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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Measurements (Tables) [Abstract]

	Type of Fixed Income Security
	United States		State and Local
Type of Input	Government	Corporate Debt	Government

Benchmark Yields	X	X	X
Broker Quotes	X	X	X
Discount Margins	X	X
Treasury Market Update	X
Base Spread	X	X	X
Corporate Actions		X
Ratings Agency Updates		X	X
Prepayment Schedule and
History			X
Yield Adjustments	X

Book Values and Fair Values of Long-term Debt

	September 30, 2011				December 31, 2010
	Book Value		Fair Value		Book Value		Fair Value
	(in millions)
Long-term Debt	$	16,450	$	19,003	$	16,811	$	18,285

Other Temporary Investments

			September 30, 2011
					Gross		Gross		Estimated
					Unrealized		Unrealized		Fair
Other Temporary Investments			Cost		Gains		Losses		Value
			(in millions)
Restricted Cash (a)			$	164	$	-	$	-	$	164
Fixed Income Securities:
	Mutual Funds			63		-		-		63
Equity Securities - Mutual Funds				11		2		-		13
Total Other Temporary Investments			$	238	$	2	$	-	$	240

			December 31, 2010
					Gross		Gross		Estimated
					Unrealized		Unrealized		Fair
Other Temporary Investments			Cost		Gains		Losses		Value
			(in millions)
Restricted Cash (a)			$	225	$	-	$	-	$	225
Fixed Income Securities:
	Mutual Funds			69		-		-		69
	Variable Rate Demand Notes			97		-		-		97
Equity Securities - Mutual Funds				18		7		-		25
Total Other Temporary Investments			$	409	$	7	$	-	$	416

(a)		Primarily represents amounts held for the repayment of debt.

Debt and Equity Securities Within Other Temporary Investments

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
	(in millions)
Proceeds from Investment Sales	$	21	$	133	$	268	$	390
Purchases of Investments		-		192		153		413
Gross Realized Gains on Investment Sales		4		-		4		16
Gross Realized Losses on Investment Sales		-		-		-		-

Nuclear Trust Fund Investments

		September 30, 2011						December 31, 2010
		Estimated		Gross		Other-Than-		Estimated		Gross		Other-Than-
		Fair		Unrealized		Temporary		Fair		Unrealized		Temporary
		Value		Gains		Impairments		Value		Gains		Impairments

		(in millions)
Cash and Cash Equivalents		$	14	$	-	$	-	$	20	$	-	$	-
Fixed Income Securities:
	United States Government		550		59		(1)		461		23		(1)
	Corporate Debt		53		5		(2)		59		4		(2)
	State and Local Government		320		-		(1)		341		(1)		-
	Subtotal Fixed Income Securities		923		64		(4)		861		26		(3)
Equity Securities - Domestic			576		144		(84)		634		183		(123)
Spent Nuclear Fuel and
	Decommissioning Trusts	$	1,513	$	208	$	(88)	$	1,515	$	209	$	(126)

Securities Activity Within the Decommissioning and SNF Trusts

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
	(in millions)
Proceeds from Investment Sales	$	361	$	495	$	826	$	1,087
Purchases of Investments		379		512		871		1,129
Gross Realized Gains on Investment Sales		18		1		30		7
Gross Realized Losses on Investment Sales		12		-		21		-

Contractual Maturities, Fair Value of Debt Securities in Nuclear Trusts

	Fair Value
	of Debt
	Securities
	(in millions)
Within 1 year	$	79
1 year – 5 years		269
5 years – 10 years		318
After 10 years		257
Total	$	923

Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis
September 30, 2011

			Level 1		Level 2		Level 3		Other		Total

Assets:			(in millions)

Cash and Cash Equivalents (a)			$	13	$	-	$	-	$	533	$	546

Other Temporary Investments
Restricted Cash (a)				123		-		-		41		164
Fixed Income Securities:
	Mutual Funds			63		-		-		-		63
Equity Securities - Mutual Funds (b)				13		-		-		-		13
Total Other Temporary Investments				199		-		-		41		240

Risk Management Assets
Risk Management Commodity Contracts (c) (f)				25		855		105		(562)		423
Cash Flow Hedges:
	Commodity Hedges (c)			11		24		-		(12)		23
De-designated Risk Management Contracts (d)				-		-		-		34		34
Total Risk Management Assets				36		879		105		(540)		480

Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)				-		5		-		9		14
Fixed Income Securities:
	United States Government			-		550		-		-		550
	Corporate Debt			-		53		-		-		53
	State and Local Government			-		320		-		-		320
		Subtotal Fixed Income Securities		-		923		-		-		923
Equity Securities - Domestic (b)				576		-		-		-		576
Total Spent Nuclear Fuel and Decommissioning Trusts				576		928		-		9		1,513

Total Assets			$	824	$	1,807	$	105	$	43	$	2,779

Liabilities:

Risk Management Liabilities
Risk Management Commodity Contracts (c) (f)			$	25	$	734	$	41	$	(592)	$	208
Cash Flow Hedges:
	Commodity Hedges (c)			1		15		-		(12)		4
	Interest Rate/Foreign Currency Hedges			-		34		-		-		34
Total Risk Management Liabilities			$	26	$	783	$	41	$	(604)	$	246

Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2010

			Level 1		Level 2		Level 3		Other		Total

Assets:			(in millions)

Cash and Cash Equivalents (a)			$	170	$	-	$	-	$	124	$	294

Other Temporary Investments
Restricted Cash (a)				184		-		-		41		225
Fixed Income Securities:
	Mutual Funds			69		-		-		-		69
	Variable Rate Demand Notes			-		97		-		-		97
Equity Securities - Mutual Funds (b)				25		-		-		-		25
Total Other Temporary Investments				278		97		-		41		416

Risk Management Assets
Risk Management Commodity Contracts (c) (g)				20		1,432		112		(1,013)		551
Cash Flow Hedges:
	Commodity Hedges (c)			11		17		-		(15)		13
	Interest Rate/Foreign Currency Hedges			-		25		-		-		25
Fair Value Hedges				-		7		-		-		7
De-designated Risk Management Contracts (d)				-		-		-		46		46
Total Risk Management Assets				31		1,481		112		(982)		642

Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)				-		8		-		12		20
Fixed Income Securities:
	United States Government			-		461		-		-		461
	Corporate Debt			-		59		-		-		59
	State and Local Government			-		341		-		-		341
		Subtotal Fixed Income Securities		-		861		-		-		861
Equity Securities - Domestic (b)				634		-		-		-		634
Total Spent Nuclear Fuel and Decommissioning Trusts				634		869		-		12		1,515

Total Assets			$	1,113	$	2,447	$	112	$	(805)	$	2,867

Liabilities:

Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)			$	25	$	1,325	$	27	$	(1,114)	$	263
Cash Flow Hedges:
	Commodity Hedges (c)			4		13		-		(15)		2
	Interest Rate/Foreign Currency Hedges			-		4		-		-		4
Fair Value Hedges				-		1		-		-		1
Total Risk Management Liabilities			$	29	$	1,343	$	27	$	(1,129)	$	270

(a) Amounts in ''Other'' column primarily represent cash deposits in bank accounts with financial institutions or with third parties. Level 1 amounts primarily represent investments in money market funds.

(b) Amounts represent publicly traded equity securities and equity-based mutual funds.

(c) Amounts in ''Other'' column primarily represent counterparty netting of risk management and hedging contracts and associated cash collateral under the accounting guidance for ''Derivatives and Hedging.''

(d) Represents contracts that were originally MTM but were subsequently elected as normal under the accounting guidance for ''Derivatives and Hedging.'' At the time of the normal election, the MTM value was frozen and no longer fair valued. This MTM value will be amortized into revenues over the remaining life of the contracts.

(e) Amounts in ''Other'' column primarily represent accrued interest receivables from financial institutions. Level 2 amounts primarily represent investments in money market funds.

(f) The September 30, 2011 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), is as follows: Level 1 matures $0 in 2011, $6 million in periods 2012-2014 and ($6) million in periods 2015-2016; Level 2 matures $3 million in 2011, $80 million in periods 2012-2014, $22 million in periods 2015-2016 and $16 million in periods 2017-2028; Level 3 matures $5 million in 2011, $17 million in periods 2012-2014, $13 million in periods 2015-2016 and $29 million in periods 2017-2028. Risk management commodity contracts are substantially comprised of power contracts.

(g) The December 31, 2010 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), is as follows: Level 1 matures ($2) million in 2011, $2 million in periods 2012-2014 and ($5) million in periods 2015-2018; Level 2 matures $13 million in 2011, $66 million in periods 2012-2014, $12 million in periods 2015-2016 and $16 million in periods 2017-2028; Level 3 matures $18 million in 2011, $24 million in periods 2012-2014, $16 million in periods 2015-2016 and $27 million in periods 2017-2028. Risk management commodity contracts are substantially comprised of power contracts.

Changes in Fair Value of Net Trading Derivatives and Other Investments

		Net Risk Management
Three Months Ended September 30, 2011		Assets (Liabilities)

		(in millions)
Balance as of June 30, 2011		$	77
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			(16)
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		(5)
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			-
Purchases, Issuances and Settlements (c)			3
Transfers into Level 3 (d) (f)			5
Transfers out of Level 3 (e) (f)			(1)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			1
Balance as of September 30, 2011		$	64

		Net Risk Management
Three Months Ended September 30, 2010		Assets (Liabilities)

		(in millions)
Balance as of June 30, 2010		$	100
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			(4)
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		23
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			-
Purchases, Issuances and Settlements (c)			-
Transfers into Level 3 (d) (f)			5
Transfers out of Level 3 (e) (f)			(22)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			9
Balance as of September 30, 2010		$	111

		Net Risk Management
Nine Months Ended September 30, 2011		Assets (Liabilities)

		(in millions)
Balance as of December 31, 2010		$	85
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			(11)
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		-
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			-
Purchases, Issuances and Settlements (c)			5
Transfers into Level 3 (d) (f)			9
Transfers out of Level 3 (e) (f)			(12)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			(12)
Balance as of September 30, 2011		$	64

		Net Risk Management
Nine Months Ended September 30, 2010		Assets (Liabilities)

		(in millions)
Balance as of December 31, 2009		$	62
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			4
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		60
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			-
Purchases, Issuances and Settlements (c)			(18)
Transfers into Level 3 (d) (f)			14
Transfers out of Level 3 (e) (f)			(26)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			15
Balance as of September 30, 2010		$	111

(a) Included in revenues on our condensed statements of income.

(b) Represents the change in fair value between the beginning of the reporting period and the settlement of the risk management commodity contract.

(d) Represents existing assets or liabilities that were previously categorized as Level 2.

(e) Represents existing assets or liabilities that were previously categorized as Level 3.

(f) Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred.

(g) Relates to the net gains (losses) of those contracts that are not reflected on our condensed statements of income. These net gains (losses) are recorded as regulatory liabilities/assets.