2 unchanged sentences
Aluminum is an internationally traded commodity, and its price is effectively determined on the LME plus any regional premium (e.g.
−Removed: the Midwest premium for aluminum sold in the United States and the European Duty Paid premium for metal sold into Europe) and any product premiums.
+Added: the Midwest premium for aluminum sold in the United States and the European Duty Paid premium for metal sold into Europe) and any value-added product premiums.
From time to time, we may manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to protect our downside price risk exposure.
11 unchanged sentences
These power purchase agreements, which will expire on various dates from 2026 through 2036 (subject to extension), currently primarily provide power at LME-based variable rates.
−Removed: At this time, the price of approximately 20-25% of Grundartangi's power requirements is linked to the market price for power in the Nord Pool power market.
+Added: At this time, the price of approximately 20% of Grundartangi's power requirements is linked to the market price for power in the Nord Pool power market through the end of 2023, which is predominantly hedged.
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
+Added: Given our market-based power supply agreements, we have electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO or Nord Pool power markets or the price of natural gas.
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.
−Removed: Given our market-based power supply agreements, we have electrical power price risk for our operations, whether due to fluctuations in the price of power (whether it be the cost of energy itself, generation capacity costs, or transmission costs) available on the MISO or Nord Pool power markets or the price of natural gas.
−Removed: Transmission line outages, reduction in power production by power suppliers, 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.
−Removed: In addition, indirect factors that lead to power cost increases, such as any disruptions in supply of natural gas or coal, increasing prices for natural gas or coal, fluctuations in or extremes in weather patterns or new or more stringent environmental regulations may severely impact our financial condition, results of operations and liquidity.
−Removed: The consumption shown in the table below reflects each operation at 100% capacity and does not reflect partial production curtailments.
+Added: 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.
+Added: In addition, indirect factors that lead to power cost increases, such as any increasing prices for natural gas or coal, fluctuations in or extremes in weather patterns or new or more stringent environmental regulations may severely impact our financial condition, results of operations and liquidity.
+Added: The consumption shown in the table below reflects each operation at 100% production capacity and does not reflect production curtailments.
+Added: Electrical power price sensitivity by location :
Hawesville Sebree Mt.
9 unchanged sentences
dollar as compared to the Icelandic krona ("ISK"), the Euro, the Chinese renminbi and other currencies.
−Removed: Grundartangi’s labor costs, costs associated with the casthouse project, part of its maintenance costs and other local services are denominated in ISK and a portion of its anode costs are denominated in Euros and Chinese renminbi.
+Added: Grundartangi’s labor costs, part of its maintenance costs and other local services are denominated in ISK and a portion of its anode costs are denominated in Euros and Chinese renminbi.
We also have deposits denominated in ISK in Icelandic banks and our estimated payments of Icelandic income taxes and any associated refunds are denominated in ISK.
3 unchanged sentences
We may manage our foreign currency 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: For example, we have entered into the FX swaps to hedge the risk of fluctuations associated with the Euro in connection with our Nord Pool power price swaps.
+Added: We have entered into financial contracts to hedge the risk of fluctuations associated with the Euro under our Nord Pool power price swaps and risk of fluctuations associated with the ISK and Euro under our casthouse currency hedges.
Natural Economic Hedges
5 unchanged sentences
Fair Values and Sensitivity Analysis
−Removed: The following tables present the fair value of our derivative assets and liabilities as of September 30, 2022 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at September 30, 2022.
+Added: The following tables present the fair value of our derivative assets and liabilities as of March 31, 2023 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at March 31, 2023.
Our risk management activities do not include any trading or speculative transactions.
2 unchanged sentences
$ 52.5 $ 38.0
+Added: Foreign exchange contracts (2)
Total $ 52.6 $ 38.7
4 unchanged sentences
Total $ 19.3 $ 37.2
−Removed: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps and Indiana Hub power price swaps.
+Added: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps and Indiana Hub power price swaps.
(2) Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.
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.