DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2011

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The fair values of all derivative instruments, as reflected in the condensed consolidated balance sheets as of September 30, 2011 and December 31, 2010, are as follows (in thousands):

Derivatives not designated as hedging instruments under GAAP	September 30, 2011				December 31, 2010
	Assets		Liabilities		Assets		Liabilities
Energy related commodity contracts:
Derivatives – Energy Related – Current	$	29,572	$	32,570	$	39,513	$	42,297
Derivatives – Energy Related – Non-Current	7,319		7,318		11,556		8,641
Interest rate contracts:
Derivatives - Other	—		10,513		—		5,539
Total derivatives not designated as hedging instruments under GAAP	36,891		50,401		51,069		56,477
Derivatives designated as hedging instruments under GAAP
Interest rate contracts:
Derivatives - Other	—		3,270		—		1,865
Total derivatives designated as hedging instruments under GAAP	—		3,270		—		1,865
Total Derivatives	$	36,891	$	53,671	$	51,069	$	58,342

Derivatives in cash flow hedging relationships

The effect of derivative instruments on the condensed consolidated statements of income for the three and nine months ended September 30, 2011 and 2010 are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2011			2010			2011			2010
Interest Rate Contracts:
Losses recognized in OCI on effective portion	$	(1,765	)	$	(391	)	$	(2,407	)	$	(705	)
Losses reclassified from accumulated OCI into income (a)	$	(385	)	$	(237	)	$	(1,122	)	$	(705	)
Gains or (losses) recognized in income on ineffective portion (a)	—			—			—			—

(a) Included in Interest Charges

	Three Months Ended September 30,						Nine Months Ended September 30,
Derivatives Not Designated as Hedging Instruments under GAAP	2011			2010			2011			2010
Losses on energy related commodity contracts (a)	$	(8,543	)	$	(1,173	)	$	(2,411	)	$	(19,090	)
Losses on interest rate contracts (b)	(309		)	(412		)	(298		)	(1,250		)
Total	$	(8,852	)	$	(1,585	)	$	(2,709	)	$	(20,340	)

(a)  Included in Operating Revenues - Non Utility

(b)  Included in Interest Charges