8. Commitments
As at December 31, 2020, the Corporation had $90 million (2019 - $135 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 December 31, 2020, own-use natural gas derivative instruments had the following notional values and maturities for the next five fiscal years:
(millions)
2021
2022
2023
2024
2025
Total
Own-use physical natural gas contracts Notional value
(299) $
$
(20)
$
(69)
$
(65)
$
(59)
$
(86)
Notional value - estimated undiscounted cash outflow
9. Unrealized market value adjustments
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2020
2019
2020
2019
(millions)
$
(12)
$
12
Change in fair value of natural gas derivative instruments Change in revaluation of natural gas in storage to net realizable value
$
(8)
$
(35)
-
6
3
3
$
(12)
$
18
$
(5)
$
(32)
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.
2020-21 Third Quarter Report
28
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