DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes Of Outstanding Derivative Contracts

The volumes of the Utility’s outstanding derivatives were as follows:

		Contract Volume at
Underlying Product	Instruments	September 30, 2019	December 31, 2018
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	186,320,892	177,750,349
	Options	32,310,000	13,735,405
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	8,270,404	3,833,490
	Congestion Revenue Rights (3)	316,273,308	340,783,089

⁽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 Offsetting Assets

At September 30, 2019, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	46	$	—	$	41	$	87
Other noncurrent assets – other	170		—		—		170
Current liabilities – other	(29)		—		3		(26)
Noncurrent liabilities – other	(140)		—		1		(139)
Total commodity risk	$	47	$	—	$	45	$	92

At December 31, 2018, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	44	$	(1)	$	89	$	132
Other noncurrent assets – other	165		—		—		165
Current liabilities – other	(29)		1		7		(21)
Noncurrent liabilities – other	(90)		—		2		(88)
Total commodity risk	$	90	$	—	$	98	$	188

Schedule of Offsetting Liabilities

At September 30, 2019, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	46	$	—	$	41	$	87
Other noncurrent assets – other	170		—		—		170
Current liabilities – other	(29)		—		3		(26)
Noncurrent liabilities – other	(140)		—		1		(139)
Total commodity risk	$	47	$	—	$	45	$	92

At December 31, 2018, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	44	$	(1)	$	89	$	132
Other noncurrent assets – other	165		—		—		165
Current liabilities – other	(29)		1		7		(21)
Noncurrent liabilities – other	(90)		—		2		(88)
Total commodity risk	$	90	$	—	$	98	$	188