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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for hedging activities:
|  | Economic Hedges
Commodity | Unit of Measure | June 30, 2012 |  | December 31, 2011
Electricity options, swaps and forwards | GWh | 26,597 |  |  | 30,881
Natural gas options, swaps and forwards | Bcf | 213 |  |  | 300
Congestion revenue rights | GWh | 136,863 |  |  | 166,163
Tolling arrangements | GWh | 102,819 |  |  | 104,154
Fair Value of Derivative Instruments | The following table summarizes the gross and net fair values of commodity derivative instruments at June 30, 2012:
|  | Derivative Assets |  | Derivative Liabilities |  |
(in millions) |  | Short-Term |  | Long-Term |  | Subtotal |  | Short-Term |  | Long-Term |  | Subtotal |  | Net Liability
Non-trading activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Economic hedges |  | $ | 69 |  |  | $ | 75 |  |  | $ | 144 |  |  | $ | 245 |  |  | $ | 830 |  |  | $ | 1,075 |  |  | $ | 931 |
Netting and collateral |  | (24 | ) |  | (16 | ) |  | (40 | ) |  | (72 | ) |  | (34 | ) |  | (106 | ) |  | (66 | )
Total |  | $ | 45 |  |  | $ | 59 |  |  | $ | 104 |  |  | $ | 173 |  |  | $ | 796 |  |  | $ | 969 |  |  | $ | 865 |
The following table summarizes the gross and net fair values of commodity derivative instruments at December 31, 2011:
|  | Derivative Assets |  | Derivative Liabilities |  |
(in millions) |  | Short-Term |  | Long-Term |  | Subtotal |  | Short-Term |  | Long-Term |  | Subtotal |  | Net Liability
Non-trading activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Economic hedges |  | $ | 86 |  |  | $ | 85 |  |  | $ | 171 |  |  | $ | 303 |  |  | $ | 856 |  |  | $ | 1,159 |  |  | $ | 988 |
Netting and collateral |  | (21 | ) |  | (15 | ) |  | (36 | ) |  | (37 | ) |  | (51 | ) |  | (88 | ) |  | (52 | )
Total |  | $ | 65 |  |  | $ | 70 |  |  | $ | 135 |  |  | $ | 266 |  |  | $ | 805 |  |  | $ | 1,071 |  |  | $ | 936 |
Summarization of Economic Hedging Activities | The following table summarizes the components of economic hedging activity:
| Three months ended June 30, |  | Six months ended June 30,
(in millions) | 2012 |  | 2011 |  | 2012 |  | 2011
Realized gains (losses) | $ | (67 | ) |  | $ | (35 | ) |  | $ | (122 | ) |  | $ | (74 | )
Unrealized gains (losses) | 423 |  |  | (227 | ) |  | 62 |  |  | (323 | )
Summary of Margin and Collateral Deposits Provided to and Received from Counterparties | The following table summarizes margin and collateral deposits provided to counterparties:
(in millions) | June 30, 2012 |  | December 31, 2011
Collateral provided to counterparties: |  |  |
Offset against derivative liabilities | $ | 66 |  |  | $ | 51 |
Reflected in other current assets | 25 |  |  | 17 |

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