Fair Value (Tables)

3 Months Ended

Jun. 30, 2012

Fair Value Disclosure Tables [Abstract]

Signficant unobservable inputs, recurring

						Amount or Range
		Fair Value		Unobservable Input		(Weighted Average)
		(in millions)

Interest rate		$	(281)	Subsidiaries' credit risk		3% - 4.1% (3.5%)
Foreign currency:
	Embedded derivative - Argentine Peso		48	Argentine Peso to U.S. Dollar
					currency exchange rate after 2 years	7.53
	Other		(1)
Commodity & other:
	Embedded derivative - Aluminum		(66)	Market price of power for
					customer in Cameroon (per KWh)	$0.05 - $0.17 ($0.12)
	Embedded derivative - Philippine inflation		8	U.S. Producer Price Index after 5 years
					(where base year of 2005 = 100)	143 - 174 (154)
	Other		6
Total		$	(286)

Fair value hierarchy for recurring measurements table

			Fair Value
				Total	Level 1		Level 2		Level 3

			(in millions)
June 30, 2012

Assets
	Available-for-sale securities		$	864	$	1	$	863	$	-
	Trading securities			12		12		-		-
	Derivatives			116		-		45		71
		Total assets	$	992	$	13	$	908	$	71

Liabilities
	Derivatives		$	805	$	-	$	448	$	357
		Total liabilities	$	805	$	-	$	448	$	357


December 31, 2011

Assets
	Available-for-sale securities		$	1,340	$	1	$	1,339	$	-
	Trading securities			12		12		-		-
	Derivatives			120		2		52		66
		Total assets	$	1,472	$	15	$	1,391	$	66

Liabilities
	Derivatives		$	690	$	-	$	476	$	214
		Total liabilities	$	690	$	-	$	476	$	214

Derivatives Level 3 Rollforward Table

				Three Months Ended June 30, 2012
				Interest		Cross		Foreign		Commodity
				Rate		Currency		Currency		and Other		Total

			(in millions)

Balance at April 1				$	(124)	$	-	$	48	$	(46)	$	(122)
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			-		-		-		(13)		(13)
		Included in other comprehensive income			(58)		-		-		-		(58)
		Included in regulatory (assets) liabilities			-		-		-		7		7
	Settlements				6		-		(1)		-		5
	Transfers of assets (liabilities) into Level 3⁽²⁾				(105)		-		-		-		(105)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				-		-		-		-		-
Balance at June 30				$	(281)	$	-	$	47	$	(52)	$	(286)

Total gains/(losses) for the period included in earnings
	attributable to the change in unrealized gains/(losses)
	relating to assets and liabilities held at the end of the
	period			$	-	$	-	$	(1)	$	(13)	$	(14)

				Three Months Ended June 30, 2011
				Interest		Cross		Foreign		Commodity
				Rate		Currency		Currency		and Other		Total

			(in millions)

Balance at April 1				$	(7)	$	5	$	23	$	24	$	45
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			-		(2)		18		(16)		-
		Included in other comprehensive income			(12)		8		-		-		(4)
		Included in regulatory (assets) liabilities			-		-		-		7		7
	Settlements				1		4		(1)		-		4
	Transfers of assets (liabilities) into Level 3⁽²⁾				(58)		-		-		-		(58)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				16		-		(2)		2		16
Balance at June 30				$	(60)	$	15	$	38	$	17	$	10

Total gains/(losses) for the period included in earnings
	attributable to the change in unrealized gains/(losses)
	relating to assets and liabilities held at the end of the
	period			$	-	$	(2)	$	15	$	(7)	$	6

				Six Months Ended June 30, 2012
				Interest		Cross		Foreign		Commodity
				Rate		Currency		Currency		and Other		Total

			(in millions)

Balance at January 1				$	(128)	$	(18)	$	51	$	(53)	$	(148)
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			(1)		-		(2)		(5)		(8)
		Included in other comprehensive income			(19)		4		-		-		(15)
		Included in regulatory (assets) liabilities			-		-		-		7		7
	Settlements				13		8		(2)		(1)		18
	Transfers of assets (liabilities) into Level 3⁽²⁾				(146)		-		-		-		(146)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				-		6		-		-		6
Balance at June 30				$	(281)	$	-	$	47	$	(52)	$	(286)

Total gains/(losses) for the period included in earnings
	attributable to the change in unrealized gains/(losses)
	relating to assets and liabilities held at the end of the
	period			$	-	$	-	$	(3)	$	(5)	$	(8)

				Six Months Ended June 30, 2011
				Interest		Cross		Foreign		Commodity
				Rate		Currency		Currency		and Other		Total

			(in millions)

Balance at January 1				$	(1)	$	10	$	22	$	18	$	49
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			-		-		18		(7)		11
		Included in other comprehensive income			(1)				-		-		(1)
		Included in regulatory (assets) liabilities			-		-		-		6		6
	Settlements				-		5		(2)		-		3
	Transfers of assets (liabilities) into Level 3⁽²⁾				(58)		-		-		-		(58)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				-		-		-		-		-
Balance at June 30				$	(60)	$	15	$	38	$	17	$	10

Total gains/(losses) for the period included in earnings
	attributable to the change in unrealized gains/(losses)
	relating to assets and liabilities held at the end of the
	period			$	-	$	-	$	15	$	(1)	$	14

			Three Months				Six Months
			Ended June 30,				Ended June 30,
			2012		2011		2012		2011

		(in millions)

Balance at beginning of period			$	-	$	40	$	-	$	42
	Settlements			-		-		-		(2)
Balance at June 30			$	-	$	40	$	-	$	40

Total gains/(losses) for the period included in
	earnings attributable to the change in unrealized
	gains/losses relating to assets held at the
	end of the period		$	-	$	-	$	-	$	-

Fair value hierarchy for nonrecurring measurements table

					Six Months Ended June 30, 2012
			Carrying		Fair Value						Gross
			Amount		Level 1		Level 2		Level 3		Loss
Assets			in million
	Long-lived assets held and used:⁽¹⁾
		Kelanitissa	$	22	$	-	$	-	$	10	$	12
	Long-lived assets held for sale:⁽¹⁾
		St. Patrick		33		-		22		-		11
	Equity method investments⁽²⁾			205		-		155		-		50

					Six Months Ended June 30, 2011
			Carrying		Fair Value						Gross
			Amount		Level 1		Level 2		Level 3		Loss
Assets			in million
	Long-lived assets held and used:⁽¹⁾
		Kelanitissa	$	66	$	-	$	-	$	33	$	33

Financial instruments not measured at fair value in the condensed consolidated balance sheets

		Carrying		Fair Value
June 30, 2012		Amount			Total	Level 1		Level 2		Level 3
		(in millions)
Assets
	Trade receivables⁽¹⁾	$	460	$	398	$	-	$	-	$	398
Liabilities
	Non-recourse debt		15,537		16,021		-		11,944		4,077
	Recourse debt		6,189		6,802		-		6,802		-

December 31, 2011

Assets
	Trade receivables⁽¹⁾	$	469	$	484
Liabilities
	Non-recourse debt		15,535		15,862
	Recourse debt		6,485		6,640

Significant unobservable inputs, nonrecurring

				Valuation
		Fair Value		Technique	Unobservable Input	Range
		(in millions)
Long-lived assets held and used:
	Kelanitissa	$	10	Discounted
				cash flow	Annual revenue growth	-9% to 4%
					Annual pretax operating margin	-4% to 16%
					Weighted average cost of capital	11.9%
Total		$	10

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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