National Grid 2013 Annual Report Download - page 43

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42
Commodity Derivative Instruments - Regulated Accounting
The Company utilizes derivative financial instruments to reduce the cash flow variability associated with the purchase
price for a portion of future natural gas and electricity purchases associated with the Company’ s New York and New
England gas and electric service territories. The Company’ s strategy is to minimize fluctuations in gas and electricity
sales prices to our regulated customers.
The following are commodity volumes in dekatherms (“dths”) and Mwhs associated with our derivative contracts as of
March 31, 2013 and March 31, 2012:
2013 2012 2013 2012
Physicals: Gas purchase (dths) --59 106
Gas swaps (dths) --66 84
Gas options (dths) --48
Gas futures (dths) --17 21
Electric swaps (M whs) 65--
Total: 65146 219
March 31,
Financials:
Electric Gas
March 31,
(in millions) (in millions)