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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE hedging activities:
|  | Economic Hedges
| Unit of | December 31,
Commodity | Measure | 2012 |  | 2011
Electricity options, swaps and forwards | GWh | 15,884 |  |  | 30,811
Natural gas options, swaps and forwards | Bcf | 100 |  |  | 300
Congestion revenue rights | GWh | 149,774 |  |  | 166,163
Tolling arrangements | GWh | 101,485 |  |  | 104,154
Fair Value of Derivative Instruments | The following table summarizes the gross and net fair values of SCE commodity derivative instruments at December 31, 2012:
|  | Derivative Assets |  | Derivative Liabilities |  |
(in millions) |  | Short-Term |  | Long-Term |  | Subtotal |  | Short-Term |  | Long-Term |  | Subtotal |  | Net Liability
Non-trading activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Economic hedges |  | $ | 151 |  |  | $ | 91 |  |  | $ | 242 |  |  | $ | 186 |  |  | $ | 954 |  |  | $ | 1,140 |  |  | $ | 898 |
Netting and collateral |  | (22 | ) |  | (6 | ) |  | (28 | ) |  | (60 | ) |  | (15 | ) |  | (75 | ) |  | (47 | )
Total |  | $ | 129 |  |  | $ | 85 |  |  | $ | 214 |  |  | $ | 126 |  |  | $ | 939 |  |  | $ | 1,065 |  |  | $ | 851 |
The following table summarizes the gross and net fair values of SCE commodity derivative instruments at December 31, 2011:
|  | Derivative Assets |  | Derivative Liabilities 1 |  |
(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 |
1 | Included in 2011 is a power purchase agreement between SCE and EME with a fair market value of $349 million, which was eliminated in the Edison International consolidated financial statements.
Summarization of Economic Hedging Activities | The following table summarizes the components of SCE's economic hedging activity:
|  | Years ended December 31,
(in millions) |  | 2012 |  | 2011 |  | 2010
Realized gains (losses) |  | $ | (227 | ) |  | $ | (165 | ) |  | $ | (156 | )
Unrealized gains (losses) |  | 125 |  |  | (768 | ) |  | 36 |
Summary of Margin and Collateral Deposits Provided to Counterparties | The following table summarizes margin and collateral deposits provided to counterparties:
| December 31,
(in millions) | 2012 |  | 2011
Collateral provided to counterparties: |  |  |
Offset against derivative liabilities | $ | 47 |  |  | $ | 51 |
Reflected in margin and collateral deposits | 8 |  |  | 17 |

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