Notes to the Consolidated Financial Statements (unaudited)
During the fiscal year, the Corporation issued $150 million in long-term debt in two increments. Factoring in discounts and commissions, net proceeds from these issuances totaled $149 million. The first $75 million increment, issued in June 2025 at a discount of $1 million, bears a coupon rate of 4.4 per cent and matures in 2056. The second increment of $75 million, issued in December 2025, also bears a coupon rate of 4.4 per cent and matures in 2056. In addition to these issuances, the Corporation also repaid $75 million of long-term debt that matured in May 2025. The issuances and maturity are reflected in the table above.
9. Commitments
As at December 31, 2025, the Corporation had $132 million (March 31, 2025 - $170 million) of outstanding contractual commitments for the procurement of goods and services in the future.
The Corporation entered into commodity contracts for the physical purchase of natural gas that qualify as own-use contracts. The following table summarizes, as at December 31, 2025, the notional value of outstanding own-use natural gas contracts by fiscal year of maturity. Amounts for fiscal 2026 represent the remaining three months of the fiscal year ending March 31, 2026, while amounts for 2027 and subsequent years represent full twelve-month fiscal periods.
(millions)
2026
2027
2028
2029
2030 Thereafter
OWN-USE PHYSICAL NATURAL GAS CONTRACTS
Notional value
$
28
$
94
$
94
$
114
$
94
$
247
Notional value - estimated undiscounted cash outflow
10. Unrealized Market Value Adjustments
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
(millions)
2025
2024
2025
2024
Change in fair value of natural gas derivative instruments
$
(2)
$
2
$
(9) (2)
$
(3)
Change in fair value through OCI
3 1
(3) (1)
4 1
$
$
$
(11)
$
Unrealized market value adjustments represent the net income impact of measuring certain financial and derivative instruments at fair value subsequent to initial recognition (Note 4) and measuring natural gas in storage at the lower of weighted average cost and net realizable value. 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. Unrealized market value adjustments through OCI represent the income impact of measuring debt retirement funds at fair value subsequent to initial recognition. The adjustment represents the change in the carrying amount of debt retirement funds during the period and is dependent on the market prices of the financial instruments held in the debt retirement funds at the end of the reporting period.
25
Made with FlippingBook Ebook Creator