,337 Other Equity securities $ 132 $ 34 $ — $ 166 $ 166 Non-marketable equity investments 2,145 2,340 — 4,485 2,145 Total Other $ 2,277 $ 2,374 $ — $ 4,651 $ 2,311 $ 244,648 (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 2020 Contractual maturities of debt securities as of March 31, 2021, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 72,385 $ — $ 72,385 Total $ — $ — $ 72,385 $ — $ 72,385 (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, 2021
Other [Abstract]
Other	5. 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 March 31, 2021 and December 31, 2020, we had no borrowings and had a $0.5 million letter of credit outstanding under this facility. Cash and Cash Equivalents For purposes of our Condensed Consolidated Statements of Cash Flows, we consider all unrestricted highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within 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 March 31, 2021 2020 (in thousands) Cash and cash equivalents $ 55,232 $ 231,128 Restricted cash and cash equivalents — 24,320 Total $ 55,232 $ 255,448 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 months ended March 31, 2021 and 2020, we had no sales to TEC and TEC had no sales to third parties. Our operating revenues for the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 184,734 $ 204,165 Renewable energy credit sales to member distribution cooperatives 9 — Total sales to member distribution cooperatives $ 184,743 $ 204,165 Non-members Sales to non-members, excluding renewable energy credit sales $ 6,191 $ 4,477 Renewable energy credit sales to non-members 183 104 Total sales to non-members $ 6,374 $ 4,581 Total operating revenues $ 191,117 $ 208,746

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	6. 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)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 73,029 $ 73,029 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 177,261 — — — Unrestricted investments and other (3) 172 — 172 — Derivatives - gas and power (4) 5,145 4,531 526 88 Total Financial Assets $ 255,607 $ 77,560 $ 698 $ 88 Derivatives - gas and power (4) $ 1,409 $ — $ 1,409 $ — Total Financial Liabilities $ 1,409 $ — $ 1,409 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 76,037 $ 76,037 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 166,300 — — — Unrestricted investments and other (3) 166 — 166 — Derivatives - gas and power (4) 3,478 1,582 480 1,416 Total Financial Assets $ 245,981 $ 77,619 $ 646 $ 1,416 Derivatives - gas and power (4) $ 6,406 $ — $ 6,406 $ — Total Financial Liabilities $ 6,406 $ — $ 6,406 $ — (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 2020 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Natural gas MMBTU 46,440,000 55,630,000 Purchased power - financial transmission rights MWh 7,109,024 6,922,373
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 2021 2020 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 5,057 $ 2,062 Financial transmission rights Other assets 88 1,416 Total derivatives in an asset position $ 5,145 $ 3,478 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 1,409 $ 6,406 Total derivatives in a liability position $ 1,409 $ 6,406
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, 2021 and 2020 Amount of Gain (Loss) Reclassified Amount of Gain Location of from Regulatory (Loss) Recognized Gain (Loss) 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, 2021 2020 2021 2020 (in thousands) (in thousands) Natural $ 3,711 $ (19,521 ) Fuel $ (4,365 ) $ (21,466 ) Purchased power 88 532 Purchased power 3,612 (3,585 ) Total $ 3,799 $ (18,989 ) $ (753 ) $ (25,051 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of March 31, 2021 and December 31, 2020: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) March 31, 2021 Nuclear decommissioning trust (1) Debt securities $ 68,197 $ 4,188 $ — $ 72,385 $ 72,385 Equity securities 92,567 84,694 — 177,261 177,261 Cash and other 644 — — 644 644 Total Nuclear Decommissioning Trust $ 161,408 $ 88,882 $ — $ 250,290 $ 250,290 Other Equity securities $ 132 $ 39 $ — $ 171 $ 171 Non-marketable equity investments 2,146 2,372 — 4,518 2,146 Total Other $ 2,278 $ 2,411 $ — $ 4,689 $ 2,317 $ 252,607 December 31, 2020 Nuclear decommissioning trust (1) Debt securities $ 66,727 $ 7,493 $ — $ 74,220 $ 74,220 Equity securities 89,472 76,828 — 166,300 166,300 Cash and other 1,817 — — 1,817 1,817 Total Nuclear Decommissioning Trust $ 158,016 $ 84,321 $ — $ 242,337 $ 242,337 Other Equity securities $ 132 $ 34 $ — $ 166 $ 166 Non-marketable equity investments 2,145 2,340 — 4,485 2,145 Total Other $ 2,277 $ 2,374 $ — $ 4,651 $ 2,311 $ 244,648 (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 2020
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of March 31, 2021, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 72,385 $ — $ 72,385 Total $ — $ — $ 72,385 $ — $ 72,385 (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, 2021
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 March 31, 2021 2020 (in thousands) Cash and cash equivalents $ 55,232 $ 231,128 Restricted cash and cash equivalents — 24,320 Total $ 55,232 $ 255,448
Schedule of Operating Revenue	Our operating revenues for the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 184,734 $ 204,165 Renewable energy credit sales to member distribution cooperatives 9 — Total sales to member distribution cooperatives $ 184,743 $ 204,165 Non-members Sales to non-members, excluding renewable energy credit sales $ 6,191 $ 4,477 Renewable energy credit sales to non-members 183 104 Total sales to non-members $ 6,374 $ 4,581 Total operating revenues $ 191,117 $ 208,746

General - Additional Informatio

General - Additional Information (Details) $ in Thousands	Mar. 31, 2021USD ($)member_classmemberrepresentative	Dec. 31, 2020USD ($)
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 | $	$ 2,063,058	$ 2,067,644
VIE's
Consolidated assets | $	$ 5,800	$ 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		Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		$ 255,607	$ 245,981
Total Financial Liabilities		1,409	6,406
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[1]	73,029	76,037
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]	177,261	166,300
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[3]	172	166
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[4]	5,145	3,478
Total Financial Liabilities	[4]	1,409	6,406
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		77,560	77,619
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]	73,029	76,037
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]	4,531	1,582
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		698	646
Total Financial Liabilities		1,409	6,406
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]	172	166
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]	526	480
Total Financial Liabilities	[4]	1,409	6,406
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		88	1,416
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]	$ 88	$ 1,416
[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 2020 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, 2021MMBTUMWh	Dec. 31, 2020MMBTUMWh
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	46,440,000	55,630,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	7,109,024	6,922,373

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 5,145	$ 3,478
Total derivatives in a liability position	1,409	6,406
Natural Gas Future Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	5,057	2,062
Natural Gas Future Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	1,409	6,406
Financial Transmission Rights [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 88	$ 1,416

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, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 3,799	$ (18,989)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(753)	(25,051)
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	3,711	(19,521)
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	(4,365)	(21,466)
Financial Transmission Rights [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	88	532
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ 3,612	$ (3,585)

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,146	$ 2,145
Equity Method Investment Gross Unrealized Gains	2,372	2,340
Equity, Fair Value	4,518	4,485
Other, Cost	2,278	2,277
Other Gross Unrealized Gains	2,411	2,374
Other, Fair Value	4,689	4,651
Total Other	2,317	2,311
Total Investments	252,607	244,648
Total Nuclear Decommissioning Trust	250,290	242,337
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	68,197	66,727
Investments, Debt securities, Gross Unrealized Gains	4,188	7,493
Investments, Debt securities	72,385	74,220
Investments, Equity securities, Cost	92,567	89,472
Investments, Equity securities, Gross Unrealized Gains	84,694	76,828
Investments, Equity securities	177,261	166,300
Investments, Cash and other	644	1,817
Investments, Cost	161,408	158,016
Investments, Gross Unrealized Gains	88,882	84,321
Total Nuclear Decommissioning Trust	250,290	242,337
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	132	132
Investments, Equity securities, Gross Unrealized Gains	39	34
Total Investments	$ 171	$ 166

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 72,385
Other debt securities, Total	72,385
Contractual maturities of securities, 5-10 years	72,385
Contractual maturities of securities, Total	$ 72,385

Other - Additional Information

Other - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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
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

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, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 55,232	$ 9,288	$ 231,128
Restricted cash and cash equivalents			24,320
Cash, cash equivalents, restricted cash and cash equivalents	$ 55,232	$ 9,288	$ 255,448	$ 27,699

Other - (Schedule of Operating

Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other [Abstract]
Sales to member distribution cooperatives, excluding renewable energy credit sales	$ 184,734	$ 204,165
Renewable energy credit sales to member distribution cooperatives	9
Total sales to member distribution cooperatives	184,743	204,165
Sales to non-members, excluding renewable energy credit sales	6,191	4,477
Renewable energy credit sales to non-members	183	104
Total sales to non-members	6,374	4,581
Total operating revenues	$ 191,117	$ 208,746
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember