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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements (Tables) [Abstract]

Book Values and Fair Values of Long-term Debt

	March 31, 2012				December 31, 2011
	Book Value		Fair Value		Book Value		Fair Value
	(in millions)
Long-term Debt	$	17,320	$	19,533	$	16,516	$	19,259

Other Temporary Investments

			March 31, 2012
					Gross		Gross		Estimated
					Unrealized		Unrealized		Fair
Other Temporary Investments			Cost		Gains		Losses		Value
			(in millions)
Restricted Cash (a)			$	137	$	-	$	-	$	137
Fixed Income Securities:
	Mutual Funds			64		-		-		64
Equity Securities - Mutual Funds				11		5		-		16
Total Other Temporary Investments			$	212	$	5	$	-	$	217

			December 31, 2011
					Gross		Gross		Estimated
					Unrealized		Unrealized		Fair
Other Temporary Investments			Cost		Gains		Losses		Value
			(in millions)
Restricted Cash (a)			$	216	$	-	$	-	$	216
Fixed Income Securities:
	Mutual Funds			64		-		-		64
Equity Securities - Mutual Funds				11		3		-		14
Total Other Temporary Investments			$	291	$	3	$	-	$	294

(a)		Primarily represents amounts held for the repayment of debt.

Debt and Equity Securities Within Other Temporary Investments

	Three Months Ended March 31,
	2012		2011
	(in millions)
Proceeds from Investment Sales	$	-	$	196
Purchases of Investments		-		148
Gross Realized Gains on Investment Sales		-		-
Gross Realized Losses on Investment Sales		-		-

Total Accumulated Other Comprehensive Income (Loss) Activity For Other Temporary Investments

Total Accumulated Other Comprehensive Income (Loss) Activity for Other Temporary Investments
Three Months Ended March 31, 2012

		(in millions)
Balance in AOCI as of December 31, 2011		$	2
Changes in Fair Value Recognized in AOCI			2
Amount of (Gain) or Loss Reclassified from AOCI to Statement of Income:
	Interest Income		-
Balance in AOCI as of March 31, 2012		$	4

Nuclear Trust Fund Investments

		March 31, 2012						December 31, 2011
		Estimated		Gross		Other-Than-		Estimated		Gross		Other-Than-
		Fair		Unrealized		Temporary		Fair		Unrealized		Temporary
		Value		Gains		Impairments		Value		Gains		Impairments

		(in millions)
Cash and Cash Equivalents		$	19	$	-	$	-	$	18	$	-	$	-
Fixed Income Securities:
	United States Government		548		49		(1)		544		61		(1)
	Corporate Debt		52		5		(1)		54		5		(2)
	State and Local Government		323		-		(1)		330		-		(2)
	Subtotal Fixed Income Securities		923		54		(3)		928		66		(5)
Equity Securities - Domestic			720		286		(80)		646		215		(80)
Spent Nuclear Fuel and
	Decommissioning Trusts	$	1,662	$	340	$	(83)	$	1,592	$	281	$	(85)

Securities Activity Within the Decommissioning and SNF Trusts

	Three Months Ended March 31,
	2012		2011
	(in millions)
Proceeds from Investment Sales	$	334	$	288
Purchases of Investments		353		306
Gross Realized Gains on Investment Sales		2		5
Gross Realized Losses on Investment Sales		1		5

Contractual Maturities, Fair Value of Debt Securities in Nuclear Trusts

	Fair Value
	of Debt
	Securities
	(in millions)
Within 1 year	$	39
1 year – 5 years		322
5 years – 10 years		341
After 10 years		221
Total	$	923

Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis
March 31, 2012

			Level 1		Level 2		Level 3		Other		Total

Assets:			(in millions)

Cash and Cash Equivalents (a)			$	24	$	-	$	-	$	262	$	286

Other Temporary Investments
Restricted Cash (a)				109		-		-		28		137
Fixed Income Securities:
	Mutual Funds			64		-		-		-		64
Equity Securities - Mutual Funds (b)				16		-		-		-		16
Total Other Temporary Investments				189		-		-		28		217

Risk Management Assets
Risk Management Commodity Contracts (c) (f)				61		1,821		169		(1,435)		616
Cash Flow Hedges:
	Commodity Hedges (c)			17		43		1		(32)		29
Fair Value Hedges				-		1		-		-		1
De-designated Risk Management Contracts (d)				-		-		-		25		25
Total Risk Management Assets				78		1,865		170		(1,442)		671

Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)				-		10		-		9		19
Fixed Income Securities:
	United States Government			-		548		-		-		548
	Corporate Debt			-		52		-		-		52
	State and Local Government			-		323		-		-		323
		Subtotal Fixed Income Securities		-		923		-		-		923
Equity Securities - Domestic (b)				720		-		-		-		720
Total Spent Nuclear Fuel and Decommissioning Trusts				720		933		-		9		1,662

Total Assets			$	1,011	$	2,798	$	170	$	(1,143)	$	2,836

Liabilities:

Risk Management Liabilities
Risk Management Commodity Contracts (c) (f)			$	53	$	1,743	$	78	$	(1,520)	$	354
Cash Flow Hedges:
	Commodity Hedges (c)			-		87		-		(32)		55
	Interest Rate/Foreign Currency Hedges			-		15		-		-		15
Total Risk Management Liabilities			$	53	$	1,845	$	78	$	(1,552)	$	424

Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2011

			Level 1		Level 2		Level 3		Other		Total

Assets:			(in millions)

Cash and Cash Equivalents (a)			$	6	$	-	$	-	$	215	$	221

Other Temporary Investments
Restricted Cash (a)				191		-		-		25		216
Fixed Income Securities:
	Mutual Funds			64		-		-		-		64
Equity Securities - Mutual Funds (b)				14		-		-		-		14
Total Other Temporary Investments				269		-		-		25		294

Risk Management Assets
Risk Management Commodity Contracts (c) (g)				47		1,299		147		(945)		548
Cash Flow Hedges:
	Commodity Hedges (c)			15		23		-		(18)		20
De-designated Risk Management Contracts (d)				-		-		-		28		28
Total Risk Management Assets				62		1,322		147		(935)		596

Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)				-		5		-		13		18
Fixed Income Securities:
	United States Government			-		544		-		-		544
	Corporate Debt			-		54		-		-		54
	State and Local Government			-		330		-		-		330
		Subtotal Fixed Income Securities		-		928		-		-		928
Equity Securities - Domestic (b)				646		-		-		-		646
Total Spent Nuclear Fuel and Decommissioning Trusts				646		933		-		13		1,592

Total Assets			$	983	$	2,255	$	147	$	(682)	$	2,703

Liabilities:

Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)			$	43	$	1,209	$	78	$	(1,052)	$	278
Cash Flow Hedges:
	Commodity Hedges (c)			-		43		-		(18)		25
	Interest Rate/Foreign Currency Hedges			-		42		-		-		42
Total Risk Management Liabilities			$	43	$	1,294	$	78	$	(1,070)	$	345

(a) Amounts in ''Other'' column primarily represent cash deposits in bank accounts with financial institutions or with third parties. Level 1 amounts primarily represent investments in money market funds.

(b) Amounts represent publicly traded equity securities and equity-based mutual funds.

(c) Amounts in ''Other'' column primarily represent counterparty netting of risk management and hedging contracts and associated cash collateral under the accounting guidance for ''Derivatives and Hedging.''

(d) Represents contracts that were originally MTM but were subsequently elected as normal under the accounting guidance for ''Derivatives and Hedging.'' At the time of the normal election, the MTM value was frozen and no longer fair valued. This MTM value will be amortized into revenues over the remaining life of the contracts.

(e) Amounts in ''Other'' column primarily represent accrued interest receivables from financial institutions. Level 2 amounts primarily represent investments in money market funds.

(f) The March 31, 2012 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), is as follows: Level 1 matures $3 million in 2012, $12 million in periods 2013-2015 and ($7) million in periods 2016-2018; Level 2 matures $4 million in 2012, $49 million in periods 2013-2015, $18 million in periods 2016-2017 and $7 million in periods 2018-2030; Level 3 matures $3 million in 2012, $46 million in periods 2013-2015, $18 million in periods 2016-2017 and $24 million in periods 2018-2030. Risk management commodity contracts are substantially comprised of power contracts.

(g) The December 31, 2011 maturity of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), is as follows: Level 1 matures $3 million in 2012, $7 million in periods 2013-2015 and ($6) million in periods 2016-2018; Level 2 matures $21 million in 2012, $50 million in periods 2013-2015, $11 million in periods 2016-2017 and $8 million in periods 2018-2030; Level 3 matures ($19) million in 2012, $44 million in periods 2013-2015, $18 million in periods 2016-2017 and $26 million in periods 2018-2030. Risk management commodity contracts are substantially comprised of power contracts.

Changes in Fair Value of Net Trading Derivatives and Other Investments

		Net Risk Management
Three Months Ended March 31, 2012		Assets (Liabilities)

		(in millions)
Balance as of December 31, 2011		$	69
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			(12)
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		3
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			1
Purchases, Issuances and Settlements (c)			16
Transfers into Level 3 (d) (f)			17
Transfers out of Level 3 (e) (f)			(12)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			10
Balance as of March 31, 2012		$	92

		Net Risk Management
Three Months Ended March 31, 2011		Assets (Liabilities)

		(in millions)
Balance as of December 31, 2010		$	85
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)			(2)
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets)
	Relating to Assets Still Held at the Reporting Date (a)		(4)
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income			-
Purchases, Issuances and Settlements (c)			(8)
Transfers into Level 3 (d) (f)			-
Transfers out of Level 3 (e) (f)			(8)
Changes in Fair Value Allocated to Regulated Jurisdictions (g)			10
Balance as of March 31, 2011		$	73

(a) Included in revenues on our condensed statements of income.

(b) Represents the change in fair value between the beginning of the reporting period and the settlement of the risk management commodity contract.

(d) Represents existing assets or liabilities that were previously categorized as Level 2.

(e) Represents existing assets or liabilities that were previously categorized as Level 3.

(f) Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred.

(g) Relates to the net gains (losses) of those contracts that are not reflected on our condensed statements of income. These net gains (losses) are recorded as regulatory liabilities/assets.