Fair Value (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value (Tables) [Abstract]

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

										Netting			Net Balance at
(in Millions)	Level 1			Level 2			Level 3			Adjustments(2)			June 30, 2011
Assets:
Nuclear decommissioning trusts		626			349			—			—			975
Other investments(1)		56			53			—			—			109
Derivative assets:
Foreign currency exchange contracts		—			16			—			(16	)		—
Commodity Contracts:
Natural Gas		1,151			78			10			(1,224	)		15
Electricity		—			367			136			(369	)		134
Other		28			2			7			(28	)		9
Total derivative assets		1,179			463			153			(1,637	)		158
Total	$	1,861		$	865		$	153		$	(1,637	)	$	1,242
Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(26	)	$	—		$	16		$	(10	)
Interest rate contracts		—			(1	)		—			—			(1	)
Commodity Contracts:
Natural Gas		(1,141	)		(187	)		(9	)		1,212			(125	)
Electricity		—			(384	)		(79	)		417			(46	)
Other		(20	)		(2	)		—			20			(2	)
Total derivative liabilities		(1,161	)		(600	)		(88	)		1,665			(184	)
Total	$	(1,161	)	$	(600	)	$	(88	)	$	1,665		$	(184	)
Net Assets as of June 30, 2011	$	700		$	265		$	65		$	28		$	1,058
Assets:
Current	$	818		$	342		$	117		$	(1,168	)	$	109
Noncurrent(3)		1,043			523			36			(469	)		1,133
Total Assets	$	1,861		$	865		$	153		$	(1,637	)	$	1,242
Liabilities:
Current	$	(817	)	$	(430	)	$	(65	)	$	1,202		$	(110	)
Noncurrent		(344	)		(170	)		(23	)		463			(74	)
Total Liabilities	$	(1,161	)	$	(600	)	$	(88	)	$	1,665		$	(184	)
Net Assets as of June 30, 2011	$	700		$	265		$	65		$	28		$	1,058

										Netting			Net Balance at
(in Millions)	Level 1			Level 2			Level 3			Adjustments(2)			December 31, 2010
Assets:
Nuclear decommissioning trusts	$	599		$	340		$	—		$	—		$	939
Other investments(1)		56			55			—			—			111
Derivative assets:
Foreign currency exchange contracts		—			20			—			(20	)		—
Commodity Contracts:
Natural Gas		1,846			128			12			(1,960	)		26
Electricity		—			649			117			(589	)		177
Other		68			4			4			(71	)		5
Total derivative assets		1,914			801			133			(2,640	)		208
Total	$	2,569		$	1,196		$	133		$	(2,640	)	$	1,258
Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(30	)	$	—		$	20		$	(10	)
Interest rate contracts		—			(1	)		—			—			(1	)
Commodity Contracts:
Natural Gas		(1,844	)		(263	)		(11	)		1,955			(163	)
Electricity		—			(653	)		(63	)		643			(73	)
Other		(63	)		(8	)		—			66			(5	)
Total derivative liabilities		(1,907	)		(955	)		(74	)		2,684			(252	)
Total	$	(1,907	)	$	(955	)	$	(74	)	$	2,684		$	(252	)
Net Assets as of December 31, 2010	$	662		$	241		$	59		$	44		$	1,006
Assets:
Current	$	1,299		$	663		$	49		$	(1,880	)	$	131
Noncurrent(3)		1,270			533			84			(760	)		1,127
Total Assets	$	2,569		$	1,196		$	133		$	(2,640	)	$	1,258
Liabilities:
Current	$	(1,290	)	$	(730	)	$	(21	)	$	1,899		$	(142	)
Noncurrent		(617	)		(225	)		(53	)		785			(110	)
Total Liabilities	$	(1,907	)	$	(955	)	$	(74	)	$	2,684		$	(252	)
Net Assets as of December 31, 2010	$	662		$	241		$	59		$	44		$	1,006

(1)	Excludes cash surrender value of life insurance investments.
(2)	Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.
(3)	Includes $109 million and $111 million at June 30, 2011 and December 31, 2010, respectively, of other investments that are included in the Consolidated Statements of Financial Position in Other Investments.

Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis

	Three Months Ended June 30, 2011
(in Millions)	Natural Gas			Electricity			Other			Total
Net Assets as of April 1, 2011	$	3		$	8		$	5		$	16
Transfers into Level 3		(3	)		62			—			59
Transfers out of Level 3		—			(2	)		—			(2	)
Total gains or (losses):
Included in earnings		3			8			—			11
Recorded in regulatory assets/liabilities		—			—			4			4
Purchases, issuances, sales and settlements:
Purchases		—			1			—			1
Settlements		(2	)		(20	)		(2	)		(24	)
Net Assets as of June 30, 2011	$	1		$	57		$	7		$	65
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 June 30, 2011	$	2		$	2		$	—		$	4

	Three Months Ended June 30, 2010
(in Millions)	Natural Gas			Electricity			Other			Total
Net Assets as of April 1, 2010	$	5		$	89		$	2		$	96
Changes in fair value recorded in income		—			(51	)		—			(51	)
Changes in fair value recorded in regulatory assets/liabilities		—			—			4			4
Purchases, issuances and settlements		(3	)		(21	)		(2	)		(26	)
Transfers in/out of Level 3		—			138			—			138
Net Assets as of June 30, 2010	$	2		$	155		$	4		$	161
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 June 30, 2010	$	(3	)	$	(71	)	$	—		$	(74	)

	Six Months Ended June 30, 2011
(in Millions)	Natural Gas			Electricity			Other			Total
Net Assets as of January 1, 2011	$	1		$	54		$	4		$	59
Transfers into Level 3		—			73			—			73
Transfers out of Level 3		1			(25	)		—			(24	)
Total gains or (losses):
Included in earnings		(2	)		(18	)		2			(18	)
Recorded in regulatory assets/liabilities		—			—			3			3
Purchases, issuances, sales and settlements:
Purchases		—			1			—			1
Settlements		1			(28	)		(2	)		(29	)
Net Assets as of June 30, 2011	$	1		$	57		$	7		$	65
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 June 30, 2011	$	(1	)	$	(17	)	$	2		$	(16	)

	Six Months Ended June 30, 2010
(in Millions)	Natural Gas			Electricity			Other			Total
Net Assets as of January 1, 2010	$	2		$	19		$	3		$	24
Changes in fair value recorded in income		2			83			—			85
Changes in fair value recorded in regulatory assets/liabilities		—			—			3			3
Purchases, issuances and settlements		(5	)		(30	)		(2	)		(37	)
Transfers in/out of Level 3		3			83			—			86
Net Assets as of June 30, 2010	$	2		$	155		$	4		$	161
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 June 30, 2010	$	(4	)	$	49		$	—		$	45

Fair value of long-term debt securities

	June 30, 2011		December 31, 2010
	Fair Value	Carrying Value	Fair Value	Carrying Value
Long-Term Debt	$8.4 billion	$7.8 billion	$8.5 billion	$8.0 billion

Fair value of nuclear decommissioning trust fund assets

	June 30,		December 31,
(in Millions)	2011		2010
Fermi 2	$	942	$	910
Fermi 1		3		3
Low level radioactive waste		30		26
Total	$	975	$	939

Gains and losses and proceeds from the sale of securities

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2011			2010			2011			2010
Realized gains	$	12		$	12		$	26		$	21
Realized losses		(9	)		(11	)		(17	)		(19	)
Proceeds from sales of securities		39			69			59			128

Fair value and unrealized gains for the nuclear decommissioning trust funds

	Fair		Unrealized
(in Millions)	Value		Gains
As of June 30, 2011
Equity securities	$	589	$	100
Debt securities		381		14
Cash and cash equivalents		5		—
	$	975	$	114
As of December 31, 2010
Equity securities	$	572	$	77
Debt securities		361		11
Cash and cash equivalents		6		—
	$	939	$	88

Available-for-sale debt and equity securities

	June 30, 2011				December 31, 2010
(in Millions)	Fair Value		Carrying value		Fair Value		Carrying Value
Cash equivalents	$	129	$	129	$	133	$	133
Equity securities		6		6		6		6