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FAIR VALUE MEASUREMENTS
010800 - Disclosure - FAIR VALUE MEASUREMENTS
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<div style="font-size:12pt"><p>NOTE 8. FAIR VALUE MEASUREMENTS<br />Fair Value of Financial Instruments<br />The fair values of certain of our financial instruments (cash, temporary investments, accounts and notes receivable, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts. The following table provides the carrying amounts and fair values of the remaining financial instruments at March 31, 2010 and December 31, 2009:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="652" align="left" colspan="10" style="border-top: 1px solid #000000;" height="19"><b>FAIR VALUE OF FINANCIAL INSTRUMENTS</b></td></tr><tr><td width="652" align="left" height="19" colspan="10"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="38" align="left"> </td><td height="14" width="282" align="left"><b> </b></td><td width="166" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">March 31, 2010</td><td width="166" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">December 31, 2009</td></tr><tr><td height="14" width="38" align="left"> </td><td height="14" width="282" align="left"><b> </b></td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Carrying</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Fair</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Carrying</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Fair</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="38"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="282"> </td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Amount</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Amount</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td></tr><tr><td width="320" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16"><b>Sempra Energy Consolidated:</b></td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="320" align="left" height="16" colspan="2">Investments in affordable housing partnerships(1)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 32 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 61 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 34 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 59 </td></tr><tr><td width="320" align="left" height="16" colspan="2">Total long-term debt(2)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 7,542 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 8,128 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 8,050 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 8,618 </td></tr><tr><td width="320" align="left" height="16" colspan="2">Due to unconsolidated affiliate</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td></tr><tr><td width="320" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Preferred stock of subsidiaries</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 179 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 162 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 179 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 156 </td></tr><tr><td width="320" align="left" colspan="2" style="border-top: 3px solid #000000;" height="16"><b>SDG&E:</b></td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="320" align="left" height="16" colspan="2">Total long-term debt(3)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,672 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,765 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,672 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,828 </td></tr><tr><td width="320" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Contingently redeemable preferred stock</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 76 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 76 </td></tr><tr><td width="320" align="left" colspan="2" style="border-top: 3px solid #000000;" height="16"><b>PE and SoCalGas:</b></td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="320" align="left" height="16" colspan="2">Total long-term debt(4)</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,292 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,354 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,296 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,382 </td></tr><tr><td width="320" align="left" height="16" colspan="2"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="320" align="left" height="16" colspan="2">PE:</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="320" align="left" height="16" colspan="2">    Preferred stock</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 80 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 66 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 80 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 61 </td></tr><tr><td width="320" align="left" height="16" colspan="2">    Preferred stock of subsidiary</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 19 </td></tr><tr><td width="320" align="left" height="16" colspan="2"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 86 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 80 </td></tr><tr><td width="320" align="left" height="16" colspan="2">SoCalGas:</td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="320" align="left" colspan="2" style="border-bottom: 3px solid #C0C0C0;" height="16">    Preferred stock</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 22 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 21 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 22 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 20 </td></tr><tr><td height="18" style="border-top: 3px solid #C0C0C0;" align="center" width="38"><i>(1)</i></td><td width="614" align="left" colspan="9" style="border-top: 3px solid #C0C0C0;" height="18"><i>We discuss our investments in affordable housing partnerships in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.</i></td></tr><tr><td height="17" width="38" align="center"><i>(2)</i></td><td width="614" align="left" height="17" colspan="9"><i>Before reductions for unamortized discount of $17 million at March 31, 2010 and December 31, 2009.</i></td></tr><tr><td height="17" width="38" align="center"><i>(3)</i></td><td width="614" align="left" height="17" colspan="9"><i>Before reductions for unamortized discount of $4 million at March 31, 2010 and December 31, 2009.</i></td></tr><tr><td height="17" width="38" align="center"><i>(4)</i></td><td width="614" align="left" height="17" colspan="9"><i>Before reductions for unamortized discount of $2 million at March 31, 2010 and December 31, 2009.</i></td></tr></table><p>Sempra Energy based the fair values of investments in affordable housing partnerships on the present value of estimated future cash flows, discounted at rates available for similar investments. All entities based the fair values of the long-term debt and preferred stock on their quoted market prices or quoted market prices for similar securities.</p><p>Nuclear Decommissioning Trusts <br />We discuss SDG&E's investments in nuclear decommissioning trust funds in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report. The following table shows the fair values and gross unrealized gains and losses for the securities held in the trust funds:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="650" align="left" colspan="10" style="border-top: 1px solid #000000;" height="19"><b>NUCLEAR DECOMMISSIONING TRUSTS</b></td></tr><tr><td width="650" align="left" height="19" colspan="10"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="33" align="left"> </td><td height="14" width="285" align="left"><b> </b></td><td width="83" align="center" height="14" colspan="2"> </td><td width="83" align="center" height="14" colspan="2">Gross</td><td width="83" align="center" height="14" colspan="2">Gross</td><td width="83" align="center" height="14" colspan="2">Estimated</td></tr><tr><td height="14" width="33" align="left"> </td><td height="14" width="285" align="left"><b> </b></td><td width="83" align="center" height="14" colspan="2"> </td><td width="83" align="center" height="14" colspan="2">Unrealized</td><td width="83" align="center" height="14" colspan="2">Unrealized</td><td width="83" align="center" height="14" colspan="2">Fair</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="33"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="285"> </td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Cost</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Gains</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Losses</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td></tr><tr><td width="318" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16"><b>As of March 31, 2010:</b></td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">Debt securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">    U.S. government(1)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 138 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 12 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> (2)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 148 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Municipal bonds(2)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 76 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (2)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 76 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Other securities(3)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 27 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 2 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 29 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Total debt securities</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 241 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 16 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> (4)</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 253 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Equity securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 242 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 205 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (4)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 443 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Cash and cash equivalents</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 10 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 10 </td></tr><tr><td width="318" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Total available-for-sale securities</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 493 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 221 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (8)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 706 </td></tr><tr><td width="318" align="left" colspan="2" style="border-top: 3px solid #000000;" height="16"><b>As of December 31, 2009:</b></td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">Debt securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="318" align="left" height="16" colspan="2">    U.S. government</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 141 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 12 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> (3)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 150 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Municipal bonds</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 85 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 3 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (3)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 85 </td></tr><tr><td width="318" align="left" height="16" colspan="2">    Other securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 12 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 13 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Total debt securities</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 238 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 16 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> (6)</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 248 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Equity securities</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 238 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 188 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> (5)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 421 </td></tr><tr><td width="318" align="left" height="16" colspan="2">Cash and cash equivalents</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 9 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 9 </td></tr><tr><td width="318" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Total available-for-sale securities</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 485 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 204 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (11)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 678 </td></tr><tr><td height="16" style="border-top: 3px solid #000000;" align="right" width="33"><i>(1)</i></td><td width="617" align="left" colspan="9" style="border-top: 3px solid #000000;" height="16"><i>Maturity dates are 2011-2039.</i></td></tr><tr><td height="16" width="33" align="right"><i>(2)</i></td><td width="617" align="left" height="16" colspan="9"><i>Maturity dates are 2010-2057.</i></td></tr><tr><td height="16" width="33" align="right"><i>(3)</i></td><td width="617" align="left" height="16" colspan="9"><i>Maturity dates are 2010-2049.</i></td></tr></table><p>The following table shows the proceeds from sales of securities in the trusts and gross realized gains and losses on those sales:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="442" align="left" colspan="5" style="border-top: 1px solid #000000;" height="19"><b>SALES OF SECURITIES</b></td></tr><tr><td width="442" align="left" height="19" colspan="5"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="248" align="left"><b> </b></td><td width="194" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">Three months ended March 31,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="248"> </td><td width="97" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2010 </td><td width="97" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="248">Proceeds from sales</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 40 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 39 </td></tr><tr><td height="16" width="248" align="left">Gross realized gains</td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 1 </td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 3 </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="248">Gross realized losses</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> (2)</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> (17)</td></tr></table><p>Net unrealized gains (losses) are included in Regulatory Liabilities Arising from Removal Obligations on the Condensed Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. <br />The fair value of securities in an unrealized loss position as of March 31, 2010 was $99 million. The unrealized losses of $8 million were primarily caused by a negative market environment in 2009. We do not consider these investments to be other than temporarily impaired as of March 31, 2010.<br />Derivative Positions Net of Cash Collateral<br />Each Condensed Consolidated Balance Sheet reflects the offsetting of net derivative positions with fair value amounts for cash collateral with the same counterparty when management believes a legal right of offset exists.<br />The following table provides the amount of fair value of cash collateral receivables that were not offset in the Condensed Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="14" width="320" align="left"><b> </b></td><td width="97" align="center" height="14" colspan="2">March 31,</td><td width="97" align="center" height="14" colspan="2">December 31,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="320"><i>(Dollars in millions)</i></td><td width="97" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">2010 </td><td width="97" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">2009 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="320">Sempra Energy Consolidated</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 32 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="75"> 36 </td></tr><tr><td height="16" width="320" align="left">SDG&E</td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 26 </td><td height="16" width="22" align="left"> </td><td height="16" width="75" align="right"> 30 </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="320">SoCalGas</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> 4 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="75"> 5 </td></tr></table><p>Fair Value Hierarchy<br />We discuss the valuation techniques and inputs we use to measure fair value and the definition of the three levels of the fair value hierarchy in Notes 1 and 2 of the Notes to Consolidated Financial Statements in the Annual Report. We have not changed the valuation techniques or inputs we use to measure fair value during the three months ended March 31, 2010.<br />The three tables below, by level within the fair value hierarchy, set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2010 and December 31, 2009. We classify financial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities, and their placement within the fair value hierarchy levels. <br />The fair value of commodity derivative assets and liabilities is determined in accordance with our netting policy, as discussed above under "Derivative Positions Net of Cash Collateral." <br />The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests).<br />We discuss our financial assets and liabilities that were accounted for at fair value on a recurring basis further in Note 12 of the Notes to Consolidated Financial Statements in the Annual Report.<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="730" align="left" colspan="11" style="border-top: 1px solid #000000;" height="19"><b>RECURRING FAIR VALUE MEASURES -- SEMPRA ENERGY CONSOLIDATED</b></td></tr><tr><td width="730" align="left" height="19" colspan="11"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="290" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="14">At fair value as of March 31, 2010</td></tr><tr><td height="14" width="290" align="left"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="14" width="290" align="left"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="16" width="290" align="left">Assets:</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="290" align="left">    Nuclear decommissioning trusts(1)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="290" align="left">          Equity securities</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 443 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 443 </td></tr><tr><td height="16" width="290" align="left">          Debt securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 112 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 141 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 253 </td></tr><tr><td height="16" width="290" align="left">    Total nuclear decommissioning trusts(1)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 555 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 141 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 696 </td></tr><tr><td height="16" width="290" align="left">    Interest rate instruments</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 31 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 31 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 27 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 3 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 9 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 39 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 7 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 80 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> (26)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 61 </td></tr><tr><td height="16" width="290" align="left">    Investments</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 16 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 16 </td></tr><tr><td height="16" width="290" align="left">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 605 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 255 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 9 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (26)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 843 </td></tr><tr><td height="16" width="290" align="left"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="290" align="left">Liabilities:</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="290" align="left">    Interest rate instruments</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 65 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 65 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 57 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 11 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> (57)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 11 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 74 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 74 </td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="290">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 57 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 150 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (57)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 150 </td></tr><tr><td height="16" style="border-top: 3px solid #000000;" align="left" width="290"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="290" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="16">At fair value as of December 31, 2009</td></tr><tr><td height="16" width="290" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="16" width="290" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="16" width="290" align="left">Assets:</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="290" align="left">    Nuclear decommissioning trusts(1)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="290" align="left">          Equity securities</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 421 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 421 </td></tr><tr><td height="16" width="290" align="left">          Debt securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 111 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 137 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 248 </td></tr><tr><td height="16" width="290" align="left">    Total nuclear decommissioning trusts(1)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 532 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 137 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 669 </td></tr><tr><td height="16" width="290" align="left">    Interest rate instruments</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 38 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 38 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 32 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 3 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 10 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 45 </td></tr><tr><td height="17" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 7 </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 62 </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> - </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> (40)</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 29 </td></tr><tr><td height="17" width="290" align="left">    Investments</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td></tr><tr><td height="18" width="290" align="left">Total</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 572 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 240 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 10 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (40)</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 782 </td></tr><tr><td height="18" width="290" align="left"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="17" width="290" align="left">Liabilities:</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td></tr><tr><td height="17" width="290" align="left">    Interest rate instruments</td><td height="17" width="23" align="right">$</td><td height="17" width="65" align="right"> - </td><td height="17" width="23" align="right">$</td><td height="17" width="65" align="right"> 59 </td><td height="17" width="23" align="right">$</td><td height="17" width="65" align="right"> - </td><td height="17" width="23" align="right">$</td><td height="17" width="65" align="right"> - </td><td height="17" width="23" align="right">$</td><td height="17" width="65" align="right"> 59 </td></tr><tr><td height="17" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 9 </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 9 </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> - </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> (9)</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="right"> 9 </td></tr><tr><td height="17" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> 65 </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> 65 </td></tr><tr><td height="18" style="border-bottom: 3px solid #000000;" align="left" width="290">Total</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 9 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 133 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (9)</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 133 </td></tr><tr><td height="18" style="border-top: 3px solid #000000;" align="left" width="290"><i>(1) Excludes cash balances and cash equivalents.</i></td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="747" align="left" colspan="11" style="border-top: 1px solid #000000;" height="19"><b>RECURRING FAIR VALUE MEASURES -- SDG&E</b></td></tr><tr><td width="747" align="left" height="19" colspan="11"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="307" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="14">At fair value as of March 31, 2010</td></tr><tr><td height="14" width="307" align="left"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="14" width="307" align="left"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="16" width="307" align="left">Assets:</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="307" align="left">    Nuclear decommissioning trusts(1)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="307" align="left">          Equity securities</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 443 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 443 </td></tr><tr><td height="16" width="307" align="left">          Debt securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 112 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 141 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 253 </td></tr><tr><td height="16" width="307" align="left">    Total nuclear decommissioning trusts(1)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 555 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 141 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 696 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts subject to rate recovery</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 24 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 2 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 9 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 35 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 2 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 2 </td></tr><tr><td height="16" width="307" align="left">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 581 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 143 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 9 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 733 </td></tr><tr><td height="16" width="307" align="left"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="307" align="left">Liabilities:</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="307" align="left">    Interest rate instruments</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 47 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 47 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 57 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> (57)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="307">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 57 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 48 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (57)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 48 </td></tr><tr><td height="16" style="border-top: 3px solid #000000;" align="left" width="307"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="307" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="16">At fair value as of December 31, 2009</td></tr><tr><td height="16" width="307" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="16" width="307" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="16" width="307" align="left">Assets:</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" width="307" align="left">    Nuclear decommissioning trusts(1)</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="left"> </td></tr><tr><td height="16" width="307" align="left">          Equity securities</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 421 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 421 </td></tr><tr><td height="16" width="307" align="left">          Debt securities</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 111 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 137 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 248 </td></tr><tr><td height="16" width="307" align="left">    Total nuclear decommissioning trusts(1)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 532 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 137 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="65"> 669 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts subject to rate recovery</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 29 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 2 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 10 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 41 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 1 </td></tr><tr><td height="16" width="307" align="left">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 562 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 139 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 10 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 711 </td></tr><tr><td height="18" width="307" align="left"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="17" width="307" align="left">Liabilities:</td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td><td height="17" width="23" align="right"> </td><td height="17" width="65" align="left"> </td></tr><tr><td height="16" width="307" align="left">    Interest rate instruments</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 43 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 43 </td></tr><tr><td height="16" width="307" align="left">    Commodity contracts subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 9 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> (9)</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td></tr><tr><td height="18" style="border-bottom: 3px solid #000000;" align="left" width="307">Total</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 9 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 43 </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (9)</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 43 </td></tr><tr><td height="18" style="border-top: 3px solid #000000;" align="left" width="307"><i>(1) Excludes cash balances and cash equivalents.</i></td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="18" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="18" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="730" align="left" colspan="11" style="border-top: 1px solid #000000;" height="19"><b>RECURRING FAIR VALUE MEASURES -- SOCALGAS</b></td></tr><tr><td width="730" align="left" height="19" colspan="11"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="290" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="14">At fair value as of March 31, 2010</td></tr><tr><td height="14" width="290" align="left"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="14" width="290" align="left"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="14" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="14" width="290" align="left">Assets:</td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="14" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="14" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="14" width="290" align="left">    Interest rate instruments</td><td height="14" width="23" align="right">$</td><td height="14" width="65" align="right"> - </td><td height="14" width="23" align="right">$</td><td height="14" width="65" align="right"> 5 </td><td height="14" width="23" align="right">$</td><td height="14" width="65" align="right"> - </td><td height="14" width="23" align="right">$</td><td height="14" width="65" align="right"> - </td><td height="14" width="23" align="right">$</td><td height="14" width="65" align="right"> 5 </td></tr><tr><td height="14" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="14" width="23" align="right"> </td><td height="14" width="65" align="right"> 3 </td><td height="14" width="23" align="right"> </td><td height="14" width="65" align="right"> 1 </td><td height="14" width="23" align="right"> </td><td height="14" width="65" align="right"> - </td><td height="14" width="23" align="right"> </td><td height="14" width="65" align="right"> - </td><td height="14" width="23" align="right"> </td><td height="14" width="65" align="right"> 4 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 3 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 3 </td></tr><tr><td height="16" width="290" align="left">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 6 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 6 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 12 </td></tr><tr><td height="16" width="290" align="left">Liabilities:</td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="65"> </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="290">    Commodity contracts subject to rate recovery</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="23">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="65"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="23">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="65"> 1 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="23">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="65"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="23">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="65"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="23">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="65"> 1 </td></tr><tr><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="290"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="65"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="right" width="23"> </td><td height="16" style="border-top: 3px solid #C0C0C0;" align="left" width="65"> </td></tr><tr><td height="16" width="290" align="left"> </td><td width="440" align="center" colspan="10" style="border-bottom: 1px solid #000000;" height="16">At fair value as of December 31, 2009</td></tr><tr><td height="16" width="290" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65">Collateral</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="16" width="290" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 1</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 2</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Level 3</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Netted</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="center" width="65">Total</td></tr><tr><td height="16" width="290" align="left">Assets:</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="65"> </td></tr><tr><td height="16" width="290" align="left">    Interest rate instruments</td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 8 </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right">$</td><td height="16" width="65" align="right"> 8 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts subject to rate recovery</td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 3 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 1 </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> - </td><td height="16" width="23" align="right"> </td><td height="16" width="65" align="right"> 4 </td></tr><tr><td height="16" width="290" align="left">    Commodity contracts not subject to rate recovery</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 3 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="23"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="65"> 3 </td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="290">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 6 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 9 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> - </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="23">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> 15 </td></tr></table><p><br />There were no transfers in or out of Level 1 or Level 2 during the periods presented.<br />Level 3 Information<br />The following table sets forth reconciliations of changes in the fair value of net trading and other derivatives classified as Level 3 in the fair value hierarchy for Sempra Energy Consolidated and SDG&E:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="14" width="285" align="left"> </td><td width="188" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">Three months ended March 31,</td><td height="14" width="11" align="center"> </td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="285"><i>(Dollars in millions)</i></td><td width="94" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2010 </td><td width="94" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="11"> </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="285">Balance as of January 1</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="26">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="68"> 10 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="26">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="68"> 27 </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="11"> </td></tr><tr><td height="16" width="285" align="left">    Realized and unrealized losses</td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> (2)</td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> - </td><td height="16" width="11" align="left"> </td></tr><tr><td height="16" width="285" align="left">    Purchases</td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> - </td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> - </td><td height="16" width="11" align="left"> </td></tr><tr><td height="16" width="285" align="left">    Issuances</td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> - </td><td height="16" width="26" align="right"> </td><td height="16" width="68" align="right"> - </td><td height="16" width="11" align="left"> </td></tr><tr><td height="16" width="285" align="left">    Settlements</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="68"> 1 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="68"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="11"> </td></tr><tr><td height="16" width="285" align="left">Balance as of March 31</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="68"> 9 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="68"> 27 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="11"> </td></tr><tr><td height="16" width="285" align="left">Change in unrealized gains relating to </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="26"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="68"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="26"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="68"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="11"> </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="285">    instruments still held at March 31</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="26">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="68"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="26">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="68"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="11"> </td></tr></table><p>There were no transfers in or out of Level 3 during the periods presented.<br />Gains and losses (realized and unrealized) for Level 3 recurring items are primarily related to SDG&E's congestion revenue rights and were included in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009. </p></div>
NOTE 8. FAIR VALUE MEASUREMENTSFair Value of Financial InstrumentsThe fair values of certain of our financial instruments (cash, temporary investments,
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This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 107
-Paragraph 15B
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