Fair Value (Tables)

3 Months Ended

Sep. 30, 2012

Fair Value Disclosure Tables [Abstract]

Signficant unobservable inputs, recurring

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

Interest rate		$	(297)	Subsidiaries' credit spreads		3% - 3.75% (3.43%)
Foreign currency:
	Embedded derivative - Argentine Peso		61	Argentine Peso to U.S. Dollar
					currency exchange rate after 2 years	8.2
	Other		(1)
Commodity & other:
	Embedded derivative - Aluminum		(50)	Market price of power for
					customer in Cameroon (per KWh)	$0.06 - $0.14 ($0.12)
	Embedded derivative - Philippine inflation		11	U.S. Producer Price Index after 5 years
					(where base year of 2005 = 100)	141.3 - 174.54 (152.74)
	Other		1
Total		$	(275)

Fair value hierarchy for recurring measurements table

			Fair Value
				Total	Level 1		Level 2		Level 3

			(in millions)
September 30, 2012

Assets
	Available-for-sale securities		$	857	$	1	$	856	$	-
	Trading securities			12		12		-		-
	Derivatives			126		-		42		84
		Total assets	$	995	$	13	$	898	$	84

Liabilities
	Derivatives		$	844	$	-	$	485	$	359
		Total liabilities	$	844	$	-	$	485	$	359


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 September 30, 2012
				Interest		Cross		Foreign		Commodity
				Rate		Currency		Currency		and Other		Total

			(in millions)

Balance at July 1				$	(281)	$	-	$	47	$	(52)	$	(286)
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			(1)		-		14		16		29
		Included in other comprehensive income			(29)		-		-		-		(29)
		Included in regulatory (assets) liabilities			-		-		-		2		2
	Settlements				12		-		(1)		(4)		7
	Transfers of (assets) liabilities out of Level 3⁽²⁾				2		-		-		-		2
Balance at September 30				$	(297)	$	-	$	60	$	(38)	$	(275)

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	$	18	$	30

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

			(in millions)

Balance at July 1				$	(60)	$	15	$	38	$	17	$	10
	Total gains (losses) (realized and unrealized):
		Included in earnings⁽¹⁾			-		(3)		4		(44)		(43)
		Included in other comprehensive income			(36)		(37)		-		-		(73)
		Included in regulatory (assets) liabilities			-		-		-		(3)		(3)
	Settlements				4		4		(1)		(8)		(1)
	Transfers of assets (liabilities) into Level 3⁽²⁾				(101)		-		-		-		(101)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				2		-		-		-		2
Balance at September 30				$	(191)	$	(21)	$	41	$	(38)	$	(209)

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)	$	2	$	(52)	$	(52)

				Nine Months Ended September 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)		-		12		10		21
		Included in other comprehensive income			(30)		8		-		-		(22)
		Included in regulatory (assets) liabilities			-		-		-		9		9
	Settlements				19		11		(3)		(4)		23
	Transfers of assets (liabilities) into Level 3⁽²⁾				(159)		-		-		-		(159)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				2		(1)		-		-		1
Balance at September 30				$	(297)	$	-	$	60	$	(38)	$	(275)

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)	$	-	$	10	$	13	$	22

				Nine Months Ended September 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⁾			-		(5)		21		(50)		(34)
		Included in other comprehensive income			(3)		(34)		-		-		(37)
		Included in regulatory (assets) liabilities			-		-		-		3		3
	Settlements				-		8		(2)		(9)		(3)
	Transfers of assets (liabilities) into Level 3⁽²⁾				(189)		-		-		-		(189)
	Transfers of (assets) liabilities out of Level 3⁽²⁾				2		-		-		-		2
Balance at September 30				$	(191)	$	(21)	$	41	$	(38)	$	(209)

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)	$	18	$	(56)	$	(40)

			Three Months				Nine Months
			Ended September 30,				Ended September 30,
			2012		2011		2012		2011

		(in millions)

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

Fair value hierarchy for nonrecurring measurements table

			Nine Months Ended September 30, 2012
			Carrying		Fair Value						Gross
			Amount		Level 1		Level 2		Level 3		Loss
Assets			(in millions)
	Long-lived assets held and used:⁽¹⁾
		Kelanitissa	$	22	$	-	$	-	$	10	$	12
		Wind projects		16		-		-		-		16
	Long-lived assets held for sale:⁽¹⁾
		Wind turbines		45		-		-		25		20
		St. Patrick		33		-		22		-		11
	Equity method investments⁽²⁾			205		-		155		-		50
	Goodwill
		DP&L⁽³⁾		2,449		-		-		599		1,850

			Nine Months Ended September 30, 2011
			Carrying		Fair Value						Gross
			Amount		Level 1		Level 2		Level 3		Loss
Assets			(in millions)
	Long-lived assets held and used:⁽¹⁾
		Wind turbines and deposits	$	161	$	-	$	45	$	-	$	116
		Kelanitissa		66		-		-		29		37
		Bohemia		14		-		5		-		9
	Discontinued operations and held for sale
		businesses:
		Carbon Reduction Projects		49		-		-		11		33⁽⁴⁾
	Equity method investments:
		Yangcheng		100		-		-		26		74
	Goodwill:
		Chigen		17		-		-		-		17

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

		Carrying		Fair Value
September 30, 2012		Amount			Total	Level 1		Level 2		Level 3
		(in millions)
Assets
	Trade receivables⁽¹⁾	$	387	$	304	$	-	$	-	$	304
Liabilities
	Non-recourse debt		15,373		16,000		-		12,156		3,844
	Recourse debt		6,187		6,899		-		6,899		-

December 31, 2011

Assets
	Trade receivables⁽¹⁾	$	432	$	414
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 (Weighted Average)
		(in millions)					($ in millions)
Long-lived assets held and used:
	Kelanitissa	$	10	Discounted
				cash flow	Annual revenue growth		-9% to 4% (-1%)
					Annual pretax operating margin		-4% to 16% (-1%)
					Weighted average cost of capital		11.9%
Long-lived assets held for sale:
	Wind turbines		25	Market
				Approach	Indicative offer prices	$	12 to 38 (25)

Total		$	35

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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