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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2014
Volumes Of Outstanding Derivative Contracts
 
At September 30, 2014, the volumes of the Utility's outstanding derivatives were as follows:
 
 
 
 
 
Contract Volume (1)
 
 
 
 
 
 
1 Year or
 
3 Years or
 
 
 
 
 
 
 
 
Greater but
 
Greater but
 
 
 
 
 
 
Less Than 1
 
Less Than 3
 
Less Than 5
 
5 Years or
Underlying Product
 
Instruments
 
Year
 
Years
 
 Years
 
Greater (2)
Natural Gas (3)
 
Forwards and
 
 
 
 
 
 
 
 
(MMBtus (4))
 
Swaps
 
218,107,731
 
70,621,174
 
3,530,000
 
-
 
 
Options
 
116,213,741
 
62,844,400
 
-
 
-
Electricity
 
Forwards and
 
 
 
 
 
 
 
 
(Megawatt-hours)
 
Swaps
 
1,364,184
 
1,956,498
 
1,574,588
 
969,478
 
 
Congestion
 
 
 
 
 
 
 
 
 
 
Revenue Rights
 
55,886,532
 
87,533,830
 
41,126,312
 
22,755,431
 
 
 
 
 
 
 
 
 
 
 
 
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period.
      (2) Derivatives in this category expire between 2019 and 2023.
      (3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios.
(4) Million British Thermal Units.
 
 
 
 
At December 31, 2013, the volumes of the Utility's outstanding derivatives were as follows:
 
                  
 
 
 
Contract Volume (1)
 
 
 
 
 
 
1 Year or
 
3 Years or
 
 
 
 
 
 
 
 
Greater but
 
Greater but
 
 
 
 
 
 
Less Than 1
 
Less Than 3
 
Less Than 5
 
5 Years or
Underlying Product
 
Instruments
 
Year
 
Years
 
 Years
 
Greater (2)
Natural Gas (3)
 
Forwards and
 
 
 
 
 
 
 
 
(MMBtus (4))
 
Swaps
 
243,213,288
 
79,735,000
 
8,892,500
 
-
 
 
Options
 
169,123,208
 
87,689,708
 
3,450,000
 
-
Electricity
 
Forwards and
 
 
 
 
 
 
 
 
(Megawatt-hours)
 
Swaps
 
2,537,023
 
2,009,505
 
2,008,046
 
1,534,695
 
 
Congestion
 
 
 
 
 
 
 
 
 
 
Revenue Rights
 
73,510,440
 
83,747,782
 
63,718,517
 
29,945,852
 
 
 
 
 
 
 
 
 
 
 
 (1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period.
(2) Derivatives in this category expire between 2019 and 2022.
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios.
(4) Million British Thermal Units.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
At December 31, 2014, the Utility's outstanding derivative balances were as follows:
 
 
 
Commodity Risk
 
Gross Derivative
 
 
 
 
 
Total Derivative
(in millions)
Balance
 
Netting
 
Cash Collateral
 
Balance
Current assets - other
$
51
 
$
(6
 ) 
$
15
 
$
60
Other noncurrent assets - other
 
81
 
 
(4
 ) 
 
-
 
 
77
Current liabilities - other
 
(57
 ) 
 
6
 
 
6
 
 
(45
)
Noncurrent liabilities - other
 
(87
 ) 
 
4
 
 
-
 
 
(83
)
Net commodity risk
$
(12)
 
$
-
 
$
21
 
$
9
 
 
At December 31, 2013, the Utility's outstanding derivative balances were as follows:
 
 
 
Commodity Risk
 
Gross Derivative
 
 
 
 
 
Total Derivative
(in millions)
Balance
 
Netting
 
Cash Collateral
 
Balance
Current assets - other
$
42
 
$
(10
 ) 
$
16
 
$
48
Other noncurrent assets - other
 
99
 
 
(4
 ) 
 
-
 
 
95
Current liabilities - other
 
(122
 ) 
 
10
 
 
69
 
 
(43
)
Noncurrent liabilities - other
 
(110
 ) 
 
4
 
 
2
 
 
(104
)
Net commodity risk
$
(91)
 
$
-
 
$
87
 
$
(4)
Gains And Losses On Derivative Instruments
 
Commodity Risk
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in millions)
2014
 
2013
 
2014
 
2013
Unrealized gain (loss) - regulatory assets and liabilities (1)
$
(6
 ) 
$
40
 
$
79
 
$
115
Realized loss - cost of electricity (2)
 
(22
 ) 
 
(57
 ) 
 
(48
 ) 
 
(136
)
Realized loss - cost of natural gas (2)
 
(4
 ) 
 
(2
 ) 
 
(7
 ) 
 
(14
)
Net commodity risk
$
(32)
 
$
(19)
 
$
24
 
$
(35)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, rather than being recorded to the Condensed Consolidated Statements of Income.  These amounts exclude the impact of cash collateral postings.
(2) These amounts are fully passed through to customers in rates.  Accordingly, net income was not impacted by realized amounts on these instruments.
 
Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered
 
Balance at
 
September 30,
 
December 31,
(in millions)
2014
 
2013
Derivatives in a liability position with credit risk-related
 
 
 
 
 
 contingencies that are not fully collateralized
$
(22
 ) 
$
(79
)
Related derivatives in an asset position
 
1
 
 
4
Collateral posting in the normal course of business related to
 
 
 
 
 
these derivatives
 
8
 
 
65
Net position of derivative contracts/additional collateral
 
 
 
 
 
posting requirements (1)
$
(13)
 
$
(10)
 
 
 
 
 
 
 (1) This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies.