v2.3.0.15

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Derivative Instruments [Abstract]

Notional amounts table

		Notional Amounts
		September 30, 2011					December 31, 2010
Derivative Instruments
Power (MWh)			(38		)			(50		)
Natural gas (MMBtu)			124					31
Interest rate swaps(1)		$	5,448				$	6,171

_________

(1) Approximately $4.1 billion and $3.3 billion at September 30, 2011 and December 31, 2010, respectively, related to variable rate debt that was converted to fixed rate debt in 2011 and 2010.

Fair value of derivative instruments table

		September 30, 2011
		Interest Rate Swaps					Commodity Instruments					Total Derivative Instruments
Balance Sheet Presentation
Current derivative assets		$	—				$	690				$	690
Long-term derivative assets			9					125					134
Total derivative assets		$	9				$	815				$	824
Current derivative liabilities		$	190				$	589				$	779
Long-term derivative liabilities			171					132					303
Total derivative liabilities		$	361				$	721				$	1,082
Net derivative assets (liabilities)		$	(352		)		$	94				$	(258		)

Fair value of derivative instruments table

		December 31, 2010
		Interest Rate Swaps					Commodity Instruments					Total Derivative Instruments
Balance Sheet Presentation
Current derivative assets		$	—				$	725				$	725
Long-term derivative assets			4					166					170
Total derivative assets		$	4				$	891				$	895
Current derivative liabilities		$	197				$	521				$	718
Long-term derivative liabilities			174					196					370
Total derivative liabilities		$	371				$	717				$	1,088
Net derivative assets (liabilities)		$	(367		)		$	174				$	(193		)

Derivative instrument by accounting designation table

		September 30, 2011										December 31, 2010
		Fair Value of Derivative Assets					Fair Value of Derivative Liabilities					Fair Value of Derivative Assets					Fair Value of Derivative Liabilities
Derivatives designated as cash flow hedging instruments:
Interest rate swaps		$	9				$	140				$	2				$	143
Commodity instruments			98					18					161					52
Total derivatives designated as cash flow hedging instruments		$	107				$	158				$	163				$	195
Derivatives not designated as hedging instruments:
Interest rate swaps		$	—				$	221				$	2				$	228
Commodity instruments			717					703					730					665
Total derivatives not designated as hedging instruments		$	717				$	924				$	732				$	893
Total derivatives		$	824				$	1,082				$	895				$	1,088

Realized / Unrealized gain loss by instrument table

		Three Months Ended September 30,										Nine Months Ended September 30,
		2011					2010					2011					2010
Realized gain (loss)
Interest rate swaps		$	(44		)		$	(14		)		$	(150		)		$	(26		)
Commodity derivative instruments			65					41					117					93
Total realized gain (loss)		$	21				$	27				$	(33		)		$	67
Unrealized gain (loss)(1)
Interest rate swaps		$	43				$	(96		)		$	5				$	(115		)
Commodity derivative instruments			(8		)			131					(47		)			212
Total unrealized gain (loss)		$	35				$	35				$	(42		)		$	97
Total mark-to-market activity		$	56				$	62				$	(75		)		$	164

_________

(1) Changes in unrealized gain (loss) include de-designation of interest rate swap cash flow hedges and related reclassification from AOCI into income, hedge ineffectiveness and adjustments to reflect changes in credit default risk exposure.

Realized and unrealized gain loss by Income Statement line item table

		Three Months Ended September 30,										Nine Months Ended September 30,
		2011					2010					2011					2010
Realized and unrealized gain (loss)
Power contracts included in operating revenues		$	18				$	22				$	9				$	34
Natural gas contracts included in fuel and purchased energy expense			39					150					61					271
Interest rate swaps included in interest expense			2					(26		)			4					(54		)
Gain (loss) on interest rate derivatives, net			(3		)			(84		)			(149		)			(87		)
Total mark-to-market activity		$	56				$	62				$	(75		)		$	164

Derivatives designated as hedges activity table

		Three Months Ended September 30,
		Gain (Loss) Recognized in OCI (Effective Portion)										Gain (Loss) Reclassified from AOCI Into Income (Effective Portion)(2)										Gain (Loss) Reclassified from AOCI Into Income (Ineffective Portion)
		2011					2010					2011					2010					2011					2010
Interest rate swaps		$	(103		)		$	45				$	(7		)		$	(50		)		$	(1		)		$	—
Commodity derivative instruments			9					8					27					62					(1		)			(1		)
Total		$	(94		)		$	53				$	20				$	12				$	(2		)		$	(1		)

Derivatives designated as hedges activity table

		Nine Months Ended September 30,
		Gain (Loss) Recognized in OCI (Effective Portion)										Gain (Loss) Reclassified from AOCI Into Income (Effective Portion)(2)										Gain (Loss) Reclassified from AOCI Into Income (Ineffective Portion)
		2011					2010					2011					2010					2011					2010
Interest rate swaps		$	(9		)		$	18				$	(130		)(4)		$	(172		)		$	(2		)		$	—
Commodity derivative instruments			(27		)			87					106		(1)			162					—					—
Total		$	(36		)		$	105				$	(24		)		$	(10		)		$	(2		)		$	—

_________

(1) Included in operating revenues and fuel and purchased energy expense on our Consolidated Condensed Statements of Operations.

(2) Cumulative cash flow hedge losses remaining in AOCI were $140 million and $122 million at September 30, 2011 and December 31, 2010, respectively.

(3) Reclassification of losses from OCI to earnings for the three months ended September 30, 2011, consisted of $7 million in losses from the reclassification of interest rate contracts due to settlement.

(4) Reclassification of losses from OCI to earnings for the nine months ended September 30, 2011 consisted of $24 million in losses from the reclassification of interest rate contracts due to settlement, $15 million in losses from terminated interest rate contracts due to the repayment of project debt in June 2011, and $91 million in losses from existing interest rate contracts reclassified from OCI into earnings due to the refinance of variable rate First Lien Credit Facility term loans.

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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.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-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 the notional amounts of outstanding derivative positions.

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-Topic 815

-SubTopic 10

-Publisher FASB

-Number

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-Subparagraph (d)

-Name Accounting Standards Codification

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Tabular disclosure for other derivative instruments not designated 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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-Number

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