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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Fair Values and Net Amounts of Contracts The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
 
 
 
As of June 30, 2020
 
As of December 31, 2019
(Millions of Dollars)
Fair Value Hierarchy
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as a Derivative
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as
a Derivative
Current Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
$
13.3

 
$
(0.4
)
 
$
12.9

 
$
12.2

 
$
(0.4
)
 
$
11.8

Other
Level 2
 
0.8

 
(0.5
)
 
0.3

 
—

 
—

 
—

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
65.3

 
(2.0
)
 
63.3

 
67.5

 
(2.1
)
 
65.4

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(70.1
)
 
—

 
(70.1
)
 
(67.8
)
 
—

 
(67.8
)
Other
Level 2
 
—

 
—

 
—

 
(5.2
)
 
—

 
(5.2
)
Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(328.1
)
 
—

 
(328.1
)
 
(338.6
)
 
—

 
(338.6
)
Other
Level 2
 
(0.2
)
 
—

 
(0.2
)
 
(0.1
)
 
—

 
(0.1
)

(1) 
Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets.  These amounts are subject to master netting agreements or similar agreements for which the right of offset exists.
Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used
The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of June 30, 2020
 
As of December 31, 2019
CL&P
Range
 
Weighted Average (1)
 
 
 
Period Covered
 
Range
 
Period Covered
Capacity Prices
$
4.30

 
—
 
$5.95
 
$
4.85

 
per kW-Month
 
2024 - 2026
 
$
3.01

 
—
 
$7.34
 
per kW-Month
 
2023 - 2026
Forward Reserve Prices
0.80

 
—
 
0.90
 
0.85

 
per kW-Month
 
2020 - 2024
 
0.80

 
—
 
1.90
 
per kW-Month
 
2020 - 2024


(1) 
Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered.
Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis.  The derivative assets and liabilities are presented on a net basis.
CL&P
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(Millions of Dollars)
2020
 
2019
 
2020
 
2019
Derivatives, Net:
 
 
 
 
 
 
 
Fair Value as of Beginning of Period
$
(333.8
)
 
$
(353.1
)
 
$
(329.2
)
 
$
(356.5
)
Net Realized/Unrealized Losses Included
  in Regulatory Assets
(1.3
)
 
(2.5
)
 
(17.6
)
 
(7.8
)
Settlements
13.1

 
10.2

 
24.8

 
18.9

Fair Value as of End of Period
$
(322.0
)
 
$
(345.4
)
 
$
(322.0
)
 
$
(345.4
)