Derivative Accounting (Tables)

9 Months Ended

Sep. 30, 2011

Derivative Accounting

Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)

Commodity	Quantity
Power	11,997	gigawatt hours
Gas	124,151	billion Btu (a)

(a) “Btu” is British thermal units.

Gains and losses from derivative instruments in designated accounting hedging relationships

	Financial Statement	Three Months Ended September 30,						Nine Months Ended September 30,
Commodity Contracts	Location	2011			2010			2011			2010
Loss Recognized in AOCI (Effective Portion)	Accumulated other comprehensive loss-derivative instruments	$	(25,457	)	$	(67,856	)	$	(40,792	)	$	(168,110	)
Loss Reclassified from AOCI into Income (Effective Portion Realized)	Regulated electricity segment fuel and purchased power	(59,144		)	(59,801		)	(99,278		)	(102,130		)
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) (a)	Regulated electricity segment fuel and purchased power	17			(68		)	(147		)	1,364

(a) During the three and nine months ended September 30, 2011 and 2010, we had no amounts reclassified from AOCI to earnings related to discontinued cash flow hedges.

Gains and losses from derivative instruments not designated as accounting hedging instruments

	Financial Statement	Three Months Ended September 30,						Nine Months Ended September 30,
Commodity Contracts	Location	2011			2010			2011			2010
Net Gain Recognized in Income	Regulated electricity segment revenue	$	81		$	1,721		$	1,085		$	2,316
Net Loss Recognized in Income	Regulated electricity segment fuel and purchased power expense	(13,219		)	(41,044		)	(25,138		)	(105,272		)
Total		$	(13,138	)	$	(39,323	)	$	(24,053	)	$	(102,956	)

Fair value of derivative instruments, margin account and cash collateral reported on a gross basis

Amounts are as of September 30, 2011 (dollars in thousands):

Commodity Contracts	Designated as Hedging Instruments			Not Designated as Hedging Instruments			Margin and Collateral Provided to Counterparties		Collateral Provided from Counterparties			Other (a)			Total
Current Assets	$	6,608		$	64,177		$	1,529	$	—		$	(44,601	)	$	27,713
Investments and Other Assets	2,700			40,918			—		—			(11,302		)	32,316
Total Assets	9,308			105,095			1,529		—			(55,903		)	60,029
Current Liabilities	(61,134		)	(110,437		)	77,002		(12,145		)	46,047			(60,667		)
Deferred Credits and Other	(45,393		)	(65,365		)	40,711		—			11,302			(58,745		)
Total Liabilities	(106,527		)	(175,802		)	117,713		(12,145		)	57,349			(119,412		)
Total	$	(97,219	)	$	(70,707	)	$	119,242	$	(12,145	)	$	1,446		$	(59,383	)

(a)Other represents derivative instrument netting, options, and other risk management contracts.

Commodity Contracts	Designated as Hedging Instruments			Not Designated as Hedging Instruments			Margin and Collateral Provided to Counterparties		Collateral Provided from Counterparties			Other (a)			Total
Current Assets	$	10,295		$	64,153		$	36,135	$	(1,750	)	$	(35,045	)	$	73,788
Investments and Other Assets	5,056			60,813			—		—			(26,837		)	39,032
Total Assets	15,351			124,966			36,135		(1,750		)	(61,882		)	112,820
Current Liabilities	(108,387		)	(112,847		)	126,364		(1,250		)	37,144			(58,976		)
Deferred Credits and Other	(73,041		)	(85,506		)	66,393		—			26,764			(65,390		)
Total Liabilities	(181,428		)	(198,353		)	192,757		(1,250		)	63,908			(124,366		)
Total	$	(166,077	)	$	(73,387	)	$	228,892	$	(3,000	)	$	2,026		$	(11,546	)

(a)Other represents derivative instrument netting, options, and other risk management contracts.

Information about derivative instruments that have credit-risk-related contingent features

	September 30, 2011
Aggregate Fair Value of Derivative Instruments in a Net Liability Position	$	254
Cash Collateral Posted	99
Additional Cash Collateral in the Event Credit-Risk Related Contingent Features were Fully Triggered (a)	136

(a)This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details in the footnote above.