APS 2012 Annual Report Download - page 100
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76
(a) Represents the amounts reflected in income after the effect of PSA deferrals.
(b) These contracts are economic hedges of our forecasted purchases of natural gas and
electricity. The impact of these hypothetical price movements would substantially offset
the impact that these same price movements would have on the physical exposures being
hedged. To the extent the amounts are eligible for inclusion in the PSA, the amounts are
recorded as either a regulatory asset or liability.
Credit Risk
We are exposed to losses in the event of non-performance or non-payment by counterparties.
See Note 18 for a discussion of our credit valuation adjustment policy.
ITEM 7A. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
See “Market and Credit Risks” in Item 7 above for a discussion of quantitative and qualitative
disclosures about market risk.
December 31, 2012
Gain (Loss)
December 31, 2011
Gain (Loss)
Mark-to-market changes
reported in:
Price Up 10%
Price Down 10%
Price Up 10%
Price Down 10%
Earnings (a)
Natural gas
$ --
$ --
$ 1
$ (1)
Regulatory asset
(liability) or OCI (b)
Electricity
7
(7)
5
(5)
Natural gas
25
(25)
27
(27)
Total
$ 32
$ (32)
$ 33
$ (33)