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Derivative Accounting (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Accounting  
Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)

As of March 31, 2014, we had the following outstanding gross notional volume of derivatives, which represent both purchases and sales (does not reflect net position):

 

Commodity

 

Quantity

 

Power

 

5,503

 

GWh

 

Gas

 

107

 

Billion cubic feet

 

 
Gains and losses from derivative instruments in designated cash flow accounting hedges relationships

The following table provides information about gains and losses from derivative instruments in designated cash flow accounting hedging relationships during the three months ended March 31, 2014 and 2013 (dollars in thousands):

 

 

 

Financial Statement

 

Three Months Ended
March 31,

 

Commodity Contracts

 

Location

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Gain Recognized in OCI on Derivative Instruments (Effective Portion)

 

OCI — derivative instruments

 

$

177

 

$

96

 

Loss Reclassified from Accumulated OCI into Income (Effective Portion Realized) (a)

 

Fuel and purchased power (b)

 

(4,439

)

(8,353

)

 

(a)                                 During the three months ended March 31, 2014 and 2013, we had no amounts reclassified from accumulated OCI to earnings related to discontinued cash flow hedges.

(b)                                 Amounts are before the effect of PSA deferrals.

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

The following table provides information about gains and losses from derivative instruments not designated as accounting hedging instruments during the three months ended March 31, 2014 and 2013 (dollars in thousands):

 

 

 

Financial Statement

 

Three Months Ended
March 31,

 

Commodity Contracts

 

Location

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Net Loss Recognized in Income

 

Operating revenues (a)

 

$

(92

)

$

(117

)

 

 

 

 

 

 

 

 

Net Gain Recognized in Income

 

Fuel and purchased power (a)

 

18,107

 

17,350

 

Total

 

 

 

$

18,015

 

$

17,233

 

 

(a)                                 Amounts are before the effect of PSA deferrals.
Schedule of the entity's fair value of risk management activities reported on a gross basis and the impacts of offsetting

 

 

As of March 31, 2014:
(dollars in thousands)

 

Gross
Recognized
Derivatives
(a)

 

Amounts
Offset
 (b)

 

Net
Recognized
Derivatives

 

Other
(c)

 

Amount
Reported on
Balance Sheet

 

Current Assets

 

$

32,470

 

$

(15,816

)

$

16,654

 

$

297

 

$

16,951

 

Investments and Other Assets

 

23,913

 

(2,287

)

21,626

 

—

 

21,626

 

Total Assets

 

56,383

 

(18,103

)

38,280

 

297

 

38,577

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

(42,161

)

30,897

 

(11,264

)

(8,643

)

(19,907

)

Deferred Credits and Other

 

(65,511

)

36,405

 

(29,106

)

—

 

(29,106

)

Total Liabilities

 

(107,672

)

67,302

 

(40,370

)

(8,643

)

(49,013

)

Total

 

$

(51,289

)

$

49,199

 

$

(2,090

)

$

(8,346

)

$

(10,436

)

 

(a)         All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)         Includes cash collateral provided to counterparties of $49,199.

(c)          Represents cash collateral and margin that is not subject to offsetting.  Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $8,643, and cash margin provided to counterparties of $297.

 

As of December 31, 2013:
(dollars in thousands)

 

Gross
Recognized
Derivatives
(a)

 

Amounts
Offset
(b)

 

Net
Recognized
Derivatives

 

Other
(c)

 

Amount
Reported on
Balance Sheet

 

Current Assets

 

$

24,587

 

$

(7,425

)

$

17,162

 

$

7

 

$

17,169

 

Investments and Other Assets

 

25,364

 

(1,549

)

23,815

 

—

 

23,815

 

Total Assets

 

49,951

 

(8,974

)

40,977

 

7

 

40,984

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

(50,540

)

26,166

 

(24,374

)

(7,518

)

(31,892

)

Deferred Credits and Other

 

(72,123

)

1,808

 

(70,315

)

—

 

(70,315

)

Total Liabilities

 

(122,663

)

27,974

 

(94,689

)

(7,518

)

(102,207

)

Total

 

$

(72,712

)

$

19,000

 

$

(53,712

)

$

(7,511

)

$

(61,223

)

 

(a)         All of our gross recognized derivative instruments were subject to master netting arrangements.

(b)         Includes cash collateral provided to counterparties of $19,000.

(c)          Represents cash collateral and margin that is not subject to offsetting.  Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $7,518, and cash margin provided to counterparties of $7.
Information about derivative instruments that have credit-risk-related contingent features

The following table provides information about our derivative instruments that have credit-risk-related contingent features at March 31, 2014 (dollars in millions):

 

 

 

March 31,
2014

 

Aggregate Fair Value of Derivative Instruments in a Net Liability Position

 

$

108

 

Cash Collateral Posted

 

49

 

Additional Cash Collateral in the Event Credit-Risk-Related Contingent Features were Fully Triggered (a)

 

50

 

 

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