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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivatives instruments
The following tables summarize the fair value of derivative instruments on FirstEnergy’s Consolidated Balance Sheets:
Derivatives not designated as hedging instruments:
Derivative Assets
 
Derivative Liabilities
 
Fair Value
 
 
Fair Value
 
December 31,
2011
 
December 31,
2010
 
 
December 31,
2011
 
December 31,
2010
 
(In millions)
 
 
(In millions)
Power Contracts
 
 
 
 
Power Contracts
 
 
 
Current Assets
$
185

 
$
96

 
Current Liabilities
$
(196
)
 
$
(209
)
Noncurrent Assets
79

 
40

 
Noncurrent Liabilities
(51
)
 
(38
)
FTRs
 
 
 
 
FTRs
 
 
 
Current Assets
1

 
—

 
Current Liabilities
(22
)
 
—

Noncurrent Assets
—

 
—

 
Noncurrent Liabilities
(1
)
 
—

NUGs
56

 
122

 
NUGs
(349
)
 
(467
)
Interest Rate Swaps

 
 
 
Interest Rate Swaps
 
 
 
Current Assets
—

 
—

 
Current Liabilities
—

 
—

Noncurrent Assets
—

 
—

 
Noncurrent Liabilities
—

 
—

Other
 
 
 
 
Other
 
 
 
Current Assets
—

 
10

 
Current Liabilities
—

 
—

Noncurrent Assets
—

 
—

 
Noncurrent Liabilities
—

 
—

Total Derivatives Assets
$
321

 
$
268

 
Total Derivatives Liabilities
$
(619
)
 
$
(714
)
Volume of First Energy's outstanding derivative transactions
The following table summarizes the volumes associated with FirstEnergy’s outstanding derivative transactions as of December 31, 2011:
 
Purchases
 
Sales
 
Net
 
(In thousands of MWH)
Power Contracts
32,188

 
49,737

 
(17,549
)
FTRs
32,534

 
—

 
32,534

NUGs
23,981

 
—

 
23,981
Effect of derivative instruments on statements of income and comprehensive income
The following tables summarize the effect of derivative instruments on the Consolidated Statements of Income during 2011 and 2010:
 
Power Contracts
 
FTRs
 
Other
 
Total
 
(In millions)
Derivatives in a Hedging Relationship
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
Gain Recognized in AOCI (Effective Portion)
$
11

 
$
—

 
$
1

 
$
12

Effective Gain (Loss) Reclassified to:(1)
 
 
 
 
 
 
 
Purchased Power Expense
16

 
—

 
—

 
16

Revenues
(12
)
 
—

 
—

 
(12
)
December 31, 2010
 
 
 
 
 
 
 
Gain Recognized in AOCI (Effective Portion)
$
12

 
$
—

 
$
11

 
$
23

Effective Loss Reclassified to:(1)
 
 
 
 
 
 
 
Purchased Power Expense
(7
)
 
—

 
—

 
(7
)
Revenues
(4
)
 
—

 
—

 
(4
)
Fuel Expense
—

 
—

 
(14
)
 
(14
)
 
 
 
 
 
 
 
 
Derivatives Not in a Hedging Relationship
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
Unrealized Gain (Loss) Recognized in:
 
 
 
 
 
 
 
Purchased Power Expense
$
120

 
$
—

 
$
—

 
$
120

Revenues
(3
)
 
—

 
—

 
(3
)
Other Operating Expense
(52
)
 
(14
)
 
2

 
(64
)
Realized Gain (Loss) Reclassified to:
 
 
 
 
 
 
 
Purchased Power Expense
(159
)
 
—

 
—

 
(159
)
Revenues
17

 
67

 
—

 
84

Other Operating Expense
—

 
(157
)
 
—

 
(157
)
December 31, 2010
 
 
 
 
 
 
 
Unrealized Gain Recognized in:
 
 
 
 
 
 
 
Purchased Power Expense
$
86

 
$
—

 
$
—

 
$
86

Realized Loss Reclassified to:
 
 
 
 
 
 
 
Purchased Power Expense
(104
)
 
—

 
—

 
(104
)
Derivatives not in a hedging relationship with regulatory offset
Derivatives Not in a Hedging Relationship Generally Subject to Regulatory Offset(2)
 
NUGs
 
Other
 
Total
 
 
(In millions)
December 31, 2011
 
 
 
 
 
 
Unrealized Loss to Derivative Instrument
 
$
(202
)
 
$
(5
)
 
$
(207
)
Unrealized Gain to Regulatory Assets
 
202

 
5

 
207

Realized Gain (Loss) to Derivative Instrument
 
254

 
(13
)
 
241

Realized Gain (Loss) to Regulatory Assets
 
(254
)
 
13

 
(241
)
December 31, 2010
 
 
 
 
 
 
Unrealized Loss to Derivative Instrument
 
$
(181
)
 
—

 
$
(181
)
Unrealized Gain to Regulatory Assets
 
181

 
—

 
181

Realized Gain (Loss) to Derivative Instrument
 
280

 
(9
)
 
271

Realized Gain (Loss) to Regulatory Assets
 
(280
)
 
9

 
(271
)
(1) 
The ineffective portion was immaterial.
(2) 
Changes in the fair value of certain contracts are deferred for future recovery from (or refund to) customers.
Reconciliation of changes in the fair value of certain contracts that are deferred
The following table provides a reconciliation of changes in the fair value of certain contracts that are deferred for future recovery from (or credit to) customers during 2011 and 2010:
Derivatives Not in a Hedging Relationship Generally Subject to Regulatory Offset
 
NUGs
 
Other
 
Total
 
 
(In millions)
Outstanding net asset (liability) as of January 1, 2010
 
$
(444
)
 
$
19

 
$
(425
)
Additions/Change in value of existing contracts
 
(181
)
 
—

 
(181
)
Settled contracts
 
280

 
(9
)
 
271

Outstanding net asset (liability) as of December 31, 2010
 
(345
)
 
10

 
(335
)
Additions/Change in value of existing contracts
 
(202
)
 
(5
)
 
(207
)
Settled contracts
 
254

 
(13
)
 
241

Outstanding net asset (liability) as of December 31, 2011
 
$
(293
)
 
$
(8
)
 
$
(301
)