Derivative instruments
Fair values of derivative instruments | | | | |
| | | 30 September 2015 | 30 September 2014 | 31 December 2014 |
EUR million | Positive | Negative | Net | Net | Net |
Interest rate derivatives | | | | | |
| | Interest rate swaps, cash flow hedges | 1.8 | -44.5 | -42.7 | -41.9 | -45.4 |
| | Interest rate options, cash flow hedges | 0.0 | 0.0 | 0.0 | -0.2 | -0.1 |
| | Interest rate derivatives, not in hedge accounting | 0.0 | -7.8 | -7.8 | -6.7 | -8.3 |
Electricity derivatives | 0.6 | -2.0 | -1.5 | -0.8 | -0.9 |
Total | 2.4 | -54.3 | -52.0 | -49.6 | -54.8 |
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Nominal values of derivative instruments | | | | |
EUR million | 30 September 2015 | 30 September 2014 | 31 December 2014 | | |
Interest rate derivatives | | | | | |
| | Interest rate swaps, cash flow hedges | 607.5 | 410.0 | 404.3 | | |
| | Interest rate options, cash flow hedges | 0.0 | 14.2 | 14.2 | | |
| | Interest rate derivatives, not in hedge accounting | 38.3 | 38.6 | 38.8 | | |
Total | 645.8 | 462.8 | 457.3 | | |
Electricity derivatives, MWh | 282,330 | 228,106 | 230,087 | | |
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The interest risk of the market loans and commercial papers is hedged with interest rate derivatives according to VVO Group’s treasury policy. The targeted hedging ratio is 50–100%. The hedging ratio was 71 (73) per cent at the end of the review period and the average maturity of the interest rate derivatives was 8.6 (6.2) years.
