DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes of Outstanding Derivative Contracts

he volumes of the Utility’s outstanding derivatives were as follows:


		Contract Volume
		At December 31,
Underlying Product	Instruments	2019	2018
Natural Gas ⁽¹⁾ (MMBtus ⁽²⁾)	Forwards and Swaps	131,896,159	177,750,349
	Options	14,720,000	13,735,405
Electricity (Megawatt-hours)	Forwards and Swaps	18,675,852	3,833,490
	Congestion Revenue Rights ⁽³⁾	308,467,999	340,783,089

⁽¹⁾Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.

⁽²⁾ Million British Thermal Units.

⁽³⁾ CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.

Outstanding Derivative Balances

At December 31, 2019, the Utility’s outstanding derivative balances were as follows:


	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	36	$	(6)	$	4	$	34
Other noncurrent assets – other	130		(6)		—		124
Current liabilities – other	(31)		6		2		(23)
Noncurrent liabilities – other	(130)		6		—		(124)
Total commodity risk	$	5	$	—	$	6	$	11

At December 31, 2018, the Utility’s outstanding derivative balances were as follows:


	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	44	$	(1)	$	89	$	132
Other noncurrent assets – other	165		—		—		165
Current liabilities – other	(29)		1		7		(21)
Noncurrent liabilities – other	(90)		—		2		(88)
Total commodity risk	$	90	$	—	$	98	$	188