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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2012
Volumes Of Outstanding Derivative Contracts
 
 
 
 
 
Contract Volume (1)
Underlying
Product
 
Instruments
 
Less Than
 1 Year
 
Greater Than
1 Year but
Less Than
3 Years
 
Greater Than
3 Years but
Less Than
5 Years
 
Greater Than
5 Years (2)
Natural Gas (3)
 (MMBtus (4))
 
Forwards and
Swaps
 
364,202,485
 
129,569,788
 
3,150,000
 
-
 
 
Options
 
230,838,408
 
247,180,353
 
4,200,000
 
-
Electricity
(Megawatt-hours)
 
Forwards and
Swaps
 
2,978,823
 
3,927,621
 
2,009,505
 
2,689,804
 
 
Options
 
- 
 
214,665
 
239,233
 
143,857
 
 
Congestion Revenue Rights
 
53,856,688
 
75,797,340
 
74,225,248
 
34,225,866
 
 
 
 
 
 
 
 
 
 
 
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period.
(2) Derivatives in this category expire between 2017 and 2022.
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios.
(4) Million British Thermal Units.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
 
 
Commodity Risk
(in millions)
Gross Derivative
Balance
 
Netting
 
Cash Collateral
 
Total Derivative
Balance
Current assets - other
$
52
 
$
(37
 )
$
75
 
$
90
Other noncurrent assets - other
 
94
 
 
(36
 )
 
-
 
 
58
Current liabilities - other
 
(280
 )
 
37
 
 
119
 
 
(124
)
Noncurrent liabilities - other
 
(259
 )
 
36
 
 
17
 
 
(206
)
Total commodity risk
$
(393
 )
$
- 
 
$
211
 
$
(182
)
 
 
 
Commodity Risk
(in millions)
Gross Derivative
Balance
 
Netting
 
Cash Collateral
 
Total Derivative
Balance
Current assets - other
$
54
 
$
(39
 )
$
103
 
$
118
Other noncurrent assets - other
 
113
 
 
(59
 )
 
-
 
 
54
Current liabilities - other
 
(489
 )
 
39
 
 
274
 
 
(176
)
Noncurrent liabilities - other
 
(398
 )
 
59
 
 
101
 
 
(238
)
Total commodity risk
$
(720
 )
$
-
 
$
478
 
$
(242
)
Gains And Losses On Derivative Instruments
 
 
Commodity Risk
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in millions)
2012
 
2011
 
2012
 
2011
Unrealized gain/(loss) - regulatory assets and liabilities (1)
$
162
 
$
(61
 )
$
327
 
$
97
Realized gain/(loss) - cost of electricity (2)
 
(108
 )
 
(149
 )
 
(383
 )
 
(406
)
Realized gain/(loss) - cost of natural gas (2)
 
(5
 )
 
(4
 )
 
(32
 )
 
(66
)
Total commodity risk
$
49
 
$
(214
 )
$
(88
 )
$
(375
)
 
 
 
 
 
 
 
 
 
 
 
 
 (1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory assets or liabilities, rather than being recorded to the Condensed Consolidated Statements of Income.  These amounts exclude the impact of cash collateral postings.
(2) These amounts are fully passed through to customers in rates.  Accordingly, net income was not impacted by realized amounts on these instruments.
 
Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered
(in millions)
 
 
Derivatives in a liability position with credit risk-related contingencies that are not fully collateralized
$
(325
)
Related derivatives in an asset position
 
74
Collateral posting in the normal course of business related to these derivatives
 
132
Net position of derivative contracts/additional collateral posting requirements (1)
$
(119
)
 
 
 
 (1) This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies.