v3.7.0.1

Assets and Liabilities with Recurring Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

Fair Value, Measurement Inputs, Disclosure

The following tables present our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, by level within the fair value hierarchy:

	Assets and Liabilities with Recurring Fair Value Measures as of March 31, 2017
	Level 1				Level 2				Level 3				Total
	(in millions)
Assets:
Cash equivalents(1)	$	166			$	—			$	—			$	166
Commodity instruments:
Commodity exchange traded futures and swaps contracts	1,259				—				—				1,259
Commodity forward contracts(2)	—				359				402				761
Interest rate hedging instruments	—				37				—				37
Total assets	$	1,425			$	396			$	402			$	2,223
Liabilities:
Commodity instruments:
Commodity exchange traded futures and swaps contracts	1,298				—				—				1,298
Commodity forward contracts(2)	—				410				60				470
Interest rate hedging instruments	—				55				—				55
Total liabilities	$	1,298			$	465			$	60			$	1,823

	Assets and Liabilities with Recurring Fair Value Measures as of December 31, 2016
	Level 1				Level 2				Level 3				Total
	(in millions)
Assets:
Cash equivalents(1)	$	153			$	—			$	—			$	153
Commodity instruments:
Commodity exchange traded futures and swaps contracts	1,542				—				—				1,542
Commodity forward contracts(2)	—				231				466				697
Interest rate hedging instruments	—				29				—				29
Total assets	$	1,695			$	260			$	466			$	2,421
Liabilities:
Commodity instruments:
Commodity exchange traded futures and swaps contracts	1,570				—				—				1,570
Commodity forward contracts(2)	—				411				67				478
Interest rate hedging instruments	—				58				—				58
Total liabilities	$	1,570			$	469			$	67			$	2,106

___________

(1) As of March 31, 2017 and December 31, 2016, we had cash equivalents of $36 million and $26 million included in cash and cash equivalents and $130 million and $127 million included in restricted cash, respectively.

(2) Includes OTC swaps and options and retail contracts.

Fair Value Inputs, Assets, Quantitative Information

The following table presents quantitative information for the unobservable inputs used in our most significant level 3 fair value measurements at March 31, 2017 and December 31, 2016:

		Quantitative Information about Level 3 Fair Value Measurements
		March 31, 2017
		Fair Value, Net Asset						Significant Unobservable
		(Liability)				Valuation Technique		Input		Range
		(in millions)
Power Contracts		$	324			Discounted cash flow		Market price (per MWh)		$	8.00		—	$92.00	/MWh
Power Congestion Products		$	11			Discounted cash flow		Market price (per MWh)		$	(7.52	)	—	$4.54	/MWh
Natural Gas Contracts		$	60			Discounted cash flow		Market price (per MMBtu)		$	1.79		—	$6.24	/MMBtu
		December 31, 2016
		Fair Value, Net Asset						Significant Unobservable
		(Liability)				Valuation Technique		Input		Range
		(in millions)
Power Contracts		$	360			Discounted cash flow		Market price (per MWh)		$	9.60		—	$86.34	/MWh
Power Congestion Products		$	12			Discounted cash flow		Market price (per MWh)		$	(7.52	)	—	$13.62	/MWh
Natural Gas Contracts		$	17			Discounted cash flow		Market price (per MMBtu)		$	1.95		—	$5.66	/MMBtu

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table sets forth a reconciliation of changes in the fair value of our net derivative assets (liabilities) classified as level 3 in the fair value hierarchy for the periods indicated (in millions):

		Three Months Ended March 31,
		2017				2016
Balance, beginning of period		$	399			$	(46	)
Realized and mark-to-market gains (losses):
Included in net income:
Included in operating revenues(1)		113				(22		)
Included in fuel and purchased energy expense(2)		13				(14		)
Purchases and settlements:
Purchases		—				2
Settlements		(26		)		(4		)
Transfers in and/or out of level 3(3):
Transfers into level 3(4)		(7		)		—
Transfers out of level 3(5)		(150		)		19
Balance, end of period		$	342			$	(65	)
Change in unrealized gains (losses) relating to instruments still held at end of period		$	126			$	(36	)

___________

(1) For power contracts and other power-related products, included on our Consolidated Condensed Statements of Operations.

(2) For natural gas and power contracts, swaps and options, included on our Consolidated Condensed Statements of Operations.

(3) We transfer amounts among levels of the fair value hierarchy as of the end of each period. There were no transfers into or out of level 1 for each of the three months ended March 31, 2017 and 2016.

(4) There were $7 million and nil in losses transferred out of level 2 into level 3 for the three months ended March 31, 2017 and 2016, respectively, due to changes in market liquidity in various power markets.

(5) We had $150 million in gains and $(19) million in losses transferred out of level 3 into level 2 for the three months ended March 31, 2017 and 2016, respectively, due to changes in market liquidity in various power markets.

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration