DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The fair values of all derivative instruments, as reflected in the condensed balance sheets as of June 30, 2013 and December 31, 2012, are as follows (in thousands):

Derivatives not designated as hedging instruments under GAAP	June 30, 2013				December 31, 2012
	Assets		Liabilities		Assets		Liabilities
Energy related commodity contracts:
Derivatives – Energy Related – Current	$	787	$	1,621	$	464	$	2,615
Derivatives – Energy Related – Non-Current	58		251		302		80
Interest rate contracts:
Derivatives – Other	—		5,164		—		7,761
Total derivatives not designated as hedging instruments under GAAP	$	845	$	7,036	$	766	$	10,456

Offsetting assets and liabilities

For derivative instruments disclosed in the table above, information as to the presentation on the condensed balance sheets is as follows (in thousands):

As of June 30, 2013
Description	Gross amounts of recognized assets/liabilities			Gross amount offset in the balance sheet		Net amounts of assets/liabilities in balance sheet			Gross amounts not offset in the balance sheet						Net amount
									Financial Instruments				Cash Collateral Posted
Derivatives - Energy Related Assets	$	845		$	—	$	845		$	(845	)	(A)	$	—	$	—
Derivatives - Energy Related Liabilities	(1,872		)	—		(1,872		)	845			(B)	781		(246		)
Derivatives - Other	(5,164		)	—		(5,164		)	—				—		(5,164		)

As of December 31, 2012
Description	Gross amounts of recognized assets/liabilities			Gross amount offset in the balance sheet		Net amounts of assets/liabilities in balance sheet			Gross amounts not offset in the balance sheet						Net amount
									Financial Instruments				Cash Collateral Posted
Derivatives - Energy Related Assets	$	766		$	—	$	766		$	(447	)	(A)	$	—	$	319
Derivatives - Energy Related Liabilities	(2,695		)	—		(2,695		)	447			(B)	1,136		(1,112		)
Derivatives - Other	(7,761		)	—		(7,761		)	—				—		(7,761		)

(A) The balances at June 30, 2013 and December 31, 2012 were related to derivative liabilities which can be net settled against derivative assets.

(B) The balances at June 30, 2013 and December 31, 2012 were related to derivative assets which can be net settled against derivative liabilities.

Derivatives in cash flow hedging relationships

The effect of derivative instruments on the condensed statements of income for the three and six months ended June 30, 2013 and 2012 are as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships	2013			2012			2013			2012
Interest Rate Contracts:
Losses reclassified from accumulated OCL into income (a)	$	(12	)	$	(12	)	$	(24	)	$	(24	)

(a) Included in Interest Charges