DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023	December 31, 2022
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	243,455,325	171,212,813
	Options	75,115,000	27,785,000
Electricity (MWh)	Forwards, Futures and Swaps	8,464,522	10,814,728
	Options	—	215,600
	Congestion Revenue Rights (3)	179,224,328	205,743,505

(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 September 30, 2023, 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	$	121	$	(5)	$	15	$	131
Other noncurrent assets – other	238		—		—		238
Current liabilities – other	(85)		5		2		(78)
Noncurrent liabilities – other	(150)		—		—		(150)
Total commodity risk	$	124	$	—	$	17	$	141

As of December 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	$	824	$	(170)	$	537	$	1,191
Other noncurrent assets – other	306		—		—		306
Current liabilities – other	(238)		170		16		(52)
Noncurrent liabilities – other	(177)		—		—		(177)
Total commodity risk	$	715	$	—	$	553	$	1,268

Offsetting Assets

As of September 30, 2023, 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	$	121	$	(5)	$	15	$	131
Other noncurrent assets – other	238		—		—		238
Current liabilities – other	(85)		5		2		(78)
Noncurrent liabilities – other	(150)		—		—		(150)
Total commodity risk	$	124	$	—	$	17	$	141

As of December 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	$	824	$	(170)	$	537	$	1,191
Other noncurrent assets – other	306		—		—		306
Current liabilities – other	(238)		170		16		(52)
Noncurrent liabilities – other	(177)		—		—		(177)
Total commodity risk	$	715	$	—	$	553	$	1,268