DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2022

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	March 31, 2022	December 31, 2021
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	187,529,848	173,361,635
	Options	7,450,000	14,420,000
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	11,155,427	10,283,639
	Options	543,600	288,000
	Congestion Revenue Rights (3)	235,009,420	239,857,610

(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.

Offsetting Liabilities

As of March 31, 2022, 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	$	76	$	(5)	$	49	$	120
Other noncurrent assets – other	165		—		—		165
Current liabilities – other	(61)		5		20		(36)
Noncurrent liabilities – other	(213)		—		—		(213)
Total commodity risk	$	(33)	$	—	$	69	$	36

As of December 31, 2021, 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	$	58	$	(9)	$	152	$	201
Other noncurrent assets – other	169		—		—		169
Current liabilities – other	(53)		9		18		(26)
Noncurrent liabilities – other	(216)		—		—		(216)
Total commodity risk	$	(42)	$	—	$	170	$	128

Offsetting Assets

As of March 31, 2022, 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	$	76	$	(5)	$	49	$	120
Other noncurrent assets – other	165		—		—		165
Current liabilities – other	(61)		5		20		(36)
Noncurrent liabilities – other	(213)		—		—		(213)
Total commodity risk	$	(33)	$	—	$	69	$	36

As of December 31, 2021, 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	$	58	$	(9)	$	152	$	201
Other noncurrent assets – other	169		—		—		169
Current liabilities – other	(53)		9		18		(26)
Noncurrent liabilities – other	(216)		—		—		(216)
Total commodity risk	$	(42)	$	—	$	170	$	128