Old Dominion Electric Cooperative 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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	Jun. 30, 2022	Dec. 31, 2021
Electric Plant:
Property, plant, and equipment	$ 2,545,936	$ 2,542,407
Less accumulated depreciation	(1,083,036)	(1,049,756)
Net Property, plant, and equipment	1,462,900	1,492,651
Nuclear fuel, at amortized cost	16,471	14,495
Construction work in progress	54,781	48,956
Net Electric Plant	1,534,152	1,556,102
Investments:
Nuclear decommissioning trust	223,550	276,658
Unrestricted investments and other	2,393	2,361
Total Investments	225,943	279,019
Current Assets:
Cash and cash equivalents	52,723	107,852
Unrestricted investments maturing within one year	80,134
Accounts receivable	25,755	13,821
Accounts receivable–members	68,824	63,037
Fuel, materials, and supplies	90,105	61,808
Deferred energy	53,841	5,005
Prepayments and other	6,921	10,757
Total Current Assets	378,303	262,280
Deferred Charges and Other Assets:
Regulatory assets	19,631	22,253
Other assets	130,638	55,405
Total Deferred Charges and Other Assets	150,269	77,658
Total Assets	2,288,667	2,175,059
CAPITALIZATION AND LIABILITIES:
Patronage capital	470,287	464,777
Non-controlling interest	5,971	5,831
Total Patronage capital and Non-controlling interest	476,258	470,608
Long-term debt	1,020,982	1,020,759
Total Capitalization	1,497,240	1,491,367
Current Liabilities:
Long-term debt due within one year	49,041	49,041
Accounts payable	120,768	82,988
Accounts payable–members	102,576	112,742
Accrued expenses	7,639	6,128
Total Current Liabilities	280,024	250,899
Deferred Credits and Other Liabilities:
Asset retirement obligations	187,732	184,797
Regulatory liabilities	234,929	220,619
Other liabilities	88,742	27,377
Total Deferred Credits and Other Liabilities	511,403	432,793
Total Capitalization and Liabilities	$ 2,288,667	$ 2,175,059

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Operating Revenues	$ 209,400	$ 181,484	$ 426,834	$ 372,601
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember
Operating Expenses:
Fuel	$ 38,631	$ 26,434	$ 71,652	$ 66,188
Purchased power	73,962	45,679	200,325	116,671
Transmission	35,793	32,242	70,077	63,868
Deferred energy	(6,965)	5,045	(48,836)	(10,895)
Operations and maintenance	23,722	24,119	42,331	40,555
Administrative and general	9,987	10,640	20,715	21,520
Depreciation and amortization	17,324	17,555	34,611	35,231
Amortization of regulatory asset/(liability), net	(234)	1,726	(434)	4,213
Accretion of asset retirement obligations	1,468	1,415	2,935	2,830
Taxes, other than income taxes	2,289	2,469	4,597	4,894
Total Operating Expenses	195,977	167,324	397,973	345,075
Operating Margin	13,423	14,160	28,861	27,526
Other income (expense), net	2,079	(41)	2,028	30
Investment income	1,005	2,635	1,764	6,041
Interest charges, net	(13,545)	(13,934)	(26,954)	(27,944)
Income taxes (expense)/benefit	(50)	2	(49)	4
Net Margin including Non-controlling interest	2,912	2,822	5,650	5,657
Non-controlling interest	(142)	7	(140)	12
Net Margin attributable to ODEC	2,770	2,829	5,510	5,669
Patronage Capital - Beginning of Period	467,517	456,310	464,777	453,470
Patronage Capital - End of Period	$ 470,287	$ 459,139	$ 470,287	$ 459,139

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net Margin including Non-controlling interest	$ 2,912	$ 2,822	$ 5,650	$ 5,657
Adjustments to reconcile net margin to net cash provided by operating activities:
Depreciation and amortization	17,324	17,555	34,611	35,231
Other non-cash charges			8,430	8,024
Change in current assets			(42,182)	9,114
Change in deferred energy			(48,836)	(10,895)
Change in current liabilities			29,584	(16,953)
Change in regulatory assets and liabilities			71,493	48,780
Change in deferred charges and other assets and deferred credits and other liabilities			(13,856)	(9,909)
Net Cash Provided by Operating Activities			44,894	69,049
Investing Activities:
Purchases of held to maturity securities			(80,012)
Increase in other investments			(1,619)	(6,023)
Electric plant additions			(18,392)	(13,715)
Net Cash Used for Investing Activities			(100,023)	(19,738)
Financing Activities:
Net Change in Cash and Cash Equivalents			(55,129)	49,311
Cash and Cash Equivalents - Beginning of Period			107,852	9,288
Cash and Cash Equivalents - End of Period	$ 52,723	$ 58,599	$ 52,723	$ 58,599

General

General	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General	1. The accompanying unaudited condensed consolidated financial statements, which represent the consolidated financial statements of ODEC and TEC, 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 June 30, 2022, our consolidated results of operations for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. The consolidated results of operations for the three and six months ended June 30, 2022, 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 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission. 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 $14.8 million and $5.8 million as of June 30, 2022 and December 31, 2021, 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. We are a not-for-profit wholesale power supply cooperative, incorporated under the laws of the Commonwealth of Virginia in 1948 and currently are exempt from federal income taxation under IRC Section 501(c)(12). In order to maintain our tax-exempt status, we must receive at least 85% of our income from our members on an annual basis. Current conditions in the energy markets and the price of natural gas have increased the realized gains on our financial hedges and the price of excess power sold to non-members, resulting in pressure on our tax-exempt status. The realized gains on our financial hedges are considered non-member income for tax purposes. During the second quarter of 2022 we sold excess power to our class B member, TEC. Due to the unpredictable nature of current market conditions, it is possible we will not continue to qualify for the exemption. We are continuing to monitor our tax-exempt status and potential implications. 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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 tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 77,073 $ 77,073 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 146,477 — — — Unrestricted investments and other (3) 244 — 244 — Derivatives - gas and power (4) 116,677 70,801 25,714 20,162 Total Financial Assets $ 340,471 $ 147,874 $ 25,958 $ 20,162 Derivatives - gas and power (4) $ 7,800 $ — $ 7,800 $ — Total Financial Liabilities $ 7,800 $ — $ 7,800 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 89,227 $ 89,227 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 187,431 — — — Unrestricted investments and other (3) 212 — 212 — Derivatives - gas and power (4) 50,793 32,078 3,705 15,010 Total Financial Assets $ 327,663 $ 121,305 $ 3,917 $ 15,010 Derivatives - gas and power (4) $ 4,291 $ — $ 4,291 $ — Total Financial Liabilities $ 4,291 $ — $ 4,291 $ — (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 (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 2021 Annual Report on Form 10-K.

Derivatives And Hedging

Derivatives And Hedging	6 Months Ended
	Jun. 30, 2022
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 2021 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 June 30, As of December 31, Commodity Unit of Measure 2022 2021 Natural gas MMBTU 86,670,000 58,640,000 Purchased power - financial transmission rights MWh 12,135,228 9,156,789 The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of June 30, As of December 31, Balance Sheet Location 2022 2021 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 96,515 $ 35,783 Financial transmission rights Other assets 20,162 15,010 Total derivatives in an asset position $ 116,677 $ 50,793 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 7,800 $ 4,291 Total derivatives in a liability position $ 7,800 $ 4,291 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Six Months Ended June 30, 2022 and 2021 Amount of Gain (Loss) Recognized Location of Gain (Loss) Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Six Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting June 30, into Income June 30, June 30, 2022 2021 2022 2021 2022 2021 (in thousands) (in thousands) Natural $ 100,117 $ 37,203 Fuel $ 33,208 $ 1,333 $ 53,630 $ (3,033 ) Purchased power 20,162 2,372 Purchased power 3,898 839 5,828 4,451 Total $ 120,279 $ 39,575 $ 37,106 $ 2,172 $ 59,458 $ 1,418 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	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Investments	4. Investments were as follows as of June 30, 2022 and December 31, 2021: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) June 30, 2022 Nuclear decommissioning trust (1) Debt securities $ 85,625 $ — $ (8,914 ) $ 76,711 $ 76,711 Equity securities 93,557 61,556 (8,636 ) 146,477 146,477 Cash and other 362 — — 362 362 Total Nuclear Decommissioning Trust $ 179,544 $ 61,556 $ (17,550 ) $ 223,550 $ 223,550 Unrestricted investments Government obligations $ 80,134 $ — $ (224 ) $ 79,910 $ 80,134 Total Unrestricted Investments $ 80,134 $ — $ (224 ) $ 79,910 $ 80,134 Other Equity securities $ 202 $ 42 $ — $ 244 $ 244 Non-marketable equity investments 2,149 2,238 — 4,387 2,149 Total Other $ 2,351 $ 2,280 $ — $ 4,631 $ 2,393 $ 306,077 December 31, 2021 Nuclear decommissioning trust (1) Debt securities $ 84,701 $ 4,052 $ — $ 88,753 $ 88,753 Equity securities 92,916 94,923 (408 ) 187,431 187,431 Cash and other 474 — — 474 474 Total Nuclear Decommissioning Trust $ 178,091 $ 98,975 $ (408 ) $ 276,658 $ 276,658 Other Equity securities $ 157 $ 55 $ — $ 212 $ 212 Non-marketable equity investments 2,149 2,370 — 4,519 2,149 Total Other $ 2,306 $ 2,425 $ — $ 4,731 $ 2,361 $ 279,019 (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 2021 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively. Contractual maturities of debt securities as of June 30, 2022, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 76,711 $ — $ 76,711 Held to maturity (2) 80,134 — — — 80,134 Total $ 80,134 $ — $ 76,711 $ — $ 156,845 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. (2) Included in unrestricted investments maturing within one year.

Other

Other	6 Months Ended
	Jun. 30, 2022
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 through February 28, 2025. Available funding under this facility totaled $500 million through March 3, 2022, and totals $400 million from March 4, 2022 through February 28, 2025. As of June 30, 2022 and December 31, 2021, we had no borrowings and had a $0.5 million letter of credit outstanding under this facility. 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. ODEC sells excess purchased and generated energy not needed to meet the actual needs of our member distribution cooperatives to PJM, TEC, or other counterparties. Our financial statements represent the consolidated financial statements of ODEC and TEC and through the consolidation process, all intercompany balances and transactions have been eliminated and TEC’s sales are reflected as non-member revenues. Our operating revenues for the three and six months ended June 30, 2022 and 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenues from sales to: Member distribution cooperatives Energy revenues $ 91,557 $ 70,220 $ 206,642 $ 161,054 Renewable energy credits 74 8 91 17 Demand revenues 100,418 102,477 198,983 196,377 Total revenues from sales to member distribution cooperatives 192,049 172,705 405,716 357,448 Non-members: Energy revenues (1) 17,351 6,398 21,118 12,589 Renewable energy credits — 2,381 — 2,564 Total revenues from sales to non-members 17,351 8,779 21,118 15,153 Total operating revenues $ 209,400 $ 181,484 $ 426,834 $ 372,601 (1) Includes TEC’s sales to non-members of $8.9 million for the three and six months ended June 30, 2022. TEC did not have sales to non-members in 2021.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
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 was 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 and currently do not anticipate a material impact from adopting this standard.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 77,073 $ 77,073 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 146,477 — — — Unrestricted investments and other (3) 244 — 244 — Derivatives - gas and power (4) 116,677 70,801 25,714 20,162 Total Financial Assets $ 340,471 $ 147,874 $ 25,958 $ 20,162 Derivatives - gas and power (4) $ 7,800 $ — $ 7,800 $ — Total Financial Liabilities $ 7,800 $ — $ 7,800 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 89,227 $ 89,227 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 187,431 — — — Unrestricted investments and other (3) 212 — 212 — Derivatives - gas and power (4) 50,793 32,078 3,705 15,010 Total Financial Assets $ 327,663 $ 121,305 $ 3,917 $ 15,010 Derivatives - gas and power (4) $ 4,291 $ — $ 4,291 $ — Total Financial Liabilities $ 4,291 $ — $ 4,291 $ — (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 (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 2021 Annual Report on Form 10-K.

Derivatives And Hedging (Tables

Derivatives And Hedging (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, As of December 31, Commodity Unit of Measure 2022 2021 Natural gas MMBTU 86,670,000 58,640,000 Purchased power - financial transmission rights MWh 12,135,228 9,156,789
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 June 30, As of December 31, Balance Sheet Location 2022 2021 (in thousands) Derivatives in an asset position: Natural gas futures contracts Other assets $ 96,515 $ 35,783 Financial transmission rights Other assets 20,162 15,010 Total derivatives in an asset position $ 116,677 $ 50,793 Derivatives in a liability position: Natural gas futures contracts Other liabilities $ 7,800 $ 4,291 Total derivatives in a liability position $ 7,800 $ 4,291
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 Six Months Ended June 30, 2022 and 2021 Amount of Gain (Loss) Recognized Location of Gain (Loss) Amount of Gain (Loss) Reclassified from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Six Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting June 30, into Income June 30, June 30, 2022 2021 2022 2021 2022 2021 (in thousands) (in thousands) Natural $ 100,117 $ 37,203 Fuel $ 33,208 $ 1,333 $ 53,630 $ (3,033 ) Purchased power 20,162 2,372 Purchased power 3,898 839 5,828 4,451 Total $ 120,279 $ 39,575 $ 37,106 $ 2,172 $ 59,458 $ 1,418

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Schedule Of Investments	Investments were as follows as of June 30, 2022 and December 31, 2021: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) June 30, 2022 Nuclear decommissioning trust (1) Debt securities $ 85,625 $ — $ (8,914 ) $ 76,711 $ 76,711 Equity securities 93,557 61,556 (8,636 ) 146,477 146,477 Cash and other 362 — — 362 362 Total Nuclear Decommissioning Trust $ 179,544 $ 61,556 $ (17,550 ) $ 223,550 $ 223,550 Unrestricted investments Government obligations $ 80,134 $ — $ (224 ) $ 79,910 $ 80,134 Total Unrestricted Investments $ 80,134 $ — $ (224 ) $ 79,910 $ 80,134 Other Equity securities $ 202 $ 42 $ — $ 244 $ 244 Non-marketable equity investments 2,149 2,238 — 4,387 2,149 Total Other $ 2,351 $ 2,280 $ — $ 4,631 $ 2,393 $ 306,077 December 31, 2021 Nuclear decommissioning trust (1) Debt securities $ 84,701 $ 4,052 $ — $ 88,753 $ 88,753 Equity securities 92,916 94,923 (408 ) 187,431 187,431 Cash and other 474 — — 474 474 Total Nuclear Decommissioning Trust $ 178,091 $ 98,975 $ (408 ) $ 276,658 $ 276,658 Other Equity securities $ 157 $ 55 $ — $ 212 $ 212 Non-marketable equity investments 2,149 2,370 — 4,519 2,149 Total Other $ 2,306 $ 2,425 $ — $ 4,731 $ 2,361 $ 279,019 (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 2021 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively.
Schedule Of Contractual Maturities Of Debt Securities	Contractual maturities of debt securities as of June 30, 2022, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 76,711 $ — $ 76,711 Held to maturity (2) 80,134 — — — 80,134 Total $ 80,134 $ — $ 76,711 $ — $ 156,845 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. (2) Included in unrestricted investments maturing within one year.

Other (Tables)

Other (Tables)	6 Months Ended
	Jun. 30, 2022
Other [Abstract]
Schedule of Operating Revenue	Our operating revenues for the three and six months ended June 30, 2022 and 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenues from sales to: Member distribution cooperatives Energy revenues $ 91,557 $ 70,220 $ 206,642 $ 161,054 Renewable energy credits 74 8 91 17 Demand revenues 100,418 102,477 198,983 196,377 Total revenues from sales to member distribution cooperatives 192,049 172,705 405,716 357,448 Non-members: Energy revenues (1) 17,351 6,398 21,118 12,589 Renewable energy credits — 2,381 — 2,564 Total revenues from sales to non-members 17,351 8,779 21,118 15,153 Total operating revenues $ 209,400 $ 181,484 $ 426,834 $ 372,601 (1) Includes TEC’s sales to non-members of $8.9 million for the three and six months ended June 30, 2022. TEC did not have sales to non-members in 2021.

General - Additional Informatio

General - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) member_class member representative	Dec. 31, 2021 USD ($)
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 | $	$ 2,288,667	$ 2,175,059
Percentage of income received from members	85%
VIE's
Consolidated assets | $	$ 14,800	$ 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		Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		$ 340,471	$ 327,663
Total Financial Liabilities		7,800	4,291
Nuclear Decommissioning Trust [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[1]	77,073	89,227
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]	146,477	187,431
Unrestricted Investment And Other [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[3]	244	212
Derivatives - Gas And Power [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets	[4]	116,677	50,793
Total Financial Liabilities	[4]	7,800	4,291
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		147,874	121,305
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]	77,073	89,227
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]	70,801	32,078
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		25,958	3,917
Total Financial Liabilities		7,800	4,291
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]	244	212
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]	25,714	3,705
Total Financial Liabilities	[4]	7,800	4,291
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Financial Assets		20,162	15,010
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]	$ 20,162	$ 15,010
[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 (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 2021 Annual Report on Form 10-K.

Derivatives And Hedging (Schedu

Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022 MMBTU MWh	Dec. 31, 2021 MMBTU MWh
Natural Gas [Member]
Derivative [Line Items]
Quantity | MMBTU	86,670,000	58,640,000
Financial Transmission Rights [Member]
Derivative [Line Items]
Quantity | MWh	12,135,228	9,156,789

Derivatives And Hedging (Sche_2

Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 116,677	$ 50,793
Total derivatives in a liability position	7,800	4,291
Natural Gas Future Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	96,515	35,783
Natural Gas Future Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	7,800	4,291
Financial Transmission Rights [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 20,162	$ 15,010

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	$ 120,279	$ 39,575	$ 120,279	$ 39,575
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	37,106	2,172	59,458	1,418
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	100,117	37,203	100,117	37,203
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	33,208	1,333	53,630	(3,033)
Financial Transmission Rights [Member] | Purchased Power [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives	20,162	2,372	20,162	2,372
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income	$ 3,898	$ 839	$ 5,828	$ 4,451

Investments (Schedule Of Invest

Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of Invested Securities [Line Items]
Equity, Cost	$ 2,149	$ 2,149
Equity Method Investment Gross Unrealized Gains	2,238	2,370
Equity, Fair Value	4,387	4,519
Other, Cost	2,351	2,306
Other Gross Unrealized Gains	2,280	2,425
Other, Fair Value	4,631	4,731
Total Other	2,393	2,361
Total investments	306,077	279,019
Total Nuclear Decommissioning Trust	223,550	276,658
Nuclear Decommissioning Trust [Member]
Schedule of Invested Securities [Line Items]
Investments, Debt securities, Cost	85,625	84,701
Investments, Debt securities, Gross Unrealized Gains		4,052
Investments, Debt securities, Gross Unrealized Losses	(8,914)
Investments, Debt securities	76,711	88,753
Investments, Equity securities, Cost	93,557	92,916
Investments, Equity securities, Gross Unrealized Gains	61,556	94,923
Investments, Equity securities, Gross Unrealized Losses	(8,636)	(408)
Investments, Equity securities	146,477	187,431
Investments, Cash and other	362	474
Investments, Cost	179,544	178,091
Investments, Gross Unrealized Gains	61,556	98,975
Investments, Gross Unrealized Loss	(17,550)	(408)
Total Nuclear Decommissioning Trust	223,550	276,658
Other [Member]
Schedule of Invested Securities [Line Items]
Investments, Equity securities, Cost	202	157
Investments, Equity securities, Gross Unrealized Gains	42	55
Total Investments	244	$ 212
Unrestricted Investments [Member]
Schedule of Invested Securities [Line Items]
Government obligations, Cost	80,134
Government obligations, Gross Unrealized Losses	(224)
Government obligations, Fair Value	79,910
Government obligations, Carrying Value	80,134
Unrestricted investments, Cost	80,134
Unrestricted investments, Gross Unrealized Losses	(224)
Unrestricted investments, Fair Value	79,910
Unrestricted investments, Carrying Value	$ 80,134

Investments (Schedule Of Contra

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Investments [Abstract]
Other debt securities, 5-10 years	$ 76,711
Other debt securities, Total	76,711
Contractual maturities of securities, Less than 1 year	80,134
Contractual maturities of securities, 5-10 years	76,711
Contractual maturities of securities, Total	156,845
Held to maturity, less than1 year	80,134
Held to maturity, Total	$ 80,134

Investments (Schedule Of Cont_2

Investments (Schedule Of Contractual Maturities Of Debt Securities) (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Unrestricted investments maturing period	1 year

Other - Additional Information

Other - Additional Information (Details) - USD ($)	Jun. 30, 2022	Mar. 03, 2022	Dec. 31, 2021
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 - (Schedule of Operating

Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other [Abstract]
Energy revenues	$ 91,557	$ 70,220	$ 206,642	$ 161,054
Renewable energy credits	74	8	91	17
Demand revenues	100,418	102,477	198,983	196,377
Total revenues from sales to member distribution cooperatives	192,049	172,705	405,716	357,448
Energy revenues	17,351	6,398	21,118	12,589
Renewable energy credits		2,381		2,564
Total revenues from sales to non-members	17,351	8,779	21,118	15,153
Total operating revenues	$ 209,400	$ 181,484	$ 426,834	$ 372,601
Type of Revenue [Extensible List]	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember	us-gaap:ElectricityMember

Other - (Schedule of Operatin_2

Other - (Schedule of Operating Revenues) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other [Abstract]
TEC Sales to Non member	$ 8,900	$ 0	$ 8,900	$ 0