Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

Volumes Of Outstanding Derivative Contracts

		Contract Volume at
		March 31,	December 31,
Underlying Product	Instruments	2016	2015
Natural Gas (1) (MMBtus (2))	Forwards and Swaps	341,884,852	333,091,813
	Options	92,426,200	111,550,004
Electricity (Megawatt-hours)	Forwards and Swaps	3,580,205	3,663,512
	Congestion Revenue Rights (3)	198,499,963	216,383,389

(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.

(2) Million British Thermal Units.

(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

At March 31,2016, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative						Total Derivative
(in millions)	Balance		Netting		Cash Collateral		Balance
Current assets – other	$	91	$	(5)	$	12	$	98
Other noncurrent assets – other		173		(5)		-		168
Current liabilities – other		(105)		5		46		(54)
Noncurrent liabilities – other		(139)		5		16		(118)
Net commodity risk	$	20	$	-	$	74	$	94

At December 31, 2015, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative						Total Derivative
(in millions)	Balance		Netting		Cash Collateral		Balance
Current assets – other	$	97		(4)		25	$	118
Other noncurrent assets – other		172		(2)		-		170
Current liabilities – other		(102)		4		44		(54)
Noncurrent liabilities – other		(140)		2		21		(117)
Net commodity risk	$	27	$	-	$	90	$	117

Gains And Losses On Derivative Instruments

	Commodity Risk
	Three Months Ended March 31,
(in millions)	2016		2015
Net unrealized gain (loss) - regulatory assets and liabilities (1)	$	(7)	$	(52)
Realized loss - cost of electricity (2)		(29)		(7)
Realized loss - cost of natural gas (2)		(1)		(1)
Total commodity risk	$	(37)	$	(60)

(1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, 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

	Balance at
	March 31,		December 31,
(in millions)	2016		2015
Derivatives in a liability position with credit risk-related
contingencies that are not fully collateralized	$	(9)		$	(2)
Collateral posting in the normal course of business related to
these derivatives		7			-
Net position of derivative contracts/additional collateral
posting requirements (1)	$	(2)		$	(2)

(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.