Risk Management and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Risk Management and Derivative Financial Instruments

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

		June 30,		December 31,
ASSET DERIVATIVES		2012		2011
Non-designated hedging instruments due to regulatory accounting	Balance Sheet Classification	Fair Value		Fair Value
Natural gas contracts, gas segment	Current assets	$	—	$	—
	Non-current assets and deferred charges — Other	17		2
Natural gas contracts, electric segment	Current assets	82		—
	Non-current assets and deferred credits	107		—
Total derivatives assets		$	206	$	2

		June 30,		December 31,
LIABILITY DERIVATIVES		2012		2011
Non-designated as hedging instruments due to regulatory accounting
Natural gas contracts, gas segment	Current liabilities	$	553	$	967
	Non-current liabilities and deferred credits	1		86
Natural gas contracts, electric segment	Current liabilities	3,515		3,802
	Non-current liabilities and deferred credits	5,733		4,995
Total derivatives liabilities		$	9,802	$	9,850

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

Derivatives in Cash Flow Hedging	Income Statement Classification of	Amount of Gain / (Loss) Reclassed from OCI into Income (Effective portion)
Relationships - Electric	Gain / (Loss) on	Three Months Ended				Six Months Ended				Twelve Months Ended
Segment	Derivative	2012		2011		2012		2011		2012		2011
Commodity contracts	Fuel and purchased power expense	$	—	$	—	$	—	$	—	$	—	$	(4,864	)
Total Effective — Electric Segment		$	—	$	—	$	—	$	—	$	—	$	(4,864	)

Derivatives in Cash		Amount of Gain / (Loss) Recognized in OCI on Derivative
Flow Hedging	Statement of	(Effective portion)
Relationships - Electric	Comprehensive	Three Months Ended				Six Months Ended				Twelve Months Ended
Segment	Income	2012		2011		2012		2011		2012		2011
Commodity contracts	Fuel and purchased power expense	$	—	$	—	$	—	$	—	$	—	$	1,037
Total Effective — Electric Segment		$	—	$	—	$	—	$	—	$	—	$	1,037

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

Non-Designated Hedging	Balance Sheet
Instruments -Due to	Classification of	Amount of Gain / (Loss) Recognized on Balance Sheet
Regulatory Accounting	Gain / (Loss) on	Three Months Ended					Six Months Ended						Twelve Months Ended
Electric Segment	Derivatives	2012		2011			2012			2011			2012			2011
Commodity contracts	Regulatory (assets)/liabilities	$	474	$	(1,367	)	$	(1,828	)	$	(735	)	$	(8,057	)	$	(2,959	)
Total Electric Segment		$	474	$	(1,367	)	$	(1,828	)	$	(735	)	$	(8,057	)	$	(2,959	)

	Statement of
Non-Designated Hedging	Operations
Instruments - Due to	Classification of	Amount of Gain / (Loss) Recognized in Income on Derivative
Regulatory Accounting	Gain / (Loss) on	Three Months Ended					Six Months Ended					Twelve Months Ended
Electric Segment	Derivatives	2012		2011			2012		2011			2012			2011
Commodity contracts	Fuel and purchased power expense	$	83	$	(552	)	$	59	$	(392	)	$	(1,781	)	$	(1,008	)
Total Electric Segment		$	83	$	(552	)	$	59	$	(392	)	$	(1,781	)	$	(1.008	)

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

Year	% Hedged		Dth Hedged Physical	Financial	Average Price
Remainder 2012	73	%	1,640,000	1,110,000	$	6.311
2013	52	%	2,020,000	2,140,000	$	5.624
2014	29	%	460,000	2,040,000	$	5.041
2015	15	%	—	1,410,000	$	5.031
2016	4	%	—	400,000	$	4.185

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%	570,000	175,429	755,214	45	%
Second	Up to 50%	100,000	—	—	2	%
Third	Up to 20%	—	—	—	—	%
Total		670,000	175,429	755,214

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

	Balance Sheet
Non-Designated Hedging	Classification of	Amount of (Loss) Recognized on Balance Sheet
Instruments Due to Regulatory	Gain / (Loss) on	Three Months Ended					Six Months Ended						Twelve Months Ended
Accounting - Gas Segment	Derivatives	2012		2011			2012			2011			2012			2011
Commodity contracts	Regulatory (assets)/liabilities	$	164	$	(175	)	$	(491	)	$	(271	)	$	(2,136	)	$	(717	)
Total - Gas Segment		$	164	$	(175	)	$	(491	)	$	(271	)	$	(2,136	)	$	(717	)