RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of fair value of derivative financial instruments, balance sheet classification

As of December 31, 2012 and 2011, we have recorded the following assets and liabilities representing the fair value of derivative financial instruments held as of December 31, (in thousands):

ASSET DERIVATIVES

				2011
		2012
Non-designated hedging instruments due to regulatory accounting				Fair Value
	Balance Sheet Classification	Fair Value
Natural gas contracts, gas segment	Current assets	$	3	$	—
	Non-current assets and deferred charges — Other		17		2
Natural gas contracts, electric segment	Current assets		93		—
	Non-current assets and deferred charges — Other		174
Total derivatives assets		$	287	$	2

LIABILITY DERIVATIVES

Non-designated as hedging instruments due to regulatory accounting		2012		2011
	Balance Sheet Classification	Fair Value		Fair Value
Natural gas contracts, gas segment	Current liabilities	$	104	$	967
	Non-current liabilities and deferred credits		—		86
Natural gas contracts, electric segment	Current liabilities		3,299		3,802
	Non-current liabilities and deferred credits		3,819		4,995
Total derivatives liabilities		$	7,222	$	9,850

Schedule of mark-to-market pre-tax gains/(losses) from non-designated derivative instruments - electric segment

The following tables set forth "mark-to-market" pre-tax gains/ (losses) from non-designated derivative instruments for the electric segment for each of the years ended December 31, (in thousands):

Non-Designated Hedging Instruments — Due to Regulatory Accounting Electric Segment

		Amount of Loss Recognized on Balance Sheet
	Balance Sheet Classification of Loss on Derivative	2012			2011
Commodity contracts — electric segment	Regulatory assets	$	(2,448	)	$	(6,965	)
Total — Electric Segment		$	(2,448	)	$	(6,965	)

Non-Designated Hedging Instruments — Due to Regulatory Accounting Electric Segment

		Amount of Loss Recognized in Income on Derivative
	Statement of Operations Classification of Loss on Derivative	2012			2011
Commodity contracts	Fuel and purchased power expense	$	(3,985	)	$	(2,231	)
Total — Electric Segment		$	(3,985	)	$	(2,231	)

Schedule of volumes and percentage of anticipated volume of natural gas usage for entity's electric operations

At December 31, 2012, the following volumes and percentages of our anticipated volume of natural gas usage for our electric operations for 2013 and the next four years are hedged at the following average prices per Dekatherm (Dth):

Year	% Hedged			Dth Hedged Physical		Dth Hedged Financial		Average Price
2013		58	%		2,020,000		3,660,000	$	5.15
2014		39	%		460,000		3,540,000	$	4.74
2015		20	%		—		1,910,000	$	4.93
2016		10	%		—		1,000,000	$	4.41
2017		0	%		—		—		—

Schedule of minimum percentage hedged by year in the entity's procurement guidelines

Year	End of Year Minimum % Hedged
Current	Up to 100%
First	60%
Second	40%
Third	20%
Fourth	10%

Schedule of minimum percentage of winter season usage hedged by year of the entity's gas operations

The following table sets forth our long-term hedge strategy of mitigating price volatility for our customers by hedging a minimum of expected gas usage for the current winter season and the next two winter seasons by the beginning of the ACA year at September 1 and illustrates our hedged position as of December 31, 2012 (Dth in thousands).

Season	Minimum % Hedged			Dth Hedged Financial		Dth Hedged Physical		Dth in Storage		Actual % Hedged
Current		50	%		170,000		206,429		1,308,874		80	%
Second		Up to 50	%		160,000		—		—		2	%
Third		Up to 20	%		—		—		—		—

Schedule of non-designated hedging instruments due to regulatory accounting - gas segment

The following table sets forth "mark-to-market" pre-tax gains / (losses) from derivatives not designated as hedging instruments for the gas segment for the years ended December 31, (in thousands):

Non-Designated Hedging Instruments Due to Regulatory Accounting — Gas Segment

		Amount of Loss Recognized on Balance Sheet
	Balance Sheet Classification of Loss on Derivative	2012			2011
Commodity contracts	Regulatory assets	$	(461	)	$	(1,916	)
Total — Gas Segment		$	(461	)	$	(1,916	)