13 unchanged sentences
Hawesville and Sebree have market-based electrical power agreements pursuant to which EDF and Kenergy purchase electrical power on the open market and pass it through at MISO energy pricing, plus transmission and other costs incurred by them.
−Removed: Seventy five percent (75%) of Mt.
−Removed: Holly's electric power requirements were supplied at rates based on natural gas prices.
Commitments and Contingencies to the consolidated financial statements included herein for additional information about these market-based power agreements.
1 unchanged sentence
These power purchase agreements, which will expire on various dates from 2023 through 2036 (subject to extension), primarily provide power at LME-based variable rates.
−Removed: However, the price of approximately thirty percent (30%) of Grundartangi's power requirement is linked to the market price for power in the Nord Pool power market.
+Added: The price of approximately 30% of Grundartangi's power requirements is linked to the market price for power in the Nord Pool power market.
From time to time, we may manage our exposure to fluctuations in the market price of power through financial instruments designed to protect our downside risk exposure.
Electrical Power Price Sensitivity
−Removed: With the movement toward market-based power supply agreements, we have increased our exposure to fluctuations in the price of power on the MISO and Nord Pool power markets as well as the price of natural gas.
−Removed: Power represents one of our largest operating costs, so changes in the price of market power could significantly impact the profitability and viability of our operations.
+Added: With the movement toward market-based power supply agreements, we have increased our electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO and Nord Pool power markets or the price of natural gas.
+Added: Power represents one of our largest operating costs, so changes in the price and/or availability of market power could significantly impact the profitability and viability of our operations.
Transmission line outages, problems with grid stability or limitations on energy import capability could also increase power prices, disrupt production through pot instability or force a curtailment of all or part of the production at these facilities.
16 unchanged sentences
As a result, an increase or decrease in the value of those currencies relative to the U.S.
−Removed: dollar would affect Grundartangi and Vlissingen’s operating margins.
+Added: dollar would affect Grundartangi’s and Vlissingen's operating margins.
We may manage our exposure by entering into foreign currency forward contracts or option contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
−Removed: We have entered into financial contracts to hedge the risk of fluctuations associated with the Euro under our Nord Pool power price swaps (the "FX swaps").
+Added: We have entered into financial contracts to hedge the risk of fluctuations associated with the Euro under our power price swaps (the "FX swaps").
Natural Economic Hedges
5 unchanged sentences
Fair Values and Sensitivity Analysis
−Removed: The following tables present the fair value of our derivative asset and liabilities as of September 30, 2020 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at September 30, 2020.
+Added: The following tables present the fair value of our derivative asset and liabilities as of March 31, 2021 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at March 31, 2021.
Our risk management activities do not include any trading or speculative transactions.
1 unchanged sentence
Commodity contracts (1)
+Added: $ 14.4 $ (4.8)
Foreign exchange contracts (2)
2 unchanged sentences
Commodity contracts (1)
+Added: $ 110.5 $ 151.0
Foreign exchange contracts (2)
Total $ 111.0 $ 153.3
−Removed: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, Hawesville L4 power price swaps, fixed for floating swaps, and Nord Pool power price swaps.
+Added: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, and Nord Pool power price swaps.
(2) Foreign exchange contracts reflect our outstanding FX swaps.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.