Risk Management and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Risk Management and Derivative Financial Instruments

Schedule of fair value of derivative financial instruments, balance sheet classification

		March 31,		December 31,
ASSET DERIVATIVES		2012		2011
Non-designated hedging instruments due to regulatory accounting	Balance Sheet Classification	Fair Value		Fair Value
	Non-current assets and deferred charges — Other	$	12	$	2
Total derivatives assets		$	12	$	2

LIABILITY DERIVATIVES
Non-designated as hedging instruments due to regulatory accounting		March 31, 2012		December 31, 2011
Natural gas contracts, gas segment	Current liabilities	$	1,097	$	967
	Non-current liabilities and deferred credits	3		86
Natural gas contracts, electric segment	Current liabilities	5,074		3,802
	Non-current liabilities and deferred credits	6,025		4,995
Total derivatives liabilities		$	12,199	$	9,850

Schedule of derivatives in cash flow hedging relationships, income statement classification of gain/(loss) and comprehensive income - electric segment

	Income Statement Classification of	Amount of Gain / (Loss) Reclassed from OCI into Income (Effective portion)
Derivatives in Cash Flow Hedging	Gain / (Loss) on	Three Months Ended				Twelve Months Ended
Relationships - Electric Segment	Derivative	2012		2011		2012		2011
Commodity contracts	Fuel and purchased power expense	$	—	$	—	$	—	$	(5,814	)
Total Effective - Electric Segment		$	—	$	—	$	—	$	(5,814	)

	Statement of	Amount of Gain / (Loss) Recognized in OCI on Derivative (Effective portion)
Derivatives in Cash Flow Hedging	Comprehensive	Three Months Ended				Twelve Months Ended
Relationships - Electric Segment	Income	2012		2011		2012		2011
Commodity contracts	Fuel and purchased power expense	$	—	$	—	$	—	$	(361	)
Total Effective - Electric Segment		$	—	$	—	$	—	$	(361	)

Schedule of mark-to-market pre-tax gains/(losses) from non-designated derivative instruments - electric segment

Non-Designated Hedging Instruments	Balance Sheet	Amount of Gain / (Loss) Recognized on Balance Sheet
— Due to Regulatory Accounting	Classification of Gain /	Three Months Ended					Twelve Months Ended
Electric Segment	(Loss) on Derivative	2012			2011		2012			2011
Commodity contracts — electric segment	Regulatory (assets)/liabilities	$	(2,302	)	$	632	$	(9,899	)	$	(2,037	)
Total Electric Segment		$	(2,302	)	$	632	$	(9,899	)	$	(2,037	)

Non-Designated Hedging Instruments	Statement of Operations	Amount of Gain / (Loss) Recognized in Income on Derivative
— Due to Regulatory Accounting	Classification of Gain /	Three Months Ended					Twelve Months Ended
Electric Segment	(Loss) on Derivative	2012			2011		2012			2011
Commodity contracts	Fuel and purchased power expense	$	(24	)	$	160	$	(2,416	)	$	(592	)
Total Electric Segment		$	(24	)	$	160	$	(2,416	)	$	(592	)

Schedule of volumes and percentage of anticipated volume of natural gas usage for entity's electric operations

Dth Hedged

Year	% Hedged		Physical	Financial	Average Price
Remainder 2012	66	%	2,111,000	1,110,000	$	6.363
2013	44	%	2,020,000	1,440,000	$	6.079
2014	20	%	460,000	1,240,000	$	5.514
2015	11	%	—	1,010,000	$	5.439
2016	—		—	—	—

Schedule of minimum percentage hedged by year in the entity's procurement guidelines

Year	Minimum % Hedged
Current	Up to 100%
First	60%
Second	40%
Third	20%
Fourth	10%

Schedule of minimum percentage of winter season usage hedged by year of the entity's gas operations

Season	Minimum % Hedged	Dth Hedged — Financial	Dth Hedged — Physical	Dth in Storage	Actual % Hedged
Current	50%	780,000	81,770	756,565	48	%
Second	Up to 50%	100,000	—	—	2	%
Third	Up to 20%	—	—	—	—
Total		880,000	81,770	756,565

Schedule of non-designated hedging instruments due to regulatory accounting - gas segment

Non-Designated Hedging	Balance Sheet Classification of	Amount of Gain / (Loss) Recognized on Balance Sheet
Instruments Due to Regulatory	Gain or (Loss) on	Three Months Ended						Twelve Months Ended
Accounting — Gas Segment	Derivative	2012			2011			2012			2011
Commodity contracts	Regulatory assets	$	(655	)	$	(96	)	$	(2,475	)	$	(595	)
Total - Gas Segment		$	(655	)	$	(96	)	$	(2,475	)	$	(595	)