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SHORT-TERM DEBT AND LINES OF CREDIT
 12 Months Ended
Dec. 31, 2014
Short-term Debt [Abstract]  
SHORT-TERM DEBT AND LINES OF CREDIT
Short-Term Debt and Lines of Credit

Our outstanding short-term borrowings were as follows:
(Millions, except percentages)
 
2014
 
2013
 
2012
Commercial paper
 


 


 


Amount outstanding at December 31 (1)
 
$
145.1

 
$
25.6

 
$
95.4

Average interest rate on amounts outstanding at December 31
 
0.32%

 
0.14
%
 
0.24
%
Average amount outstanding during the year (2)
 
$
43.3

 
$
80.8

 
$
150.2

Short-term notes payable (3)
 
 
 
 
 
 
Average amount outstanding during the year (2)
 
$
—

 
$
130.4

 
$
—


(1) 
Maturity dates ranged from January 5, 2015, through January 16, 2015.

(2) 
Based on daily outstanding balances during the year.

(3) 
Short-term notes payable related to a $200.0 million loan used for the purchase of Fox Energy Company LLC in March 2013. This loan was repaid in November 2013, and therefore no balance was outstanding at December 31, 2014, 2013, and 2012. See Note 3, Acquisition of Fox Energy Center, for more information regarding this purchase.

We manage our liquidity by maintaining adequate external financing commitments. The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing program, including remaining available capacity under these facilities as of December 31:
(Millions)
 
Maturity
 
2014
 
2013
Revolving credit facility (1)
 
05/17/2014
 
$
—

 
$
135.0

Revolving credit facility (2)
 
05/07/2015
 
135.0

 
—

Revolving credit facility
 
06/13/2017
 
115.0

 
115.0

 
 
 
 
 
 
 
Total short-term credit capacity
 
 
 
$
250.0

 
$
250.0

 
 
 
 
 
 
 
Less: commercial paper outstanding
 
 
 
145.1

 
25.6

 
 
 
 
 
 
 
Available capacity under existing agreements
 
 
 
$
104.9

 
$
224.4



(1) 
This credit facility was terminated and replaced with a new credit facility in May 2014.

(2) 
We requested approval from the PSCW to extend this facility through May 8, 2019.

Our revolving credit agreement contains financial and other covenants, including but not limited to, a requirement to maintain a debt to total capitalization ratio not to exceed 65%, excluding non-recourse debt. Failure to comply with these covenants could result in an event of default, which could result in the acceleration of outstanding debt obligations.