Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2011

Regulatory Matters Disclosure [Abstract]

Balances of regulatory assets

PROGRESS ENERGY
(in millions)			2011		2010
Deferred fuel costs – current (Notes 8B and 8C)		$	275	$	169
Nuclear deferral (Note 8C)			0		7
	Total current regulatory assets		275		176
Nuclear deferral (Note 8C)(a)			117		178
Deferred impact of ARO (Note 5C)(b)			137		122
Income taxes recoverable through future rates(c)			352		302
Loss on reacquired debt(d)			29		31
Postretirement benefits (Note 17)(e)			1,506		1,105
Derivative mark-to-market adjustment (Note 18A)(f)			708		505
DSM/Energy-efficiency deferral (Note 8B)(g)			92		57
Other			84		74
	Total long-term regulatory assets		3,025		2,374

Balances of regulatory liabilities

Environmental (Note 8C)			(7)		(45)
Energy conservation (Note 8C)			(19)		(11)
Nuclear deferral (Note 8C)			(15)		0
Other current regulatory liabilities			(7)		(3)
	Total current regulatory liabilities		(48)		(59)
Amount to be refunded to customers (Note 8C)(h)			(288)		0
Non-ARO cost of removal (Note 5C)(b)			(1,650)		(1,857)
Deferred impact of ARO (Note 5C)(b)			(146)		(143)
Net nuclear decommissioning trust unrealized gains (Note 5C)(i)			(412)		(421)
Storm reserve (Note 8C)(j)			(132)		(136)
Other			(72)		(78)
	Total long-term regulatory liabilities		(2,700)		(2,635)
	Net regulatory assets (liabilities)	$	552	$	(144)

The recovery and amortization periods for these regulatory assets and (liabilities) at December 31, 2011, are as follows:
(a)	Recorded and recovered or amortized as approved by the appropriate state utility commission over a period not exceeding five years.
(b)	Asset retirement and removal liabilities are recorded over the related property lives, which may range up to 65 years, and will be settled and adjusted following completion of the related activities.
(c)	Income taxes recoverable through future rates are recovered over the related property lives, which may range up to 65 years.
(d)	Recovered over either the remaining life of the original issue or, if refinanced, over the life of the new issue, which may range up to 30 years.
(e)	Recovered and amortized over the remaining service period of employees. In accordance with a 2009 FPSC order, PEF's 2009 deferred pension expense of $34 million will be amortized to the extent that annual pension expense is less than the $27 million allowance provided for in base rates (See Note 17).
(f)	Related to derivative unrealized gains and losses that are recorded as a regulatory liability or asset, respectively, until the contracts are settled. After contract settlement and consumption of the related fuel, the realized gains or losses are passed through the fuel cost-recovery clause.
(g)	Recorded and recovered or amortized as approved by the appropriate state utility commission over a period not exceeding 10 years.
(h)	Recorded as a result of the 2012 settlement agreement to be refunded to customers through the fuel clause over four years beginning in 2013 (see Note 8C).
(i)	Related to unrealized gains and losses on NDT funds that are recorded as a regulatory asset or liability, respectively, until the funds are used to decommission a nuclear plant.
(j)	Utilized as storm restoration expenses are incurred.

Schedule of extended outage repair and replacement power costs and recoveries

(in millions)			Replacement power costs		Repair costs
Spent to date			$	478	$	258
NEIL proceeds received				(162)		(136)
Insurance receivable at December 31, 2011, net				(55)		(3)
	Balance for recovery(a)		$	261	$	119
(a)		See "2012 Settlement Agreement" and "Fuel Cost Recovery" below for discussion of PEF's ability to recover prudently incurred fuel and purchase power costs and CR3 repair costs.