Notes to the Consolidated Financial Statements
6. NATURAL GAS IN STORAGE HELD FOR RESALE
(millions)
2020
2019
$
20
Cost
$
40
(7)
Revaluation to net realizable value
(14)
$
13
$
26
With the decline in natural gas market prices over recent years, the net realizable value of natural gas in storage as at March 31, 2020 is $7 million below cost (2019 - $14 million). As at March 31, 2020, the Corporation expects that $11 million of the current inventory value could be sold or consumed within the next fiscal year and $2 million of the current inventory value could be sold or consumed after more than one fiscal year. 7. DEBT RETIREMENT FUNDS
(millions)
2020
2019
$
121
Balance, beginning of year
$
105
11
Installments Redemptions
10
(4)
-
6 2
Earnings
3 3
Change in fair value through OCI
136
Balance, end of year
121
(11)
Less: Current portion of debt retirement funds
(3)
$
125
$
118
The investments held in debt retirement funds are primarily Federal and Provincial Government debt instruments. The average return on these investments is 3.0 per cent for the period (2019 - 2.4 per cent). As at March 31, 2020, approximately $13 million is required to be invested in debt retirement funds on an annual basis.
p.68
Made with FlippingBook Ebook Creator