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Risk Management Activities and Derivative Transactions (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2012

Risk Management Activities And Derivative Transactions Disclosure [Line Items]

Instrument / Balance sheet location				June 30, 2012				December 31, 2011
(in millions)				Asset	Liability			Asset	Liability
Derivatives designated as hedging instruments
Commodity cash flow derivatives
	Derivative liabilities, current				$	2			$	2
	Derivative liabilities, long-term					1				1
Interest rate derivatives
	Derivative liabilities, current					11				76
	Derivative liabilities, long-term					11				17
		Total derivatives designated as hedging instruments				25				96

Derivatives not designated as hedging instruments
Commodity derivatives^(a)
	Prepayments and other current assets		$	3			$	5
	Other assets and deferred debits			5				0
	Derivative liabilities, current					312				357
	Derivative liabilities, long-term					287				332
CVOs^(b)
	Other current liabilities					0				14
	Other liabilities and deferred credits					3				0
		Fair value of derivatives not designated as hedging instruments		8		602		5		703
Fair value loss transition adjustment
	Derivative liabilities, current					1				1
	Derivative liabilities, long-term					1				2
		Total derivatives not designated as hedging instruments		8		604		5		706
		Total derivatives	$	8	$	629	$	5	$	802

^(a)	Substantially all of these contracts receive regulatory treatment.
^(b)	As discussed in Note 16 in the 2011 Form 10-K, the Parent issued 98.6 million CVOs in connection with the acquisition of Florida Progress during 2000. Through a negotiated settlement agreement and subsequent tender offer between October 2011 and February 2012, we repurchased and continue to hold 83.4 million CVOs.

Effect of derivative instruments on other comprehensive income - derivatives designated as hedging instruments

Derivatives Designated as Hedging Instruments
Instrument		Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(8)	$	(16)	$	(3)	$	(2)	$	-	$	-

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in interest charges.

Derivatives Designated as Hedging Instruments
Instrument		Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(6)	$	(14)	$	(6)	$	(3)	$	0	$	(2)

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in interest charges.

Effect of derivative instruments on regulatory assets and liabilities - derivatives not designated as hedging instruments

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(155)	$	(76)	$	38	$	(68)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Consolidated Balance Sheets until derivatives are settled.

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(260)	$	(128)	$	(168)	$	(44)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Consolidated Balance Sheets until derivatives are settled.

Effect of derivative instruments on income - derivatives not designated as hedging instruments

Instrument		Amount of Gain or (Loss) Recognized in Income on Derivatives
(in millions)			2012		2011
Commodity derivatives^(a)		$	2	$	1
Fair value loss transition adjustment^(a)			1		0
CVOs^(a)			0		4
	Total	$	3	$	5

^(a)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in other, net.

Instrument		Amount of Gain or (Loss) Recognized in Income on Derivatives
(in millions)			2012		2011
Commodity derivatives^(a)		$	2	$	1
Fair value loss transition adjustment^(a)			1		0
CVOs^(a)			8		4
	Total	$	11	$	5

^(a)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in other, net.

PEC

Risk Management Activities And Derivative Transactions Disclosure [Line Items]

Fair value of derivative instruments

Instrument / Balance sheet location			June 30, 2012				December 31, 2011
(in millions)				Asset	Liability			Asset	Liability
Derivatives designated as hedging instruments
Interest rate derivatives
	Derivative liabilities, current				$	0			$	38
	Other liabilities and deferred credits					11				9
		Total derivatives designated as hedging instruments				11				47

Derivatives not designated as hedging instruments
Commodity derivatives^(a)
	Prepayments and other current assets		$	1			$	0
	Other assets and deferred debits			1				0
	Derivative liabilities, current					88				91
	Other liabilities and deferred credits					98				110
		Fair value of derivatives not designated as hedging instruments		2		186		0		201
Fair value loss transition adjustment
	Derivative liabilities, current					1				1
	Other liabilities and deferred credits					1				2
		Total derivatives not designated as hedging instruments		2		188		0		204
		Total derivatives	$	2	$	199	$	0	$	251

^(a)	Substantially all of these contracts receive regulatory treatment.

Effect of derivative instruments on other comprehensive income - derivatives designated as hedging instruments

Derivatives Designated as Hedging Instruments
Instrument		Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(7)	$	(6)	$	(1)	$	(1)	$	-	$	-

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in interest charges.

Derivatives Designated as Hedging Instruments
Instrument			Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(4)	$	(5)	$	(3)	$	(2)	$	-	$	-

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in interest charges.

Effect of derivative instruments on regulatory assets and liabilities - derivatives not designated as hedging instruments

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(39)	$	(12)	$	10	$	(19)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Consolidated Balance Sheets until derivatives are settled.

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(65)	$	(22)	$	(49)	$	(13)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Consolidated Balance Sheets until derivatives are settled.

Effect of derivative instruments on income - derivatives not designated as hedging instruments

Instrument		Amount of Gain or (Loss) Recognized in Income on Derivatives
(in millions)			2012		2011
Commodity derivatives^(a)		$	2	$	1
Fair value loss transition adjustment^(a)			1		0
	Total	$	3	$	1

^(a)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in other, net.

Instrument		Amount of Gain or (Loss) Recognized in Income on Derivatives
(in millions)			2012		2011
Commodity derivatives^(a)		$	2	$	1
Fair value loss transition adjustment^(a)			1		0
	Total	$	3	$	1

^(a)	Amounts recorded in the Consolidated Statements of Comprehensive Income are classified in other, net.

PEF

Risk Management Activities And Derivative Transactions Disclosure [Line Items]

Fair value of derivative instruments

Instrument / Balance sheet location			June 30, 2012				December 31, 2011
(in millions)				Asset	Liability			Asset	Liability
Derivatives designated as hedging instruments
Commodity cash flow derivatives
	Derivative liabilities, current				$	2			$	2
	Derivative liabilities, long-term					1				1
Interest rate derivatives
	Derivative liabilities, current					11				0
	Derivative liabilities, long-term					0				8
		Total derivatives designated as hedging instruments				14				11

Derivatives not designated as hedging instruments
Commodity derivatives^(a)
	Prepayments and other current assets		$	2			$	5
	Other assets and deferred debits			4				0
	Derivative liabilities, current					224				266
	Derivative liabilities, long-term					189				222
		Total derivatives not designated as hedging instruments		6		413		5		488
		Total derivatives	$	6	$	427	$	5	$	499

^(a)	Substantially all of these contracts receive regulatory treatment.

Effect of derivative instruments on other comprehensive income - derivatives designated as hedging instruments

Derivatives Designated as Hedging Instruments
Instrument		Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(1)	$	(5)	$	-	$	-	$	-	$	-

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Statements of Comprehensive Income are classified in interest charges.

Derivatives Designated as Hedging Instruments
Instrument		Amount of Gain or (Loss) Recognized in OCI, Net of Tax on Derivatives^(a)				Amount of Gain or (Loss), Net of Tax Reclassified from Accumulated OCI into Income^(a)				Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives^(b)
(in millions)			2012		2011		2012		2011		2012		2011
Interest rate derivatives^{(c) (d)}		$	(1)	$	(5)	$	(1)	$	-	$	-	$	-

^(a)	Effective portion.
^(b)	Related to ineffective portion and amount excluded from effectiveness testing.
^(c)	Amounts in accumulated OCI related to terminated hedges are reclassified to earnings as the interest expense is recorded. The effective portion of the hedges will be amortized to interest expense over the term of the related debt.
^(d)	Amounts recorded in the Statements of Comprehensive Income are classified in interest charges.

Effect of derivative instruments on regulatory assets and liabilities - derivatives not designated as hedging instruments

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(116)	$	(64)	$	28	$	(49)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Balance Sheets until derivatives are settled.

Derivatives Not Designated as Hedging Instruments
Instrument		Realized Gain or (Loss)^(a)				Unrealized Gain or (Loss)^(b)
(in millions)			2012		2011		2012		2011
Commodity derivatives		$	(195)	$	(106)	$	(119)	$	(31)

^(a)	After settlement of the derivatives and the fuel is consumed, gains or losses are passed through the fuel cost-recovery clause.
^(b)	Amounts are recorded in regulatory liabilities and assets, respectively, on the Balance Sheets until derivatives are settled.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details