Notes to the Consolidated Financial Statements (unaudited)
(millions)
2027
2028
2029
2030
2031 Thereafter
OWN-USE PHYSICAL NATURAL GAS CONTRACTS Notional value
$
76
$
102 $
123 $
101
$
74
$
191
Notional value - estimated undiscounted cash outflow
10. Unrealized Market Value Adjustments
For the Three Months Ended June 30,
(millions)
2026
2025
Change in fair value of natural gas derivative instruments
$
1 2 3
$
(6) (1) (7)
Change in fair value through OCI
$
$
Unrealized market value adjustments represent the net income impact of measuring certain financial and derivative instruments at fair value subsequent to initial recognition (Note 4) and measuring natural gas in storage at the lower of weighted average cost and net realizable value. 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.
11. Natural Gas Sales and Purchases
For the Three Months Ended June 30,
2026
Asset 2025
Asset
(millions)
Commodity Optimization Total
Commodity Optimization Total
NATURAL GAS SALES Realized sales
$
31
$
24
$
55
$
25
$
33
$
58
Change in fair value of natural gas derivative instruments
-
(1)
(1)
-
4
4
31
23
54
25
37
62
NATURAL GAS PURCHASES Realized purchases (net of change in inventory) Change in fair value of natural gas derivative instruments
(26)
(18)
(44)
(20)
(27)
(47)
1
1
2
(7)
(3)
(10) (57)
(25)
(17)
(42)
(27)
(30)
$
6
$
6
$
12
$
(2)
$
7
$
5
25
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