Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

		At September 30,				At December 31,
		2011				2010
$ in millions		Cost	Fair Value			Cost	Fair Value
DPL
Assets
Money Market Funds	$	0.2	$	0.2	$	1.6	$	1.6
Equity Securities		3.9		4.0		3.8		4.4
Debt Securities		5.1		5.6		5.2		5.5
Multi-Strategy Fund		0.3		0.2		0.3		0.3
Total Master Trust Assets	$	9.5	$	10.0	$	10.9	$	11.8

Short-term Investments - VRDNs	$	-	$	-	$	54.2	$	54.2
Short-term Investments - Bonds		-		-		15.1		15.1
Total Short-term Investments	$	-	$	-	$	69.3	$	69.3

Total Assets	$	9.5	$	10.0	$	80.2	$	81.1

Liabilities
Debt	$	1,224.0	$	1,204.6	$	1,324.1	$	1,307.5


DP&L
Assets
Money Market Funds	$	0.2	$	0.2	$	1.6	$	1.6
Equity Securities ^(a)		17.3		33.5		17.5		30.2
Debt Securities		5.1		5.6		5.2		5.5
Multi-Strategy Fund		0.3		0.2		0.3		0.3
Total Master Trust Assets	$	22.9	$	39.5	$	24.6	$	37.6

Liabilities
Debt	$	903.4	$	884.2	$	884.1	$	850.6

^(a)

DPL stock held in the DP&L Master Trust is eliminated in consolidation.

		Fair Value Estimated using Net Asset Value per Unit
		Fair Value at		Fair Value at		Unfunded	Redemption
$ in millions		September 30, 2011	December 31, 2010			Commitments	Frequency
Money Market Fund (a)	$	0.2	$	1.6	$	-	Immediate
Equity Securities (b)		4.0		4.4		-	Immediate
Debt Securities (c)		5.6		5.5		-	Immediate
Multi-Strategy Fund (d)		0.2		0.3		-	Immediate
Total	$	10.0	$	11.8	$	-

(a)	This category includes investments in high-quality, short-term securities. Investments in this category can be redeemed immediately at the current net asset value per unit.
(b)	This category includes investments in funds representing an S&P 500 index and the Morgan Stanley Capital International (MSCI) U.S. Small Cap 1750 Index. Investments in this category can be redeemed immediately at the current net asset value per unit.
(c)	This category includes funds holding investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current net asset value per unit.
(d)	This category includes a mix of actively managed funds holding investments in stocks, bonds and short-term investments in a mix of actively managed funds. Investments in this category can be redeemed immediately at the current net asset value per unit.

DPL
					Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1	Level 2			Level 3
														Fair Value on
	Fair Value at				Based on Quoted	Other				Collateral and			Balance Sheet at
	September 30,				Prices in Active	Observable Unobservable Counterparty September 30,
$ in millions	2011	*			Markets	Inputs			Inputs		Netting			2011
Assets
Master Trust Assets
Money Market Funds	$		0.2	$	-	$	0.2	$	-	$	-		$	0.2
Equity Securities			4.0		-		4.0		-		-			4.0
Debt Securities			5.6		-		5.6		-		-			5.6
Multi-Strategy Fund			0.2		-		0.2		-		-			0.2
Total Master Trust Assets	$		10.0	$	-	$	10.0	$	-	$	-		$	10.0

Derivative Assets
FTRs	$		0.1	$	-	$	0.1	$	-	$	-		$	0.1
Heating Oil Futures			1.7		1.7		-		-		(1.7	)		-
Forward NYMEX Coal Contracts			2.2		-		2.2		-		(1.1	)		1.1
Forward Power Contracts			13.0		-		13.0		-		(2.1	)		10.9
Total Derivative Assets	$		17.0	$	1.7	$	15.3	$	-	$	(4.9	)	$	12.1

Short-term Investments - Bonds			-		-		-		-		-			-
Total Short-term investments	$		-	$	-	$	-	$	-	$	-		$	-

Total Assets	$		27.0	$	1.7	$	25.3	$	-	$	(4.9	)	$	22.1

Liabilities
Derivative Liabilities
Interest Rate Hedge	$		28.5	$	-	$	28.5	$	-	$	-		$	28.6
Forward NYMEX Coal Contracts			6.3		-		6.3		-		(6.3)			-
Forward Power Contracts			6.6		-		6.6		-		(2.6)			4.0
Total Derivative Liabilities	$		41.4	$	-	$	41.4	$	-	$	(8.9)		$	32.5

Total Liabilities	$		41.4	$	-	$	41.4	$	-	$	(8.9)		$	32.5

*Includes credit valuation adjustments for counterparty risk.


DPL
				Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1		Level 2		Level 3
														Fair Value on
		Fair Value at		Based on Quoted			Other			Collateral and				Balance Sheet at
		December 31, Prices in Active				Observable Unobservable Counterparty								December 31,
$ in millions		2010	*		Markets		Inputs		Inputs		Netting			2010
Assets
Master Trust Assets
Money Market Funds	$	1.6		$	-	$	1.6	$	-	$	-		$	1.6
Equity Securities		4.4			-		4.4		-		-			4.4
Debt Securities		5.5			-		5.5		-		-			5.5
Multi-Strategy Fund		0.3			-		0.3		-		-			0.3
Total Master Trust Assets	$	11.8		$	-	$	11.8	$	-	$	-		$	11.8

Derivative Assets
FTRs	$	0.3		$	-	$	0.3	$	-	$	-		$	0.3
Heating Oil Futures		1.6			1.6		-		-		(1.6	)		-
Interest Rate Hedge		20.7			-		20.7		-		-			20.7
Forward NYMEX Coal Contracts		37.5			-		37.5		-		(21.9	)		15.6
Forward Power Contracts		0.2			-		0.2		-		(0.2	)		-
Total Derivative Assets	$	60.3		$	1.6	$	58.7	$	-	$	(23.7	)	$	36.6

Short-term Investments - VRDNs	$	54.2		$	-	$	54.2	$	-	$	-		$	54.2
Short-term Investments - Bonds		15.1			-		15.1		-		-			15.1
Total Short-term investments	$	69.3		$	-	$	69.3	$	-	$	-		$	69.3

Total Assets	$	141.4		$	1.6	$	139.8	$	-	$	(23.7	)	$	117.7

Liabilities
Derivative Liabilities
Interest Rate Hedge	$	6.6		$	-	$	6.6	$	-	$	-		$	6.6
Forward Power Contracts		3.1			-		3.1		-		(1.1	)		2.0
Total Derivative Liabilities	$	9.7		$	-	$	9.7	$	-	$	(1.1	)	$	8.6

Total Liabilities	$	9.7		$	-	$	9.7	$	-	$	(1.1	)	$	8.6

*Includes credit valuation adjustments for counterparty risk.

DP&L [Member]

DP&L
				Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1	Level 2			Level 3
														Fair Value on
	Fair Value at			Based on Quoted		Other				Collateral and			Balance Sheet at
	September 30, Prices in Active					Observable Unobservable Counterparty September 30,
$ in millions	2011	*			Markets	Inputs			Inputs		Netting			2011
Assets
Master Trust Assets
Money Market Funds	$		0.2	$	-	$	0.2	$	-	$	-		$	0.2
Equity Securities (a)			33.5		29.5		4.0		-		-			33.5
Debt Securities			5.6		-		5.6		-		-			5.6
Multi-Strategy Fund			0.2		-		0.2		-		-			0.2
Total Master Trust Assets	$		39.5	$	29.5	$	10.0	$	-	$	-		$	39.5

Derivative Assets
FTRs	$		0.1	$	-	$	0.1	$	-	$	-		$	0.1
Heating Oil Futures			1.7		1.7		-		-		(1.7	)		-
Forward NYMEX Coal Contracts			2.2		-		2.2		-		(1.1	)		1.1
Forward Power Contracts			3.3		-		3.3		-		(2.4	)		0.9
Total Derivative Assets	$		7.3	$	1.7	$	5.6	$	-	$	(5.2	)	$	2.1

Total Assets	$		46.8	$	31.2	$	15.6	$	-	$	(5.2	)	$	41.6

Liabilities
Derivative Liabilities
Forward NYMEX Coal Contracts	$		6.3	$	-	$	6.3	$	-	$	(6.3)		$	-
Forward Power Contracts			2.8		-		2.8		-		(1.4)			1.4
Total Derivative Liabilities	$		9.1	$	-	$	9.1	$	-	$	(7.7)		$	1.4

Total Liabilities	$		9.1	$	-	$	9.1	$	-	$	(7.7)		$	1.4

*Includes credit valuation adjustments for counterparty risk.

(a) DPL stock in the Master Trust is eliminated in consolidation.


DP&L
				Assets and Liabilities Measured at Fair Value on a Recurring Basis
					Level 1	Level 2			Level 3
														Fair Value on
	Fair Value at			Based on Quoted		Other				Collateral and			Balance Sheet at
	December 31, Prices in Active					Observable Unobservable Counterparty December 31,
$ in millions	2010	*			Markets	Inputs			Inputs		Netting			2010
Assets
Master Trust Assets
Money Market Funds	$		1.6	$	-	$	1.6	$	-	$	-		$	1.6
Equity Securities (a)			30.2		25.8		4.4		-		-			30.2
Debt Securities			5.5		-		5.5		-		-			5.5
Multi-Strategy Fund			0.3		-		0.3		-		-			0.3
Total Master Trust Assets	$		37.6	$	25.8	$	11.8	$	-	$	-		$	37.6
Derivative Assets
FTRs	$		0.3	$	-	$	0.3	$	-	$	-		$	0.3
Heating Oil Futures			1.6		1.6		-		-		(1.6	)		-
Forward NYMEX Coal Contracts			37.5		-		37.5		-		(21.9	)		15.6
Forward Power Contracts			0.2		-		0.2		-		(0.2	)		-
Total Derivative Assets	$		39.6	$	1.6	$	38.0	$	-	$	(23.7	)	$	15.9
Total Assets	$		77.2	$	27.4	$	49.8	$	-	$	(23.7	)	$	53.5

Liabilities
Derivative Liabilities
Forward Power Contracts	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0
Total Derivative Liabilities	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0

Total Liabilities	$		3.1	$	-	$	3.1	$	-	$	(1.1	)	$	2.0

*Includes credit valuation adjustments for counterparty risk.

(a) DPL stock in the Master Trust is eliminated in consolidation.