policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives.
Fair value and changes in fair value of commodity derivatives are reported on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the Clean Energy Businesses.
The risk management group reports to the Companies’ Vice President and Treasurer
## Table 0 ##
(a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement.
(b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement.
The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2016 and 2015 and classified as Level 3 in the fair value hierarchy
## Table 1 ##
(a) Amounts represent derivative instruments novated as part of the assets of Con Edison Solutions’ retail electric supply business which were sold to a subsidiary of Exelon Corporation (see Note U).
For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs.
The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators.
See Note A.
Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations.
For the Clean Energy Businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues (immaterial for both years) and purchased power costs ($6 million loss and $14 million loss) on the consolidated income statement for the years ended December 31, 2016 and 2015, respectively.
The change in fair value relating to Level 3 commodity derivative assets and liabilities held at December 31, 2016 and 2015 is included in non-utility revenues (immaterial for both years) and purchased power costs ($1 million loss and $8 million loss) on the consolidated income statement for the years ended December 31, 2016 and 2015, respectively.
Notes to Consolidated Financial Statements – (Continued) (Amounts in Millions, Except Per Share Amounts) We evaluate the realizability of our deferred tax assets on a quarterly basis.
A valuation allowance is to be established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized.
In circumstances where there is sufficient negative evidence, establishment of a valuation allowance must be considered.
We believe that cumulative losses in the most recent three-year period represent significant negative evidence, and as a result, we determined that certain of our deferred tax assets required the establishment of a valuation allowance.
The realization of our deferred tax assets is primarily dependent on future earnings.
The amount of the deferred tax assets considered realizable could be reduced in the near future if estimates of future taxable income are lower than anticipated.
The deferred tax assets for which an allowance was recognized relate primarily to tax credit carryforwards, foreign tax loss carryforwards and U. S.  capital loss carryforwards.
The change in the valuation allowance is listed below.
## Table 2 ##
In 2009, amounts charged to costs and expenses primarily relate to the establishment of valuation allowances in the Asia Pacific region, where we believe that it is no longer “more likely than not” that the corresponding tax losses will be utilized, based on significant negative evidence in the form of the deterioration of business operations and a short carryforward period in which tax losses must be utilized.
In 2008, amounts reversed to costs and expenses primarily relate to the reversal of valuation allowances in the United Kingdom, Spain and Germany where we believe that it is “more likely than not” that the corresponding tax losses will be utilized, based on sufficient positive evidence in the form of sustained profitability and projected taxable income.
We believe we have appropriately considered the current economic climate in relying on the level of projected taxable income.
Amounts reversed to gross tax assets and other accounts relate primarily to the effect of foreign currency translation.
In 2007, amounts reversed to costs and expenses primarily relate to a reversal from the write-down of deferred tax assets in certain jurisdictions with existing valuation allowances due to tax law changes.
The remainder relates to reversals of valuation allowances in various countries where we believe that it is now “more likely than not” that tax loss carryforwards will be utilized.
Amounts charged to gross tax assets and other accounts relate primarily to the effect of foreign currency translation.
As of December 31, 2009, there are $61.6 of tax credit carryforwards that expire in periods beginning in 2010 and ending in 2013.
There are also $1,648.2 of loss carryforwards, of which $519.5 are U. S.  capital and tax loss carryforwards that expire in the years 2010 through 2029.
The remaining $1,128.7 are non-U.
S.  tax loss carryforwards of which $810.7 have unlimited carryforward periods and $318.0 have expiration periods from 2010 through 2029.
As of December 31, 2009 and December 31, 2008, we had $1,599.9 and $1,561.0, respectively, of undistributed earnings attributable to foreign subsidiaries.
It is our intention to permanently reinvest undistributed earnings of our foreign subsidiaries.
We have not provided deferred U. S.  income taxes or foreign withholding taxes on temporary differences resulting from earnings for certain foreign subsidiaries which are permanently reinvested outside the U. S.  It is not practicable to determine the amount of unrecognized deferred tax liability associated with these temporary differences.
Other Operating Charges Other operating charges incurred by operating segment were as follows (in millions):

<table><tr><td></td><td>Fair Value of Level 3 at December 31, 2016 (Millions of Dollars)</td><td>Valuation Techniques</td><td>Unobservable Inputs</td><td>Range</td></tr><tr><td colspan="5">Con Edison—Commodity</td></tr><tr><td>Electricity</td><td>$-1</td><td>Discounted Cash Flow</td><td>Forward energy prices (a)</td><td>$37.75-$55.00 per MWh</td></tr><tr><td></td><td></td><td>Discounted Cash Flow</td><td>Forward capacity prices (a)</td><td>$2.42-$10.25 per kW-month</td></tr><tr><td>Transmission Congestion Contracts/Financial Transmission Rights</td><td>2</td><td>Discounted Cash Flow</td><td>Discount to adjust auction prices for inter-zonal forward price curves (b)</td><td>50.0%</td></tr><tr><td></td><td></td><td></td><td>Discount/(premium) to adjust auction prices for historical monthly realized settlements (b)</td><td>-75.2%-58.9%</td></tr><tr><td></td><td></td><td></td><td>Inter-zonal forward price curves adjusted for historical zonal losses (b)</td><td>$1.11-$2.90 per MWh</td></tr><tr><td>Total Con Edison — Commodity</td><td>$1</td><td></td><td></td><td></td></tr><tr><td colspan="5">CECONY — Commodity</td></tr><tr><td>Transmission Congestion Contracts</td><td>$1</td><td>Discounted Cash Flow</td><td>Discount to adjust auction prices for inter-zonal forward price curves (b)</td><td>50.0%</td></tr><tr><td></td><td></td><td></td><td>Discount/(premium) to adjust auction prices for historical monthly realized settlements (b)</td><td>-75.2%-58.9%</td></tr></table>
<table><tr><td></td><td colspan="2">Con Edison</td><td colspan="2">CECONY</td></tr><tr><td>(Millions of Dollars)</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td></tr><tr><td>Beginning balance as of January 1,</td><td>$6</td><td>$20</td><td>$8</td><td>$13</td></tr><tr><td>Included in earnings</td><td>-7</td><td>-20</td><td>-1</td><td>-6</td></tr><tr><td>Included in regulatory assets and liabilities</td><td>-6</td><td>1</td><td>-6</td><td>—</td></tr><tr><td>Purchases</td><td>4</td><td>11</td><td>2</td><td>5</td></tr><tr><td>Sales (a)</td><td>4</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Settlements</td><td>—</td><td>-6</td><td>-2</td><td>-4</td></tr><tr><td>Ending balance as of December 31,</td><td>$1</td><td>$6</td><td>$1</td><td>$8</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td> 2009</td><td>2008</td><td>2007</td></tr><tr><td>Balance at beginning of period</td><td>$379.5</td><td>$481.6</td><td>$504.0</td></tr><tr><td>Charged (reversed) to costs and expenses</td><td>24.7</td><td>-68.1</td><td>-49.0</td></tr><tr><td>Charged (reversed) to gross tax assets and other accounts</td><td>21.3</td><td>-34.0</td><td>26.6</td></tr><tr><td>Balance at end of period</td><td>$425.5</td><td>$379.5</td><td>$481.6</td></tr></table>

Question: Does the value of Included in earnings in 2015 greater than that in 2016?