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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2013
Derivative Instruments [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following tables present the fair values of our net derivative instruments recorded on our Consolidated Condensed Balance Sheets by location and hedge type at June 30, 2013 and December 31, 2012 (in millions):
 
June 30, 2013
  
Commodity
Instruments
 
Interest Rate
Swaps
 
Total
Derivative
Instruments
Balance Sheet Presentation
 
 
 
 
 
Current derivative assets
$
601

 
$
—

 
$
601

Long-term derivative assets
128

 
8

 
136

Total derivative assets
$
729

 
$
8

 
$
737

 
 
 
 
 
 
Current derivative liabilities
$
583

 
$
47

 
$
630

Long-term derivative liabilities
193

 
98

 
291

Total derivative liabilities
$
776

 
$
145

 
$
921

Net derivative liabilities
$
(47
)
 
$
(137
)
 
$
(184
)

 
December 31, 2012
 
Commodity
Instruments
 
Interest Rate
Swaps
 
Total
Derivative
Instruments
Balance Sheet Presentation
 
 
 
 
 
Current derivative assets
$
339

 
$
—

 
$
339

Long-term derivative assets
94

 
4

 
98

Total derivative assets
$
433

 
$
4

 
$
437

 
 
 
 
 
 
Current derivative liabilities
$
317

 
$
40

 
$
357

Long-term derivative liabilities
133

 
160

 
293

Total derivative liabilities
$
450

 
$
200

 
$
650

Net derivative liabilities
$
(17
)
 
$
(196
)
 
$
(213
)
Schedule of Notional Amounts of Outstanding Derivative Positions
As of June 30, 2013 and December 31, 2012, the net forward notional buy (sell) position of our outstanding commodity and interest rate swap contracts that did not qualify under the normal purchase normal sale exemption were as follows:
Derivative Instruments
 
Notional Amounts
 
June 30, 2013
 
December 31, 2012
Power (MWh)
 
(11
)
 
(16
)
Natural gas (MMBtu)
 
163

 
66

Interest rate swaps (in millions)
 
$
1,597

 
$
1,602
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
 
June 30, 2013
 
December 31, 2012
 
Fair Value
of Derivative
Assets
 
Fair Value
of Derivative
Liabilities
 
Fair Value
of Derivative
Assets
 
Fair Value
of Derivative
Liabilities
Derivatives designated as cash flow hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
$
8

 
$
134

 
$
4

 
$
184

Total derivatives designated as cash flow hedging instruments
$
8

 
$
134

 
$
4

 
$
184

 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity instruments
$
729

 
$
776

 
$
433

 
$
450

Interest rate swaps
—

 
11

 
—

 
16

Total derivatives not designated as hedging instruments
$
729

 
$
787

 
$
433

 
$
466

Total derivatives
$
737

 
$
921

 
$
437

 
$
650
Derivative Instruments Subject to Master Netting Arrangements [Table Text Block]
The tables below set forth our net exposure to derivative instruments after offsetting amounts subject to a master netting arrangement with the same counterparty at June 30, 2013 and December 31, 2012 (in millions):
 
 
June 30, 2013
 
 
Gross Amounts Not Offset on the Consolidated Condensed Balance Sheets
 
 
Gross Amounts Presented on our Consolidated Condensed Balance Sheets
 
Derivative Asset (Liability) not Offset on the Consolidated Condensed Balance Sheets
 
Margin/Cash (Received) Posted (1)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Commodity exchange traded futures and swaps contracts
 
$
595

 
$
(580
)
 
$
(15
)
 
$
—

Commodity forward contracts
 
134

 
(107
)
 
(3
)
 
24

Interest rate swaps
 
8

 
—

 
—

 
8

Total derivative assets
 
$
737

 
$
(687
)
 
$
(18
)
 
$
32

Derivative (liabilities):
 
 
 
 
 
 
 
 
Commodity exchange traded futures and swaps contracts
 
$
(646
)
 
$
580

 
$
66

 
$
—

Commodity forward contracts
 
(130
)
 
107

 
11

 
(12
)
Interest rate swaps
 
(145
)
 
—

 
—

 
(145
)
Total derivative (liabilities)
 
$
(921
)
 
$
687

 
$
77

 
$
(157
)
Net derivative assets (liabilities)
 
$
(184
)
 
$
—

 
$
59

 
$
(125
)
 
 
December 31, 2012
 
 
Gross Amounts Not Offset on the Consolidated Condensed Balance Sheets
 
 
Gross Amounts Presented on our Consolidated Condensed Balance Sheets
 
Derivative Asset (Liability) not Offset on the Consolidated Condensed Balance Sheets
 
Margin/Cash (Received) Posted (1)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Commodity exchange traded futures and swaps contracts
 
$
385

 
$
(379
)
 
$
(6
)
 
$
—

Commodity forward contracts
 
48

 
(17
)
 
(1
)
 
30

Interest rate swaps
 
4

 
—

 
—

 
4

Total derivative assets
 
$
437

 
$
(396
)
 
$
(7
)
 
$
34

Derivative (liabilities):
 
 
 
 
 
 
 
 
Commodity exchange traded futures and swaps contracts
 
$
(424
)
 
$
379

 
$
45

 
$
—

Commodity forward contracts
 
(26
)
 
17

 
1

 
(8
)
Interest rate swaps
 
(200
)
 
—

 
—

 
(200
)
Total derivative (liabilities)
 
$
(650
)
 
$
396

 
$
46

 
$
(208
)
Net derivative assets (liabilities)
 
$
(213
)
 
$
—

 
$
39

 
$
(174
)
____________
(1)
Negative balances represent margin deposits posted with us by our counterparties related to our derivative activities that are subject to a master netting arrangement. Positive balances reflect margin deposits and natural gas and power prepayments posted by us with our counterparties related to our derivative activities that are subject to a master netting arrangement. See Note 6 for a further discussion of our collateral.
Realized Unrealized Gain Loss by Instrument
The following tables detail the components of our total mark-to-market activity for both the net realized gain (loss) and the net unrealized gain (loss) recognized from our derivative instruments in earnings and where these components were recorded on our Consolidated Condensed Statements of Operations for the periods indicated (in millions):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Realized gain (loss)(1)
 
 
 
 
 
 
 
Commodity derivative instruments
$
5

 
$
94

 
$
33

 
$
212

Interest rate swaps
—

 
—

 
—

 
(157
)
Total realized gain (loss)
$
5

 
$
94

 
$
33

 
$
55

 
 
 
 
 
 
 
 
Unrealized gain (loss)(2)
 
 
 
 
 
 
 
Commodity derivative instruments
$
29

 
$
(346
)
 
$
(28
)
 
$
(268
)
Interest rate swaps
2

 
3

 
4

 
149

Total unrealized gain (loss)
$
31

 
$
(343
)
 
$
(24
)
 
$
(119
)
Total mark-to-market activity, net
$
36

 
$
(249
)
 
$
9

 
$
(64
)
___________
(1)
Does not include the realized value associated with derivative instruments that settle through physical delivery.
(2)
In addition to changes in market value on derivatives not designated as hedges, changes in unrealized gain (loss) also includes hedge ineffectiveness and adjustments to reflect changes in credit default risk exposure.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
Derivatives contracts included in operating revenues
$
15

 
$
(272
)
 
$
(59
)
 
$
(180
)
Derivatives contracts included in fuel and purchased energy expense
19

 
20

 
64

 
124

Interest rate swaps included in interest expense
2

 
3

 
4

 
6

Loss on interest rate derivatives
—

 
—

 
—

 
(14
)
Total mark-to-market activity, net
$
36

 
$
(249
)
 
$
9

 
$
(64
)
Derivatives Designated as Hedges
The following table details the effect of our net derivative instruments that qualified for hedge accounting treatment and are included in OCI and AOCI for the periods indicated (in millions):
 
Three Months Ended June 30,
 
Three Months Ended June 30,
 
Gain (Loss) Recognized  in
OCI (Effective Portion)
 
Gain (Loss) Reclassified  from
AOCI into Income (Effective Portion)(3)
 
2013
 
2012
 
2013
 
2012
 
Affected Line Item on the Consolidated Condensed Statements of Operations
Commodity derivative instruments(1):
 
 
 
 
 
 
 
 
 
Power derivative instruments
$
—

 
$
(29
)
 
$
—

 
$
29

 
Commodity revenue
Natural gas derivative instruments
—

 
16

 
—

 
(17
)
 
Commodity expense
Interest rate swaps(2)
48

 
(35
)
 
(10
)
 
(8
)
 
Interest expense
Total
$
48

 
$
(48
)
 
$
(10
)
 
$
4

  
 
 
Six Months Ended June 30,
 
Six Months Ended June 30,
 
Gain (Loss) Recognized  in
OCI (Effective Portion)
 
Gain (Loss) Reclassified  from
AOCI into Income (Effective Portion)(3)
 
2013
 
2012
 
2013
 
2012
 
Affected Line Item on the Consolidated Condensed Statements of Operations
Commodity derivative instruments(1):
 
 
 
 
 
 
 
 
 
Power derivative instruments
$
—

 
$
(44
)
 
$
—

 
$
67

 
Commodity revenue
Natural gas derivative instruments
—

 
30

 
—

 
(38
)
 
Commodity expense
Interest rate swaps(2)
61

 
(34
)
 
(19
)
 
(15
)
 
Interest expense
Total
$
61

 
$
(48
)
 
$
(19
)
 
$
14

  
 
____________
(1)
There were no commodity derivative instruments designated as cash flow hedges during the three and six months ended June 30, 2013. We recorded a gain on hedge ineffectiveness of nil and $2 million related to our commodity derivative instruments designated as cash flow hedges during the three and six months ended June 30, 2012.
(2)
We did not record any gain (loss) on hedge ineffectiveness related to our interest rate swaps designated as cash flow hedges during the three and six months ended June 30, 2013 and 2012.
(3)
Cumulative cash flow hedge losses, net of tax, remaining in AOCI were $178 million and $242 million at June 30, 2013 and December 31, 2012, respectively.