DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes of Outstanding Derivative Contracts

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

		Contract Volume at
Underlying Product	Instruments	June 30, 2023	December 31, 2022
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	246,078,190	171,212,813
	Options	44,745,000	27,785,000
Electricity (MWh)	Forwards, Futures and Swaps	9,389,471	10,814,728
	Options	277,200	215,600
	Congestion Revenue Rights (3)	180,123,433	205,743,505

(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.

Offsetting Liabilities

As of June 30, 2023, 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	$	147	$	(11)	$	31	$	167
Other noncurrent assets – other	239		—		—		239
Current liabilities – other	(80)		11		16		(53)
Noncurrent liabilities – other	(164)		—		1		(163)
Total commodity risk	$	142	$	—	$	48	$	190

As of December 31, 2022, 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	$	824	$	(170)	$	537	$	1,191
Other noncurrent assets – other	306		—		—		306
Current liabilities – other	(238)		170		16		(52)
Noncurrent liabilities – other	(177)		—		—		(177)
Total commodity risk	$	715	$	—	$	553	$	1,268

Offsetting Assets

As of June 30, 2023, 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	$	147	$	(11)	$	31	$	167
Other noncurrent assets – other	239		—		—		239
Current liabilities – other	(80)		11		16		(53)
Noncurrent liabilities – other	(164)		—		1		(163)
Total commodity risk	$	142	$	—	$	48	$	190

As of December 31, 2022, 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	$	824	$	(170)	$	537	$	1,191
Other noncurrent assets – other	306		—		—		306
Current liabilities – other	(238)		170		16		(52)
Noncurrent liabilities – other	(177)		—		—		(177)
Total commodity risk	$	715	$	—	$	553	$	1,268