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Derivative Instruments (Tables) - Southern California Edison | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Fair Value of Derivative Asset Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
|  | September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative Assets |  |  |  |  |  | Derivative Liabilities |  |  |  |  |  | Net Assets
(in millions) |  | Short-Term1 |  | Long-Term2 |  | Subtotal |  | Short-Term3 |  | Long-Term |  | Subtotal |  |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 52 |  |  | $ | 4 |  |  | $ | 56 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 8 |  |  | $ | 48 |
Gross amounts offset in the consolidated balance sheets |  | (7) |  |  | (1) |  |  | (8) |  |  | (7) |  |  | (1) |  |  | (8) |  |  | — |
Cash collateral posted4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 45 |  |  | $ | 3 |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48 |
|  | December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative Assets |  |  |  |  |  | Derivative Liabilities |  |  |  |  |  | Net Assets
(in millions) |  | Short-Term1 |  | Long-Term2 |  | Subtotal |  | Short-Term3 |  | Long-Term |  | Subtotal |  |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 94 |  |  | $ | 8 |  |  | $ | 102 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 86 |
Gross amounts offset in the consolidated balance sheets |  | (13) |  |  | (2) |  |  | (15) |  |  | (13) |  |  | (2) |  |  | (15) |  |  | — |
Cash collateral posted4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 81 |  |  | $ | 6 |  |  | $ | 87 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |
1 Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. 3 Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets. 4 At September 30, 2020, SCE did not post any cash collateral. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets.
Fair Value of Derivative Liabilities Instruments | The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
|  | September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative Assets |  |  |  |  |  | Derivative Liabilities |  |  |  |  |  | Net Assets
(in millions) |  | Short-Term1 |  | Long-Term2 |  | Subtotal |  | Short-Term3 |  | Long-Term |  | Subtotal |  |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 52 |  |  | $ | 4 |  |  | $ | 56 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 8 |  |  | $ | 48 |
Gross amounts offset in the consolidated balance sheets |  | (7) |  |  | (1) |  |  | (8) |  |  | (7) |  |  | (1) |  |  | (8) |  |  | — |
Cash collateral posted4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 45 |  |  | $ | 3 |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48 |
|  | December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative Assets |  |  |  |  |  | Derivative Liabilities |  |  |  |  |  | Net Assets
(in millions) |  | Short-Term1 |  | Long-Term2 |  | Subtotal |  | Short-Term3 |  | Long-Term |  | Subtotal |  |
Commodity derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 94 |  |  | $ | 8 |  |  | $ | 102 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 86 |
Gross amounts offset in the consolidated balance sheets |  | (13) |  |  | (2) |  |  | (15) |  |  | (13) |  |  | (2) |  |  | (15) |  |  | — |
Cash collateral posted4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | $ | 81 |  |  | $ | 6 |  |  | $ | 87 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |
1 Included in "Other current assets" on Edison International's and SCE's consolidated balance sheets. 2 Included in "Other long-term assets" on Edison International's and SCE's consolidated balance sheets. 3 Included in "Other current liabilities" on Edison International's and SCE's consolidated balance sheets. 4 At September 30, 2020, SCE did not post any cash collateral. At December 31, 2019, SCE posted $24 million of cash, which was not offset against net derivative liabilities and was reflected in "Other current assets" on the consolidated balance sheets.
Summarization of Economic Hedging Activities | The following table summarizes the components of SCE's economic hedging activity:
|  | Three months ended September 30, |  |  |  | Nine months ended September 30, |  |  |
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Realized gains (losses) |  | $ | 128 |  |  | $ | (47) |  |  | $ | 68 |  |  | $ | (17) |  |
Unrealized gains (losses) |  | 75 |  |  | 24 |  |  | (39) |  |  | (104) |  |
Notional Volumes of Derivative Instruments | The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities:
|  |  |  | Economic Hedges |  |
Commodity |  | Unit of Measure |  | September 30, 2020 |  | December 31, 2019
Electricity options, swaps and forwards |  | GWh |  | 2,338 |  |  | 3,155 |
Natural gas options, swaps and forwards |  | Bcf |  | 30 |  |  | 43 |
Congestion revenue rights |  | GWh |  | 43,229 |  |  | 48,170 |

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