Derivative Accounting (Tables)

6 Months Ended

Jun. 30, 2014

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

As of June 30, 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	5,038	GWh
Gas	132	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 and six months ended June 30, 2014 and 2013 (dollars in thousands):

	Financial Statement	Three Months Ended June 30,						Six Months Ended June 30,
Commodity Contracts	Location	2014			2013			2014			2013

Gain (loss) Recognized in OCI on Derivative Instruments (Effective Portion)	OCI — derivative instruments	$	66		$	(265	)	$	243		$	(169	)
Loss Reclassified from Accumulated OCI into Income (Effective Portion Realized) (a)	Fuel and purchased power (b)	(3,216		)	(7,146		)	(7,654		)	(15,499		)

(a) During the three and six months ended June 30, 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 and six months ended June 30, 2014 and 2013 (dollars in thousands):

	Financial Statement	Three Months Ended June 30,					Six Months Ended June 30,
Commodity Contracts	Location	2014		2013			2014		2013

Net Gain Recognized in Income	Operating revenues (a)	$	155	$	322		$	63	$	205

Net Gain (loss) Recognized in Income	Fuel and purchased power (a)	4,805		(27,758		)	22,912		(10,408		)
Total		$	4,960	$	(27,436	)	$	22,975	$	(10,203	)

(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 June 30, 2014: (dollars in thousands)	Gross Recognized Derivatives (a)			Amounts Offset (b)			Net Recognized Derivatives			Other (c)			Amount Reported on Balance Sheet
Current Assets	$	26,941		$	(12,125	)	$	14,816		$	604		$	15,420
Investments and Other Assets	23,824			(3,753		)	20,071			1,510			21,581
Total Assets	50,765			(15,878		)	34,887			2,114			37,001

Current Liabilities	(40,376		)	26,367			(14,009		)	(7,493		)	(21,502		)
Deferred Credits and Other	(54,278		)	30,911			(23,367		)	—			(23,367		)
Total Liabilities	(94,654		)	57,278			(37,376		)	(7,493		)	(44,869		)
Total	$	(43,889	)	$	41,400		$	(2,489	)	$	(5,379	)	$	(7,868	)

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

(b) Includes cash collateral provided to counterparties of $41,400.

(c) Represents option premiums, and 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 $7,493, and cash margin provided to counterparties of $604.

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 June 30, 2014 (dollars in millions):

	June 30, 2014
Aggregate Fair Value of Derivative Instruments in a Net Liability Position	$	95
Cash Collateral Posted	41
Additional Cash Collateral in the Event Credit-Risk-Related Contingent Features were Fully Triggered (a)	43

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