8. Lease liability (continued)
As at September 30, 2019, scheduled future minimum lease payments and the present value of the finance lease obligation are as follows for the next five fiscal years:
(millions)
2020
2021
2022
2023
2024
Future minimum lease payments
$
6
$
5
$
2
$
1
$
1
Present value of lease liability
$
6
$
5
$
1
$
1
$
1
9. Commitments
As at September 30, 2019, the Corporation had $140 million (2018 - $141 million) of outstanding contractual commitments for the procurement of goods and services in the future.
During the period, the Corporation entered into commodity contracts for the physical purchase of natural gas that qualify as own-use contracts. As at September 30, 2019, own-use natural gas derivative instruments had the following notional values and maturities for the next five fiscal years:
(millions)
2020
2021
2022
2023
2024
Total
Own-use physical natural gas contracts Notional value
$
(40)
$
(74)
$
(73)
$
(71)
$
(70)
(328) $
Notional value - estimated undiscounted cash outflow
10. Unrealized market value adjustments
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2019
2018
2019
2018
(millions)
$
(17)
$
(27)
Change in fair value of natural gas derivative instruments
$
7 4
$
1
2
-
Change in revaluation of natural gas in storage to net realizable value
16
$
(15)
$
(27)
$
11
$
17
Unrealized market value adjustments represent the net income impact of measuring certain financial and derivative instruments at fair value subsequent to initial recognition (Note 5) and measuring natural gas in storage at the lower of weighted average cost and net realizable value (Note 4). These adjustments represent the change in the carrying amount of the related item during the period and are dependent on the market prices and expected delivery dates at the end of the reporting period.
25
2019-20 SECOND QUARTER REPORT
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