12 unchanged sentences
Market-Based Electrical Power Agreements
−Removed: 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.
+Added: Hawesville and Sebree have a market-based electrical power agreement pursuant to which Kenergy purchases electrical power on the open market and passes it through at MISO energy pricing, plus transmission and other costs incurred by them.
+Added: The agreement with EDF terminated effective May 31, 2023, and, effective June 1 2023, we act as our own MISO Market participant (through an indirect, wholly-owned subsidiary).
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 2026 through 2036 (subject to extension), currently primarily provide power at LME-based variable rates.
−Removed: 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.
+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 2023 and beginning January 1, 2024 through December 31, 2026, this agreement allows for fixed rates plus a small variable rate portion, 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.
16 unchanged sentences
We are exposed to foreign currency risk due to fluctuations in the value of the U.S.
−Removed: dollar as compared to the Icelandic krona ("ISK"), the Euro, the Chinese renminbi and other currencies.
+Added: dollar as compared to the Icelandic krona ("ISK"), the Euro, the Chinese renminbi, the Jamaican dollar and other currencies.
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.
−Removed: Further, Vlissingen's labor costs, maintenance costs and other local services are denominated in Euros and our existing Nord Pool power price swaps described above are settled in Euros.
+Added: Vlissingen's labor costs, maintenance costs and other local services are denominated in Euros and our existing Nord Pool power price swaps described above are settled in Euros.
+Added: Further, Jamalco's labor costs, maintenance costs, and other local services are denominated in Jamaican dollars.
+Added: We also have deposits denominated in Jamaican dollars in Jamaican banks and our estimated payments of Jamaican income taxes and any associated refunds are denominated in Jamaican dollars.
As a result, an increase or decrease in the value of those currencies relative to the U.S.
−Removed: dollar would affect Grundartangi’s and Vlissingen's operating margins.
+Added: dollar would affect Grundartangi’s, Vlissingen's and Jamalco's operating margins.
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.
7 unchanged sentences
Fair Values and Sensitivity Analysis
−Removed: 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.
+Added: The following tables present the fair value of our derivative assets and liabilities as of June 30, 2023 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at June 30, 2023.
Our risk management activities do not include any trading or speculative transactions.
6 unchanged sentences
Commodity contracts (1)
−Removed: $ 15.1 $ 27.0
Foreign exchange contracts (2)
Total $ 6.1 $ 20.3
−Removed: (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.
+Added: (1) Commodity contracts reflect our outstanding LME forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps Indiana Hub power price swaps, and NYMEX Henry Hub natural gas 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.