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Quantitative and Qualitative Disclosures about Derivatives and Risk Management Activities

Quantitative and Qualitative Disclosures about Derivatives and Risk Management Activities

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Published by Philip Green
Energy Derivatives

Survey of Energy, Utility and Power companies Annual Report (Form 10-K)

Quantitative and Qualitative Disclosures about Derivatives and Risk Management Activities
FAS 133 analysis
Energy Derivatives

Survey of Energy, Utility and Power companies Annual Report (Form 10-K)

Quantitative and Qualitative Disclosures about Derivatives and Risk Management Activities
FAS 133 analysis

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Published by: Philip Green on Mar 09, 2009
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06/26/2013

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Survey of Energy, Utility and Power companiesAnnual Report (Form 10-K) Quantitative and Qualitative Disclosures aboutDerivatives and Risk Management Activities
FAS 133 analysis byPhillip Green, Senior Business Analyst,Derivatives Trading Desk, LLCCompany
Qualitative andQuantitativeRisk ManagementDisclosures
 DTE Energy
Credit qualityof tradingcounterpartiessensitivityanalysis, VaR Roll-forwardof MTMenergycontractsAnalysis of assets andliabilities fromrisk mgmttradingactivitiesMaturityand sourceof fair valueMTM positions(tenor)
AlleghenyEnergy, Inc.
 NONE 
Cash flowhedges MTM
 NONE NON
AEP
Counterpartycredit qualityand VaR analysisMark toMarket of netassets andliabilitiesBalance sheetMTM positionsMaturityand sourceof fair valueMTM positions
Anadarko
NONE 
Carryingvalue andestimated fair value
 NONE NON
CMSEnergy
 NONE NON
Analysis of assets andliabilities fromrisk mgmttradingactivities
 NONE 
ConstellationEnergy
VaR analysis
NONE NONE NON
 
ExelonCorp.
 NONE NON
Analysis of assets andliabilities fromrisk mgmttradingactivities
 NONE 
EdisonMissionEnergy
Credit qualityof tradingcounterparties
 NONE NONE NON
FX Energy,Inc.
 NONE NONE NONE NON
MidAmericanEnergy Co.
 NONE NON
Analysis of assets andliabilities fromrisk mgmttradingactivities
 NONE 
CinergyCorp.
Sensitivityanalysis, VaR analysisChanges infair value of MTM energycontractsAnalysis of assets andliabilities fromrisk mgmttradingactivitiesMaturityand sourceof fair valueMTM positions(tenor)
 Nicor, Inc.
Credit qualityand creditratings of tradingcounterpartiesChanges infair value of MTM energycontracts
 NONE 
Maturityand sourceof fair valueMTM positions(tenor)
OneOK 
Credit qualityand creditratings of tradingcounterpartiesChanges infair value of MTM energycontractsAnalysis of assets andliabilities fromrisk mgmttradingactivitiesMaturityand sourceof fair valueMTM positions
WPSEnergy
Credit qualityand creditratings of tradingcounterparties
 NONE NON
Maturityand sourceof fair valueMTM positions
 
EnbridgeEnergy
 NONE NONE NONE NON
 Notes: MTM = Mark-to-market FAS 133 = Financial Accounting Standards Board 
Accounting for Derivative Instruments and HedgingActivities
Summary
This Statement establishes accounting and reporting standards for derivative instruments,including certain derivative instruments embedded in other contracts, (collectivelyreferred to as derivatives) and for hedging activities.It requires that an entity recognize all derivatives as either assets or liabilities in thestatement of financial position and measure those instruments at fair value.If certainconditions are met, a derivative may be specifically designated as (a) a hedge of theexposure to changes in the fair value of a recognized asset or liability or an unrecognizedfirm commitment, (b) a hedge of the exposure to variable cash flows of a forecastedtransaction, or (c) a hedge of the foreign currency exposure of a net investment in aforeign operation, an unrecognized firm commitment, an available-for-sale security, or aforeign-currency-denominated forecasted transaction.
Background on Fair Value Disclosures in energy, power and utilitycompany 10K Annual Reports
The SEC has promised that it will review more Form 10-Ks than it ever has before.During the past few years, the SEC brought numerous enforcement actions against publiccompanies and their chief executive and financial officers for allegedly failing to properlyfulfill their MD&A (Management’s Discussion and Analysis of Financial Conditions andResults of Operations) disclosure requirements. As such, in this environment, companiesneed to carefully review their procedures for preparing MD&A. What the company didlast year may not be enough.

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