DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022	December 31, 2021
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	215,106,533	173,361,635
	Options	56,070,000	14,420,000
Electricity (Megawatt-hours)	Forwards, Futures and Swaps	10,323,759	10,283,639
	Options	215,600	288,000
	Congestion Revenue Rights (3)	215,759,706	239,857,610

(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.

Offsetting Liabilities

As of September 30, 2022, 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	$	104	$	(9)	$	70	$	165
Other noncurrent assets – other	160		—		—		160
Current liabilities – other	(55)		9		15		(31)
Noncurrent liabilities – other	(151)		—		—		(151)
Total commodity risk	$	58	$	—	$	85	$	143

As of 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

Offsetting Assets

As of September 30, 2022, 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	$	104	$	(9)	$	70	$	165
Other noncurrent assets – other	160		—		—		160
Current liabilities – other	(55)		9		15		(31)
Noncurrent liabilities – other	(151)		—		—		(151)
Total commodity risk	$	58	$	—	$	85	$	143

As of 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