DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The fair values of all derivative instruments, as reflected in the condensed consolidated balance sheets as of June 30, 2013 and December 31, 2012, are as follows (in thousands):

Derivatives not designated as hedging instruments under GAAP	June 30, 2013				December 31, 2012
	Assets		Liabilities		Assets		Liabilities
Energy related commodity contracts:
Derivatives – Energy Related – Current	$	33,826	$	37,979	$	24,242	$	23,828
Derivatives – Energy Related – Non-Current	14,642		25,563		12,297		5,403
Interest rate contracts:
Derivatives - Other - Non-Current	—		9,091		—		13,462
Total derivatives not designated as hedging instruments under GAAP	48,468		72,633		36,539		42,693
Total Derivatives	$	48,468	$	72,633	$	36,539	$	42,693

Offsetting assets and liabilities

As of June 30, 2013 and December 31, 2012, information related to these offsetting arrangements were as follows (in thousands):

As of June 30, 2013
Description	Gross amounts of recognized assets/liabilities			Gross amount offset in the balance sheet		Net amounts of assets/liabilities in balance sheet			Gross amounts not offset in the balance sheet						Net amount
									Financial Instruments				Cash Collateral Posted
Derivatives - Energy Related Assets	$	48,468		$	—	$	48,468		$	(10,162	)	(A)	$	—	$	38,306
Derivatives - Energy Related Liabilities	$	(63,542	)	$	—	$	(63,542	)	$	10,162		(B)	$	24,078	$	(29,302	)
Derivatives - Other	$	(9,091	)	$	—	$	(9,091	)	$	—			$	—	$	(9,091	)

As of December 31, 2012
Description	Gross amounts of recognized assets/liabilities			Gross amount offset in the balance sheet		Net amounts of assets/liabilities in balance sheet			Gross amounts not offset in the balance sheet						Net amount
									Financial Instruments				Cash Collateral Posted
Derivatives - Energy Related Assets	$	36,539		$	—	$	36,539		$	(12,975	)	(A)	$	—	$	23,564
Derivatives - Energy Related Liabilities	$	(29,231	)	$	—	$	(29,231	)	$	12,975		(B)	$	6,347	$	(9,909	)
Derivatives - Other	$	(13,462	)	$	—	$	(13,462	)	$	—			$	—	$	(13,462	)

(A) The balances at June 30, 2013 and December 31, 2012 were related to derivative liabilities which can be net settled against derivative assets.

(B) The balances at June 30, 2013 and December 31, 2012 were related to derivative assets which can be net settled against derivative liabilities.

Derivatives in cash flow hedging relationships

The effect of derivative instruments on the condensed consolidated statements of income for the three and six months ended June 30, 2013 and 2012 are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2013			2012			2013			2012
Interest Rate Contracts:
Losses recognized in AOCL on effective portion	$	—		$	(888	)	$	—		$	(752	)
Losses reclassified from AOCL into income (a)	$	(112	)	$	(183	)	$	(224	)	$	(370	)
Gains (losses) recognized in income on ineffective portion (a)	—			—			—			—

(a) Included in Interest Charges

	Three Months Ended June 30,					Six Months Ended June 30,
Derivatives Not Designated as Hedging Instruments under GAAP	2013			2012		2013			2012
(Losses) gains on energy related commodity contracts (a)	$	(16,722	)	$	3,308	$	(23,771	)	$	10,279
Gains on interest rate contracts (b)	1,250			84		1,775			220
Total	$	(15,472	)	$	3,392	$	(21,996	)	$	10,499

(a)  Included in Operating Revenues - Non Utility

(b)  Included in Interest Charges