22. Derivative instruments

Fair values of derivative instruments

			31 Dec 2015		31 Dec 2014	1 Jan 2014
M€		Positive	Negative	Net	Net	Net
Interest rate derivatives
	Interest rate swaps, cash flow hedges	1.9	-42.7	-40.9	-45.4	-25.7
	Interest rate options, cash flow hedges	0.0	0.0	0.0	-0.1	-0.3
	Interest rate derivatives, not in hedge accounting	0.0	-7.6	-7.6	-8.3	-3.1

Electricity derivatives		0.8	-2.0	-1.2	-0.9	-1.2

Total		2.7	-52.4	-49.7	-54.8	-30.3

Nominal values of derivative instruments

M€		31 Dec 2015	31 Dec 2014
Interest rate derivatives
	Interest rate swaps, cash flow hedges	690.4	404.3
	Interest rate options, cash flow hedges	0.0	14.2
	Interest rate derivatives, not in hedge accounting	38.0	38.8
Total		728.4	457.3

Electricity derivatives, MWh		245,494	230,087

During the financial year, EUR 4.6 (-19.5) million were recognised in the fair value reserve from interest rate derivatives classified into cash flow hedging. The interest rate derivatives hedge the loan portfolio interest flows against increases in market interest rates. The interest rate derivatives mature from 2016 to 2035. At the balance sheet date, the average maturity for interest rate derivatives was 7.1 (5.1) years. Electricity derivatives hedge against increases in electricity prices, and hedge accounting is not applied. The electricity derivatives mature from 2016 to 2019.