DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014, are as follows (in thousands):

Derivatives not designated as hedging instruments under GAAP	March 31, 2015				December 31, 2014
	Assets		Liabilities		Assets		Liabilities
Energy related commodity contracts:
Derivatives – Energy Related – Current	$	52,441	$	81,779	$	85,368	$	109,744
Derivatives – Energy Related – Non-Current	15,402		24,522		13,905		19,926
Interest rate contracts:
Derivatives - Other	—		12,036		—		10,732
Total derivatives not designated as hedging instruments under GAAP	67,843		118,337		99,273		140,402
Total Derivatives	$	67,843	$	118,337	$	99,273	$	140,402

Offsetting assets and liabilities

As of March 31, 2015 and December 31, 2014, information related to these offsetting arrangements were as follows (in thousands):

As of March 31, 2015
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	$	67,843		$	—	$	67,843		$	(24,796	)	(A)	$	—	$	43,047
Derivatives - Energy Related Liabilities	$	(106,301	)	$	—	$	(106,301	)	$	24,796		(B)	$	42,770	$	(38,735	)
Derivatives - Other	$	(12,036	)	$	—	$	(12,036	)	$	—			$	—	$	(12,036	)

As of December 31, 2014
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	$	99,273		$	—	$	99,273		$	(39,747	)	(A)	$	—	$	59,526
Derivatives - Energy Related Liabilities	$	(129,670	)	$	—	$	(129,670	)	$	39,747		(B)	$	53,897	$	(36,026	)
Derivatives - Other	$	(10,732	)	$	—	$	(10,732	)	$	—			$	—	$	(10,732	)

(A) The balances at March 31, 2015 and December 31, 2014 were related to derivative liabilities which can be net settled against derivative assets.

(B) The balances at March 31, 2015 and December 31, 2014 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 months ended March 31, 2015 and 2014 are as follows (in thousands):

	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships under GAAP	2015			2014
Interest Rate Contracts:
Losses recognized in AOCL on effective portion	$	—		$	—
Losses reclassified from AOCL into income (a)	$	(23	)	$	(112	)
Gains (losses) recognized in income on ineffective portion (a)	$	—		$	—

(a) Included in Interest Charges

	Three Months Ended March 31,
Derivatives Not Designated as Hedging Instruments under GAAP	2015			2014
Losses on energy related commodity contracts (a)	$	(6,707	)	$	(28,601	)
Losses on interest rate contracts (b)	(298		)	(214		)
Total	$	(7,005	)	$	(28,815	)

(a)  Included in Operating Revenues - Non Utility

(b)  Included in Interest Charges