Notes to the Consolidated Financial Statements (unaudited)
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, 2023, own-use natural gas derivative instruments had the following notional values and maturities for the next five fiscal years:
(millions)
2024
2025
2026
2027
2028 Thereafter
OWN-USE PHYSICAL NATURAL GAS CONTRACTS
Notional value
$
38
$
86
$
89
$
94
$
84
$
238
Notional value - estimated undiscounted cash outflow
b.
Contingencies
The Corporation is involved in litigation claims, which the Corporation does not expect will result in any material financial impact.
12.
UNREALIZED MARKET VALUE ADJUSTMENTS
For the Three Months Ended September 30,
For the Six Months Ended September 30,
(millions)
2023
2022
2023
2022
Change in fair value of natural gas derivative instruments Change in revaluation of natural gas in storage to net realizable value
$
3
$
16
$
(14)
$
15
-
1
-
-
3
17
(14) (10) (24)
15
Change in fair value through OCI
(9) (6)
-
(6)
$
$
17
$
$
9
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. 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.
27
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