Risk Management and Hedging Activities (Tables) - PAC

9 Months Ended

Sep. 30, 2021

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Other				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of September 30, 2021
Not designated as hedging contracts(1):
Commodity assets	$	159	$	40	$	4	$	1	$	204
Commodity liabilities	—		—		(46)		(9)		(55)
Total	159		40		(42)		(8)		149
Total derivatives	159		40		(42)		(8)		149
Cash collateral (payable) receivable	(6)		—		11		—		5
Total derivatives - net basis	$	153	$	40	$	(31)	$	(8)	$	154
As of December 31, 2020
Not designated as hedging contracts(1):
Commodity assets	$	29	$	6	$	1	$	—	$	36
Commodity liabilities	(2)		—		(23)		(28)		(53)
Total	27		6		(22)		(28)		(17)
Total derivatives	27		6		(22)		(28)		(17)
Cash collateral receivable	—		—		15		9		24
Total derivatives - net basis	$	27	$	6	$	(7)	$	(19)	$	7

(1)PacifiCorp's commodity derivatives are generally included in rates. As of September 30, 2021 a regulatory liability of $149 million was recorded related to the net derivative asset of $149 million. As of December 31, 2020 a regulatory asset of $17 million was recorded related to the net derivative liability of $17 million.

Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets, as well as amounts reclassified to earnings (in millions):

	Three-Month Periods				Nine-Month Periods
	Ended September 30,				Ended September 30,
	2021		2020		2021		2020
Beginning balance	$	(102)	$	68	$	17	$	62
Changes in fair value	(128)		(49)		(247)		(21)
Net gains (losses) reclassified to operating revenue	—		1		(5)		14
Net gains (losses) reclassified to cost of fuel and energy	81		(11)		86		(46)
Ending balance	$	(149)	$	9	$	(149)	$	9

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	September 30,	December 31,
	Measure	2021	2020
Electricity sales, net	Megawatt hours	—	(1)
Natural gas purchases	Decatherms	101	100