DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes Of Outstanding Derivative Contracts

The volumes of the Utility’s outstanding derivatives were as follows:

		Contract Volume at
Underlying Product	Instruments	September 30, 2020	December 31, 2019
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	159,168,216	131,896,159
	Options	43,210,000	14,720,000
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	9,925,993	18,675,852
	Options	584,800	—
	Congestion Revenue Rights (3)	275,838,390	308,467,999

(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.

(2) Million British Thermal Units.

(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.

Schedule of Offsetting Assets

At September 30, 2020, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	51	$	(4)	$	50	$	97
Other noncurrent assets – other	118		—		—		118
Current liabilities – other	(37)		4		—		(33)
Noncurrent liabilities – other	(209)		—		—		(209)
Total commodity risk	$	(77)	$	—	$	50	$	(27)

At December 31, 2019, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	36	$	(6)	$	4	$	34
Other noncurrent assets – other	130		(6)		—		124
Current liabilities – other	(31)		6		2		(23)
Noncurrent liabilities – other	(130)		6		—		(124)
Total commodity risk	$	5	$	—	$	6	$	11

Schedule of Offsetting Liabilities

At September 30, 2020, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	51	$	(4)	$	50	$	97
Other noncurrent assets – other	118		—		—		118
Current liabilities – other	(37)		4		—		(33)
Noncurrent liabilities – other	(209)		—		—		(209)
Total commodity risk	$	(77)	$	—	$	50	$	(27)

At December 31, 2019, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	36	$	(6)	$	4	$	34
Other noncurrent assets – other	130		(6)		—		124
Current liabilities – other	(31)		6		2		(23)
Noncurrent liabilities – other	(130)		6		—		(124)
Total commodity risk	$	5	$	—	$	6	$	11