Risk Management and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Risk Management and Derivative Financial Instruments

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

		September 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	$	8	$	—
	Non-current assets and deferred charges - other	38		2
Natural gas contracts, electric segment	Current assets	409		—
	Non-current assets and deferred charges	446		—
Total derivatives assets		$	901	$	2

LIABILITY DERIVATIVES
Non-designated as hedging instruments due to regulatory accounting		September 30, 2012		December 31, 2011
Natural gas contracts, gas segment	Current liabilities	$	190	$	967
	Non-current liabilities and deferred credits	—		86
Natural gas contracts, electric segment	Current liabilities	3,359		3,802
	Non-current liabilities and deferred credits	3,277		4,995
Total derivatives liabilities		$	6,826	$	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 -	Gain / (Loss) on	Three Months Ended				Nine Months Ended				Twelve Months Ended
Electric Segment	Derivative	2012		2011		2012		2011		2012		2011
Commodity contracts	Fuel and purchased power expense	$	—	$	—	$	—	$	—	$	—	$	—
Total Effective — Electric Segment		$	—	$	—	$	—	$	—	$	—	$	—

Derivatives in Cash Flow Hedging	Statement of	Amount of Gain / (Loss) Recognized in OCI on Derivative (Effective portion)
Relationships -	Comprehensive	Three Months Ended				Nine Months Ended				Twelve Months Ended
Electric Segment	Income	2012		2011		2012		2011		2012		2011
Commodity contracts	Net change in fair market value	$	—	$	—	$	—	$	—	$	—	$	(896	)
Total Effective — Electric Segment		$	—	$	—	$	—	$	—	$	—	$	(896	)

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

Non-Designated Hedging Instruments - Due to	Balance Sheet Classification of	Amount of Gain / (Loss) Recognized on Balance Sheet
Regulatory Accounting	Gain / (Loss) on	Three Months Ended					Nine Months Ended						Twelve Months Ended
Electric Segment	Derivatives	2012		2011			2012			2011			2012			2011
Commodity contracts	Regulatory (assets)/liabilities	$	1,776	$	(2,022	)	$	(52	)	$	(2,758	)	$	(4,259	)	$	(3,165	)
Total Electric Segment		$	1,776	$	(2,022	)	$	(52	)	$	(2,758	)	$	(4,259	)	$	(3,165	)

Non-Designated Hedging Instruments - Due to	Income Statement Classification of	Amount of Gain / (Loss) Recognized in Income
Regulatory Accounting	Gain / (Loss) on	Three Months Ended						Nine Months Ended						Twelve Months Ended
Electric Segment	Derivatives	2012			2011			2012			2011			2012			2011
Commodity contracts	Fuel and purchased power expense	$	(2,683	)	$	(966	)	$	(2,624	)	$	(1,358	)	$	(3,498	)	$	(1,441	)
Total Electric Segment		$	(2,683	)	$	(966	)	$	(2,624	)	$	(1,358	)	$	(3,498	)	$	(1,441	)

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

Year	% Hedged		Physical	Financial	Average Price
Remainder 2012	58	%	325,000	310,000	$	7.013
2013	51	%	2,020,000	2,760,000	$	5.368
2014	25	%	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%	360,000	392,429	1,419,727	65	%
Second	Up to 50%	100,000	—	—	2	%
Third	Up to 20%	—	—	—	—	%
Total		460,000	392,429	1,419,727

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

Non-Designated Hedging	Balance Sheet Classification of	Amount of (Loss) Recognized on Balance Sheet
Instruments Due to Regulatory	Gain / (Loss) on	Three Months Ended					Nine Months Ended						Twelve Months Ended
Accounting - Gas Segment	Derivatives	2012		2011			2012			2011			2012			2011
Commodity contracts	Regulatory (assets)/liabilities	$	106	$	(572	)	$	(384	)	$	(842	)	$	(1,458	)	$	(688	)
Total - Gas Segment		$	106	$	(572	)	$	(384	)	$	(842	)	$	(1,458	)	$	(688	)