Derivative Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Volumetric Underlying Derivative Transactions |
The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands): Non-trading | | | | | | | | | | | | | | | | | | | Commodity | Notional | | March 31, 2026 | | December 31, 2025 | | Natural Gas | MMBtu | | 7,585 | | | 7,674 | | | | | | | | | Electricity | MWh | | 1,162 | | | 951 | |
Trading | | | | | | | | | | | | | | | | | | | Commodity | Notional | | March 31, 2026 | | December 31, 2025 | | Natural Gas | MMBtu | | 1,502 | | | 2,425 | | | Electricity | MWh | | (2) | | | — | | | | | | | |
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| Schedule of Gains (Losses) on Derivative Instruments |
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | | | 2026 | | 2025 | | | Gain on non-trading derivatives, net | | | | | $ | 8,575 | | | $ | 6,554 | | | | Gain (Loss) on trading derivatives, net | | | | | 511 | | | (2,168) | | | | Gain on derivatives, net | | | | | $ | 9,086 | | | $ | 4,386 | | | | Current period settlements on non-trading derivatives | | | | | (13,009) | | | (3,900) | | | | Current period settlements on trading derivatives | | | | | (17) | | | — | | | | Total current period settlements on derivatives | | | | | $ | (13,026) | | | $ | (3,900) | | |
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| Schedule of Offsetting Assets |
The following tables summarize the fair value and offsetting amounts of our derivative instruments by counterparty and collateral received or paid (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Description | Gross Assets | | Gross
Amounts
Offset | | Net Assets | | Cash
Collateral
Offset | | Net Amount
Presented | | Non-trading commodity derivatives | $ | 6,921 | | | $ | (4,113) | | | $ | 2,808 | | | $ | (9) | | | $ | 2,799 | | | Trading commodity derivatives | 308 | | | (100) | | | 208 | | | — | | | 208 | | | Total Current Derivative Assets | 7,229 | | | (4,213) | | | 3,016 | | | (9) | | | 3,007 | | | Non-trading commodity derivatives | 2,952 | | | (2,468) | | | 484 | | | — | | | 484 | | | Trading commodity derivatives | 145 | | | (147) | | | (2) | | | — | | | (2) | | | Total Non-current Derivative Assets | 3,097 | | | (2,615) | | | 482 | | | — | | | 482 | | | Total Derivative Assets | $ | 10,326 | | | $ | (6,828) | | | $ | 3,498 | | | $ | (9) | | | $ | 3,489 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description | Gross Assets | | Gross
Amounts
Offset | | Net Assets | | Cash
Collateral
Offset | | Net Amount
Presented | | Non-trading commodity derivatives | $ | 6,668 | | | $ | (4,394) | | | $ | 2,274 | | | $ | — | | | $ | 2,274 | | | Trading commodity derivatives | 428 | | | (137) | | | 291 | | | — | | | 291 | | | Total Current Derivative Assets | 7,096 | | | (4,531) | | | 2,565 | | | — | | | 2,565 | | | Non-trading commodity derivatives | 1,882 | | | (968) | | | 915 | | | (204) | | | 711 | | | Trading commodity derivatives | 4 | | | (3) | | | — | | | — | | | — | | | Total Non-current Derivative Assets | 1,886 | | | (971) | | | 915 | | | (204) | | | 711 | | | Total Derivative Assets | $ | 8,982 | | | $ | (5,502) | | | $ | 3,480 | | | $ | (204) | | | $ | 3,276 | |
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| Schedule of Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | Gross
Liabilities | | Gross
Amounts
Offset | | Net
Liabilities | | Cash
Collateral
Offset | | Net Amount
Presented | | Non-trading commodity derivatives | $ | (11,063) | | | $ | 5,478 | | | $ | (5,585) | | | $ | 1,011 | | | $ | (4,574) | | | Trading commodity derivatives | (708) | | | 91 | | | (617) | | | — | | | (617) | | | Total Current Derivative Liabilities | (11,771) | | | 5,569 | | | (6,202) | | | 1,011 | | | (5,191) | | | Non-trading commodity derivatives | (2,008) | | | 1,035 | | | (973) | | | 278 | | | (695) | | | Trading commodity derivatives | (136) | | | 103 | | | (33) | | | — | | | (33) | | | Total Non-current Derivative Liabilities | (2,144) | | | 1,138 | | | (1,006) | | | 278 | | | (728) | | | Total Derivative Liabilities | $ | (13,915) | | | $ | 6,707 | | | $ | (7,208) | | | $ | 1,289 | | | $ | (5,919) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | Gross
Liabilities | | Gross
Amounts
Offset | | Net
Liabilities | | Cash
Collateral
Offset | | Net Amount
Presented | | Non-trading commodity derivatives | $ | (7,331) | | | $ | 5,335 | | | $ | (1,996) | | | $ | 1,038 | | | $ | (958) | | | Trading commodity derivatives | (1,221) | | | 23 | | | (1,198) | | | — | | | (1,198) | | | Total Current Derivative Liabilities | (8,552) | | | 5,358 | | | (3,194) | | | 1,038 | | | (2,156) | | | Non-trading commodity derivatives | (530) | | | 507 | | | (22) | | | — | | | (22) | | | Trading commodity derivatives | (46) | | | 13 | | | (33) | | | — | | | (33) | | | Total Non-current Derivative Liabilities | (576) | | | 520 | | | (55) | | | — | | | (55) | | | Total Derivative Liabilities | $ | (9,128) | | | $ | 5,878 | | | $ | (3,249) | | | $ | 1,038 | | | $ | (2,211) | |
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