Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PUBLIC SERVICE CO OF COLORADO | |
Entity Central Index Key | 81018 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 100 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues | ||||
Electric | $898,811 | $870,975 | $2,368,041 | $2,267,905 |
Natural gas | 137,349 | 113,230 | 730,569 | 643,632 |
Steam and other | 8,140 | 8,082 | 29,576 | 26,303 |
Total operating revenues | 1,044,300 | 992,287 | 3,128,186 | 2,937,840 |
Operating expenses | ||||
Electric fuel and purchased power | 355,727 | 315,319 | 998,395 | 920,916 |
Cost of natural gas sold and transported | 43,881 | 24,662 | 403,198 | 338,630 |
Cost of sales — steam and other | 3,398 | 3,650 | 12,211 | 10,745 |
Operating and maintenance expenses | 192,073 | 180,994 | 553,266 | 529,476 |
Demand side management program expenses | 38,016 | 33,670 | 104,075 | 92,462 |
Depreciation and amortization | 88,577 | 85,905 | 267,206 | 249,645 |
Taxes (other than income taxes) | 32,887 | 32,696 | 104,120 | 99,359 |
Total operating expenses | 754,559 | 676,896 | 2,442,471 | 2,241,233 |
Operating income | 289,741 | 315,391 | 685,715 | 696,607 |
Other income, net | 946 | 1,000 | 3,845 | 3,582 |
Allowance for funds used during construction — equity | 8,815 | 4,687 | 21,529 | 10,961 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $1,747, $1,803, $5,118 and $5,383, respectively | 43,187 | 49,369 | 127,806 | 145,734 |
Allowance for funds used during construction — debt | -3,187 | -2,633 | -8,438 | -5,328 |
Total interest charges and financing costs | 40,000 | 46,736 | 119,368 | 140,406 |
Income before income taxes | 259,502 | 274,342 | 591,721 | 570,744 |
Income taxes | 93,236 | 81,899 | 211,551 | 189,609 |
Net income | $166,266 | $192,443 | $380,170 | $381,135 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest charges and financing costs | ||||
Other financing costs | $1,747 | $1,803 | $5,118 | $5,383 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income: | ||||
Net income | $166,266 | $192,443 | $380,170 | $381,135 |
Derivative instruments: | ||||
Net fair value increase (decrease), net of tax of $5, $(2,197), $(2), and $(5,710), respectively | 11 | -3,574 | -2 | -9,311 |
Reclassification of gains to net income, net of tax of $(76), $(186), $(221), and $(646), respectively | -119 | -304 | -355 | -1,055 |
Other comprehensive loss | -108 | -3,878 | -357 | -10,366 |
Comprehensive income | $166,158 | $188,565 | $379,813 | $370,769 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative instruments: | ||||
Net fair value increase (decrease), tax | $5 | ($2,197) | ($2) | ($5,710) |
Reclassification of gains to net income, tax | ($76) | ($186) | ($221) | ($646) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ||
Net income | $380,170 | $381,135 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 271,150 | 253,764 |
Demand side management program amortization | 3,658 | 4,042 |
Deferred income taxes | 230,665 | 179,254 |
Amortization of investment tax credits | -2,219 | -1,955 |
Allowance for equity funds used during construction | -21,529 | -10,961 |
Net realized and unrealized hedging and derivative transactions | -9,052 | -39,241 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 61,660 | 50,612 |
Accrued unbilled revenues | 80,347 | 110,880 |
Inventories | -28,021 | 11,553 |
Prepayments and other | 5,818 | -33,967 |
Accounts payable | -28,581 | -83,400 |
Net regulatory assets and liabilities | 74,709 | -66,007 |
Other current liabilities | -16,662 | -8,444 |
Pension and other employee benefit obligations | -44,101 | -59,154 |
Change in other noncurrent assets | 6,917 | -8,730 |
Change in other noncurrent liabilities | 7,744 | -505 |
Net cash provided by operating activities | 972,673 | 678,876 |
Investing activities | ||
Utility capital/construction expenditures | -742,822 | -610,309 |
Allowance for equity funds used during construction | 21,529 | 10,961 |
Investments in utility money pool arrangement | -1,086,000 | -820,000 |
Repayments from utility money pool arrangement | 951,000 | 752,000 |
Net cash used in investing activities | -856,293 | -667,348 |
Financing activities | ||
Repayments of short-term borrowings, net | -154,000 | 0 |
Borrowings under utility money pool arrangement | 14,000 | 36,000 |
Repayments under utility money pool arrangement | -14,000 | -36,000 |
Proceeds from issuance of long-term debt | 492,372 | 791,007 |
Repayments of long-term debt | -250,000 | 0 |
Capital contributions from parent | 4,485 | 28,122 |
Dividends paid to parent | -198,941 | -200,501 |
Net cash (used in) provided by financing activities | -106,084 | 618,628 |
Net change in cash and cash equivalents | 10,296 | 630,156 |
Cash and cash equivalents at beginning of period | 5,150 | 3,763 |
Cash and cash equivalents at end of period | 15,446 | 633,919 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | -131,378 | -133,667 |
Cash received (paid) for income taxes, net | 41,531 | -51,240 |
Supplemental disclosure of non-cash investing transactions: | ||
Property, plant and equipment additions in accounts payable | $100,475 | $79,597 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $15,446 | $5,150 |
Accounts receivable, net | 282,823 | 277,461 |
Accounts receivable from affiliates | 26,235 | 93,544 |
Investments in utility money pool arrangement | 135,000 | 0 |
Accrued unbilled revenues | 205,277 | 285,624 |
Inventories | 251,234 | 223,794 |
Regulatory assets | 142,973 | 143,689 |
Deferred income taxes | 63,784 | 0 |
Derivative instruments | 8,181 | 4,889 |
Prepayments and other | 18,504 | 22,970 |
Total current assets | 1,149,457 | 1,057,121 |
Property, plant and equipment, net | 10,501,875 | 10,030,991 |
Other assets | ||
Regulatory assets | 904,546 | 934,728 |
Derivative instruments | 7,333 | 10,868 |
Other | 50,000 | 50,461 |
Total other assets | 961,879 | 996,057 |
Total assets | 12,613,211 | 12,084,169 |
Current liabilities | ||
Current portion of long-term debt | 281,906 | 256,297 |
Short-term debt | 0 | 154,000 |
Accounts payable | 332,775 | 359,969 |
Accounts payable to affiliates | 34,800 | 30,001 |
Regulatory liabilities | 47,204 | 33,723 |
Taxes accrued | 158,996 | 153,614 |
Accrued interest | 31,838 | 48,014 |
Dividends payable to parent | 65,000 | 66,803 |
Derivative instruments | 8,084 | 8,753 |
Other | 68,528 | 72,669 |
Total current liabilities | 1,029,131 | 1,183,843 |
Deferred credits and other liabilities | ||
Deferred income taxes | 2,091,827 | 1,782,828 |
Deferred investment tax credits | 39,926 | 42,097 |
Regulatory liabilities | 428,344 | 417,404 |
Asset retirement obligations | 44,505 | 43,751 |
Derivative instruments | 24,663 | 30,605 |
Customer advances | 241,705 | 229,498 |
Pension and employee benefit obligations | 280,486 | 324,625 |
Other | 67,614 | 69,307 |
Total deferred credits and other liabilities | 3,219,070 | 2,940,115 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 3,592,116 | 3,374,476 |
Common stock — 100 shares authorized at $0.01 par value; 100 shares outstanding at Sept. 30, 2013 and Dec. 31, 2012 | 0 | 0 |
Additional paid in capital | 3,420,154 | 3,415,669 |
Retained earnings | 1,375,968 | 1,192,937 |
Accumulated other comprehensive loss | -23,228 | -22,871 |
Total common stockholder’s equity | 4,772,894 | 4,585,735 |
Total liabilities and equity | $12,613,211 | $12,084,169 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Capitalization, Long-term Debt and Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Managements_Opinion
Management's Opinion | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of PSCo and its subsidiaries as of Sept. 30, 2013 and Dec. 31, 2012; the results of its operations, including the components of net income and comprehensive income, for the three and nine months ended Sept. 30, 2013 and 2012; and its cash flows for the nine months ended Sept. 30, 2013 and 2012. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2013 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2012 balance sheet information has been derived from the audited 2012 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2012. These notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2012, filed with the SEC on Feb. 25, 2013. Due to the seasonality of PSCo’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2012, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting_Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements |
Recently Adopted | |
Balance Sheet Offsetting — In December 2011, the Financial Accounting Standards Board (FASB) issued Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities (Accounting Standards Update (ASU) No. 2011-11), which requires disclosures regarding netting arrangements in agreements underlying derivatives, certain financial instruments and related collateral amounts, and the extent to which an entity’s financial statement presentation policies related to netting arrangements impact amounts recorded to the financial statements. In January 2013, the FASB issued Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU No. 2013-01) to clarify the specific instruments that should be considered in these disclosures. These disclosure requirements do not affect the presentation of amounts in the consolidated balance sheets, and were effective for annual reporting periods beginning on or after Jan. 1, 2013, and interim periods within those annual reporting periods. PSCo implemented the disclosure guidance effective Jan. 1, 2013, and the implementation did not have a material impact on its consolidated financial statements. See Note 8 for the required disclosures. | |
Comprehensive Income Disclosures — In February 2013, the FASB issued Comprehensive Income (Topic 220) — Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU No. 2013-02), which requires detailed disclosures regarding changes in components of accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income. These disclosure requirements do not change how net income or comprehensive income are presented in the consolidated financial statements. These disclosure requirements were effective for annual reporting periods beginning on or after Dec. 15, 2012, and interim periods within those annual reporting periods. PSCo implemented the disclosure guidance effective Jan. 1, 2013, and the implementation did not have a material impact on its consolidated financial statements. See Note 12 for the required disclosures. |
Selected_Balance_Sheet_Data
Selected Balance Sheet Data | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data | ||||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 305,360 | $ | 299,379 | |||||
Less allowance for bad debts | (22,537 | ) | (21,918 | ) | |||||
$ | 282,823 | $ | 277,461 | ||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 55,869 | $ | 54,486 | |||||
Fuel | 86,597 | 89,246 | |||||||
Natural gas | 108,768 | 80,062 | |||||||
$ | 251,234 | $ | 223,794 | ||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 10,045,683 | $ | 9,782,163 | |||||
Natural gas plant | 2,662,749 | 2,583,394 | |||||||
Common and other property | 749,437 | 761,712 | |||||||
Plant to be retired (a) | 115,753 | 152,730 | |||||||
Construction work in progress | 850,106 | 506,225 | |||||||
Total property, plant and equipment | 14,423,728 | 13,786,224 | |||||||
Less accumulated depreciation | (3,921,853 | ) | (3,755,233 | ) | |||||
$ | 10,501,875 | $ | 10,030,991 | ||||||
(a) | In 2010, in response to the Clean Air Clean Jobs Act (CACJA), the Colorado Public Utilities Commission (CPUC) approved the early retirement of Cherokee Units 1, 2 and 3, Arapahoe Unit 3 and Valmont Unit 5 between 2011 and 2017. In 2011, Cherokee Unit 2 was retired and in 2012, Cherokee Unit 1 was retired. Amounts are presented net of accumulated depreciation. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Income Taxes | ||||||||
Except to the extent noted below, the circumstances set forth in Note 7 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2012 appropriately represent, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. | |||||||||
Federal Audit — PSCo is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s 2008 federal income tax return expired in September 2012. The statute of limitations applicable to Xcel Energy’s 2009 federal income tax return expires in June 2015. In the third quarter of 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011. As of Sept. 30, 2013, the IRS had not proposed any material adjustments to tax years 2010 and 2011. | |||||||||
State Audits — PSCo is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Sept. 30, 2013, PSCo’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2006. In the fourth quarter of 2012, the state of Colorado commenced an examination of tax years 2006 through 2009. As of Sept. 30, 2013, no material adjustments had been proposed for these years. There are currently no other state income tax audits in progress. | |||||||||
Unrecognized Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual effective tax rate (ETR). In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. | |||||||||
A reconciliation of the amount of unrecognized tax benefit is as follows: | |||||||||
(Millions of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.4 | $ | 1.3 | |||||
Unrecognized tax benefit — Temporary tax positions | 9.4 | 8.3 | |||||||
Total unrecognized tax benefit | $ | 11.8 | $ | 9.6 | |||||
The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | |||||||||
(Millions of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
NOL and tax credit carryforwards | $ | (7.8 | ) | $ | (5.3 | ) | |||
It is reasonably possible that PSCo’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS and state audits progress. As the IRS examination moves closer to completion, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $9 million. | |||||||||
The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. The payables for interest related to unrecognized tax benefits at Sept. 30, 2013 and Dec. 31, 2012 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of Sept. 30, 2013 or Dec. 31, 2012. | |||||||||
Tangible Property Regulations — In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with the acquisition, production and improvement of tangible property. As PSCo had adopted certain utility-specific guidance previously issued by the IRS, the issuance is not expected to have a material impact on its consolidated financial statements. |
Rate_Matters
Rate Matters | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||
Rate Matters | Rate Matters | ||||||||||||
Except to the extent noted below, the circumstances set forth in Note 11 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2012 and in Note 5 to PSCo’s Quarterly Reports on Form 10-Q for the quarter periods ended March 31, 2013 and June 30, 2013, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. | |||||||||||||
Pending and Recently Concluded Regulatory Proceedings — CPUC | |||||||||||||
Colorado 2013 Gas Rate Case — In December 2012, PSCo filed a multi-year request with the CPUC to increase Colorado retail natural gas rates by $48.5 million in 2013 with subsequent step increases of $9.9 million in 2014 and $12.1 million in 2015. The request is based on a 2013 forecast test year (FTY), a 10.5 percent return on equity (ROE), a rate base of $1.3 billion and an equity ratio of 56 percent. PSCo is requesting an extension of its Pipeline System Integrity Adjustment (PSIA) rider mechanism to collect the costs associated with its pipeline integrity efforts, including accelerated system renewal projects. PSCo estimates that the PSIA will increase by $26.8 million in 2014 with a subsequent step increase of $24.7 million in 2015 in addition to the proposed changes in base rate revenue. In conjunction with the multi-year base rate step increases, PSCo is proposing a stay-out provision and an earnings test through the end of 2015 with a commitment to file a rate case to implement revised rates on Jan. 1, 2016. Interim rates, subject to refund, went into effect in August 2013. | |||||||||||||
In April 2013, four parties filed answer testimony in the natural gas case. The CPUC Staff recommended an incremental base revenue decrease of $1.1 million, based on a historic test year (HTY), an ROE of 9 percent and an equity ratio of 52 percent. The Office of Consumer Counsel (OCC) recommended an incremental base revenue increase of $15.4 million based on an HTY, an ROE of 9 percent and an equity ratio of 51.03 percent and other adjustments. The recommended incremental base revenues are inclusive of proposed changes to the level of integrity management costs moved from the PSIA rider to base rates. | |||||||||||||
In April 2013, PSCo filed rebuttal testimony and revised its requested annual rate increase to $44.8 million for 2013, with subsequent step increases of $9.0 million for 2014 and $10.9 million for 2015, based on an ROE of 10.3 percent. This requested increase includes amounts to be transferred from the PSIA rider mechanism. The deficiency, based on an FTY, was $30.6 million. | |||||||||||||
In October 2013, the administrative law judge (ALJ) issued her recommendation. As part of this decision, she recommended the use of an HTY, an ROE of 9.72 percent and an equity ratio of 56 percent. The ALJ also recommended to reject PSCo's proposed changes to the PSIA, instead leaving the current rider in effect and suggested that changes be presented in a separate application. The recommended incremental base revenue increase was approximately $15.0 million. | |||||||||||||
The following table summarizes the CPUC Staff, OCC and ALJ's recommendations: | |||||||||||||
(Millions of Dollars) | CPUC Staff | OCC | ALJ | ||||||||||
PSCo deficiency based on a FTY | $ | 44.8 | $ | 44.8 | $ | 44.8 | |||||||
Move to HTY | (1.6 | ) | (1.6 | ) | (1.6 | ) | |||||||
ROE and capital structure adjustments | (20.8 | ) | (20.0 | ) | (7.7 | ) | |||||||
Move to a 13 month average from year end rate base | (5.7 | ) | (3.2 | ) | (3.3 | ) | |||||||
Remove pension asset | (5.9 | ) | — | — | |||||||||
Reduce pension expense net of corrections | (1.6 | ) | — | — | |||||||||
Remove incentive compensation | (3.5 | ) | (0.2 | ) | (0.2 | ) | |||||||
Challenge known and measurable | — | (9.0 | ) | — | |||||||||
Eliminate depreciation annualization | — | (1.8 | ) | — | |||||||||
Revenue adjustments | (4.1 | ) | (1.4 | ) | (1.4 | ) | |||||||
Resulting tax impacts | 1.5 | 4.7 | (0.2 | ) | |||||||||
Other adjustments | (4.2 | ) | 3.1 | (1.2 | ) | ||||||||
Remove PSIA from base rates | (14.2 | ) | (14.2 | ) | — | ||||||||
Recommendation | $ | (15.3 | ) | $ | 1.2 | $ | 29.2 | ||||||
Neutralize PSIA - base rate transfer | 14.2 | 14.2 | (14.2 | ) | |||||||||
Incremental base revenue | $ | (1.1 | ) | $ | 15.4 | $ | 15 | ||||||
Exceptions and corresponding responses are due to be filed in November 2013 and a CPUC decision is expected in December 2013. | |||||||||||||
Colorado 2013 Steam Rate Case — In December 2012, PSCo filed a request to increase Colorado retail steam rates by $1.6 million in 2013 with subsequent step increases of $0.9 million in 2014 and $2.3 million in 2015. The request is based on a 2013 FTY, a 10.5 percent ROE, a rate base of $21 million for steam and an equity ratio of 56 percent. | |||||||||||||
In October 2013, PSCo, the CPUC Staff, the OCC and Colorado Energy Consumers representing the Buildings Owners Management Association filed a comprehensive settlement which ties the outcome of the steam rate case to key issues to be decided in the natural gas rate case, including ROE and capital structure and allows the filed rates to be effective on Jan. 1, 2014, subject to refund for 60 days, resulting in a minimum 2014 annual rate increase of $1.2 million. The settlement withdraws the rate relief request for 2015 pending the outcome of the certificate of public convenience and necessity (CPCN) proceeding for the construction of the Sun Valley Steam Center. A decision on the settlement is expected at the end of 2013. | |||||||||||||
Annual Electric Earnings Test — An earnings sharing mechanism is used to apply prospective electric rate adjustments for earnings in the prior year over PSCo’s authorized ROE threshold of 10 percent. In June 2013, PSCo entered into a comprehensive settlement of issues with all parties associated with the 2012 earnings test, resulting in a refund obligation of approximately $8.2 million to be refunded through June 2014. As of Sept. 30, 2013, PSCo has also recognized management’s best estimate of an accrual for the 2013 test year. | |||||||||||||
Production Formula Rate ROE Complaint — On Aug. 30, 2013, PSCo’s wholesale production customers filed a complaint with the FERC, and requested it reduce the stated ROEs ranging from 10.1 percent through 10.4 percent to 9.04 percent in the PSCo power sales formula rates, which could reduce revenues approximately $2 million per year prospectively. The matter is currently pending the FERC’s action. | |||||||||||||
Renewable Energy Credit (REC) Sharing — In May 2011, the CPUC determined that margin sharing on stand-alone REC transactions would be shared 20 percent to PSCo and 80 percent to customers and ultimately becoming 10 percent to PSCo and 90 percent to customers by 2014. The CPUC also approved a change to the treatment of hybrid REC trading margins (RECs that are bundled with energy) that allows the customers’ share of the margins to be netted against the renewable energy standard adjustment (RESA) regulatory asset balance. | |||||||||||||
In March 2012, the CPUC approved an annual margin sharing on the first $20 million of margins on hybrid REC trades of 80 percent to the customers and 20 percent to PSCo. Margins in excess of the $20 million are to be shared 90 percent to the customers and 10 percent to PSCo. The CPUC authorized PSCo to return to customers unspent carbon offset funds by crediting the RESA regulatory asset balance. For the three months ended Sept. 30, 2013 and 2012, PSCo credited the RESA regulatory asset balance $6.1 million and $6.2 million, respectively. The cumulative credit to the RESA regulatory asset balance was $99.4 million and $82.8 million at Sept. 30, 2013 and Dec. 31, 2012, respectively. The credits include the customers’ share of REC trading margins and the customers’ share of carbon offset funds. | |||||||||||||
This sharing mechanism will be effective through 2014. The CPUC is then expecting to review the framework and evidence regarding actual deliveries before determining to continue the sharing mechanism. | |||||||||||||
Electric Commodity Adjustment (ECA) / RESA Adjustment — In July 2013, PSCo advised the CPUC that it had inadvertently allocated purchased power expense between the deferred accounts for the ECA and the RESA from 2010 to 2012. In order to be in compliance with a series of CPUC orders, PSCo proposed to transfer from the RESA deferred account to the ECA deferred account approximately $26.2 million and to amortize the recovery of this amount over 12 months. The transfer, if approved, would mainly impact the timing of recovery. In addition, interest of $2.6 million was accrued on the amount related to the RESA. The PSCo application to change the ECA tariff to address this issue has been set for hearing in December 2013 by the CPUC. | |||||||||||||
ECA Prudence Review — In September 2013, the CPUC Staff requested that the 2012 annual ECA prudence review be set for hearing. The prudence review, as determined by the ALJ, will primarily consider if replacement power costs during the outage of jointly owned facilities were properly allocated between wholesale and retail customers. A hearing is expected in January 2014. | |||||||||||||
2012 PSIA Report — In April 2013, PSCo filed its 2012 PSIA report. The OCC and CPUC Staff requested the CPUC set the matter for hearing to review in detail the information provided, including a review of the prudence of expenditures in 2012, and to develop standards for future filings. The CPUC approved the request on July 10, 2013 and assigned the matter to an ALJ. | |||||||||||||
Next steps in the procedural schedule are as follows: | |||||||||||||
• | Direct testimony - Nov. 5, 2013; | ||||||||||||
• | Intervenor testimony - Jan. 7, 2014; | ||||||||||||
• | Rebuttal testimony - Feb. 6, 2014; | ||||||||||||
• | Evidentiary hearing - March 3 - March 7, 2014; | ||||||||||||
• | Initial brief - March 28, 2014; and | ||||||||||||
• | Reply brief - April 11, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Except to the extent noted below and in Note 5 to the consolidated financial statements in this Quarterly Report on Form 10-Q the circumstances set forth in Notes 11 and 12 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2012, appropriately represent, in all material respects, the current status of commitments and contingent liabilities, and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to PSCo’s financial position. | |
Purchased Power Agreements | |
Under certain purchased power agreements, PSCo purchases power from independent power producing entities that own natural gas fueled power plants for which PSCo is required to reimburse natural gas fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. These specific purchased power agreements create a variable interest in the associated independent power producing entity. | |
PSCo had approximately 1,441 megawatts (MW) and 1,433 MW of capacity under long-term purchased power agreements as of Sept. 30, 2013 and Dec. 31, 2012, respectively, with entities that have been determined to be variable interest entities. PSCo has concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have expiration dates through the year 2028. | |
Environmental Contingencies | |
Environmental Requirements | |
Greenhouse Gas (GHG) New Source Performance Standard (NSPS) Proposal and Emission Guideline for Existing Sources — In September 2013, the U.S. Environmental Protection Agency (EPA) re-proposed a GHG NSPS for newly constructed power plants which seeks to establish carbon dioxide (CO2) emission rates for coal-fired power plants that reflect emission reductions using partial carbon capture and storage technology (CCS). The EPA’s proposed CO2 emission limits for gas-fired power plants reflect emissions levels from combined cycle technology with no CCS. The EPA continues to propose that the NSPS not apply to modified or reconstructed existing power plants. In addition, installation of control equipment on existing plants would not constitute a “modification” to those plants under the NSPS program. It is not possible to evaluate the impact of the re-proposed NSPS until its final requirements are known. | |
In June 2013, President Obama issued a memorandum directing the EPA to develop GHG emission standards for existing power plants. The memorandum anticipates the EPA will issue a proposed GHG emission standard for existing power plants in June 2014. It is not possible to evaluate the impact of existing source standards until the upcoming proposal and final requirements are known. | |
Federal Clean Water Act - Effluent Limitations Guidelines (ELG) — In June 2013, the EPA published a proposed ELG rule for power plants that use coal, natural gas, oil or nuclear materials as fuel and discharge treated effluent to surface waters as well as utility-owned landfills that receive coal combustion residuals. Refuse derived fuel, biomass and other alternatively fueled power plants are not addressed by the proposed revisions. The proposed rule identifies four potential regulatory options and invites comments on those regulatory approaches. The options differ in the number of waste streams covered, size of the units controlled and stringency of controls. A final rule is anticipated in 2014. Under the current proposed rule, facilities would need to comply as soon as possible after July 2017 but no later than July 2022. The impact of this rule on PSCo is uncertain at this time. | |
Regional Haze Rules — In 2005, the EPA finalized amendments to its regional haze rules, known as best available retrofit technology (BART), which require the installation and operation of emission controls for industrial facilities emitting air pollutants that reduce visibility in certain national parks and wilderness areas. PSCo generating facilities are subject to BART requirements. Individual states were required to identify the facilities located in their states that will have to reduce sulfur dioxide, nitrogen oxide and particulate matter emissions under BART and then set emissions limits for those facilities. | |
In 2011, the Colorado Air Quality Control Commission approved a BART state implementation plan (SIP) incorporating the Colorado CACJA emission reduction plan, which will satisfy regional haze requirements. The Colorado legislature enacted a statute approving the SIP, which was signed into law in 2011. Subsequently, the Colorado Mining Association (CMA) challenged the SIP in a Colorado District Court. In June 2012, the CMA’s appeal was dismissed. The CMA appealed this decision, which is now pending in the Colorado Court of Appeals. | |
In September 2012, the EPA granted final approval of the SIP, including the CACJA emission reduction plan for PSCo, as satisfying BART requirements. The emission controls are expected to be installed between 2014 and 2017. Projected costs for emission controls at the Hayden and Pawnee plants are $343.0 million. PSCo expects the cost of any required capital investment will be recoverable from customers. | |
In March 2013, WildEarth Guardians petitioned the U.S. Court of Appeals for the 10th Circuit to review the EPA’s decision approving the SIP. WildEarth Guardians has stated that it will challenge the BART determination made for Comanche Units 1 and 2, which was a separate determination that was not part of the CACJA emission reduction plan. In comments before the EPA, WildEarth Guardians urged that current emission limitations be made more stringent, or that selective catalytic reduction be added to the units. PSCo has intervened in the case. | |
In 2010, two environmental groups petitioned the U.S. Department of the Interior (DOI) to certify that 12 coal-fired boilers and one coal-fired cement kiln in Colorado are contributing to visibility problems in Rocky Mountain National Park. The following PSCo plants are named in the petition: Cherokee, Hayden, Pawnee and Valmont. The groups allege that the Colorado BART rule is inadequate to satisfy the Clean Air Act mandate of ensuring reasonable further progress towards restoring natural visibility conditions in the park. It is not known when the DOI will rule on the petition. | |
Legal Contingencies | |
PSCo is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on PSCo’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. | |
Environmental Litigation | |
Comer vs. Xcel Energy Inc. et al. — In May 2011, less than a year after their initial lawsuit was dismissed, plaintiffs in this purported class action lawsuit filed a second lawsuit against more than 85 utility, oil, chemical and coal companies in the U.S. District Court in Mississippi. The complaint alleges defendants’ CO2 emissions intensified the strength of Hurricane Katrina and increased the damage plaintiffs purportedly sustained to their property. Plaintiffs base their claims on public and private nuisance, trespass and negligence. Among the defendants named in the complaint are Xcel Energy Inc., SPS, PSCo, NSP-Wisconsin and NSP-Minnesota. The amount of damages claimed by plaintiffs is unknown. The defendants believe this lawsuit is without merit and filed a motion to dismiss the lawsuit. In March 2012, the U.S. District Court granted this motion for dismissal. In April 2012, plaintiffs appealed this decision to the U.S. Court of Appeals for the Fifth Circuit. In May 2013, the Fifth Circuit affirmed the district court’s dismissal of this lawsuit. Plaintiffs elected not to seek further review of this decision, which brings this litigation to a close. No accrual was recorded for this matter. | |
Employment, Tort and Commercial Litigation | |
Pacific Northwest Federal Energy Regulatory Commission (FERC) Refund Proceeding — In July 2001, the FERC ordered a preliminary hearing to determine whether there were unjust and unreasonable charges for spot market bilateral sales in the Pacific Northwest for December 2000 through June 2001. PSCo supplied energy to the Pacific Northwest markets during this period and has been a participant in the hearings. In September 2001, the presiding Administrative Law Judge (ALJ) concluded that prices in the Pacific Northwest during the referenced period were the result of a number of factors, including the shortage of supply, excess demand, drought and increased natural gas prices. Under these circumstances, the ALJ concluded that the prices in the Pacific Northwest markets were not unreasonable or unjust and no refunds should be ordered. Subsequent to the ruling, the FERC has allowed the parties to request additional evidence. Parties have claimed that the total amount of transactions with PSCo subject to refund is $34 million. In June 2003, the FERC issued an order terminating the proceeding without ordering further proceedings. Certain purchasers filed appeals of the FERC’s orders in this proceeding with the Ninth Circuit. | |
In an order issued in August 2007, the Ninth Circuit remanded the proceeding back to the FERC and indicated that the FERC should consider other rulings addressing overcharges in the California organized markets. The Ninth Circuit denied a petition for rehearing in April 2009, and the mandate was issued. | |
The FERC issued an order on remand establishing principles for the review proceeding in October 2011. In September 2012, the City of Seattle filed its direct case against PSCo and other Pacific Northwest sellers claiming refunds for the period January 2000 through June 2001. Seattle indicated that for the period June 2000 through June 2001 PSCo had sales to the City of Seattle of approximately $50 million. The City of Seattle did not identify specific instances of unlawful market activity by PSCo, but rather based its claim for refunds on market dysfunction in the Western markets. PSCo submitted its answering case in December 2012. | |
In April 2013, the FERC issued an order on rehearing. The FERC confirmed that the City of Seattle would be able to attempt to obtain refunds back from January 2000, but reaffirmed the transaction-specific standard that the City of Seattle and other complainants would have to comply with to obtain refunds. In addition, the FERC rejected the imposition of any market-wide remedies. Although the FERC order on rehearing established the period for which the City of Seattle could seek refunds as January 2000 through June 2001, it is unclear what claim Seattle has against PSCo prior to June 2000. In the proceeding, Seattle does not allege specific misconduct or tariff violations by PSCo but instead asserts generally that the rates charged by PSCo and other sellers were excessive. A FERC hearing on the issue is presently in progress. An ALJ initial decision is expected in December 2013. | |
Preliminary calculations of the City of Seattle’s claim for refunds from PSCo are approximately $28 million excluding interest. PSCo has concluded that a loss is reasonably possible with respect to this matter; however, given the surrounding uncertainties, PSCo is currently unable to estimate the amount or range of reasonably possible loss in the event of an adverse outcome of this matter. In making this assessment, PSCo considered two factors. First, not withstanding PSCo’s view that the City of Seattle has failed to apply the standard that the FERC has established in this proceeding, and the recognition that this case raises a novel issue and the FERC’s standard has been challenged on appeal to the Ninth Circuit, the outcome of such an appeal cannot be predicted with any certainty. Second, PSCo would expect to make equitable arguments against refunds even if the City of Seattle were to establish that it was overcharged for transactions. If a loss were sustained, PSCo would attempt to recover those losses from other PRPs. No accrual has been recorded for this matter. |
Borrowings_and_Other_Financing
Borrowings and Other Financing Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments | ||||||||||
Short-Term Borrowings | |||||||||||
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for PSCo were as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2013 | Twelve Months Ended Dec. 31, 2012 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | — | — | |||||||||
Average amount outstanding | — | 0.3 | |||||||||
Maximum amount outstanding | — | 8 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.33 | % | ||||||||
Weighted average interest rate at period end | N/A | N/A | |||||||||
Commercial Paper — PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for PSCo was as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2013 | Twelve Months Ended Dec. 31, 2012 | |||||||||
Borrowing limit | $ | 700 | $ | 700 | |||||||
Amount outstanding at period end | — | 154 | |||||||||
Average amount outstanding | — | 8 | |||||||||
Maximum amount outstanding | — | 165 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.33 | % | ||||||||
Weighted average interest rate at period end | N/A | 0.35 | |||||||||
Letters of Credit — PSCo uses letters of credit, generally with terms of one-year, to provide financial guarantees for certain operating obligations. At Sept. 30, 2013 and Dec. 31, 2012, there were $6.9 million and $4.0 million of letters of credit outstanding, respectively, under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees determined in the marketplace. | |||||||||||
Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, PSCo must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. | |||||||||||
At Sept. 30, 2013, PSCo had the following committed credit facility available (in millions of dollars): | |||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 700 | $ | 6.9 | $ | 693.1 | ||||||
(a) | Credit facility expires in July 2017. | ||||||||||
(b) | Includes outstanding letters of credit. | ||||||||||
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at Sept. 30, 2013 and Dec. 31, 2012. | |||||||||||
Long-Term Borrowings | |||||||||||
In March 2013, PSCo issued $250 million of 2.50 percent first mortgage bonds due March 15, 2023, as well as $250 million of 3.95 percent first mortgage bonds due March 15, 2043. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: | |||||||||||||||||||||||||
Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. | |||||||||||||||||||||||||
Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with discounted cash flow or option pricing models using highly observable inputs. | |||||||||||||||||||||||||
Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. | |||||||||||||||||||||||||
Specific valuation methods include the following: | |||||||||||||||||||||||||
Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset values. | |||||||||||||||||||||||||
Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2. When contractual settlements extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. | |||||||||||||||||||||||||
Derivative Instruments Fair Value Measurements | |||||||||||||||||||||||||
PSCo enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. | |||||||||||||||||||||||||
Interest Rate Derivatives — PSCo enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. | |||||||||||||||||||||||||
At Sept. 30, 2013, accumulated other comprehensive losses related to interest rate derivatives included $0.5 million of net gains expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for any unsettled hedges. | |||||||||||||||||||||||||
Wholesale and Commodity Trading Risk — PSCo conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy and energy-related instruments. PSCo’s risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. | |||||||||||||||||||||||||
Commodity Derivatives — PSCo enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, and vehicle fuel. | |||||||||||||||||||||||||
At Sept. 30, 2013, PSCo had various vehicle fuel contracts designated as cash flow hedges extending through December 2016. PSCo also enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers but are not designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded in other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. PSCo recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the three and nine months ended Sept. 30, 2013 and 2012. | |||||||||||||||||||||||||
At Sept. 30, 2013, net gains related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses included an immaterial amount of net gains expected to be reclassified into earnings during the next 12 months as the hedged transactions occur. | |||||||||||||||||||||||||
Additionally, PSCo enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms. | |||||||||||||||||||||||||
The following table details the gross notional amounts of commodity forwards and options at Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Megawatt hours (MWh) of electricity | 486 | 813 | |||||||||||||||||||||||
Million British thermal units (MMBtu) of natural gas | 9,800 | 646 | |||||||||||||||||||||||
Gallons of vehicle fuel | 239 | 307 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
Consideration of Credit Risk and Concentrations — PSCo continuously monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of PSCo’s own credit risk when determining the fair value of derivative liabilities, the impact of considering credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. | |||||||||||||||||||||||||
PSCo employs additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. | |||||||||||||||||||||||||
PSCo’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities. At Sept. 30, 2013, five of PSCo’s 10 most significant counterparties, comprising $43.2 million or 37 percent of this credit exposure at Sept. 30, 2013, had investment grade credit ratings from Standard & Poor’s, Moody’s or Fitch Ratings. The remaining five significant counterparties, comprising $46.5 million or 40 percent of this credit exposure at Sept. 30, 2013, were not rated by these agencies, but based on PSCo’s internal analysis, had credit quality consistent with investment grade. All 10 of these significant counterparties are municipal or cooperative electric entities, or other utilities. | |||||||||||||||||||||||||
Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate and vehicle fuel cash flow hedges on PSCo’s accumulated other comprehensive loss, included as a component of common stockholder’s equity and in the consolidated statement of comprehensive income, is detailed in the following table: | |||||||||||||||||||||||||
Three Months Ended Sept. 30 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | |||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at July 1 | $ | (23,120 | ) | $ | (18,865 | ) | |||||||||||||||||||
After-tax net unrealized gains (losses) related to derivatives accounted for as hedges | 11 | (3,574 | ) | ||||||||||||||||||||||
After-tax net realized gains on derivative transactions reclassified into earnings | (119 | ) | (304 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Sept. 30 | $ | (23,228 | ) | $ | (22,743 | ) | |||||||||||||||||||
Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | |||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (22,871 | ) | $ | (12,377 | ) | |||||||||||||||||||
After-tax net unrealized losses related to derivatives accounted for as hedges | (2 | ) | (9,311 | ) | |||||||||||||||||||||
After-tax net realized gains on derivative transactions reclassified into earnings | (355 | ) | (1,055 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Sept. 30 | $ | (23,228 | ) | $ | (22,743 | ) | |||||||||||||||||||
The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2013 and 2012, on accumulated other comprehensive loss, regulatory assets and liabilities, and income: | |||||||||||||||||||||||||
Three Months Ended Sept. 30, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | (184 | ) | (a) | $ | — | $ | — | |||||||||||||
Vehicle fuel and other commodity | 16 | — | (11 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | 16 | $ | — | $ | (195 | ) | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | (1,727 | ) | $ | — | $ | — | $ | 13 | (d) | |||||||||||||
Total | $ | — | $ | (1,727 | ) | $ | — | $ | — | $ | 13 | ||||||||||||||
Nine Months Ended Sept. 30, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Losses | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | (546 | ) | (a) | $ | — | $ | — | |||||||||||||
Vehicle fuel and other commodity | (4 | ) | — | (30 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (4 | ) | $ | — | $ | (576 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | (4,896 | ) | $ | — | $ | 7 | (e) | $ | (216 | ) | (d) | |||||||||||
Total | $ | — | $ | (4,896 | ) | $ | — | $ | 7 | $ | (216 | ) | |||||||||||||
Three Months Ended Sept. 30, 2012 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | (5,836 | ) | $ | — | $ | (470 | ) | (a) | $ | — | $ | — | ||||||||||||
Vehicle fuel and other commodity | 65 | — | (20 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | (5,771 | ) | $ | — | $ | (490 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 1 | (c) | ||||||||||||||
Natural gas commodity | — | 1,109 | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 1,109 | $ | — | $ | — | $ | 1 | |||||||||||||||
Nine Months Ended Sept. 30, 2012 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | (Losses) Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | (15,082 | ) | $ | — | $ | (1,635 | ) | (a) | $ | — | $ | — | ||||||||||||
Vehicle fuel and other commodity | 61 | — | (66 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | (15,021 | ) | $ | — | $ | (1,701 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 2 | (c) | ||||||||||||||
Natural gas commodity | — | (5,837 | ) | — | 61,858 | (e) | (109 | ) | (d) | ||||||||||||||||
Total | $ | — | $ | (5,837 | ) | $ | — | $ | 61,858 | $ | (107 | ) | |||||||||||||
(a) | Recorded to interest charges. | ||||||||||||||||||||||||
(b) | Recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Recorded to electric operating revenues. Portions of these gains and losses are shared with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are recorded to electric fuel and purchased power. | ||||||||||||||||||||||||
(e) | Amounts for the nine months ended Sept. 30, 2012 included $5.0 million of settlement losses on derivatives entered to mitigate natural gas price risk for electric generation, recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Such losses for the nine months ended Sept. 30, 2013 were immaterial. The remaining settlement losses for the nine months ended Sept. 30, 2013 and 2012 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. | ||||||||||||||||||||||||
PSCo had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2013 and 2012. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. | |||||||||||||||||||||||||
Credit Related Contingent Features — Contract provisions for derivative instruments that PSCo enters into, including those recorded to the consolidated balance sheet at fair value, as well as those accounted for as normal purchase-normal sale (NPNS) contracts and therefore not reflected on the balance sheet, may require the posting of collateral or settlement of the contracts for various reasons, including if PSCo is unable to maintain its credit ratings. If the credit ratings of PSCo were downgraded below investment grade, derivative instruments reflected in a $2.7 million and $4.6 million gross liability position on the consolidated balance sheets at Sept. 30, 2013 and Dec. 31, 2012, respectively, would have required PSCo to post collateral or settle outstanding contracts, including other contracts subject to master netting agreements, which would have resulted in payments of $2.7 million and $4.6 million at Sept. 30, 2013 and Dec. 31, 2012, respectively. At Sept. 30, 2013 and Dec. 31, 2012, there was no collateral posted on these specific contracts. | |||||||||||||||||||||||||
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that PSCo’s ability to fulfill its contractual obligations is reasonably expected to be impaired. PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2013 and Dec. 31, 2012. | |||||||||||||||||||||||||
Recurring Fair Value Measurements — The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2013: | |||||||||||||||||||||||||
Sept. 30, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value | Counterparty | Total | |||||||||||||||||||
Total | Netting (b) | ||||||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 33 | $ | — | $ | 33 | $ | — | $ | 33 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 5,318 | — | 5,318 | (2,507 | ) | 2,811 | ||||||||||||||||||
Natural gas commodity | — | 3,622 | — | 3,622 | — | 3,622 | |||||||||||||||||||
Total current derivative assets | $ | — | $ | 8,973 | $ | — | $ | 8,973 | $ | (2,507 | ) | 6,466 | |||||||||||||
Purchased power agreements (a) | 1,715 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,181 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 12 | $ | — | $ | 12 | $ | — | $ | 12 | |||||||||||||
Total noncurrent derivative assets | $ | — | $ | 12 | $ | — | $ | 12 | $ | — | 12 | ||||||||||||||
Purchased power agreements (a) | 7,321 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 7,333 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 4,844 | $ | — | $ | 4,844 | $ | (2,155 | ) | $ | 2,689 | ||||||||||||
Total current derivative liabilities | $ | — | $ | 4,844 | $ | — | $ | 4,844 | $ | (2,155 | ) | 2,689 | |||||||||||||
Purchased power agreements (a) | 5,395 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,084 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Purchased power agreements (a) | 24,663 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 24,663 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, PSCo began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2013. At Sept. 30, 2013, derivative assets and liabilities include obligations to return cash collateral of $0.4 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2012: | |||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value | Counterparty | Total | |||||||||||||||||||
Total | Netting (b) | ||||||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 43 | $ | — | $ | 43 | $ | — | $ | 43 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 6,432 | — | 6,432 | (3,301 | ) | 3,131 | ||||||||||||||||||
Natural gas commodity | — | 7 | — | 7 | (7 | ) | — | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 6,482 | $ | — | $ | 6,482 | $ | (3,308 | ) | 3,174 | |||||||||||||
Purchased power agreements (a) | 1,715 | ||||||||||||||||||||||||
Current derivative instruments | $ | 4,889 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 39 | $ | — | $ | 39 | $ | — | $ | 39 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 3,768 | — | 3,768 | (1,546 | ) | 2,222 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | (1,546 | ) | 2,261 | |||||||||||||
Purchased power agreements (a) | 8,607 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 10,868 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 5,958 | $ | — | $ | 5,958 | $ | (2,712 | ) | $ | 3,246 | ||||||||||||
Natural gas commodity | — | 85 | — | 85 | (7 | ) | 78 | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 6,043 | $ | — | $ | 6,043 | $ | (2,719 | ) | 3,324 | |||||||||||||
Purchased power agreements (a) | 5,429 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,753 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 3,450 | $ | — | $ | 3,450 | $ | (1,546 | ) | $ | 1,904 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 3,450 | $ | — | $ | 3,450 | $ | (1,546 | ) | 1,904 | |||||||||||||
Purchased power agreements (a) | 28,701 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 30,605 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, PSCo began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2012. At Dec. 31, 2012, derivative assets and liabilities include obligations to return cash collateral of $0.6 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
There were no changes in Level 3 recurring fair value measurements for the three and nine months ended Sept. 30, 2013 and 2012. | |||||||||||||||||||||||||
PSCo recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and nine months ended Sept. 30, 2013 and 2012. | |||||||||||||||||||||||||
Fair Value of Long-Term Debt | |||||||||||||||||||||||||
As of Sept. 30, 2013 and Dec. 31, 2012, other financial instruments for which the carrying amount did not equal fair value were as follows: | |||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 3,874,022 | $ | 4,059,661 | $ | 3,630,773 | $ | 4,131,866 | |||||||||||||||||
The fair value of PSCo’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of Sept. 30, 2013 and Dec. 31, 2012, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other_Income_Net
Other Income, Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||
Other Income, Net | Other Income, Net | ||||||||||||||||
Other income, net consisted of the following: | |||||||||||||||||
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest income | $ | 713 | $ | 909 | $ | 2,470 | $ | 2,709 | |||||||||
Other nonoperating income | 667 | 441 | 2,186 | 1,807 | |||||||||||||
Insurance policy expense | (434 | ) | (350 | ) | (811 | ) | (934 | ) | |||||||||
Other income, net | $ | 946 | $ | 1,000 | $ | 3,845 | $ | 3,582 | |||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||
Operating results from the regulated electric utility and regulated natural gas utility are each separately and regularly reviewed by PSCo’s chief operating decision maker. PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. | |||||||||||||||||||||
PSCo has the following reportable segments: regulated electric utility, regulated natural gas utility and all other. | |||||||||||||||||||||
• | PSCo’s regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes PSCo’s commodity trading operations. | ||||||||||||||||||||
• | PSCo’s regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado. | ||||||||||||||||||||
• | Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include steam revenue, appliance repair services and nonutility real estate activities. | ||||||||||||||||||||
Asset and capital expenditure information is not provided for PSCo’s reportable segments because as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. | |||||||||||||||||||||
To report income from continuing operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. | |||||||||||||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Three Months Ended Sept. 30, 2013 | |||||||||||||||||||||
Operating revenues from external customers | $ | 898,811 | $ | 137,349 | $ | 8,140 | $ | — | $ | 1,044,300 | |||||||||||
Intersegment revenues | 67 | 3 | — | (70 | ) | — | |||||||||||||||
Total revenues | $ | 898,878 | $ | 137,352 | $ | 8,140 | $ | (70 | ) | $ | 1,044,300 | ||||||||||
Net income | $ | 158,498 | $ | 3,555 | $ | 4,213 | $ | — | $ | 166,266 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Three Months Ended Sept. 30, 2012 | |||||||||||||||||||||
Operating revenues from external customers | $ | 870,975 | $ | 113,230 | $ | 8,082 | $ | — | $ | 992,287 | |||||||||||
Intersegment revenues | 63 | (19 | ) | — | (44 | ) | — | ||||||||||||||
Total revenues | $ | 871,038 | $ | 113,211 | $ | 8,082 | $ | (44 | ) | $ | 992,287 | ||||||||||
Net income | $ | 181,743 | $ | 6,366 | $ | 4,334 | $ | — | $ | 192,443 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Nine Months Ended Sept. 30, 2013 | |||||||||||||||||||||
Operating revenues from external customers | $ | 2,368,041 | $ | 730,569 | $ | 29,576 | $ | — | $ | 3,128,186 | |||||||||||
Intersegment revenues | 215 | 75 | — | (290 | ) | — | |||||||||||||||
Total revenues | $ | 2,368,256 | $ | 730,644 | $ | 29,576 | $ | (290 | ) | $ | 3,128,186 | ||||||||||
Net income | $ | 322,569 | $ | 46,141 | $ | 11,460 | $ | — | $ | 380,170 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Nine Months Ended Sept. 30, 2012 | |||||||||||||||||||||
Operating revenues from external customers | $ | 2,267,905 | $ | 643,632 | $ | 26,303 | $ | — | $ | 2,937,840 | |||||||||||
Intersegment revenues | 198 | 55 | — | (253 | ) | — | |||||||||||||||
Total revenues | $ | 2,268,103 | $ | 643,687 | $ | 26,303 | $ | (253 | ) | $ | 2,937,840 | ||||||||||
Net income | $ | 331,883 | $ | 40,205 | $ | 9,047 | $ | — | $ | 381,135 | |||||||||||
Benefit_Plans_and_Other_Postre
Benefit Plans and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits | ||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Three Months Ended Sept. 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 6,302 | $ | 5,679 | $ | 803 | $ | 706 | |||||||||
Interest cost | 11,540 | 12,776 | 5,934 | 6,131 | |||||||||||||
Expected return on plan assets | (15,955 | ) | (16,326 | ) | (7,307 | ) | (6,264 | ) | |||||||||
Amortization of transition obligation | — | — | 196 | 2,751 | |||||||||||||
Amortization of prior service (credit) cost | (266 | ) | 57 | (1,229 | ) | (1,288 | ) | ||||||||||
Amortization of net loss | 10,855 | 8,552 | 3,490 | 2,734 | |||||||||||||
Net periodic benefit cost | 12,476 | 10,738 | 1,887 | 4,770 | |||||||||||||
Additional cost recognized due to the effects of regulation | — | — | — | 972 | |||||||||||||
Net benefit cost recognized for financial reporting | $ | 12,476 | $ | 10,738 | $ | 1,887 | $ | 5,742 | |||||||||
Nine Months Ended Sept. 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 18,905 | $ | 17,039 | $ | 2,409 | $ | 2,119 | |||||||||
Interest cost | 34,620 | 38,329 | 17,802 | 18,395 | |||||||||||||
Expected return on plan assets | (47,865 | ) | (48,977 | ) | (21,921 | ) | (18,792 | ) | |||||||||
Amortization of transition obligation | — | — | 588 | 8,253 | |||||||||||||
Amortization of prior service (credit) cost | (798 | ) | 171 | (3,687 | ) | (3,863 | ) | ||||||||||
Amortization of net loss | 32,563 | 25,652 | 10,469 | 8,198 | |||||||||||||
Net periodic benefit cost | 37,425 | 32,214 | 5,660 | 14,310 | |||||||||||||
Additional cost recognized due to the effects of regulation | — | — | — | 2,918 | |||||||||||||
Net benefit cost recognized for financial reporting | $ | 37,425 | $ | 32,214 | $ | 5,660 | $ | 17,228 | |||||||||
In 2013, contributions of $192.2 million were made across four of Xcel Energy’s pension plans, of which $44.4 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2013. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||
Other Comprehensive Income | Other Comprehensive Income | |||||||||
Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2013 were as follows: | ||||||||||
(Thousands of Dollars) | Gains and | |||||||||
Losses on Cash | ||||||||||
Flow Hedges | ||||||||||
Accumulated other comprehensive loss at July 1 | $ | (23,120 | ) | |||||||
Other comprehensive gain before reclassifications | 11 | |||||||||
Gains reclassified from net accumulated other comprehensive loss | (119 | ) | ||||||||
Net current period other comprehensive loss | (108 | ) | ||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (23,228 | ) | |||||||
(Thousands of Dollars) | Gains and | |||||||||
Losses on Cash | ||||||||||
Flow Hedges | ||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (22,871 | ) | |||||||
Other comprehensive loss before reclassifications | (2 | ) | ||||||||
Gains reclassified from net accumulated other comprehensive loss | (355 | ) | ||||||||
Net current period other comprehensive loss | (357 | ) | ||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (23,228 | ) | |||||||
Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2013 were as follows: | ||||||||||
Amounts Reclassified from | ||||||||||
Accumulated Other | ||||||||||
Comprehensive Loss | ||||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2013 | Nine Months Ended Sept. 30, 2013 | ||||||||
(Gains) losses on cash flow hedges: | ||||||||||
Interest rate derivatives | $ | (184 | ) | (a) | $ | (546 | ) | (a) | ||
Vehicle fuel derivatives | (11 | ) | (b) | (30 | ) | (b) | ||||
Total, pre-tax | (195 | ) | (576 | ) | ||||||
Tax expense | 76 | 221 | ||||||||
Total amounts reclassified, net of tax | $ | (119 | ) | $ | (355 | ) | ||||
(a) | Included in interest charges. | |||||||||
(b) | Included in O&M expenses. |
Selected_Balance_Sheet_Data_Ta
Selected Balance Sheet Data (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accounts Receivable, Net | |||||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 305,360 | $ | 299,379 | |||||
Less allowance for bad debts | (22,537 | ) | (21,918 | ) | |||||
$ | 282,823 | $ | 277,461 | ||||||
Inventories | |||||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 55,869 | $ | 54,486 | |||||
Fuel | 86,597 | 89,246 | |||||||
Natural gas | 108,768 | 80,062 | |||||||
$ | 251,234 | $ | 223,794 | ||||||
Property, Plant and Equipment, Net | |||||||||
(Thousands of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 10,045,683 | $ | 9,782,163 | |||||
Natural gas plant | 2,662,749 | 2,583,394 | |||||||
Common and other property | 749,437 | 761,712 | |||||||
Plant to be retired (a) | 115,753 | 152,730 | |||||||
Construction work in progress | 850,106 | 506,225 | |||||||
Total property, plant and equipment | 14,423,728 | 13,786,224 | |||||||
Less accumulated depreciation | (3,921,853 | ) | (3,755,233 | ) | |||||
$ | 10,501,875 | $ | 10,030,991 | ||||||
(a) | In 2010, in response to the Clean Air Clean Jobs Act (CACJA), the Colorado Public Utilities Commission (CPUC) approved the early retirement of Cherokee Units 1, 2 and 3, Arapahoe Unit 3 and Valmont Unit 5 between 2011 and 2017. In 2011, Cherokee Unit 2 was retired and in 2012, Cherokee Unit 1 was retired. Amounts are presented net of accumulated depreciation. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows: | ||||||||
(Millions of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.4 | $ | 1.3 | |||||
Unrecognized tax benefit — Temporary tax positions | 9.4 | 8.3 | |||||||
Total unrecognized tax benefit | $ | 11.8 | $ | 9.6 | |||||
Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | ||||||||
(Millions of Dollars) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||
NOL and tax credit carryforwards | $ | (7.8 | ) | $ | (5.3 | ) |
Rate_Matters_Tables
Rate Matters (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||
CPUC Staff, OCC and ALJ’s recommendations in the PSCo Colorado 2013 Gas Rate Case [Table Text Block] | The following table summarizes the CPUC Staff, OCC and ALJ's recommendations: | ||||||||||||
(Millions of Dollars) | CPUC Staff | OCC | ALJ | ||||||||||
PSCo deficiency based on a FTY | $ | 44.8 | $ | 44.8 | $ | 44.8 | |||||||
Move to HTY | (1.6 | ) | (1.6 | ) | (1.6 | ) | |||||||
ROE and capital structure adjustments | (20.8 | ) | (20.0 | ) | (7.7 | ) | |||||||
Move to a 13 month average from year end rate base | (5.7 | ) | (3.2 | ) | (3.3 | ) | |||||||
Remove pension asset | (5.9 | ) | — | — | |||||||||
Reduce pension expense net of corrections | (1.6 | ) | — | — | |||||||||
Remove incentive compensation | (3.5 | ) | (0.2 | ) | (0.2 | ) | |||||||
Challenge known and measurable | — | (9.0 | ) | — | |||||||||
Eliminate depreciation annualization | — | (1.8 | ) | — | |||||||||
Revenue adjustments | (4.1 | ) | (1.4 | ) | (1.4 | ) | |||||||
Resulting tax impacts | 1.5 | 4.7 | (0.2 | ) | |||||||||
Other adjustments | (4.2 | ) | 3.1 | (1.2 | ) | ||||||||
Remove PSIA from base rates | (14.2 | ) | (14.2 | ) | — | ||||||||
Recommendation | $ | (15.3 | ) | $ | 1.2 | $ | 29.2 | ||||||
Neutralize PSIA - base rate transfer | 14.2 | 14.2 | (14.2 | ) | |||||||||
Incremental base revenue | $ | (1.1 | ) | $ | 15.4 | $ | 15 | ||||||
Borrowings_and_Other_Financing1
Borrowings and Other Financing Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Committed Credit Facility Available | At Sept. 30, 2013, PSCo had the following committed credit facility available (in millions of dollars): | ||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 700 | $ | 6.9 | $ | 693.1 | ||||||
(a) | Credit facility expires in July 2017. | ||||||||||
(b) | Includes outstanding letters of credit. | ||||||||||
Money Pool | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Short-Term Borrowings | Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for PSCo were as follows: | ||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2013 | Twelve Months Ended Dec. 31, 2012 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | — | — | |||||||||
Average amount outstanding | — | 0.3 | |||||||||
Maximum amount outstanding | — | 8 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.33 | % | ||||||||
Weighted average interest rate at period end | N/A | N/A | |||||||||
Commercial Paper | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Short-Term Borrowings | Commercial Paper — PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for PSCo was as follows: | ||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2013 | Twelve Months Ended Dec. 31, 2012 | |||||||||
Borrowing limit | $ | 700 | $ | 700 | |||||||
Amount outstanding at period end | — | 154 | |||||||||
Average amount outstanding | — | 8 | |||||||||
Maximum amount outstanding | — | 165 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.33 | % | ||||||||
Weighted average interest rate at period end | N/A | 0.35 | |||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | The following table details the gross notional amounts of commodity forwards and options at Sept. 30, 2013 and Dec. 31, 2012: | ||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Megawatt hours (MWh) of electricity | 486 | 813 | |||||||||||||||||||||||
Million British thermal units (MMBtu) of natural gas | 9,800 | 646 | |||||||||||||||||||||||
Gallons of vehicle fuel | 239 | 307 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Loss | Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate and vehicle fuel cash flow hedges on PSCo’s accumulated other comprehensive loss, included as a component of common stockholder’s equity and in the consolidated statement of comprehensive income, is detailed in the following table: | ||||||||||||||||||||||||
Three Months Ended Sept. 30 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | |||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at July 1 | $ | (23,120 | ) | $ | (18,865 | ) | |||||||||||||||||||
After-tax net unrealized gains (losses) related to derivatives accounted for as hedges | 11 | (3,574 | ) | ||||||||||||||||||||||
After-tax net realized gains on derivative transactions reclassified into earnings | (119 | ) | (304 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Sept. 30 | $ | (23,228 | ) | $ | (22,743 | ) | |||||||||||||||||||
Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | |||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (22,871 | ) | $ | (12,377 | ) | |||||||||||||||||||
After-tax net unrealized losses related to derivatives accounted for as hedges | (2 | ) | (9,311 | ) | |||||||||||||||||||||
After-tax net realized gains on derivative transactions reclassified into earnings | (355 | ) | (1,055 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Sept. 30 | $ | (23,228 | ) | $ | (22,743 | ) | |||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2013 and 2012, on accumulated other comprehensive loss, regulatory assets and liabilities, and income: | ||||||||||||||||||||||||
Three Months Ended Sept. 30, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | (184 | ) | (a) | $ | — | $ | — | |||||||||||||
Vehicle fuel and other commodity | 16 | — | (11 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | 16 | $ | — | $ | (195 | ) | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | (1,727 | ) | $ | — | $ | — | $ | 13 | (d) | |||||||||||||
Total | $ | — | $ | (1,727 | ) | $ | — | $ | — | $ | 13 | ||||||||||||||
Nine Months Ended Sept. 30, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Losses | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | (546 | ) | (a) | $ | — | $ | — | |||||||||||||
Vehicle fuel and other commodity | (4 | ) | — | (30 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (4 | ) | $ | — | $ | (576 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | (4,896 | ) | $ | — | $ | 7 | (e) | $ | (216 | ) | (d) | |||||||||||
Total | $ | — | $ | (4,896 | ) | $ | — | $ | 7 | $ | (216 | ) | |||||||||||||
Three Months Ended Sept. 30, 2012 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | (5,836 | ) | $ | — | $ | (470 | ) | (a) | $ | — | $ | — | ||||||||||||
Vehicle fuel and other commodity | 65 | — | (20 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | (5,771 | ) | $ | — | $ | (490 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 1 | (c) | ||||||||||||||
Natural gas commodity | — | 1,109 | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 1,109 | $ | — | $ | — | $ | 1 | |||||||||||||||
Nine Months Ended Sept. 30, 2012 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | ||||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | ||||||||||||||||||||||||
During the Period in: | During the Period from: | ||||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | Pre-Tax Gains | ||||||||||||||||||||
Other | (Assets) and | Other | Assets and | (Losses) Recognized | |||||||||||||||||||||
Comprehensive | Liabilities | Comprehensive | (Liabilities) | During the Period | |||||||||||||||||||||
Loss | Loss | in Income | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | (15,082 | ) | $ | — | $ | (1,635 | ) | (a) | $ | — | $ | — | ||||||||||||
Vehicle fuel and other commodity | 61 | — | (66 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | (15,021 | ) | $ | — | $ | (1,701 | ) | $ | — | $ | — | |||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 2 | (c) | ||||||||||||||
Natural gas commodity | — | (5,837 | ) | — | 61,858 | (e) | (109 | ) | (d) | ||||||||||||||||
Total | $ | — | $ | (5,837 | ) | $ | — | $ | 61,858 | $ | (107 | ) | |||||||||||||
(a) | Recorded to interest charges. | ||||||||||||||||||||||||
(b) | Recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Recorded to electric operating revenues. Portions of these gains and losses are shared with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are recorded to electric fuel and purchased power. | ||||||||||||||||||||||||
(e) | Amounts for the nine months ended Sept. 30, 2012 included $5.0 million of settlement losses on derivatives entered to mitigate natural gas price risk for electric generation, recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Such losses for the nine months ended Sept. 30, 2013 were immaterial. The remaining settlement losses for the nine months ended Sept. 30, 2013 and 2012 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. | ||||||||||||||||||||||||
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2013: | ||||||||||||||||||||||||
Sept. 30, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value | Counterparty | Total | |||||||||||||||||||
Total | Netting (b) | ||||||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 33 | $ | — | $ | 33 | $ | — | $ | 33 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 5,318 | — | 5,318 | (2,507 | ) | 2,811 | ||||||||||||||||||
Natural gas commodity | — | 3,622 | — | 3,622 | — | 3,622 | |||||||||||||||||||
Total current derivative assets | $ | — | $ | 8,973 | $ | — | $ | 8,973 | $ | (2,507 | ) | 6,466 | |||||||||||||
Purchased power agreements (a) | 1,715 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,181 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 12 | $ | — | $ | 12 | $ | — | $ | 12 | |||||||||||||
Total noncurrent derivative assets | $ | — | $ | 12 | $ | — | $ | 12 | $ | — | 12 | ||||||||||||||
Purchased power agreements (a) | 7,321 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 7,333 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 4,844 | $ | — | $ | 4,844 | $ | (2,155 | ) | $ | 2,689 | ||||||||||||
Total current derivative liabilities | $ | — | $ | 4,844 | $ | — | $ | 4,844 | $ | (2,155 | ) | 2,689 | |||||||||||||
Purchased power agreements (a) | 5,395 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,084 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Purchased power agreements (a) | 24,663 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 24,663 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, PSCo began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2013. At Sept. 30, 2013, derivative assets and liabilities include obligations to return cash collateral of $0.4 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2012: | |||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value | Counterparty | Total | |||||||||||||||||||
Total | Netting (b) | ||||||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 43 | $ | — | $ | 43 | $ | — | $ | 43 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 6,432 | — | 6,432 | (3,301 | ) | 3,131 | ||||||||||||||||||
Natural gas commodity | — | 7 | — | 7 | (7 | ) | — | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 6,482 | $ | — | $ | 6,482 | $ | (3,308 | ) | 3,174 | |||||||||||||
Purchased power agreements (a) | 1,715 | ||||||||||||||||||||||||
Current derivative instruments | $ | 4,889 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 39 | $ | — | $ | 39 | $ | — | $ | 39 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 3,768 | — | 3,768 | (1,546 | ) | 2,222 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | (1,546 | ) | 2,261 | |||||||||||||
Purchased power agreements (a) | 8,607 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 10,868 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 5,958 | $ | — | $ | 5,958 | $ | (2,712 | ) | $ | 3,246 | ||||||||||||
Natural gas commodity | — | 85 | — | 85 | (7 | ) | 78 | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 6,043 | $ | — | $ | 6,043 | $ | (2,719 | ) | 3,324 | |||||||||||||
Purchased power agreements (a) | 5,429 | ||||||||||||||||||||||||
Current derivative instruments | $ | 8,753 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 3,450 | $ | — | $ | 3,450 | $ | (1,546 | ) | $ | 1,904 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 3,450 | $ | — | $ | 3,450 | $ | (1,546 | ) | 1,904 | |||||||||||||
Purchased power agreements (a) | 28,701 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 30,605 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, PSCo began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2012. At Dec. 31, 2012, derivative assets and liabilities include obligations to return cash collateral of $0.6 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
Carrying Amount and Fair Value of Long-term Debt | As of Sept. 30, 2013 and Dec. 31, 2012, other financial instruments for which the carrying amount did not equal fair value were as follows: | ||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 3,874,022 | $ | 4,059,661 | $ | 3,630,773 | $ | 4,131,866 | |||||||||||||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||
Other Income, Net | Other income, net consisted of the following: | ||||||||||||||||
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||
(Thousands of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest income | $ | 713 | $ | 909 | $ | 2,470 | $ | 2,709 | |||||||||
Other nonoperating income | 667 | 441 | 2,186 | 1,807 | |||||||||||||
Insurance policy expense | (434 | ) | (350 | ) | (811 | ) | (934 | ) | |||||||||
Other income, net | $ | 946 | $ | 1,000 | $ | 3,845 | $ | 3,582 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Results from Continuing Operations by Reportable Segment | |||||||||||||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Three Months Ended Sept. 30, 2013 | |||||||||||||||||||||
Operating revenues from external customers | $ | 898,811 | $ | 137,349 | $ | 8,140 | $ | — | $ | 1,044,300 | |||||||||||
Intersegment revenues | 67 | 3 | — | (70 | ) | — | |||||||||||||||
Total revenues | $ | 898,878 | $ | 137,352 | $ | 8,140 | $ | (70 | ) | $ | 1,044,300 | ||||||||||
Net income | $ | 158,498 | $ | 3,555 | $ | 4,213 | $ | — | $ | 166,266 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Three Months Ended Sept. 30, 2012 | |||||||||||||||||||||
Operating revenues from external customers | $ | 870,975 | $ | 113,230 | $ | 8,082 | $ | — | $ | 992,287 | |||||||||||
Intersegment revenues | 63 | (19 | ) | — | (44 | ) | — | ||||||||||||||
Total revenues | $ | 871,038 | $ | 113,211 | $ | 8,082 | $ | (44 | ) | $ | 992,287 | ||||||||||
Net income | $ | 181,743 | $ | 6,366 | $ | 4,334 | $ | — | $ | 192,443 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Nine Months Ended Sept. 30, 2013 | |||||||||||||||||||||
Operating revenues from external customers | $ | 2,368,041 | $ | 730,569 | $ | 29,576 | $ | — | $ | 3,128,186 | |||||||||||
Intersegment revenues | 215 | 75 | — | (290 | ) | — | |||||||||||||||
Total revenues | $ | 2,368,256 | $ | 730,644 | $ | 29,576 | $ | (290 | ) | $ | 3,128,186 | ||||||||||
Net income | $ | 322,569 | $ | 46,141 | $ | 11,460 | $ | — | $ | 380,170 | |||||||||||
(Thousands of Dollars) | Regulated | Regulated | All | Reconciling | Consolidated | ||||||||||||||||
Electric | Natural Gas | Other | Eliminations | Total | |||||||||||||||||
Nine Months Ended Sept. 30, 2012 | |||||||||||||||||||||
Operating revenues from external customers | $ | 2,267,905 | $ | 643,632 | $ | 26,303 | $ | — | $ | 2,937,840 | |||||||||||
Intersegment revenues | 198 | 55 | — | (253 | ) | — | |||||||||||||||
Total revenues | $ | 2,268,103 | $ | 643,687 | $ | 26,303 | $ | (253 | ) | $ | 2,937,840 | ||||||||||
Net income | $ | 331,883 | $ | 40,205 | $ | 9,047 | $ | — | $ | 381,135 | |||||||||||
Benefit_Plans_and_Other_Postre1
Benefit Plans and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost | ||||||||||||||||
Three Months Ended Sept. 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 6,302 | $ | 5,679 | $ | 803 | $ | 706 | |||||||||
Interest cost | 11,540 | 12,776 | 5,934 | 6,131 | |||||||||||||
Expected return on plan assets | (15,955 | ) | (16,326 | ) | (7,307 | ) | (6,264 | ) | |||||||||
Amortization of transition obligation | — | — | 196 | 2,751 | |||||||||||||
Amortization of prior service (credit) cost | (266 | ) | 57 | (1,229 | ) | (1,288 | ) | ||||||||||
Amortization of net loss | 10,855 | 8,552 | 3,490 | 2,734 | |||||||||||||
Net periodic benefit cost | 12,476 | 10,738 | 1,887 | 4,770 | |||||||||||||
Additional cost recognized due to the effects of regulation | — | — | — | 972 | |||||||||||||
Net benefit cost recognized for financial reporting | $ | 12,476 | $ | 10,738 | $ | 1,887 | $ | 5,742 | |||||||||
Nine Months Ended Sept. 30 | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 18,905 | $ | 17,039 | $ | 2,409 | $ | 2,119 | |||||||||
Interest cost | 34,620 | 38,329 | 17,802 | 18,395 | |||||||||||||
Expected return on plan assets | (47,865 | ) | (48,977 | ) | (21,921 | ) | (18,792 | ) | |||||||||
Amortization of transition obligation | — | — | 588 | 8,253 | |||||||||||||
Amortization of prior service (credit) cost | (798 | ) | 171 | (3,687 | ) | (3,863 | ) | ||||||||||
Amortization of net loss | 32,563 | 25,652 | 10,469 | 8,198 | |||||||||||||
Net periodic benefit cost | 37,425 | 32,214 | 5,660 | 14,310 | |||||||||||||
Additional cost recognized due to the effects of regulation | — | — | — | 2,918 | |||||||||||||
Net benefit cost recognized for financial reporting | $ | 37,425 | $ | 32,214 | $ | 5,660 | $ | 17,228 | |||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2013 were as follows: | |||||||||
(Thousands of Dollars) | Gains and | |||||||||
Losses on Cash | ||||||||||
Flow Hedges | ||||||||||
Accumulated other comprehensive loss at July 1 | $ | (23,120 | ) | |||||||
Other comprehensive gain before reclassifications | 11 | |||||||||
Gains reclassified from net accumulated other comprehensive loss | (119 | ) | ||||||||
Net current period other comprehensive loss | (108 | ) | ||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (23,228 | ) | |||||||
(Thousands of Dollars) | Gains and | |||||||||
Losses on Cash | ||||||||||
Flow Hedges | ||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (22,871 | ) | |||||||
Other comprehensive loss before reclassifications | (2 | ) | ||||||||
Gains reclassified from net accumulated other comprehensive loss | (355 | ) | ||||||||
Net current period other comprehensive loss | (357 | ) | ||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (23,228 | ) | |||||||
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2013 were as follows: | |||||||||
Amounts Reclassified from | ||||||||||
Accumulated Other | ||||||||||
Comprehensive Loss | ||||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2013 | Nine Months Ended Sept. 30, 2013 | ||||||||
(Gains) losses on cash flow hedges: | ||||||||||
Interest rate derivatives | $ | (184 | ) | (a) | $ | (546 | ) | (a) | ||
Vehicle fuel derivatives | (11 | ) | (b) | (30 | ) | (b) | ||||
Total, pre-tax | (195 | ) | (576 | ) | ||||||
Tax expense | 76 | 221 | ||||||||
Total amounts reclassified, net of tax | $ | (119 | ) | $ | (355 | ) | ||||
(a) | Included in interest charges. | |||||||||
(b) | Included in O&M expenses. |
Selected_Balance_Sheet_Data_De
Selected Balance Sheet Data (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net | ||
Accounts receivable | $305,360 | $299,379 |
Less allowance for bad debts | -22,537 | -21,918 |
Accounts receivable, net | $282,823 | $277,461 |
Selected_Balance_Sheet_Data_Ba
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $251,234 | $223,794 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 55,869 | 54,486 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 86,597 | 89,246 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $108,768 | $80,062 |
Selected_Balance_Sheet_Data_Ba1
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $14,423,728 | $13,786,224 | ||
Less accumulated depreciation | -3,921,853 | -3,755,233 | ||
Property, plant and equipment, net | 10,501,875 | 10,030,991 | ||
Electric plant | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 10,045,683 | 9,782,163 | ||
Natural gas plant | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 2,662,749 | 2,583,394 | ||
Common and other property | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 749,437 | 761,712 | ||
Plant to be retired | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 115,753 | [1] | 152,730 | [1] |
Construction work in progress | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $850,106 | $506,225 | ||
[1] | In 2010, in response to the Clean Air Clean Jobs Act (CACJA), the Colorado Public Utilities Commission (CPUC) approved the early retirement of Cherokee Units 1, 2 and 3, Arapahoe Unit 3 and Valmont Unit 5 between 2011 and 2017. In 2011, Cherokee Unit 2 was retired and in 2012, Cherokee Unit 1 was retired. Amounts are presented net of accumulated depreciation. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Internal Revenue Service (IRS) | Internal Revenue Service (IRS) | State Jurisdiction (Colorado) | State Jurisdiction (Colorado) | |||
Tax Audits [Abstract] | ||||||
Year(s) no longer subject to audit as statute of limitations has expired | 2008 | |||||
Earliest year subject to examination | 2009 | 2006 | ||||
Year(s) under examination | 2010 and 2011 | 2006 through 2009 | ||||
Unrecognized Tax Benefits [Abstract] | ||||||
Unrecognized tax benefit — Permanent tax positions | $2,400,000 | $1,300,000 | ||||
Unrecognized tax benefit — Temporary tax positions | 9,400,000 | 8,300,000 | ||||
Total unrecognized tax benefit | 11,800,000 | 9,600,000 | ||||
NOL and tax credit carryforwards | -7,800,000 | -5,300,000 | ||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | -9,000,000 | |||||
Amounts accrued for penalties related to unrecognized tax benefits | $0 | $0 |
Rate_Matters_Details
Rate Matters (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Aug. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | 31-May-11 | Mar. 31, 2012 | 31-May-11 | Jul. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Production Formula Rate ROE Complaint [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Colorado Public Utilities Commission [Member] | Office of Consumer Counsel [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
2013 Gas Rate Case [Member] | 2013 Gas Rate Case [Member] | Gas Rate Case 2013, Gas Rates 2013 [Member] | Gas Rate Case 2013, Gas Rates 2013 [Member] | Gas Rate Case 2013, Gas Rates 2014 [Member] | Gas Rate Case 2013, Gas Rates 2014 [Member] | Gas Rate Case 2013, Gas Rates 2015 [Member] | Gas Rate Case 2013, Gas Rates 2015 [Member] | Gas Rate Case 2013, Pipeline System Integrity Adjustment 2014 [Member] | Gas Rate Case 2013, Pipeline System Integrity Adjustment 2015 [Member] | Steam Rate Case 2013 [Member] | Steam Rate Case 2013, Steam Rates 2013 [Member] | Steam Rate Case 2013, Steam Rates 2014 [Member] | Steam Rate Case 2013, Steam Rates 2015 [Member] | Annual Electric Earnings Test [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Renewable Energy Credit Sharing [Member] | Electric Commodity Adjustment / RESA Adjustment [Member] | 2013 Gas Rate Case [Member] | Colorado Public Utilities Commission [Member] | Administrative Law Judge [Member] | ||
Counterparty | Shareholders [Member] | Shareholders [Member] | Customers [Member] | Customers [Member] | Steam Rate Case 2013, Steam Rates 2014 [Member] | 2013 Gas Rate Case [Member] | ||||||||||||||||||||||
Rate Matters [Abstract] | ||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $48,500,000 | $9,900,000 | $12,100,000 | $26,800,000 | $24,700,000 | $1,600,000 | $900,000 | $2,300,000 | ||||||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.30% | 10.50% | 10.50% | |||||||||||||||||||||||||
Public Utilities, Requested Rate Base, Amount | 1,300,000,000 | 21,000,000 | ||||||||||||||||||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 56.00% | 56.00% | ||||||||||||||||||||||||||
Number of days subject to refund | 60 | |||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 1,200,000 | |||||||||||||||||||||||||||
Public Utilities, Number of intervenors filing testimony | 4 | |||||||||||||||||||||||||||
Public Utilities, Incremental Base Revenue increase (decrease) recommended by third party | -1,100,000 | 15,400,000 | 15,000,000 | |||||||||||||||||||||||||
Public Utilities, Return on equity recommended by third parties | 9.00% | 9.00% | 9.72% | |||||||||||||||||||||||||
Public Utilities, Equity capital structure recommended by third parties | 52.00% | 51.03% | 56.00% | |||||||||||||||||||||||||
Public Utilities, Adjustment requested by third parties related to return on equity and capital structure adjustments | -20,800,000 | -20,000,000 | -7,700,000 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to use of 13 month average from year end rate base | -5,700,000 | -3,200,000 | -3,300,000 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to removal of pension asset | -5,900,000 | 0 | 0 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to incentive compensation | -3,500,000 | -200,000 | -200,000 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to challenge of known and measurable | 0 | -9,000,000 | 0 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to elimination of depreciation annualization | 0 | -1,800,000 | 0 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to revenue adjustments | -4,100,000 | -1,400,000 | -1,400,000 | |||||||||||||||||||||||||
Public Utilities, Tax impact of adjustments to requested rate increase (decrease) requested by third parties | 1,500,000 | 4,700,000 | -200,000 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to other costs | -4,200,000 | 3,100,000 | -1,200,000 | |||||||||||||||||||||||||
Public Utilities, Rate increase (decrease) recommended by third parties | -15,300,000 | 1,200,000 | 29,200,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | 44,800,000 | 9,000,000 | 10,900,000 | |||||||||||||||||||||||||
Public Utilities, Return on equity used in weather normalized earnings test | 10.00% | |||||||||||||||||||||||||||
Public Utilities, Refund to customers due to weather normalized earnings test | 8,200,000 | |||||||||||||||||||||||||||
Public Utilities, Initial percentage of margin associated with stand alone REC transactions | 20.00% | 80.00% | ||||||||||||||||||||||||||
Public Utilities, Ultimate percentage of margin associated with stand alone REC transactions | 10.00% | 90.00% | ||||||||||||||||||||||||||
Public Utilities, Margin threshold determining percentage of margin sharing | 20,000,000 | |||||||||||||||||||||||||||
Public Utilities, Percentage of margin on hybrid REC approved for first 20 million of margins | 20.00% | 80.00% | ||||||||||||||||||||||||||
Public Utilities, Percentage of margin on hybrid REC approved for margins in excess of 20 million | 10.00% | 90.00% | ||||||||||||||||||||||||||
Public Utilities, Customers share of margins credited against RESA regulatory asset balance | 6,100,000 | 6,200,000 | ||||||||||||||||||||||||||
Public Utilities, Cumulative credit against RESA regulatory asset balance | 99,400,000 | 82,800,000 | ||||||||||||||||||||||||||
Return on equity for third parties, lower bound | 10.10% | |||||||||||||||||||||||||||
Return on equity for third parties, upper bound | 10.40% | |||||||||||||||||||||||||||
Proposed return on equity recommended by third parties | 9.04% | |||||||||||||||||||||||||||
Potential prospective annual revenue increase (decrease) | -2,000,000 | |||||||||||||||||||||||||||
Proposed transfer between ECA and RESA deferred accounts | 26,200,000 | |||||||||||||||||||||||||||
Proposed Amortization Period For Recovery Of Deferred Costs | 12 | |||||||||||||||||||||||||||
Interest Expense, Other | 2,600,000 | |||||||||||||||||||||||||||
Public Utilities, Adjustment for historic test year | -1,600,000 | -1,600,000 | -1,600,000 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to pension expense net of corrections | -1,600,000 | 0 | 0 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to removal of PSIA from base rates | -14,200,000 | -14,200,000 | 0 | |||||||||||||||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to neutralization of PSIA - base rate transfer | 14,200,000 | 14,200,000 | -14,200,000 | |||||||||||||||||||||||||
Public Utilities, Revenue deficiency based on a forecast test year | $30,600,000 |
Commitments_and_Contingencies_
Commitments and Contingencies, Purchased Power Agreements (Details) (Independent Power Producing Entities) | Sep. 30, 2013 | Dec. 31, 2012 |
MW | MW | |
Independent Power Producing Entities | ||
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 1,441 | 1,433 |
Commitments_and_Contingencies_1
Commitments and Contingencies, Environmental Contingencies (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Federal Clean Water Act | Regional Haze Rules | Capital Addition Purchase Commitments |
Regulation | Boiler | Regional Haze Rules | |
Kiln | |||
Group | |||
Environmental Requirements [Abstract] | |||
Number of potential regulatory options under the proposed Effluent Limitations Guidelines rule | 4 | ||
Liability for estimated cost to comply with regulation | $343 | ||
Number of environmental groups who petitioned the U.S. Department of the Interior | 2 | ||
Number of coal-fired boilers in Colorado | 12 | ||
Number of coal-fired cement kilns in Colorado | 1 |
Commitments_and_Contingencies_2
Commitments and Contingencies, Legal Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 13 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | 31-May-11 | Sep. 30, 2013 | Jun. 30, 2001 | |
Comer vs. Xcel Energy Inc. et al. [Member] | Comer vs. Xcel Energy Inc. et al. [Member] | Pacific Northwest FERC Refund Proceeding [Member] | Pacific Northwest FERC Refund Proceeding [Member] | |||||
Counterparty | Factor | |||||||
Legal Contingencies [Abstract] | ||||||||
Accrual for legal contingency | $0 | $0 | ||||||
Minimum number of utility, oil, chemical and coal companies against which a lawsuit was filed in U.S. District Court in Mississippi | 85 | |||||||
Minimum amount of damages claimed by plaintiff | 34,000,000 | |||||||
Sales to the City of Seattle | 1,044,300,000 | 992,287,000 | 3,128,186,000 | 2,937,840,000 | 50,000,000 | |||
Estimated City of Seattle's claim for refunds not including interest | $28,000,000 | |||||||
Number of factors considered in assessment | 2 |
Borrowings_and_Other_Financing2
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $0 | $154,000,000 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 700,000,000 | 700,000,000 |
Amount outstanding at period end | 0 | 154,000,000 |
Average amount outstanding | 0 | 8,000,000 |
Maximum amount outstanding | 0 | 165,000,000 |
Weighted average interest rate, computed on a daily basis (in hundredths) | 0.33% | |
Weighted average interest rate at period end (in hundredths) | 0.35% | |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 250,000,000 | 250,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 300,000 |
Maximum amount outstanding | $0 | $8,000,000 |
Weighted average interest rate, computed on a daily basis (in hundredths) | 0.33% |
Borrowings_and_Other_Financing3
Borrowings and Other Financing Instruments, Letters of Credit (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Letters of Credit [Abstract] | ||
Terms of letters of credit (in years) | 1 year | |
Letters of credit outstanding under credit facilities | $6.90 | $4 |
Borrowings_and_Other_Financing4
Borrowings and Other Financing Instruments, Credit Facility (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Credit Facility [Abstract] | |||
Credit facility | $700,000,000 | [1] | |
Drawn | 6,900,000 | [2] | |
Available | 693,100,000 | ||
Credit facility bank borrowings outstanding | $0 | $0 | |
[1] | Credit facility expires in July 2017. | ||
[2] | Includes outstanding letters of credit. |
Borrowings_and_Other_Financing5
Borrowings and Other Financing Instruments, Long-Term Borrowings (Details) (First Mortgage Bonds, USD $) | 1 Months Ended |
Mar. 31, 2013 | |
Series Due March 15, 2023 | |
Long-Term Borrowings [Abstract] | |
Face amount | $250,000,000 |
Interest rate, stated percentage (in hundredths) | 2.50% |
Maturity date | 15-Mar-23 |
Series Due March 15, 2043 | |
Long-Term Borrowings [Abstract] | |
Face amount | $250,000,000 |
Interest rate, stated percentage (in hundredths) | 3.95% |
Maturity date | 15-Mar-43 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | MWh | MWh | ||
Credit Concentration Risk [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 10 | |||
Credit Concentration Risk [Member] | Investment Grade Ratings from Standard & Poor's, Moody's, or Fitch Ratings [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | 43.2 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 37.00% | |||
Credit Concentration Risk [Member] | No Investment Grade Ratings from External Credit Rating Agencies [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | 46.5 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 40.00% | |||
Interest Rate Swap [Member] | ||||
Interest Rate Derivatives [Abstract] | ||||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | 0.5 | |||
Electric Commodity [Member] | ||||
Gross Notional Amounts of Commodity Forwards and Options [Abstract] | ||||
Notional amount | 486,000 | [1],[2] | 813,000 | [1],[2] |
Natural Gas Commodity [Member] | ||||
Gross Notional Amounts of Commodity Forwards and Options [Abstract] | ||||
Notional amount | 9,800,000 | [1],[2] | 646,000 | [1],[2] |
Vehicle Fuel Commodity [Member] | ||||
Gross Notional Amounts of Commodity Forwards and Options [Abstract] | ||||
Notional amount | 239,000 | [1],[2] | 307,000 | [1],[2] |
[1] | Amounts are not reflective of net positions in the underlying commodities. | |||
[2] | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities, Financial Impact of Qualifying Cash Flow Hedges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive loss related to cash flow hedges at beginning of period | ($23,120) | ($18,865) | ($22,871) | ($12,377) |
After-tax net unrealized gains (losses) related to derivatives accounted for as hedges | 11 | -3,574 | -2 | -9,311 |
After-tax net realized gains on derivative transactions reclassified into earnings | -119 | -304 | -355 | -1,055 |
Accumulated other comprehensive loss related to cash flow hedges at end of period | ($23,228) | ($22,743) | ($23,228) | ($22,743) |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||||||
Derivative instruments designated as fair value hedges | $0 | $0 | $0 | $0 | ||||
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 | 0 | ||||
Cash Flow Hedges [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 16,000 | -5,771,000 | -4,000 | -15,021,000 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | -195,000 | -490,000 | -576,000 | -1,701,000 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||
Cash Flow Hedges [Member] | Interest Rate [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | -5,836,000 | 0 | -15,082,000 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | -184,000 | [1] | -470,000 | [1] | -546,000 | [1] | -1,635,000 | [1] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||
Cash Flow Hedges [Member] | Vehicle Fuel And Other Commodity [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 16,000 | 65,000 | -4,000 | 61,000 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | -11,000 | [2] | -20,000 | [2] | -30,000 | [2] | -66,000 | [2] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||
Other Derivative Instruments [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | -1,727,000 | 1,109,000 | -4,896,000 | -5,837,000 | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 7,000 | 61,858,000 | ||||
Pre-tax gains (losses) recognized during the period in income | 13,000 | 1,000 | -216,000 | -107,000 | ||||
Other Derivative Instruments [Member] | Commodity Trading [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||||||
Pre-tax gains (losses) recognized during the period in income | 1,000 | [3] | 2,000 | [3] | ||||
Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | -1,727,000 | 1,109,000 | -4,896,000 | -5,837,000 | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 7,000 | [4] | 61,858,000 | [4] | ||
Pre-tax gains (losses) recognized during the period in income | 13,000 | [5] | 0 | -216,000 | [5] | -109,000 | ||
Other Derivative Instruments [Member] | Natural Gas Commodity for Electric Generation [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | ($5,000,000) | |||||||
[1] | Recorded to interest charges. | |||||||
[2] | Recorded to operating and maintenance (O&M) expenses. | |||||||
[3] | Recorded to electric operating revenues. Portions of these gains and losses are shared with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | |||||||
[4] | Amounts for the nine months ended Sept. 30, 2012 included $5.0 million of settlement losses on derivatives entered to mitigate natural gas price risk for electric generation, recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Such losses for the nine months ended Sept. 30, 2013 were immaterial. The remaining settlement losses for the nine months ended Sept. 30, 2013 and 2012 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. | |||||||
[5] | Amounts are recorded to electric fuel and purchased power. |
Fair_Value_of_Financial_Assets5
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ||
Derivative instruments in a gross liability position | $2,700,000 | $4,600,000 |
Payments required if credit ratings were downgraded below investment grade | 2,700,000 | 4,600,000 |
Collateral posted on derivative instruments | 0 | 0 |
Collateral posted related to adequate assurance clauses in derivative contracts | $0 | $0 |
Fair_Value_of_Financial_Assets6
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $400,000 | $600,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8,181,000 | 4,889,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Purchased Power Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,715,000 | [1] | 1,715,000 | [1] |
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6,466,000 | 3,174,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 33,000 | 43,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,811,000 | 3,131,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,622,000 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 7,333,000 | 10,868,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Purchased Power Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 7,321,000 | [1] | 8,607,000 | [1] |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 2,261,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 39,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,222,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 8,084,000 | 8,753,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Purchased Power Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 5,395,000 | [1] | 5,429,000 | [1] |
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 2,689,000 | 3,324,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 2,689,000 | 3,246,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 78,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 24,663,000 | 30,605,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | Purchased Power Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 24,663,000 | [1] | 28,701,000 | [1] |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 1,904,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 1,904,000 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8,973,000 | 6,482,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 33,000 | 43,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5,318,000 | 6,432,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,622,000 | 7,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 3,807,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 39,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,768,000 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4,844,000 | 6,043,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4,844,000 | 5,958,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 85,000 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 3,450,000 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 3,450,000 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8,973,000 | 6,482,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 33,000 | 43,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5,318,000 | 6,432,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,622,000 | 7,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 3,807,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12,000 | 39,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,768,000 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4,844,000 | 6,043,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4,844,000 | 5,958,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 85,000 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 3,450,000 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 3,450,000 | |||
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -2,507,000 | [2] | -3,308,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [2] | 0 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -2,507,000 | [2] | -3,301,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [2] | -7,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [2] | -1,546,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [2] | 0 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -1,546,000 | [3] | ||
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -2,155,000 | [2] | -2,719,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -2,155,000 | [2] | -2,712,000 | [3] |
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Natural Gas Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -7,000 | [3] | ||
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -1,546,000 | [3] | ||
Fair Value Measured on a Recurring Basis | Counterparty Netting [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | ($1,546,000) | [3] | ||
[1] | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, PSCo began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | |||
[2] | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2013. At Sept. 30, 2013, derivative assets and liabilities include obligations to return cash collateral of $0.4 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[3] | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2012. At Dec. 31, 2012, derivative assets and liabilities include obligations to return cash collateral of $0.6 million and no rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Fair_Value_of_Financial_Assets7
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) (Commodity Derivatives, Net [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Commodity Derivatives, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers into Level 3 | $0 | $0 | $0 | $0 |
Transfers out of Level 3 | $0 | $0 | $0 | $0 |
Fair_Value_of_Financial_Assets8
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $3,874,022 | $3,630,773 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $4,059,661 | $4,131,866 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income and Expenses [Abstract] | ||||
Interest income | $713 | $909 | $2,470 | $2,709 |
Other nonoperating income | 667 | 441 | 2,186 | 1,807 |
Insurance policy expense | -434 | -350 | -811 | -934 |
Other income, net | $946 | $1,000 | $3,845 | $3,582 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $1,044,300 | $992,287 | $3,128,186 | $2,937,840 |
Net income | 166,266 | 192,443 | 380,170 | 381,135 |
Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 898,878 | 871,038 | 2,368,256 | 2,268,103 |
Net income | 158,498 | 181,743 | 322,569 | 331,883 |
Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 137,352 | 113,211 | 730,644 | 643,687 |
Net income | 3,555 | 6,366 | 46,141 | 40,205 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 8,140 | 8,082 | 29,576 | 26,303 |
Net income | 4,213 | 4,334 | 11,460 | 9,047 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,044,300 | 992,287 | 3,128,186 | 2,937,840 |
Operating Segments | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 898,811 | 870,975 | 2,368,041 | 2,267,905 |
Operating Segments | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 137,349 | 113,230 | 730,569 | 643,632 |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 8,140 | 8,082 | 29,576 | 26,303 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | -70 | -44 | -290 | -253 |
Intersegment Eliminations | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 67 | 63 | 215 | 198 |
Intersegment Eliminations | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 3 | -19 | 75 | 55 |
Intersegment Eliminations | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $0 | $0 | $0 | $0 |
Benefit_Plans_and_Other_Postre2
Benefit Plans and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Benefits | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $6,302,000 | $5,679,000 | $18,905,000 | $17,039,000 |
Interest cost | 11,540,000 | 12,776,000 | 34,620,000 | 38,329,000 |
Expected return on plan assets | -15,955,000 | -16,326,000 | -47,865,000 | -48,977,000 |
Amortization of transition obligation | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | -266,000 | 57,000 | -798,000 | 171,000 |
Amortization of net loss | 10,855,000 | 8,552,000 | 32,563,000 | 25,652,000 |
Net periodic benefit cost | 12,476,000 | 10,738,000 | 37,425,000 | 32,214,000 |
Additional cost recognized due to the effects of regulation | 0 | 0 | 0 | 0 |
Net benefit cost recognized for financial reporting | 12,476,000 | 10,738,000 | 37,425,000 | 32,214,000 |
Total contributions to Xcel Energy's pension plans during the period | 44,400,000 | |||
Postretirement Health Care Benefits | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 803,000 | 706,000 | 2,409,000 | 2,119,000 |
Interest cost | 5,934,000 | 6,131,000 | 17,802,000 | 18,395,000 |
Expected return on plan assets | -7,307,000 | -6,264,000 | -21,921,000 | -18,792,000 |
Amortization of transition obligation | 196,000 | 2,751,000 | 588,000 | 8,253,000 |
Amortization of prior service (credit) cost | -1,229,000 | -1,288,000 | -3,687,000 | -3,863,000 |
Amortization of net loss | 3,490,000 | 2,734,000 | 10,469,000 | 8,198,000 |
Net periodic benefit cost | 1,887,000 | 4,770,000 | 5,660,000 | 14,310,000 |
Additional cost recognized due to the effects of regulation | 0 | 972,000 | 0 | 2,918,000 |
Net benefit cost recognized for financial reporting | 1,887,000 | 5,742,000 | 5,660,000 | 17,228,000 |
Xcel Energy Inc. | Pension Benefits | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Total contributions to Xcel Energy's pension plans during the period | $192,200,000 | |||
Number of Xcel Energy's pension plans to which contributions were made | 4 | 4 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | ($22,871) | |||||
Accumulated other comprehensive loss at end of period | -23,228 | -23,228 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest charges | 43,187 | 49,369 | 127,806 | 145,734 | ||
Operating and maintenance expenses | 192,073 | 180,994 | 553,266 | 529,476 | ||
Total, pre-tax | -259,502 | -274,342 | -591,721 | -570,744 | ||
Tax expense | 93,236 | 81,899 | 211,551 | 189,609 | ||
Gains and Losses on Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | -23,120 | -22,871 | ||||
Other comprehensive gain (loss) before reclassifications | 11 | -2 | ||||
Gains reclassified from net accumulated other comprehensive loss | -119 | -355 | ||||
Net current period other comprehensive income (loss) | -108 | -357 | ||||
Accumulated other comprehensive loss at end of period | -23,228 | -23,228 | ||||
Gains and Losses on Cash Flow Hedges [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total, pre-tax | -195 | -576 | ||||
Tax expense | 76 | 221 | ||||
Total, net of tax | -119 | -355 | ||||
Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest charges | -184 | [1] | -546 | [1] | ||
Gains and Losses on Cash Flow Hedges [Member] | Vehicle Fuel And Other Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Operating and maintenance expenses | ($11) | [2] | ($30) | [2] | ||
[1] | Included in interest charges. | |||||
[2] | Included in O&M expenses |