DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2021

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	2021	2020
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	173,361,635	146,642,863
	Options	14,420,000	14,140,000
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	10,283,639	9,435,830
	Options	288,000	—
	Congestion Revenue Rights (3)	239,857,610	266,091,470

(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, 2021, 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	$	58	$	(9)	$	152	$	201
Other noncurrent assets – other	169		—		—		169
Current liabilities – other	(53)		9		18		(26)
Noncurrent liabilities – other	(216)		—		—		(216)
Total commodity risk	$	(42)	$	—	$	170	$	128

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