Fair Value (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2012:

	Level 1			Level 2			Level 3			Netting Adjustments (2)			Net Balance at March 31, 2012
	(In millions)
Assets:
Cash equivalents	$	—		$	68		$	—		$	—		$	68
Nuclear decommissioning trusts	629			375			$	—		$	—		1,004
Other investments (1)	62			41			—			—			103
Derivative assets:
Foreign currency exchange contracts	—			2			—			(2		)	—
Commodity Contracts:
Natural Gas	1,568			102			31			(1,671		)	30
Electricity	—			675			363			(720		)	318
Other	45			2			6			(46		)	7
Total derivative assets	1,613			781			400			(2,439		)	355
Total	$	2,304		$	1,265		$	400		$	(2,439	)	$	1,530
Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(3	)	$	—		$	2		$	(1	)
Interest rate contracts	—			(1		)	—			—			(1		)
Commodity Contracts:
Natural Gas	(1,681		)	(143		)	(25		)	1,741			(108		)
Electricity	—			(674		)	(338		)	783			(229		)
Other	(37		)	—			—			39			2
Total derivative liabilities	(1,718		)	(821		)	(363		)	2,565			(337		)
Total	$	(1,718	)	$	(821	)	$	(363	)	$	2,565		$	(337	)
Net Assets as of March 31, 2012	$	586		$	444		$	37		$	126		$	1,193
Assets:
Current	$	1,339		$	711		$	327		$	(2,048	)	$	329
Noncurrent (3)	965			554			73			(391		)	1,201
Total Assets	$	2,304		$	1,265		$	400		$	(2,439	)	$	1,530
Liabilities:
Current	$	(1,391	)	$	(687	)	$	(290	)	$	2,130		$	(238	)
Noncurrent	(327		)	(134		)	(73		)	435			(99		)
Total Liabilities	$	(1,718	)	$	(821	)	$	(363	)	$	2,565		$	(337	)
Net Assets as of March 31, 2012	$	586		$	444		$	37		$	126		$	1,193

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2011:

	Level 1			Level 2			Level 3			Netting Adjustments (2)			Net Balance at December 31, 2011
	(In millions)
Assets:
Nuclear decommissioning trusts	$	577		$	360		$	—		$	—		$	937
Other investments (1)	57			54			—			—			111
Derivative assets:
Foreign currency exchange contracts	—			3			—			(3		)	—
Commodity Contracts:
Natural Gas	1,926			78			20			(1,991		)	33
Electricity	—			523			224			(490		)	257
Other	23			2			6			(25		)	6
Total derivative assets	1,949			606			250			(2,509		)	296
Total	$	2,583		$	1,020		$	250		$	(2,509	)	$	1,344
Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(5	)	$	—		$	3		$	(2	)
Interest rate contracts	—			(1		)	—			—			(1		)
Commodity Contracts:
Natural Gas	(1,940		)	(126		)	(14		)	1,976			(104		)
Electricity	—			(513		)	(192		)	565			(140		)
Other	(19		)	(1		)	—			20			—
Total derivative liabilities	(1,959		)	(646		)	(206		)	2,564			(247		)
Total	$	(1,959	)	$	(646	)	$	(206	)	$	2,564		$	(247	)
Net Assets as of December 31, 2011	$	624		$	374		$	44		$	55		$	1,097
Assets:
Current	$	1,571		$	520		$	181		$	(2,050	)	$	222
Noncurrent (3)	1,012			500			69			(459		)	1,122
Total Assets	$	2,583		$	1,020		$	250		$	(2,509	)	$	1,344
Liabilities:
Current	$	(1,603	)	$	(527	)	$	(152	)	$	2,124		$	(158	)
Noncurrent	(356		)	(119		)	(54		)	440			(89		)
Total Liabilities	$	(1,959	)	$	(646	)	$	(206	)	$	2,564		$	(247	)
Net Assets as of December 31, 2011	$	624		$	374		$	44		$	55		$	1,097

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31, 2012
	Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets as of January 1, 2012	$	6		$	32		$	6		$	44
Transfers into Level 3	—			27			—			27
Transfers out of Level 3	(2		)	—			—			(2		)
Total gains:
Included in earnings	6			(14		)	1			(7		)
Recorded in regulatory assets/liabilities	—			—			1			1
Purchases, issuances and settlements:
Settlements	(4		)	(20		)	(2		)	(26		)
Net Assets as of March 31, 2012	$	6		$	25		$	6		$	37
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations.	$	6		$	1		$	1		$	8

	Three Months Ended March 31, 2011
	Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets as of January 1, 2011	$	1		$	54		$	4		$	59
Transfers into Level 3	—			2			—			2
Transfers out of Level 3	3			(25		)	—			(22		)
Total gains or (losses):
Included in earnings	(4		)	(15		)	2			(17		)
Recorded in regulatory assets/liabilities	—			—			(1		)	(1		)
Purchases, issuances and settlements:
Settlements	3			(8		)	—			(5		)
Net Assets as of March 31, 2011	$	3		$	8		$	5		$	16
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2011 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations.	$	(1	)	$	(8	)	$	2		$	(7	)

Quantitative Disclosure of Unobservable Inputs [Table Text Block]

	March 31, 2012
Security Type	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range
	(In millions)
Natural Gas	$	31	$	(25	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(0.16	)	—	$	0.28	/MMBtu
Electricity	363		(338		)	Discounted Cash Flow	Forward market price (per Mwh)	$	9		—	$	27	/Mwh
							Forward basis price (per Mwh)	$	(1	)	—	$	10	/Mwh

Fair Value of Long Term Debt [Table Text Block]

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Fair Value of Financial Instruments [Table Text Block]

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Fair Value of Nuclear Decommissioning Trust Fund Assets Text Block [Table]

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Schedule of Realized Gain (Loss) [Table Text Block]

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Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund Table [Table] [Table Text Block]

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Available-for-sale debt and equity securities

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