Derivative Accounting (Tables)

3 Months Ended

Mar. 31, 2012

Derivative Accounting

Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)

Commodity	Quantity
Power	11,048	gigawatt hours
Gas	146	Bcfs (a)

(a)“Bcf” is Billion Cubic Feet.

Gains and losses from derivative instruments in designated accounting hedges relationships

	Financial Statement	Three Months Ended March 31,
Commodity Contracts	Location	2012			2011
Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion)	Other comprehensive income (loss) — derivative instruments	$	(41,903	)	$	988
Loss Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion Realized)	Fuel and purchased power	(14,500		)	(14,847		)
Gain Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) (a)	Fuel and purchased power	85			12

(a)During the three months ended March 31, 2012 and 2011, we had no amounts reclassified from accumulated other comprehensive income to earnings related to discontinued cash flow hedges.

Gains and losses from derivative instruments not designated as accounting hedges instruments

	Financial Statement	Three Months Ended March 31,
Commodity Contracts	Location	2012			2011
Net Gain (Loss) Recognized in Income	Operating revenues	$	(326	)	$	1,507
Net Loss Recognized in Income from Derivative Instruments	Fuel and purchased power expense	(25,052		)	(9,026		)
Total		$	(25,378	)	$	(7,519	)

Fair value of derivative instruments, margin account and cash collateral reported on a gross basis

Amounts are as of March 31, 2012 (dollars in thousands):

Commodity Contracts	Designated as Hedging Instruments			Not Designated as Hedging Instruments			Margin and Collateral Provided to Counterparties		Collateral Provided from Counterparties (a)			Other (b)			Total
Current Assets	$	6,466		$	80,364		$	3,486	$	—		$	(55,699	)	$	34,617
Investments and Other Assets	3,377			57,639			—		—			(7,892		)	53,124
Total Assets	9,843			138,003			$	3,486	$	—		(63,591		)	87,741
Current Liabilities	(103,592		)	(131,751		)	100,228		(11,145		)	57,053			(89,207		)
Deferred Credits and Other	(80,252		)	(97,503		)	105,718		—			7,869			(64,168		)
Total Liabilities	(183,844		)	(229,254		)	205,946		(11,145		)	64,922			(153,375		)
Total	$	(174,001	)	$	(91,251	)	$	209,432	$	(11,145	)	$	1,331		$	(65,634	)

(a)Collateral relates to non-derivative instruments or derivative instruments that qualify for a scope exception.

(b)Other represents derivative instrument netting, options, and other risk management contracts.

The following table provides information about the fair value of our risk management activities reported on a gross basis at December 31, 2011 (dollars in thousands):

Commodity Contracts	Designated as Hedging Instruments			Not Designated as Hedging Instruments			Margin and Collateral Provided to Counterparties		Collateral Provided from Counterparties (a)			Other (b)			Total
Current Assets	$	7,287		$	76,162		$	1,630	$	—		$	(54,815	)	$	30,264
Investments and Other Assets	3,804			58,273			—		—			(12,755		)	49,322
Total Assets	11,091			134,435			1,630		—			(67,570		)	79,586
Current Liabilities	(82,195		)	(124,028		)	107,228		(11,145		)	56,172			(53,968		)
Deferred Credits and Other	(68,137		)	(92,880		)	65,768		—			12,754			(82,495		)
Total Liabilities	(150,332		)	(216,908		)	172,996		(11,145		)	68,926			(136,463		)
Total Derivative Instruments	$	(139,241	)	$	(82,473	)	$	174,626	$	(11,145	)	$	1,356		$	(56,877	)

(a)Collateral relates to non-derivative instruments or derivative instruments that qualify for a scope exception.

(b)Other represents derivative instrument netting, options, and other risk management contracts.

Information about derivative instruments that have credit-risk-related contingent features

	March 31, 2012
Aggregate Fair Value of Derivative Instruments in a Net Liability Position	$	380
Cash Collateral Posted	180
Additional Cash Collateral in the Event Credit-Risk Related Contingent Features were Fully Triggered (a)	169

(a)This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details in the footnote above.