Assets and Liabilities with Recurring Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Option, Quantitative Disclosures [Line Items]

Fair Value, Measurement Inputs, Disclosure

The following tables present our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013, by level within the fair value hierarchy:



	Assets and Liabilities with Recurring Fair Value Measures as of December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents⁽¹⁾	$	896	$	—	$	—	$	896
Margin deposits	96		—		—		96
Commodity instruments:
Commodity exchange traded futures and swaps contracts	2,134		—		—		2,134
Commodity forward contracts⁽²⁾	—		195		164		359
Interest rate swaps	—		4		—		4
Total assets	$	3,126	$	199	$	164	$	3,489
Liabilities:
Margin deposits posted with us by our counterparties	$	47	$	—	$	—	$	47
Commodity instruments:
Commodity exchange traded futures and swaps contracts	1,870		—		—		1,870
Commodity forward contracts⁽²⁾	—		163		79		242
Interest rate swaps	—		114		—		114
Total liabilities	$	1,917	$	277	$	79	$	2,273



	Assets and Liabilities with Recurring Fair Value Measures as of December 31, 2013
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents⁽¹⁾	$	1,134	$	—	$	—	$	1,134
Margin deposits	261		—		—		261
Commodity instruments:
Commodity exchange traded futures and swaps contracts	434		—		—		434
Commodity forward contracts⁽²⁾	—		75		32		107
Interest rate swaps	—		9		—		9
Total assets	$	1,829	$	84	$	32	$	1,945
Liabilities:
Margin deposits posted with us by our counterparties	$	5	$	—	$	—	$	5
Commodity instruments:
Commodity exchange traded futures and swaps contracts	495		—		—		495
Commodity forward contracts⁽²⁾	—		52		18		70
Interest rate swaps	—		129		—		129
Total liabilities	$	500	$	181	$	18	$	699

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(1)	As of December 31, 2014 and 2013, we had cash equivalents of $679 million and $889 million included in cash and cash equivalents and $217 million and $245 million included in restricted cash, respectively.


(2)	Includes OTC swaps and options.

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The following table presents quantitative information for the unobservable inputs used in our most significant level 3 fair value measurements at December 31, 2014 and 2013:



	Quantitative Information about Level 3 Fair Value Measurements
	December 31, 2014
	Fair Value, Net Asset			Significant Unobservable
	(Liability)		Valuation Technique	Input	Range
	(in millions)
Power Contracts	$	74	Discounted cash flow	Market price (per MWh)	$14.00 — $122.79/MWh
Natural Gas Contracts	$	5	Discounted cash flow	Market price (per MMBtu)	$1.00 — $10.86/MMBtu
Power Congestion Products	$	9	Discounted cash flow	Market price (per MWh)	$(19.56) — $19.56/MWh



	Quantitative Information about Level 3 Fair Value Measurements
	December 31, 2013
	Fair Value, Net Asset			Significant Unobservable
	(Liability)		Valuation Technique	Input	Range
	(in millions)
Power Contracts	$	7	Discounted cash flow	Market price (per MWh)	$28.92 — $53.15/MWh
Power Congestion Products	$	7	Discounted cash flow	Market price (per MWh)	$(8.79) — $11.53/MWh

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the fair value of our net derivative assets (liabilities) classified as level 3 in the fair value hierarchy for the years ended December 31, 2014, 2013 and 2012 (in millions):



	2014			2013			2012
Balance, beginning of period	$	14		$	16		$	17
Realized and mark-to-market gains:
Included in net income:
Included in operating revenues⁽¹⁾	70			5			8
Included in fuel and purchased energy expense⁽²⁾	5			—			—
Purchases, issuances and settlements:
Purchases	6			6			3
Issuances	—			(2		)	(1		)
Settlements	(10		)	(11		)	(11		)
Transfers in and/or out of level 3⁽³⁾:
Transfers into level 3⁽⁴⁾	—			—			—
Transfers out of level 3⁽⁵⁾	—			—			—
Balance, end of period	$	85		$	14		$	16
Change in unrealized gains relating to instruments still held at end of period	$	75		$	5		$	8

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(1)	For power contracts and other power-related products, included on our Consolidated Statements of Operations.


(2)	For natural gas contracts, swaps and options, included on our Consolidated Statements of Operations.


(3)	We transfer amounts among levels of the fair value hierarchy as of the end of each period. There were no transfers into or out of level 1 during the years ended December 31, 2014, 2013 and 2012.


(4)	There were no transfers out of level 2 into level 3 for the years ended December 31, 2014, 2013 and 2012.


(5)	There were no transfers out of level 3 for the years ended December 31, 2014, 2013 and 2012.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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