12. Natural gas sales and purchases (continued)
For the Twelve Months Ended December 31 2015 2014 Gas Gas
Commodity Marketing Total
(millions)
Commodity Marketing Total
Natural gas sales Natural gas sales to commodity customers
$
249
$
-
$
249
$
262
$
-
$
262
Realized on natural gas derivative instruments
41
150
191
48
408
456
Change in fair value of natural gas derivative instruments
(1)
(14)
(15)
-
11
11
289
136
425
310
419
729
Natural gas purchases Realized on natural gas derivative instruments
(250)
(131)
(381)
(301)
(394)
(695)
Change in fair value of natural gas derivative instruments Change in revaluation of natural gas in storage to net realizable value
16
-
16
(83)
(3)
(86)
-
(1)
(1)
-
(12)
(12)
(234)
(132)
(366)
(384)
(409)
(793)
$
55
$
4
$
59
$
(74)
$
10
$
(64)
13. Net change in non-cash working capital related to operations
For the Twelve Months Ended December 31
(millions)
2015
2014
$
32 16
Trade and other receivables
$
-
Natural gas in storage held for resale
56
-
Inventories of supplies Trade and other payables
-
(2)
(6)
(12)
Deferred revenue
26
$
34
$
76
14. Financial risk management
Through the normal course of business, the Corporation has exposure to market risk (natural gas price risk, interest rate risk, and foreign currency risk), liquidity risk, and credit risk related to its financial and derivative instruments. The Board of Directors, through the Audit and Finance Committee, has the overall responsibility for the establishment and oversight of the Corporation's risk management efforts. The Corporation’s risk management policies and strategies, approved by the Board of Directors and reviewed regularly by the Audit and Finance Committee, provide the framework within which the Corporation may use financial and derivative instruments to manage its risks. The Corporation’s significant risk management policies include the Corporate Derivatives Policy, the Commodity Risk Management Policy, the Corporate Debt and Interest Rate Risk Management Policy, the Foreign Currency Risk Management Policy and the Corporate Credit Risk Management Policy. The objectives, policies, and processes for managing risk were consistent with the prior period. The significant risks in relation to financial instruments that impact the Corporation are discussed below.
25
2015/2016 FOURTH QUARTER REPORT
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