DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 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 December 31,
Underlying Product	Instruments	2020	2019
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	146,642,863	131,896,159
	Options	14,140,000	14,720,000
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	9,435,830	18,675,852
	Options	—	—
	Congestion Revenue Rights (3)	266,091,470	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.

Outstanding Derivative Balances

At December 31, 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	$	33	$	—	$	115	$	148
Other noncurrent assets – other	136		—		—		136
Current liabilities – other	(38)		—		15		(23)
Noncurrent liabilities – other	(204)		—		10		(194)
Total commodity risk	$	(73)	$	—	$	140	$	67

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