Derivative instruments

Fair values of derivative instruments

    
  

30 June 2015

30 June 2014

31 December 2014

EUR million

Positive

Negative

Net

Net

Net

Interest rate derivatives

     
 

Interest rate swaps, cash flow hedges

2.8

-38.9

-36.1

-37.2

-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

-7.0

-7.0

-5.4

-8.3

Electricity derivatives

0.6

-1.7

-1.1

-1.0

-0.9

Total

3.4

-47.5

-44.1

-43.9

-54.8

       

Nominal values of derivative instruments

    

EUR million

30 June 2015

30 June 2014

31 December 2014

  

Interest rate derivatives

     
 

Interest rate swaps, cash flow hedges

502.1

441.7

404.3

  
 

Interest rate options, cash flow hedges

0.0

14.2

14.2

  
 

Interest rate derivatives, not in hedge accounting

38.3

39.2

38.8

  

Total

540.4

495.1

457.3

  

Electricity derivatives, MWh

278,734

235,546

230,087

  
       

The interest risk of the market-based loans is hedged with interest rate derivatives according to VVO Group’s financing policy. The targeted hedging ratio is 50–80%. The hedging ratio was 76 (80) per cent at the end of the review period and the average maturity of the interest rate derivatives was 7.7 (6.4) years.