Notes to the Consolidated Financial Statements (unaudited)
On January 3, 2024, SaskEnergy initiated a Federal Court application seeking cancellation of its registration as a registered distributor under the GGPPA as of January 1, 2024. The Canada Revenue Agency cancelled SaskEnergy’s registration and granted the Provincial Crown’s registration. The court application was discontinued as it was no longer necessary. An associated directive from the Provincial Crown to discontinue collection of the carbon tax for residential customers is not expected to result in any material financial impact.
12.
UNREALIZED MARKET VALUE ADJUSTMENTS
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
(millions)
2023
2022
2023
2022
Change in fair value of natural gas derivative instruments
$
(24) (24)
$
(38) (38)
$
(53) (53)
$
(38) (38)
14
4
Change in fair value through OCI
(1)
(7)
$
(10)
$
(34)
$
(54)
$
(45)
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.
13.
NATURAL GAS SALES AND PURCHASES
2022 For the Three Months Ended December 31,
Asset 2023
Asset
Commodity Optimization Total
(millions)
Commodity Optimization Total
NATURAL GAS SALES Natural gas sales to
$
70
$
-
$
70
$
122
$
-
$
122
commodity customers Realized on natural gas derivative instruments
-
26
26
-
75
75
Change in fair value of natural gas derivative instruments
-
2
2
-
13 88
13
70
28
98
122
210
NATURAL GAS PURCHASES Realized on natural gas derivative instruments Change in fair value of natural gas derivative instruments
(62)
(22)
(84)
(68)
(167)
(99)
(24) (86) (16)
(2)
(26)
(53)
(13) (81)
(66)
(24)
(110)
(152)
(233)
$
$
4
$
(12)
$
(30)
$
7
$
(23)
28
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