v2.3.0.11

Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2011

Risk Management Activities

Commodity Price Risk Program Derivative Contracted Gross Volumes

		June 30, 2011				December 31, 2010
Commodity Price Risk Program:
Gas price volatility program derivatives (MMDth)			31.0				28.4
Price Protection Service program derivatives (MMDth)			1.0				1.6
DependaBill program derivatives (MMDth)			0.3				0.4
Regulatory incentive program derivatives (MMDth)			4.9				2.0
Gas marketing program derivatives (MMDth)(a)			35.0				48.2
Gas marketing forward physical derivatives (MMDth)(b)			34.9				48.0
Electric energy program FTR derivatives (mw)			15,972.0				8,279.1

(a) Basis contract volumes not included in the above table were 30.3 MMDth and 42.0 MMDth as of June 30, 2011 and December 31, 2010, respectively.

(b) Basis contract volumes not included in the above table were 36.8 MMDth and 52.1 MMDth as of June 30, 2011 and December 31, 2010, respectively.

Location and Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets

Asset Derivatives (in millions)		June 30, 2011				December 31, 2010
		Fair Value				Fair Value
Balance Sheet Location
Derivatives designated as hedging instruments
Interest rate risk activities
Price risk management assets (current)		$	—			$	—
Price risk management assets (noncurrent)			60.7				61.1
Total derivatives designated as hedging instruments		$	60.7			$	61.1
Derivatives not designated as hedging instruments
Commodity price risk programs
Price risk management assets (current)		$	116.0			$	159.5
Price risk management assets (noncurrent)			129.9				179.2
Total derivatives not designated as hedging instruments		$	245.9			$	338.7
Total Asset Derivatives		$	306.6			$	399.8
Liability Derivatives (in millions)		June 30, 2011				December 31, 2010
		Fair Value				Fair Value
Balance Sheet Location
Derivatives designated as hedging instruments
Commodity price risk programs
Price risk management liabilities (current)		$	0.5			$	1.0
Price risk management liabilities (noncurrent)			0.1				0.2
Total derivatives designated as hedging instruments		$	0.6			$	1.2
Derivatives not designated as hedging instruments
Commodity price risk programs
Price risk management liabilities (current)		$	134.5			$	172.9
Price risk management liabilities (noncurrent)			127.7				181.4
Total derivatives not designated as hedging instruments		$	262.2			$	354.3
Total Liability Derivatives		$	262.8			$	355.5

The effect of derivative instruments on the Other Comprehensive Income

Derivatives in Cash Flow Hedging Relationships

Three Months Ended, (in millions):
		Amount of Gain  (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)		Amount of Gain  (Loss) Reclassified from AOCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships		June 30 2011				June 30 2010						June 30 2011				June 30 2010
Commodity price risk programs		$	—			$	0.4			Cost of Sales		$	0.2			$	0.3
Interest rate risk activities			0.4				0.4			Interest expense, net			(0.7	)			(0.7	)
Total		$	0.4			$	0.8					$	(0.5	)		$	(0.4	)

Six Months Ended (in millions):
		Amount of Gain  (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI into Income  (Effective Portion)
Derivatives in Cash Flow Hedging Relationships		June 30 2011				June 30 2010						June 30 2011				June 30 2010
Commodity price risk programs		$	0.5			$	0.2			Cost of Sales		$	0.8			$	0.8
Interest rate risk activities			0.8				0.8			Interest expense, net			(1.3	)			(1.3	)
Total		$	1.3			$	1.0					$	(0.5	)		$	(0.5	)

The effect of derivative instruments on the Condensed Statements of Consolidated Income

Three Months Ended, (in millions):
Derivatives in Cash Flow Hedging Relationships		Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss)  Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
				June 30 2011				June 30 2010
Commodity price risk programs		Cost of Sales		$	—			$	—
Interest rate risk activities		Interest expense, net			—				—
Total				$	—			$	—
Six Months Ended, (in millions)
Derivatives in Cash Flow Hedging Relationships		Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss)  Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
				June 30 2011				June 30 2010
Commodity price risk programs		Cost of Sales		$	—			$	—
Interest rate risk activities		Interest expense, net			—				—
Total				$	—			$	—

Derivatives in Fair Value Hedging Relationships

Three Months Ended, (in millions)
Derivatives in Fair Value Hedging Relationships		Location of (Loss) Gain Recognized in Income on Derivatives		Amount of (Loss) Gain Recognized in Income on Derivatives
				June 30 2011				June 30 2010
Interest rate risk activities		Interest expense, net		$	9.8			$	4.0
Total				$	9.8			$	4.0

Six Months Ended, (in millions)
Derivatives in Fair Value Hedging Relationships		Location of Gain (Loss) Recognized in Income on Derivatives		Amount of Gain (Loss)  Recognized in Income on Derivatives
				June 30 2011				June 30 2010
Interest rate risk activities		Interest expense, net		$	(0.4	)		$	6.1
Total				$	(0.4	)		$	6.1
Three Months Ended, (in millions)
Hedged Item in Fair Value Hedge Relationships		Location of Gain (Loss) Recognized in Income on Related Hedged Item		Amount of Gain (Loss) Recognized in Income on Related Hedged  Items
				June 30 2011				June 30 2010
Fixed-rate debt		Interest expense, net		$	(9.8	)		$	(4.0	)
Total				$	(9.8	)		$	(4.0	)
Six Months Ended, (in millions)
Hedged Item in Fair Value Hedge Relationships		Location of Gain (Loss) Recognized in Income on Related Hedged Item		Amount of Gain (Loss) Recognized in Income on Related Hedged Items
				June 30 2011				June 30 2010
Fixed-rate debt		Interest expense, net		$	0.4			$	(6.1	)
Total				$	0.4			$	(6.1	)

Derivatives not designated as hedging instruments

Three Months Ended, (in millions)
Derivatives Not Designated as Hedging Instruments		Location of Gain (Loss) Recognized in Income on Derivatives		Amount of Realized/Unrealized Gain (Loss) Recognized in Income on Derivatives *
				June 30 2011				June 30 2010
Commodity price risk programs		Gas Distribution revenues		$	(0.1	)		$	4.2
Commodity price risk programs		Other revenues			7.8				(4.5	)
Commodity price risk programs		Cost of Sales			(4.5	)			(1.0	)
Total				$	3.2			$	(1.3	)

* For the amounts of realized/unrealized gain (loss) recognized in income on derivatives disclosed in the table above, gains of $3.4 million and $4.4 million for the second quarter of 2011 and 2010, respectively, were deferred as allowed by regulatory orders. These amounts will be amortized to income over future periods of up to twelve months as specified in a regulatory order.

Six Months Ended, (in millions)
				Amount of Realized/Unrealized Gain (Loss) Recognized in Income on Derivatives *
Derivatives Not Designated as Hedging Instruments		Location of Gain (Loss) Recognized in Income on Derivatives		June 30 2011				June 30 2010
Commodity price risk programs		Gas Distribution revenues		$	(21.8	)		$	(16.8	)
Commodity price risk programs		Other revenues			18.4				72.7
Commodity price risk programs		Cost of Sales			(7.8	)			(72.2	)
Total				$	(11.2	)		$	(16.3	)

* For the amounts of realized/unrealized gain (loss) recognized in income on derivatives disclosed in the table above, losses of $19.3 million and $16.2 million for the six months of 2011 and 2010, respectively, were deferred as allowed per regulatory orders. These amounts will be amortized to income over future periods of up to twelve months as specified in a regulatory order.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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-Topic 815
-SubTopic 10
-Publisher FASB
-Number
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-Subparagraph (b)
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-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 205G
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44C
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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