Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value and Cost of Non-Derivative Instruments

		At June 30,				At December 31,
		2011				2010
$ in millions		Cost	Fair Value			Cost	Fair Value
DPL
Assets
Money Market Funds	$	0.2	$	0.2	$	1.6	$	1.6
Equity Securities		3.5		4.2		3.8		4.4
Debt Securities		5.2		5.5		5.2		5.5
Multi-Strategy Fund		0.3		0.3		0.3		0.3
Total Master Trust Assets	$	9.2	$	10.2	$	10.9	$	11.8
Short-term Investments - VRDNs	$	-	$	-	$	54.2	$	54.2
Short-term Investments - Bonds		-		-		15.1		15.1
Total Short-term Investments	$	-	$	-	$	69.3	$	69.3
Total Assets	$	9.2	$	10.2	$	80.2	$	81.1
Liabilities
Debt	$	1,221.4	$	1,198.7	$	1,324.1	$	1,307.5
DP&L
Assets
Money Market Funds	$	0.2	$	0.2	$	1.6	$	1.6
Equity Securities (a)		16.9		33.7		17.5		30.2
Debt Securities		5.2		5.5		5.2		5.5
Multi-Strategy Fund		0.3		0.3		0.3		0.3
Total Master Trust Assets	$	22.6	$	39.7	$	24.6	$	37.6
Liabilities
Debt	$	903.4	$	877.3	$	884.1	$	850.6

(a) DPL stock held in the DP&L Master Trust is eliminated in consolidation.

Fair Value and Redemption Frequency

		Fair Value Estimated using Net Asset Value per Unit
		Fair Value at		Fair Value at		Unfunded	Redemption
$ in millions		June 30, 2011	December 31, 2010			Commitments	Frequency
Money Market Fund (a)	$	0.2	$	1.6	$	-	Immediate
Equity Securities (b)		4.2		4.4		-	Immediate
Debt Securities (c)		5.5		5.5		-	Immediate
Multi-Strategy Fund (d)		0.3		0.3		-	Immediate
Total	$	10.2	$	11.8	$	-

(a) This category includes investments in high-quality, short-term securities. Investments in this category can be redeemed immediately at the current net asset value per unit.

(b) This category includes investments in funds representing an S&P 500 index and the Morgan Stanley Capital International (MSCI) U.S. Small Cap 1750 Index. Investments in this category can be redeemed immediately at the current net asset value per unit.

(c) This category includes funds holding investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current net asset value per unit.

(d) This category includes a mix of actively managed funds holding investments in stocks, bonds and short-term investments in a mix of actively managed funds. Investments in this category can be redeemed immediately at the current net asset value per unit.

Fair Value of Assets and Liabilities Measured on Recurring Basis

DPL
					Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1		Level 2		Level 3
		Fair Value at			Based on Quoted		Other				Collateral and				Fair Value on
		June 30,			Prices in Active	Observable			Unobservable		Counterparty				Balance Sheet at
$ in millions		2011	*		Markets		Inputs		Inputs			Netting			June 30, 2011
Assets
Master Trust Assets
Money Market Funds	$	0.2		$	-	$	0.2		$	-	$	-		$	0.2
Equity Securities		4.2			-		4.2			-		-			4.2
Debt Securities		5.5			-		5.5			-		-			5.5
Multi-Strategy Fund		0.3			-		0.3			-		-			0.3
Total Master Trust Assets	$	10.2		$	-	$	10.2		$	-	$	-		$	10.2
Derivative Assets
FTRs	$	0.2		$	-	$	0.2		$	-	$	-		$	0.2
Heating Oil Futures		3.3			3.3		-			-		(3.3	)		-
Interest Rate Hedge		18.6			-		18.6			-		-			18.6
Forward NYMEX Coal Contracts		24.4			-		24.4			-		(13.6	)		10.8
Forward Power Contracts		12.9			-		12.9			-		(0.8	)		12.1
Total Derivative Assets	$	59.4		$	3.3	$	56.1		$	-	$	(17.7	)	$	41.7
Short-term Investments - Bonds		-			-		-			-		-			-
Total Short-term investments	$	-		$	-	$	-		$	-	$	-		$	-
Total Assets	$	69.6		$	3.3	$	66.3		$	-	$	(17.7	)	$	51.9
Liabilities
Derivative Liabilities
Interest Rate Hedge	$	(18.7	)	$	-	$	(18.7	)	$	-	$	-		$	(18.7	)
Forward NYMEX Coal Contracts		(0.5	)		-		(0.5	)		-		0.5			-
Forward Power Contracts		(9.7	)		-		(9.7	)		-		3.5			(6.2	)
Total Derivative Liabilities	$	(28.9	)	$	-	$	(28.9	)	$	-	$	4.0		$	(24.9	)
Total Liabilities	$	(28.9	)	$	-	$	(28.9	)	$	-	$	4.0		$	(24.9	)

*Includes credit valuation adjustments for counterparty risk.

DPL
				Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1		Level 2	Level 3
														Fair Value on
		Fair Value at		Based on Quoted			Other			Collateral and				Balance Sheet at
		December 31, Prices in Active				Observable		Unobservable Counterparty						December 31,
$ in millions		2010	*		Markets		Inputs	Inputs			Netting			2010
Assets
Master Trust Assets
Money Market Funds	$	1.6		$	-	$	1.6	$	-	$	-		$	1.6
Equity Securities		4.4			-		4.4		-		-			4.4
Debt Securities		5.5			-		5.5		-		-			5.5
Multi-Strategy Fund		0.3			-		0.3		-		-			0.3
Total Master Trust Assets	$	11.8		$	-	$	11.8	$	-	$	-		$	11.8
Derivative Assets
FTRs	$	0.3		$	-	$	0.3	$	-	$	-		$	0.3
Heating Oil Futures		1.6			1.6		-		-		(1.6	)		-
Interest Rate Hedge		20.7			-		20.7		-		-			20.7
Forward NYMEX Coal Contracts		37.5			-		37.5		-		(21.9	)		15.6
Forward Power Contracts		0.2			-		0.2		-		(0.2	)		-
Total Derivative Assets	$	60.3		$	1.6	$	58.7	$	-	$	(23.7	)	$	36.6
Short-term Investments - VRDNs	$	54.2		$	-	$	54.2	$	-	$	-		$	54.2
Short-term Investments - Bonds		15.1			-		15.1		-		-			15.1
Total Short-term investments	$	69.3		$	-	$	69.3	$	-	$	-		$	69.3
Total Assets	$	141.4		$	1.6	$	139.8	$	-	$	(23.7	)	$	117.7
Liabilities
Derivative Liabilities
Interest Rate Hedge	$	6.6		$	-	$	6.6	$	-	$	-		$	6.6
Forward Power Contracts		3.1			-		3.1		-		(1.1	)		2.0
Total Derivative Liabilities	$	9.7		$	-	$	9.7	$	-	$	(1.1	)	$	8.6
Total Liabilities	$	9.7		$	-	$	9.7	$	-	$	(1.1	)	$	8.6

*Includes credit valuation adjustments for counterparty risk.

DP&L [Member]

Fair Value of Assets and Liabilities Measured on Recurring Basis

DP&L
					Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1		Level 2		Level 3
		Fair Value at			Based on Quoted		Other				Collateral and				Fair Value on
		June 30,			Prices in Active	Observable			Unobservable		Counterparty				Balance Sheet at
$ in millions		2011	*		Markets		Inputs		Inputs			Netting			June 30, 2011
Assets
Master Trust Assets
Money Market Funds	$	0.2		$	-	$	0.2		$	-	$	-		$	0.2
Equity Securities (a)		33.7			29.5		4.2			-		-			33.7
Debt Securities		5.5			-		5.5			-		-			5.5
Multi-Strategy Fund		0.3			-		0.3			-		-			0.3
Total Master Trust Assets	$	39.7		$	29.5	$	10.2		$	-	$	-		$	39.7
Derivative Assets
FTRs	$	0.2		$	-	$	0.2		$	-	$	-		$	0.2
Heating Oil Futures		3.3			3.3		-			-		(3.3	)		-
Forward NYMEX Coal Contracts		24.4			-		24.4			-		(13.6	)		10.8
Forward Power Contracts		1.3			-		1.3			-		(0.8	)		0.5
Total Derivative Assets	$	29.2		$	3.3	$	25.9		$	-	$	(17.7	)	$	11.5
Total Assets	$	68.9		$	32.8	$	36.1		$	-	$	(17.7	)	$	51.2
Liabilities
Derivative Liabilities
Forward NYMEX Coal Contracts	$	(0.5	)	$	-	$	(0.5	)	$	-	$	0.5		$	-
Forward Power Contracts		(3.6	)		-		(3.6	)		-		1.5			(2.1	)
Total Derivative Liabilities	$	(4.1	)	$	-	$	(4.1	)	$	-	$	2.0		$	(2.1	)
Total Liabilities	$	(4.1	)	$	-	$	(4.1	)	$	-	$	2.0		$	(2.1	)

*Includes credit valuation adjustments for counterparty risk.

(a) DPL stock in the Master Trust is eliminated in consolidation.

DP&L
				Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1	Level 2			Level 3
														Fair Value on
	Fair Value at			Based on Quoted		Other				Collateral and				Balance Sheet at
	December 31, Prices in Active					Observable		Unobservable Counterparty						December 31,
$ in millions	2010	*			Markets	Inputs			Inputs		Netting			2010
Assets
Master Trust Assets
Money Market Funds	$		1.6	$	-	$	1.6	$	-	$	-		$	1.6
Equity Securities (a)			30.2		25.8		4.4		-		-			30.2
Debt Securities			5.5		-		5.5		-		-			5.5
Multi-Strategy Fund			0.3		-		0.3		-		-			0.3
Total Master Trust Assets	$		37.6	$	25.8	$	11.8	$	-	$	-		$	37.6
Derivative Assets
FTRs	$		0.3	$	-	$	0.3	$	-	$	-		$	0.3
Heating Oil Futures			1.6		1.6		-		-		(1.6	)		-
Forward NYMEX Coal Contracts			37.5		-		37.5		-		(21.9	)		15.6
Forward Power Contracts			0.2		-		0.2		-		(0.2	)		-
Total Derivative Assets	$		39.6	$	1.6	$	38.0	$	-	$	(23.7	)	$	15.9
Total Assets	$		77.2	$	27.4	$	49.8	$	-	$	(23.7	)	$	53.5
Liabilities
Derivative Liabilities
Forward Power Contracts	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0
Total Derivative Liabilities	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0
Total Liabilities	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0

*Includes credit valuation adjustments for counterparty risk.

(a) DPL stock in the Master Trust is eliminated in consolidation.